28.35
+1.80%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 4.42bn
FY2016FY2025
Net income
PLN 198.9m
FY2016FY2025
Free cash flow
PLN 81.8m
FY2016FY2025
Shareholders' equity
PLN 1.41bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 4.42bn | PLN 4.11bn | PLN 3.65bn | PLN 2.83bn | PLN 2.26bn | PLN 1.67bn | PLN 1.48bn | PLN 1.15bn | PLN 915.4m | PLN 705.4m |
| Gross profit | PLN 1.18bn | PLN 1.13bn | PLN 989.9m | PLN 847.0m | PLN 657.6m | PLN 476.9m | PLN 386.9m | PLN 307.0m | PLN 242.3m | PLN 181.3m |
| Operating income | PLN 280.5m | PLN 294.0m | PLN 302.7m | PLN 281.4m | PLN 239.0m | PLN 150.3m | PLN 83.8m | PLN 81.0m | PLN 55.3m | PLN 44.1m |
| Net income | PLN 198.9m | PLN 208.0m | PLN 223.6m | PLN 207.3m | PLN 186.0m | PLN 111.0m | PLN 58.7m | PLN 58.6m | PLN 34.9m | PLN 34.5m |
| Diluted earnings per share | 1.52 | 1.59 | 1.71 | 1.59 | 1.44 | 0.85 | 0.45 | 0.44 | 0.27 | 0.35 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 2.37bn | PLN 2.03bn | PLN 1.79bn | PLN 1.57bn | PLN 1.20bn | PLN 790.0m | PLN 731.5m | PLN 611.0m | PLN 505.4m | PLN 342.1m |
| Cash and short-term investments | PLN 51.6m | PLN 38.6m | PLN 37.4m | PLN 34.9m | PLN 16.9m | PLN 21.4m | PLN 26.0m | PLN 21.9m | PLN 16.6m | PLN 11.0m |
| Total liabilities | PLN 957.3m | PLN 791.6m | PLN 747.7m | PLN 727.5m | PLN 547.3m | PLN 307.0m | PLN 359.3m | PLN 295.8m | PLN 250.8m | PLN 181.4m |
| Debt | PLN 639.4m | PLN 563.1m | PLN 490.0m | PLN 500.9m | PLN 367.9m | PLN 186.9m | PLN 274.4m | PLN 186.0m | PLN 179.5m | PLN 119.3m |
| Shareholders' equity | PLN 1.41bn | PLN 1.23bn | PLN 1.05bn | PLN 842.8m | PLN 655.5m | PLN 482.9m | PLN 372.2m | PLN 315.2m | PLN 254.6m | PLN 160.7m |
| Shares outstanding | 131m | 131m | 131m | 131m | 129m | 131m | 130m | 133m | 128m | 100m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 119.3m | PLN 124.2m | PLN 180.1m | PLN 50.1m | −PLN 96.3m | PLN 127.9m | PLN 15.3m | PLN 22.4m | −PLN 79.2m | −PLN 44.6m |
| Capital spending | −PLN 37.5m | −PLN 45.8m | −PLN 38.0m | −PLN 38.0m | −PLN 18.5m | −PLN 10.0m | −PLN 13.4m | −PLN 5.1m | −PLN 12.6m | −PLN 5.3m |
| Free cash flow | PLN 81.8m | PLN 78.4m | PLN 142.1m | PLN 12.0m | −PLN 114.8m | PLN 117.9m | PLN 2.0m | PLN 17.3m | −PLN 91.8m | −PLN 49.8m |
| Dividends paid | −PLN 19.6m | −PLN 19.6m | −PLN 19.6m | −PLN 19.6m | −PLN 13.1m | −PLN 13.1m | −PLN 2.6m | −PLN 2.6m | −PLN 2.6m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 1.29bn | PLN 1.17bn | PLN 1.07bn | PLN 1.14bn | PLN 1.14bn | PLN 1.07bn | PLN 994.8m | PLN 1.06bn |
| Gross profit | PLN 377.3m | PLN 324.9m | PLN 302.3m | PLN 294.0m | PLN 306.2m | PLN 272.6m | PLN 287.1m | PLN 282.9m |
| Operating income | PLN 125.1m | PLN 89.2m | PLN 71.4m | PLN 70.8m | PLN 81.8m | PLN 56.5m | PLN 84.9m | PLN 71.2m |
| Net income | PLN 94.1m | PLN 62.1m | PLN 52.6m | PLN 49.2m | PLN 57.9m | PLN 39.2m | PLN 60.6m | PLN 50.2m |
| Diluted earnings per share | 0.72 | 0.48 | 0.40 | 0.38 | 0.44 | 0.30 | 0.46 | 0.38 |
| Cash from operations | PLN 93.0m | PLN 149.0m | −PLN 93.0m | −PLN 1.0m | PLN 123.0m | PLN 115.0m | −PLN 35.0m | −PLN 66.0m |
| Capital spending | −PLN 13.0m | −PLN 3.0m | −PLN 8.0m | −PLN 9.0m | −PLN 9.0m | −PLN 9.0m | −PLN 9.0m | −PLN 7.0m |
| Free cash flow | PLN 80.0m | PLN 146.0m | −PLN 101.0m | −PLN 10.0m | PLN 114.0m | PLN 106.0m | −PLN 44.0m | −PLN 73.0m |
| Total assets | PLN 2.39bn | PLN 2.35bn | PLN 2.37bn | PLN 2.15bn | PLN 2.07bn | PLN 2.12bn | PLN 2.03bn | PLN 1.96bn |
| Cash and short-term investments | — | PLN 51.6m | PLN 51.6m | PLN 36.2m | PLN 75.0m | PLN 56.7m | PLN 38.6m | PLN 48.8m |
| Debt | PLN 54.0m | PLN 234.7m | PLN 418.9m | PLN 236.6m | PLN 226.9m | PLN 285.8m | PLN 386.7m | PLN 295.4m |
| Shareholders' equity | PLN 1.55bn | PLN 1.48bn | PLN 1.41bn | PLN 1.36bn | PLN 1.31bn | PLN 1.27bn | PLN 1.23bn | PLN 1.17bn |
Financial ratios
Data as of 28 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 26.6% | 27.4% | 27.1% | 29.9% | 29.1% | 28.5% |
| Operating margin | 6.3% | 7.0% | 8.4% | 9.9% | 10.6% | 8.7% |
| Net margin | 4.5% | 5.1% | 6.1% | 7.3% | 8.2% | 6.6% |
| Return on equity | 14.1% | 16.8% | 21.4% | 24.6% | 28.4% | 23.0% |
| Return on assets | 8.4% | 10.3% | 12.5% | 13.2% | 15.5% | 14.0% |
| Free cash flow yield | 5.1% | 4.6% | 5.9% | 2.4% | -2.1% | 3.7% |
| Revenue growth | 7.6% | 12.6% | 28.9% | 25.3% | 35.4% | 12.9% |
| Earnings growth | -4.3% | -7.0% | 7.9% | 11.4% | 67.6% | 89.0% |
| Current ratio | 3.89x | 3.85x | 3.12x | 2.81x | 2.75x | 2.95x |
| Debt to equity | 0.26x | 0.31x | 0.32x | 0.46x | 0.45x | 0.27x |
| Equity ratio | 59.6% | 60.9% | 58.3% | 53.7% | 54.5% | 61.1% |
| Interest coverage | 8.27x | 9.86x | 10.36x | 11.32x | 30.36x | 18.99x |
| Buybacks as a share of market value | -0.0% | 0.0% | 0.0% | -1.2% | 1.2% | -0.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 16.0% | 21.5% | 23.9% |
| Operating income | -0.1% | 13.3% | 26.8% |
| Net income | -1.4% | 12.4% | 28.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 27.0% | 27.5% | 27.8% | 27.5% |
| Operating margin | 6.7% | 7.7% | 8.2% | 7.7% |
| Net margin | 4.8% | 5.6% | 6.0% | 5.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.9 | 12.4 | 15.2 | 8.5 | 9.8 | 9.4 | 10.4 | 8.7 | 17.3 | 12.7 |
| Price to sales | 0.5 | 0.6 | 0.9 | 0.6 | 0.8 | 0.6 | 0.4 | 0.4 | 0.7 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 10 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.10 | 0.02 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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