New Risk • May 26
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: Major Risks Shares are highly illiquid. Earnings have declined by 23% per year over the past 5 years. Market cap is less than US$10m (zł10.1m market cap, or US$2.79m). Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Revenue is less than US$5m (zł3.7m revenue, or US$1.0m). New Risk • Mar 13
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: zł3.7m (US$995k) This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Payout ratio: 180% Paying a dividend despite having no free cash flows. Earnings have declined by 23% per year over the past 5 years. Revenue is less than US$1m (zł3.7m revenue, or US$995k). Market cap is less than US$10m (zł10.1m market cap, or US$2.70m). Announcement • Feb 10
Notoria Serwis S.A. to Report Q4, 2025 Results on Feb 13, 2026 Notoria Serwis S.A. announced that they will report Q4, 2025 results on Feb 13, 2026 New Risk • Feb 10
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 180% The company is paying a dividend despite having no free cash flows. Dividend yield: 2.6% 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 Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Payout ratio: 180% Paying a dividend despite having no free cash flows. Earnings have declined by 23% per year over the past 5 years. Market cap is less than US$10m (zł11.6m market cap, or US$3.29m). Minor Risk Revenue is less than US$5m (zł3.7m revenue, or US$1.1m). New Risk • Nov 14
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: 3.7% Last year net profit margin: 6.4% 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 Risks Shares are highly illiquid. Earnings have declined by 22% per year over the past 5 years. Market cap is less than US$10m (zł11.6m market cap, or US$3.20m). Minor Risks Profit margins are more than 30% lower than last year (3.7% net profit margin). Revenue is less than US$5m (zł3.7m revenue, or US$1.0m). Reported Earnings • Nov 13
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł995.9k (up 18% from 3Q 2024). Net income: zł35.9k (up zł86.7k from 3Q 2024). Profit margin: 3.6% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Nov 06
Notoria Serwis S.A. to Report Q3, 2025 Results on Nov 07, 2025 Notoria Serwis S.A. announced that they will report Q3, 2025 results on Nov 07, 2025 Reported Earnings • Aug 14
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł929.8k (down 4.3% from 2Q 2024). Net income: zł19.5k (down 76% from 2Q 2024). Profit margin: 2.1% (down from 8.3% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Reported Earnings • Feb 20
Full year 2024 earnings released Full year 2024 results: Revenue: zł3.62m (up 1.7% from FY 2023). Net income: zł23.7k (down 93% from FY 2023). Profit margin: 0.7% (down from 8.9% in FY 2023). New Risk • Feb 12
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: 2.8% 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 Shares are highly illiquid. High level of non-cash earnings (29% accrual ratio). Revenue is less than US$1m (zł3.7m revenue, or US$923k). Market cap is less than US$10m (zł9.54m market cap, or US$2.37m). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł7.90, the stock trades at a trailing P/E ratio of 29.9x. Average trailing P/E is 12x in the Capital Markets industry in Poland. Total returns to shareholders of 23% over the past three years. Reported Earnings • Aug 11
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł971.2k (up 12% from 2Q 2023). Net income: zł80.2k (up 35% from 2Q 2023). Profit margin: 8.3% (up from 6.8% in 2Q 2023). The increase in margin was driven by higher revenue. Announcement • May 31
Notoria Serwis S.A., Annual General Meeting, Jun 25, 2024 Notoria Serwis S.A., Annual General Meeting, Jun 25, 2024. Reported Earnings • May 13
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł911.4k (up 6.2% from 1Q 2023). Net income: zł61.9k (down 27% from 1Q 2023). Profit margin: 6.8% (down from 9.8% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: zł0.25 (vs zł0.30 in FY 2022) Full year 2023 results: EPS: zł0.25 (down from zł0.30 in FY 2022). Revenue: zł3.56m (up 12% from FY 2022). Net income: zł300.5k (down 17% from FY 2022). Profit margin: 8.4% (down from 11% in FY 2022). The decrease in margin was driven by higher expenses. 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 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 16
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł894.9k (up 12% from 3Q 2022). Net income: zł90.0k (up 286% from 3Q 2022). Profit margin: 10% (up from 2.9% in 3Q 2022). The increase in margin was driven by higher revenue. New Risk • Aug 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% 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 Share price has been highly volatile over the past 3 months (15% average weekly change). High level of non-cash earnings (28% accrual ratio). Revenue is less than US$1m (zł3.3m revenue, or US$823k). Market cap is less than US$10m (zł6.84m market cap, or US$1.69m). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 13
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł869.1k (up 9.1% from 2Q 2022). Net income: zł59.5k (down 45% from 2Q 2022). Profit margin: 6.8% (down from 14% 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 21% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Jul 04
Upcoming dividend of zł0.20 per share at 3.5% yield Eligible shareholders must have bought the stock before 11 July 2023. Payment date: 26 July 2023. Payout ratio is on the higher end at 79%, and the cash payout ratio is above 100%. Trailing yield: 3.5%. Lower than top quartile of Polish dividend payers (7.1%). Lower than average of industry peers (9.6%). Upcoming Dividend • Jul 04
Upcoming dividend of zł0.20 per share at 3.5% yield Eligible shareholders must have bought the stock before 11 July 2023. Payment date: 26 July 2023. Payout ratio is on the higher end at 79%, and the cash payout ratio is above 100%. Trailing yield: 3.5%. Lower than top quartile of Polish dividend payers (7.1%). Lower than average of industry peers (9.6%). Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to zł7.15, the stock trades at a trailing P/E ratio of 27.5x. Average trailing P/E is 21x in the Capital Markets industry in Poland. Total returns to shareholders of 31% over the past three years. Announcement • May 31
Notoria Serwis S.A., Annual General Meeting, Jun 27, 2023 Notoria Serwis S.A., Annual General Meeting, Jun 27, 2023, at 11:00 Central European Standard Time. Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł4.44, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 17x in the Capital Markets industry in Poland. Total loss to shareholders of 22% over the past three years. Announcement • May 10
Notoria Serwis S.A. to Report Q1, 2023 Results on May 29, 2023 Notoria Serwis S.A. announced that they will report Q1, 2023 results on May 29, 2023 Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to zł7.10, the stock trades at a trailing P/E ratio of 25.4x. Average trailing P/E is 17x in the Capital Markets industry in Poland. Total returns to shareholders of 27% over the past three years. Reported Earnings • Feb 20
Full year 2022 earnings released: EPS: zł0.28 (vs zł0.16 in FY 2021) Full year 2022 results: EPS: zł0.28 (up from zł0.16 in FY 2021). Revenue: zł3.18m (up 5.2% from FY 2021). Net income: zł335.1k (up 73% from FY 2021). Profit margin: 11% (up from 6.4% in FY 2021). Upcoming Dividend • Jul 06
Upcoming dividend of zł0.15 per share Eligible shareholders must have bought the stock before 13 July 2022. Payment date: 28 July 2022. Payout ratio is a comfortable 40% but the company is paying out more than the cash it is generating. Trailing yield: 2.5%. Lower than top quartile of Polish dividend payers (8.4%). Lower than average of industry peers (7.3%). Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł6.00, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 21x in the Capital Markets industry in Poland. Total returns to shareholders of 27% over the past three years. Announcement • May 31
Notoria Serwis S.A., Annual General Meeting, Jun 29, 2022 Notoria Serwis S.A., Annual General Meeting, Jun 29, 2022, at 13:00 Central European Standard Time. Announcement • May 12
Notoria Serwis S.A. to Report Fiscal Year 2021 Results on May 26, 2022 Notoria Serwis S.A. announced that they will report fiscal year 2021 results on May 26, 2022 Reported Earnings • Feb 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł0.37 (up from zł0.35 in FY 2020). Revenue: zł3.02m (up 4.5% from FY 2020). Net income: zł443.6k (up 5.3% from FY 2020). Profit margin: 15% (in line with FY 2020). Revenue was in line with analyst estimates. 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 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 19
Third quarter 2021 earnings released The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: zł792.7k (up 6.1% from 3Q 2020). Net income: zł110.0k (down 37% from 3Q 2020). Profit margin: 14% (down from 24% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improved over the past week After last week's 22% share price gain to zł8.15, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 10x in the Capital Markets industry in Poland. Total returns to shareholders of 40% over the past three years. Reported Earnings • Aug 11
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł742.9k (up 4.9% from 2Q 2020). Net income: zł148.5k (up 340% from 2Q 2020). Profit margin: 20% (up from 4.8% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS zł0.34 (vs zł0.24 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł2.88m (up 3.1% from FY 2019). Net income: zł406.5k (up 43% from FY 2019). Profit margin: 14% (up from 10% in FY 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 1% per year. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improved over the past week After last week's 18% share price gain to zł6.25, the stock is trading at a trailing P/E ratio of 19.6x, up from the previous P/E ratio of 16.6x. This compares to an average P/E of 13x in the Capital Markets industry in Poland. Total return to shareholders over the past three years is a loss of 3.1%. 
