Reported Earnings • Mar 24
Full year 2025 earnings released: EPS: zł0.49 (vs zł0.13 in FY 2024) Full year 2025 results: EPS: zł0.49 (up from zł0.13 in FY 2024). Revenue: zł1.61b (up 8.5% from FY 2024). Net income: zł22.8m (up 276% from FY 2024). Profit margin: 1.4% (up from 0.4% in FY 2024). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. New Risk • Mar 24
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risks Dividend is not well covered by earnings (104% payout ratio). Large one-off items impacting financial results. Upcoming Dividend • Aug 19
Upcoming dividend of zł0.25 per share Eligible shareholders must have bought the stock before 26 August 2025. Payment date: 18 September 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Polish dividend payers (7.1%). Lower than average of industry peers (4.2%). New Risk • Jun 25
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. Dividend yield: 2.6% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • May 23
First quarter 2025 earnings released: zł0.20 loss per share (vs zł0.014 loss in 1Q 2024) First quarter 2025 results: zł0.20 loss per share (further deteriorated from zł0.014 loss in 1Q 2024). Revenue: zł349.3m (down 9.5% from 1Q 2024). Net loss: zł9.21m (loss widened zł8.57m from 1Q 2024). 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 23% per year, which means it is significantly lagging earnings growth. Annuncio • May 23
Agora S.A. announces Annual dividend, payable on September 18, 2025 Agora S.A. announced Annual dividend of PLN 0.2500 per share payable on September 18, 2025, ex-date on August 26, 2025 and record date on August 27, 2025. Reported Earnings • Mar 27
Full year 2024 earnings released: EPS: zł0.13 (vs zł1.40 in FY 2023) Full year 2024 results: EPS: zł0.13 (down from zł1.40 in FY 2023). Revenue: zł1.48b (up 3.9% from FY 2023). Net income: zł6.07m (down 91% from FY 2023). Profit margin: 0.4% (down from 4.6% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. New Risk • Nov 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: zł408.0m (US$99.5m) This is considered a minor 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 Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risk Market cap is less than US$100m (zł408.0m market cap, or US$99.5m). Reported Earnings • Nov 17
Third quarter 2024 earnings released: zł0.25 loss per share (vs zł0.30 loss in 3Q 2023) Third quarter 2024 results: zł0.25 loss per share (improved from zł0.30 loss in 3Q 2023). Revenue: zł334.5m (down 8.0% from 3Q 2023). Net loss: zł11.4m (loss narrowed 20% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 16
Second quarter 2024 earnings released: zł0.26 loss per share (vs zł0.15 profit in 2Q 2023) Second quarter 2024 results: zł0.26 loss per share (down from zł0.15 profit in 2Q 2023). Revenue: zł337.5m (up 3.2% from 2Q 2023). Net loss: zł12.3m (down 276% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Annuncio • May 31
Agora S.A., Annual General Meeting, Jun 28, 2024 Agora S.A., Annual General Meeting, Jun 28, 2024. Reported Earnings • May 26
First quarter 2024 earnings released: zł0.01 loss per share (vs zł0.70 profit in 1Q 2023) First quarter 2024 results: zł0.01 loss per share (down from zł0.70 profit in 1Q 2023). Revenue: zł385.9m (up 31% from 1Q 2023). Net loss: zł635.0k (down 102% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 30
Price target increased by 7.5% to zł10.00 Up from zł9.30, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of zł10.40. Stock is up 42% over the past year. The company posted earnings per share of zł1.40 last year. Annuncio • Jan 30
Agora Media to Lay Off Up to 180 Employees Agora S.A. has reached an agreement with trade unions on group layoffs. They will cover up to 180 employees, and the estimated amount of the provision for this, which will burden the result in the first quarter of 2024, will amount to approximately PLN 10 million (EUR 2.3 million), Agora said in a press release. As stated, the group layoffs will be carried out in the period from February 12 to March 31, 2024. The company assured that employees will also be covered by protective measures including, among others, support in job search and retraining, psychological care and basic medical care until the end of 2024. As reported at the time, the intention of the management board was to conduct layoffs of up to 190 employees working in the digital and printed press and internet areas from February 5 to March 31, 2024. New Risk • Jan 02
New major risk - Revenue and earnings growth Earnings have declined by 7.3% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 21
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł326.9m (up 25% from 2Q 2022). Net income: zł6.96m (up zł22.9m from 2Q 2022). Profit margin: 2.1% (up from net loss in 2Q 2022). Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Media industry in Europe. 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 7% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jul 02
Now 21% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be zł10.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 28% in a year. Earnings is forecast to grow by 81% in the next year. Breakeven Date Change • Jun 30
Forecast breakeven date pushed back to 2024 The analyst covering Agora previously expected the company to break even in 2023. New forecast suggests losses will reduce by 87% to 2023. The company is expected to make a profit of zł11.0m in 2024. Average annual earnings growth of 83% is required to achieve expected profit on schedule. Annuncio • May 30
Agora S.A., Annual General Meeting, Jun 26, 2023 Agora S.A., Annual General Meeting, Jun 26, 2023, at 10:00 Central European Standard Time. Location: the Company's building, ul. Czerska 8/10 Warsaw Poland Agenda: To consider opening the General Meeting and electing the Chairperson; to consider adopting the agenda; to consider appointing members of the returning committee; to consider Presenting the annual separate financial statements of the Company, and the Management Report on the activities of the Company in the financial year 2022, and the consolidated financial statements of the Group, and the Group Management Report on the activities of the Group in the financial year 2022; and to consider other matters. Reported Earnings • May 30
First quarter 2023 earnings released: EPS: zł0.70 (vs zł0.68 loss in 1Q 2022) First quarter 2023 results: EPS: zł0.70 (up from zł0.68 loss in 1Q 2022). Revenue: zł295.8m (up 17% from 1Q 2022). Net income: zł32.6m (up zł64.4m from 1Q 2022). Profit margin: 11% (up from net loss in 1Q 2022). Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Media industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Breakeven Date Change • Mar 31
Forecast breakeven date pushed back to 2025 The analyst covering Agora previously expected the company to break even in 2023. New forecast suggests losses will reduce by 90% per year to 2024. The company is expected to make a profit of zł29.0m in 2025. Average annual earnings growth of 84% is required to achieve expected profit on schedule. Reported Earnings • Mar 20
Full year 2022 earnings released Full year 2022 results: Revenue: zł1.11b (up 15% from FY 2021). Net loss: zł102.7m (loss widened 130% from FY 2021). Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Media industry in Europe. Reported Earnings • Nov 20
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł267.2m (flat on 3Q 2021). Net loss: zł23.5m (loss widened zł22.3m from 3Q 2021). Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Media industry in Europe. Price Target Changed • Nov 16
Price target decreased to zł10.40 Down from zł16.20, the current price target is provided by 1 analyst. New target price is 113% above last closing price of zł4.88. Stock is down 40% over the past year. The company is forecast to post a net loss per share of zł0.30 next year compared to a net loss per share of zł0.96 last year. Reported Earnings • Aug 14
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł261.9m (up 30% from 2Q 2021). Net loss: zł16.0m (loss widened 73% from 2Q 2021). Over the next year, revenue is forecast to grow 4.7%, compared to a 4.8% growth forecast for the industry in Poland. Annuncio • Jun 24
Agora S.A. Announces Resignation of Agnieszka Siuzdak-Zyga as Management Board Member Agora S.A. announced that management board member Agnieszka Siuzdak-Zyga stepped down citing health and personal issues but will remain within Agora's structures. Price Target Changed • Jun 11
Price target decreased to zł10.40 Down from zł16.20, the current price target is provided by 1 analyst. New target price is 89% above last closing price of zł5.51. Stock is down 51% over the past year. The company is forecast to post a net loss per share of zł0.30 next year compared to a net loss per share of zł0.96 last year. Buying Opportunity • Jun 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be zł7.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 44%. Annuncio • May 28
Agora S.A., Annual General Meeting, Jun 21, 2022 Agora S.A., Annual General Meeting, Jun 21, 2022, at 11:00 Central European Standard Time. Location: Czerska 8/10 Warsaw Poland Agenda: To consider appointing members of the returning committee; to consider Presenting the annual separate financial statements of the Company, and the Management Report on the activities of the Company in the financial year 2021, and the consolidated financial statements of the Group, and the Group Management Report on the activities of the Group in the financial year 2021; to consider Presenting the Resolution of the Supervisory Board on the result of the evaluation of the financial statements and evaluating the Management Board’s motion regarding the allocation of profit for 2021, and the Supervisory Board’s motion to approve the performance of duties by Members of the Management Board in 2021; and to consider other matters. Reported Earnings • May 24
First quarter 2022 earnings: Revenues exceed analyst expectations First quarter 2022 results: Revenue: zł253.1m (up 73% from 1Q 2021). Net loss: zł31.8m (loss narrowed 44% from 1Q 2021). Revenue exceeded analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 1.8%, compared to a 7.5% growth forecast for the industry in Poland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Price Target Changed • Apr 27
Price target decreased to zł13.40 Down from zł15.50, the current price target is an average from 2 analysts. New target price is 120% above last closing price of zł6.10. Stock is down 19% over the past year. The company is forecast to post a net loss per share of zł0.10 next year compared to a net loss per share of zł0.96 last year. Reported Earnings • Mar 28
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: zł0.96 loss per share (up from zł2.52 loss in FY 2020). Revenue: zł965.9m (up 16% from FY 2020). Net loss: zł44.6m (loss narrowed 62% from FY 2020). Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Over the next year, revenue is forecast to grow 9.9%, compared to a 770% growth forecast for the industry in Poland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 22
Third quarter 2021 earnings: Revenues exceed analyst expectations Third quarter 2021 results: Revenue: zł266.5m (up 38% from 3Q 2020). Net loss: zł1.18m (loss narrowed 83% from 3Q 2020). Revenue exceeded analyst estimates by 3.3%. Over the next year, revenue is forecast to grow 23%, compared to a 7.3% growth forecast for the industry in Poland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 18
Second quarter 2021 earnings released The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: zł201.8m (up 56% from 2Q 2020). Net loss: zł9.21m (loss narrowed 76% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Price Target Changed • Jul 28
Price target increased to zł17.00 Up from zł15.50, the current price target is an average from 2 analysts. New target price is 81% above last closing price of zł9.40. Stock is up 16% over the past year. Annuncio • Apr 29
Agora Plans to Reopen Cinemas Operated by Its Unit Helios from May 29 Agora plans to reopen cinemas operated by its unit Helios from May 29, in line with the latest government guidelines. Reported Earnings • Mar 20
Full year 2020 earnings released: zł2.52 loss per share (vs zł0.076 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: zł836.5m (down 33% from FY 2019). Net loss: zł117.2m (down zł120.7m from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Feb 10
New 90-day low: zł6.24 The company is down 3.0% from its price of zł6.46 on 12 November 2020. The Polish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł7.01 per share. Is New 90 Day High Low • Dec 28
New 90-day high: zł7.26 The company is up 10.0% from its price of zł6.58 on 29 September 2020. The Polish market is also up 10.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Media industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł7.41 per share. Is New 90 Day High Low • Nov 25
New 90-day high: zł7.18 The company is up 3.0% from its price of zł6.96 on 27 August 2020. The Polish market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is down 7.0% over the same period. Is New 90 Day High Low • Oct 29
New 90-day low: zł4.44 The company is down 41% from its price of zł7.50 on 31 July 2020. The Polish market is down 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is down 9.0% over the same period. Is New 90 Day High Low • Oct 13
New 90-day low: zł5.56 The company is down 35% from its price of zł8.60 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 Media industry, which is down 1.0% over the same period. Annuncio • Sep 29
Agora SA Announces Resignation of Grzegorz Kania as the Member of the Management Board The Management Board of Agora S.A. with its registered office in Warsaw informed with reference to report no. 21/2020 of 30 April 2020 on the intention to resign by Grzegorz Kania from his position as a Member of the Management Board of the company, that on 28 September 2020, the company received a resignation from Mr. Grzegorz Kania from the position of a Member of the Management Board and his participation in the Management Board of Agora S.A. with an instant effect. Duties of the financial director within the Management Board of Agora S.A. were taken over by Anna Krynska Godlewska. Reported Earnings • Sep 27
First half earnings released Over the last 12 months the company has reported total losses of zł66.5m, with losses widening by 353% from the prior year. Total revenue was zł1.09b over the last 12 months, down 7.9% from the prior year. Annuncio • Sep 19
Agora S.A. (WSE:AGO) decided to execute its call option to acquire the remaining 60% stake Eurozet Sp. z o.o. from SFS Ventures s.r.o. Agora S.A. (WSE:AGO) decided to execute its call option to acquire the remaining 60% stake Eurozet Sp. z o.o. from SFS Ventures s.r.o. on September 18, 2019. Agora will seek antimonopoly office UOKiK consent for the transaction. As of November 27, 2019, antimonopoly office UOKiK office extended the decision on this transaction. Annuncio • Aug 07
Agora S.A. to Report First Half, 2020 Final Results on Sep 25, 2020 Agora S.A. announced that they will report first half, 2020 final results on Sep 25, 2020 
