E 
49.20
+1.97%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 2.95bn
FY2016FY2025
Net income
PLN 222.6m
FY2016FY2025
Free cash flow
PLN 366.2m
FY2016FY2025
Shareholders' equity
PLN 499.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 2.95bn | PLN 2.93bn | PLN 2.63bn | PLN 2.26bn | PLN 1.12bn | PLN 470.5m | PLN 1.61bn | PLN 1.30bn | PLN 954.9m | PLN 810.4m |
| Gross profit | PLN 216.7m | PLN 319.5m | PLN 221.6m | PLN 216.1m | PLN 52.1m | −PLN 124.4m | PLN 212.1m | PLN 166.1m | PLN 89.0m | PLN 80.5m |
| Operating income | PLN 228.6m | PLN 167.2m | PLN 240.6m | PLN 131.1m | −PLN 14.7m | −PLN 134.7m | PLN 168.5m | PLN 115.4m | PLN 63.6m | PLN 61.5m |
| Net income | PLN 222.6m | PLN 65.6m | PLN 196.4m | PLN 72.3m | −PLN 117.1m | −PLN 154.1m | PLN 85.0m | PLN 66.3m | PLN 58.4m | PLN 50.2m |
| Diluted earnings per share | 12.69 | 3.74 | 11.20 | 4.12 | -6.68 | -8.78 | 4.84 | 3.78 | 3.33 | 2.86 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 2.95bn | PLN 2.71bn | PLN 2.14bn | PLN 1.85bn | PLN 1.75bn | PLN 1.71bn | PLN 1.73bn | PLN 1.19bn | PLN 857.5m | PLN 717.0m |
| Cash and short-term investments | PLN 245.7m | PLN 299.5m | PLN 275.7m | PLN 293.3m | PLN 268.7m | PLN 78.8m | PLN 88.5m | PLN 100.4m | PLN 58.9m | PLN 118.4m |
| Total liabilities | PLN 2.45bn | PLN 2.36bn | PLN 1.78bn | PLN 1.69bn | PLN 1.66bn | PLN 1.50bn | PLN 1.37bn | PLN 875.0m | PLN 595.6m | PLN 499.8m |
| Debt | PLN 2.08bn | PLN 2.08bn | PLN 1.54bn | PLN 1.46bn | PLN 1.46bn | PLN 1.32bn | PLN 1.11bn | PLN 572.7m | PLN 361.9m | PLN 294.0m |
| Shareholders' equity | PLN 499.0m | PLN 346.1m | PLN 357.8m | PLN 161.3m | PLN 89.0m | PLN 206.2m | PLN 361.6m | PLN 318.3m | PLN 261.9m | PLN 217.2m |
| Shares outstanding | 18m | 18m | 18m | 18m | 18m | 18m | 18m | 18m | 18m | 18m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 451.6m | PLN 562.7m | PLN 351.6m | PLN 360.3m | PLN 225.5m | PLN 73.2m | PLN 325.8m | PLN 210.1m | PLN 66.9m | PLN 92.3m |
| Capital spending | −PLN 85.5m | −PLN 106.1m | −PLN 13.0m | −PLN 6.8m | −PLN 1.5m | −PLN 19.6m | −PLN 91.0m | −PLN 92.5m | −PLN 31.2m | −PLN 2.7m |
| Free cash flow | PLN 366.2m | PLN 456.5m | PLN 338.6m | PLN 353.5m | PLN 224.0m | PLN 53.6m | PLN 234.8m | PLN 117.6m | PLN 35.6m | PLN 89.6m |
| Dividends paid | −PLN 52.6m | −PLN 77.2m | — | — | — | — | −PLN 12.3m | −PLN 9.6m | −PLN 9.6m | −PLN 3.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 995.7m | PLN 482.4m | PLN 529.5m | PLN 1.17bn | PLN 789.7m | PLN 465.3m | PLN 572.7m | PLN 1.19bn |
| Gross profit | PLN 79.1m | −PLN 35.6m | −PLN 53.3m | PLN 176.5m | PLN 122.4m | −PLN 17.3m | PLN 38.6m | PLN 190.3m |
| Operating income | PLN 59.3m | −PLN 52.3m | −PLN 80.6m | PLN 154.3m | PLN 123.8m | PLN 62.7m | PLN 18.2m | PLN 200.8m |
| Net income | PLN 28.2m | −PLN 158.7m | −PLN 74.0m | PLN 108.9m | PLN 160.7m | PLN 27.1m | −PLN 95.9m | PLN 185.6m |
| Diluted earnings per share | 1.61 | -9.05 | -4.22 | 6.20 | 9.16 | 1.54 | -5.46 | 10.58 |
| Cash from operations | PLN 309.0m | −PLN 73.0m | −PLN 40.0m | PLN 280.0m | PLN 296.0m | −PLN 30.0m | PLN 5.0m | PLN 273.0m |
| Capital spending | −PLN 15.0m | — | −PLN 2.0m | −PLN 72.0m | −PLN 6.0m | −PLN 3.0m | −PLN 11.0m | −PLN 64.0m |
| Free cash flow | PLN 294.0m | — | −PLN 42.0m | PLN 208.0m | PLN 290.0m | −PLN 33.0m | −PLN 6.0m | PLN 209.0m |
| Total assets | PLN 3.68bn | PLN 3.02bn | PLN 2.95bn | PLN 3.35bn | PLN 3.12bn | PLN 2.66bn | PLN 2.71bn | PLN 2.90bn |
| Cash and short-term investments | PLN 288.9m | PLN 126.6m | PLN 245.7m | PLN 403.0m | PLN 265.5m | PLN 193.2m | PLN 299.5m | PLN 366.3m |
| Debt | PLN 465.7m | PLN 503.2m | PLN 424.3m | PLN 496.1m | PLN 407.8m | PLN 507.3m | PLN 493.1m | PLN 454.0m |
| Shareholders' equity | PLN 324.7m | PLN 340.3m | PLN 499.0m | PLN 590.1m | PLN 481.2m | PLN 373.2m | PLN 346.1m | PLN 442.0m |
Financial ratios
Data as of 5 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 7.3% | 10.9% | 8.4% | 9.6% | 4.7% | -26.4% |
| Operating margin | 4.3% | 5.7% | 11.8% | 5.8% | 2.0% | -28.6% |
| Net margin | 7.5% | 2.0% | 7.5% | 3.2% | -10.5% | -32.8% |
| Return on equity | 44.6% | 18.0% | 54.9% | 44.8% | -131.5% | -74.8% |
| Return on assets | 7.5% | 2.2% | 9.2% | 3.9% | -6.7% | -9.0% |
| Free cash flow yield | 77.6% | 80.2% | 43.7% | 44.0% | 27.2% | 11.1% |
| Revenue growth | 0.9% | 11.4% | 16.4% | 101.4% | 138.1% | -70.9% |
| Earnings growth | 276.1% | -69.9% | 171.8% | -161.7% | -24.0% | -281.3% |
| Current ratio | 0.67x | 0.68x | 0.69x | 0.74x | 0.63x | 0.26x |
| Debt to equity | 0.85x | 1.50x | 1.26x | 2.89x | 6.55x | 1.85x |
| Equity ratio | 16.9% | 12.2% | 16.7% | 8.7% | 5.1% | 12.1% |
| Interest coverage | 1.13x | 1.81x | 4.02x | 2.51x | 0.41x | -2.40x |
| 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 | 9.4% | 44.4% | 14.6% |
| Operating income | 20.4% | — | 15.0% |
| Net income | 45.5% | — | 20.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 9.1% | 9.1% | 7.3% | 8.6% |
| Operating margin | 6.7% | 7.1% | 5.0% | 6.1% |
| Net margin | 4.9% | 5.2% | 2.3% | 3.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 4.6 | 14.4 | 4.6 | 6.0 | -4.7 | -4.4 | 9.1 | 5.7 | 8.6 | 8.9 |
| Price to sales | 0.3 | 0.3 | 0.3 | 0.2 | 0.5 | 1.4 | 0.5 | 0.3 | 0.5 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 30 Jun 2025.
| FY2025 | FY2024 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|
| Paid in the year | 3.00 | 4.40 | 0.70 | 0.55 | 0.55 | 0.20 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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