New Risk • Jun 19
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 126% Dividend yield: 8.2% 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. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (126% payout ratio). Market cap is less than US$100m (zł77.2m market cap, or US$20.8m). Upcoming Dividend • Jun 08
Upcoming dividend of zł0.10 per share Eligible shareholders must have bought the stock before 15 June 2026. Payment date: 26 June 2026. Trailing yield: 1.9%. Lower than top quartile of Polish dividend payers (6.9%). Lower than average of industry peers (4.6%). New Risk • Jun 02
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: Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Share price has been volatile over the past 3 months (8.1% average weekly change). Market cap is less than US$100m (zł68.6m market cap, or US$18.9m). Reported Earnings • May 14
Full year 2025 earnings released: EPS: zł0.098 (vs zł0.069 in FY 2024) Full year 2025 results: EPS: zł0.098 (up from zł0.069 in FY 2024). Revenue: zł49.2m (up 3.2% from FY 2024). Net income: zł4.32m (up 41% from FY 2024). Profit margin: 8.8% (up from 6.4% in FY 2024). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 12
Ekobox S.A. announces Annual dividend, payable on June 26, 2026 Ekobox S.A. announced Annual dividend of PLN 0.1000 per share payable on June 26, 2026, ex-date on June 15, 2026 and record date on June 16, 2026. Announcement • May 11
Ekobox S.A., Annual General Meeting, Jun 08, 2026 Ekobox S.A., Annual General Meeting, Jun 08, 2026, at 13:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to zł1.56, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 20x in the Construction industry in Poland. Total returns to shareholders of 282% over the past three years. New Risk • Apr 06
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 Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Market cap is less than US$100m (zł63.5m market cap, or US$17.1m). New Risk • Mar 05
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 Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Market cap is less than US$100m (zł71.0m market cap, or US$19.3m). Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to zł1.67, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 20x in the Construction industry in Poland. Total returns to shareholders of 314% over the past three years. Announcement • Feb 10
Ekobox S.A. to Report Q4, 2025 Results on Feb 13, 2026 Ekobox S.A. announced that they will report Q4, 2025 results on Feb 13, 2026 Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł1.17, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 18x in the Construction industry in Poland. Total returns to shareholders of 177% over the past three years. Announcement • Nov 13
Ekobox S.A. to Report Q3, 2025 Results on Nov 14, 2025 Ekobox S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 Upcoming Dividend • Jul 24
Upcoming dividend of zł0.03 per share Eligible shareholders must have bought the stock before 31 July 2025. Payment date: 22 August 2025. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Polish dividend payers (7.0%). Lower than average of industry peers (3.6%). Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł1.60, the stock trades at a trailing P/E ratio of 27.5x. Average trailing P/E is 22x in the Construction industry in Poland. Total returns to shareholders of 288% over the past three years. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to zł1.34, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 19x in the Construction industry in Poland. Total returns to shareholders of 205% over the past three years. Declared Dividend • May 14
Dividend of zł0.03 announced Shareholders will receive a dividend of zł0.03. Ex-date: 31st July 2025 Payment date: 23rd August 2025 Dividend yield will be 1.8%, which is lower than the industry average of 2.9%. Sustainability & Growth Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł1.40, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 18x in the Construction industry in Poland. Total returns to shareholders of 240% over the past three years. Reported Earnings • Feb 19
Full year 2024 earnings released: EPS: zł0.07 (vs zł0.077 in FY 2023) Full year 2024 results: EPS: zł0.07 (down from zł0.077 in FY 2023). Revenue: zł60.6m (up 40% from FY 2023). Net income: zł3.08m (down 8.9% from FY 2023). Profit margin: 5.1% (down from 7.8% 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 79% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł1.37, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 14x in the Construction industry in Poland. Total returns to shareholders of 214% over the past three years. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to zł1.34, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 13x in the Construction industry in Poland. Total returns to shareholders of 200% over the past three years. New Risk • Jan 03
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 9.4% 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 (9.4% average weekly change). High level of non-cash earnings (31% accrual ratio). Market cap is less than US$10m (zł25.4m market cap, or US$6.12m). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 19
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł16.7m (down 5.5% from 2Q 2023). Net income: zł584.8k (up 114% from 2Q 2023). Profit margin: 3.5% (up from 1.5% in 2Q 2023). The increase in margin was driven by lower expenses. Upcoming Dividend • Jul 25
Upcoming dividend of zł0.03 per share Eligible shareholders must have bought the stock before 01 August 2024. Payment date: 23 August 2024. Payout ratio is a comfortable 54% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Polish dividend payers (7.7%). Lower than average of industry peers (4.7%). New Risk • Jun 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (20% accrual ratio). Market cap is less than US$10m (zł24.3m market cap, or US$6.03m). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.6% average weekly change). Announcement • May 15
Ekobox S.A., Annual General Meeting, Jun 06, 2024 Ekobox S.A., Annual General Meeting, Jun 06, 2024. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: zł0.087 (vs zł0.026 in FY 2022) Full year 2023 results: EPS: zł0.087 (up from zł0.026 in FY 2022). Revenue: zł68.0m (up 37% from FY 2022). Net income: zł3.84m (up 237% from FY 2022). Profit margin: 5.6% (up from 2.3% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 15
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 9.4% 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 (9.4% average weekly change). Market cap is less than US$10m (zł21.1m market cap, or US$5.21m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 19
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł16.1m (up 22% from 3Q 2022). Net income: zł609.6k (up zł621.5k from 3Q 2022). Profit margin: 3.8% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 18
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł17.7m (up 146% from 2Q 2022). Net income: zł273.3k (down 77% from 2Q 2022). Profit margin: 1.5% (down from 17% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year and the company’s share price has also fallen by 14% per year. Upcoming Dividend • Jul 26
Upcoming dividend of zł0.02 per share at 4.1% yield Eligible shareholders must have bought the stock before 02 August 2023. Payment date: 24 August 2023. Trailing yield: 4.1%. Lower than top quartile of Polish dividend payers (7.3%). In line with average of industry peers (4.1%). New Risk • Jul 24
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (46% accrual ratio). Market cap is less than US$10m (zł21.8m market cap, or US$5.43m). Minor Risk Paying a dividend despite having no free cash flows. Announcement • May 26
Ekobox S.A., Annual General Meeting, Jun 23, 2023 Ekobox S.A., Annual General Meeting, Jun 23, 2023, at 13:00 Central European Standard Time. Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł13.5m (up 313% from 1Q 2022). Net income: zł143.8k (up zł642.4k from 1Q 2022). Profit margin: 1.1% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Feb 19
Full year 2022 earnings released: EPS: zł0.034 (vs zł0.017 in FY 2021) Full year 2022 results: EPS: zł0.034 (up from zł0.017 in FY 2021). Revenue: zł56.4m (up 135% from FY 2021). Net income: zł1.52m (up 100% from FY 2021). Profit margin: 2.7% (down from 3.2% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł0.017 (down from zł0.025 in FY 2020). Revenue: zł28.3m (up 9.9% from FY 2020). Net income: zł763.0k (down 30% from FY 2020). Profit margin: 2.7% (down from 4.2% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 18
Third quarter 2021 earnings released The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: zł5.56m (down 43% from 3Q 2020). Net income: zł290.4k (up 278% from 3Q 2020). Profit margin: 5.2% (up from 0.8% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 17
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł7.78m (up 46% from 1Q 2020). Net income: zł69.0k (up zł621.5k from 1Q 2020). Profit margin: 0.9% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 19
New 90-day high: zł0.58 The company is up 9.0% from its price of zł0.53 on 20 November 2020. The Polish market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 39% over the same period. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS zł0.023 (vs zł0.005 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł38.5m (up 34% from FY 2019). Net income: zł1.00m (up 380% from FY 2019). Profit margin: 2.6% (up from 0.7% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 28
New 90-day low: zł0.37 The company is down 40% from its price of zł0.62 on 29 September 2020. The Polish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 16% over the same period. Is New 90 Day High Low • Dec 09
New 90-day low: zł0.44 The company is down 27% from its price of zł0.60 on 10 September 2020. The Polish market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 19% over the same period. Is New 90 Day High Low • Nov 13
New 90-day low: zł0.49 The company is down 44% from its price of zł0.88 on 14 August 2020. The Polish market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 4.0% over the same period.