P 
8.51
-0.47%
Close of 6 Nov 2026, in PLN
At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 1.92bn
FY2016FY2025
Net income
−PLN 63.2m
FY2016FY2025
Free cash flow
−PLN 107.6m
FY2016FY2025
Shareholders' equity
PLN 455.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 1.92bn | PLN 1.73bn | PLN 1.57bn | PLN 1.68bn | PLN 1.50bn | PLN 952.3m | PLN 772.0m | PLN 886.3m | PLN 623.3m | PLN 505.4m |
| Gross profit | PLN 39.7m | PLN 167.3m | PLN 263.5m | PLN 281.2m | PLN 194.1m | PLN 167.0m | PLN 119.3m | PLN 164.2m | PLN 115.7m | PLN 81.8m |
| Research and development | — | — | PLN 47,000 | — | — | — | — | — | — | — |
| Operating income | −PLN 86.0m | PLN 57.8m | PLN 110.4m | PLN 100.0m | PLN 57.8m | PLN 69.5m | PLN 39.4m | PLN 67.5m | PLN 35.0m | PLN 40.9m |
| Net income | −PLN 63.2m | PLN 37.1m | PLN 69.1m | PLN 66.1m | PLN 40.3m | PLN 57.9m | PLN 30.5m | PLN 51.2m | PLN 25.8m | PLN 34.3m |
| Diluted earnings per share | -2.55 | 1.49 | 2.78 | 2.66 | 1.62 | 2.31 | 1.26 | 2.08 | 1.07 | 1.44 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 1.64bn | PLN 1.46bn | PLN 1.52bn | PLN 1.32bn | PLN 1.22bn | PLN 905.4m | PLN 753.9m | PLN 643.1m | PLN 479.7m | PLN 442.2m |
| Cash and short-term investments | PLN 136.0m | PLN 202.8m | PLN 207.7m | PLN 119.5m | PLN 114.6m | PLN 105.2m | PLN 106.6m | PLN 95.2m | PLN 15.7m | PLN 22.4m |
| Total liabilities | PLN 1.15bn | PLN 899.5m | PLN 999.0m | PLN 842.4m | PLN 814.7m | PLN 543.6m | PLN 444.6m | PLN 357.7m | PLN 242.2m | PLN 230.0m |
| Debt | PLN 371.5m | PLN 319.0m | PLN 400.4m | PLN 206.8m | PLN 235.4m | PLN 185.2m | PLN 135.2m | PLN 90.3m | PLN 62.3m | PLN 60.5m |
| Shareholders' equity | PLN 455.5m | PLN 526.3m | PLN 499.5m | PLN 452.7m | PLN 380.5m | PLN 344.8m | PLN 309.3m | PLN 285.4m | PLN 237.6m | PLN 212.2m |
| Shares outstanding | 25m | 25m | 25m | 25m | 25m | 25m | 24m | 25m | 24m | 24m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −PLN 80.5m | PLN 97.0m | PLN 22.1m | PLN 81.0m | PLN 51.7m | PLN 81.4m | PLN 93.9m | PLN 98.8m | PLN 8.3m | PLN 18.3m |
| Capital spending | −PLN 27.1m | −PLN 17.4m | −PLN 25.1m | −PLN 19.4m | −PLN 19.6m | −PLN 19.8m | −PLN 92.4m | −PLN 32.3m | −PLN 7.3m | −PLN 12.1m |
| Free cash flow | −PLN 107.6m | PLN 79.6m | −PLN 3.0m | PLN 61.6m | PLN 32.1m | PLN 61.6m | PLN 1.5m | PLN 66.5m | PLN 995,000 | PLN 6.2m |
| Dividends paid | −PLN 4.2m | −PLN 10.2m | −PLN 10.2m | −PLN 5.0m | −PLN 10.2m | −PLN 3.9m | −PLN 7.6m | −PLN 3.9m | −PLN 2.7m | −PLN 2.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 508.9m | PLN 408.8m | PLN 504.6m | PLN 505.5m | PLN 504.9m | PLN 408.5m | PLN 504.4m | PLN 486.9m |
| Gross profit | PLN 31.6m | PLN 15.0m | −PLN 25.7m | PLN 9.6m | PLN 28.4m | PLN 32.2m | PLN 40.7m | PLN 44.4m |
| Operating income | −PLN 9.2m | −PLN 20.6m | −PLN 67.9m | −PLN 25.1m | −PLN 3.9m | PLN 5.9m | PLN 8.3m | PLN 16.8m |
| Net income | −PLN 3.4m | −PLN 10.9m | −PLN 44.6m | −PLN 21.1m | PLN 359,000 | PLN 2.2m | PLN 13.6m | PLN 9.4m |
| Diluted earnings per share | -0.14 | -0.44 | -1.80 | -0.85 | 0.01 | 0.09 | 0.55 | 0.38 |
| Cash from operations | −PLN 43.0m | −PLN 117.0m | PLN 35.0m | −PLN 72.0m | −PLN 3.0m | −PLN 31.0m | PLN 102.0m | −PLN 4.0m |
| Capital spending | −PLN 3.0m | −PLN 2.0m | −PLN 19.0m | −PLN 4.0m | −PLN 3.0m | −PLN 3.0m | −PLN 5.0m | — |
| Free cash flow | −PLN 46.0m | −PLN 119.0m | PLN 16.0m | −PLN 76.0m | −PLN 6.0m | −PLN 34.0m | PLN 97.0m | — |
| Total assets | PLN 1.81bn | PLN 1.75bn | PLN 1.64bn | PLN 1.51bn | PLN 1.50bn | PLN 1.42bn | PLN 1.46bn | PLN 1.68bn |
| Cash and short-term investments | PLN 124.4m | PLN 138.7m | PLN 136.0m | PLN 100.3m | PLN 160.1m | PLN 147.9m | PLN 202.8m | PLN 196.1m |
| Debt | PLN 438.5m | PLN 519.6m | PLN 356.5m | PLN 326.5m | PLN 316.3m | PLN 292.3m | PLN 206.0m | PLN 425.0m |
| Shareholders' equity | PLN 437.5m | PLN 445.4m | PLN 455.5m | PLN 500.2m | PLN 522.8m | PLN 527.9m | PLN 526.3m | PLN 512.7m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.7% | 15.1% | 18.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 5.7% | 10.9% | 11.9% | 13.3% |
| Operating margin | -0.8% | 2.6% | 3.3% | 4.2% |
| Net margin | -0.7% | 1.6% | 2.2% | 3.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.5 | 11.8 | 7.8 | 5.3 | 14.8 | 7.3 | 7.3 | 6.2 | 9.3 |
| Price to sales | 0.1 | 0.3 | 0.3 | 0.2 | 0.4 | 0.5 | 0.3 | 0.4 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 10 years. Last went ex-dividend on 5 Sept 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.17 | 0.41 | 0.41 | 0.20 | 0.41 | 0.16 | 0.31 | 0.16 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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