G 
16.30
+1.56%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 13.14bn
FY2016FY2025
Net income
−PLN 4.31bn
FY2016FY2025
Free cash flow
PLN 6.34bn
FY2016FY2025
Shareholders' equity
PLN 487.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 13.14bn | PLN 13.04bn | PLN 13.55bn | PLN 24.66bn | PLN 15.90bn | PLN 10.52bn | PLN 11.31bn | PLN 10.00bn | PLN 9.62bn | PLN 8.96bn |
| Gross profit | PLN 366.7m | PLN 755.2m | −PLN 288.7m | PLN 3.94bn | PLN 3.08bn | PLN 2.17bn | PLN 2.47bn | PLN 1.59bn | PLN 2.16bn | PLN 1.96bn |
| Research and development | PLN 19.9m | — | PLN 655,000 | PLN 504,000 | PLN 19.5m | PLN 370,000 | PLN 18.2m | PLN 13.9m | — | — |
| Operating income | −PLN 1.58bn | −PLN 872.5m | −PLN 3.60bn | PLN 889.3m | PLN 876.5m | PLN 555.8m | PLN 612.8m | PLN 81.0m | PLN 597.2m | PLN 486.1m |
| Net income | −PLN 4.31bn | −PLN 1.03bn | −PLN 2.82bn | PLN 620.1m | PLN 581.8m | PLN 311.6m | PLN 372.9m | PLN 9.8m | PLN 456.7m | PLN 343.3m |
| Diluted earnings per share | -43.44 | -10.36 | -28.45 | 6.25 | 7.23 | 3.19 | 3.75 | 0.10 | 4.63 | 3.58 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 18.90bn | PLN 24.16bn | PLN 24.30bn | PLN 25.87bn | PLN 23.64bn | PLN 18.21bn | PLN 15.48bn | PLN 14.16bn | PLN 11.74bn | PLN 11.05bn |
| Cash and short-term investments | PLN 499.0m | PLN 692.8m | PLN 1.01bn | PLN 1.38bn | PLN 2.36bn | PLN 923.3m | PLN 944.8m | PLN 859.4m | PLN 1.34bn | PLN 1.23bn |
| Total liabilities | PLN 18.53bn | PLN 18.87bn | PLN 17.83bn | PLN 15.91bn | PLN 14.71bn | PLN 9.92bn | PLN 7.78bn | PLN 6.83bn | PLN 4.29bn | PLN 3.92bn |
| Debt | PLN 8.64bn | PLN 8.75bn | PLN 7.94bn | PLN 6.09bn | PLN 4.87bn | PLN 3.94bn | PLN 3.18bn | PLN 2.88bn | PLN 1.64bn | PLN 1.42bn |
| Shareholders' equity | PLN 487.4m | PLN 4.84bn | PLN 5.95bn | PLN 8.93bn | PLN 7.94bn | PLN 7.34bn | PLN 7.04bn | PLN 6.70bn | PLN 6.86bn | PLN 6.53bn |
| Shares outstanding | 99m | 99m | 99m | 99m | 81m | 98m | 100m | 100m | 99m | 96m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 6.89bn | PLN 6.87bn | PLN 6.56bn | PLN 5.61bn | PLN 5.78bn | PLN 2.71bn | PLN 2.03bn | PLN 1.08bn | PLN 1.11bn | PLN 1.12bn |
| Capital spending | −PLN 544.2m | −PLN 1.35bn | −PLN 2.50bn | −PLN 2.83bn | −PLN 2.48bn | −PLN 3.00bn | −PLN 1.05bn | −PLN 1.10bn | −PLN 1.07bn | −PLN 1.24bn |
| Free cash flow | PLN 6.34bn | PLN 5.52bn | PLN 4.06bn | PLN 2.78bn | PLN 3.31bn | −PLN 297.8m | PLN 983.7m | −PLN 14.7m | PLN 45.1m | −PLN 125.4m |
| Dividends paid | — | −PLN 655,000 | −PLN 13.2m | −PLN 16.5m | −PLN 5.7m | −PLN 9.4m | −PLN 2.7m | −PLN 144.3m | −PLN 100.3m | −PLN 96.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 3.37bn | PLN 3.70bn | PLN 3.10bn | PLN 2.89bn | PLN 3.32bn | PLN 3.82bn | PLN 3.21bn | PLN 3.09bn |
| Gross profit | PLN 616.1m | PLN 430.8m | PLN 154.2m | PLN 185.5m | PLN 175.7m | PLN 219.8m | PLN 74.4m | PLN 173.5m |
| Operating income | PLN 63.3m | PLN 47.0m | −PLN 363.5m | PLN 105.4m | −PLN 285.0m | −PLN 285.4m | PLN 54.5m | −PLN 329.7m |
| Net income | −PLN 338.9m | −PLN 157.4m | −PLN 3.36bn | −PLN 147.0m | −PLN 514.9m | −PLN 288.2m | −PLN 113.4m | −PLN 235.7m |
| Diluted earnings per share | -3.42 | -1.59 | -33.87 | -1.48 | -5.19 | -2.91 | -1.14 | -2.38 |
| Cash from operations | PLN 1.34bn | PLN 1.84bn | PLN 1.75bn | PLN 2.02bn | PLN 1.81bn | PLN 1.61bn | PLN 2.55bn | PLN 1.86bn |
| Capital spending | −PLN 100.0m | −PLN 110.0m | −PLN 123.0m | −PLN 121.0m | −PLN 139.0m | −PLN 159.0m | −PLN 488.0m | −PLN 277.0m |
| Free cash flow | PLN 1.24bn | PLN 1.73bn | PLN 1.63bn | PLN 1.90bn | PLN 1.67bn | PLN 1.45bn | PLN 2.06bn | PLN 1.58bn |
| Total assets | PLN 20.38bn | PLN 19.47bn | PLN 18.90bn | PLN 23.52bn | PLN 24.57bn | PLN 25.18bn | PLN 24.16bn | PLN 23.67bn |
| Cash and short-term investments | PLN 440.2m | PLN 521.7m | PLN 499.0m | PLN 828.1m | PLN 670.4m | PLN 649.8m | PLN 692.8m | PLN 678.2m |
| Debt | PLN 10.79bn | PLN 10.35bn | PLN 8.17bn | PLN 8.53bn | PLN 8.61bn | PLN 8.61bn | PLN 8.37bn | PLN 8.48bn |
| Shareholders' equity | −PLN 4.1m | PLN 348.3m | PLN 487.4m | PLN 3.87bn | PLN 4.01bn | PLN 4.53bn | PLN 4.84bn | PLN 4.98bn |
Financial ratios
Data as of 1 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 2.8% | 5.8% | -2.1% | 16.0% | 19.4% | 20.7% | — |
| Operating margin | -12.0% | -5.2% | -24.4% | 3.6% | 5.1% | 5.4% | — |
| Net margin | -39.2% | -7.9% | -24.3% | 2.4% | 4.0% | 3.4% | — |
| Return on equity | -5542.5% | -19.4% | -50.9% | 5.9% | 7.1% | 4.3% | — |
| Return on assets | -27.2% | -4.3% | -13.5% | 2.3% | 2.7% | 2.0% | — |
| Free cash flow yield | 479.8% | 497.3% | 547.9% | 510.7% | 616.1% | 350.4% | — |
| Revenue growth | 0.7% | -3.7% | -45.1% | 55.1% | 51.1% | -6.9% | — |
| Earnings growth | 400.4% | -68.8% | -663.6% | -7.9% | 78.3% | -4.7% | — |
| Current ratio | 0.31x | 0.38x | 0.47x | 1.04x | 1.00x | 1.11x | — |
| Debt to equity | 88.03x | 1.58x | 1.17x | 0.58x | 0.51x | 0.43x | — |
| Equity ratio | 0.5% | 21.9% | 26.6% | 38.5% | 37.8% | 45.5% | — |
| Interest coverage | -1.77x | -1.79x | -11.05x | 4.07x | 8.81x | 7.31x | — |
| R&D as a share of sales | 0.2% | — | 0.0% | 0.0% | 0.1% | 0.0% | 0.2% |
| Buybacks as a share of market value | -0.0% | 0.0% | 0.0% | -23.2% | 17.7% | 1.7% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -18.9% | 4.5% | 2.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 4.3% | 7.4% | 11.0% | 14.5% |
| Operating margin | -9.4% | -8.0% | -4.1% | -0.8% |
| Net margin | -20.4% | -11.7% | -7.3% | -3.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.4 | -1.8 | -0.9 | 6.3 | 4.7 | 8.6 | 7.8 | 318.2 | 15.0 | 17.5 |
| Price to sales | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.7 | 0.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 24 Jul 2018.
| FY2018 | FY2017 | FY2016 | FY2014 | FY2013 | FY2009 | |
|---|---|---|---|---|---|---|
| Paid in the year | 1.25 | 0.79 | 0.84 | 0.20 | 1.50 | 0.919 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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