J 
26.69
+1.48%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 9.41bn
FY2016FY2025
Net income
−PLN 6.21bn
FY2016FY2025
Free cash flow
−PLN 3.71bn
FY2016FY2025
Shareholders' equity
PLN 3.06bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 9.41bn | PLN 11.31bn | PLN 15.34bn | PLN 20.20bn | PLN 10.63bn | PLN 6.94bn | PLN 8.67bn | PLN 9.81bn | PLN 8.88bn | PLN 6.73bn |
| Gross profit | −PLN 2.38bn | −PLN 756.8m | PLN 3.85bn | PLN 10.72bn | PLN 2.60bn | −PLN 401.3m | PLN 1.60bn | PLN 2.87bn | PLN 3.24bn | PLN 1.23bn |
| Operating income | −PLN 3.57bn | −PLN 2.31bn | PLN 2.83bn | PLN 9.41bn | PLN 1.26bn | −PLN 1.78bn | PLN 695.1m | PLN 2.25bn | PLN 3.12bn | PLN 226.6m |
| Net income | −PLN 6.21bn | −PLN 7.24bn | PLN 993.9m | PLN 7.62bn | PLN 903.7m | −PLN 1.55bn | PLN 628.9m | PLN 1.74bn | PLN 2.54bn | PLN 6.7m |
| Diluted earnings per share | -52.93 | -61.68 | 8.47 | 64.88 | 7.70 | -13.17 | 5.36 | 14.79 | 21.62 | 0.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 13.45bn | PLN 22.87bn | PLN 27.79bn | PLN 26.96bn | PLN 15.96bn | PLN 15.03bn | PLN 14.93bn | PLN 13.76bn | PLN 12.09bn | PLN 11.52bn |
| Cash and short-term investments | PLN 819.4m | PLN 1.39bn | PLN 2.69bn | PLN 4.84bn | PLN 1.31bn | PLN 1.54bn | PLN 1.07bn | PLN 1.49bn | PLN 1.02bn | PLN 1.10bn |
| Total liabilities | PLN 9.98bn | PLN 13.13bn | PLN 10.82bn | PLN 11.03bn | PLN 7.66bn | PLN 7.71bn | PLN 6.07bn | PLN 5.32bn | PLN 5.47bn | PLN 7.45bn |
| Debt | PLN 2.51bn | PLN 2.77bn | PLN 2.06bn | PLN 1.88bn | PLN 2.35bn | PLN 2.64bn | PLN 972.2m | PLN 231.3m | PLN 978.2m | PLN 1.68bn |
| Shareholders' equity | PLN 3.06bn | PLN 9.29bn | PLN 16.47bn | PLN 15.54bn | PLN 7.85bn | PLN 6.92bn | PLN 8.46bn | PLN 8.08bn | PLN 6.39bn | PLN 4.00bn |
| Shares outstanding | 117m | 117m | 117m | 117m | 117m | 117m | 117m | 117m | 117m | 117m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −PLN 510.4m | −PLN 89.5m | PLN 1.75bn | PLN 10.69bn | PLN 1.66bn | PLN 354.7m | PLN 1.14bn | PLN 2.82bn | PLN 2.87bn | PLN 896.5m |
| Capital spending | −PLN 3.20bn | −PLN 3.87bn | −PLN 3.91bn | −PLN 2.29bn | −PLN 1.61bn | −PLN 2.07bn | −PLN 2.05bn | −PLN 1.26bn | −PLN 739.1m | −PLN 994.6m |
| Free cash flow | −PLN 3.71bn | −PLN 3.96bn | −PLN 2.17bn | PLN 8.40bn | PLN 55.0m | −PLN 1.71bn | −PLN 909.1m | PLN 1.56bn | PLN 2.13bn | −PLN 98.1m |
| Dividends paid | — | — | — | — | — | — | −PLN 200.8m | −PLN 200.8m | −PLN 200.8m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 2.25bn | PLN 2.09bn | PLN 2.39bn | PLN 2.29bn | PLN 2.26bn | PLN 2.44bn | PLN 2.45bn | PLN 2.69bn |
| Gross profit | PLN 24.0m | −PLN 292.1m | −PLN 645.9m | −PLN 523.8m | −PLN 568.8m | −PLN 644.4m | −PLN 673.8m | −PLN 73.9m |
| Operating income | −PLN 221.9m | −PLN 608.1m | −PLN 230.0m | −PLN 899.1m | −PLN 863.9m | −PLN 1.57bn | −PLN 1.04bn | −PLN 313.2m |
| Net income | −PLN 427.1m | −PLN 611.5m | −PLN 3.33bn | −PLN 796.3m | −PLN 724.1m | −PLN 1.36bn | −PLN 917.8m | −PLN 315.3m |
| Diluted earnings per share | -3.64 | -5.21 | -28.37 | -6.78 | -6.17 | -11.61 | -7.82 | -2.69 |
| Cash from operations | PLN 31.0m | −PLN 318.0m | PLN 439.0m | PLN 71.0m | −PLN 390.0m | −PLN 593.0m | −PLN 476.0m | PLN 6.0m |
| Capital spending | −PLN 490.0m | −PLN 578.0m | −PLN 730.0m | −PLN 682.0m | −PLN 869.0m | −PLN 921.0m | −PLN 790.0m | −PLN 856.0m |
| Free cash flow | −PLN 459.0m | −PLN 896.0m | −PLN 291.0m | −PLN 611.0m | −PLN 1.26bn | −PLN 1.51bn | −PLN 1.27bn | −PLN 850.0m |
| Total assets | PLN 13.47bn | PLN 13.60bn | PLN 13.45bn | PLN 16.42bn | PLN 17.95bn | PLN 19.99bn | PLN 22.87bn | PLN 23.48bn |
| Cash and short-term investments | PLN 139.4m | PLN 256.6m | PLN 819.4m | PLN 951.1m | PLN 878.7m | PLN 999.8m | PLN 1.39bn | PLN 1.49bn |
| Debt | PLN 1.84bn | PLN 2.10bn | PLN 2.44bn | PLN 2.15bn | PLN 2.45bn | PLN 2.14bn | PLN 2.43bn | PLN 2.09bn |
| Shareholders' equity | PLN 2.02bn | PLN 2.43bn | PLN 3.06bn | PLN 6.41bn | PLN 7.21bn | PLN 7.95bn | PLN 9.29bn | PLN 10.19bn |
Financial ratios
Data as of 23 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -25.3% | -6.7% | 25.1% | 53.1% | 24.4% | -5.8% |
| Operating margin | -37.9% | -71.2% | 19.7% | 47.5% | 12.1% | -24.9% |
| Net margin | -66.1% | -64.1% | 6.5% | 37.7% | 9.0% | -22.3% |
| Return on equity | -178.7% | -78.0% | 6.0% | 49.0% | 11.5% | -21.1% |
| Return on assets | -46.2% | -31.7% | 3.6% | 28.3% | 6.0% | -10.3% |
| Free cash flow yield | 77.8% | 106.6% | 159.8% | 375.7% | 92.2% | 68.3% |
| Revenue growth | -16.8% | -26.3% | -24.1% | 90.0% | 53.2% | -20.0% |
| Earnings growth | -14.2% | -828.7% | -87.0% | 699.7% | -161.6% | -345.8% |
| Current ratio | 0.39x | 0.45x | 0.81x | 1.02x | 1.01x | 0.95x |
| Debt to equity | 0.61x | 0.26x | 0.10x | 0.10x | 0.28x | 0.31x |
| Equity ratio | 25.8% | 40.6% | 59.3% | 57.6% | 52.0% | 48.7% |
| Interest coverage | -13.82x | -26.05x | 12.94x | 66.78x | 10.43x | -12.16x |
| 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 | -22.5% | 6.3% | 3.1% |
| Operating income | — | 14.9% | -0.9% |
| Net income | — | 32.1% | 6.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -15.2% | 20.3% | 18.4% | 19.6% |
| Operating margin | -28.4% | 11.3% | 7.9% | 7.2% |
| Net margin | -65.0% | -8.6% | -7.4% | -3.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.4 | -0.3 | 5.0 | 0.9 | 4.5 | -2.0 | 4.0 | 4.5 | 4.5 | — |
| Price to sales | 0.3 | 0.2 | 0.3 | 0.3 | 0.4 | 0.4 | 0.3 | 0.8 | 1.3 | 1.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 26 Aug 2019.
| FY2019 | FY2013 | FY2012 | |
|---|---|---|---|
| Paid in the year | 1.71 | 2.52 | 5.38 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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