Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł1.94, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 16x in the Oil and Gas industry in Europe. Total returns to shareholders of 18% over the past three years. Reported Earnings • Mar 02
Second quarter 2026 earnings released: US$0.02 loss per share (vs US$0.004 loss in 2Q 2025) Second quarter 2026 results: US$0.02 loss per share (further deteriorated from US$0.004 loss in 2Q 2025). Net loss: US$931.0k (loss widened 478% from 2Q 2025). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Annuncio • Jan 12
Coal Energy S.A., Annual General Meeting, Feb 09, 2026 Coal Energy S.A., Annual General Meeting, Feb 09, 2026, at 11:00 W. Europe Standard Time. New Risk • Jan 01
New major risk - Revenue and earnings growth Earnings have declined by 72% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (12% average weekly change). Negative equity (-US$3.0m). Earnings have declined by 72% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (US$3.0m revenue). Market cap is less than US$100m (zł124.4m market cap, or US$34.7m). Reported Earnings • Dec 05
Third quarter 2025 earnings released: EPS: US$0.044 (vs US$0.009 loss in 3Q 2024) Third quarter 2025 results: EPS: US$0.044 (up from US$0.009 loss in 3Q 2024). Revenue: US$857.0k (down 25% from 3Q 2024). Net income: US$1.97m (up US$2.37m from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Annuncio • Jul 31
Coal Energy S.A., Annual General Meeting, Aug 29, 2025 Coal Energy S.A., Annual General Meeting, Aug 29, 2025, at 14:00 W. Europe Standard Time. Location: 33 rue du puits romain, bertrange Luxembourg New Risk • Jul 10
New major risk - Revenue and earnings growth Earnings have declined by 55% 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 Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-US$13m). Earnings have declined by 55% per year over the past 5 years. Minor Risks Revenue is less than US$5m (US$3.6m revenue). Market cap is less than US$100m (zł84.8m market cap, or US$23.4m). Buy Or Sell Opportunity • Jun 12
Now 57% overvalued Over the last 90 days, the stock has fallen 46% to zł2.00. The fair value is estimated to be zł1.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.7% over the last 3 years. Meanwhile, the company became loss making. New Risk • Jun 03
New major risk - Revenue and earnings growth Earnings have declined by 40% 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 Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Negative equity (-US$13m). Earnings have declined by 40% per year over the past 5 years. Minor Risks Revenue is less than US$5m (US$2.5m revenue). Market cap is less than US$100m (zł103.5m market cap, or US$27.5m). 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. Share price has been highly volatile over the past 3 months (25% average weekly change). Minor Risk Market cap is less than US$100m (zł140.0m market cap, or US$36.3m). New Risk • Feb 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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 Share price has been highly volatile over the past 3 months (13% average weekly change). Negative equity (-US$1.9m). Revenue has declined by 78% over the past year. Revenue is less than US$1m (US$480k revenue). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Market cap is less than US$100m (zł64.8m market cap, or US$15.9m). New Risk • Jan 08
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). Negative equity (-US$1.9m). Revenue has declined by 78% over the past year. Revenue is less than US$1m (US$480k revenue). Market cap is less than US$10m (zł40.9m market cap, or US$9.87m). New Risk • Oct 22
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł37.2m (US$9.30m) 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 Negative equity (-US$1.9m). Revenue has declined by 78% over the past year. Revenue is less than US$1m (US$480k revenue). Market cap is less than US$10m (zł37.2m market cap, or US$9.30m). New Risk • Aug 07
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 6.5% 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: Major Risks Negative equity (-US$1.9m). Earnings have declined by 1.8% per year over the past 5 years. Revenue is less than US$1m (US$480k revenue). Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (zł47.1m market cap, or US$11.9m). Reported Earnings • Jul 26
First quarter 2024 earnings released: US$0.002 loss per share (vs US$0.024 loss in 1Q 2023) First quarter 2024 results: US$0.002 loss per share (improved from US$0.024 loss in 1Q 2023). Net loss: US$76.0k (loss narrowed 93% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. New Risk • Jun 30
New major risk - Revenue and earnings growth Revenue has declined by 67% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Risks Negative equity (-US$1.8m). Revenue has declined by 67% over the past year. Revenue is less than US$1m (US$764k revenue). Minor Risk Market cap is less than US$100m (zł49.5m market cap, or US$12.3m). Reported Earnings • Jun 16
Full year 2023 earnings released: US$0.064 loss per share (vs US$0.015 loss in FY 2022) Full year 2023 results: US$0.064 loss per share (further deteriorated from US$0.015 loss in FY 2022). Revenue: US$764.0k (down 67% from FY 2022). Net loss: US$2.89m (loss widened 315% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. New Risk • Mar 31
New major risk - Revenue and earnings growth Revenue has declined by 48% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Risks Negative equity (-US$992k). Revenue has declined by 48% over the past year. Minor Risks Revenue is less than US$5m (US$1.2m revenue). Market cap is less than US$100m (zł45.7m market cap, or US$11.5m). Reported Earnings • Mar 28
Third quarter 2023 earnings released: US$0.002 loss per share (vs US$0 in 3Q 2022) Third quarter 2023 results: US$0.002 loss per share (further deteriorated from US$0 in 3Q 2022). Revenue: US$1.0k (down 100% from 3Q 2022). Net loss: US$79.0k (loss widened US$75.0k from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Reported Earnings • Jan 18
Second quarter 2023 earnings released: US$0.021 loss per share (vs US$0.01 loss in 2Q 2022) Second quarter 2023 results: US$0.021 loss per share (further deteriorated from US$0.01 loss in 2Q 2022). Revenue: US$477.0k (down 19% from 2Q 2022). Net loss: US$961.0k (loss widened 113% from 2Q 2022). Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to zł1.74, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 4x in the Oil and Gas industry in Poland. Total returns to shareholders of 930% over the past three years. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł1.20, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 4x in the Oil and Gas industry in Poland. Total returns to shareholders of 1,231% over the past three years. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 16% share price gain to zł1.70, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 4x in the Oil and Gas industry in Poland. Total returns to shareholders of 900% over the past three years. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Independent Non-Executive Director Diyor Yakubov was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment deteriorated over the past week After last week's 26% share price decline to zł1.58, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 3x in the Oil and Gas industry in Poland. Total returns to shareholders of 294% over the past three years. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 20% share price decline to zł2.80, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 3x in the Oil and Gas industry in Poland. Total returns to shareholders of 567% over the past three years. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improved over the past week After last week's 75% share price gain to zł2.08, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 4x in the Oil and Gas industry in Poland. Total returns to shareholders of 395% over the past three years. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł1.15, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 4x in the Oil and Gas industry in Poland. Total returns to shareholders of 86% over the past three years. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Independent Non-Executive Director Diyor Yakubov was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł1.67, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 5x in the Oil and Gas industry in Poland. Total returns to shareholders of 240% over the past three years. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 23% share price gain to zł1.46, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 5x in the Oil and Gas industry in Poland. Total returns to shareholders of 299% over the past three years. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 18% share price decline to zł1.11, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 4x in the Oil and Gas industry in Poland. Total returns to shareholders of 226% over the past three years. Reported Earnings • Mar 03
Second quarter 2022 earnings: Revenues exceed analyst expectations Second quarter 2022 results: Net loss: US$451.0k (down 101% from profit in 2Q 2021). Revenue exceeded analyst estimates by 21%. 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 56% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 31
Full year 2021 earnings released: EPS US$1.06 (vs US$0.69 in FY 2020) Full year 2021 results: Net income: US$47.7m (up 54% from FY 2020). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has increased by 117% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jun 04
Third quarter 2021 earnings released: EPS US$0.086 (vs US$0.088 loss in 3Q 2020) Third quarter 2021 results: Net income: US$3.86m (up US$7.82m from 3Q 2020). 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 57% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 11
Second quarter 2021 earnings released: EPS US$1.05 (vs US$0.82 in 2Q 2020) Second quarter 2021 results: Net income: US$47.2m (up 28% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Annuncio • Feb 10
An unknown buyer completed the acquisition of Asset Located In Military Conflict Zone from Coal Energy S.A. (WSE:CLE). An unknown buyer agreed to acquire Asset Located In Military Conflict Zone from Coal Energy S.A. (WSE:CLE) on February 1, 2021.
An unknown buyer completed the acquisition of Asset Located In Military Conflict Zone from Coal Energy S.A. (WSE:CLE) on February 8, 2021. The management of Coal Energy expects the sale of these companies to reduce the losses associated with the idle capacities and have a positive impact on further stabilization of its financial position. Is New 90 Day High Low • Feb 03
New 90-day high: zł0.85 The company is up 43% from its price of zł0.59 on 04 November 2020. The Polish market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 31% over the same period. Annuncio • Feb 02
An unknown buyer agreed to acquire Asset Located In Military Conflict Zone from Coal Energy S.A. (WSE:CLE). An unknown buyer agreed to acquire Asset Located In Military Conflict Zone from Coal Energy S.A. (WSE:CLE) on February 1, 2021. Is New 90 Day High Low • Jan 05
New 90-day high: zł0.74 The company is up 17% from its price of zł0.63 on 07 October 2020. The Polish market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 16% over the same period. Annuncio • Nov 13
Coal Energy S.A., Annual General Meeting, Dec 14, 2020 Coal Energy S.A., Annual General Meeting, Dec 14, 2020, at 11:00 Central European Standard Time. Location: 205, route d'Arlon, L-1150 Luxembourg Luxembourg Agenda: To consider approval of the unaudited stand-alone financial statements as of 30 June 2020 and of the management report for the period covered by these financial statements; to consider allocation of the net result of Coal Energy S.A. from the financial year ended on 30 June 2020; To consider approval of the unaudited consolidated financial statements as of 30 June 2020 and of the management report for the relevant period covered by these financial statements; To consider resolution on the continuation of the Company; and to consider discharge of the directors of the Company for the performance of their duties during the financial year ended on 30 June 2020. Reported Earnings • Nov 01
Full year earnings released - EPS zł0.69 Over the last 12 months the company has reported total profits of US$31.1m, with earnings increasing by US$40.2m from the prior year. 
