New Risk • May 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 67% 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: Major Risks Revenue has declined by 17% over the past year. Market cap is less than US$10m (zł28.0m market cap, or US$7.67m). Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (zł16m revenue, or US$4.5m). New Risk • May 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. 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 Revenue has declined by 5.3% over the past year. Market cap is less than US$10m (zł28.0m market cap, or US$7.66m). Minor Risk Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). New Risk • Mar 03
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: zł18m (US$5.0m) This is considered a minor risk. Companies with a small amount of revenue 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 Share price has been highly volatile over the past 3 months (11% average weekly change). Revenue has declined by 5.3% over the past year. Market cap is less than US$10m (zł30.0m market cap, or US$8.12m). Minor Risk Revenue is less than US$5m (zł18m revenue, or US$5.0m). Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł33.30, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 10x in the Professional Services industry in Poland. Total loss to shareholders of 11% over the past year. New Risk • Dec 30
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 10% 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 (10% average weekly change). Revenue has declined by 5.3% over the past year. Minor Risks Less than 3 years of financial data is available. Market cap is less than US$100m (zł38.4m market cap, or US$10.7m). Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł29.20, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 10x in the Professional Services industry in Poland. Total loss to shareholders of 17% over the past year. New Risk • Jul 28
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł36.2m (US$9.83m) 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 Revenue has declined by 6.2% over the past year. Market cap is less than US$10m (zł36.2m market cap, or US$9.83m). Minor Risks Less than 3 years of financial data is available. Profit margins are more than 30% lower than last year (6.9% net profit margin). New Risk • Aug 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł36.7m (US$9.36m) 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 No financial data reported. Shares are highly illiquid. Market cap is less than US$10m (zł36.7m market cap, or US$9.36m).