4.56
+4.83%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 4.84bn
FY2016FY2025
Net income
PLN 23.6m
FY2016FY2025
Free cash flow
PLN 49.6m
FY2016FY2025
Shareholders' equity
PLN 1.42bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 4.84bn | PLN 5.12bn | PLN 5.69bn | PLN 6.79bn | PLN 6.26bn | PLN 5.55bn | PLN 6.26bn | PLN 6.10bn | PLN 6.29bn | PLN 5.58bn |
| Gross profit | PLN 399.7m | PLN 368.5m | PLN 498.4m | PLN 600.5m | PLN 565.8m | PLN 512.3m | PLN 551.3m | PLN 644.9m | PLN 732.7m | PLN 630.3m |
| Research and development | — | — | — | PLN 5.3m | PLN 1.9m | PLN 4.5m | PLN 4.4m | PLN 2.6m | PLN 2.6m | PLN 1.9m |
| Operating income | PLN 82.3m | PLN 178.5m | PLN 177.1m | PLN 216.7m | PLN 170.2m | PLN 54.1m | PLN 210.3m | PLN 229.6m | PLN 335.4m | PLN 259.0m |
| Net income | PLN 23.6m | PLN 110.5m | PLN 122.1m | PLN 106.6m | PLN 72.8m | PLN 279.1m | −PLN 96.8m | PLN 71.3m | PLN 173.0m | PLN 135.6m |
| Diluted earnings per share | 0.12 | 0.54 | 0.59 | 0.53 | 0.36 | 1.38 | -0.48 | 0.34 | 0.80 | 0.61 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 3.43bn | PLN 3.63bn | PLN 3.76bn | PLN 3.99bn | PLN 4.27bn | PLN 4.10bn | PLN 4.79bn | PLN 4.24bn | PLN 4.11bn | PLN 3.77bn |
| Cash and short-term investments | PLN 159.1m | PLN 208.7m | PLN 219.3m | PLN 258.0m | PLN 353.6m | PLN 434.7m | PLN 252.7m | PLN 333.2m | PLN 258.5m | PLN 241.4m |
| Total liabilities | PLN 1.97bn | PLN 2.01bn | PLN 2.10bn | PLN 2.30bn | PLN 2.52bn | PLN 2.47bn | PLN 3.25bn | PLN 2.44bn | PLN 2.39bn | PLN 2.21bn |
| Debt | PLN 1.04bn | PLN 1.04bn | PLN 930.2m | PLN 1.00bn | PLN 1.02bn | PLN 1.18bn | PLN 1.81bn | PLN 1.29bn | PLN 1.15bn | PLN 1.12bn |
| Shareholders' equity | PLN 1.42bn | PLN 1.58bn | PLN 1.62bn | PLN 1.66bn | PLN 1.72bn | PLN 1.61bn | PLN 1.35bn | PLN 1.22bn | PLN 1.13bn | PLN 953.7m |
| Shares outstanding | 205m | 205m | 205m | 202m | 202m | 202m | 202m | 211m | 216m | 224m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 151.3m | PLN 86.6m | PLN 359.7m | PLN 286.1m | PLN 152.8m | −PLN 10.9m | PLN 455.4m | PLN 215.0m | PLN 321.5m | PLN 374.8m |
| Capital spending | −PLN 101.7m | −PLN 134.1m | −PLN 204.2m | −PLN 258.8m | −PLN 161.8m | −PLN 175.1m | −PLN 282.4m | −PLN 158.4m | −PLN 192.8m | −PLN 258.2m |
| Free cash flow | PLN 49.6m | −PLN 47.5m | PLN 155.5m | PLN 27.4m | −PLN 9.0m | −PLN 186.0m | PLN 173.0m | PLN 56.6m | PLN 128.7m | PLN 116.6m |
| Dividends paid | −PLN 70.9m | −PLN 89.1m | −PLN 149.9m | −PLN 186.4m | −PLN 3.9m | −PLN 27,000 | −PLN 11.4m | −PLN 11.4m | −PLN 11.4m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 1.30bn | PLN 1.27bn | PLN 1.13bn | PLN 1.14bn | PLN 1.23bn | PLN 1.34bn | PLN 1.24bn | PLN 1.22bn |
| Gross profit | PLN 130.7m | PLN 109.1m | PLN 86.1m | PLN 94.9m | PLN 126.3m | PLN 92.4m | PLN 103.1m | PLN 75.6m |
| Operating income | PLN 32.8m | PLN 8.8m | PLN 30.6m | PLN 4.5m | PLN 16.0m | PLN 29.6m | PLN 485,000 | PLN 8.5m |
| Net income | PLN 14.3m | PLN 14.4m | −PLN 2.1m | PLN 16.7m | PLN 3.2m | PLN 5.9m | PLN 87.5m | −PLN 22.3m |
| Diluted earnings per share | 0.07 | 0.07 | -0.01 | 0.08 | 0.02 | 0.03 | 0.43 | -0.11 |
| Cash from operations | PLN 17.0m | −PLN 96.0m | PLN 117.0m | −PLN 35.0m | PLN 45.0m | — | PLN 74.0m | PLN 65.0m |
| Capital spending | −PLN 33.0m | −PLN 11.0m | −PLN 29.0m | −PLN 25.0m | −PLN 21.0m | −PLN 25.0m | −PLN 36.0m | −PLN 36.0m |
| Free cash flow | −PLN 16.0m | −PLN 107.0m | PLN 88.0m | −PLN 60.0m | PLN 24.0m | — | PLN 38.0m | PLN 29.0m |
| Total assets | PLN 3.72bn | PLN 3.63bn | PLN 3.43bn | PLN 3.46bn | PLN 3.46bn | PLN 3.73bn | PLN 3.63bn | PLN 3.68bn |
| Cash and short-term investments | PLN 139.4m | PLN 137.0m | PLN 159.1m | PLN 137.5m | PLN 178.4m | PLN 233.9m | PLN 208.7m | PLN 215.6m |
| Debt | PLN 933.2m | PLN 925.6m | PLN 875.4m | PLN 868.7m | PLN 855.0m | PLN 825.1m | PLN 829.1m | PLN 803.4m |
| Shareholders' equity | PLN 1.48bn | PLN 1.46bn | PLN 1.42bn | PLN 1.43bn | PLN 1.41bn | PLN 1.58bn | PLN 1.58bn | PLN 1.49bn |
Financial ratios
Data as of 5 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 8.3% | 7.2% | 8.8% | 8.8% | 9.0% | 9.2% | — | — | — |
| Operating margin | 0.5% | 3.6% | 3.8% | 3.7% | 3.0% | 7.1% | — | — | — |
| Net margin | 0.7% | 2.4% | 2.1% | 1.7% | 1.3% | 5.0% | — | — | — |
| Return on equity | 2.5% | 7.6% | 7.5% | 6.8% | 4.8% | 17.3% | — | — | — |
| Return on assets | 1.0% | 3.3% | 3.2% | 2.8% | 1.9% | 6.8% | — | — | — |
| Free cash flow yield | 34.4% | 24.4% | 62.3% | 61.2% | 35.3% | 18.4% | — | — | — |
| Revenue growth | -5.5% | -10.1% | -16.2% | 8.4% | 12.8% | -11.3% | — | — | — |
| Earnings growth | -71.0% | -1.0% | 7.5% | 38.2% | -70.6% | -388.4% | — | — | — |
| Current ratio | 1.10x | 1.16x | 1.26x | 1.23x | 1.26x | 1.21x | — | — | — |
| Debt to equity | 0.60x | 0.52x | 0.43x | 0.47x | 0.47x | 0.61x | — | — | — |
| Equity ratio | 41.4% | 43.5% | 43.2% | 41.6% | 40.3% | 39.3% | — | — | — |
| Interest coverage | 0.31x | 2.39x | 2.62x | 4.19x | 4.63x | 6.88x | — | — | — |
| R&D as a share of sales | — | — | — | 0.1% | 0.0% | 0.1% | 0.1% | 0.0% | 0.0% |
| Buybacks as a share of market value | 0.0% | 0.0% | -1.6% | 0.0% | 0.0% | 0.0% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -10.7% | -2.7% | -1.6% |
| Operating income | -27.6% | 8.8% | -5.0% |
| Net income | -39.5% | -39.0% | -5.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 7.7% | 8.3% | 8.6% | 9.3% |
| Operating margin | 2.6% | 2.9% | 2.6% | 3.2% |
| Net margin | 1.3% | 1.6% | 2.1% | 1.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 55.4 | 11.0 | 10.4 | 10.2 | 10.3 | 2.3 | -8.8 | 13.9 | 11.5 | 13.2 |
| Price to sales | 0.3 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 27 May 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2015 | FY2005 | FY2004 | FY2002 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.35 | 0.44 | 0.74 | 0.92 | 0.10 | 0.60 | 1.00 | 0.35 |
- 10-to-1 reverse split · 2 Apr 2014
- 10-for-1 split · 5 Nov 2004
- 5-for-1 split · 6 Mar 2000
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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