F 
88.90
+1.60%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 2.91bn
FY2016FY2025
Net income
PLN 125.0m
FY2016FY2025
Free cash flow
−PLN 61.6m
FY2016FY2025
Shareholders' equity
PLN 1.43bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 2.91bn | PLN 2.52bn | PLN 2.99bn | PLN 3.28bn | PLN 2.34bn | PLN 1.82bn | PLN 2.06bn | PLN 1.93bn | PLN 1.96bn | PLN 1.68bn |
| Gross profit | PLN 160.7m | PLN 37.0m | PLN 345.5m | PLN 106.5m | PLN 77.4m | PLN 123.5m | PLN 152.1m | PLN 123.6m | PLN 178.9m | PLN 135.4m |
| Operating income | PLN 139.4m | PLN 58.3m | PLN 322.2m | PLN 78.6m | PLN 50.9m | PLN 80.3m | PLN 119.7m | PLN 99.6m | PLN 122.4m | PLN 51.7m |
| Net income | PLN 125.0m | PLN 77.8m | PLN 284.4m | PLN 72.6m | PLN 42.7m | PLN 68.4m | PLN 112.7m | PLN 89.8m | PLN 119.6m | PLN 64.8m |
| Diluted earnings per share | 9.05 | 5.63 | 20.60 | 5.26 | 3.09 | 4.95 | 8.17 | 6.50 | 8.66 | 4.69 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 2.32bn | PLN 2.32bn | PLN 2.43bn | PLN 2.21bn | PLN 1.98bn | PLN 1.82bn | PLN 1.75bn | PLN 1.69bn | PLN 1.65bn | PLN 1.45bn |
| Cash and short-term investments | PLN 633.7m | PLN 728.6m | PLN 876.6m | PLN 67.0m | PLN 610.3m | PLN 137.6m | PLN 131.9m | PLN 442.4m | PLN 70.5m | PLN 340.6m |
| Total liabilities | PLN 883.2m | PLN 952.1m | PLN 999.5m | PLN 1.01bn | PLN 819.5m | PLN 648.8m | PLN 593.4m | PLN 579.2m | PLN 536.4m | PLN 426.7m |
| Debt | PLN 10.7m | PLN 9.6m | PLN 11.5m | PLN 8.2m | PLN 5.8m | PLN 6.3m | PLN 7.1m | PLN 6.2m | PLN 5.0m | PLN 4.1m |
| Shareholders' equity | PLN 1.43bn | PLN 1.37bn | PLN 1.43bn | PLN 1.20bn | PLN 1.16bn | PLN 1.17bn | PLN 1.16bn | PLN 1.11bn | PLN 1.11bn | PLN 1.03bn |
| Shares outstanding | 14m | 14m | 14m | 14m | 14m | 14m | 14m | 14m | 14m | 14m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 85.5m | PLN 219.7m | PLN 376.7m | PLN 186.0m | PLN 219.0m | PLN 177.9m | PLN 188.9m | PLN 185.0m | PLN 212.4m | PLN 170.6m |
| Capital spending | −PLN 147.1m | −PLN 538.1m | −PLN 397.4m | −PLN 375.4m | −PLN 260.1m | −PLN 177.3m | −PLN 270.3m | −PLN 276.4m | −PLN 288.8m | −PLN 336.4m |
| Free cash flow | −PLN 61.6m | −PLN 318.4m | −PLN 20.7m | −PLN 189.3m | −PLN 41.1m | PLN 638,000 | −PLN 81.4m | −PLN 91.4m | −PLN 76.4m | −PLN 165.8m |
| Dividends paid | −PLN 58.4m | −PLN 142.2m | −PLN 54.5m | −PLN 32.0m | −PLN 51.3m | −PLN 56.3m | −PLN 67.4m | −PLN 89.7m | −PLN 32.4m | −PLN 39.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 702.0m | PLN 688.3m | PLN 632.7m | PLN 739.1m | PLN 788.3m | PLN 749.6m | PLN 666.8m | PLN 653.2m |
| Gross profit | PLN 27.4m | PLN 40.7m | PLN 12.6m | PLN 48.3m | PLN 51.4m | PLN 48.4m | PLN 10.9m | PLN 23.0m |
| Operating income | PLN 23.3m | PLN 36.8m | PLN 8.6m | PLN 43.2m | PLN 44.9m | PLN 42.6m | −PLN 147.3m | −PLN 583,000 |
| Net income | PLN 24.2m | PLN 33.3m | PLN 1.8m | PLN 40.7m | PLN 39.6m | PLN 42.9m | PLN 9.9m | PLN 8.7m |
| Diluted earnings per share | 1.75 | 2.41 | 0.13 | 2.95 | 2.87 | 3.11 | 0.72 | 0.63 |
| Cash from operations | PLN 83.0m | PLN 52.0m | PLN 98.0m | PLN 52.0m | PLN 130.0m | −PLN 189.0m | PLN 86.0m | PLN 176.0m |
| Capital spending | −PLN 37.0m | −PLN 56.0m | −PLN 47.0m | −PLN 27.0m | −PLN 90.0m | −PLN 36.0m | −PLN 58.0m | −PLN 230.0m |
| Free cash flow | PLN 46.0m | −PLN 4.0m | PLN 51.0m | PLN 25.0m | PLN 40.0m | −PLN 225.0m | PLN 28.0m | −PLN 54.0m |
| Total assets | PLN 2.52bn | PLN 2.46bn | PLN 2.32bn | PLN 2.47bn | PLN 2.45bn | PLN 2.36bn | PLN 2.32bn | PLN 2.50bn |
| Cash and short-term investments | PLN 110.1m | PLN 635.3m | PLN 633.7m | PLN 660.3m | PLN 610.5m | PLN 510.1m | PLN 728.6m | PLN 846.5m |
| Debt | — | — | PLN 4.4m | — | PLN 3.9m | — | PLN 4.1m | — |
| Shareholders' equity | PLN 1.40bn | PLN 1.47bn | PLN 1.43bn | PLN 1.43bn | PLN 1.39bn | PLN 1.41bn | PLN 1.37bn | PLN 1.36bn |
Financial ratios
Data as of 5 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 5.5% | 1.5% | 11.5% | 3.2% | 3.3% | 6.8% |
| Operating margin | 5.5% | 4.0% | 11.9% | 2.9% | 2.2% | 5.4% |
| Net margin | 4.3% | 3.1% | 9.5% | 2.2% | 1.8% | 3.8% |
| Return on equity | 8.7% | 5.7% | 19.9% | 6.0% | 3.7% | 5.8% |
| Return on assets | 5.4% | 3.4% | 11.7% | 3.3% | 2.2% | 3.8% |
| Free cash flow yield | 19.3% | 63.0% | 64.3% | 46.6% | 39.8% | 29.5% |
| Revenue growth | 15.7% | -15.8% | -8.7% | 39.9% | 29.1% | -11.7% |
| Earnings growth | 60.7% | -72.7% | 291.7% | 70.1% | -37.6% | -39.3% |
| Current ratio | 1.65x | 1.54x | 1.75x | 1.48x | 1.60x | 1.77x |
| Debt to equity | 0.00x | 0.00x | 0.00x | 0.00x | -0.05x | 0.00x |
| Equity ratio | 61.9% | 58.9% | 58.9% | 54.3% | 58.6% | 64.3% |
| Interest coverage | 42.25x | 34.62x | 97.66x | 19.02x | 27.92x | 52.97x |
| Buybacks as a share of market value | 0.0% | -0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -3.8% | 9.9% | 5.1% |
| Operating income | 21.1% | 11.7% | 5.4% |
| Net income | 19.9% | 12.8% | 4.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 3.6% | 5.6% | 5.4% | 6.4% |
| Operating margin | 3.6% | 5.1% | 4.6% | 4.8% |
| Net margin | 3.7% | 4.8% | 4.2% | 4.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 9.0 | 14.2 | 3.5 | 10.4 | 23.9 | 15.7 | 10.1 | 13.2 | 12.1 | 20.6 |
| Price to sales | 0.4 | 0.4 | 0.3 | 0.2 | 0.4 | 0.6 | 0.6 | 0.6 | 0.7 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 29 years. Last went ex-dividend on 18 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 6.79 | 4.23 | 10.30 | 3.95 | 2.32 | 3.72 | 4.08 | 4.88 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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