Reported Earnings • Jun 01
First quarter 2026 earnings released: zł9.05 loss per share (vs zł1.54 profit in 1Q 2025) First quarter 2026 results: zł9.05 loss per share (down from zł1.54 profit in 1Q 2025). Revenue: zł482.4m (up 3.7% from 1Q 2025). Net loss: zł158.7m (down zł185.8m from profit in 1Q 2025). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • Jun 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% 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: Minor Risks Dividend is not well covered by earnings (119% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). New Risk • May 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 14% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 14% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Annonce • May 26
Enter Air S.A., Annual General Meeting, Jun 18, 2026 Enter Air S.A., Annual General Meeting, Jun 18, 2026, at 12:00 Central European Standard Time. Annonce • May 16
Enter Air S.A. announces Annual dividend, payable on August 21, 2026 Enter Air S.A. announced Annual dividend of PLN 2.5000 per share payable on August 21, 2026, ex-date on August 13, 2026 and record date on August 14, 2026. New Risk • May 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 37% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 37% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 30
Third quarter 2025 earnings released: EPS: zł6.20 (vs zł10.58 in 3Q 2024) Third quarter 2025 results: EPS: zł6.20 (down from zł10.58 in 3Q 2024). Revenue: zł1.17b (down 1.7% from 3Q 2024). Net income: zł108.9m (down 41% from 3Q 2024). Profit margin: 9.3% (down from 16% in 3Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. New Risk • Nov 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 37% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 37% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Oct 05
Second quarter 2025 earnings released: EPS: zł9.16 (vs zł2.28 in 2Q 2024) Second quarter 2025 results: EPS: zł9.16 (up from zł2.28 in 2Q 2024). Revenue: zł789.7m (up 2.2% from 2Q 2024). Net income: zł160.7m (up 301% from 2Q 2024). Profit margin: 20% (up from 5.2% in 2Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Annonce • Aug 25
Enter Air S.A. to Report First Half, 2025 Results on Sep 30, 2025 Enter Air S.A. announced that they will report first half, 2025 results on Sep 30, 2025 Upcoming Dividend • Jun 23
Upcoming dividend of zł3.00 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 23 July 2025. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of Polish dividend payers (7.2%). Higher than average of industry peers (2.7%). Reported Earnings • May 30
First quarter 2025 earnings released: EPS: zł1.54 (vs zł3.66 loss in 1Q 2024) First quarter 2025 results: EPS: zł1.54 (up from zł3.66 loss in 1Q 2024). Revenue: zł465.3m (up 18% from 1Q 2024). Net income: zł27.1m (up zł91.3m from 1Q 2024). Profit margin: 5.8% (up from net loss in 1Q 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 02
Full year 2024 earnings released: EPS: zł3.74 (vs zł11.20 in FY 2023) Full year 2024 results: EPS: zł3.74 (down from zł11.20 in FY 2023). Revenue: zł2.93b (up 11% from FY 2023). Net income: zł65.6m (down 67% from FY 2023). Profit margin: 2.2% (down from 7.5% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Annonce • Jan 15
Enter Air S.A. (WSE:ENT) acquired Bokserska Office Center building in Warsaw from Indotek Zrt. Enter Air S.A. (WSE:ENT) acquired Bokserska Office Center building in Warsaw from Indotek Zrt. on January 13, 2025. Greenberg Traurig, LLP acted as legal advisor for Indotek Zrt.
Enter Air S.A. (WSE:ENT) completed the acquisition of Bokserska Office Center building in Warsaw from Indotek Zrt. on January 13, 2025. Buy Or Sell Opportunity • Dec 19
Now 22% overvalued Over the last 90 days, the stock has fallen 5.0% to zł53.50. The fair value is estimated to be zł43.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings are also forecast to grow by 2.5% per annum over the same time period. Reported Earnings • Nov 29
Third quarter 2024 earnings released: EPS: zł10.58 (vs zł3.24 in 3Q 2023) Third quarter 2024 results: EPS: zł10.58 (up from zł3.24 in 3Q 2023). Revenue: zł1.19b (up 11% from 3Q 2023). Net income: zł185.6m (up 226% from 3Q 2023). Profit margin: 16% (up from 5.3% in 3Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Nov 20
Now 24% overvalued The stock has been flat over the last 90 days, currently trading at zł58.60. The fair value is estimated to be zł47.09, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.2% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Reported Earnings • Sep 27
Second quarter 2024 earnings released: EPS: zł2.28 (vs zł5.13 in 2Q 2023) Second quarter 2024 results: EPS: zł2.28 (down from zł5.13 in 2Q 2023). Revenue: zł772.6m (up 11% from 2Q 2023). Net income: zł40.1m (down 56% from 2Q 2023). Profit margin: 5.2% (down from 13% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 93% 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 • Aug 06
Upcoming dividend of zł4.40 per share Eligible shareholders must have bought the stock before 13 August 2024. Payment date: 28 August 2024. The company last paid an ordinary dividend in March 2016. The average dividend yield among industry peers is 3.0%. Annonce • Jun 26
Enter Air to Pay Dividend, Payable on August 28, 2024 Enter Air's shareholders have decided to pay dividend of PLN 77.2 million (EUR 18 mln) in total, which translates into PLN 4.40 (EUR 1.03) per share, Subject to the fulfilment of the dividend condition, the dividend date was set for August 15 and the dividend payment date for August 28, 2024. Annonce • May 31
Enter Air Sp. z o.o., Annual General Meeting, Jun 25, 2024 Enter Air Sp. z o.o., Annual General Meeting, Jun 25, 2024. Reported Earnings • May 30
First quarter 2024 earnings released: zł3.66 loss per share (vs zł0.94 loss in 1Q 2023) First quarter 2024 results: zł3.66 loss per share (further deteriorated from zł0.94 loss in 1Q 2023). Revenue: zł392.9m (up 25% from 1Q 2023). Net loss: zł64.3m (loss widened 290% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 29
Full year 2023 earnings released: EPS: zł11.20 (vs zł4.12 in FY 2022) Full year 2023 results: EPS: zł11.20 (up from zł4.12 in FY 2022). Revenue: zł2.63b (up 16% from FY 2022). Net income: zł196.4m (up 172% from FY 2022). Profit margin: 7.5% (up from 3.2% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł68.40, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 7x in the Airlines industry in Europe. Total returns to shareholders of 73% over the past three years. Reported Earnings • Dec 01
Third quarter 2023 earnings released: EPS: zł3.24 (vs zł5.93 in 3Q 2022) Third quarter 2023 results: EPS: zł3.24 (down from zł5.93 in 3Q 2022). Revenue: zł1.07b (up 6.4% from 3Q 2022). Net income: zł56.9m (down 45% from 3Q 2022). Profit margin: 5.3% (down from 10% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 02
Second quarter 2023 earnings released: EPS: zł5.13 (vs zł1.77 loss in 2Q 2022) Second quarter 2023 results: EPS: zł5.13 (up from zł1.77 loss in 2Q 2022). Revenue: zł697.7m (up 16% from 2Q 2022). Net income: zł90.0m (up zł121.0m from 2Q 2022). Profit margin: 13% (up from net loss in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 04
First quarter 2023 earnings released: zł0.94 loss per share (vs zł3.91 loss in 1Q 2022) First quarter 2023 results: zł0.94 loss per share (improved from zł3.91 loss in 1Q 2022). Revenue: zł313.8m (up 46% from 1Q 2022). Net loss: zł16.5m (loss narrowed 76% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Annonce • May 31
Enter Air Sp. z o.o., Annual General Meeting, Jun 22, 2023 Enter Air Sp. z o.o., Annual General Meeting, Jun 22, 2023, at 12:00 Central European Standard Time. Reported Earnings • Dec 01
Third quarter 2022 earnings released: EPS: zł5.93 (vs zł4.31 in 3Q 2021) Third quarter 2022 results: EPS: zł5.93 (up from zł4.31 in 3Q 2021). Revenue: zł1.01b (up 87% from 3Q 2021). Net income: zł104.0m (up 38% from 3Q 2021). Profit margin: 10% (down from 14% in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 02
Second quarter 2022 earnings released: zł1.77 loss per share (vs zł1.11 profit in 2Q 2021) Second quarter 2022 results: zł1.77 loss per share (down from zł1.11 profit in 2Q 2021). Revenue: zł602.6m (up 171% from 2Q 2021). Net loss: zł31.0m (down 259% from profit in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Reported Earnings • May 03
Full year 2021 earnings released: zł6.68 loss per share (vs zł8.79 loss in FY 2020) Full year 2021 results: zł6.68 loss per share (up from zł8.79 loss in FY 2020). Revenue: zł1.12b (up 138% from FY 2020). Net loss: zł117.1m (loss narrowed 24% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 02
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: EPS: zł4.31 (up from zł1.96 in 3Q 2020). Revenue: zł536.9m (up 184% from 3Q 2020). Net income: zł75.6m (up 120% from 3Q 2020). Profit margin: 14% (down from 18% in 3Q 2020). Revenue exceeded analyst estimates by 29%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 03
Second quarter 2021 earnings released: EPS zł1.11 (vs zł3.19 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł222.7m (up zł202.1m from 2Q 2020). Net income: zł19.5m (up zł75.5m from 2Q 2020). Profit margin: 8.8% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 118 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 05
First quarter 2021 earnings released: zł6.63 loss per share (vs zł4.39 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: zł85.0m (down 59% from 1Q 2020). Net loss: zł116.3m (loss widened 51% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance. Reported Earnings • May 05
Full year 2020 earnings released: zł8.78 loss per share (vs zł4.85 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: zł470.5m (down 71% from FY 2019). Net loss: zł154.1m (down 281% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Dec 28
New 90-day high: zł38.20 The company is up 57% from its price of zł24.40 on 29 September 2020. The Polish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Airlines industry, which is up 37% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: zł34.80 The company is up 44% from its price of zł24.20 on 09 September 2020. The Polish market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Airlines industry, which is up 12% over the same period. Reported Earnings • Dec 04
Third quarter 2020 earnings released: EPS zł1.96 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: zł189.3m (down 73% from 3Q 2019). Net income: zł34.4m (down 42% from 3Q 2019). Profit margin: 18% (up from 8.4% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Nov 17
New 90-day high: zł29.70 The company is up 12% from its price of zł26.50 on 19 August 2020. The Polish market is down 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Airlines industry, which is up 20% over the same period. Is New 90 Day High Low • Oct 16
New 90-day low: zł19.55 The company is down 38% from its price of zł31.30 on 17 July 2020. The Polish market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Airlines industry, which is down 22% over the same period. Reported Earnings • Oct 04
First half earnings released Over the last 12 months the company has reported total losses of zł92.3m, with earnings decreasing by zł188.0m from the prior year. Total revenue was zł1.21b over the last 12 months, down 16% from the prior year.