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 (12% average weekly change). Minor Risk Market cap is less than US$100m (zł60.0m market cap, or US$16.1m). New Risk • Dec 26
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 8.8% 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 (8.8% average weekly change). Market cap is less than US$10m (zł24.8m market cap, or US$6.91m). Minor Risk Revenue is less than US$5m (zł14m revenue, or US$3.8m). Aankondiging • Dec 25
TREX S.A. (WSE:TRX) commences an Equity Buyback Plan for 1,000,000 shares, for PLN 5 million, under the authorization approved on May 9, 2025. TREX S.A. (WSE:TRX) commences share repurchases on December 15, 2025, under the program mandated by the shareholders in the Annual General Meeting held on May 9, 2025. As per the mandate, the company is authorized to repurchase up to 1,000,000 shares, for PLN 5 million. The acquisition of own shares will take place at a price not lower than PLN 0.25 and not higher than PLN 5 per share. The funds allocated for the purchase of treasury shares will come from the Company's own funds. The shares will be acquired only for the purpose of their redemption. The program is valid for 36 months i.e. May 9, 2028, but not longer than until the funds allocated for their acquisition are exhausted. Aankondiging • Nov 12
TREX S.A. to Report Q3, 2025 Results on Nov 14, 2025 TREX S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to zł1.07, the stock trades at a trailing P/E ratio of 67.6x. Average trailing P/E is 13x in the Specialty Retail industry in Poland. Total returns to shareholders of 49% over the past three years. New Risk • Aug 07
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 11% 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 (11% average weekly change). Market cap is less than US$10m (zł24.9m market cap, or US$6.80m). Minor Risk Revenue is less than US$5m (zł14m revenue, or US$3.8m). New Risk • May 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. 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 Risk Market cap is less than US$10m (zł19.1m market cap, or US$5.11m). Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Share price has been volatile over the past 3 months (10% average weekly change). Revenue is less than US$5m (zł14m revenue, or US$3.7m). Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł1.15, the stock trades at a trailing P/E ratio of 72.6x. Average trailing P/E is 15x in the Specialty Retail industry in Poland. Total returns to shareholders of 59% over the past three years. Aankondiging • Apr 14
TREX S.A., Annual General Meeting, May 09, 2025 TREX S.A., Annual General Meeting, May 09, 2025. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorates as stock falls 45% After last week's 45% share price decline to zł1.13, the stock trades at a trailing P/E ratio of 35.7x. Average trailing P/E is 13x in the Professional Services industry in Poland. Total loss to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to zł1.71, the stock trades at a trailing P/E ratio of 54x. Average trailing P/E is 13x in the Professional Services industry in Poland. Total returns to shareholders of 28% over the past three years. Aankondiging • Apr 28
TREX S.A., Annual General Meeting, May 22, 2024 TREX S.A., Annual General Meeting, May 22, 2024, at 13:00 Central European Standard Time. New Risk • Mar 28
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 9.7% 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 (9.7% average weekly change). Earnings have declined by 31% per year over the past 5 years. Shareholders have been substantially diluted in the past year (81% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (zł27.5m market cap, or US$6.87m). New Risk • Mar 25
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 81% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 31% per year over the past 5 years. Shareholders have been substantially diluted in the past year (81% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (zł27.4m market cap, or US$6.88m). Minor Risk Share price has been volatile over the past 3 months (9.3% average weekly change). New Risk • Dec 31
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 81% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-zł173k free cash flow). Less than 1 year of cash runway based on free cash flow trend (-zł173k free cash flow). Earnings have declined by 39% per year over the past 5 years. Earnings have declined by 39% per year over the past 5 years. Shareholders have been substantially diluted in the past year (81% increase in shares outstanding). Revenue is less than US$1m. Revenue is less than US$1m. Market cap is less than US$10m (zł27.5m market cap, or US$6.98m). Market cap is less than US$10m (zł27.5m market cap, or US$6.98m). New Risk • Aug 08
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -zł181k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-zł181k free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 48% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (zł15.5m market cap, or US$3.80m). Reported Earnings • Mar 14
Full year 2022 earnings released Full year 2022 results: Net loss: zł89.5k (loss narrowed 99% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 161 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improved over the past week After last week's 19% share price gain to zł1.40, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 22x in the Professional Services industry in Poland. Total returns to shareholders of 185% over the past three years. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment deteriorated over the past week After last week's 21% share price decline to zł1.17, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 15x in the Professional Services industry in Poland. Total returns to shareholders of 106% over the past three years. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł1.42, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 19x in the Professional Services industry in Poland. Total returns to shareholders of 195% over the past three years. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improved over the past week After last week's 16% share price gain to zł1.90, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 18x in the Professional Services industry in Poland. Total returns to shareholders of 300% over the past three years. Upcoming Dividend • Jun 29
Upcoming dividend of zł0.06 per share Eligible shareholders must have bought the stock before 06 July 2021. Payment date: 14 July 2021. Trailing yield: 3.3%. Lower than top quartile of Polish dividend payers (5.7%). Higher than average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improved over the past week After last week's 29% share price gain to zł1.81, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 13x in the Professional Services industry in Poland. Total returns to shareholders of 242% over the past three years. Reported Earnings • May 17
First quarter 2021 earnings released: EPS zł0.15 (vs zł0.13 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: zł5.57m (up 14% from 1Q 2020). Net income: zł768.7k (up 16% from 1Q 2020). Profit margin: 14% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 17% share price gain to zł1.22, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 18x in the Professional Services industry in Poland. Total returns to shareholders of 142% over the past three years. Is New 90 Day High Low • Mar 02
New 90-day high: zł1.16 The company is up 51% from its price of zł0.77 on 01 December 2020. The Polish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 20% over the same period. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS zł0.087 (vs zł0.042 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł16.1m (up 9.7% from FY 2019). Net income: zł453.7k (up 107% from FY 2019). Profit margin: 2.8% (up from 1.5% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 16% per year. Is New 90 Day High Low • Jan 11
New 90-day high: zł1.14 The company is up 48% from its price of zł0.77 on 13 October 2020. The Polish market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 15% over the same period. Reported Earnings • Nov 19
Third quarter 2020 earnings released: zł0.03 loss per share The company reported a solid third quarter result with improved revenues and control over expenses, though losses increased. Third quarter 2020 results: Revenue: zł7.62m (up 113% from 3Q 2019). Net loss: zł155.8k (loss widened 88% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 30
New 90-day low: zł0.64 The company is down 35% from its price of zł0.98 on 31 July 2020. The Polish market is down 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Professional Services industry, which is down 36% over the same period. Is New 90 Day High Low • Oct 12
New 90-day low: zł0.77 The company is down 9.0% from its price of zł0.85 on 14 July 2020. The Polish market is down 4.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Professional Services industry, which is down 13% over the same period. Upcoming Dividend • Sep 22
Upcoming Dividend of zł0.04 Per Share Will be paid on the 14th of October to those who are registered shareholders by the 29th of September. The trailing yield of 3.5% is below the top quartile of Polish dividend payers (6.2%), but it is higher than industry peers (2.5%).