P 
52.10
+0.97%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 4.23bn
FY2016FY2025
Net income
−PLN 124.6m
FY2016FY2025
Free cash flow
PLN 143.4m
FY2016FY2025
Shareholders' equity
PLN 4.35bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 4.23bn | PLN 4.32bn | PLN 5.62bn | PLN 7.09bn | PLN 4.00bn | PLN 1.81bn | PLN 2.60bn | PLN 3.45bn | PLN 2.76bn | PLN 3.00bn |
| Gross profit | PLN 593.7m | PLN 808.4m | PLN 676.8m | PLN 478.1m | PLN 342.1m | PLN 207.5m | PLN 212.1m | PLN 129.2m | PLN 115.3m | PLN 141.9m |
| Research and development | — | — | — | PLN 3.7m | PLN 659,000 | PLN 3.3m | PLN 298,000 | PLN 277,000 | PLN 193,000 | PLN 206,000 |
| Operating income | PLN 330.3m | PLN 481.1m | PLN 406.0m | PLN 237.8m | PLN 254.0m | PLN 160.0m | PLN 175.8m | PLN 94.3m | PLN 87.3m | PLN 114.4m |
| Net income | −PLN 124.6m | PLN 301.2m | PLN 263.6m | PLN 159.9m | PLN 337.4m | PLN 110.6m | PLN 109.0m | PLN 3.4m | −PLN 87.7m | −PLN 111.5m |
| Diluted earnings per share | -1.61 | 3.90 | 3.60 | 2.23 | 7.42 | 2.27 | 2.40 | 0.07 | -1.93 | -2.45 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 8.55bn | PLN 7.62bn | PLN 6.71bn | PLN 6.25bn | PLN 5.61bn | PLN 3.02bn | PLN 2.53bn | PLN 3.05bn | PLN 2.66bn | PLN 2.97bn |
| Cash and short-term investments | PLN 952.4m | PLN 1.63bn | PLN 1.31bn | PLN 729.2m | PLN 387.4m | PLN 374.3m | PLN 421.9m | PLN 954.2m | PLN 417.2m | PLN 477.5m |
| Total liabilities | PLN 4.20bn | PLN 3.31bn | PLN 2.71bn | PLN 3.16bn | PLN 3.75bn | PLN 1.60bn | PLN 1.23bn | PLN 1.87bn | PLN 1.48bn | PLN 1.71bn |
| Debt | PLN 3.21bn | PLN 2.41bn | PLN 1.74bn | PLN 1.69bn | PLN 1.65bn | PLN 1.11bn | PLN 888.2m | PLN 905.6m | PLN 1.00bn | PLN 1.12bn |
| Shareholders' equity | PLN 4.35bn | PLN 4.30bn | PLN 4.00bn | PLN 3.08bn | PLN 1.86bn | PLN 1.42bn | PLN 1.29bn | PLN 1.18bn | PLN 1.18bn | PLN 1.27bn |
| Shares outstanding | 77m | 77m | 73m | 72m | 45m | 49m | 45m | 45m | 45m | 45m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 243.2m | PLN 772.2m | PLN 615.6m | PLN 245.7m | PLN 144.8m | PLN 204.2m | PLN 262.6m | PLN 111.9m | PLN 111.6m | PLN 207.9m |
| Capital spending | −PLN 99.8m | −PLN 253.8m | −PLN 320.8m | −PLN 659.8m | −PLN 577.0m | −PLN 332.0m | −PLN 86.6m | −PLN 28.7m | −PLN 32.2m | −PLN 83.2m |
| Free cash flow | PLN 143.4m | PLN 518.5m | PLN 294.7m | −PLN 414.1m | −PLN 432.2m | −PLN 127.9m | PLN 176.0m | PLN 83.2m | PLN 79.4m | PLN 124.6m |
| Dividends paid | — | — | — | — | — | — | — | — | — | −PLN 22.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 827.6m | PLN 924.9m | PLN 993.8m | PLN 915.4m | PLN 1.13bn | PLN 1.19bn | PLN 1.30bn | PLN 911.5m |
| Gross profit | PLN 97.8m | PLN 139.5m | PLN 154.5m | PLN 118.9m | PLN 146.9m | PLN 173.4m | PLN 179.1m | PLN 174.6m |
| Operating income | PLN 24.5m | PLN 80.9m | PLN 72.8m | PLN 39.2m | PLN 103.2m | PLN 115.1m | PLN 53.5m | PLN 106.6m |
| Net income | −PLN 17.3m | PLN 60.4m | −PLN 73.4m | −PLN 11.3m | −PLN 83.0m | PLN 43.2m | PLN 7.1m | PLN 73.7m |
| Diluted earnings per share | -0.22 | 0.77 | -0.95 | -0.15 | -1.08 | 0.56 | 0.09 | 0.95 |
| Cash from operations | PLN 83.0m | PLN 72.0m | −PLN 24.0m | PLN 184.0m | PLN 85.0m | PLN 119.0m | PLN 199.0m | PLN 160.0m |
| Capital spending | −PLN 35.0m | −PLN 29.0m | −PLN 29.0m | −PLN 16.0m | −PLN 53.0m | −PLN 30.0m | −PLN 52.0m | −PLN 61.0m |
| Free cash flow | PLN 48.0m | PLN 43.0m | −PLN 53.0m | PLN 168.0m | PLN 32.0m | PLN 89.0m | PLN 147.0m | PLN 99.0m |
| Total assets | PLN 8.24bn | PLN 8.58bn | PLN 8.55bn | PLN 8.22bn | PLN 8.18bn | PLN 8.25bn | PLN 7.62bn | PLN 6.70bn |
| Cash and short-term investments | PLN 1.02bn | PLN 1.19bn | PLN 952.4m | PLN 986.0m | PLN 855.8m | PLN 1.75bn | PLN 1.63bn | PLN 1.13bn |
| Debt | PLN 264.7m | PLN 3.01bn | PLN 3.01bn | PLN 3.02bn | PLN 2.92bn | PLN 2.88bn | PLN 2.17bn | PLN 1.40bn |
| Shareholders' equity | PLN 4.29bn | PLN 4.46bn | PLN 4.35bn | PLN 4.19bn | PLN 4.21bn | PLN 4.32bn | PLN 4.30bn | PLN 4.27bn |
Financial ratios
Data as of 19 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 14.0% | 18.7% | 12.1% | 6.7% | 8.6% | 11.5% | — | — | — |
| Operating margin | 7.8% | 11.8% | 7.5% | 3.8% | 11.4% | 9.2% | — | — | — |
| Net margin | -2.9% | 7.0% | 4.7% | 2.3% | 8.4% | 6.1% | — | — | — |
| Return on equity | -2.9% | 7.0% | 6.6% | 5.2% | 18.2% | 7.8% | — | — | — |
| Return on assets | -1.5% | 4.0% | 3.9% | 2.6% | 6.0% | 3.7% | — | — | — |
| Free cash flow yield | 8.3% | 24.7% | 23.8% | 23.4% | 29.5% | 20.4% | — | — | — |
| Revenue growth | -2.2% | -23.1% | -20.8% | 77.3% | 120.8% | -30.2% | — | — | — |
| Earnings growth | -141.4% | 14.3% | 64.8% | -52.6% | 205.2% | 1.4% | — | — | — |
| Current ratio | 2.04x | 2.86x | 2.55x | 1.67x | 1.06x | 1.92x | — | — | — |
| Debt to equity | 0.51x | 0.33x | 0.39x | 0.50x | 0.78x | 0.72x | — | — | — |
| Equity ratio | 50.9% | 56.5% | 59.6% | 49.3% | 33.1% | 47.0% | — | — | — |
| Interest coverage | 1.26x | 4.48x | 4.37x | 3.87x | 10.95x | 4.15x | — | — | — |
| R&D as a share of sales | — | — | — | 0.1% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 0.0% | -5.5% | -1.8% | -58.2% | 6.8% | -7.3% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -15.8% | 18.5% | 4.3% |
| Operating income | 11.6% | 15.6% | 8.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 16.4% | 12.0% | 11.5% | 9.3% |
| Operating margin | 9.5% | 6.8% | 6.9% | 6.0% |
| Net margin | 2.1% | 2.8% | 3.9% | 2.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -33.0 | 17.9 | 21.3 | 38.6 | 9.9 | 23.9 | 11.2 | 273.7 | -6.3 | -4.4 |
| Price to sales | 1.0 | 1.2 | 1.0 | 0.9 | 0.8 | 1.5 | 0.5 | 0.3 | 0.2 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 13 Jun 2016.
| FY2016 | FY2006 | |
|---|---|---|
| Paid in the year | 0.50 | 0.50 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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