691.00
-0.58%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 13.64bn
FY2016FY2025
Net income
PLN 155.6m
FY2016FY2025
Free cash flow
PLN 371.7m
FY2016FY2025
Shareholders' equity
PLN 1.06bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 13.64bn | PLN 12.61bn | PLN 11.81bn | PLN 11.23bn | PLN 9.86bn | PLN 9.25bn | PLN 8.28bn | PLN 7.75bn | PLN 7.49bn | PLN 7.08bn |
| Gross profit | PLN 1.56bn | PLN 1.44bn | PLN 1.31bn | PLN 1.24bn | PLN 1.02bn | PLN 981.2m | PLN 835.0m | PLN 784.4m | PLN 739.2m | PLN 714.2m |
| Research and development | — | — | PLN 5.0m | PLN 4.6m | PLN 2.0m | — | — | — | — | — |
| Operating income | PLN 233.6m | PLN 274.7m | PLN 265.1m | PLN 241.3m | PLN 201.5m | PLN 212.7m | PLN 157.2m | PLN 127.0m | PLN 121.7m | PLN 139.1m |
| Net income | PLN 155.6m | PLN 154.2m | PLN 146.3m | PLN 137.2m | PLN 150.7m | PLN 141.8m | PLN 117.7m | PLN 98.3m | PLN 94.5m | PLN 111.7m |
| Diluted earnings per share | 33.14 | 34.06 | 32.30 | 30.64 | 32.51 | 32.47 | 27.81 | 21.97 | 20.25 | 25.36 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 6.33bn | PLN 5.51bn | PLN 5.18bn | PLN 4.84bn | PLN 4.12bn | PLN 3.61bn | PLN 3.41bn | PLN 3.12bn | PLN 2.91bn | PLN 2.69bn |
| Cash and short-term investments | PLN 168.6m | PLN 143.9m | PLN 119.5m | PLN 225.9m | PLN 89.2m | PLN 22.6m | PLN 78.9m | PLN 32.6m | PLN 29.7m | PLN 68.6m |
| Total liabilities | PLN 5.06bn | PLN 4.10bn | PLN 4.12bn | PLN 3.91bn | PLN 3.23bn | PLN 2.83bn | PLN 2.77bn | PLN 2.46bn | PLN 2.26bn | PLN 2.10bn |
| Debt | PLN 853.3m | PLN 448.6m | PLN 663.4m | PLN 378.1m | PLN 176.6m | PLN 174.9m | PLN 454.3m | PLN 221.6m | PLN 89.5m | PLN 157.0m |
| Shareholders' equity | PLN 1.06bn | PLN 1.14bn | PLN 990.4m | PLN 880.2m | PLN 847.3m | PLN 766.2m | PLN 644.2m | PLN 653.6m | PLN 645.6m | PLN 578.8m |
| Shares outstanding | 5m | 5m | 5m | 4m | 5m | 4m | 4m | 4m | 5m | 4m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 496.5m | PLN 63.2m | PLN 288.3m | PLN 335.9m | PLN 300.2m | PLN 324.7m | PLN 202.2m | PLN 121.9m | PLN 121.8m | PLN 175.0m |
| Capital spending | −PLN 124.9m | −PLN 92.9m | −PLN 94.2m | −PLN 81.4m | −PLN 52.8m | −PLN 85.2m | −PLN 121.3m | −PLN 110.1m | −PLN 58.6m | −PLN 45.0m |
| Free cash flow | PLN 371.7m | −PLN 29.7m | PLN 194.1m | PLN 254.5m | PLN 247.4m | PLN 239.5m | PLN 80.9m | PLN 11.8m | PLN 63.1m | PLN 130.1m |
| Dividends paid | −PLN 72.0m | −PLN 66.2m | −PLN 58.2m | −PLN 51.6m | −PLN 44.2m | −PLN 37.1m | −PLN 32.2m | −PLN 29.6m | −PLN 26.3m | −PLN 22.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 3.57bn | PLN 3.56bn | PLN 3.52bn | PLN 3.49bn | PLN 3.27bn | PLN 3.37bn | PLN 3.22bn | PLN 3.19bn |
| Gross profit | PLN 421.8m | PLN 428.0m | PLN 392.2m | PLN 400.6m | PLN 374.7m | PLN 390.7m | PLN 352.7m | PLN 369.5m |
| Operating income | PLN 70.0m | PLN 98.2m | PLN 51.0m | PLN 78.5m | PLN 43.2m | PLN 79.3m | PLN 48.1m | PLN 78.4m |
| Net income | PLN 40.8m | PLN 68.3m | PLN 27.1m | PLN 60.2m | PLN 19.8m | PLN 48.4m | PLN 25.3m | PLN 41.9m |
| Diluted earnings per share | 8.75 | 14.65 | 5.78 | 12.83 | 4.23 | 10.30 | 5.59 | 9.24 |
| Cash from operations | PLN 132.0m | −PLN 18.0m | PLN 156.0m | PLN 89.0m | PLN 187.0m | PLN 102.0m | −PLN 45.0m | −PLN 34.0m |
| Capital spending | −PLN 22.0m | −PLN 24.0m | −PLN 55.0m | −PLN 27.0m | −PLN 20.0m | −PLN 21.0m | −PLN 28.0m | −PLN 21.0m |
| Free cash flow | PLN 110.0m | −PLN 42.0m | PLN 101.0m | PLN 62.0m | PLN 167.0m | PLN 81.0m | −PLN 73.0m | −PLN 55.0m |
| Total assets | PLN 6.23bn | PLN 6.14bn | PLN 6.33bn | PLN 5.98bn | PLN 5.58bn | PLN 5.46bn | PLN 5.51bn | PLN 5.57bn |
| Cash and short-term investments | PLN 137.3m | PLN 185.3m | PLN 168.6m | PLN 126.8m | PLN 154.0m | PLN 157.9m | PLN 143.9m | PLN 344.9m |
| Debt | PLN 542.7m | PLN 656.0m | PLN 625.3m | PLN 663.9m | PLN 272.6m | PLN 308.6m | PLN 297.3m | PLN 401.3m |
| Shareholders' equity | PLN 1.12bn | PLN 1.15bn | PLN 1.06bn | PLN 1.02bn | PLN 1.05bn | PLN 1.15bn | PLN 1.14bn | PLN 1.10bn |
Financial ratios
Data as of 22 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 11.4% | 11.4% | 11.1% | 11.1% | 10.4% | 10.6% |
| Operating margin | 1.7% | 2.4% | 2.4% | 2.3% | 2.2% | 2.3% |
| Net margin | 1.1% | 1.4% | 1.2% | 1.3% | 1.5% | 1.5% |
| Return on equity | 12.3% | 12.2% | 14.8% | 15.9% | 17.8% | 18.5% |
| Return on assets | 2.5% | 3.1% | 2.8% | 3.0% | 3.7% | 3.9% |
| Free cash flow yield | 20.4% | 4.9% | 12.0% | 13.2% | 10.8% | 13.3% |
| Revenue growth | 8.2% | 6.8% | 5.2% | 13.9% | 6.6% | 11.8% |
| Earnings growth | -9.3% | 17.3% | -0.9% | -2.0% | 6.3% | 20.5% |
| Current ratio | 0.89x | 0.95x | 0.87x | 0.92x | 0.92x | 0.95x |
| Debt to equity | 0.49x | 0.21x | 0.39x | 0.35x | 0.06x | 0.11x |
| Equity ratio | 20.0% | 25.6% | 19.1% | 19.2% | 20.6% | 21.2% |
| Interest coverage | 3.67x | 4.06x | 3.41x | 4.99x | 16.72x | 14.31x |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | — |
| Buybacks as a share of market value | -3.7% | -0.0% | -1.1% | 3.3% | -6.1% | -3.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.7% | 8.1% | 7.0% |
| Operating income | -1.1% | 1.9% | 6.9% |
| Net income | 4.3% | 1.9% | 4.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 11.4% | 11.3% | 11.0% | 10.7% |
| Operating margin | 1.9% | 2.1% | 2.1% | 2.0% |
| Net margin | 1.2% | 1.2% | 1.3% | 1.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 24.6 | 25.6 | 28.6 | 21.2 | 25.8 | 20.1 | 13.6 | 11.1 | 13.3 | 15.4 |
| Price to sales | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.3 | 0.2 | 0.1 | 0.2 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 21 years. Last went ex-dividend on 29 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 17.80 | 16.00 | 14.50 | 13.00 | 11.50 | 10.00 | 8.65 | 7.40 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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