New Risk • May 25
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 9.9% Last year net profit margin: 15% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (9.9% net profit margin). Reported Earnings • May 25
First quarter 2026 earnings released First quarter 2026 results: Revenue: zł153.6m (flat on 1Q 2025). Net income: zł10.9m (down 60% from 1Q 2025). Profit margin: 7.1% (down from 18% in 1Q 2025). 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 7% per year, which means it is well ahead of earnings. New Risk • Jan 09
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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.6% average weekly change). Reported Earnings • Nov 25
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł123.2m (down 23% from 3Q 2024). Net income: zł13.3m (down 56% from 3Q 2024). Profit margin: 11% (down from 19% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Sep 14
Second quarter 2025 earnings released: EPS: zł0.75 (vs zł1.16 in 2Q 2024) Second quarter 2025 results: EPS: zł0.75 (down from zł1.16 in 2Q 2024). Revenue: zł132.2m (down 19% from 2Q 2024). Net income: zł12.5m (down 35% from 2Q 2024). Profit margin: 9.5% (down from 12% in 2Q 2024). The decrease in margin was driven by lower revenue. 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 26% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jun 15
Dividend increased to zł1.20 Dividend of zł1.20 is 20% higher than last year. Ex-date: 30th June 2025 Payment date: 29th August 2025 Dividend yield will be 3.1%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has increased over the past 7 years. However, payments have been volatile during that time. Earnings per share has grown by 32% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. 공시 • May 19
Orzel Bialy S.A., Annual General Meeting, Jun 11, 2025 Orzel Bialy S.A., Annual General Meeting, Jun 11, 2025. Reported Earnings • Apr 29
Full year 2024 earnings released: EPS: zł5.97 (vs zł6.40 in FY 2023) Full year 2024 results: EPS: zł5.97 (down from zł6.40 in FY 2023). Revenue: zł699.0m (down 5.1% from FY 2023). Net income: zł99.4m (down 6.7% from FY 2023). Profit margin: 14% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 9% 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 • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł160.9m (down 7.5% from 3Q 2023). Net income: zł29.9m (up 8.5% from 3Q 2023). Profit margin: 19% (up from 16% in 3Q 2023). The increase in margin was driven by lower expenses. Reported Earnings • Sep 21
Second quarter 2024 earnings released: EPS: zł1.16 (vs zł1.33 in 2Q 2023) Second quarter 2024 results: EPS: zł1.16 (down from zł1.33 in 2Q 2023). Revenue: zł164.0m (down 8.1% from 2Q 2023). Net income: zł19.3m (down 13% from 2Q 2023). Profit margin: 12% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has increased by 15% 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 • May 26
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł173.8m (down 17% from 1Q 2023). Net income: zł22.6m (down 32% from 1Q 2023). Profit margin: 13% (down from 16% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year and the company’s share price has also increased by 25% per year. Reported Earnings • Apr 21
Full year 2023 earnings released: EPS: zł6.40 (vs zł6.03 in FY 2022) Full year 2023 results: EPS: zł6.40 (up from zł6.03 in FY 2022). Revenue: zł736.9m (down 17% from FY 2022). Net income: zł106.5m (up 6.1% from FY 2022). Profit margin: 14% (up from 11% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 27% per year. Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł173.9m (down 23% from 3Q 2022). Net income: zł27.6m (up 2.6% from 3Q 2022). Profit margin: 16% (up from 12% in 3Q 2022). The increase in margin was driven by lower expenses. Reported Earnings • Sep 21
Second quarter 2023 earnings released: EPS: zł1.33 (vs zł0.81 in 2Q 2022) Second quarter 2023 results: EPS: zł1.33 (up from zł0.81 in 2Q 2022). Revenue: zł178.4m (down 21% from 2Q 2022). Net income: zł22.2m (up 65% from 2Q 2022). Profit margin: 12% (up from 5.9% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 38% per year whereas the company’s share price has increased by 43% per year. 공시 • May 23
Orzel Bialy S.A., Annual General Meeting, Jun 15, 2023 Orzel Bialy S.A., Annual General Meeting, Jun 15, 2023, at 10:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 17% share price gain to zł25.80, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 8x in the Commercial Services industry in Poland. Total returns to shareholders of 124% over the past three years. Reported Earnings • Nov 23
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł226.6m (up 45% from 3Q 2021). Net income: zł26.9m (up 96% from 3Q 2021). Profit margin: 12% (up from 8.8% in 3Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improved over the past week After last week's 16% share price gain to zł22.00, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 9x in the Commercial Services industry in Poland. Total returns to shareholders of 110% over the past three years. Reported Earnings • Oct 03
Second quarter 2022 earnings released: EPS: zł0.81 (vs zł0.94 in 2Q 2021) Second quarter 2022 results: EPS: zł0.81 (down from zł0.94 in 2Q 2021). Revenue: zł226.8m (up 40% from 2Q 2021). Net income: zł13.5m (down 14% from 2Q 2021). Profit margin: 5.9% (down from 9.7% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 21
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł207.4m (up 38% from 1Q 2021). Net income: zł30.9m (up 111% from 1Q 2021). Profit margin: 15% (up from 9.8% in 1Q 2021). The increase in margin was driven by higher revenue. 공시 • May 14
Orzel Bialy S.A., Annual General Meeting, Jun 15, 2022 Orzel Bialy S.A., Annual General Meeting, Jun 15, 2022, at 11:00 Central European Standard Time. Reported Earnings • Apr 14
Full year 2021 earnings released: EPS: zł3.81 (vs zł2.92 in FY 2020) Full year 2021 results: EPS: zł3.81 (up from zł2.92 in FY 2020). Revenue: zł662.7m (up 29% from FY 2020). Net income: zł63.4m (up 30% from FY 2020). Profit margin: 9.6% (in line with FY 2020). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 18% share price gain to zł23.60, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 7x in the Commercial Services industry in Poland. Total returns to shareholders of 121% over the past three years. Reported Earnings • Nov 23
Third quarter 2021 earnings: Revenues in line with analyst expectations Third quarter 2021 results: Revenue: zł156.1m (up 19% from 3Q 2020). Net income: zł13.7m (up 27% from 3Q 2020). Profit margin: 8.8% (up from 8.3% in 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth.