New Risk • May 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 168% 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 Earnings have declined by 31% per year over the past 5 years. Market cap is less than US$10m (zł29.0m market cap, or US$8.00m). Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Large one-off items impacting financial results. Reported Earnings • May 27
First quarter 2026 earnings released: EPS: zł0.04 (vs zł0.79 loss in 1Q 2025) First quarter 2026 results: EPS: zł0.04 (up from zł0.79 loss in 1Q 2025). Revenue: zł18.3m (down 13% from 1Q 2025). Net income: zł30.0k (up zł602.0k from 1Q 2025). Profit margin: 0.2% (up from net loss in 1Q 2025). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 17
Full year 2025 earnings released: zł0.09 loss per share (vs zł0.90 loss in FY 2024) Full year 2025 results: zł0.09 loss per share (improved from zł0.90 loss in FY 2024). Revenue: zł74.5m (up 1.1% from FY 2024). Net loss: zł67.0k (loss narrowed 90% from FY 2024). 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. Reported Earnings • Nov 22
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł17.4m (down 4.3% from 3Q 2024). Net loss: zł96.0k (down 275% from profit in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. 공고 • Nov 15
ERG Spólka Akcyjna to Report Q3, 2025 Results on Nov 18, 2025 ERG Spólka Akcyjna announced that they will report Q3, 2025 results on Nov 18, 2025 Reported Earnings • Sep 21
Second quarter 2025 earnings released: EPS: zł1.51 (vs zł0.10 loss in 2Q 2024) Second quarter 2025 results: EPS: zł1.51 (up from zł0.10 loss in 2Q 2024). Revenue: zł20.9m (flat on 2Q 2024). Net income: zł1.10m (up zł1.18m from 2Q 2024). Profit margin: 5.3% (up from net loss in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. 공고 • Aug 21
ERG Spólka Akcyjna to Report First Half, 2025 Results on Sep 18, 2025 ERG Spólka Akcyjna announced that they will report first half, 2025 results on Sep 18, 2025 공고 • May 26
ERG Spólka Akcyjna, Annual General Meeting, Jun 24, 2025 ERG Spólka Akcyjna, Annual General Meeting, Jun 24, 2025. Reported Earnings • May 23
First quarter 2025 earnings released: zł0.79 loss per share (vs zł0.67 profit in 1Q 2024) First quarter 2025 results: zł0.79 loss per share (down from zł0.67 profit in 1Q 2024). Revenue: zł21.0m (up 7.2% from 1Q 2024). Net loss: zł572.0k (down 215% from profit in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 06
Full year 2024 earnings released Full year 2024 results: Revenue: zł73.7m (down 22% from FY 2023). Net loss: zł653.0k (down 120% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Nov 21
Third quarter 2024 earnings released: EPS: zł0.077 (vs zł0.45 loss in 3Q 2023) Third quarter 2024 results: EPS: zł0.077 (up from zł0.45 loss in 3Q 2023). Revenue: zł18.2m (down 16% from 3Q 2023). Net income: zł55.0k (up zł385.0k from 3Q 2023). Profit margin: 0.3% (up from net loss in 3Q 2023). 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 4% per year, which means it is well ahead of earnings. New Risk • Sep 30
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł38.5m (US$9.99m) 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 Shares are highly illiquid. Market cap is less than US$10m (zł38.5m market cap, or US$9.99m). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Reported Earnings • Sep 27
Second quarter 2024 earnings released: zł0.10 loss per share (vs zł3.12 profit in 2Q 2023) Second quarter 2024 results: zł0.10 loss per share (down from zł3.12 profit in 2Q 2023). Revenue: zł20.7m (down 16% from 2Q 2023). Net loss: zł75.0k (down 103% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. 공고 • May 31
ERG Spólka Akcyjna, Annual General Meeting, Jun 25, 2024 ERG Spólka Akcyjna, Annual General Meeting, Jun 25, 2024. New Risk • May 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 226% 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 Risk Market cap is less than US$10m (zł39.2m market cap, or US$10.00m). Minor Risk Large one-off items impacting financial results. Reported Earnings • May 24
First quarter 2024 earnings released: EPS: zł0.67 (vs zł1.53 in 1Q 2023) First quarter 2024 results: EPS: zł0.67 (down from zł1.53 in 1Q 2023). Revenue: zł19.6m (down 31% from 1Q 2023). Net income: zł497.0k (down 56% from 1Q 2023). Profit margin: 2.5% (down from 4.0% 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 35% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 19
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł21.5m (down 31% from 3Q 2022). Net loss: zł330.0k (down 136% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 35% 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 • Sep 29
Second quarter 2023 earnings released: EPS: zł3.12 (vs zł0.23 in 2Q 2022) Second quarter 2023 results: EPS: zł3.12 (up from zł0.23 in 2Q 2022). Revenue: zł24.6m (down 28% from 2Q 2022). Net income: zł2.32m (up zł2.15m from 2Q 2022). Profit margin: 9.4% (up from 0.5% 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 30% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to zł73.00, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 12x in the Chemicals industry in Poland. Total returns to shareholders of 34% over the past three years. New Risk • Jun 15
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: 2.3% Last year net profit margin: 3.4% 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: Major Risks Shares are highly illiquid. Market cap is less than US$10m (zł35.0m market cap, or US$8.49m). Minor Risk Profit margins are more than 30% lower than last year (2.3% net profit margin). 공고 • May 27
ERG Spólka Akcyjna, Annual General Meeting, Jun 22, 2023 ERG Spólka Akcyjna, Annual General Meeting, Jun 22, 2023, at 10:00 Central European Standard Time. Reported Earnings • Apr 21
Full year 2022 earnings released Full year 2022 results: Revenue: zł119.3m (up 11% from FY 2021). Net income: zł3.15m (up 104% from FY 2021). Profit margin: 2.6% (up from 1.4% in FY 2021). The increase in margin was driven by higher revenue. Reported Earnings • Nov 21
Third quarter 2022 earnings released: EPS: zł1.22 (vs zł1.30 in 3Q 2021) Third quarter 2022 results: EPS: zł1.22 (down from zł1.30 in 3Q 2021). Revenue: zł31.3m (up 13% from 3Q 2021). Net income: zł908.0k (down 5.4% from 3Q 2021). Profit margin: 2.9% (down from 3.5% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 23
First half 2022 earnings released: EPS: zł0 (vs zł0.31 in 1H 2021) First half 2022 results: EPS: zł0. Revenue: zł63.9m (up 19% from 1H 2021). Net income: zł1.72m (up zł1.49m from 1H 2021). Profit margin: 2.7% (up from 0.4% in 1H 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improved over the past week After last week's 16% share price gain to zł57.00, the stock trades at a trailing P/E ratio of 27.4x. Average trailing P/E is 9x in the Chemicals industry in Poland. Total returns to shareholders of 49% over the past three years. 공고 • May 31
ERG Spólka Akcyjna, Annual General Meeting, Jun 24, 2022 ERG Spólka Akcyjna, Annual General Meeting, Jun 24, 2022, at 09:00 Central European Standard Time. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 31% share price gain to zł51.50, the stock trades at a trailing P/E ratio of 24.8x. Average trailing P/E is 11x in the Chemicals industry in Poland. Total returns to shareholders of 66% over the past three years. Reported Earnings • May 03
Full year 2021 earnings released: EPS: zł2.08 (vs zł3.48 in FY 2020) Full year 2021 results: EPS: zł2.08 (down from zł3.48 in FY 2020). Revenue: zł107.5m (up 33% from FY 2020). Net income: zł1.55m (down 42% from FY 2020). Profit margin: 1.4% (down from 3.3% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 17
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: zł31.8m (up 52% from 2Q 2020). Net income: zł1.10m (up 28% from 2Q 2020). Profit margin: 3.5% (down from 4.1% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 26
Full year 2020 earnings released: EPS zł3.45 (vs zł0.89 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: zł80.8m (down 4.9% from FY 2019). Net income: zł2.66m (up 287% from FY 2019). Profit margin: 3.3% (up from 0.8% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 8% per year. Is New 90 Day High Low • Feb 23
New 90-day high: zł45.20 The company is up 10.0% from its price of zł41.00 on 25 November 2020. The Polish market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 13% over the same period. Valuation Update With 7 Day Price Move • Oct 21
Market pulls back on stock over the past week After last week's 21% share price decline to zł39.60, the stock is trading at a trailing P/E ratio of 13.4x, down from the previous P/E ratio of 16.9x. This compares to an average P/E of 16x in the Chemicals industry in Poland. Total return to shareholders over the past three years is a loss of 18%. Is New 90 Day High Low • Oct 21
New 90-day low: zł42.60 The company is down 5.0% from its price of zł45.00 on 22 July 2020. The Polish market is down 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is down 15% over the same period.