Reported Earnings • May 24
First quarter 2026 earnings released: zł0.60 loss per share (vs zł0.94 loss in 1Q 2025) First quarter 2026 results: zł0.60 loss per share (improved from zł0.94 loss in 1Q 2025). Revenue: zł4.57m (up 68% from 1Q 2025). Net loss: zł9.74m (loss narrowed 36% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. New Risk • May 05
New major risk - Revenue and earnings growth Earnings have declined by 3.5% 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 Less than 1 year of cash runway based on free cash flow trend (-zł42m free cash flow). Earnings have declined by 3.5% per year over the past 5 years. Minor Risks Revenue is less than US$5m (zł16m revenue, or US$4.3m). Market cap is less than US$100m (zł119.6m market cap, or US$32.9m). Reported Earnings • Dec 03
Third quarter 2025 earnings released: zł0.67 loss per share (vs zł1.01 loss in 3Q 2024) Third quarter 2025 results: zł0.67 loss per share (improved from zł1.01 loss in 3Q 2024). Revenue: zł4.08m (up zł3.57m from 3Q 2024). Net loss: zł10.8m (loss narrowed 34% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 05
Second quarter 2025 earnings released: zł0.95 loss per share (vs zł0.64 profit in 2Q 2024) Second quarter 2025 results: zł0.95 loss per share (down from zł0.64 profit in 2Q 2024). Revenue: zł3.26m (down 89% from 2Q 2024). Net loss: zł15.4m (down 250% from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Announcement • Aug 25
Mabion S.A. to Report First Half, 2025 Results on Sep 30, 2025 Mabion S.A. announced that they will report first half, 2025 results on Sep 30, 2025 New Risk • Jun 08
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: zł39m Forecast net loss in 1 year: zł33m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (zł33m net loss next year). Market cap is less than US$100m (zł155.8m market cap, or US$41.4m). Reported Earnings • May 29
First quarter 2025 earnings released: zł0.94 loss per share (vs zł1.09 profit in 1Q 2024) First quarter 2025 results: zł0.94 loss per share (down from zł1.09 profit in 1Q 2024). Revenue: zł2.72m (down 92% from 1Q 2024). Net loss: zł15.3m (down 187% from profit in 1Q 2024). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Biotechs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł11.50, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 26x in the Biotechs industry in Europe. Total loss to shareholders of 60% over the past three years. Announcement • Apr 25
Mabion S.A., Annual General Meeting, May 26, 2025 Mabion S.A., Annual General Meeting, May 26, 2025. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł8.56, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 28x in the Biotechs industry in Europe. Total loss to shareholders of 86% over the past three years. Major Estimate Revision • Dec 10
Consensus revenue estimates decrease by 24% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from zł87.1m to zł66.1m. EPS estimate unchanged from -zł0.28 per share at last update. Biotechs industry in Poland expected to see average net income growth of 26% next year. Consensus price target down from zł11.50 to zł8.17. Share price fell 9.1% to zł10.56 over the past week. Price Target Changed • Nov 27
Price target decreased by 13% to zł13.83 Down from zł15.83, the current price target is an average from 3 analysts. New target price is 14% above last closing price of zł12.14. Stock is down 41% over the past year. The company posted earnings per share of zł2.55 last year. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to zł12.54, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 27x in the Biotechs industry in Europe. Total loss to shareholders of 83% over the past three years. New Risk • Nov 06
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 6.3% 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: Major Risk Earnings are forecast to decline by an average of 117% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.2% net profit margin). Market cap is less than US$100m (zł184.3m market cap, or US$46.0m). Reported Earnings • Oct 29
Third quarter 2024 earnings released: zł1.01 loss per share (vs zł0.67 profit in 3Q 2023) Third quarter 2024 results: zł1.01 loss per share (down from zł0.67 profit in 3Q 2023). Revenue: zł516.0k (down 98% from 3Q 2023). Net loss: zł16.3m (down 250% from profit in 3Q 2023). Revenue is expected to decline by 11% p.a. on average during the next 3 years, while revenues in the Biotechs industry in Europe are expected to grow by 21%. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 11
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł29.8m (down 17% from 2Q 2023). Net income: zł10.3m (down 33% from 2Q 2023). Profit margin: 35% (down from 42% in 2Q 2023). Revenue is expected to decline by 4.2% p.a. on average during the next 3 years, while revenues in the Biotechs industry in Europe are expected to grow by 20%. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. New Risk • Sep 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 100% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Earnings are forecast to decline by an average of 100% per year for the foreseeable future. High level of non-cash earnings (128% accrual ratio). Minor Risk Market cap is less than US$100m (zł307.1m market cap, or US$79.2m). New Risk • Jul 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 112% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Earnings are forecast to decline by an average of 112% per year for the foreseeable future. High level of non-cash earnings (128% accrual ratio). Minor Risk Market cap is less than US$100m (zł283.8m market cap, or US$72.4m). Announcement • May 25
Mabion S.A., Annual General Meeting, Jun 17, 2024 Mabion S.A., Annual General Meeting, Jun 17, 2024. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: zł1.06 (vs zł1.02 in 1Q 2023) First quarter 2024 results: EPS: zł1.06 (up from zł1.02 in 1Q 2023). Revenue: zł34.0m (down 14% from 1Q 2023). Net income: zł17.5m (up 6.5% from 1Q 2023). Profit margin: 52% (up from 42% in 1Q 2023). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Biotechs industry in Europe. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 19
Price target increased by 9.6% to zł16.17 Up from zł14.75, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of zł17.00. Stock is down 9.0% over the past year. The company posted earnings per share of zł2.55 last year. Reported Earnings • Apr 18
Full year 2023 earnings released: EPS: zł2.55 (vs zł1.44 in FY 2022) Full year 2023 results: EPS: zł2.55 (up from zł1.44 in FY 2022). Revenue: zł151.7m (down 7.5% from FY 2022). Net income: zł41.3m (up 78% from FY 2022). Profit margin: 27% (up from 14% in FY 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Biotechs industry in Europe are expected to grow by 18%. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. New Risk • Feb 08
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 6.9% 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: Major Risks Earnings are forecast to decline by an average of 16% per year for the foreseeable future. High level of non-cash earnings (34% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (zł277.2m market cap, or US$68.7m). Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to zł21.88, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 25x in the Biotechs industry in Europe. Total returns to shareholders of 1.8% over the past three years. Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł29.6m (down 23% from 3Q 2022). Net income: zł10.9m (up zł15.9m from 3Q 2022). Profit margin: 37% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Biotechs industry in Europe. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 14
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł36.0m (down 18% from 2Q 2022). Net income: zł15.2m (up 198% from 2Q 2022). Profit margin: 42% (up from 12% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Biotechs industry in Europe. Announcement • Jun 13
Mabion S.A., Annual General Meeting, Jun 13, 2023 Mabion S.A., Annual General Meeting, Jun 13, 2023, at 14:00 Central European Standard Time. Major Estimate Revision • May 28
Consensus revenue estimates decrease by 17%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from zł190.5m to zł159.0m. EPS estimate increased from zł0.52 to zł2.07 per share. Net income forecast to grow 42% next year vs 18% growth forecast for Biotechs industry in Poland. Consensus price target up from zł14.75 to zł15.35. Share price was steady at zł18.10 over the past week. Price Target Changed • Apr 19
Price target decreased by 9.2% to zł14.75 Down from zł16.25, the current price target is an average from 2 analysts. New target price is 22% below last closing price of zł18.90. Stock is down 44% over the past year. The company is forecast to post earnings per share of zł1.57 for next year compared to zł0.12 last year. Major Estimate Revision • Dec 03
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from zł183.9m to zł164.9m. EPS estimate unchanged from zł1.57 per share at last update. Biotechs industry in Poland expected to see average net income growth of 1.6% next year. Consensus price target down from zł16.25 to zł15.75. Share price rose 5.1% to zł22.04 over the past week. Price Target Changed • Nov 16
Price target decreased to zł16.25 Down from zł26.00, the current price target is an average from 2 analysts. New target price is 26% below last closing price of zł22.00. Stock is down 67% over the past year. The company is forecast to post earnings per share of zł1.57 for next year compared to zł0.12 last year. Major Estimate Revision • Oct 06
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from zł275.0m to zł183.9m. EPS estimate unchanged from zł1.57 per share at last update. Biotechs industry in Poland expected to see average net income growth of 8.6% next year. Consensus price target down from zł26.00 to zł16.25. Share price was steady at zł19.86 over the past week. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł26.18, the stock trades at a trailing P/E ratio of 16x. Average forward P/E is 22x in the Biotechs industry in Poland. Total loss to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł12.27 per share. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improved over the past week After last week's 15% share price gain to zł25.20, the stock trades at a trailing P/E ratio of 15.4x. Average forward P/E is 32x in the Biotechs industry in Poland. Total loss to shareholders of 71% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł11.29 per share. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 20% share price decline to zł21.60, the stock trades at a trailing P/E ratio of 13.2x. Average forward P/E is 31x in the Biotechs industry in Poland. Total loss to shareholders of 71% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł11.53 per share. Price Target Changed • Apr 27
Price target increased to zł68.50 Up from zł47.30, the current price target is provided by 1 analyst. New target price is 145% above last closing price of zł28.00. Stock is down 57% over the past year. The company is forecast to post a net loss per share of zł3.67 next year compared to a net loss per share of zł4.06 last year. Breakeven Date Change • Apr 27
Forecast breakeven date moved forward to 2022 The analyst covering Mabion previously expected the company to break even in 2023. New forecast suggests the company will make a profit of zł59.0m in 2022. Average annual earnings growth of 69% is required to achieve expected profit on schedule. Buying Opportunity • Jan 24
Now 33% undervalued after recent price drop Over the last 90 days, the stock is down 45%. The fair value is estimated to be zł59.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 157% per annum over the last 3 years. Earnings per share has grown by 16% per annum over the last 3 years. Price Target Changed • Oct 12
Price target increased to zł68.50 Up from zł47.50, the current price target is an average from 2 analysts. New target price is 13% below last closing price of zł78.90. Stock is up 186% over the past year. Major Estimate Revision • Jul 25
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from zł8.00m to zł51.5m. EPS estimate unchanged from -zł3.67 at last update. Biotechs industry in Poland expected to see average net income decline 11% next year. Consensus price target up from zł27.30 to zł47.50. Share price rose 11% to zł64.00 over the past week. Announcement • Mar 04
Mabion Biotech Signs Deal with Novavax on Covid-19 Vaccine Technology Transfer Mabion signed a deal with Novavax to transfer the manufacturing process and open the way for commercial-scale production of an antigen for a COVID-19 vaccine candidate, Mabion. The Master Service Agreement enables Mabion "with assistance of Novavax, to initiate activities required to transfer the manufacturing process and to establish the feasibility of commercial-scale manufacturing of antigen for Novavax's vaccine candidate" at Mabion's premises. Mabion expects that the transfer of the technology and its verification will be completed in first half 2021. The deal is effective through December 31, 2023. Is New 90 Day High Low • Feb 22
New 90-day high: zł27.40 The company is up 13% from its price of zł24.20 on 24 November 2020. The Polish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is down 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł7.76 per share. Is New 90 Day High Low • Dec 21
New 90-day low: zł20.50 The company is down 34% from its price of zł31.20 on 22 September 2020. The Polish market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is down 1.0% over the same period. Is New 90 Day High Low • Nov 30
New 90-day low: zł21.50 The company is down 33% from its price of zł32.25 on 01 September 2020. The Polish market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is down 12% over the same period. Is New 90 Day High Low • Oct 30
New 90-day low: zł21.90 The company is down 11% from its price of zł24.50 on 31 July 2020. The Polish market is down 15% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Biotechs industry, which is also down 11% over the same period. Announcement • Jun 16
Mabion S.A. announced that it expects to receive PLN 1.563755 million in funding Mabion S.A. (WSE:MAB) announced a private placement of up to 1,907,281 ordinary U series bearer shares for minimum gross proceeds of PLN 190,728.10 and maximum of PLN 1,563,755.30 in May 2020. The transaction will include participation from new shareholders, as the shares issued will be in accordance of the exclusion of pre-emptive rights for existing shareholders.