Reported Earnings • May 29
Third quarter 2026 earnings released: EPS: zł0.034 (vs zł0.096 in 3Q 2025) Third quarter 2026 results: EPS: zł0.034 (down from zł0.096 in 3Q 2025). Revenue: zł186.2m (flat on 3Q 2025). Net income: zł402.0k (down 65% from 3Q 2025). Profit margin: 0.2% (down from 0.6% in 3Q 2025). 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 • Mar 30
Second quarter 2026 earnings released: EPS: zł0.012 (vs zł0.13 loss in 2Q 2025) Second quarter 2026 results: EPS: zł0.012 (up from zł0.13 loss in 2Q 2025). Revenue: zł182.5m (down 3.7% from 2Q 2025). Net income: zł182.0k (up zł1.71m from 2Q 2025). Profit margin: 0.1% (up from net loss in 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Dec 29
Upcoming dividend of zł0.65 per share Eligible shareholders must have bought the stock before 05 January 2026. Payment date: 21 January 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 8.2%. Within top quartile of Polish dividend payers (7.5%). Higher than average of industry peers (3.3%). Announcement • Nov 24
Delko S.A., Annual General Meeting, Dec 18, 2025 Delko S.A., Annual General Meeting, Dec 18, 2025, at 10:00 Central European Standard Time. New Risk • Nov 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 36% 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 Earnings have declined by 12% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (269% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (zł83.0m market cap, or US$22.6m). Declared Dividend • Nov 03
Dividend of zł0.65 announced Shareholders will receive a dividend of zł0.65. Ex-date: 5th January 2026 Payment date: 26th January 2026 Dividend yield will be 9.5%, which is higher than the industry average of 0.2%. Sustainability & Growth Dividend is not covered by earnings (121% earnings payout ratio). However, it is well covered by cash flows (28% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 35% to bring the payout ratio under control. However, EPS has declined by 29% over the last 5 years so the company would need to reverse this trend. Announcement • Nov 01
Delko S.A. announces Annual dividend, payable on January 26, 2026 Delko S.A. announced Annual dividend of PLN 0.6500 per share payable on January 26, 2026, ex-date on January 05, 2026 and record date on January 07, 2026. Reported Earnings • Oct 31
Full year 2025 earnings released: EPS: zł0.24 (vs zł1.27 in FY 2024) Full year 2025 results: EPS: zł0.24 (down from zł1.27 in FY 2024). Revenue: zł782.2m (down 11% from FY 2024). Net income: zł2.89m (down 81% from FY 2024). Profit margin: 0.4% (down from 1.7% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Oct 29
Delko S.A. to Report Q4, 2025 Results on Oct 29, 2025 Delko S.A. announced that they will report Q4, 2025 results at 8:30 AM, Central European Standard Time on Oct 29, 2025 Reported Earnings • Jun 02
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł187.4m (down 15% from 3Q 2024). Net income: zł1.15m (down 27% from 3Q 2024). Profit margin: 0.6% (down from 0.7% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 27% 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. New Risk • Apr 08
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 112% Dividend yield: 7.6% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 Risk Earnings have declined by 0.8% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (112% payout ratio). Profit margins are more than 30% lower than last year (0.7% net profit margin). Market cap is less than US$100m (zł81.8m market cap, or US$21.0m). Reported Earnings • Mar 28
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł189.5m (down 12% from 2Q 2024). Net loss: zł1.53m (down 142% from profit 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 only fallen by 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 27
Upcoming dividend of zł0.83 per share Eligible shareholders must have bought the stock before 03 January 2025. Payment date: 21 January 2025. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 6.1%. Lower than top quartile of Polish dividend payers (8.6%). Higher than average of industry peers (2.9%). Announcement • Nov 25
Delko S.A., Annual General Meeting, Dec 18, 2024 Delko S.A., Annual General Meeting, Dec 18, 2024. Reported Earnings • Nov 02
Full year 2024 earnings released: EPS: zł1.27 (vs zł2.23 in FY 2023) Full year 2024 results: EPS: zł1.27 (down from zł2.23 in FY 2023). Revenue: zł882.3m (down 1.7% from FY 2023). Net income: zł15.2m (down 43% from FY 2023). Profit margin: 1.7% (down from 3.0% in FY 2023). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 6% per year. Reported Earnings • May 29
Third quarter 2024 earnings released: EPS: zł0.13 (vs zł0.92 in 3Q 2023) Third quarter 2024 results: EPS: zł0.13 (down from zł0.92 in 3Q 2023). Revenue: zł219.8m (down 67% from 3Q 2023). Net income: zł1.57m (down 86% from 3Q 2023). Profit margin: 0.7% (down from 1.6% 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 5% per year whereas the company’s share price has increased by 2% per year. Reported Earnings • Mar 29
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł216.2m (flat on 2Q 2023). Net income: zł3.64m (down 40% from 2Q 2023). Profit margin: 1.7% (down from 2.8% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 26
Upcoming dividend of zł0.90 per share at 3.4% yield Eligible shareholders must have bought the stock before 02 January 2024. Payment date: 17 January 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Polish dividend payers (8.0%). Higher than average of industry peers (0.2%). Announcement • Nov 22
Delko S.A., Annual General Meeting, Dec 14, 2023 Delko S.A., Annual General Meeting, Dec 14, 2023, at 11:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł10.55, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 10x in the Retail Distributors industry in Europe. Total returns to shareholders of 57% over the past three years. Reported Earnings • Jun 05
First quarter 2023 earnings released: EPS: zł0.47 (vs zł0.57 in 1Q 2022) First quarter 2023 results: EPS: zł0.47 (down from zł0.57 in 1Q 2022). Revenue: zł230.5m (up 11% from 1Q 2022). Net income: zł5.59m (down 17% from 1Q 2022). Profit margin: 2.4% (down from 3.2% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: zł4.77 (vs zł1.51 in FY 2021) Full year 2022 results: EPS: zł4.77 (up from zł1.51 in FY 2021). Revenue: zł880.7m (up 13% from FY 2021). Net income: zł28.5m (up 58% from FY 2021). Profit margin: 3.2% (up from 2.3% 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 32% per year whereas the company’s share price has increased by 29% per year. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to zł11.55, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 12x in the Retail Distributors industry in Poland. Total returns to shareholders of 153% over the past three years. Reported Earnings • Dec 01
Third quarter 2022 earnings released: EPS: zł1.33 (vs zł0.97 in 3Q 2021) Third quarter 2022 results: EPS: zł1.33 (up from zł0.97 in 3Q 2021). Revenue: zł226.9m (up 12% from 3Q 2021). Net income: zł7.95m (up 38% from 3Q 2021). Profit margin: 3.5% (up from 2.8% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 18% per year. Reported Earnings • Oct 03
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł229.5m (up 16% from 2Q 2021). Net income: zł7.78m (up 28% from 2Q 2021). Profit margin: 3.4% (up from 3.1% in 2Q 2021). The increase in margin was driven by higher revenue. Upcoming Dividend • Jul 06
Upcoming dividend of zł0.80 per share Eligible shareholders must have bought the stock before 13 July 2022. Payment date: 28 July 2022. Trailing yield: 5.2%. Lower than top quartile of Polish dividend payers (8.4%). Higher than average of industry peers (0.5%). Announcement • May 31
Delko S.A., Annual General Meeting, Jun 29, 2022 Delko S.A., Annual General Meeting, Jun 29, 2022, at 09:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 16% share price gain to zł16.34, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 10x in the Retail Distributors industry in Poland. Total returns to shareholders of 145% over the past three years. Reported Earnings • Dec 02
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: zł0.97 (down from zł1.24 in 3Q 2020). Revenue: zł203.3m (down 5.8% from 3Q 2020). Net income: zł5.78m (down 22% from 3Q 2020). Profit margin: 2.8% (down from 3.4% in 3Q 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 01
Second quarter 2021 earnings released The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: zł197.6m (down 3.8% from 2Q 2020). Net income: zł6.10m (up 57% from 2Q 2020). Profit margin: 3.1% (up from 1.9% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 25% per year. Upcoming Dividend • Jul 07
Upcoming dividend of zł0.65 per share Eligible shareholders must have bought the stock before 14 July 2021. Payment date: 29 July 2021. Trailing yield: 3.9%. Lower than top quartile of Polish dividend payers (5.8%). Higher than average of industry peers (1.1%). Reported Earnings • May 05
Full year 2020 earnings released: EPS zł3.29 (vs zł2.23 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł818.3m (up 8.9% from FY 2019). Net income: zł19.7m (up 47% from FY 2019). Profit margin: 2.4% (up from 1.8% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 22% per year. Is New 90 Day High Low • Feb 15
New 90-day high: zł19.00 The company is up 16% from its price of zł16.40 on 17 November 2020. The Polish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Retail Distributors industry, which is up 24% over the same period. Is New 90 Day High Low • Jan 26
New 90-day high: zł17.70 The company is up 37% from its price of zł12.90 on 28 October 2020. The Polish market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Retail Distributors industry, which is up 23% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: zł17.40 The company is up 1.0% from its price of zł17.30 on 09 October 2020. The Polish market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is up 3.0% over the same period. Valuation Update With 7 Day Price Move • Oct 19
Market pulls back on stock over the past week After last week's 16% share price decline to zł14.30, the stock is trading at a trailing P/E ratio of 5.2x, down from the previous P/E ratio of 6.1x. This compares to an average P/E of 12x in the Retail Distributors industry in Poland. Total returns to shareholders over the past three years are 49%. Valuation Update With 7 Day Price Move • Oct 15
Market pulls back on stock over the past week After last week's 15% share price decline to zł15.00, the stock is trading at a trailing P/E ratio of 5.4x, down from the previous P/E ratio of 6.4x. This compares to an average P/E of 12x in the Retail Distributors industry in Poland. Total returns to shareholders over the past three years are 55%. Is New 90 Day High Low • Oct 13
New 90-day low: zł16.00 The company is down 2.0% from its price of zł16.40 on 15 July 2020. The Polish market is down 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Retail Distributors industry, which is up 7.0% over the same period. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total profits of zł16.6m, up 20% from the prior year. Total revenue was zł806.7m over the last 12 months, up 19% from the prior year. Is New 90 Day High Low • Sep 23
New 90-day high: zł32.00 The company is up 92% from its price of zł16.70 on 25 June 2020. The Polish market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Retail Distributors industry, which is up 14% over the same period. Announcement • Jul 30
Delko S.A. (WSE:DEL) completed the acquisition of Przedsiebiorstwo Handlowe Waldi Sp Z O O for PLN 2.4 million. Delko S.A. (WSE:DEL) signed a preliminary contract to acquire Przedsiebiorstwo Handlowe Waldi Sp Z O O for PLN 2.5 million on October 3, 2019. As of March 31, 2020, the agreed date of conclusion of the final sale agreement was postponed.
Delko S.A. (WSE:DEL) completed the acquisition of Przedsiebiorstwo Handlowe Waldi Sp Z O O for PLN 2.4 million on June 30, 2020. Delko S.A. (WSE:DEL) acquired 4008 shares in Przedsiebiorstwo Handlowe Waldi Sp Z O O.