Reported Earnings • May 24
First quarter 2026 earnings released: EPS: zł0.93 (vs zł0.94 in 1Q 2025) First quarter 2026 results: EPS: zł0.93 (down from zł0.94 in 1Q 2025). Revenue: zł199.8m (up 1.8% from 1Q 2025). Net income: zł19.8m (down 1.3% from 1Q 2025). Profit margin: 9.9% (in line with 1Q 2025). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Declared Dividend • May 24
Dividend reduced to zł2.36 Dividend of zł2.36 is 25% lower than last year. Ex-date: 10th September 2026 Payment date: 8th October 2026 Dividend yield will be 7.8%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is not covered by earnings (109% earnings payout ratio). However, it is well covered by cash flows (42% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 21% to bring the payout ratio under control, which is more than the 1.6% EPS growth achieved over the last 5 years. Announcement • May 22
FERRO S.A. announces Annual dividend, payable on October 08, 2026 FERRO S.A. announced Annual dividend of PLN 2.3600 per share payable on October 08, 2026, ex-date on September 10, 2026 and record date on September 11, 2026. Announcement • May 21
FERRO S.A., Annual General Meeting, Jun 22, 2026 FERRO S.A., Annual General Meeting, Jun 22, 2026, at 11:00 Central European Standard Time. New Risk • Apr 20
New major risk - Revenue and earnings growth Earnings have declined by 6.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 109% Cash payout ratio: 115% Earnings have declined by 6.1% per year over the past 5 years. New Risk • Apr 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 206% 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 Risk High level of non-cash earnings (206% accrual ratio). Minor Risk Dividend is not well covered by earnings (109% payout ratio). Reported Earnings • Apr 06
Full year 2025 earnings released: EPS: zł3.24 (vs zł3.40 in FY 2024) Full year 2025 results: EPS: zł3.24 (down from zł3.40 in FY 2024). Revenue: zł754.6m (down 3.8% from FY 2024). Net income: zł68.7m (down 4.8% from FY 2024). Profit margin: 9.1% (down from 9.2% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year. Buy Or Sell Opportunity • Mar 27
Now 21% undervalued Over the last 90 days, the stock has risen 1.9% to zł27.00. The fair value is estimated to be zł34.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.1% over the last 3 years. Earnings per share has grown by 4.6%. Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: zł0.89 (vs zł1.28 in 3Q 2024) Third quarter 2025 results: EPS: zł0.89 (down from zł1.28 in 3Q 2024). Revenue: zł193.6m (down 6.0% from 3Q 2024). Net income: zł18.9m (down 30% from 3Q 2024). Profit margin: 9.8% (down from 13% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 8% per year. Announcement • Nov 15
FERRO S.A. to Report Q3, 2025 Results on Nov 18, 2025 FERRO S.A. announced that they will report Q3, 2025 results on Nov 18, 2025 New Risk • Sep 30
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 96% Cash payout ratio: 464% Dividend yield: 10% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough 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. 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 96% Cash payout ratio: 464% Earnings have declined by 1.4% per year over the past 5 years. Reported Earnings • Sep 21
Second quarter 2025 earnings released: EPS: zł0.50 (vs zł0.78 in 2Q 2024) Second quarter 2025 results: EPS: zł0.50 (down from zł0.78 in 2Q 2024). Revenue: zł174.1m (down 3.3% from 2Q 2024). Net income: zł10.6m (down 36% from 2Q 2024). Profit margin: 6.1% (down from 9.2% in 2Q 2024). Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Sep 19
New major risk - Revenue and earnings growth Earnings have declined by 1.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.2% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (297% cash payout ratio). Upcoming Dividend • Sep 04
Upcoming dividend of zł3.14 per share Eligible shareholders must have bought the stock before 11 September 2025. Payment date: 10 October 2025. Payout ratio is on the higher end at 88%, and the cash payout ratio is above 100%. Trailing yield: 8.3%. Within top quartile of Polish dividend payers (7.3%). Higher than average of industry peers (6.7%). Announcement • Aug 21
FERRO S.A. to Report First Half, 2025 Results on Sep 18, 2025 FERRO S.A. announced that they will report first half, 2025 results on Sep 18, 2025 New Risk • Jun 01
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: Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • May 29
Dividend reduced to zł3.14 Dividend of zł3.14 is 0.6% lower than last year. Ex-date: 11th September 2025 Payment date: 10th October 2025 Dividend yield will be 9.0%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by both earnings (88% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł30.60, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 19x in the Building industry in Poland. Total returns to shareholders of 16% over the past three years. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: zł1.28 (vs zł0.99 in 3Q 2023) Third quarter 2024 results: EPS: zł1.28 (up from zł0.99 in 3Q 2023). Revenue: zł206.0m (down 3.1% from 3Q 2023). Net income: zł27.2m (up 29% from 3Q 2023). Profit margin: 13% (up from 9.9% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Sep 18
Second quarter 2024 earnings released: EPS: zł0.78 (vs zł0.59 in 2Q 2023) Second quarter 2024 results: EPS: zł0.78 (up from zł0.59 in 2Q 2023). Revenue: zł180.1m (down 1.4% from 2Q 2023). Net income: zł16.6m (up 31% from 2Q 2023). Profit margin: 9.2% (up from 6.9% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 22% 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. Upcoming Dividend • Sep 04
Upcoming dividend of zł3.16 per share Eligible shareholders must have bought the stock before 11 September 2024. Payment date: 10 October 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 8.7%. Within top quartile of Polish dividend payers (7.6%). Higher than average of industry peers (2.0%). Reported Earnings • May 23
First quarter 2024 earnings released: EPS: zł0.79 (vs zł0.82 in 1Q 2023) First quarter 2024 results: EPS: zł0.79 (down from zł0.82 in 1Q 2023). Revenue: zł200.0m (down 3.6% from 1Q 2023). Net income: zł16.7m (down 4.3% from 1Q 2023). Profit margin: 8.4% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Declared Dividend • May 19
Dividend increased to zł3.16 Dividend of zł3.16 is 111% higher than last year. Ex-date: 11th September 2024 Payment date: 10th October 2024 Dividend yield will be 8.4%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 18
FERRO S.A., Annual General Meeting, Jun 18, 2024 FERRO S.A., Annual General Meeting, Jun 18, 2024. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: zł3.16 (vs zł3.08 in FY 2022) Full year 2023 results: EPS: zł3.16 (up from zł3.08 in FY 2022). Revenue: zł806.8m (down 12% from FY 2022). Net income: zł67.0m (up 2.5% from FY 2022). Profit margin: 8.3% (up from 7.2% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł31.90, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 11x in the Building industry in Poland. Total returns to shareholders of 57% over the past three years. Reported Earnings • Nov 30
Third quarter 2023 earnings released: EPS: zł0.99 (vs zł0.65 in 3Q 2022) Third quarter 2023 results: EPS: zł0.99 (up from zł0.65 in 3Q 2022). Revenue: zł212.7m (down 5.9% from 3Q 2022). Net income: zł21.1m (up 54% from 3Q 2022). Profit margin: 9.9% (up from 6.1% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Buying Opportunity • Oct 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be zł34.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years, while earnings per share has been flat. Upcoming Dividend • Sep 06
Upcoming dividend of zł1.50 per share at 4.9% yield Eligible shareholders must have bought the stock before 13 September 2023. Payment date: 12 October 2023. Payout ratio is a comfortable 52% but the company is paying out more than the cash it is generating. Trailing yield: 4.9%. Lower than top quartile of Polish dividend payers (7.5%). In line with average of industry peers (5.2%). Announcement • May 23
FERRO S.A., Annual General Meeting, Jun 21, 2023 FERRO S.A., Annual General Meeting, Jun 21, 2023, at 11:00 Central European Standard Time. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: zł0.65 (vs zł1.02 in 3Q 2021) Third quarter 2022 results: EPS: zł0.65 (down from zł1.02 in 3Q 2021). Revenue: zł226.5m (flat on 3Q 2021). Net income: zł13.7m (down 37% from 3Q 2021). Profit margin: 6.1% (down from 9.5% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 22
Second quarter 2022 earnings released: EPS: zł0.88 (vs zł2.72 in 2Q 2021) Second quarter 2022 results: EPS: zł0.88 (down from zł2.72 in 2Q 2021). Revenue: zł224.6m (up 2.1% from 2Q 2021). Net income: zł18.6m (down 68% from 2Q 2021). Profit margin: 8.3% (down from 26% 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 36% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 12
Upcoming dividend of zł1.51 per share Eligible shareholders must have bought the stock before 19 September 2022. Payment date: 14 October 2022. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 5.9%. Lower than top quartile of Polish dividend payers (9.1%). Higher than average of industry peers (2.3%). Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 15% share price gain to zł29.50, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 6x in the Building industry in Poland. Total returns to shareholders of 130% over the past three years. Reported Earnings • Dec 02
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: zł1.02 (down from zł1.11 in 3Q 2020). Revenue: zł227.3m (up 53% from 3Q 2020). Net income: zł21.7m (down 8.1% from 3Q 2020). Profit margin: 9.5% (down from 16% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. 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 36% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 03
Second quarter 2021 earnings released: EPS zł2.72 (vs zł0.58 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł220.0m (up 95% from 2Q 2020). Net income: zł57.8m (up 368% from 2Q 2020). Profit margin: 26% (up from 11% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 01
Upcoming dividend of zł2.20 per share Eligible shareholders must have bought the stock before 08 September 2021. Payment date: 22 September 2021. Trailing yield: 5.4%. Lower than top quartile of Polish dividend payers (5.8%). Higher than average of industry peers (4.3%). Reported Earnings • Jun 01
Third quarter 2020 earnings released: EPS zł1.11 (vs zł0.68 in 3Q 2019) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł148.6m (up 21% from 3Q 2019). Net income: zł23.6m (up 62% from 3Q 2019). Profit margin: 16% (up from 12% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 10
New 90-day high: zł28.60 The company is up 21% from its price of zł23.60 on 10 December 2020. The Polish market is up 4.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Building industry, which is also up 21% over the same period. Announcement • Jan 22
FERRO S.A. (WSE:FRO) completed the acquisition of 70.65% stake in Termet S.A. from a group of shareholders. FERRO S.A. (WSE:FRO) signed a preliminary agreement to acquire 70.65% stake in Termet S.A. from a group of shareholders for PLN 53.7 million on November 26, 2020. Under the terms of the transaction, the guaranteed amount of PLN 43.8 million payable on the date of closing the sale of the shares and the amount of additional remuneration calculated on the basis of the financial results based on the audited financial statements of Termet for 2020 (Earn-out ), the remuneration of which may not exceed PLN 9.97 million. In a related transaction, FERRO S.A. (WSE:FRO) signed a preliminary agreement to acquire Tester on November 26, 2020. For the year ended 2019, Termet S.A. had net sales revenues of PLN 126.2 million, EBITDA of PLN 9 million and net debt of close to zero.
The transaction is conditional on FERRO S.A. obtaining the consent of the President of the Office of Competition and Consumer Protection for a concentration. The Supervisory Board of Ferro SA approved the transaction. The conclusion of the agreement will take place after the fulfillment of the condition suspension, but not earlier than December 30, 2020. The transaction is expected to be closed in the first quarter of 2021. If the condition suspension is not fulfilled by March 31, 2021, the preliminary agreement will be terminated. VCP Polska acted as financial advisor and Miroslaw Fialek of Mrowiec Fialek and Partners acted as legal advisors to FERRO and Filip Uzieblo, Aleksandra Dobrzynska-Grezel, Marek Kanczew, Irmina Watly and Jakub Zagrajek of Rymarz Zdort acted as legal advisor to the sellers.
FERRO S.A. (WSE:FRO) completed the acquisition of 70.65% stake in Termet S.A. from a group of shareholders on January 21, 2021. The transaction has been approved by the President of the Office of Competition and Consumer Protection. Is New 90 Day High Low • Jan 05
New 90-day high: zł25.60 The company is up 37% from its price of zł18.70 on 07 October 2020. The Polish market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 20% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: zł25.40 The company is up 31% from its price of zł19.35 on 18 September 2020. The Polish market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 15% over the same period. Announcement • Dec 03
FERRO S.A. (WSE:FRO) agreed to acquire Tester Spolka Z Ograniczona Odpowiedzialnoscia for PLN 7 million. FERRO S.A. (WSE:FRO) agreed to acquire Tester Spolka Z Ograniczona Odpowiedzialnoscia for PLN 7 million on November 30, 2020. Valuation Update With 7 Day Price Move • Dec 02
Market bids up stock over the past week After last week's 22% share price gain to zł24.80, the stock is trading at a trailing P/E ratio of 9.5x, up from the previous P/E ratio of 7.8x. This compares to an average P/E of 9x in the Building industry in Poland. Total returns to shareholders over the past three years are 65%. Reported Earnings • Nov 24
Third quarter 2020 earnings released: EPS zł1.11 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł148.6m (up 21% from 3Q 2019). Net income: zł23.6m (up 62% from 3Q 2019). Profit margin: 16% (up from 12% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 20
New 90-day high: zł20.20 The company is up 4.0% from its price of zł19.45 on 21 August 2020. The Polish market is down 1.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Building industry, which is also up 4.0% over the same period. Reported Earnings • Sep 21
First half earnings released Over the last 12 months the company has reported total profits of zł46.3m, up 17% from the prior year. Total revenue was zł472.9m over the last 12 months, up 11% from the prior year. Reported Earnings • Sep 19
First half earnings released Over the last 12 months the company has reported total profits of zł46.3m, up 17% from the prior year. Total revenue was zł472.9m over the last 12 months, up 11% from the prior year. 
