P 
63.60
+0.63%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 1.80bn
FY2016FY2025
Net income
PLN 61.5m
FY2016FY2025
Free cash flow
PLN 119.0m
FY2016FY2025
Shareholders' equity
PLN 1.36bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 1.80bn | PLN 1.95bn | PLN 2.39bn | PLN 3.14bn | PLN 2.20bn | PLN 1.48bn | PLN 1.49bn | PLN 1.49bn | PLN 1.29bn | PLN 1.11bn |
| Gross profit | PLN 326.4m | PLN 391.0m | PLN 584.3m | PLN 1.15bn | PLN 705.8m | PLN 343.6m | PLN 366.9m | PLN 451.3m | PLN 358.5m | PLN 311.0m |
| Research and development | — | — | — | PLN 13.4m | PLN 6.7m | PLN 9.3m | — | — | — | — |
| Operating income | PLN 61.3m | PLN 98.8m | PLN 342.9m | PLN 832.2m | PLN 482.9m | PLN 179.7m | PLN 173.6m | PLN 263.1m | PLN 201.1m | PLN 234.3m |
| Net income | PLN 61.5m | PLN 143.0m | PLN 267.8m | PLN 675.1m | PLN 417.3m | PLN 117.4m | PLN 93.3m | PLN 226.8m | PLN 182.3m | PLN 202.7m |
| Diluted earnings per share | 3.10 | 7.20 | 13.49 | 34.00 | 21.02 | 5.91 | 4.70 | 11.42 | 9.18 | 10.21 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 2.31bn | PLN 2.51bn | PLN 2.52bn | PLN 2.89bn | PLN 2.36bn | PLN 2.06bn | PLN 1.96bn | PLN 1.79bn | PLN 1.58bn | PLN 1.44bn |
| Cash and short-term investments | PLN 122.0m | PLN 249.8m | PLN 290.0m | PLN 526.3m | PLN 319.9m | PLN 174.0m | PLN 65.3m | PLN 57.3m | PLN 71.9m | PLN 145.1m |
| Total liabilities | PLN 881.9m | PLN 1.12bn | PLN 1.14bn | PLN 1.35bn | PLN 1.23bn | PLN 1.27bn | PLN 1.23bn | PLN 978.7m | PLN 830.0m | PLN 726.5m |
| Debt | PLN 544.7m | PLN 657.4m | PLN 598.8m | PLN 642.9m | PLN 674.7m | PLN 811.3m | PLN 814.3m | PLN 641.9m | PLN 482.4m | PLN 415.2m |
| Shareholders' equity | PLN 1.36bn | PLN 1.39bn | PLN 1.38bn | PLN 1.54bn | PLN 1.13bn | PLN 786.7m | PLN 736.7m | PLN 808.0m | PLN 746.6m | PLN 715.3m |
| Shares outstanding | 20m | 20m | 20m | 20m | 20m | 20m | 20m | 20m | 20m | 20m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 270.5m | PLN 273.7m | PLN 512.1m | PLN 792.3m | PLN 529.9m | PLN 365.6m | PLN 310.1m | PLN 286.9m | PLN 204.1m | PLN 262.9m |
| Capital spending | −PLN 151.5m | −PLN 129.2m | −PLN 216.3m | −PLN 229.3m | −PLN 149.8m | −PLN 170.2m | −PLN 233.2m | −PLN 246.0m | −PLN 169.4m | −PLN 122.5m |
| Free cash flow | PLN 119.0m | PLN 144.5m | PLN 295.8m | PLN 563.1m | PLN 380.2m | PLN 195.4m | PLN 76.9m | PLN 40.9m | PLN 34.7m | PLN 140.4m |
| Dividends paid | −PLN 102.7m | −PLN 133.1m | −PLN 428.3m | −PLN 262.7m | −PLN 72.9m | −PLN 67.7m | −PLN 165.0m | −PLN 165.0m | −PLN 150.1m | −PLN 89.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 512.4m | PLN 432.1m | PLN 428.7m | PLN 414.5m | PLN 449.6m | PLN 508.5m | PLN 487.3m | PLN 459.8m |
| Gross profit | PLN 119.2m | PLN 73.6m | PLN 88.3m | PLN 61.0m | PLN 86.3m | PLN 90.5m | PLN 98.3m | PLN 73.0m |
| Operating income | PLN 55.5m | PLN 4.1m | PLN 13.4m | PLN 42.5m | PLN 20.6m | PLN 19.0m | PLN 29.3m | PLN 2.9m |
| Net income | PLN 84.9m | −PLN 5.6m | PLN 20.7m | PLN 32.6m | PLN 5.4m | PLN 2.9m | PLN 104.4m | −PLN 7.4m |
| Diluted earnings per share | 4.19 | -0.27 | 1.04 | 1.64 | 0.27 | 0.14 | 5.26 | -0.37 |
| Cash from operations | PLN 85.0m | PLN 27.0m | PLN 80.0m | PLN 82.0m | PLN 72.0m | PLN 49.0m | PLN 107.0m | PLN 23.0m |
| Capital spending | −PLN 24.0m | −PLN 20.0m | −PLN 28.0m | −PLN 68.0m | −PLN 26.0m | −PLN 28.0m | −PLN 21.0m | −PLN 29.0m |
| Free cash flow | PLN 61.0m | PLN 7.0m | PLN 52.0m | PLN 14.0m | PLN 46.0m | PLN 21.0m | PLN 86.0m | −PLN 6.0m |
| Total assets | PLN 2.41bn | PLN 2.36bn | PLN 2.31bn | PLN 2.30bn | PLN 2.42bn | PLN 2.54bn | PLN 2.51bn | PLN 2.41bn |
| Cash and short-term investments | PLN 96.0m | PLN 98.5m | PLN 122.0m | PLN 75.9m | PLN 193.6m | PLN 256.5m | PLN 249.8m | PLN 198.6m |
| Debt | PLN 450.1m | PLN 487.9m | PLN 476.9m | PLN 446.9m | PLN 514.7m | PLN 555.4m | PLN 586.5m | PLN 565.6m |
| Shareholders' equity | PLN 1.39bn | PLN 1.36bn | PLN 1.36bn | PLN 1.33bn | PLN 1.30bn | PLN 1.40bn | PLN 1.39bn | PLN 1.29bn |
Financial ratios
Data as of 2 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2014 | FY2012 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 18.1% | 20.1% | 24.5% | 36.5% | 32.0% | 23.3% | — | — |
| Operating margin | 1.9% | 10.0% | 14.4% | 26.5% | 21.9% | 12.0% | — | — |
| Net margin | 3.4% | 7.3% | 11.2% | 21.5% | 18.9% | 8.0% | — | — |
| Return on equity | 4.5% | 10.3% | 19.4% | 43.7% | 36.9% | 14.9% | — | — |
| Return on assets | 2.7% | 5.7% | 10.6% | 23.3% | 17.7% | 5.7% | — | — |
| Free cash flow yield | 36.2% | 35.2% | 58.9% | 82.6% | 55.0% | 43.3% | — | — |
| Revenue growth | -7.5% | -18.5% | -24.0% | 42.6% | 49.3% | -1.1% | — | — |
| Earnings growth | -57.0% | -46.6% | -60.3% | 61.8% | 255.5% | 25.9% | — | — |
| Current ratio | 1.47x | 1.73x | 1.59x | 1.63x | 1.55x | 1.14x | — | — |
| Debt to equity | 0.34x | 0.42x | 0.39x | 0.38x | 0.60x | 0.97x | — | — |
| Equity ratio | 58.8% | 55.4% | 54.7% | 53.3% | 47.9% | 38.2% | — | — |
| Interest coverage | 0.97x | 5.56x | 10.87x | 36.77x | 20.89x | 6.80x | — | — |
| R&D as a share of sales | — | — | — | 0.4% | 0.3% | 0.6% | 0.0% | 0.0% |
| 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 | -16.9% | 4.1% | 5.6% |
| Operating income | -58.1% | -19.4% | -4.9% |
| Net income | -55.0% | -12.1% | -3.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 19.1% | 26.4% | 27.0% | 26.9% |
| Operating margin | 4.3% | 14.4% | 15.4% | 15.3% |
| Net margin | 5.5% | 12.4% | 13.0% | 12.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 19.8 | 9.6 | 7.1 | 2.8 | 4.4 | 8.8 | 10.4 | 7.1 | 11.2 | 6.6 |
| Price to sales | 0.7 | 0.7 | 0.8 | 0.6 | 0.8 | 0.7 | 0.7 | 1.1 | 1.6 | 1.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 11 years. Last went ex-dividend on 24 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.65 | 5.05 | 6.70 | 21.57 | 13.23 | 3.67 | 3.41 | 8.31 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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