M 
11.28
-0.79%
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 112.3m
FY2016FY2025
Free cash flow
−PLN 105.5m
FY2016FY2025
Shareholders' equity
PLN 1.19bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 2.95bn | PLN 3.25bn | PLN 3.32bn | PLN 3.32bn | PLN 2.51bn | PLN 1.24bn | PLN 949.1m | PLN 1.14bn | PLN 859.9m | PLN 774.0m |
| Gross profit | PLN 226.7m | PLN 291.3m | PLN 335.7m | PLN 270.5m | PLN 231.6m | PLN 137.3m | PLN 100.6m | PLN 93.2m | PLN 84.2m | PLN 71.2m |
| Operating income | PLN 97.9m | PLN 188.1m | PLN 239.7m | PLN 199.2m | PLN 179.3m | PLN 91.1m | PLN 55.7m | PLN 51.0m | PLN 47.9m | PLN 41.5m |
| Net income | PLN 112.3m | PLN 121.4m | PLN 135.4m | PLN 119.2m | PLN 128.0m | PLN 58.2m | PLN 28.1m | PLN 24.6m | PLN 22.8m | PLN 19.5m |
| Diluted earnings per share | 1.02 | 1.10 | 1.48 | 1.30 | 1.40 | 0.63 | 0.31 | 0.30 | 0.28 | 0.24 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 2.87bn | PLN 2.41bn | PLN 2.28bn | PLN 2.25bn | PLN 2.04bn | PLN 1.54bn | PLN 1.15bn | PLN 1.08bn | PLN 1.00bn | PLN 955.7m |
| Cash and short-term investments | PLN 272.7m | PLN 399.0m | PLN 431.0m | PLN 547.7m | PLN 467.8m | PLN 289.0m | PLN 108.2m | PLN 64.1m | PLN 46.5m | PLN 44.5m |
| Total liabilities | PLN 1.68bn | PLN 1.32bn | PLN 1.49bn | PLN 1.57bn | PLN 1.46bn | PLN 1.08bn | PLN 741.2m | PLN 696.9m | PLN 648.2m | PLN 624.9m |
| Debt | PLN 449.8m | PLN 355.8m | PLN 269.5m | PLN 311.5m | PLN 312.9m | PLN 234.5m | PLN 262.5m | PLN 237.1m | PLN 245.7m | PLN 260.2m |
| Shareholders' equity | PLN 1.19bn | PLN 1.10bn | PLN 793.5m | PLN 682.0m | PLN 582.3m | PLN 461.6m | PLN 405.3m | PLN 326.0m | PLN 301.6m | PLN 278.8m |
| Shares outstanding | 110m | 110m | 92m | 92m | 92m | 92m | 92m | 82m | 82m | 82m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −PLN 74.5m | −PLN 48.0m | PLN 147.7m | PLN 133.3m | PLN 205.4m | PLN 247.9m | PLN 28.2m | PLN 48.9m | PLN 68.4m | PLN 32.8m |
| Capital spending | −PLN 31.1m | −PLN 95.6m | −PLN 114.2m | −PLN 7.1m | −PLN 2.9m | −PLN 9.7m | −PLN 20.5m | −PLN 1.5m | −PLN 4.9m | −PLN 8.6m |
| Free cash flow | −PLN 105.5m | −PLN 143.6m | PLN 33.4m | PLN 126.2m | PLN 202.5m | PLN 238.2m | PLN 7.7m | PLN 47.4m | PLN 63.5m | PLN 24.2m |
| Dividends paid | −PLN 11.0m | −PLN 19.3m | −PLN 25.9m | −PLN 18.3m | −PLN 7.3m | −PLN 1.8m | −PLN 1.8m | −PLN 280,000 | −PLN 280,000 | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 910.0m | PLN 547.4m | PLN 1.00bn | PLN 732.0m | PLN 720.2m | PLN 496.7m | PLN 896.2m | PLN 893.7m |
| Gross profit | PLN 76.6m | PLN 55.7m | PLN 83.3m | PLN 55.1m | PLN 45.1m | PLN 43.1m | PLN 77.7m | PLN 70.0m |
| Operating income | PLN 41.2m | PLN 24.5m | PLN 37.1m | PLN 20.4m | PLN 29.4m | PLN 25.3m | PLN 66.1m | PLN 16.2m |
| Net income | PLN 35.2m | PLN 9.7m | PLN 62.0m | PLN 14.1m | PLN 21.1m | PLN 15.0m | PLN 56.9m | PLN 10.2m |
| Diluted earnings per share | 0.32 | 0.09 | 0.56 | 0.13 | 0.19 | 0.14 | 0.52 | 0.09 |
| Cash from operations | PLN 27.0m | −PLN 272.0m | PLN 244.0m | — | PLN 21.0m | −PLN 329.0m | PLN 111.0m | PLN 120.0m |
| Capital spending | −PLN 35.0m | −PLN 6.0m | −PLN 8.0m | −PLN 4.0m | −PLN 29.0m | −PLN 5.0m | −PLN 11.0m | −PLN 32.0m |
| Free cash flow | −PLN 8.0m | −PLN 278.0m | PLN 236.0m | — | −PLN 8.0m | −PLN 334.0m | PLN 100.0m | PLN 88.0m |
| Total assets | PLN 3.26bn | PLN 3.18bn | PLN 2.87bn | PLN 2.64bn | PLN 2.60bn | PLN 2.39bn | PLN 2.41bn | PLN 2.28bn |
| Cash and short-term investments | PLN 181.6m | PLN 162.0m | PLN 272.7m | PLN 129.9m | PLN 117.4m | PLN 113.3m | PLN 399.0m | PLN 250.4m |
| Debt | PLN 441.0m | PLN 413.9m | PLN 296.8m | PLN 356.3m | PLN 337.7m | PLN 297.3m | PLN 248.7m | PLN 186.5m |
| Shareholders' equity | PLN 1.22bn | PLN 1.20bn | PLN 1.19bn | PLN 1.13bn | PLN 1.12bn | PLN 1.11bn | PLN 1.10bn | PLN 1.04bn |
Financial ratios
Data as of 4 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 7.7% | 9.0% | 10.1% | 8.1% | 9.2% | 11.0% |
| Operating margin | 3.3% | 5.9% | 6.3% | 5.9% | 7.2% | 7.5% |
| Net margin | 3.8% | 3.7% | 4.1% | 3.6% | 5.1% | 4.7% |
| Return on equity | 9.4% | 11.1% | 17.1% | 17.5% | 22.0% | 12.6% |
| Return on assets | 3.9% | 5.0% | 5.9% | 5.3% | 6.3% | 3.8% |
| Free cash flow yield | -2.1% | 3.7% | 24.6% | 13.2% | 19.6% | 24.2% |
| Revenue growth | -9.3% | -2.1% | 0.1% | 32.5% | 101.6% | 31.0% |
| Earnings growth | -7.5% | -10.4% | 13.6% | -6.9% | 120.0% | 106.9% |
| Current ratio | 1.98x | 1.92x | 1.45x | 1.65x | 1.68x | 1.83x |
| Debt to equity | 0.25x | 0.21x | 0.30x | 0.40x | 0.48x | 0.45x |
| Equity ratio | 41.6% | 45.4% | 34.7% | 30.3% | 28.5% | 30.0% |
| Interest coverage | 3.24x | 4.89x | 4.59x | 5.33x | 7.84x | 6.89x |
| Buybacks as a share of market value | 0.0% | -20.0% | 0.0% | -0.0% | 0.0% | -0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -3.8% | 18.9% | 14.5% |
| Operating income | -21.1% | 1.5% | 11.1% |
| Net income | -2.0% | 14.0% | 23.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 8.4% | 8.8% | 9.0% | 9.0% |
| Operating margin | 4.6% | 5.6% | 6.0% | 5.8% |
| Net margin | 3.8% | 3.8% | 4.1% | 3.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 14.5 | 10.8 | 5.5 | 3.5 | 2.8 | 5.3 | 3.5 | 3.5 | 4.2 | 3.4 |
| Price to sales | 0.6 | 0.4 | 0.2 | 0.1 | 0.1 | 0.3 | 0.1 | 0.1 | 0.1 | 0.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 6 years. Last went ex-dividend on 30 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2012 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.20 | 0.10 | 0.21 | 0.26 | 0.20 | 0.08 | 0.02 | 0.10 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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