Announcement • May 22
Rank Progress S.A., Annual General Meeting, Jun 18, 2026 Rank Progress S.A., Annual General Meeting, Jun 18, 2026, at 12:00 Central European Standard Time. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł4.68, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 8x in the Real Estate industry in Poland. Total returns to shareholders of 99% over the past three years. Reported Earnings • Apr 28
Full year 2025 earnings released: EPS: zł0.46 (vs zł1.09 in FY 2024) Full year 2025 results: EPS: zł0.46 (down from zł1.09 in FY 2024). Revenue: zł66.2m (down 59% from FY 2024). Net income: zł17.2m (down 58% from FY 2024). Profit margin: 26% (in line with FY 2024). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Reported Earnings • Nov 26
Third quarter 2025 earnings released: EPS: zł0.44 (vs zł0.11 loss in 3Q 2024) Third quarter 2025 results: EPS: zł0.44 (up from zł0.11 loss in 3Q 2024). Revenue: zł16.6m (up 11% from 3Q 2024). Net income: zł16.2m (up zł20.4m from 3Q 2024). Profit margin: 98% (up from net loss in 3Q 2024). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Announcement • Nov 15
Rank Progress S.A. to Report Q3, 2025 Results on Nov 20, 2025 Rank Progress S.A. announced that they will report Q3, 2025 results on Nov 20, 2025 Reported Earnings • Sep 21
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł15.3m (up 24% from 2Q 2024). Net income: zł123.0k (up zł2.39m from 2Q 2024). Profit margin: 0.8% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 40% per year, which means it is well ahead of earnings. Announcement • Aug 21
Rank Progress S.A. to Report First Half, 2025 Results on Sep 18, 2025 Rank Progress S.A. announced that they will report first half, 2025 results on Sep 18, 2025 New Risk • Jul 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 7.4% 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 (7.4% average weekly change). Market cap is less than US$100m (zł153.5m market cap, or US$42.5m). Reported Earnings • May 23
First quarter 2025 earnings released: zł0.15 loss per share (vs zł1.44 profit in 1Q 2024) First quarter 2025 results: zł0.15 loss per share (down from zł1.44 profit in 1Q 2024). Revenue: zł16.8m (down 85% from 1Q 2024). Net loss: zł5.48m (down 110% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 01
Rank Progress S.A., Annual General Meeting, May 28, 2025 Rank Progress S.A., Annual General Meeting, May 28, 2025. New Risk • Mar 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 7.3% 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: Minor Risks High level of debt (42% net debt to equity). Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (zł172.8m market cap, or US$42.7m). Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł5.50, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 9x in the Real Estate industry in Poland. Total returns to shareholders of 166% over the past three years. Reported Earnings • Nov 22
Third quarter 2024 earnings released: zł0.11 loss per share (vs zł0.12 profit in 3Q 2023) Third quarter 2024 results: zł0.11 loss per share (down from zł0.12 profit in 3Q 2023). Revenue: zł15.0m (up 18% from 3Q 2023). Net loss: zł4.22m (down 195% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł6.18, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 8x in the Real Estate industry in Poland. Total returns to shareholders of 126% over the past three years. New Risk • Oct 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 31% 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 Share price has been volatile over the past 3 months (8.6% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (zł224.4m market cap, or US$58.0m). Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł7.22, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 7x in the Real Estate industry in Poland. Total returns to shareholders of 159% over the past three years. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to zł6.46, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 8x in the Real Estate industry in Poland. Total returns to shareholders of 165% over the past three years. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł7.22, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 8x in the Real Estate industry in Poland. Total returns to shareholders of 206% over the past three years. New Risk • Jun 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. 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 Interest payments are not well covered by earnings (2.4x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (17% net profit margin). Market cap is less than US$100m (zł225.9m market cap, or US$56.6m). Announcement • May 25
Rank Progress S.A., Annual General Meeting, Jun 18, 2024 Rank Progress S.A., Annual General Meeting, Jun 18, 2024. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to zł4.75, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 8x in the Real Estate industry in Poland. Total returns to shareholders of 72% over the past three years. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł3.63, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 8x in the Real Estate industry in Poland. Total returns to shareholders of 112% over the past three years. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to zł3.37, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 8x in the Real Estate industry in Poland. Total returns to shareholders of 89% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł2.56, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 6x in the Real Estate industry in Poland. Total returns to shareholders of 42% over the past three years. New Risk • Nov 09
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 Risk Interest payments are not well covered by earnings (1.0x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (32% net profit margin). Market cap is less than US$100m (zł80.3m market cap, or US$19.4m). Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł2.42, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 5x in the Real Estate industry in Poland. Total returns to shareholders of 67% over the past three years. Buying Opportunity • Jul 24
Now 22% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be zł3.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has grown by 23%. Buying Opportunity • Jul 01
Now 21% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be zł3.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has grown by 23%. Buying Opportunity • Jun 15
Now 21% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be zł3.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has grown by 23%. Announcement • May 26
Rank Progress S.A., Annual General Meeting, Jun 20, 2023 Rank Progress S.A., Annual General Meeting, Jun 20, 2023, at 12:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł2.33, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 6x in the Real Estate industry in Poland. Total returns to shareholders of 128% over the past three years. Buying Opportunity • Jan 18
Now 21% undervalued Over the last 90 days, the stock is up 74%. The fair value is estimated to be zł3.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has grown by 23%. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 19% share price gain to zł2.06, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 5x in the Real Estate industry in Poland. Total returns to shareholders of 46% over the past three years. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improved over the past week After last week's 17% share price gain to zł1.80, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 6x in the Real Estate industry in Poland. Total returns to shareholders of 22% over the past three years. Buying Opportunity • Oct 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.3%. The fair value is estimated to be zł1.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.2% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Sep 24
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł13.2m (up 15% from 2Q 2021). Net income: zł5.49m (up 19% from 2Q 2021). Profit margin: 42% (up from 40% in 2Q 2021). Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 16% share price gain to zł1.94, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 5x in the Real Estate industry in Poland. Total returns to shareholders of 64% over the past three years. Announcement • May 26
Rank Progress S.A., Annual General Meeting, Jun 22, 2022 Rank Progress S.A., Annual General Meeting, Jun 22, 2022, at 12:00 Central European Standard Time. Reported Earnings • Dec 01
Third quarter 2021 earnings: Revenues exceed analyst expectations Third quarter 2021 results: Revenue: zł26.4m (down 25% from 3Q 2020). Net income: zł5.53m (down 47% from 3Q 2020). Profit margin: 21% (down from 30% in 3Q 2020). Revenue exceeded analyst estimates by 5.9%. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 25
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: zł11.5m (up 30% from 2Q 2020). Net income: zł4.59m (up zł18.4m from 2Q 2020). Profit margin: 40% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improved over the past week After last week's 17% share price gain to zł2.80, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 7x in the Real Estate industry in Poland. Total returns to shareholders of 63% over the past three years. Reported Earnings • May 04
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł119.4m (up 15% from FY 2019). Net income: zł57.3m (up zł49.3m from FY 2019). Profit margin: 48% (up from 7.8% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 07
New 90-day low: zł1.69 The company is down 10.0% from its price of zł1.87 on 07 December 2020. The Polish market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 10.0% over the same period. Is New 90 Day High Low • Jan 08
New 90-day high: zł1.93 The company is up 12% from its price of zł1.72 on 09 October 2020. The Polish market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is up 10.0% over the same period. Is New 90 Day High Low • Nov 30
New 90-day high: zł1.84 The company is up 7.0% from its price of zł1.72 on 01 September 2020. The Polish market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is down 4.0% over the same period. Valuation Update With 7 Day Price Move • Nov 27
Market bids up stock over the past week After last week's 26% share price gain to zł1.76, the stock is trading at a trailing P/E ratio of 7.6x, up from the previous P/E ratio of 6x. This compares to an average P/E of 7x in the Real Estate industry in Poland. Total returns to shareholders over the past three years are 11%. Valuation Update With 7 Day Price Move • Oct 30
Market pulls back on stock over the past week After last week's 22% share price decline to zł1.21, the stock is trading at a trailing P/E ratio of 5.2x, down from the previous P/E ratio of 6.7x. This compares to an average P/E of 6x in the Real Estate industry in Poland. Total return to shareholders over the past three years is a loss of 30%. Is New 90 Day High Low • Oct 21
New 90-day low: zł1.48 The company is down 16% from its price of zł1.76 on 23 July 2020. The Polish market is down 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 12% over the same period.