Announcement • May 18
KGL SA, Annual General Meeting, Jun 11, 2026 KGL SA, Annual General Meeting, Jun 11, 2026, at 09:00 Central European Standard Time. Reported Earnings • Dec 02
Third quarter 2025 earnings released: zł0.81 loss per share (vs zł0.32 loss in 3Q 2024) Third quarter 2025 results: zł0.81 loss per share (further deteriorated from zł0.32 loss in 3Q 2024). Revenue: zł131.8m (flat on 3Q 2024). Net loss: zł5.71m (loss widened 154% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Oct 05
Second quarter 2025 earnings released: zł0.43 loss per share (vs zł0.21 loss in 2Q 2024) Second quarter 2025 results: zł0.43 loss per share (further deteriorated from zł0.21 loss in 2Q 2024). Revenue: zł135.6m (up 1.6% from 2Q 2024). Net loss: zł3.02m (loss widened 102% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Aug 27
KGL SA to Report First Half, 2025 Results on Sep 30, 2025 KGL SA announced that they will report first half, 2025 results on Sep 30, 2025 Upcoming Dividend • Jun 30
Upcoming dividend of zł1.00 per share Eligible shareholders must have bought the stock before 07 July 2025. Payment date: 15 July 2025. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Polish dividend payers (7.0%). Lower than average of industry peers (4.0%). New Risk • Jun 02
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.2x net interest cover). Earnings have declined by 20% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (zł102.3m market cap, or US$27.3m). Reported Earnings • Jun 02
First quarter 2025 earnings released: zł0.07 loss per share (vs zł0.48 profit in 1Q 2024) First quarter 2025 results: zł0.07 loss per share (down from zł0.48 profit in 1Q 2024). Revenue: zł123.6m (down 5.1% from 1Q 2024). Net loss: zł479.0k (down 114% from profit in 1Q 2024). 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 14% per year, which means it is significantly lagging earnings growth. Announcement • May 19
KGL SA, Annual General Meeting, Jun 12, 2025 KGL SA, Annual General Meeting, Jun 12, 2025. Declared Dividend • May 07
Dividend increased to zł1.00 Dividend of zł1.00 is 100% higher than last year. Ex-date: 7th July 2025 Payment date: 15th July 2025 Dividend yield will be 7.3%, which is lower than the industry average of 10%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 13% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 51% to shift the payout ratio to a potentially unsustainable range, which is more than the 17% EPS decline seen over the last 5 years. Announcement • May 06
KGL SA announces Annual dividend, payable on July 15, 2025 KGL SA announced Annual dividend of PLN 1.0000 per share payable on July 15, 2025, ex-date on July 07, 2025 and record date on July 08, 2025. Reported Earnings • Dec 01
Third quarter 2024 earnings released: zł0.32 loss per share (vs zł0.088 profit in 3Q 2023) Third quarter 2024 results: zł0.32 loss per share (down from zł0.088 profit in 3Q 2023). Revenue: zł133.1m (down 7.7% from 3Q 2023). Net loss: zł2.25m (down 462% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 51% 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 • Oct 01
Second quarter 2024 earnings released: zł0.21 loss per share (vs zł0.69 profit in 2Q 2023) Second quarter 2024 results: zł0.21 loss per share (down from zł0.69 profit in 2Q 2023). Revenue: zł133.5m (down 5.9% from 2Q 2023). Net loss: zł1.49m (down 130% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 28
Upcoming dividend of zł0.50 per share Eligible shareholders must have bought the stock before 05 July 2024. Payment date: 18 July 2024. Trailing yield: 3.4%. Lower than top quartile of Polish dividend payers (7.9%). Lower than average of industry peers (7.7%). Announcement • May 31
KGL SA, Annual General Meeting, Jun 25, 2024 KGL SA, Annual General Meeting, Jun 25, 2024. Reported Earnings • May 02
Full year 2023 earnings released: EPS: zł2.59 (vs zł2.39 loss in FY 2022) Full year 2023 results: EPS: zł2.59 (up from zł2.39 loss in FY 2022). Revenue: zł562.6m (down 14% from FY 2022). Net income: zł18.3m (up zł35.3m from FY 2022). Profit margin: 3.3% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Buying Opportunity • Dec 12
Now 23% undervalued Over the last 90 days, the stock is up 4.7%. The fair value is estimated to be zł18.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Dec 01
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł144.2m (down 11% from 3Q 2022). Net income: zł621.0k (up zł12.9m from 3Q 2022). Profit margin: 0.4% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Buying Opportunity • Oct 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be zł16.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Oct 02
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł141.8m (down 21% from 2Q 2022). Net income: zł4.91m (up 309% from 2Q 2022). Profit margin: 3.5% (up from 0.7% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Trade Distributors industry in Europe. New Risk • Jun 09
New major risk - Revenue and earnings growth Earnings have declined by 41% 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 Interest payments are not well covered by earnings (0.6x net interest cover). Earnings have declined by 41% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (zł97.3m market cap, or US$23.4m). Announcement • May 23
KGL SA, Annual General Meeting, Jun 16, 2023 KGL SA, Annual General Meeting, Jun 16, 2023, at 10:00 Central European Standard Time. Reported Earnings • Nov 27
Third quarter 2022 earnings released: zł1.74 loss per share (vs zł0.25 loss in 3Q 2021) Third quarter 2022 results: zł1.74 loss per share (further deteriorated from zł0.25 loss in 3Q 2021). Revenue: zł162.7m (up 8.7% from 3Q 2021). Net loss: zł12.3m (loss widened zł10.5m from 3Q 2021). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Price Target Changed • Nov 16
Price target increased to zł12.00 Up from zł9.30, the current price target is provided by 1 analyst. New target price is 20% above last closing price of zł10.00. Stock is down 32% over the past year. The company is forecast to post earnings per share of zł0.05 for next year compared to zł0.74 last year. Reported Earnings • Oct 03
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł178.2m (up 20% from 2Q 2021). Net income: zł1.20m (down 76% from 2Q 2021). Profit margin: 0.7% (down from 3.3% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has fallen by 25% 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. Reported Earnings • Jun 05
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: zł0.44 loss per share (down from zł0.43 profit in 1Q 2021). Revenue: zł171.3m (up 33% from 1Q 2021). Net loss: zł3.12m (down 201% from profit in 1Q 2021). Revenue missed analyst estimates by 100%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 21%, compared to a 9.9% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improved over the past week After last week's 16% share price gain to zł9.82, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 15x in the Trade Distributors industry in Europe. Total loss to shareholders of 23% over the past three years. Announcement • May 31
Korporacja KGL S.A., Annual General Meeting, Jun 22, 2022 Korporacja KGL S.A., Annual General Meeting, Jun 22, 2022, at 10:00 Central European Standard Time. Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł8.20, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Trade Distributors industry in Europe. Total loss to shareholders of 38% over the past three years. Price Target Changed • Apr 27
Price target decreased to zł15.60 Down from zł30.50, the current price target is provided by 1 analyst. New target price is 34% above last closing price of zł11.60. Stock is down 29% over the past year. The company is forecast to post earnings per share of zł1.58 for next year compared to zł1.56 last year. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improved over the past week After last week's 18% share price gain to zł11.80, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Trade Distributors industry in Europe. Total loss to shareholders of 8.9% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 24% share price decline to zł9.58, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 17x in the Trade Distributors industry in Europe. Total loss to shareholders of 15% over the past three years. Reported Earnings • Dec 02
Third quarter 2021 earnings: Revenues exceed analyst expectations Third quarter 2021 results: Revenue: zł149.6m (up 53% from 3Q 2020). Net loss: zł1.77m (down 144% from profit in 3Q 2020). Revenue exceeded analyst estimates by 2.6%. Over the next year, revenue is forecast to grow 12%, compared to a 6.4% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 01
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: zł148.1m (up 69% from 2Q 2020). Net income: zł4.92m (up 8.0% from 2Q 2020). Profit margin: 3.3% (down from 5.2% 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 22% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 17
Upcoming dividend of zł0.35 per share Eligible shareholders must have bought the stock before 24 June 2021. Payment date: 16 July 2021. Trailing yield: 2.0%. Lower than top quartile of Polish dividend payers (5.8%). Lower than average of industry peers (3.4%). Reported Earnings • May 04
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: zł380.0m (down 3.2% from FY 2019). Net income: zł11.2m (down 8.2% from FY 2019). Profit margin: 2.9% (down from 3.1% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Feb 02
Korporacja KGL S.A. to Report Fiscal Year 2020 Results on Apr 30, 2021 Korporacja KGL S.A. announced that they will report fiscal year 2020 results on Apr 30, 2021 Is New 90 Day High Low • Dec 29
New 90-day high: zł17.95 The company is up 17% from its price of zł15.40 on 30 September 2020. The Polish market is up 13% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Trade Distributors industry, which is up 20% over the same period. Announcement • Nov 25
Korporacja KGL S.A. (WSE:KGL) completed the acquisition of Production Plant in Czosnów from Szymanowicz I Spolka Spolka Jawna Elzbieta Szymanowicz. Korporacja KGL S.A. (WSE:KGL) entered into a preliminary agreement to acquired Production Plant in Czosnów from Szymanowicz I Spolka Spolka Jawna Elzbieta Szymanowicz for PLN 30 million on August 6, 2020. The transaction is financed by Korporacja KGL's own funds and bank financing. As part of the agreement, Korporacja KGL S.A. will pay PLN 9.9 million by August 14, 2020, which will be made from Korporacja KGL's own funds,as an advance on the purchase price. The remaining part of the payment for the purchase will be made after the conclusion of the final agreement, and the funds for this purpose will come from the bank loan.
Korporacja KGL S.A. (WSE:KGL) completed the acquisition of Production Plant in Czosnów from Szymanowicz I Spolka Spolka Jawna Elzbieta Szymanowicz on November 24, 2020. Reported Earnings • Oct 02
First half earnings released Over the last 12 months the company has reported total profits of zł12.2m, up 26% from the prior year. Total revenue was zł373.5m over the last 12 months, down 4.2% from the prior year. Announcement • Aug 11
Korporacja KGL S.A. (WSE:KGL) entered into a preliminary agreement to acquired Production Plant in Czosnów from Szymanowicz I Spolka Spolka Jawna Elzbieta Szymanowicz for PLN 30 million. Korporacja KGL S.A. (WSE:KGL) entered into a preliminary agreement to acquired Production Plant in Czosnów from Szymanowicz I Spolka Spolka Jawna Elzbieta Szymanowicz for PLN 30 million on August 6, 2020. The transaction is financed by Korporacja KGL's own funds and bank financing. As part of the agreement, Korporacja KGL S.A. will pay PLN 9.9 million by August 14, 2020, which will be made from Korporacja KGL's own funds,as an advance on the purchase price. The remaining part of the payment for the purchase will be made after the conclusion of the final agreement, and the funds for this purpose will come from the bank loan.