M 
111.20
+8.70%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 10.90bn
FY2017FY2026
Net income
PLN 21.8m
FY2017FY2026
Free cash flow
PLN 54.1m
FY2017FY2026
Shareholders' equity
PLN 2.16bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 10.90bn | PLN 10.30bn | PLN 9.44bn | PLN 9.12bn | PLN 7.59bn | PLN 5.20bn | PLN 5.84bn | PLN 4.73bn | PLN 4.19bn | PLN 3.19bn |
| Gross profit | PLN 4.41bn | PLN 5.18bn | PLN 4.39bn | PLN 4.27bn | PLN 3.58bn | PLN 1.68bn | PLN 2.85bn | PLN 2.37bn | PLN 2.15bn | PLN 1.68bn |
| Operating income | PLN 526.3m | PLN 1.04bn | PLN 183.9m | −PLN 51.3m | PLN 3.9m | −PLN 573.4m | PLN 133.1m | PLN 372.5m | PLN 404.5m | PLN 373.4m |
| Net income | PLN 21.8m | PLN 956.9m | −PLN 56.1m | −PLN 417.6m | −PLN 223.4m | −PLN 1.18bn | −PLN 27.4m | PLN 59.3m | PLN 286.9m | PLN 306.5m |
| Diluted earnings per share | 0.28 | 12.72 | -0.81 | -6.40 | -4.07 | -21.52 | -0.50 | 1.44 | 6.96 | 7.82 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 11.03bn | PLN 9.05bn | PLN 7.35bn | PLN 7.06bn | PLN 7.50bn | PLN 6.66bn | PLN 7.14bn | PLN 6.74bn | PLN 3.37bn | PLN 2.67bn |
| Cash and short-term investments | PLN 435.8m | PLN 461.2m | PLN 266.5m | PLN 395.4m | PLN 941.1m | PLN 458.7m | PLN 542.6m | PLN 375.8m | PLN 511.6m | PLN 143.4m |
| Total liabilities | PLN 8.89bn | PLN 7.12bn | PLN 6.39bn | PLN 6.48bn | PLN 6.35bn | PLN 6.34bn | PLN 6.05bn | PLN 5.59bn | PLN 2.20bn | PLN 1.43bn |
| Debt | PLN 4.51bn | PLN 3.89bn | PLN 3.83bn | PLN 4.31bn | PLN 4.26bn | PLN 3.54bn | PLN 3.60bn | PLN 2.93bn | PLN 917.1m | PLN 795.5m |
| Shareholders' equity | PLN 2.16bn | PLN 1.80bn | PLN 841.1m | PLN 416.3m | PLN 985.2m | PLN 181.7m | PLN 963.6m | PLN 1.02bn | PLN 1.10bn | PLN 1.18bn |
| Shares outstanding | 77m | 75m | 69m | 65m | 55m | 55m | 55m | 41m | 41m | 39m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 866.6m | PLN 1.31bn | PLN 820.9m | PLN 540.7m | PLN 50.3m | −PLN 140.4m | PLN 986.6m | PLN 995.8m | PLN 78.2m | PLN 174.7m |
| Capital spending | −PLN 812.5m | −PLN 476.9m | −PLN 325.1m | −PLN 459.9m | −PLN 312.9m | −PLN 206.4m | −PLN 496.9m | −PLN 438.7m | −PLN 244.7m | −PLN 160.0m |
| Free cash flow | PLN 54.1m | PLN 835.0m | PLN 495.8m | PLN 80.8m | −PLN 262.6m | −PLN 346.8m | PLN 489.7m | PLN 557.1m | −PLN 166.5m | PLN 14.7m |
| Dividends paid | — | — | — | — | — | — | −PLN 23.9m | −PLN 94.7m | −PLN 101.4m | −PLN 85.7m |
Latest quarters
By quarter end
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 3.05bn | PLN 2.44bn | PLN 2.68bn | PLN 2.98bn | PLN 2.88bn | PLN 2.35bn | PLN 2.68bn | PLN 2.77bn |
| Gross profit | PLN 1.27bn | PLN 1.06bn | PLN 900.4m | PLN 1.22bn | PLN 1.42bn | PLN 1.18bn | PLN 1.32bn | PLN 1.42bn |
| Operating income | PLN 91.9m | PLN 53.1m | −PLN 121.4m | PLN 200.7m | PLN 299.0m | PLN 215.5m | PLN 294.5m | PLN 328.0m |
| Net income | −PLN 204.0m | −PLN 8.1m | −PLN 270.3m | PLN 118.2m | PLN 78.5m | PLN 95.4m | PLN 469.5m | PLN 155.4m |
| Diluted earnings per share | -2.65 | -0.11 | -3.51 | 1.57 | 1.04 | 1.27 | 6.24 | 2.26 |
| Cash from operations | PLN 668.0m | PLN 278.0m | −PLN 69.0m | PLN 668.0m | PLN 547.0m | PLN 6.0m | PLN 318.0m | PLN 737.0m |
| Capital spending | −PLN 245.0m | −PLN 245.0m | −PLN 211.0m | −PLN 218.0m | −PLN 161.0m | −PLN 221.0m | −PLN 160.0m | −PLN 139.0m |
| Free cash flow | PLN 423.0m | PLN 33.0m | −PLN 280.0m | PLN 450.0m | PLN 386.0m | −PLN 215.0m | PLN 158.0m | PLN 598.0m |
| Total assets | PLN 11.91bn | PLN 11.70bn | PLN 11.03bn | PLN 11.12bn | PLN 10.49bn | PLN 9.63bn | PLN 9.05bn | PLN 9.21bn |
| Cash and short-term investments | PLN 466.9m | PLN 509.0m | PLN 435.8m | PLN 774.5m | PLN 506.0m | PLN 450.4m | PLN 461.2m | PLN 686.4m |
| Debt | PLN 1.63bn | PLN 2.97bn | PLN 2.74bn | PLN 2.55bn | PLN 2.51bn | PLN 2.58bn | PLN 2.48bn | PLN 2.89bn |
| Shareholders' equity | PLN 1.97bn | PLN 2.16bn | PLN 2.16bn | PLN 2.48bn | PLN 2.34bn | PLN 2.29bn | PLN 1.80bn | PLN 1.32bn |
Financial ratios
Data as of 10 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 40.5% | 50.3% | 46.5% | 46.8% | 47.1% | 32.3% |
| Operating margin | 4.8% | 13.1% | 3.0% | -0.6% | 0.4% | -15.0% |
| Net margin | 0.2% | 9.3% | -0.6% | -4.6% | -2.9% | -22.7% |
| Return on equity | 1.0% | 53.2% | -6.7% | -100.3% | -22.7% | -650.1% |
| Return on assets | 0.2% | 10.6% | -0.8% | -5.9% | -3.0% | -17.7% |
| Free cash flow yield | 23.5% | 25.6% | 17.9% | 16.5% | 7.1% | 1.3% |
| Revenue growth | 5.8% | 9.1% | 3.5% | 20.2% | 45.9% | -10.9% |
| Earnings growth | -97.7% | -1805.7% | -86.6% | 86.9% | -81.1% | 4211.2% |
| Current ratio | 0.92x | 1.16x | 0.81x | 0.93x | 1.40x | 0.91x |
| Debt to equity | 1.27x | 1.38x | 3.11x | 7.30x | 3.00x | 9.07x |
| Equity ratio | 19.6% | 19.9% | 11.4% | 5.9% | 13.1% | 2.7% |
| Interest coverage | 1.78x | 3.14x | 0.64x | -0.14x | 0.18x | -8.92x |
| Buybacks as a share of market value | -2.4% | -9.1% | -5.7% | -18.8% | 0.0% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.1% | 15.9% | 16.8% |
| Operating income | — | — | 7.4% |
| Net income | — | — | -21.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 45.3% | 45.9% | 44.7% | 46.5% |
| Operating margin | 7.4% | 4.3% | 2.1% | 3.7% |
| Net margin | 4.6% | 1.3% | -1.7% | -0.0% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 343.6 | 9.4 | -225.7 | -9.6 | -10.5 | -4.9 | -175.3 | 76.4 | 27.8 | 36.5 |
| Price to sales | 0.7 | 0.9 | 1.3 | 0.4 | 0.3 | 1.1 | 0.8 | 1.0 | 1.9 | 3.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 16 Sept 2019.
| FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.48 | 2.30 | 2.59 | 2.19 | 3.00 | 1.60 | 1.60 | 1.60 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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