Announcement • Jun 02
BEST S.A., Annual General Meeting, Jun 30, 2026 BEST S.A., Annual General Meeting, Jun 30, 2026, at 12:00 Central European Standard Time. Reported Earnings • May 24
First quarter 2026 earnings released First quarter 2026 results: Revenue: zł144.5m (up 68% from 1Q 2025). Net income: zł37.8m (up zł33.4m from 1Q 2025). Profit margin: 26% (up from 5.1% in 1Q 2025). The increase in margin was driven by higher revenue. New Risk • Apr 06
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 17% Last year net profit margin: 32% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.8x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (17% net profit margin). Shareholders have been diluted in the past year (26% increase in shares outstanding). Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł30.80, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 7x in the Commercial Services industry in Poland. Total returns to shareholders of 55% over the past three years. Announcement • Nov 15
BEST S.A. to Report Q3, 2025 Results on Nov 20, 2025 BEST S.A. announced that they will report Q3, 2025 results on Nov 20, 2025 New Risk • Sep 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 26% This is considered a minor 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 Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risk Shareholders have been diluted in the past year (26% increase in shares outstanding). Announcement • Aug 21
BEST S.A. to Report First Half, 2025 Results on Sep 18, 2025 BEST S.A. announced that they will report first half, 2025 results on Sep 18, 2025 Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł32.00, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 10x in the Commercial Services industry in Poland. Total returns to shareholders of 37% over the past three years. New Risk • Mar 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 483% 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 Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risk Large one-off items impacting financial results. New Risk • Nov 20
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.6x 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. This is currently the only risk that has been identified for the company. New Risk • Jul 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.5% This is considered a minor 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 Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (19% net profit margin). Shareholders have been diluted in the past year (8.5% increase in shares outstanding). New Risk • Jun 11
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% 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 (22% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (19% net profit margin). New Risk • Jun 04
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.7x 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 Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (19% net profit margin). Announcement • May 25
BEST S.A., Annual General Meeting, Jun 18, 2024 BEST S.A., Annual General Meeting, Jun 18, 2024. New Risk • Apr 06
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.1x 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 Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (17% net profit margin). New Risk • Dec 01
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Profit margins are more than 30% lower than last year (21% net profit margin). New Risk • Oct 19
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 Risk Share price has been highly volatile over the past 3 months (9.7% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (12% net profit margin). Shareholders have been diluted in the past year (2.4% increase in shares outstanding). New Risk • Oct 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% This is considered a minor 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: Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Profit margins are more than 30% lower than last year (12% net profit margin). Shareholders have been diluted in the past year (2.4% increase in shares outstanding). New Risk • Sep 14
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x 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 Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Profit margins are more than 30% lower than last year (19% net profit margin). Announcement • Jul 23
BEST S.A. (WSE:BST) announces an Equity Buyback for 151,515 shares, representing 0.68% for PLN 5 million. BEST S.A. (WSE:BST) announces a share repurchase program. Under the program, the company will repurchase up to 151,515 shares, representing 0.68% of share capital for PLN 5 million. The shares will be repurchased at a price of PLN 33 per share. The purpose of the repurchase program is to redeem them and reduce the company's share capital or to offer them for purchase to employees or persons who have been employed in the company or a company related to it for at least three years. The offer is valid till July 31, 2023. New Risk • Jul 23
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 8.8% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to zł24.00, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 10x in the Commercial Services industry in Poland. Total returns to shareholders of 33% over the past three years. Reported Earnings • Apr 06
Full year 2022 earnings released: EPS: zł6.42 (vs zł1.19 in FY 2021) Full year 2022 results: EPS: zł6.42 (up from zł1.19 in FY 2021). Revenue: zł453.6m (up 85% from FY 2021). Net income: zł143.0m (up 422% from FY 2021). Profit margin: 32% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Mar 14
Now 25% undervalued Over the last 90 days, the stock is up 5.5%. The fair value is estimated to be zł28.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 57%. Buying Opportunity • Feb 23
Now 22% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be zł28.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 57%. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł24.60, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 9x in the Commercial Services industry in Poland. Total returns to shareholders of 3.4% over the past three years. Reported Earnings • Nov 23
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł76.4m (up 1.7% from 3Q 2021). Net loss: zł3.50m (down 120% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 07
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł201.9m (up 109% from 2Q 2021). Net income: zł111.3m (up 418% from 2Q 2021). Profit margin: 55% (up from 22% in 2Q 2021). The increase in margin was driven by higher revenue. Announcement • Jun 07
BEST S.A., Annual General Meeting, Jun 29, 2022 BEST S.A., Annual General Meeting, Jun 29, 2022, at 10:00 Central European Standard Time. Announcement • Apr 06
BEST S.A. to Report Fiscal Year 2021 Results on Apr 12, 2022 BEST S.A. announced that they will report fiscal year 2021 results on Apr 12, 2022 Is New 90 Day High Low • Dec 30
New 90-day high: zł19.00 The company is up 9.0% from its price of zł17.50 on 30 September 2020. The Polish market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Commercial Services industry, which is up 1.0% over the same period. Reported Earnings • Sep 18
First half earnings released Over the last 12 months the company has reported total profits of zł5.82m, down 85% from the prior year. Total revenue was zł218.6m over the last 12 months, up 1.3% from the prior year.