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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 14.64bn
FY2016FY2025
Net income
PLN 549.1m
FY2016FY2025
Free cash flow
PLN 1.39bn
FY2016FY2025
Shareholders' equity
PLN 3.18bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 14.64bn | PLN 10.92bn | PLN 8.84bn | PLN 7.06bn | PLN 4.58bn | PLN 2.52bn | PLN 1.23bn | PLN 726.2m | PLN 482.5m | PLN 503.0m |
| Research and development | — | — | PLN 7.0m | PLN 14.4m | PLN 16.5m | PLN 15.6m | PLN 17.3m | — | — | — |
| Operating income | PLN 1.80bn | PLN 1.96bn | PLN 1.87bn | PLN 942.1m | PLN 826.4m | PLN 638.2m | PLN 188.4m | −PLN 47.1m | −PLN 65.2m | −PLN 75.2m |
| Net income | PLN 549.1m | PLN 1.25bn | PLN 647.4m | PLN 456.4m | PLN 491.6m | PLN 350.2m | PLN 50.8m | −PLN 14.8m | −PLN 211.8m | −PLN 89.8m |
| Diluted earnings per share | 1.10 | 2.49 | 1.29 | 0.91 | 0.98 | 0.70 | 0.10 | -0.03 | -27.28 | -11.57 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 17.26bn | PLN 12.89bn | PLN 9.73bn | PLN 8.76bn | PLN 7.29bn | PLN 2.49bn | PLN 1.57bn | PLN 1.18bn | PLN 993.8m | PLN 949.0m |
| Cash and short-term investments | PLN 952.1m | PLN 780.5m | PLN 567.4m | PLN 432.8m | PLN 490.1m | PLN 139.3m | PLN 115.5m | PLN 62.4m | PLN 127.5m | PLN 28.6m |
| Total liabilities | PLN 14.09bn | PLN 10.44bn | PLN 8.44bn | PLN 8.29bn | PLN 7.30bn | PLN 1.86bn | PLN 1.18bn | PLN 830.4m | PLN 625.2m | PLN 509.5m |
| Debt | PLN 10.04bn | PLN 7.76bn | PLN 6.65bn | PLN 6.70bn | PLN 5.93bn | PLN 1.30bn | PLN 893.5m | PLN 517.2m | PLN 357.5m | PLN 246.0m |
| Shareholders' equity | PLN 3.18bn | PLN 2.46bn | PLN 1.29bn | PLN 469.0m | −PLN 6.9m | PLN 631.6m | PLN 389.5m | PLN 347.1m | PLN 374.3m | PLN 297.0m |
| Shares outstanding | 500m | 500m | 501m | 500m | 500m | 500m | 500m | 500m | 8m | 8m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 2.85bn | PLN 2.96bn | PLN 2.08bn | PLN 1.35bn | PLN 1.10bn | PLN 742.6m | PLN 292.8m | −PLN 18.9m | −PLN 43.8m | −PLN 54.6m |
| Capital spending | −PLN 1.46bn | −PLN 1.40bn | −PLN 1.02bn | −PLN 1.12bn | −PLN 935.6m | −PLN 536.5m | −PLN 319.7m | −PLN 135.7m | −PLN 153.9m | −PLN 67.4m |
| Free cash flow | PLN 1.39bn | PLN 1.56bn | PLN 1.06bn | PLN 230.7m | PLN 164.4m | PLN 206.1m | −PLN 26.9m | −PLN 154.6m | −PLN 197.7m | −PLN 122.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 4.17bn | PLN 3.86bn | PLN 4.44bn | PLN 3.77bn | PLN 3.53bn | PLN 2.95bn | PLN 3.35bn | PLN 2.53bn |
| Operating income | PLN 348.6m | PLN 219.0m | PLN 447.2m | PLN 407.3m | PLN 381.8m | PLN 461.6m | PLN 634.1m | PLN 413.7m |
| Net income | PLN 95.5m | PLN 114.6m | PLN 57.5m | PLN 170.7m | PLN 139.7m | PLN 183.7m | PLN 400.1m | PLN 256.0m |
| Diluted earnings per share | 0.19 | 0.23 | 0.12 | 0.34 | 0.28 | 0.37 | 0.80 | 0.51 |
| Cash from operations | PLN 724.0m | PLN 228.0m | PLN 810.0m | PLN 735.0m | PLN 760.0m | PLN 558.0m | PLN 960.0m | PLN 784.0m |
| Capital spending | −PLN 415.0m | −PLN 359.0m | −PLN 558.0m | −PLN 356.0m | −PLN 471.0m | −PLN 340.0m | −PLN 413.0m | −PLN 398.0m |
| Free cash flow | PLN 309.0m | −PLN 131.0m | PLN 252.0m | PLN 379.0m | PLN 289.0m | PLN 218.0m | PLN 547.0m | PLN 386.0m |
| Total assets | PLN 17.53bn | PLN 16.94bn | PLN 17.26bn | PLN 16.58bn | PLN 15.31bn | PLN 12.86bn | PLN 12.89bn | PLN 11.33bn |
| Cash and short-term investments | PLN 625.7m | PLN 613.3m | PLN 952.1m | PLN 1.41bn | PLN 878.4m | PLN 472.6m | PLN 780.5m | PLN 798.0m |
| Debt | PLN 8.14bn | PLN 8.02bn | PLN 9.14bn | PLN 7.56bn | PLN 6.92bn | PLN 6.01bn | PLN 6.04bn | PLN 5.73bn |
| Shareholders' equity | PLN 3.32bn | PLN 3.26bn | PLN 3.18bn | PLN 3.09bn | PLN 2.87bn | PLN 2.72bn | PLN 2.46bn | PLN 2.18bn |
Financial ratios
Data as of 21 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 12.3% | 17.9% | 21.2% | 13.3% | 18.0% | 25.3% | — |
| Net margin | 3.8% | 11.4% | 7.3% | 6.5% | 10.7% | 13.9% | — |
| Return on equity | 17.3% | 50.8% | 50.0% | 97.3% | -7124.6% | 55.4% | — |
| Return on assets | 3.2% | 9.7% | 6.7% | 5.2% | 6.7% | 14.1% | — |
| Free cash flow yield | 55.6% | 56.1% | 39.8% | 31.7% | 26.2% | 16.5% | — |
| Revenue growth | 34.0% | 23.5% | 25.3% | 54.1% | 82.0% | 104.4% | — |
| Earnings growth | -56.0% | 92.7% | 41.8% | -7.2% | 40.4% | 589.4% | — |
| Current ratio | 0.66x | 0.82x | 0.94x | 0.81x | 0.91x | 0.88x | — |
| Debt to equity | 2.42x | 2.46x | 4.27x | 11.96x | -738.83x | 1.58x | — |
| Equity ratio | 18.4% | 19.0% | 13.3% | 5.4% | -0.1% | 25.4% | — |
| Interest coverage | 3.70x | 5.36x | 5.07x | 3.22x | 6.81x | 8.68x | — |
| R&D as a share of sales | — | — | 0.1% | 0.2% | 0.4% | 0.6% | 1.4% |
| Buybacks as a share of market value | 0.1% | 0.2% | -0.2% | 0.0% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 27.5% | 42.2% | 48.0% |
| Operating income | 24.1% | 23.1% | — |
| Net income | 6.4% | 9.4% | 33.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 14.7% | 15.9% | 16.6% | 15.5% |
| Net margin | 7.0% | 7.0% | 7.7% | 6.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | 40.4 | 28.1 | 41.1 | 36.6 | 45.7 |
| Price to sales | 1.5 | 3.2 | 3.0 | 2.4 | 4.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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