Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł32.00, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 12x in the Chemicals industry in Poland. Total loss to shareholders of 19% over the past three years. Annonce • May 29
IZOBLOK S.A., Annual General Meeting, Jun 26, 2026 IZOBLOK S.A., Annual General Meeting, Jun 26, 2026, at 11:00 Central European Standard Time. New Risk • May 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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 Market cap is less than US$10m (zł33.4m market cap, or US$9.15m). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Reported Earnings • Apr 28
Full year 2025 earnings released: zł1.47 loss per share (vs zł10.94 profit in FY 2024) Full year 2025 results: zł1.47 loss per share (down from zł10.94 profit in FY 2024). Revenue: zł301.3m (up 20% from FY 2024). Net loss: zł1.86m (down 113% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. New Risk • Mar 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł36.7m (US$9.97m) 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 Risk Market cap is less than US$10m (zł36.7m market cap, or US$9.97m). Minor Risk Share price has been volatile over the past 3 months (9.0% average weekly change). New Risk • Dec 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (zł30.7m market cap, or US$8.55m). Minor Risk Share price has been volatile over the past 3 months (6.6% average weekly change). Reported Earnings • Nov 24
Third quarter 2025 earnings released: zł0.25 loss per share (vs zł2.82 loss in 3Q 2024) Third quarter 2025 results: zł0.25 loss per share (improved from zł2.82 loss in 3Q 2024). Revenue: zł69.2m (up 1.9% from 3Q 2024). Net loss: zł317.0k (loss narrowed 91% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 14% per year. Annonce • Nov 15
IZOBLOK S.A. to Report Q3, 2025 Results on Nov 21, 2025 IZOBLOK S.A. announced that they will report Q3, 2025 results on Nov 21, 2025 New Risk • Oct 07
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Market cap is less than US$10m (zł33.7m market cap, or US$9.25m). Reported Earnings • Oct 01
Second quarter 2025 earnings released Second quarter 2025 results: zł1.77 loss per share. Net loss: zł2.24m (flat on 2Q 2024). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Annonce • Aug 25
IZOBLOK S.A. to Report First Half, 2025 Results on Sep 26, 2025 IZOBLOK S.A. announced that they will report first half, 2025 results on Sep 26, 2025 New Risk • Jun 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (zł39.3m market cap, or US$10.8m). New Risk • Jun 10
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł36.7m (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. This is currently the only risk that has been identified for the company. Reported Earnings • May 26
First quarter 2025 earnings released First quarter 2025 results: zł4.97 loss per share. Net loss: zł6.30m (flat on 1Q 2024). Over the last 3 years on average, earnings per share has increased by 142% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Dec 22
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended October 2023. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported October 2023 fiscal period end). Minor Risks High level of debt (78% net debt to equity). Share price has been volatile over the past 3 months (7.9% average weekly change). Market cap is less than US$100m (zł46.9m market cap, or US$11.5m). New Risk • Oct 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 9.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.2% average weekly change). Earnings have declined by 12% per year over the past 5 years. Minor Risks High level of debt (78% net debt to equity). Latest financial reports are more than 6 months old (reported October 2023 fiscal period end). Market cap is less than US$100m (zł67.8m market cap, or US$17.5m). New Risk • Jul 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended October 2023. 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 Risk Earnings have declined by 12% per year over the past 5 years. Minor Risks High level of debt (78% net debt to equity). Latest financial reports are more than 6 months old (reported October 2023 fiscal period end). Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (zł66.5m market cap, or US$16.8m). Annonce • Jun 05
IZOBLOK S.A., Annual General Meeting, Jun 27, 2024 IZOBLOK S.A., Annual General Meeting, Jun 27, 2024. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł56.50, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 10x in the Chemicals industry in Poland. Total returns to shareholders of 32% over the past three years. New Risk • Feb 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 12% per year over the past 5 years. Minor Risks High level of debt (78% net debt to equity). Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (zł56.8m market cap, or US$14.1m). Annonce • Jan 29
IZOBLOK S.A. to Report Fiscal Year 2023 Results on Apr 26, 2024 IZOBLOK S.A. announced that they will report fiscal year 2023 results on Apr 26, 2024 New Risk • Jan 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended April 2023. 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 Debt is not well covered by operating cash flow (3.0% operating cash flow to total debt). Earnings have declined by 46% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported April 2023 fiscal period end). Market cap is less than US$100m (zł58.3m market cap, or US$14.7m). New Risk • Dec 29
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 3.0% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.0% operating cash flow to total debt). Earnings have declined by 46% per year over the past 5 years. Minor Risk Market cap is less than US$100m (zł59.5m market cap, or US$15.2m). Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł48.80, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 10x in the Chemicals industry in Poland. Total returns to shareholders of 30% over the past three years. New Risk • Dec 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 28% per year over the past 5 years. Minor Risks High level of debt (77% net debt to equity). Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (zł53.7m market cap, or US$13.4m). Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł46.60, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 8x in the Chemicals industry in Poland. Total returns to shareholders of 55% over the past three years. Reported Earnings • Sep 28
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł68.2m (up 36% from 1Q 2023). Net income: zł5.33m (up zł9.48m from 1Q 2023). Profit margin: 7.8% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year and the company’s share price has also increased by 11% per year. Reported Earnings • Feb 01
Third quarter 2022 earnings released: zł5.76 loss per share (vs zł0.85 loss in 3Q 2021) Third quarter 2022 results: zł5.76 loss per share (further deteriorated from zł0.85 loss in 3Q 2021). Revenue: zł44.0m (down 14% from 3Q 2021). Net loss: zł7.29m (loss widened zł6.22m from 3Q 2021). Annonce • Oct 12
IZOBLOK S.A., Annual General Meeting, Oct 31, 2022 IZOBLOK S.A., Annual General Meeting, Oct 31, 2022, at 11:00 Central European Standard Time. Reported Earnings • Sep 29
Third quarter 2022 earnings released: zł5.76 loss per share (vs zł0.85 loss in 3Q 2021) Third quarter 2022 results: zł5.76 loss per share (further deteriorated from zł0.85 loss in 3Q 2021). Revenue: zł44.0m (down 14% from 3Q 2021). Net loss: zł7.29m (loss widened zł6.22m from 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Annonce • Jun 02
IZOBLOK S.A. announced a financing transaction IZOBLOK S.A. announced that it will issue upto 168,869 E shares and 822,753 F shares in a round of funding on May 31, 2022. The transaction has been approved in the Extraordinary General Meeting of the company. Annonce • May 25
IZOBLOK S.A. to Report Fiscal Year 2022 Results on Aug 26, 2022 IZOBLOK S.A. announced that they will report fiscal year 2022 results on Aug 26, 2022 Reported Earnings • Mar 29
Third quarter 2022 earnings: Revenues miss analyst expectations Third quarter 2022 results: Revenue: zł44.0m (down 14% from 3Q 2021). Net loss: zł7.29m (loss widened zł6.22m from 3Q 2021). Revenue missed analyst estimates by 5.5%. Reported Earnings • Feb 01
Second quarter 2022 earnings: Revenues miss analyst expectations Second quarter 2022 results: Revenue: zł33.8m (down 36% from 2Q 2021). Net loss: zł4.54m (loss widened 429% from 2Q 2021). Revenue missed analyst estimates by 5.5%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 135 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 28
First quarter 2022 earnings released: zł4.05 loss per share (vs zł3.56 loss in 1Q 2021) The company reported a soft first quarter result with increased losses and weaker control over costs, although revenues improved. First quarter 2022 results: Revenue: zł35.4m (up 10% from 1Q 2021). Net loss: zł5.13m (loss widened 14% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 28
Full year 2021 earnings released The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2021 results: Revenue: zł186.5m (up 1.1% from FY 2020). Net loss: zł11.3m (loss widened 148% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 112 percentage points per year, which is a significant difference in performance. Annonce • Apr 29
BEWi ASA (OB:BEWI) entered into an agreement to acquire 54.21% stake in IZOBLOK S.A. (WSE:IZB) for €16.5 million. BEWi ASA (OB:BEWI) entered into an agreement to acquire 54.21% stake in IZOBLOK S.A. (WSE:IZB) for €16.5 million on April 28, 2021. The agreed consideration for the 54.21% shares, as mentioned above, is approximately €16.5 million, of which approximately €13.5 million will be paid in cash and the remaining consideration will be settled through issuance of approximately 1,090,000 new shares in BEWI ASA. The cash portion of the acquisition will be financed through available funds and acquisition finance provided by Nordea and is expected to be refinanced in due course through debt and/or equity. The existing management team of IZOBLOK, headed by CEO Przemyslaw Skrzydlak, will continue to lead the company. BEWI intends to be an active owner. Completion of the acquisition is conditional upon customary closing conditions. The acquisition is expected to be completed in the second quarter of 2021. SpareBank 1 Markets AS acted as M&A advisor and DLA Piper acted as legal advisor in the transaction. PwC acted as M&A advisor, Olesinski & Wspólnicy acted as legal advisor and Chabasiewicz, Kowalska & Partners acted as legal advisor to the sellers. Reported Earnings • Jan 29
Second quarter 2021 earnings released The company reported a poor second quarter result with weaker earnings and control over costs, although revenues were flat. Second quarter 2021 results: Revenue: zł53.0m (flat on 2Q 2020). Net loss: zł857.9k (down 150% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 67% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 07
New 90-day high: zł42.70 The company is up 42% from its price of zł30.00 on 09 October 2020. The Polish market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 7.0% over the same period. Is New 90 Day High Low • Oct 21
New 90-day low: zł28.40 The company is down 18% from its price of zł34.70 on 23 July 2020. The Polish market is down 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is down 17% over the same period. Is New 90 Day High Low • Oct 02
New 90-day low: zł29.20 The company is down 7.0% from its price of zł31.40 on 03 July 2020. The Polish market is down 4.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Chemicals industry, which is down 10.0% over the same period. Reported Earnings • Sep 28
First quarter earnings released Over the last 12 months the company has reported total losses of zł10.0m, with earnings decreasing by zł13.4m from the prior year. Total revenue was zł166.5m over the last 12 months, down 22% from the prior year. Annonce • Jul 17
IZOBLOK S.A. to Report Q4, 2020 Results on Mar 26, 2021 IZOBLOK S.A. announced that they will report Q4, 2020 results on Mar 26, 2021