Reported Earnings • May 18
First quarter 2026 earnings released: zł0.08 loss per share (vs zł0.10 loss in 1Q 2025) First quarter 2026 results: zł0.08 loss per share (improved from zł0.10 loss in 1Q 2025). Revenue: zł98.8m (down 37% from 1Q 2025). Net loss: zł4.52m (loss narrowed 20% from 1Q 2025). Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Construction industry in Poland. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 8% per year. Upcoming Dividend • May 11
Upcoming dividend of zł0.31 per share Eligible shareholders must have bought the stock before 18 May 2026. Payment date: 22 May 2026. Payout ratio is on the higher end at 89% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Polish dividend payers (7.2%). Lower than average of industry peers (4.3%). Duyuru • Apr 21
Onde S.A., Annual General Meeting, May 14, 2026 Onde S.A., Annual General Meeting, May 14, 2026, at 15:00 Central European Standard Time. Declared Dividend • Apr 20
Dividend of zł0.31 announced Dividend of zł0.31 is the same as last year. Ex-date: 18th May 2026 Payment date: 22nd May 2026 Dividend yield will be 3.3%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (89% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has not increased over the past 2 years but payments have been stable during that time. Earnings per share declined by 14% over the last 5 years, which if continued should see the payout ratio increase to a potentially unsustainable range. New Risk • Apr 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: 3.5% 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 Risk Earnings have declined by 9.8% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.2% net profit margin). Reported Earnings • Nov 10
Third quarter 2025 earnings released: EPS: zł0.24 (vs zł0.098 in 3Q 2024) Third quarter 2025 results: EPS: zł0.24 (up from zł0.098 in 3Q 2024). Revenue: zł268.4m (up 18% from 3Q 2024). Net income: zł13.1m (up 145% from 3Q 2024). Profit margin: 4.9% (up from 2.3% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Duyuru • Nov 06
Onde S.A. to Report Q3, 2025 Results on Nov 06, 2025 Onde S.A. announced that they will report Q3, 2025 results on Nov 06, 2025 Reported Earnings • Sep 12
Second quarter 2025 earnings released: EPS: zł0.19 (vs zł0.03 loss in 2Q 2024) Second quarter 2025 results: EPS: zł0.19 (up from zł0.03 loss in 2Q 2024). Revenue: zł217.1m (up 16% from 2Q 2024). Net income: zł10.6m (up zł12.1m from 2Q 2024). Profit margin: 4.9% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Duyuru • Aug 21
Onde S.A. to Report First Half, 2025 Results on Sep 10, 2025 Onde S.A. announced that they will report first half, 2025 results on Sep 10, 2025 Upcoming Dividend • May 19
Upcoming dividend of zł0.31 per share Eligible shareholders must have bought the stock before 26 May 2025. Payment date: 30 May 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.7%. Lower than top quartile of Polish dividend payers (6.9%). Lower than average of industry peers (4.9%). Reported Earnings • May 14
First quarter 2025 earnings released: zł0.10 loss per share (vs zł0.32 profit in 1Q 2024) First quarter 2025 results: zł0.10 loss per share (down from zł0.32 profit in 1Q 2024). Revenue: zł155.6m (down 7.4% from 1Q 2024). Net loss: zł5.62m (down 132% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 5% per year and the company’s share price has also fallen by 5% per year. New Risk • May 14
New major risk - Revenue and earnings growth Earnings have declined by 3.4% 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 Risk Earnings have declined by 3.4% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Declared Dividend • Apr 25
Dividend of zł0.31 announced Dividend of zł0.31 is the same as last year. Ex-date: 26th May 2025 Payment date: 30th May 2025 Dividend yield will be 2.9%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (43% 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 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • Apr 24
Onde S.A., Annual General Meeting, May 22, 2025 Onde S.A., Annual General Meeting, May 22, 2025. Buy Or Sell Opportunity • Mar 31
Now 22% undervalued Over the last 90 days, the stock has risen 9.2% to zł11.68. The fair value is estimated to be zł14.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 3.7%. Reported Earnings • Mar 28
Full year 2024 earnings released: EPS: zł0.56 (vs zł0.61 in FY 2023) Full year 2024 results: EPS: zł0.56 (down from zł0.61 in FY 2023). Revenue: zł803.9m (down 26% from FY 2023). Net income: zł30.3m (down 9.3% from FY 2023). Profit margin: 3.8% (up from 3.1% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Feb 18
Now 22% undervalued Over the last 90 days, the stock has risen 11% to zł11.10. The fair value is estimated to be zł14.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.5% over the last 3 years. Earnings per share has declined by 12%. Buy Or Sell Opportunity • Jan 23
Now 20% undervalued Over the last 90 days, the stock has risen 9.7% to zł11.74. The fair value is estimated to be zł14.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.5% over the last 3 years. Earnings per share has declined by 12%. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł10.70, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 10x in the Construction industry in Poland. Total loss to shareholders of 32% over the past three years. Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: zł0.10 (vs zł0.20 in 3Q 2023) Third quarter 2024 results: EPS: zł0.10 (down from zł0.20 in 3Q 2023). Revenue: zł227.7m (down 33% from 3Q 2023). Net income: zł5.34m (down 50% from 3Q 2023). Profit margin: 2.3% (down from 3.2% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 15% per year. New Risk • Sep 18
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 2.6% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. 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: Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Large one-off items impacting financial results. Reported Earnings • Sep 11
Second quarter 2024 earnings released: zł0.03 loss per share (vs zł0.32 profit in 2Q 2023) Second quarter 2024 results: zł0.03 loss per share (down from zł0.32 profit in 2Q 2023). Revenue: zł186.7m (down 41% from 2Q 2023). Net loss: zł1.50m (down 109% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 22% per year. New Risk • Jun 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 39% 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. This is currently the only risk that has been identified for the company. Duyuru • May 15
Onde S.A. Decides Dividend Payment for the Year 2023 Onde S.A. announced the general meeting of the company decided to allocate PLN 16.9 million (EUR 3.96 million) of its 2023 profit to the payment of a dividend, which translates into a PLN 0.31 (EUR 0.07) dividend per share. Duyuru • Apr 19
Onde S.A., Annual General Meeting, May 14, 2024 Onde S.A., Annual General Meeting, May 14, 2024, at 15:00 Central European Standard Time. Duyuru • Mar 28
Onde S.A. Recommends Dividend Onde is recommending to the general meeting to allocate PLN 16.9 million (EUR 3.9 million) or PLN 0.31 (EUR 0.07) per share from the 2023 profit to the payment of a dividend. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: zł0.20 (vs zł0.02 in 3Q 2022) Third quarter 2023 results: EPS: zł0.20 (up from zł0.02 in 3Q 2022). Revenue: zł338.1m (up 15% from 3Q 2022). Net income: zł10.7m (up zł9.70m from 3Q 2022). Profit margin: 3.2% (up from 0.3% in 3Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł12.38, the stock trades at a trailing P/E ratio of 36.6x. Average trailing P/E is 12x in the Construction industry in Poland. Total returns to shareholders of 59% over the past year. Reported Earnings • Sep 08
Second quarter 2023 earnings released: EPS: zł0.32 (vs zł0.02 in 2Q 2022) Second quarter 2023 results: EPS: zł0.32 (up from zł0.02 in 2Q 2022). Revenue: zł317.9m (down 8.2% from 2Q 2022). Net income: zł17.4m (up zł16.2m from 2Q 2022). Profit margin: 5.5% (up from 0.3% in 2Q 2022). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improved over the past week After last week's 33% share price gain to zł13.88, the stock trades at a trailing P/E ratio of 37.5x. Average trailing P/E is 7x in the Construction industry in Poland. Total loss to shareholders of 22% over the past year. Reported Earnings • Nov 09
Third quarter 2022 earnings released: EPS: zł0.02 (vs zł0.23 in 3Q 2021) Third quarter 2022 results: EPS: zł0.02 (down from zł0.23 in 3Q 2021). Revenue: zł294.3m (down 14% from 3Q 2021). Net income: zł1.03m (down 91% from 3Q 2021). Profit margin: 0.3% (down from 3.5% in 3Q 2021). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł8.26, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 7x in the Construction industry in Poland. Total loss to shareholders of 67% over the past year. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 20% share price gain to zł12.84, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 8x in the Construction industry in Poland. Reported Earnings • May 16
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł179.0m (down 22% from 1Q 2021). Net income: zł16.0k (up zł11.9m from 1Q 2021). Profit margin: 0% (up from net loss in 1Q 2021). The move to profitability was driven by lower expenses. Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorated over the past week After last week's 21% share price decline to zł11.96, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 9x in the Construction industry in Poland. Reported Earnings • Apr 10
Full year 2021 earnings released: EPS: zł0.92 (vs zł0.72 in FY 2020) Full year 2021 results: EPS: zł0.92 (up from zł0.72 in FY 2020). Revenue: zł1.22b (up 108% from FY 2020). Net income: zł46.2m (up 41% from FY 2020). Profit margin: 3.8% (down from 5.6% in FY 2020). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improved over the past week After last week's 21% share price gain to zł20.00, the stock trades at a trailing P/E ratio of 24.4x. Average trailing P/E is 10x in the Construction industry in Poland.