T 
113.50
-0.87%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 2.24bn
FY2016FY2025
Net income
PLN 125.7m
FY2016FY2025
Free cash flow
−PLN 137.4m
FY2016FY2025
Shareholders' equity
PLN 724.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 2.24bn | PLN 2.07bn | PLN 1.91bn | PLN 1.61bn | PLN 1.19bn | PLN 1.02bn | PLN 877.8m | PLN 760.4m | PLN 732.8m | PLN 648.2m |
| Gross profit | PLN 561.6m | PLN 540.4m | PLN 530.7m | PLN 386.4m | PLN 316.5m | PLN 265.9m | PLN 182.0m | PLN 174.0m | PLN 147.4m | PLN 123.6m |
| Research and development | — | PLN 2.9m | — | PLN 1.5m | PLN 656,187 | PLN 932,208 | PLN 1.4m | PLN 1.9m | PLN 2.0m | PLN 1.7m |
| Operating income | PLN 189.1m | PLN 181.0m | PLN 165.8m | PLN 127.2m | PLN 133.1m | PLN 127.6m | PLN 51.7m | PLN 44.9m | PLN 36.6m | PLN 19.7m |
| Net income | PLN 125.7m | PLN 119.8m | PLN 132.9m | PLN 97.7m | PLN 95.6m | PLN 91.3m | PLN 28.3m | PLN 25.7m | PLN 23.4m | PLN 9.9m |
| Diluted earnings per share | 11.08 | 10.56 | 11.71 | 8.61 | 8.43 | 8.05 | 2.49 | 2.26 | 2.07 | 0.87 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 2.12bn | PLN 1.73bn | PLN 1.52bn | PLN 1.34bn | PLN 1.05bn | PLN 779.9m | PLN 699.9m | PLN 614.4m | PLN 519.4m | PLN 476.6m |
| Cash and short-term investments | PLN 42.7m | PLN 16.4m | PLN 12.3m | PLN 12.6m | PLN 12.5m | PLN 23.9m | PLN 26.2m | PLN 30.9m | PLN 16.3m | PLN 18.0m |
| Total liabilities | PLN 1.40bn | PLN 1.10bn | PLN 964.9m | PLN 876.5m | PLN 666.7m | PLN 482.8m | PLN 491.2m | PLN 427.8m | PLN 356.5m | PLN 330.2m |
| Debt | PLN 1.06bn | PLN 793.5m | PLN 639.1m | PLN 524.7m | PLN 403.3m | PLN 309.3m | PLN 285.0m | PLN 222.3m | PLN 172.7m | PLN 165.4m |
| Shareholders' equity | PLN 724.4m | PLN 633.1m | PLN 560.0m | PLN 461.6m | PLN 381.9m | PLN 297.1m | PLN 208.7m | PLN 186.5m | PLN 162.9m | PLN 146.4m |
| Shares outstanding | 11m | 11m | 11m | 11m | 11m | 11m | 11m | 11m | 11m | 11m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 235.1m | PLN 283.2m | PLN 228.9m | PLN 147.9m | PLN 140.2m | PLN 120.9m | PLN 59.3m | PLN 31.5m | PLN 88.8m | PLN 39.5m |
| Capital spending | −PLN 372.5m | −PLN 308.2m | −PLN 226.2m | −PLN 210.5m | −PLN 193.6m | −PLN 101.5m | −PLN 79.4m | −PLN 76.2m | −PLN 49.8m | −PLN 26.4m |
| Free cash flow | −PLN 137.4m | −PLN 24.9m | PLN 2.8m | −PLN 62.6m | −PLN 53.4m | PLN 19.3m | −PLN 20.1m | −PLN 44.6m | PLN 39.0m | PLN 13.1m |
| Dividends paid | −PLN 29.5m | −PLN 32.9m | −PLN 25.0m | −PLN 22.7m | −PLN 17.0m | −PLN 17.0m | −PLN 5.7m | −PLN 5.7m | −PLN 7.4m | −PLN 7.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 545.6m | PLN 556.0m | PLN 569.7m | PLN 609.7m | PLN 544.8m | PLN 519.0m | PLN 549.6m | PLN 537.9m |
| Gross profit | PLN 140.5m | PLN 154.5m | PLN 156.5m | PLN 152.4m | PLN 125.9m | PLN 126.9m | PLN 145.8m | PLN 138.1m |
| Operating income | PLN 28.5m | PLN 45.7m | PLN 43.0m | PLN 49.6m | PLN 48.7m | PLN 43.7m | PLN 11.5m | PLN 54.2m |
| Net income | PLN 9.9m | PLN 51.0m | PLN 6.4m | PLN 51.9m | PLN 38.1m | PLN 29.3m | PLN 11.8m | PLN 34.2m |
| Diluted earnings per share | 0.88 | 4.50 | 0.57 | 4.57 | 3.36 | 2.58 | 1.04 | 3.02 |
| Cash from operations | PLN 101.0m | PLN 22.0m | PLN 101.0m | PLN 108.0m | PLN 79.0m | −PLN 4.0m | PLN 102.0m | PLN 46.0m |
| Capital spending | −PLN 89.0m | −PLN 84.0m | −PLN 107.0m | −PLN 91.0m | −PLN 109.0m | −PLN 63.0m | −PLN 100.0m | −PLN 61.0m |
| Free cash flow | PLN 12.0m | −PLN 62.0m | −PLN 6.0m | PLN 17.0m | −PLN 30.0m | −PLN 67.0m | PLN 2.0m | −PLN 15.0m |
| Total assets | PLN 2.32bn | PLN 2.25bn | PLN 2.12bn | PLN 2.03bn | PLN 1.94bn | PLN 1.87bn | PLN 1.73bn | PLN 1.70bn |
| Cash and short-term investments | PLN 70.0m | PLN 24.2m | PLN 42.7m | PLN 32.8m | PLN 24.6m | PLN 19.0m | PLN 16.4m | PLN 16.9m |
| Debt | PLN 1.09bn | PLN 1.02bn | PLN 964.5m | PLN 829.0m | PLN 781.2m | PLN 790.1m | PLN 264.6m | PLN 651.7m |
| Shareholders' equity | PLN 753.7m | PLN 781.1m | PLN 724.4m | PLN 719.5m | PLN 667.8m | PLN 659.4m | PLN 633.1m | PLN 636.9m |
Financial ratios
Data as of 3 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 25.0% | 26.1% | 27.8% | 23.9% | 26.5% | 25.9% | — | — |
| Operating margin | 8.4% | 9.3% | 9.9% | 8.4% | 11.4% | 12.7% | — | — |
| Net margin | 5.6% | 5.8% | 7.0% | 6.1% | 8.0% | 8.9% | — | — |
| Return on equity | 17.4% | 18.9% | 23.7% | 21.2% | 25.0% | 30.7% | — | — |
| Return on assets | 5.9% | 6.9% | 8.7% | 7.3% | 9.1% | 11.7% | — | — |
| Free cash flow yield | 45.6% | 44.4% | 34.1% | 26.9% | 25.0% | 16.7% | — | — |
| Revenue growth | 8.5% | 8.2% | 18.4% | 35.1% | 16.5% | 16.8% | — | — |
| Earnings growth | 4.9% | -9.8% | 36.0% | 2.2% | 4.7% | 222.8% | — | — |
| Current ratio | 0.49x | 0.57x | 0.73x | 0.82x | 0.99x | 1.09x | — | — |
| Debt to equity | 1.33x | 0.42x | 0.97x | 1.03x | 0.93x | 0.88x | — | — |
| Equity ratio | 34.2% | 36.6% | 36.7% | 34.5% | 36.4% | 38.1% | — | — |
| Interest coverage | 2.34x | 3.23x | 3.35x | 4.50x | 7.86x | 7.22x | — | — |
| R&D as a share of sales | — | 0.1% | — | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% |
| 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 | 11.6% | 17.0% | 15.3% |
| Operating income | 14.1% | 8.2% | 19.4% |
| Net income | 8.8% | 6.6% | 20.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 25.6% | 25.8% | 25.9% | 24.6% |
| Operating margin | 8.6% | 8.5% | 9.2% | 8.1% |
| Net margin | 5.7% | 6.1% | 6.6% | 5.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.7 | 13.6 | 4.2 | 4.5 | 5.0 | 2.7 | 6.4 | 8.0 | 5.9 | 14.2 |
| Price to sales | 0.6 | 0.8 | 0.3 | 0.3 | 0.4 | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 9 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.30 | 2.60 | 2.90 | 2.20 | 2.00 | 1.50 | 0.50 | 0.65 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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