Reported Earnings • Apr 26
Full year 2025 earnings released: EPS: zł1.39 (vs zł1.25 in FY 2024) Full year 2025 results: EPS: zł1.39 (up from zł1.25 in FY 2024). Revenue: zł421.1m (up 7.1% from FY 2024). Net income: zł55.8m (up 12% from FY 2024). Profit margin: 13% (in line with FY 2024). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Nov 26
Third quarter 2025 earnings released: EPS: zł0.29 (vs zł0.13 in 3Q 2024) Third quarter 2025 results: EPS: zł0.29 (up from zł0.13 in 3Q 2024). Revenue: zł96.1m (up 183% from 3Q 2024). Net income: zł11.5m (up 131% from 3Q 2024). Profit margin: 12% (down from 15% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Sep 16
Second quarter 2025 earnings released: EPS: zł0.37 (vs zł0.14 in 2Q 2024) Second quarter 2025 results: EPS: zł0.37 (up from zł0.14 in 2Q 2024). Revenue: zł105.7m (up 118% from 2Q 2024). Net income: zł14.6m (up 165% from 2Q 2024). Profit margin: 14% (up from 11% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Annonce • Aug 21
Inpro S.A. to Report First Half, 2025 Results on Sep 15, 2025 Inpro S.A. announced that they will report first half, 2025 results on Sep 15, 2025 Upcoming Dividend • Jul 17
Upcoming dividend of zł0.25 per share Eligible shareholders must have bought the stock before 24 July 2025. Payment date: 08 August 2025. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Polish dividend payers (7.2%). Lower than average of industry peers (6.7%). Reported Earnings • May 28
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł67.3m (down 24% from 1Q 2024). Net income: zł6.26m (down 34% from 1Q 2024). Profit margin: 9.3% (down from 11% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Declared Dividend • May 16
Dividend of zł0.25 announced Dividend of zł0.25 is the same as last year. Ex-date: 24th July 2025 Payment date: 8th August 2025 Dividend yield will be 3.3%, which is lower than the industry average of 6.6%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 5.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • May 15
Inpro S.A. announces Annual dividend, payable on August 08, 2025 Inpro S.A. announced Annual dividend of PLN 0.2500 per share payable on August 08, 2025, ex-date on July 24, 2025 and record date on July 25, 2025. New Risk • Nov 24
New major risk - Revenue and earnings growth Earnings have declined by 1.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.6% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (zł256.3m market cap, or US$61.6m). Reported Earnings • Nov 24
Third quarter 2024 earnings released: EPS: zł0.02 (vs zł0.076 in 3Q 2023) Third quarter 2024 results: EPS: zł0.02 (down from zł0.076 in 3Q 2023). Revenue: zł23.6m (down 45% from 3Q 2023). Net income: zł790.0k (down 74% from 3Q 2023). Profit margin: 3.4% (down from 7.0% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 7% per year. Reported Earnings • Sep 13
Second quarter 2024 earnings released: EPS: zł0.14 (vs zł0.33 in 2Q 2023) Second quarter 2024 results: EPS: zł0.14 (down from zł0.33 in 2Q 2023). Revenue: zł48.5m (down 54% from 2Q 2023). Net income: zł5.52m (down 58% from 2Q 2023). Profit margin: 11% (down from 12% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 17
Upcoming dividend of zł0.25 per share Eligible shareholders must have bought the stock before 24 July 2024. Payment date: 08 August 2024. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Polish dividend payers (7.5%). Lower than average of industry peers (5.9%). Reported Earnings • May 29
First quarter 2024 earnings released: EPS: zł0.24 (vs zł0.12 in 1Q 2023) First quarter 2024 results: EPS: zł0.24 (up from zł0.12 in 1Q 2023). Revenue: zł88.4m (up 71% from 1Q 2023). Net income: zł9.42m (up 98% from 1Q 2023). Profit margin: 11% (up from 9.2% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Declared Dividend • May 24
Dividend of zł0.25 announced Shareholders will receive a dividend of zł0.25. Ex-date: 24th July 2024 Payment date: 8th August 2024 Dividend yield will be 3.2%, which is lower than the industry average of 6.6%. Sustainability & Growth Dividend is covered by earnings (17% earnings payout ratio) but not covered by cash flows (151% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 81% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.5% EPS decline seen over the last 5 years. Reported Earnings • Nov 26
Third quarter 2023 earnings released: EPS: zł0.076 (vs zł0.22 in 3Q 2022) Third quarter 2023 results: EPS: zł0.076 (down from zł0.22 in 3Q 2022). Revenue: zł43.2m (down 30% from 3Q 2022). Net income: zł3.04m (down 65% from 3Q 2022). Profit margin: 7.0% (down from 14% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Reported Earnings • Sep 17
Second quarter 2023 earnings released: EPS: zł0.33 (vs zł0.065 in 2Q 2022) Second quarter 2023 results: EPS: zł0.33 (up from zł0.065 in 2Q 2022). Revenue: zł104.5m (up 115% from 2Q 2022). Net income: zł13.0m (up 402% from 2Q 2022). Profit margin: 12% (up from 5.3% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł8.25, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 8x in the Real Estate industry in Poland. Total returns to shareholders of 103% over the past three years. Upcoming Dividend • Jul 17
Upcoming dividend of zł0.25 per share at 3.7% yield Eligible shareholders must have bought the stock before 24 July 2023. Payment date: 08 August 2023. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 3.7%. Lower than top quartile of Polish dividend payers (7.1%). Lower than average of industry peers (7.2%). Annonce • Jun 02
Inpro S.A., Annual General Meeting, Jun 27, 2023 Inpro S.A., Annual General Meeting, Jun 27, 2023, at 10:00 Central European Standard Time. Reported Earnings • Nov 26
Third quarter 2022 earnings released: EPS: zł0.22 (vs zł0.24 in 3Q 2021) Third quarter 2022 results: EPS: zł0.22 (down from zł0.24 in 3Q 2021). Revenue: zł61.8m (down 24% from 3Q 2021). Net income: zł8.75m (down 9.8% from 3Q 2021). Profit margin: 14% (up from 12% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has remained flat. Upcoming Dividend • Jul 21
Upcoming dividend of zł0.25 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 12 August 2022. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 5.0%. Lower than top quartile of Polish dividend payers (8.4%). Lower than average of industry peers (12%). Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment deteriorated over the past week After last week's 23% share price decline to zł4.94, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 6x in the Real Estate industry in Poland. Total returns to shareholders of 5.9% over the past three years. Annonce • May 28
Inpro S.A., Annual General Meeting, Jun 24, 2022 Inpro S.A., Annual General Meeting, Jun 24, 2022, at 11:00 Central European Standard Time. Agenda: To consider the financial statements of INPRO SA for the year 2021 ended on 31 December 2021;to consider the consolidated financial statements of the INPRO SA Corporate Group for the year 2021 ended on 31 December 2021;to consider the report of the Management Board of the activity of the INPRO SA Corporate Group in 2021 containing the report of the activity of the parent entity, INPRO Spólka Akcyjna;to adopt the Ordinary General Assembly of a resolution on the approval of the financial statements of INPRO SA for the year 2021 ended on 31 December 2021;and to consider other matters. Reported Earnings • May 02
Full year 2021 earnings released: EPS: zł1.01 (vs zł1.57 in FY 2020) Full year 2021 results: EPS: zł1.01 (down from zł1.57 in FY 2020). Revenue: zł321.4m (down 16% from FY 2020). Net income: zł40.6m (down 36% from FY 2020). Profit margin: 13% (down from 17% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 27
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: zł0.24 (up from zł0.11 in 3Q 2020). Revenue: zł81.0m (up 54% from 3Q 2020). Net income: zł9.70m (up 116% from 3Q 2020). Profit margin: 12% (up from 8.5% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 15
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: zł62.5m (up 16% from 2Q 2020). Net income: zł5.16m (up 119% from 2Q 2020). Profit margin: 8.2% (up from 4.4% 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 27% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 16
Upcoming dividend of zł0.50 per share Eligible shareholders must have bought the stock before 23 July 2021. Payment date: 09 August 2021. Trailing yield: 5.5%. Lower than top quartile of Polish dividend payers (5.8%). In line with average of industry peers (5.8%). Valuation Update With 7 Day Price Move • May 01
Investor sentiment improved over the past week After last week's 17% share price gain to zł7.15, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 11x in the Real Estate industry in Poland. Total returns to shareholders of 22% over the past three years. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improved over the past week After last week's 15% share price gain to zł6.10, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 10x in the Real Estate industry in Poland. Total returns to shareholders of 7.7% over the past three years. Is New 90 Day High Low • Mar 16
New 90-day high: zł5.50 The company is up 19% from a price of zł4.64 on 16 December 2020. Outperformed the Polish market which is up 6.0% over the last 90 days. Exceeded the Real Estate industry, which is up 10.0% over the same period. Is New 90 Day High Low • Jan 08
New 90-day high: zł5.10 The company is up 6.0% from its price of zł4.80 on 09 October 2020. The Polish market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 10.0% over the same period. Reported Earnings • Nov 26
Third quarter 2020 earnings released: EPS zł0.11 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: zł52.8m (up 9.2% from 3Q 2019). Net income: zł4.50m (down 28% from 3Q 2019). Profit margin: 8.5% (down from 13% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Sep 23
New 90-day low: zł4.26 The company is down 10.0% from its price of zł4.72 on 25 June 2020. The Polish market is down 5.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Real Estate industry, which is also down 10.0% over the same period.