51.60
-0.39%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 961.7m
FY2016FY2025
Net income
PLN 84.0m
FY2016FY2025
Free cash flow
−PLN 21.4m
FY2016FY2025
Shareholders' equity
PLN 1.25bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 961.7m | PLN 742.0m | PLN 1.10bn | PLN 499.7m | PLN 637.7m | PLN 669.9m | PLN 508.2m | PLN 484.5m | PLN 330.3m | PLN 282.3m |
| Gross profit | PLN 320.6m | PLN 286.6m | PLN 396.1m | PLN 179.2m | PLN 219.1m | PLN 203.8m | PLN 154.8m | PLN 132.3m | PLN 90.5m | PLN 78.5m |
| Operating income | PLN 124.1m | PLN 160.4m | PLN 309.7m | PLN 115.3m | PLN 164.3m | PLN 190.7m | PLN 117.6m | PLN 83.8m | PLN 65.7m | PLN 44.7m |
| Net income | PLN 84.0m | PLN 107.2m | PLN 245.2m | PLN 110.2m | PLN 126.0m | PLN 132.8m | PLN 95.9m | PLN 53.0m | PLN 56.5m | PLN 37.3m |
| Diluted earnings per share | 1.44 | 1.83 | 4.19 | 4.29 | 4.91 | 5.18 | 3.74 | 2.06 | 2.21 | 1.60 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 3.74bn | PLN 2.83bn | PLN 2.43bn | PLN 1.33bn | PLN 1.35bn | PLN 1.46bn | PLN 1.38bn | PLN 1.17bn | PLN 1.03bn | PLN 714.7m |
| Cash and short-term investments | PLN 131.4m | PLN 113.6m | PLN 551.3m | PLN 264.4m | PLN 264.1m | PLN 212.6m | PLN 74.5m | PLN 72.4m | PLN 71.0m | PLN 14.5m |
| Total liabilities | PLN 2.49bn | PLN 1.57bn | PLN 1.18bn | PLN 595.2m | PLN 721.3m | PLN 846.2m | PLN 838.0m | PLN 680.4m | PLN 558.2m | PLN 340.0m |
| Debt | PLN 984.6m | PLN 793.2m | PLN 532.0m | PLN 219.7m | PLN 236.2m | PLN 373.2m | PLN 282.2m | PLN 266.7m | PLN 196.2m | PLN 115.8m |
| Shareholders' equity | PLN 1.25bn | PLN 1.26bn | PLN 1.26bn | PLN 731.7m | PLN 653.1m | PLN 581.4m | PLN 513.3m | PLN 461.4m | PLN 447.0m | PLN 374.7m |
| Shares outstanding | 58m | 58m | 58m | 26m | 26m | 26m | 26m | 26m | 26m | 23m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 55.8m | −PLN 120.4m | PLN 112.6m | PLN 79.7m | PLN 228.5m | PLN 4.8m | PLN 18.9m | PLN 109.2m | −PLN 934,000 | −PLN 17.6m |
| Capital spending | −PLN 77.2m | −PLN 14.0m | −PLN 11.9m | −PLN 4.5m | −PLN 1.0m | −PLN 6.9m | −PLN 1.5m | −PLN 1.5m | −PLN 2.5m | −PLN 1.9m |
| Free cash flow | −PLN 21.4m | −PLN 134.4m | PLN 100.7m | PLN 75.1m | PLN 227.5m | −PLN 2.2m | PLN 17.4m | PLN 107.7m | −PLN 3.4m | −PLN 19.5m |
| Dividends paid | −PLN 114.7m | −PLN 146.8m | −PLN 54.4m | −PLN 31.6m | −PLN 62.1m | −PLN 64.9m | −PLN 46.0m | −PLN 36.9m | −PLN 24.0m | −PLN 21.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 257.9m | PLN 366.7m | PLN 438.3m | PLN 198.5m | PLN 303.4m | PLN 21.5m | PLN 174.4m | PLN 242.3m |
| Gross profit | PLN 76.8m | PLN 111.6m | PLN 126.4m | PLN 77.9m | PLN 105.3m | PLN 11.0m | PLN 70.1m | PLN 88.4m |
| Operating income | PLN 34.3m | PLN 68.1m | PLN 80.4m | PLN 12.9m | PLN 61.7m | −PLN 33.1m | PLN 52.0m | PLN 48.0m |
| Net income | PLN 19.0m | PLN 55.4m | PLN 79.1m | PLN 5.9m | PLN 31.2m | −PLN 32.2m | PLN 18.9m | PLN 36.9m |
| Diluted earnings per share | 0.33 | 0.95 | 1.35 | 0.10 | 0.53 | -0.55 | 0.32 | 0.63 |
| Cash from operations | PLN 56.0m | PLN 75.0m | PLN 107.0m | −PLN 82.0m | PLN 180.0m | −PLN 157.0m | PLN 149.0m | PLN 23.0m |
| Capital spending | — | — | — | −PLN 1.0m | — | −PLN 2.0m | −PLN 4.0m | −PLN 4.0m |
| Free cash flow | — | — | — | −PLN 83.0m | — | −PLN 159.0m | PLN 145.0m | PLN 19.0m |
| Total assets | PLN 4.12bn | PLN 3.89bn | PLN 3.74bn | PLN 3.46bn | PLN 3.20bn | PLN 3.12bn | PLN 2.83bn | PLN 2.71bn |
| Cash and short-term investments | PLN 303.9m | PLN 289.4m | PLN 131.4m | PLN 112.2m | PLN 161.6m | PLN 70.9m | PLN 113.6m | PLN 153.4m |
| Debt | PLN 941.2m | PLN 938.0m | PLN 939.5m | PLN 788.3m | PLN 703.8m | PLN 887.0m | PLN 739.2m | PLN 694.9m |
| Shareholders' equity | PLN 1.21bn | PLN 1.30bn | PLN 1.25bn | PLN 1.17bn | PLN 1.14bn | PLN 1.22bn | PLN 1.26bn | PLN 1.23bn |
Financial ratios
Data as of 24 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 33.3% | 38.6% | 36.0% | 35.9% | 34.4% | 30.4% |
| Operating margin | 16.9% | 20.5% | 28.3% | 25.6% | 26.5% | 28.0% |
| Net margin | 8.7% | 14.4% | 22.3% | 22.1% | 19.8% | 19.8% |
| Return on equity | 6.7% | 8.5% | 19.5% | 15.1% | 19.3% | 22.8% |
| Return on assets | 2.2% | 3.8% | 10.1% | 8.3% | 9.3% | 9.1% |
| Free cash flow yield | 2.0% | -3.6% | 4.2% | 6.2% | 19.5% | 0.9% |
| Revenue growth | 29.6% | -32.6% | 120.4% | -21.6% | -4.8% | 31.8% |
| Earnings growth | -21.7% | -56.3% | 122.5% | -12.5% | -5.2% | 38.5% |
| Current ratio | 1.81x | 2.45x | 2.90x | 2.93x | 2.03x | 2.66x |
| Debt to equity | 0.75x | 0.59x | 0.38x | 0.27x | 0.33x | 0.59x |
| Equity ratio | 33.3% | 44.4% | 51.7% | 55.1% | 48.3% | 39.8% |
| Interest coverage | 7.84x | 4.76x | 17.53x | 15.88x | 36.25x | 21.05x |
| Buybacks as a share of market value | -0.0% | -0.0% | -127.9% | 0.0% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 24.4% | 7.5% | 19.9% |
| Operating income | 2.5% | -8.2% | 11.2% |
| Net income | -8.7% | -8.8% | 12.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 35.6% | 35.8% | 34.8% | 33.1% |
| Operating margin | 16.7% | 21.5% | 23.1% | 22.3% |
| Net margin | 11.2% | 16.5% | 17.5% | 16.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 31.3 | 22.4 | 6.6 | 4.2 | 4.2 | 4.5 | 4.6 | 5.6 | 7.4 | 9.5 |
| Price to sales | 2.7 | 3.2 | 1.5 | 0.9 | 0.8 | 0.9 | 0.9 | 0.6 | 1.3 | 1.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 10 years. Last went ex-dividend on 16 Jul 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.80 | 1.96 | 2.05 | 2.58 | 1.23 | 2.42 | 2.53 | 1.79 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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