D 
247.00
+2.28%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 3.26bn
FY2016FY2025
Net income
PLN 654.2m
FY2016FY2025
Free cash flow
PLN 188.6m
FY2016FY2025
Shareholders' equity
PLN 1.99bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 3.26bn | PLN 3.17bn | PLN 2.55bn | PLN 2.42bn | PLN 1.90bn | PLN 1.82bn | PLN 1.66bn | PLN 1.65bn | PLN 1.40bn | PLN 1.15bn |
| Gross profit | PLN 1.12bn | PLN 1.02bn | PLN 815.1m | PLN 755.8m | PLN 625.2m | PLN 578.8m | PLN 500.1m | PLN 455.1m | PLN 385.7m | PLN 271.1m |
| Research and development | — | — | — | — | — | — | — | — | PLN 270,000 | — |
| Operating income | PLN 808.4m | PLN 700.3m | PLN 559.4m | PLN 513.7m | PLN 415.8m | PLN 389.8m | PLN 320.7m | PLN 282.0m | PLN 235.4m | PLN 156.6m |
| Net income | PLN 654.2m | PLN 569.1m | PLN 460.2m | PLN 410.3m | PLN 327.1m | PLN 302.2m | PLN 256.0m | PLN 227.0m | PLN 190.7m | PLN 125.7m |
| Diluted earnings per share | 25.36 | 22.06 | 17.83 | 16.02 | 10.40 | 11.98 | 10.21 | 9.09 | 7.67 | 5.07 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 5.98bn | PLN 5.29bn | PLN 4.56bn | PLN 4.11bn | PLN 3.88bn | PLN 3.25bn | PLN 2.96bn | PLN 2.54bn | PLN 2.39bn | PLN 1.98bn |
| Cash and short-term investments | PLN 528.2m | PLN 360.8m | PLN 286.3m | PLN 304.2m | PLN 607.0m | PLN 585.7m | PLN 277.9m | PLN 282.5m | PLN 279.7m | PLN 415.6m |
| Total liabilities | PLN 3.99bn | PLN 3.59bn | PLN 3.11bn | PLN 2.70bn | PLN 2.63bn | PLN 2.10bn | PLN 1.88bn | PLN 1.49bn | PLN 1.39bn | PLN 1.05bn |
| Debt | PLN 846.4m | PLN 735.0m | PLN 653.7m | PLN 481.0m | PLN 485.2m | PLN 486.0m | PLN 571.8m | PLN 396.2m | PLN 396.4m | PLN 383.9m |
| Shareholders' equity | PLN 1.99bn | PLN 1.70bn | PLN 1.45bn | PLN 1.41bn | PLN 1.24bn | PLN 1.16bn | PLN 1.08bn | PLN 1.05bn | PLN 1.00bn | PLN 929.5m |
| Shares outstanding | 26m | 26m | 26m | 26m | 31m | 25m | 25m | 25m | 25m | 25m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 213.1m | PLN 378.5m | PLN 267.7m | −PLN 191.9m | PLN 393.7m | PLN 679.3m | PLN 162.1m | PLN 232.8m | PLN 198.1m | PLN 265.2m |
| Capital spending | −PLN 24.5m | −PLN 21.5m | −PLN 17.3m | −PLN 29.3m | −PLN 14.1m | −PLN 11.3m | −PLN 12.7m | −PLN 11.4m | −PLN 7.6m | −PLN 6.4m |
| Free cash flow | PLN 188.6m | PLN 356.9m | PLN 250.4m | −PLN 221.3m | PLN 379.6m | PLN 668.1m | PLN 149.4m | PLN 221.4m | PLN 190.5m | PLN 258.8m |
| Dividends paid | −PLN 361.2m | −PLN 323.0m | −PLN 424.0m | −PLN 268.3m | −PLN 254.0m | −PLN 239.6m | −PLN 226.9m | −PLN 189.8m | −PLN 125.6m | −PLN 80.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 599.9m | PLN 960.9m | PLN 1.26bn | PLN 706.6m | PLN 552.1m | PLN 741.9m | PLN 1.32bn | PLN 482.3m |
| Gross profit | PLN 180.8m | PLN 301.8m | PLN 436.6m | PLN 229.2m | PLN 201.9m | PLN 253.4m | PLN 429.6m | PLN 150.8m |
| Operating income | PLN 101.6m | PLN 228.6m | PLN 355.8m | PLN 154.0m | PLN 120.0m | PLN 182.0m | PLN 335.6m | PLN 315.3m |
| Net income | PLN 78.5m | PLN 180.0m | PLN 279.9m | PLN 128.6m | PLN 97.3m | PLN 148.4m | PLN 273.3m | PLN 64.7m |
| Diluted earnings per share | 3.04 | 6.98 | 10.85 | 4.99 | 3.77 | 5.75 | 10.60 | 2.51 |
| Cash from operations | −PLN 101.0m | −PLN 62.0m | −PLN 75.0m | PLN 86.0m | PLN 245.0m | −PLN 43.0m | PLN 184.0m | −PLN 72.0m |
| Capital spending | −PLN 5.0m | −PLN 5.0m | −PLN 3.0m | −PLN 11.0m | −PLN 5.0m | −PLN 4.0m | −PLN 3.0m | −PLN 6.0m |
| Free cash flow | −PLN 106.0m | −PLN 67.0m | −PLN 78.0m | PLN 75.0m | PLN 240.0m | −PLN 47.0m | PLN 181.0m | −PLN 78.0m |
| Total assets | PLN 6.45bn | PLN 6.15bn | PLN 5.98bn | PLN 6.22bn | PLN 5.99bn | PLN 5.40bn | PLN 5.29bn | PLN 5.39bn |
| Cash and short-term investments | PLN 437.0m | PLN 671.9m | PLN 528.2m | PLN 761.5m | PLN 735.6m | PLN 333.9m | PLN 360.8m | PLN 298.3m |
| Debt | PLN 925.4m | PLN 1.02bn | PLN 865.8m | PLN 794.5m | PLN 878.3m | PLN 711.0m | PLN 699.9m | PLN 609.1m |
| Shareholders' equity | PLN 2.07bn | PLN 2.17bn | PLN 1.99bn | PLN 1.89bn | PLN 1.76bn | PLN 1.85bn | PLN 1.70bn | PLN 1.58bn |
Financial ratios
Data as of 10 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2017 | FY2012 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 34.4% | 32.2% | 32.0% | 31.2% | 32.9% | 31.9% | — | — |
| Operating margin | 24.8% | 22.4% | 22.7% | 21.6% | 21.9% | 21.2% | — | — |
| Net margin | 20.1% | 18.0% | 18.0% | 17.0% | 17.2% | 16.7% | — | — |
| Return on equity | 32.9% | 33.4% | 31.8% | 29.0% | 26.4% | 26.1% | — | — |
| Return on assets | 10.9% | 10.8% | 10.1% | 10.0% | 8.4% | 9.3% | — | — |
| Free cash flow yield | 3.9% | 6.5% | 4.7% | -2.7% | 5.5% | 11.5% | — | — |
| Revenue growth | 2.8% | 24.2% | 5.4% | 27.5% | 4.5% | 9.2% | — | — |
| Earnings growth | 15.0% | 23.6% | 12.2% | 25.4% | 8.2% | 18.1% | — | — |
| Current ratio | 1.83x | 1.80x | 1.82x | 1.74x | 1.79x | 1.91x | — | — |
| Debt to equity | 0.39x | 0.41x | 0.42x | 0.32x | 0.37x | 0.40x | — | — |
| Equity ratio | 33.2% | 32.2% | 31.8% | 34.4% | 32.0% | 35.6% | — | — |
| Interest coverage | 115.85x | 294.61x | 1109.86x | 59.24x | 45.71x | 63.10x | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.0% | 0.0% |
| Buybacks as a share of market value | 0.0% | 0.0% | -0.8% | 18.6% | -24.8% | -0.6% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 10.4% | 12.4% | 13.7% |
| Operating income | 16.3% | 15.7% | 22.9% |
| Net income | 16.8% | 16.7% | 23.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 33.3% | 32.6% | 32.5% | 30.8% |
| Operating margin | 23.5% | 22.7% | 22.4% | 20.5% |
| Net margin | 19.0% | 18.4% | 18.0% | 16.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.1 | 8.3 | 8.4 | 5.9 | 11.5 | 9.5 | 9.3 | 6.9 | 11.2 | 11.8 |
| Price to sales | 2.0 | 1.5 | 1.5 | 1.0 | 2.0 | 1.6 | 1.4 | 0.9 | 1.5 | 1.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 19 years. Last went ex-dividend on 24 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 7.00 | 14.00 | 12.50 | 16.50 | 10.50 | 10.00 | 9.50 | 9.05 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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