D 
8.00
+1.14%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 2.08bn
FY2016FY2025
Net income
PLN 443.5m
FY2016FY2025
Free cash flow
PLN 167.3m
FY2016FY2025
Shareholders' equity
PLN 1.93bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 2.08bn | PLN 1.80bn | PLN 1.61bn | PLN 1.07bn | PLN 911.9m | PLN 517.1m | PLN 819.3m | PLN 796.7m | PLN 706.2m | PLN 547.0m |
| Gross profit | PLN 730.7m | PLN 612.7m | PLN 481.1m | PLN 361.0m | PLN 281.3m | PLN 183.6m | PLN 320.1m | PLN 300.6m | PLN 260.8m | PLN 207.9m |
| Research and development | — | — | — | — | — | — | — | PLN 0 | PLN 0 | PLN 0 |
| Operating income | PLN 528.7m | PLN 450.3m | PLN 329.6m | PLN 289.4m | PLN 219.8m | PLN 141.6m | PLN 172.7m | PLN 254.3m | PLN 89.3m | PLN 203.8m |
| Net income | PLN 443.5m | PLN 380.3m | PLN 275.6m | PLN 230.9m | PLN 153.9m | −PLN 138.8m | PLN 117.4m | PLN 160.4m | PLN 80.2m | PLN 113.1m |
| Diluted earnings per share | 0.96 | 0.83 | 0.62 | 0.52 | 0.35 | -0.31 | 0.26 | 0.36 | 0.18 | 0.25 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 5.24bn | PLN 4.28bn | PLN 3.81bn | PLN 2.95bn | PLN 3.25bn | PLN 2.82bn | PLN 3.24bn | PLN 3.57bn | PLN 3.30bn | PLN 3.20bn |
| Cash and short-term investments | PLN 610.4m | PLN 840.6m | PLN 559.4m | PLN 481.6m | PLN 478.3m | PLN 485.0m | PLN 366.4m | PLN 467.7m | PLN 344.2m | PLN 354.9m |
| Total liabilities | PLN 3.31bn | PLN 2.56bn | PLN 2.26bn | PLN 1.51bn | PLN 1.85bn | PLN 1.50bn | PLN 1.75bn | PLN 2.08bn | PLN 1.85bn | PLN 1.80bn |
| Debt | PLN 961.3m | PLN 983.8m | PLN 953.8m | PLN 652.0m | PLN 941.4m | PLN 837.1m | PLN 1.08bn | PLN 1.21bn | PLN 1.08bn | PLN 1.08bn |
| Shareholders' equity | PLN 1.93bn | PLN 1.72bn | PLN 1.55bn | PLN 1.43bn | PLN 1.40bn | PLN 1.32bn | PLN 1.49bn | PLN 1.50bn | PLN 1.45bn | PLN 1.40bn |
| Shares outstanding | 463m | 458m | 448m | 448m | 435m | 448m | 448m | 448m | 448m | 448m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 175.1m | PLN 312.0m | PLN 106.8m | PLN 170.0m | PLN 86.8m | PLN 59.9m | −PLN 87.7m | PLN 315.0m | PLN 166.9m | PLN 199.0m |
| Capital spending | −PLN 7.8m | −PLN 17.8m | −PLN 6.2m | −PLN 3.4m | −PLN 1.7m | −PLN 3.1m | −PLN 1.5m | −PLN 728,000 | −PLN 802,000 | −PLN 689,000 |
| Free cash flow | PLN 167.3m | PLN 294.2m | PLN 100.6m | PLN 166.5m | PLN 85.1m | PLN 56.9m | −PLN 89.2m | PLN 314.3m | PLN 166.1m | PLN 198.4m |
| Dividends paid | −PLN 265.5m | −PLN 226.1m | −PLN 179.0m | −PLN 201.4m | −PLN 76.1m | −PLN 44.8m | −PLN 120.8m | −PLN 107.4m | −PLN 31.3m | −PLN 80.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 996.6m | PLN 892.1m | PLN 761.4m | PLN 567.3m | PLN 494.8m | PLN 253.5m | PLN 751.9m | PLN 388.9m |
| Gross profit | PLN 243.1m | PLN 279.7m | PLN 235.9m | PLN 222.8m | PLN 193.7m | PLN 80.8m | PLN 754.3m | PLN 99.6m |
| Operating income | PLN 177.9m | PLN 225.1m | PLN 171.5m | PLN 169.4m | PLN 136.5m | PLN 46.5m | PLN 202.1m | PLN 71.2m |
| Net income | PLN 142.0m | PLN 177.2m | PLN 136.4m | PLN 133.4m | PLN 108.4m | PLN 65.3m | PLN 163.9m | PLN 67.1m |
| Diluted earnings per share | 0.31 | 0.39 | 0.29 | 0.29 | 0.23 | 0.14 | 0.36 | 0.15 |
| Cash from operations | PLN 139.0m | PLN 163.0m | PLN 32.0m | PLN 50.0m | PLN 177.0m | −PLN 38.0m | PLN 268.0m | PLN 1.0m |
| Capital spending | −PLN 24.0m | −PLN 8.0m | −PLN 2.0m | −PLN 1.0m | −PLN 8.0m | −PLN 47.0m | −PLN 7.0m | −PLN 6.0m |
| Free cash flow | PLN 115.0m | PLN 155.0m | PLN 30.0m | PLN 49.0m | PLN 169.0m | −PLN 85.0m | PLN 261.0m | −PLN 5.0m |
| Total assets | PLN 5.04bn | PLN 5.15bn | PLN 5.24bn | PLN 5.02bn | PLN 4.23bn | PLN 4.45bn | PLN 4.28bn | PLN 4.29bn |
| Cash and short-term investments | PLN 942.1m | PLN 729.6m | PLN 610.4m | PLN 341.2m | PLN 466.0m | PLN 524.9m | PLN 840.6m | PLN 376.5m |
| Debt | PLN 1.07bn | PLN 932.9m | PLN 946.8m | PLN 954.5m | PLN 812.2m | PLN 954.9m | PLN 1.05bn | PLN 997.1m |
| Shareholders' equity | PLN 1.92bn | PLN 2.12bn | PLN 1.93bn | PLN 1.78bn | PLN 1.63bn | PLN 1.78bn | PLN 1.72bn | PLN 1.54bn |
Financial ratios
Data as of 18 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 35.1% | 34.1% | 30.0% | 33.8% | 30.8% | 35.5% | — | — | — |
| Operating margin | 26.8% | 24.9% | 22.6% | 27.4% | 30.1% | 27.4% | — | — | — |
| Net margin | 21.3% | 21.2% | 17.2% | 21.6% | 16.9% | -26.8% | — | — | — |
| Return on equity | 23.0% | 22.2% | 17.8% | 16.2% | 11.0% | -10.5% | — | — | — |
| Return on assets | 8.5% | 8.9% | 7.2% | 7.8% | 4.7% | -4.9% | — | — | — |
| Free cash flow yield | 4.4% | 8.1% | 2.8% | 4.4% | 2.3% | 1.6% | — | — | — |
| Revenue growth | 15.9% | 11.8% | 50.4% | 17.1% | 76.4% | -36.9% | — | — | — |
| Earnings growth | 16.6% | 38.0% | 19.3% | 50.0% | -210.9% | -218.2% | — | — | — |
| Current ratio | 2.62x | 2.23x | 2.05x | 2.10x | 2.14x | 2.11x | — | — | — |
| Debt to equity | 0.49x | 0.57x | 0.61x | 0.45x | 0.66x | 0.62x | — | — | — |
| Equity ratio | 36.8% | 40.1% | 40.6% | 48.4% | 43.1% | 46.8% | — | — | — |
| Interest coverage | 33.54x | 35.20x | 16.43x | 20.46x | 15.56x | 7.44x | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -1.2% | -2.2% | -0.1% | -2.8% | 2.8% | 0.0% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 24.9% | 32.1% | 16.6% |
| Operating income | 22.3% | 30.1% | 13.1% |
| Net income | 24.3% | — | 15.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 34.7% | 33.4% | 33.2% | 34.6% |
| Operating margin | 25.3% | 24.4% | 24.6% | 25.1% |
| Net margin | 21.2% | 20.3% | 16.9% | 17.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 8.8 | 6.6 | 7.4 | 4.8 | 8.4 | -6.3 | 9.7 | 6.8 | 15.3 | 7.8 |
| Price to sales | 1.9 | 1.4 | 1.3 | 1.0 | 1.4 | 1.7 | 1.4 | 1.4 | 1.7 | 1.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 24 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.73 | 0.58 | 0.50 | 0.45 | 0.17 | 0.10 | 0.27 | 0.24 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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