S 
241.00
-0.41%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 3.74bn
FY2016FY2025
Net income
−PLN 50.7m
FY2016FY2025
Free cash flow
−PLN 200.1m
FY2016FY2025
Shareholders' equity
PLN 3.60bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 3.74bn | PLN 3.83bn | PLN 4.61bn | PLN 5.90bn | PLN 4.67bn | PLN 3.32bn | PLN 3.82bn | PLN 3.96bn | PLN 3.50bn | PLN 3.14bn |
| Gross profit | PLN 222.8m | PLN 294.0m | PLN 337.3m | PLN 861.0m | PLN 819.7m | PLN 422.0m | PLN 482.5m | PLN 549.1m | PLN 557.5m | PLN 633.5m |
| Research and development | — | — | — | PLN 9.0m | — | — | — | — | — | — |
| Operating income | −PLN 62.3m | PLN 30.5m | PLN 109.2m | PLN 611.2m | PLN 618.6m | PLN 196.1m | PLN 203.7m | PLN 299.8m | PLN 359.6m | PLN 412.9m |
| Net income | −PLN 50.7m | PLN 30.1m | PLN 88.4m | PLN 474.2m | PLN 507.5m | PLN 172.8m | PLN 142.5m | PLN 270.3m | PLN 254.5m | PLN 325.8m |
| Diluted earnings per share | -9.96 | 5.72 | 16.38 | 87.83 | 90.94 | 30.96 | 25.54 | 48.44 | 45.60 | 58.38 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 4.70bn | PLN 4.91bn | PLN 4.84bn | PLN 5.18bn | PLN 4.84bn | PLN 4.36bn | PLN 4.35bn | PLN 4.36bn | PLN 3.94bn | PLN 3.72bn |
| Cash and short-term investments | PLN 913.5m | PLN 1.14bn | PLN 1.12bn | PLN 621.8m | PLN 590.6m | PLN 532.2m | PLN 546.2m | PLN 576.0m | PLN 616.8m | PLN 411.6m |
| Total liabilities | PLN 992.9m | PLN 1.12bn | PLN 1.00bn | PLN 1.35bn | PLN 1.47bn | PLN 1.56bn | PLN 1.69bn | PLN 1.76bn | PLN 1.79bn | PLN 1.86bn |
| Debt | PLN 134.5m | PLN 136.6m | PLN 128.8m | PLN 137.4m | PLN 194.0m | PLN 98.5m | PLN 269.1m | PLN 330.2m | PLN 341.0m | PLN 337.6m |
| Shareholders' equity | PLN 3.60bn | PLN 3.67bn | PLN 3.72bn | PLN 3.72bn | PLN 3.26bn | PLN 2.80bn | PLN 2.65bn | PLN 2.59bn | PLN 2.15bn | PLN 1.86bn |
| Shares outstanding | 5m | 5m | 5m | 5m | 6m | 6m | 6m | 6m | 6m | 6m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 81.8m | PLN 245.5m | PLN 742.2m | PLN 340.0m | PLN 271.8m | PLN 350.5m | PLN 370.0m | PLN 349.9m | PLN 431.5m | PLN 266.9m |
| Capital spending | −PLN 281.9m | −PLN 141.7m | −PLN 135.3m | −PLN 120.2m | −PLN 134.3m | −PLN 226.8m | −PLN 243.1m | −PLN 243.3m | −PLN 136.0m | −PLN 164.8m |
| Free cash flow | −PLN 200.1m | PLN 103.8m | PLN 606.9m | PLN 219.8m | PLN 137.5m | PLN 123.7m | PLN 126.9m | PLN 106.6m | PLN 295.5m | PLN 102.0m |
| Dividends paid | −PLN 31.9m | −PLN 2.0m | −PLN 85.5m | −PLN 76.9m | −PLN 36.1m | −PLN 2.8m | −PLN 35.6m | −PLN 24.5m | −PLN 24.4m | −PLN 18.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 1.02bn | PLN 888.7m | PLN 863.3m | PLN 889.8m | PLN 951.6m | PLN 1.03bn | PLN 1.00bn | PLN 957.4m |
| Gross profit | PLN 73.1m | PLN 36.9m | PLN 48.7m | PLN 47.1m | PLN 75.3m | PLN 51.6m | PLN 146.0m | PLN 56.1m |
| Operating income | PLN 3.2m | −PLN 27.5m | −PLN 21.4m | −PLN 21.3m | PLN 2.0m | −PLN 21.5m | PLN 65.5m | −PLN 6.1m |
| Net income | −PLN 1.3m | −PLN 24.5m | −PLN 17.9m | −PLN 8.4m | −PLN 6.9m | −PLN 17.4m | PLN 55.1m | −PLN 5.5m |
| Diluted earnings per share | -0.26 | -4.82 | -3.52 | -1.66 | -1.35 | -3.43 | 10.48 | -1.05 |
| Cash from operations | PLN 67.0m | −PLN 96.0m | PLN 102.0m | PLN 2.0m | PLN 113.0m | −PLN 132.0m | PLN 208.0m | PLN 48.0m |
| Capital spending | −PLN 72.0m | −PLN 56.0m | −PLN 93.0m | −PLN 56.0m | −PLN 105.0m | −PLN 27.0m | −PLN 22.0m | −PLN 54.0m |
| Free cash flow | −PLN 5.0m | −PLN 152.0m | PLN 9.0m | −PLN 54.0m | PLN 8.0m | −PLN 159.0m | PLN 186.0m | −PLN 6.0m |
| Total assets | PLN 4.84bn | PLN 4.71bn | PLN 4.70bn | PLN 4.76bn | PLN 4.99bn | PLN 4.82bn | PLN 4.91bn | PLN 4.84bn |
| Cash and short-term investments | PLN 758.2m | PLN 761.1m | PLN 913.5m | PLN 908.8m | PLN 995.5m | PLN 985.3m | PLN 1.14bn | PLN 964.3m |
| Debt | PLN 23.1m | PLN 19.3m | PLN 16.2m | PLN 21.5m | PLN 21.9m | PLN 21.6m | PLN 13.4m | PLN 18.2m |
| Shareholders' equity | PLN 3.58bn | PLN 3.58bn | PLN 3.60bn | PLN 3.62bn | PLN 3.62bn | PLN 3.65bn | PLN 3.67bn | PLN 3.61bn |
Financial ratios
Data as of 4 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 6.0% | 7.7% | 7.3% | 14.6% | 17.5% | 12.7% |
| Operating margin | -1.1% | 0.8% | 3.0% | 10.3% | 13.2% | 7.0% |
| Net margin | -1.4% | 0.8% | 1.9% | 8.0% | 10.9% | 5.5% |
| Return on equity | -1.4% | 0.8% | 2.4% | 12.7% | 15.6% | 6.6% |
| Return on assets | -1.1% | 0.6% | 1.8% | 9.2% | 10.5% | 4.2% |
| Free cash flow yield | 29.2% | 30.1% | 66.3% | 34.8% | 29.7% | 42.2% |
| Revenue growth | -2.5% | -16.9% | -21.9% | 26.3% | 40.7% | -13.0% |
| Earnings growth | -268.4% | -66.0% | -81.4% | -6.6% | 176.1% | 29.0% |
| Current ratio | 4.14x | 3.94x | 4.49x | 3.31x | 2.72x | 2.50x |
| Debt to equity | 0.00x | 0.00x | 0.00x | 0.01x | 0.03x | 0.04x |
| Equity ratio | 76.5% | 74.8% | 76.9% | 71.8% | 67.4% | 64.3% |
| Interest coverage | -2.99x | 2.72x | 13.57x | 51.21x | 45.28x | 16.58x |
| R&D as a share of sales | — | — | — | 0.2% | — | — |
| Buybacks as a share of market value | 3.2% | 2.6% | 0.0% | 3.2% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -14.1% | 2.4% | 1.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 6.8% | 9.5% | 11.3% | 13.1% |
| Operating margin | -0.4% | 3.8% | 5.8% | 7.0% |
| Net margin | -0.3% | 3.0% | 4.7% | 5.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -23.5 | 38.8 | 14.7 | 2.7 | 2.9 | 9.7 | 7.1 | 6.6 | 11.1 | 9.0 |
| Price to sales | 0.3 | 0.3 | 0.3 | 0.2 | 0.3 | 0.5 | 0.3 | 0.5 | 0.8 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 2 Jul 2025.
| FY2025 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 6.00 | 15.00 | 12.00 | 6.00 | 5.00 | 3.00 | 3.00 | 3.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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