New Risk • Jun 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 36% per year over the past 5 years. Market cap is less than US$10m (zł20.9m market cap, or US$5.69m). Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Revenue is less than US$5m (zł13m revenue, or US$3.6m). Announcement • Jun 04
Starhedge S.A., Annual General Meeting, Jun 29, 2026 Starhedge S.A., Annual General Meeting, Jun 29, 2026, at 15:00 Central European Standard Time. Announcement • Aug 26
Starhedge S.A. to Report First Half, 2025 Results on Sep 30, 2025 Starhedge S.A. announced that they will report first half, 2025 results on Sep 30, 2025 New Risk • Oct 01
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł38.1m (US$9.91m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Shares are highly illiquid. Market cap is less than US$10m (zł38.1m market cap, or US$9.91m). New Risk • Jun 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł39.7m (US$9.86m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Shares are highly illiquid. Market cap is less than US$10m (zł39.7m market cap, or US$9.86m). Announcement • Jun 05
Starhedge S.A., Annual General Meeting, Jun 27, 2024 Starhedge S.A., Annual General Meeting, Jun 27, 2024. New Risk • May 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł39.2m (US$9.81m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Shares are highly illiquid. Market cap is less than US$10m (zł39.2m market cap, or US$9.81m). New Risk • Mar 30
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Shares are highly illiquid. Minor Risk Market cap is less than US$100m (zł43.4m market cap, or US$10.9m). New Risk • Feb 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (zł43.6m market cap, or US$10.9m). New Risk • Dec 11
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł39.7m (US$9.83m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Market cap is less than US$10m (zł39.7m market cap, or US$9.83m). Announcement • Dec 09
Starhedge S.A. Appoints Nitin Chalke as president and CEO for India and South Asia Schindler has announced the appointment of Nitin Chalke as president and CEO for India and South Asia. As per the company, Chalke has rejoined Schindler after over a decade at Eaton. Talking about the appointment, Nitin Chalke, CEO - India and South Asia, Schindler, said, "I amexcited to rejoin Schindler and contribute to its ongoing success. The brand is not only well-known but also respected and valued in the industry and beyond. In a short span of time, the company has strengthened its manufacturing footprint and Global Innovation centre and expanded its geographical presence in the country with a robust, digitally connected elevator and escalator portfolio. Moreover, Chalke's corporate journey demonstrates a senior leadership experience in diverse industries and different geographies. At Eaton, he assumed various leadership roles, such as country manager-India, president Asia Pacific - Hydraulics and Vehicles Group, and as president-North America: Global Energy InfrastructureSolutions. Prior to joining Eaton, Chalke has spent a decade of his career with Schindler India, where he played various roles of increasing responsibility. His last role at Schindler was director of field operations. He will now leverage his wealth of global experience to steer the company towards continued success. Additionally, Chalke has assumed his role and will be headquartered at the Schindler India head office in Mumbai. Announcement • May 31
Starhedge S.A., Annual General Meeting, Jun 26, 2023 Starhedge S.A., Annual General Meeting, Jun 26, 2023, at 11:00 Central European Standard Time. Reported Earnings • Dec 02
Third quarter 2022 earnings released: EPS: zł0.01 (vs zł0.005 in 3Q 2021) Third quarter 2022 results: EPS: zł0.01. Revenue: zł10.1m (up 62% from 3Q 2021). Net loss: zł133.0k (down 130% from profit in 3Q 2021). Reported Earnings • Sep 21
Second quarter 2022 earnings released: EPS: zł0.001 (vs zł0.01 in 2Q 2021) Second quarter 2022 results: EPS: zł0.001. Revenue: zł9.66m (up 7.8% from 2Q 2021). Net income: zł952.0k (up 12% from 2Q 2021). Profit margin: 9.9% (in line with 2Q 2021). Buying Opportunity • Aug 22
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 9.6%. The fair value is estimated to be zł0.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 27%. Buying Opportunity • Jul 12
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be zł0.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 27%. Buying Opportunity • Jun 21
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be zł0.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 27%. Announcement • Jun 02
Starhedge S.A., Annual General Meeting, Jun 27, 2022 Starhedge S.A., Annual General Meeting, Jun 27, 2022, at 14:00 Central European Standard Time. Buying Opportunity • May 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be zł0.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.6% over the last 3 years. Earnings per share has declined by 31%. Buying Opportunity • Mar 23
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 30%. The fair value is estimated to be zł0.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. The company has become profitable over the last 3 years. Reported Earnings • Nov 28
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: zł0.005 (vs zł0.005 in 3Q 2020). Revenue: zł6.25m (up 21% from 3Q 2020). Net income: zł450.2k (down 5.3% from 3Q 2020). Profit margin: 7.2% (down from 9.2% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has remained flat. Reported Earnings • Sep 19
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł8.96m (up 23% from 2Q 2020). Net income: zł850.5k (up 76% from 2Q 2020). Profit margin: 9.5% (up from 6.7% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 02
First quarter 2021 earnings released: EPS zł0.006 (vs zł0.006 in 1Q 2020) The company reported a mediocre first quarter result with weaker profit margins, although earnings were flat and revenues improved. First quarter 2021 results: Revenue: zł13.4m (up 84% from 1Q 2020). Net income: zł560.1k (flat on 1Q 2020). Profit margin: 4.2% (down from 7.6% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 05
New 90-day high: zł0.64 The company is up 42% from its price of zł0.45 on 04 December 2020. The Polish market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 11% over the same period. Is New 90 Day High Low • Feb 01
New 90-day high: zł0.62 The company is up 34% from its price of zł0.46 on 03 November 2020. The Polish market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 17% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: zł0.49 The company is up 2.0% from its price of zł0.48 on 09 October 2020. The Polish market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 16% over the same period. Reported Earnings • Nov 24
Third quarter 2020 earnings released: EPS zł0.005 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł5.19m (down 48% from 3Q 2019). Net income: zł475.6k (down 54% from 3Q 2019). Profit margin: 9.2% (down from 10% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 29
New 90-day low: zł0.42 The company is down 25% from its price of zł0.57 on 30 July 2020. The Polish market is down 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is down 10.0% over the same period. Is New 90 Day High Low • Oct 13
New 90-day low: zł0.43 The company is down 26% from its price of zł0.58 on 15 July 2020. The Polish market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 4.0% over the same period. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total profits of zł3.53m, down 28% from the prior year. Total revenue was zł37.0m over the last 12 months, down 24% from the prior year. Is New 90 Day High Low • Sep 26
New 90-day low: zł0.46 The company is down 11% from its price of zł0.51 on 26 June 2020. The Polish market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 16% over the same period. 
