E 
20.46
-1.25%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 27.54bn
FY2016FY2025
Net income
PLN 1.82bn
FY2016FY2025
Free cash flow
PLN 1.89bn
FY2016FY2025
Shareholders' equity
PLN 16.77bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 27.54bn | PLN 31.24bn | PLN 44.02bn | PLN 30.11bn | PLN 21.27bn | PLN 18.22bn | PLN 15.86bn | PLN 12.75bn | PLN 11.45bn | PLN 11.28bn |
| Gross profit | PLN 10.76bn | PLN 10.85bn | PLN 10.14bn | PLN 6.75bn | PLN 7.39bn | PLN 6.59bn | PLN 5.99bn | PLN 5.51bn | PLN 5.49bn | PLN 4.98bn |
| Research and development | — | PLN 1.4m | PLN 819,000 | PLN 967,000 | PLN 435,000 | PLN 867,000 | PLN 896,000 | PLN 1.1m | — | — |
| Operating income | PLN 4.29bn | PLN 3.06bn | PLN 955.7m | PLN 578.2m | PLN 1.97bn | −PLN 2.33bn | PLN 1.67bn | PLN 1.22bn | PLN 1.49bn | PLN 1.12bn |
| Net income | PLN 1.82bn | PLN 1.40bn | −PLN 704.3m | PLN 45.3m | PLN 1.69bn | −PLN 2.27bn | PLN 423.2m | PLN 686.7m | PLN 1.07bn | PLN 784.4m |
| Diluted earnings per share | 3.43 | 2.63 | -1.33 | 0.09 | 3.83 | -5.14 | 0.96 | 1.56 | 2.42 | 1.78 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 39.89bn | PLN 39.47bn | PLN 39.11bn | PLN 37.43bn | PLN 34.63bn | PLN 29.89bn | PLN 32.84bn | PLN 29.97bn | PLN 28.31bn | PLN 24.54bn |
| Cash and short-term investments | PLN 4.64bn | PLN 4.46bn | PLN 3.17bn | PLN 1.99bn | PLN 4.57bn | PLN 1.98bn | PLN 3.30bn | PLN 2.76bn | PLN 2.74bn | PLN 2.35bn |
| Total liabilities | PLN 22.15bn | PLN 23.14bn | PLN 23.67bn | PLN 21.29bn | PLN 19.45bn | PLN 16.80bn | PLN 17.36bn | PLN 14.92bn | PLN 14.31bn | PLN 11.52bn |
| Debt | PLN 7.62bn | PLN 7.58bn | PLN 8.07bn | PLN 5.49bn | PLN 7.23bn | PLN 8.39bn | PLN 10.44bn | PLN 8.34bn | PLN 8.26bn | PLN 6.73bn |
| Shareholders' equity | PLN 16.77bn | PLN 15.31bn | PLN 13.94bn | PLN 14.87bn | PLN 14.01bn | PLN 12.04bn | PLN 14.46bn | PLN 14.10bn | PLN 13.08bn | PLN 12.18bn |
| Shares outstanding | 530m | 530m | 530m | 492m | 441m | 441m | 441m | 441m | 441m | 441m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 7.84bn | PLN 5.35bn | PLN 2.25bn | PLN 1.23bn | PLN 5.49bn | PLN 3.16bn | PLN 2.14bn | PLN 2.44bn | PLN 2.58bn | PLN 2.42bn |
| Capital spending | −PLN 5.95bn | −PLN 3.06bn | −PLN 2.94bn | −PLN 2.59bn | −PLN 1.90bn | −PLN 2.38bn | −PLN 2.08bn | −PLN 1.98bn | −PLN 2.06bn | −PLN 2.69bn |
| Free cash flow | PLN 1.89bn | PLN 2.30bn | −PLN 689.6m | −PLN 1.36bn | PLN 3.59bn | PLN 775.0m | PLN 68.1m | PLN 456.2m | PLN 521.7m | −PLN 263.9m |
| Dividends paid | −PLN 265.7m | −PLN 30.3m | −PLN 31.4m | −PLN 30.1m | −PLN 105,000 | −PLN 105,000 | −PLN 8.7m | −PLN 105,000 | −PLN 122.4m | −PLN 1.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 5.64bn | PLN 7.18bn | PLN 7.33bn | PLN 6.44bn | PLN 6.35bn | PLN 7.41bn | PLN 8.36bn | PLN 7.64bn |
| Gross profit | PLN 868.4m | PLN 1.33bn | PLN 2.87bn | PLN 2.35bn | PLN 2.62bn | PLN 2.92bn | PLN 3.00bn | PLN 2.70bn |
| Operating income | PLN 810.8m | PLN 1.19bn | PLN 649.1m | PLN 911.8m | PLN 1.11bn | PLN 1.63bn | PLN 1.12bn | PLN 1.48bn |
| Net income | PLN 578.0m | PLN 925.0m | −PLN 856.2m | PLN 747.1m | PLN 874.0m | PLN 1.05bn | −PLN 1.86bn | PLN 970.8m |
| Diluted earnings per share | 1.07 | 1.72 | -1.62 | 1.41 | 1.65 | 1.98 | -3.50 | 1.83 |
| Cash from operations | PLN 1.84bn | PLN 1.32bn | −PLN 1.36bn | PLN 2.62bn | PLN 3.99bn | PLN 2.59bn | −PLN 2.43bn | PLN 3.82bn |
| Capital spending | −PLN 1.68bn | −PLN 1.52bn | −PLN 2.06bn | −PLN 984.0m | −PLN 1.88bn | −PLN 1.03bn | −PLN 895.0m | −PLN 839.0m |
| Free cash flow | PLN 156.0m | −PLN 204.0m | −PLN 3.42bn | PLN 1.64bn | PLN 2.11bn | PLN 1.56bn | −PLN 3.33bn | PLN 2.98bn |
| Total assets | PLN 39.81bn | PLN 37.57bn | PLN 39.89bn | PLN 39.21bn | PLN 36.60bn | PLN 34.53bn | PLN 39.47bn | PLN 38.43bn |
| Cash and short-term investments | PLN 5.47bn | PLN 5.00bn | PLN 4.64bn | PLN 7.92bn | PLN 6.58bn | PLN 4.63bn | PLN 4.46bn | PLN 6.92bn |
| Debt | PLN 6.89bn | PLN 6.94bn | PLN 6.86bn | PLN 6.77bn | PLN 6.28bn | PLN 6.32bn | PLN 6.92bn | PLN 6.43bn |
| Shareholders' equity | PLN 18.03bn | PLN 17.70bn | PLN 16.77bn | PLN 17.66bn | PLN 16.92bn | PLN 16.35bn | PLN 15.31bn | PLN 17.19bn |
Financial ratios
Data as of 3 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 39.1% | 34.7% | 23.0% | 22.4% | 34.7% | 36.2% | — |
| Operating margin | 15.6% | 9.8% | 2.2% | 1.9% | 10.2% | -12.8% | — |
| Net margin | 6.6% | 4.5% | -1.6% | 0.2% | 8.0% | -12.5% | — |
| Return on equity | 10.8% | 9.1% | -5.1% | 0.3% | 12.1% | -18.8% | — |
| Return on assets | 4.6% | 3.5% | -1.8% | 0.1% | 4.9% | -7.6% | — |
| Free cash flow yield | 127.8% | 77.9% | 48.0% | 38.0% | 82.1% | 61.6% | — |
| Revenue growth | -11.8% | -29.0% | 46.2% | 41.6% | 16.7% | 14.9% | — |
| Earnings growth | 30.1% | -298.2% | -1654.6% | -97.3% | -174.5% | -636.0% | — |
| Current ratio | 1.37x | 1.52x | 1.13x | 1.05x | 1.06x | 1.20x | — |
| Debt to equity | 0.41x | 0.45x | 0.53x | 0.33x | 0.48x | 0.65x | — |
| Equity ratio | 42.0% | 38.8% | 35.6% | 39.7% | 40.5% | 40.3% | — |
| Interest coverage | 9.40x | 6.18x | 2.48x | 2.38x | 12.24x | -9.16x | — |
| R&D as a share of sales | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 0.0% | 0.0% | -7.6% | -11.5% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.9% | 8.6% | 10.8% |
| Operating income | 95.1% | — | — |
| Net income | 242.3% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 36.8% | 29.0% | 30.4% | 33.6% |
| Operating margin | 12.5% | 6.7% | 4.9% | 5.9% |
| Net margin | 5.5% | 1.9% | 1.1% | 1.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 5.7 | 4.9 | -6.9 | 65.2 | 2.2 | -1.3 | 8.3 | 6.4 | 4.7 | 5.3 |
| Price to sales | 0.4 | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.3 | 0.4 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 16 Jul 2025.
| FY2025 | FY2017 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.50 | 0.25 | 0.47 | 0.57 | 0.36 | 0.48 | 0.44 | 0.38 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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