W 
4.37
-2.24%
Close of 6 Nov 2026, in PLN
At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 2.18bn
FY2016FY2025
Net income
−PLN 160.0m
FY2016FY2025
Free cash flow
−PLN 30.0m
FY2016FY2025
Shareholders' equity
PLN 387.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 2.18bn | PLN 2.10bn | PLN 3.23bn | PLN 3.43bn | PLN 2.70bn | PLN 1.82bn | PLN 2.34bn | PLN 2.07bn | PLN 1.60bn | PLN 1.20bn |
| Gross profit | PLN 168.0m | PLN 196.1m | PLN 431.7m | PLN 415.2m | PLN 308.4m | PLN 188.3m | PLN 267.3m | PLN 283.2m | PLN 217.6m | PLN 176.8m |
| Research and development | — | — | — | PLN 115,000 | PLN 146,000 | PLN 49,000 | PLN 277,000 | PLN 3.1m | PLN 39,000 | — |
| Operating income | −PLN 111.0m | −PLN 104.4m | PLN 129.9m | PLN 130.9m | PLN 79.3m | PLN 37.0m | PLN 89.7m | PLN 96.1m | PLN 89.0m | PLN 82.4m |
| Net income | −PLN 160.0m | −PLN 141.9m | PLN 105.9m | PLN 114.3m | PLN 47.3m | PLN 27.3m | PLN 57.6m | PLN 69.4m | PLN 77.3m | PLN 55.1m |
| Diluted earnings per share | -2.17 | -2.35 | 1.75 | 1.89 | 0.78 | 0.45 | 0.95 | 1.15 | 1.26 | 0.96 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 1.94bn | PLN 1.87bn | PLN 2.00bn | PLN 2.10bn | PLN 1.86bn | PLN 1.48bn | PLN 1.40bn | PLN 1.41bn | PLN 951.7m | PLN 772.7m |
| Cash and short-term investments | PLN 122.0m | PLN 86.2m | PLN 97.0m | PLN 122.4m | PLN 125.8m | PLN 91.4m | PLN 68.5m | PLN 47.5m | PLN 58.2m | PLN 51.3m |
| Total liabilities | PLN 1.56bn | PLN 1.39bn | PLN 1.38bn | PLN 1.54bn | PLN 1.39bn | PLN 1.05bn | PLN 1.02bn | PLN 1.08bn | PLN 638.9m | PLN 511.1m |
| Debt | PLN 783.0m | PLN 692.0m | PLN 522.9m | PLN 607.1m | PLN 475.4m | PLN 453.7m | PLN 424.3m | PLN 368.8m | PLN 167.0m | PLN 92.8m |
| Shareholders' equity | PLN 387.0m | PLN 478.8m | PLN 619.5m | PLN 554.3m | PLN 465.9m | PLN 427.7m | PLN 403.4m | PLN 336.7m | PLN 312.8m | PLN 261.6m |
| Shares outstanding | 74m | 60m | 60m | 60m | 61m | 60m | 60m | 60m | 62m | 58m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −PLN 10.0m | −PLN 39.0m | PLN 271.9m | PLN 41.5m | PLN 128.7m | PLN 149.2m | PLN 108.1m | PLN 66.5m | PLN 114.8m | PLN 66.6m |
| Capital spending | −PLN 20.0m | −PLN 28.0m | −PLN 87.5m | −PLN 106.1m | −PLN 77.7m | −PLN 65.0m | −PLN 81.0m | −PLN 85.7m | −PLN 60.7m | −PLN 51.9m |
| Free cash flow | −PLN 30.0m | −PLN 67.0m | PLN 184.5m | −PLN 64.7m | PLN 51.0m | PLN 84.2m | PLN 27.1m | −PLN 19.2m | PLN 54.1m | PLN 14.7m |
| Dividends paid | — | — | −PLN 24.1m | — | −PLN 19.9m | −PLN 19.9m | −PLN 19.9m | −PLN 15.1m | −PLN 15.1m | −PLN 9.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 615.0m | PLN 565.0m | PLN 603.1m | PLN 544.7m | PLN 549.0m | PLN 486.2m | PLN 525.7m | PLN 442.0m |
| Gross profit | PLN 61.0m | PLN 50.0m | PLN 67.1m | PLN 70.1m | PLN 41.8m | PLN 26.9m | PLN 45.8m | PLN 36.8m |
| Operating income | −PLN 6.7m | −PLN 22.3m | −PLN 23.9m | −PLN 16.1m | −PLN 35.0m | −PLN 40.2m | −PLN 50.8m | −PLN 30.8m |
| Net income | −PLN 5.0m | −PLN 38.0m | −PLN 26.9m | −PLN 29.9m | −PLN 50.9m | −PLN 52.3m | −PLN 61.9m | −PLN 42.1m |
| Diluted earnings per share | -0.06 | -0.48 | -0.36 | -0.40 | -0.69 | -0.71 | -1.02 | -0.70 |
| Cash from operations | −PLN 34.0m | −PLN 31.0m | PLN 74.0m | −PLN 28.0m | −PLN 6.0m | −PLN 60.0m | PLN 49.0m | −PLN 35.0m |
| Capital spending | −PLN 9.0m | −PLN 14.0m | −PLN 5.0m | −PLN 2.0m | −PLN 21.0m | −PLN 7.0m | −PLN 13.0m | −PLN 10.0m |
| Free cash flow | −PLN 43.0m | −PLN 45.0m | PLN 69.0m | −PLN 30.0m | −PLN 27.0m | −PLN 67.0m | PLN 36.0m | −PLN 45.0m |
| Total assets | PLN 2.11bn | PLN 1.95bn | PLN 1.94bn | PLN 2.02bn | PLN 1.96bn | PLN 1.94bn | PLN 1.87bn | PLN 1.96bn |
| Cash and short-term investments | — | PLN 84.0m | PLN 122.0m | PLN 78.8m | PLN 78.4m | PLN 80.8m | PLN 86.2m | PLN 66.2m |
| Debt | PLN 27.0m | PLN 691.0m | PLN 704.0m | PLN 684.3m | PLN 663.2m | PLN 679.6m | PLN 603.5m | PLN 606.7m |
| Shareholders' equity | PLN 363.0m | PLN 355.0m | PLN 387.0m | PLN 415.0m | PLN 429.1m | PLN 425.1m | PLN 478.8m | PLN 537.6m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -14.0% | 3.7% | 13.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 8.5% | 11.1% | 11.0% | 11.8% |
| Operating margin | -5.0% | 0.4% | 1.0% | 2.4% |
| Net margin | -7.0% | -0.7% | -0.0% | 1.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -2.8 | -2.0 | 5.4 | 3.8 | 11.5 | 14.9 | 6.2 | 8.6 | 10.3 | 13.8 |
| Price to sales | 0.2 | 0.1 | 0.2 | 0.1 | 0.2 | 0.2 | 0.1 | 0.3 | 0.5 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 1 Aug 2023.
| FY2023 | FY2021 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.40 | 0.16 | 0.33 | 0.15 | 0.25 | 0.06 | 0.14 | 0.10 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
Nothing here is investment advice. Prices can be delayed or wrong, so check with the exchange before relying on them. Data for this page. How we cover markets.