Announcement • May 18
Patentus S.A., Annual General Meeting, Jun 11, 2026 Patentus S.A., Annual General Meeting, Jun 11, 2026, at 09:00 Central European Standard Time. New Risk • Apr 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% 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 (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (5.2% net profit margin). Market cap is less than US$100m (zł88.2m market cap, or US$24.3m). Reported Earnings • Nov 19
Third quarter 2025 earnings released: zł0.061 loss per share (vs zł0.12 profit in 3Q 2024) Third quarter 2025 results: zł0.061 loss per share (down from zł0.12 profit in 3Q 2024). Revenue: zł15.4m (down 31% from 3Q 2024). Net loss: zł1.81m (down 153% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 13
Patentus S.A. to Report Q3, 2025 Results on Nov 17, 2025 Patentus S.A. announced that they will report Q3, 2025 results on Nov 17, 2025 New Risk • Sep 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% 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: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (12% net profit margin). Market cap is less than US$100m (zł108.6m market cap, or US$29.8m). Reported Earnings • Sep 02
Second quarter 2025 earnings released: EPS: zł0.23 (vs zł0.048 in 2Q 2024) Second quarter 2025 results: EPS: zł0.23 (up from zł0.048 in 2Q 2024). Revenue: zł40.9m (up 78% from 2Q 2024). Net income: zł6.67m (up 376% from 2Q 2024). Profit margin: 16% (up from 6.1% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Announcement • Aug 21
Patentus S.A. to Report First Half, 2025 Results on Sep 01, 2025 Patentus S.A. announced that they will report first half, 2025 results on Sep 01, 2025 Upcoming Dividend • Jun 23
Upcoming dividend of zł0.25 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 14 July 2025. Payout ratio is a comfortable 73% but the company is not cash flow positive. Trailing yield: 6.5%. Lower than top quartile of Polish dividend payers (7.2%). Higher than average of industry peers (2.7%). New Risk • May 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 42% 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 (42% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (11% average weekly change). Profit margins are more than 30% lower than last year (9.3% net profit margin). Market cap is less than US$100m (zł116.5m market cap, or US$31.1m). Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł4.25, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 12x in the Machinery industry in Poland. Total returns to shareholders of 251% over the past three years. Declared Dividend • Mar 17
Dividend reduced to zł0.25 Dividend of zł0.25 is 50% lower than last year. Ex-date: 30th June 2025 Payment date: 14th July 2025 Dividend yield will be 6.3%, which is higher than the industry average of 5.3%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (35% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 25% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 16
Patentus S.A. announces Annual dividend, payable on July 14, 2025 Patentus S.A. announced Annual dividend of PLN 0.2500 per share payable on July 14, 2025, ex-date on June 30, 2025 and record date on July 01, 2025. New Risk • Mar 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 5.7% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Market cap is less than US$100m (zł97.4m market cap, or US$24.7m). Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to zł4.15, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 14x in the Machinery industry in Poland. Total returns to shareholders of 245% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł22.3m (down 17% from 3Q 2023). Net income: zł3.43m (down 38% from 3Q 2023). Profit margin: 15% (down from 21% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 126% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 01
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł23.0m (down 58% from 2Q 2023). Net income: zł1.40m (down 88% from 2Q 2023). Profit margin: 6.1% (down from 21% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 139% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Announcement • May 25
Patentus S.A., Annual General Meeting, Jun 20, 2024 Patentus S.A., Annual General Meeting, Jun 20, 2024. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: zł0.16 (vs zł0.20 in 1Q 2023) First quarter 2024 results: EPS: zł0.16 (down from zł0.20 in 1Q 2023). Revenue: zł25.1m (down 2.4% from 1Q 2023). Net income: zł4.76m (down 21% from 1Q 2023). Profit margin: 19% (down from 24% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 130% per year but the company’s share price has only increased by 73% per year, which means it is significantly lagging earnings growth. New Risk • Apr 07
New major risk - Revenue and earnings growth Earnings have declined by 3.4% 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 3.4% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (zł113.4m market cap, or US$28.7m). New Risk • Apr 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (zł121.0m market cap, or US$30.4m). Reported Earnings • Mar 24
Full year 2023 earnings released Full year 2023 results: Revenue: zł244.8m (up 197% from FY 2022). Net income: zł62.3m (up zł58.7m from FY 2022). Profit margin: 25% (up from 4.3% in FY 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł3.65, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 7x in the Machinery industry in Poland. Total returns to shareholders of 251% over the past three years. New Risk • Dec 17
New major risk - Revenue and earnings growth Earnings have declined by 3.4% 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 Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 3.4% per year over the past 5 years. Minor Risk Market cap is less than US$100m (zł100.3m market cap, or US$25.2m). New Risk • Sep 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 581% 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 Share price has been highly volatile over the past 3 months (20% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (zł127.7m market cap, or US$29.4m). Reported Earnings • Nov 21
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł28.7m (up 90% from 3Q 2021). Net income: zł2.85m (up zł2.78m from 3Q 2021). Profit margin: 9.9% (up from 0.5% in 3Q 2021). Reported Earnings • Sep 03
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł32.9m (up 243% from 2Q 2021). Net income: zł3.15m (up zł3.63m from 2Q 2021). Profit margin: 9.6% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Reported Earnings • May 22
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł13.2m (up 99% from 1Q 2021). Net loss: zł1.23m (loss narrowed 55% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Announcement • Apr 26
Patentus S.A., Annual General Meeting, May 19, 2022 Patentus S.A., Annual General Meeting, May 19, 2022, at 09:30 Central European Standard Time. Reported Earnings • Nov 18
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł15.1m (down 26% from 3Q 2020). Net income: zł69.0k (down 88% from 3Q 2020). Profit margin: 0.5% (down from 2.8% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Sep 02
Second quarter 2021 earnings released The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: zł9.58m (down 7.8% from 2Q 2020). Net loss: zł477.0k (loss widened 79% from 2Q 2020). 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 1% per year, which means it has not declined as severely as earnings. Reported Earnings • May 21
First quarter 2021 earnings released The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: zł6.64m (down 73% from 1Q 2020). Net loss: zł2.76m (down 211% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Mar 26
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: zł62.7m (down 58% from FY 2019). Net income: zł219.0k (down 99% from FY 2019). Profit margin: 0.3% (down from 9.8% 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 50% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 03
New 90-day high: zł1.25 The company is up 34% from its price of zł0.93 on 04 November 2020. The Polish market is up 18% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Machinery industry, which is up 38% over the same period. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improved over the past week After last week's 17% share price gain to zł1.24, the stock is trading at a trailing P/E ratio of 7.1x, up from the previous P/E ratio of 6.1x. This compares to an average P/E of 8x in the Machinery industry in Poland. Total returns to shareholders over the past three years are 22%. Is New 90 Day High Low • Jan 13
New 90-day high: zł1.09 The company is up 17% from its price of zł0.93 on 15 October 2020. The Polish market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 29% over the same period. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS zł0.02 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł20.5m (down 74% from 3Q 2019). Net income: zł583.0k (down 93% from 3Q 2019). Profit margin: 2.8% (down from 11% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 30
New 90-day low: zł0.90 The company is down 20% from its price of zł1.13 on 31 July 2020. The Polish market is down 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is down 17% over the same period.