Declared Dividend • May 27
Dividend increased to zł0.80 Dividend of zł0.80 is 3.9% higher than last year. Ex-date: 25th August 2026 Payment date: 25th November 2026 Dividend yield will be 3.5%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (69% earnings payout ratio) and cash flows (26% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 42% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 26
ECB S.A. announces Annual dividend, payable on November 25, 2026 ECB S.A. announced Annual dividend of PLN 0.8000 per share payable on November 25, 2026, ex-date on August 25, 2026 and record date on August 26, 2026. Announcement • May 25
ECB S.A., Annual General Meeting, Jun 17, 2026 ECB S.A., Annual General Meeting, Jun 17, 2026, at 12:00 Central European Standard Time. New Risk • Apr 07
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 7.7% 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 Risks Share price has been highly volatile over the past 3 months (7.7% average weekly change). High level of non-cash earnings (180% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (4.0% net profit margin). Market cap is less than US$100m (zł61.2m market cap, or US$16.5m). Buy Or Sell Opportunity • Apr 07
Now 44% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to zł26.00. The fair value is estimated to be zł18.06, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 49% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Mar 17
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 3.8% to zł21.80. The fair value is estimated to be zł18.06, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 49% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Mar 02
Now 27% overvalued Over the last 90 days, the stock has fallen 5.9% to zł23.00. The fair value is estimated to be zł18.06, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 49% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Feb 11
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 4.8% 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. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (180% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (4.8% average weekly change). Profit margins are more than 30% lower than last year (4.0% net profit margin). Market cap is less than US$100m (zł56.5m market cap, or US$16.0m). Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł23.00, the stock trades at a trailing P/E ratio of 20.6x. Average trailing P/E is 15x in the Electric Utilities industry in Poland. Total returns to shareholders of 350% over the past three years. Buy Or Sell Opportunity • Feb 11
Now 27% overvalued Over the last 90 days, the stock has fallen 14% to zł23.00. The fair value is estimated to be zł18.06, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 49% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jan 05
Now 22% overvalued Over the last 90 days, the stock has fallen 23% to zł21.50. The fair value is estimated to be zł17.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 49% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Dec 03
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł13.3m (down 37% from 3Q 2024). Net income: zł222.0k (down 99% from 3Q 2024). Profit margin: 1.7% (down from 70% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 61% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 28
Second quarter 2025 earnings released: EPS: zł0.13 (vs zł2.89 loss in 2Q 2024) Second quarter 2025 results: EPS: zł0.13 (up from zł2.89 loss in 2Q 2024). Revenue: zł24.0m (up 83% from 2Q 2024). Net income: zł423.0k (up zł9.06m from 2Q 2024). Profit margin: 1.8% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 70% per year, which means it is significantly lagging earnings growth. Announcement • Aug 25
ECB S.A. to Report First Half, 2025 Results on Sep 26, 2025 ECB S.A. announced that they will report first half, 2025 results on Sep 26, 2025 Upcoming Dividend • Aug 18
Upcoming dividend of zł0.77 per share Eligible shareholders must have bought the stock before 25 August 2025. Payment date: 25 November 2025. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Polish dividend payers (7.1%). Lower than average of industry peers (4.4%). Reported Earnings • May 31
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł25.2m (down 49% from 1Q 2024). Net income: zł1.32m (down 100% from 1Q 2024). Profit margin: 5.2% (down from 1,289% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 87% per year, which means it is significantly lagging earnings growth. Announcement • May 16
EC Bedzin S.A., Annual General Meeting, Jun 11, 2025 EC Bedzin S.A., Annual General Meeting, Jun 11, 2025. Announcement • May 01
EC Bedzin S.A. announces Annual dividend, payable on November 25, 2025 EC Bedzin S.A. announced Annual dividend of PLN 0.7700 per share payable on November 25, 2025, ex-date on August 25, 2025 and record date on August 26, 2025. New Risk • Apr 24
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 14% 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 (14% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (zł114.6m market cap, or US$30.5m). Reported Earnings • Nov 29
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł21.2m (up 259% from 3Q 2023). Net income: zł14.9m (up zł30.7m from 3Q 2023). Profit margin: 70% (up from net loss in 3Q 2023). 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 58% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 02
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł13.1m (down 79% from 2Q 2023). Net loss: zł8.64m (down 136% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Sep 02
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 11% 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 (11% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (zł96.9m market cap, or US$25.1m). Announcement • May 31
EC Bedzin S.A., Annual General Meeting, Jun 26, 2024 EC Bedzin S.A., Annual General Meeting, Jun 26, 2024. Reported Earnings • May 03
Full year 2023 earnings released Full year 2023 results: Revenue: zł397.9m (up 23% from FY 2022). Net loss: zł198.9m (loss narrowed 3.3% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 61% per year, which means it is well ahead of earnings. Announcement • Apr 22
EC Bedzin S.A. to Report Fiscal Year 2024 Results on Apr 26, 2024 EC Bedzin S.A. announced that they will report fiscal year 2024 results on Apr 26, 2024 Reported Earnings • Nov 30
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł6.98m (down 90% from 3Q 2022). Net loss: zł15.8m (down 133% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 60% per year, which means it is well ahead of earnings. Announcement • Nov 22
Grupa Altum Spólka Z Ograniczona Odpowiedzialnoscia issued letter of intent to acquire 60% stake in Elektrocieplownia BEDZIN Sp. z o.o. from EC Bedzin S.A. (WSE:BDZ). Grupa Altum Spólka Z Ograniczona Odpowiedzialnoscia issued letter of intent to acquire 60% stake in Elektrocieplownia BEDZIN Sp. z o.o. from EC Bedzin S.A. (WSE:BDZ) on November 20, 2023. EC Bedzin S.A. (WSE:BDZ) will retain minority stake in Elektrocieplownia BEDZIN Sp. z o.o. The transaction is expected to close by the year end of 2023. Reported Earnings • Oct 02
Second quarter 2023 earnings released: EPS: zł7.56 (vs zł18.11 loss in 2Q 2022) Second quarter 2023 results: EPS: zł7.56 (up from zł18.11 loss in 2Q 2022). Revenue: zł86.5m (up 74% from 2Q 2022). Net income: zł23.8m (up zł80.8m from 2Q 2022). Profit margin: 28% (up from net loss in 2Q 2022). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 91% per year, which means it is well ahead of earnings. Announcement • Jun 04
Elektrocieplownia Bedzin S.A., Annual General Meeting, Jun 28, 2023 Elektrocieplownia Bedzin S.A., Annual General Meeting, Jun 28, 2023, at 10:30 Central European Standard Time. Reported Earnings • Nov 26
Third quarter 2022 earnings released: EPS: zł15.39 (vs zł9.54 loss in 3Q 2021) Third quarter 2022 results: EPS: zł15.39 (up from zł9.54 loss in 3Q 2021). Revenue: zł85.8m (up 96% from 3Q 2021). Net income: zł48.5m (up zł77.0m from 3Q 2021). Profit margin: 56% (up from net loss in 3Q 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 26
Second quarter 2022 earnings released: zł18.11 loss per share (vs zł10.27 loss in 2Q 2021) Second quarter 2022 results: zł18.11 loss per share (further deteriorated from zł10.27 loss in 2Q 2021). Revenue: zł50.0m (up 30% from 2Q 2021). Net loss: zł57.0m (loss widened 86% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 53% 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. Announcement • Dec 15
An unknown buyer acquired 9.52% stake in Elektrocieplownia Bedzin S.A. (WSE:BDZ) from Wieslaw Glanowski. An unknown buyer acquired 9.52% stake in Elektrocieplownia Bedzin S.A. (WSE:BDZ) from Wieslaw Glanowski on December 14, 2021.
An unknown buyer completed the acquisition of 9.52% stake in Elektrocieplownia Bedzin S.A. (WSE:BDZ) from Wieslaw Glanowski on December 14, 2021. Reported Earnings • Dec 01
Third quarter 2021 earnings: Revenues in line with analyst expectations Third quarter 2021 results: Revenue: zł43.9m (up 11% from 3Q 2020). Net loss: zł28.5m (loss widened 31% from 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 37 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 04
Second quarter 2021 earnings released The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2021 results: Revenue: zł41.1m (up 81% from 2Q 2020). Net loss: zł30.7m (loss widened 15% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 04
Second quarter 2021 earnings released The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2021 results: Revenue: zł41.1m (up 81% from 2Q 2020). Net loss: zł30.7m (loss widened 15% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Announcement • Jul 15
Wieslaw Glanowski acquired 9.5% stake in Elektrocieplownia Bedzin S.A. (WSE:BDZ). Wieslaw Glanowski acquired 9.5% stake in Elektrocieplownia Bedzin S.A. (WSE:BDZ) on July 13, 2021.
Wieslaw Glanowski completed the acquisition of 9.5% stake in Elektrocieplownia Bedzin S.A. (WSE:BDZ) on July 13, 2021. Reported Earnings • Jun 05
First quarter 2021 earnings released: zł4.69 loss per share (vs zł0.70 loss in 1Q 2020) The company reported a soft first quarter result with increased losses and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: zł63.4m (up 27% from 1Q 2020). Net loss: zł14.0m (loss widened zł11.9m from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Reported Earnings • May 05
Full year 2020 earnings released The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: zł168.4m (down 25% from FY 2019). Net loss: zł69.6m (loss narrowed 34% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 25
New 90-day low: zł9.20 The company is down 1.0% from its price of zł9.30 on 27 November 2020. The Polish market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 8.0% over the same period. Reported Earnings • Dec 01
Third quarter 2020 earnings released: zł7.29 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: zł43.8m (down 24% from 3Q 2019). Net loss: zł21.8m (loss widened 100% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 127% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings.