P 
6.90
+0.15%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 4.13bn
FY2016FY2025
Net income
PLN 134.3m
FY2016FY2025
Free cash flow
PLN 223.7m
FY2016FY2025
Shareholders' equity
PLN 730.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 4.13bn | PLN 2.86bn | PLN 3.01bn | PLN 3.78bn | PLN 2.30bn | PLN 1.62bn | PLN 1.59bn | PLN 1.64bn | PLN 2.42bn | PLN 2.67bn |
| Gross profit | PLN 336.0m | −PLN 259.4m | −PLN 26.5m | PLN 280.4m | PLN 211.9m | PLN 181.1m | PLN 107.3m | PLN 81.2m | PLN 167.0m | PLN 32.5m |
| Operating income | PLN 191.6m | −PLN 406.5m | −PLN 131.5m | PLN 167.1m | PLN 127.5m | PLN 89.5m | PLN 60.4m | PLN 35.5m | −PLN 74.2m | −PLN 27.9m |
| Net income | PLN 134.3m | −PLN 348.6m | −PLN 123.2m | PLN 132.4m | PLN 90.0m | PLN 66.2m | PLN 50.7m | PLN 16.2m | −PLN 137.4m | −PLN 61.4m |
| Diluted earnings per share | 0.51 | -1.41 | -0.51 | 0.48 | 0.35 | 0.28 | 0.21 | 0.07 | -0.77 | -0.72 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 3.05bn | PLN 2.66bn | PLN 2.47bn | PLN 2.73bn | PLN 2.39bn | PLN 1.94bn | PLN 1.76bn | PLN 1.87bn | PLN 2.40bn | PLN 2.50bn |
| Cash and short-term investments | PLN 814.1m | PLN 656.3m | PLN 494.2m | PLN 950.6m | PLN 884.0m | PLN 370.5m | PLN 285.7m | PLN 417.8m | PLN 579.1m | PLN 710.8m |
| Total liabilities | PLN 2.32bn | PLN 2.07bn | PLN 1.54bn | PLN 1.69bn | PLN 1.49bn | PLN 1.15bn | PLN 1.02bn | PLN 1.19bn | PLN 1.74bn | PLN 2.02bn |
| Debt | PLN 121.3m | PLN 150.7m | PLN 216.4m | PLN 235.3m | PLN 231.2m | PLN 219.0m | PLN 337.9m | PLN 411.3m | PLN 420.0m | PLN 430.2m |
| Shareholders' equity | PLN 730.0m | PLN 586.5m | PLN 933.5m | PLN 1.04bn | PLN 901.2m | PLN 787.8m | PLN 732.1m | PLN 677.3m | PLN 664.2m | PLN 482.2m |
| Shares outstanding | 262m | 248m | 242m | 276m | 257m | 237m | 240m | 237m | 178m | 86m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 262.4m | PLN 263.4m | −PLN 368.4m | PLN 117.1m | PLN 545.5m | PLN 179.2m | PLN 9.3m | −PLN 101.5m | −PLN 385.5m | PLN 105.2m |
| Capital spending | −PLN 38.7m | −PLN 34.7m | −PLN 35.9m | −PLN 20.3m | −PLN 19.6m | −PLN 11.7m | −PLN 15.1m | −PLN 35.0m | −PLN 22.5m | −PLN 4.3m |
| Free cash flow | PLN 223.7m | PLN 228.7m | −PLN 404.3m | PLN 96.7m | PLN 525.9m | PLN 167.5m | −PLN 5.8m | −PLN 136.5m | −PLN 408.0m | PLN 100.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 1.00bn | PLN 861.3m | PLN 1.12bn | PLN 1.10bn | PLN 1.04bn | PLN 875.0m | PLN 983.5m | PLN 491.9m |
| Gross profit | PLN 91.1m | PLN 70.1m | PLN 80.8m | PLN 79.3m | PLN 100.8m | PLN 75.0m | −PLN 19.9m | −PLN 280.8m |
| Operating income | PLN 49.2m | PLN 30.5m | PLN 40.6m | PLN 44.7m | PLN 65.1m | PLN 39.1m | −PLN 56.8m | −PLN 314.1m |
| Net income | PLN 39.8m | PLN 19.9m | PLN 22.0m | PLN 35.4m | PLN 49.4m | PLN 27.5m | −PLN 52.4m | −PLN 267.4m |
| Diluted earnings per share | 0.15 | 0.08 | 0.08 | 0.14 | 0.19 | 0.10 | -0.21 | -1.08 |
| Cash from operations | PLN 77.0m | −PLN 130.0m | PLN 87.0m | PLN 64.0m | PLN 264.0m | −PLN 149.0m | PLN 229.0m | PLN 98.0m |
| Capital spending | −PLN 42.0m | −PLN 10.0m | −PLN 16.0m | −PLN 10.0m | −PLN 6.0m | −PLN 6.0m | −PLN 13.0m | −PLN 8.0m |
| Free cash flow | PLN 35.0m | −PLN 140.0m | PLN 71.0m | PLN 54.0m | PLN 258.0m | −PLN 155.0m | PLN 216.0m | PLN 90.0m |
| Total assets | PLN 2.91bn | PLN 2.90bn | PLN 3.05bn | PLN 2.92bn | PLN 2.90bn | PLN 2.66bn | PLN 2.66bn | PLN 3.05bn |
| Cash and short-term investments | PLN 677.9m | PLN 657.8m | PLN 814.1m | PLN 760.7m | PLN 707.1m | PLN 486.0m | PLN 656.3m | PLN 439.3m |
| Debt | PLN 54.8m | PLN 66.5m | PLN 75.3m | PLN 122.8m | PLN 135.0m | PLN 144.0m | PLN 101.4m | PLN 190.9m |
| Shareholders' equity | PLN 795.8m | PLN 754.4m | PLN 730.0m | PLN 708.2m | PLN 669.4m | PLN 618.4m | PLN 586.5m | PLN 644.9m |
Financial ratios
Data as of 28 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2012 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 8.1% | -9.1% | -0.9% | 7.4% | 9.2% | 11.2% | — |
| Operating margin | 4.6% | -13.9% | -3.9% | 4.9% | 5.1% | 6.4% | — |
| Net margin | 3.3% | -12.2% | -4.1% | 3.5% | 3.9% | 4.1% | — |
| Return on equity | 18.4% | -59.4% | -13.2% | 12.8% | 10.0% | 8.4% | — |
| Return on assets | 4.4% | -13.1% | -5.0% | 4.9% | 3.8% | 3.4% | — |
| Free cash flow yield | 14.8% | 15.5% | -17.8% | 6.4% | 28.4% | 10.4% | — |
| Revenue growth | 44.6% | -5.2% | -20.4% | 64.2% | 42.6% | 1.6% | — |
| Earnings growth | -138.5% | 182.9% | -193.1% | 47.1% | 35.9% | 30.5% | — |
| Current ratio | 0.99x | 0.92x | 1.24x | 1.37x | 1.34x | 1.29x | — |
| Debt to equity | 0.10x | 0.17x | 0.18x | 0.18x | 0.22x | 0.25x | — |
| Equity ratio | 23.9% | 22.1% | 37.8% | 38.0% | 37.8% | 40.6% | — |
| Interest coverage | 7.71x | -14.06x | -4.85x | 8.38x | 8.92x | 3.97x | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.0% |
| Buybacks as a share of market value | -5.6% | -2.5% | 12.4% | -7.4% | -8.6% | 1.3% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 3.0% | 20.7% | 4.9% |
| Operating income | 4.7% | 16.4% | 4.8% |
| Net income | 0.5% | 15.2% | 6.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 1.1% | 2.4% | 4.1% | 4.4% |
| Operating margin | -3.1% | -1.3% | 0.2% | 0.5% |
| Net margin | -3.1% | -1.5% | -0.3% | -0.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 16.2 | -1.5 | -8.2 | 9.4 | 11.1 | 13.3 | 10.2 | 41.2 | -5.2 | -5.2 |
| Price to sales | 0.5 | 0.2 | 0.3 | 0.3 | 0.4 | 0.5 | 0.3 | 0.4 | 0.3 | 0.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 13 Sept 2011.
| FY2011 | FY2010 | FY2009 | FY2008 | FY2007 | FY2006 | FY2004 | FY2003 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.00 | 2.00 | 0.50 | 0.50 | 0.92 | 0.90 | 0.74 | 0.50 |
- 50-to-1 reverse split · 14 Oct 2015
- 25-for-1 split · 20 Sept 2007
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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