A 
60.20
+0.67%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 11.46bn
FY2017FY2025
Net income
PLN 1.52bn
FY2017FY2025
Free cash flow
PLN 2.17bn
FY2017FY2025
Shareholders' equity
PLN 10.14bn
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 11.46bn | PLN 10.82bn | PLN 10.19bn | PLN 9.00bn | PLN 5.35bn | PLN 4.00bn | PLN 2.59bn | PLN 1.98bn | PLN 1.66bn |
| Research and development | — | PLN 252.3m | — | PLN 119.7m | PLN 71.2m | PLN 37.6m | PLN 25.3m | PLN 6.7m | — |
| Operating income | PLN 2.18bn | PLN 1.79bn | PLN 790.1m | −PLN 1.23bn | PLN 1.47bn | PLN 1.49bn | PLN 886.1m | PLN 676.3m | PLN 261.7m |
| Net income | PLN 1.52bn | PLN 1.03bn | PLN 284.1m | −PLN 1.92bn | PLN 1.09bn | PLN 419.2m | PLN 391.4m | PLN 271.9m | PLN 5.8m |
| Diluted earnings per share | 1.45 | 0.97 | 0.27 | -1.87 | 1.06 | 0.41 | 0.55 | 0.27 | 0.01 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 20.15bn | PLN 19.52bn | PLN 18.54bn | PLN 19.23bn | PLN 16.87bn | PLN 15.15bn | PLN 14.28bn | PLN 14.76bn | PLN 14.57bn |
| Cash and short-term investments | PLN 3.55bn | PLN 4.09bn | PLN 2.06bn | PLN 880.4m | PLN 1.96bn | PLN 1.19bn | PLN 408.7m | PLN 800.4m | PLN 364.3m |
| Total liabilities | PLN 10.00bn | PLN 9.43bn | PLN 9.50bn | PLN 10.25bn | PLN 7.42bn | PLN 7.06bn | PLN 7.59bn | PLN 5.71bn | PLN 5.76bn |
| Debt | PLN 5.64bn | PLN 6.36bn | PLN 6.69bn | PLN 7.14bn | PLN 5.62bn | PLN 5.51bn | PLN 6.42bn | PLN 4.73bn | PLN 4.79bn |
| Shareholders' equity | PLN 10.14bn | PLN 10.09bn | PLN 9.04bn | PLN 8.98bn | PLN 9.45bn | PLN 8.09bn | PLN 6.67bn | PLN 9.06bn | PLN 8.80bn |
| Shares outstanding | 1,048m | 1,062m | 1,055m | 1,023m | 1,024m | 1,024m | 711m | 1,000m | 1,000m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 3.12bn | PLN 3.62bn | PLN 2.54bn | PLN 1.85bn | PLN 1.41bn | PLN 1.51bn | PLN 1.25bn | PLN 918.6m | PLN 440.1m |
| Capital spending | −PLN 942.4m | −PLN 643.7m | −PLN 470.5m | −PLN 722.3m | −PLN 407.1m | −PLN 230.5m | −PLN 143.0m | −PLN 116.5m | −PLN 67.3m |
| Free cash flow | PLN 2.17bn | PLN 2.98bn | PLN 2.07bn | PLN 1.13bn | PLN 999.5m | PLN 1.28bn | PLN 1.10bn | PLN 802.2m | PLN 372.8m |
| Dividends paid | — | — | — | — | — | — | — | — | −PLN 4.55bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 3.28bn | PLN 2.90bn | PLN 3.06bn | PLN 2.88bn | PLN 2.92bn | PLN 2.59bn | PLN 3.10bn | PLN 2.60bn |
| Operating income | PLN 719.1m | PLN 633.5m | PLN 503.8m | PLN 589.4m | PLN 602.7m | PLN 481.6m | PLN 450.0m | PLN 407.4m |
| Net income | PLN 529.3m | PLN 341.1m | PLN 438.7m | PLN 396.2m | PLN 385.7m | PLN 296.5m | PLN 252.7m | PLN 193.1m |
| Diluted earnings per share | 0.53 | 0.34 | 0.42 | 0.38 | 0.37 | 0.28 | 0.24 | 0.18 |
| Cash from operations | PLN 1.16bn | PLN 125.0m | PLN 1.74bn | PLN 538.0m | PLN 676.0m | PLN 165.0m | PLN 960.0m | PLN 516.0m |
| Capital spending | −PLN 292.0m | −PLN 439.0m | −PLN 295.0m | −PLN 228.0m | −PLN 338.0m | −PLN 79.0m | −PLN 184.0m | −PLN 206.0m |
| Free cash flow | PLN 867.0m | −PLN 314.0m | PLN 1.44bn | PLN 310.0m | PLN 338.0m | PLN 86.0m | PLN 776.0m | PLN 310.0m |
| Total assets | PLN 20.53bn | PLN 19.85bn | PLN 20.15bn | — | PLN 20.40bn | — | PLN 19.52bn | PLN 19.27bn |
| Cash and short-term investments | — | PLN 2.32bn | PLN 2.51bn | PLN 4.11bn | PLN 4.59bn | PLN 4.10bn | PLN 4.09bn | PLN 3.84bn |
| Debt | PLN 4.97bn | PLN 195.0m | PLN 5.15bn | — | PLN 5.99bn | — | PLN 5.94bn | PLN 142.6m |
| Shareholders' equity | PLN 11.11bn | PLN 10.57bn | PLN 10.14bn | PLN 10.80bn | PLN 10.80bn | PLN 10.09bn | PLN 10.09bn | PLN 9.88bn |
Financial ratios
Data as of 22 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 19.0% | 16.5% | 7.8% | -13.7% | 27.5% | 37.3% | — | — |
| Net margin | 13.2% | 9.6% | 2.8% | -21.3% | 20.4% | 10.5% | — | — |
| Return on equity | 15.0% | 10.3% | 3.1% | -21.3% | 11.5% | 5.2% | — | — |
| Return on assets | 7.5% | 5.3% | 1.5% | -10.0% | 6.5% | 2.8% | — | — |
| Free cash flow yield | 7.8% | 8.0% | 5.7% | 5.0% | 3.5% | 3.4% | — | — |
| Revenue growth | 5.9% | 6.2% | 13.1% | 68.2% | 33.9% | 54.2% | — | — |
| Earnings growth | 46.6% | 264.2% | -114.8% | -275.9% | 160.0% | 7.1% | — | — |
| Current ratio | 1.48x | 2.01x | 1.77x | 1.37x | 2.66x | 2.19x | — | — |
| Debt to equity | 0.51x | 0.60x | 0.69x | 0.73x | 0.57x | 0.68x | — | — |
| Equity ratio | 50.4% | 51.7% | 48.8% | 46.7% | 56.0% | 53.4% | — | — |
| Interest coverage | 4.45x | 3.21x | 1.35x | -2.15x | 8.61x | 4.85x | — | — |
| R&D as a share of sales | — | 2.3% | — | 1.3% | 1.3% | 0.9% | 1.0% | 0.3% |
| Buybacks as a share of market value | 1.4% | -0.7% | -3.1% | 0.1% | 0.0% | -43.9% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.4% | 23.4% | — |
| Operating income | — | 7.8% | — |
| Net income | — | 29.3% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | 21.4 | 27.8 | 123.7 | -13.4 | 36.5 | 206.9 |
| Price to sales | 2.8 | 2.7 | 3.5 | 2.9 | 7.4 | 21.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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