Duyuru • Mar 16
Polenergia S.A., Annual General Meeting, Apr 08, 2026 Polenergia S.A., Annual General Meeting, Apr 08, 2026, at 12:00 Central European Standard Time. Reported Earnings • Mar 13
Full year 2025 earnings released: zł1.61 loss per share (vs zł3.90 profit in FY 2024) Full year 2025 results: zł1.61 loss per share (down from zł3.90 profit in FY 2024). Revenue: zł4.23b (down 2.0% from FY 2024). Net loss: zł124.6m (down 141% from profit in FY 2024). Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. New Risk • Nov 26
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 Risks Interest payments are not well covered by earnings (2.3x net interest cover). Earnings have declined by 3.4% per year over the past 5 years. Price Target Changed • Nov 25
Price target decreased by 13% to zł67.17 Down from zł77.25, the current price target is an average from 3 analysts. New target price is 20% above last closing price of zł56.20. Stock is down 22% over the past year. The company is forecast to post earnings per share of zł3.17 for next year compared to zł3.90 last year. New Risk • Nov 24
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 Risks Interest payments are not well covered by earnings (2.3x net interest cover). Earnings have declined by 3.4% per year over the past 5 years. Reported Earnings • Nov 24
Third quarter 2025 earnings released: zł0.15 loss per share (vs zł0.95 profit in 3Q 2024) Third quarter 2025 results: zł0.15 loss per share (down from zł0.95 profit in 3Q 2024). Revenue: zł917.8m (up 1.0% from 3Q 2024). Net loss: zł11.3m (down 115% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. New Risk • Sep 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 41% 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 Debt is not well covered by operating cash flow (20% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Reported Earnings • Aug 24
Second quarter 2025 earnings released: zł1.08 loss per share (vs zł1.03 profit in 2Q 2024) Second quarter 2025 results: zł1.08 loss per share (down from zł1.03 profit in 2Q 2024). Revenue: zł1.13b (up 24% from 2Q 2024). Net loss: zł83.0m (down 204% from profit in 2Q 2024). Revenue is expected to decline by 6.4% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Europe are expected to grow by 2.5%. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Jul 31
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from zł2.84 to zł3.17. Revenue forecast unchanged at zł3.95b. Net income forecast to grow 22% next year vs 18% growth forecast for Renewable Energy industry in Poland. Consensus price target broadly unchanged at zł78.00. Share price rose 2.0% to zł60.20 over the past week. Reported Earnings • May 23
First quarter 2025 earnings released: EPS: zł0.56 (vs zł1.82 in 1Q 2024) First quarter 2025 results: EPS: zł0.56 (down from zł1.82 in 1Q 2024). Revenue: zł1.19b (flat on 1Q 2024). Net income: zł43.2m (down 69% from 1Q 2024). Profit margin: 3.6% (down from 12% in 1Q 2024). Revenue is expected to decline by 4.6% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Europe are expected to grow by 7.1%. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Duyuru • Mar 28
Polenergia S.A., Annual General Meeting, Apr 23, 2025 Polenergia S.A., Annual General Meeting, Apr 23, 2025. Price Target Changed • Feb 18
Price target decreased by 13% to zł80.60 Down from zł92.66, the current price target is an average from 2 analysts. New target price is 17% above last closing price of zł69.00. Stock is down 4.8% over the past year. The company is forecast to post earnings per share of zł5.64 for next year compared to zł3.85 last year. Reported Earnings • Nov 24
Third quarter 2024 earnings released: EPS: zł0.95 (vs zł0.62 in 3Q 2023) Third quarter 2024 results: EPS: zł0.95 (up from zł0.62 in 3Q 2023). Revenue: zł911.5m (down 27% from 3Q 2023). Net income: zł73.7m (up 78% from 3Q 2023). Profit margin: 8.1% (up from 3.3% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has fallen by 24% 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. Price Target Changed • Sep 03
Price target increased by 7.4% to zł95.12 Up from zł88.56, the current price target is an average from 3 analysts. New target price is 36% above last closing price of zł70.00. Stock is down 10% over the past year. The company is forecast to post earnings per share of zł5.59 for next year compared to zł3.85 last year. Major Estimate Revision • Aug 27
Consensus revenue estimates decrease by 15%, EPS upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from zł4.96b to zł4.22b. EPS estimate increased from zł4.62 to zł5.59 per share. Net income forecast to grow 15% next year vs 15% growth forecast for Renewable Energy industry in Poland. Consensus price target up from zł88.56 to zł91.96. Share price was steady at zł69.40 over the past week. Reported Earnings • Aug 22
Second quarter 2024 earnings released: EPS: zł1.03 (vs zł0.70 in 2Q 2023) Second quarter 2024 results: EPS: zł1.03 (up from zł0.70 in 2Q 2023). Revenue: zł913.6m (down 34% from 2Q 2023). Net income: zł79.7m (up 71% from 2Q 2023). Profit margin: 8.7% (up from 3.4% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 6.6% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jun 27
Consensus revenue estimates decrease by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from zł5.54b to zł4.96b. EPS estimate unchanged from zł4.62 per share at last update. Renewable Energy industry in Poland expected to see average net income growth of 8.9% next year. Consensus price target broadly unchanged at zł88.56. Share price was steady at zł64.80 over the past week. Reported Earnings • May 26
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł1.19b (down 19% from 1Q 2023). Net income: zł140.7m (up 17% from 1Q 2023). Profit margin: 12% (up from 8.2% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Renewable Energy industry in Europe. Duyuru • May 25
Polenergia S.A., Annual General Meeting, Jun 19, 2024 Polenergia S.A., Annual General Meeting, Jun 19, 2024. New Risk • May 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% 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 Risk Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (16% increase in shares outstanding). Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: zł3.85 (vs zł2.62 in FY 2022) Full year 2023 results: EPS: zł3.85 (up from zł2.62 in FY 2022). Revenue: zł5.62b (down 21% from FY 2022). Net income: zł263.6m (up 65% from FY 2022). Profit margin: 4.7% (up from 2.3% in FY 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 4.6% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Europe are expected to grow by 5.9%. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 24
Third quarter 2023 earnings released: EPS: zł0.62 (vs zł0.05 loss in 3Q 2022) Third quarter 2023 results: EPS: zł0.62 (up from zł0.05 loss in 3Q 2022). Revenue: zł1.24b (down 6.3% from 3Q 2022). Net income: zł41.5m (up zł44.3m from 3Q 2022). Profit margin: 3.3% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Revenue is expected to decline by 9.0% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Europe are expected to grow by 8.8%. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Price Target Changed • Nov 15
Price target decreased by 12% to zł91.99 Down from zł104, the current price target is an average from 2 analysts. New target price is 25% above last closing price of zł73.60. Stock is down 13% over the past year. The company is forecast to post earnings per share of zł4.48 for next year compared to zł2.62 last year. New Risk • Nov 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 28
Second quarter 2023 earnings released: EPS: zł0.70 (vs zł0.02 in 2Q 2022) Second quarter 2023 results: EPS: zł0.70 (up from zł0.02 in 2Q 2022). Revenue: zł1.37b (flat on 2Q 2022). Net income: zł46.5m (up zł45.3m from 2Q 2022). Profit margin: 3.4% (up from 0.1% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Reported Earnings • May 30
First quarter 2023 earnings released: EPS: zł1.81 (vs zł2.41 in 1Q 2022) First quarter 2023 results: EPS: zł1.81. Revenue: zł1.47b (down 40% from 1Q 2022). Net income: zł120.8m (up 10% from 1Q 2022). Profit margin: 8.2% (up from 4.5% in 1Q 2022). The increase in margin was driven by lower expenses. Price Target Changed • Dec 02
Price target decreased to zł89.06 Down from zł104, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of zł90.90. Stock is up 20% over the past year. The company is forecast to post earnings per share of zł2.53 for next year compared to zł7.36 last year. Reported Earnings • Nov 25
Third quarter 2022 earnings released: zł0.05 loss per share (vs zł0.86 profit in 3Q 2021) Third quarter 2022 results: zł0.05 loss per share (down from zł0.86 profit in 3Q 2021). Revenue: zł1.33b (up 101% from 3Q 2021). Net loss: zł2.78m (down 107% from profit in 3Q 2021). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Nov 16
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from zł3.77b to zł3.62b. EPS estimate also fell from zł3.01 per share to zł2.53 per share. Net income forecast to grow 60% next year vs 26% growth forecast for Renewable Energy industry in Poland. Consensus price target down from zł104 to zł98.71. Share price fell 3.7% to zł87.40 over the past week. Major Estimate Revision • Nov 11
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from zł3.77b to zł3.62b. EPS estimate also fell from zł3.01 per share to zł2.53 per share. Net income forecast to grow 60% next year vs 32% growth forecast for Renewable Energy industry in Poland. Consensus price target down from zł104 to zł98.71. Share price fell 4.3% to zł90.20 over the past week. Price Target Changed • Sep 16
Price target increased to zł101 Up from zł93.68, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of zł103. Stock is up 43% over the past year. The company is forecast to post earnings per share of zł3.75 for next year compared to zł7.36 last year. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 17% share price gain to zł103, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 22x in the Renewable Energy industry in Europe. Total returns to shareholders of 281% over the past three years. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: zł0.02 (vs zł5.41 in 2Q 2021) Second quarter 2022 results: EPS: zł0.02 (down from zł5.41 in 2Q 2021). Revenue: zł1.34b (up 160% from 2Q 2021). Net income: zł1.15m (down 100% from 2Q 2021). Profit margin: 0.1% (down from 48% in 2Q 2021). Over the next year, revenue is expected to shrink by 12% compared to a 2,501% growth forecast for the Renewable Energy industry in Poland. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Jul 27
Consensus EPS estimates increase by 23% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from zł3.91b to zł4.12b. EPS estimate increased from zł2.62 to zł3.22 per share. Net income forecast to shrink 37% next year vs 36% growth forecast for Renewable Energy industry in Poland . Consensus price target up from zł87.18 to zł93.68. Share price fell 3.5% to zł110 over the past week. Price Target Changed • Jul 26
Price target increased to zł93.68 Up from zł82.20, the current price target is an average from 3 analysts. New target price is 16% below last closing price of zł112. Stock is up 63% over the past year. The company is forecast to post earnings per share of zł2.62 for next year compared to zł7.36 last year. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improved over the past week After last week's 17% share price gain to zł104, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 25x in the Renewable Energy industry in Europe. Total returns to shareholders of 278% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł50.83 per share. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improved over the past week After last week's 15% share price gain to zł91.00, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 25x in the Renewable Energy industry in Europe. Total returns to shareholders of 249% over the past three years. Reported Earnings • May 20
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: zł2.41 (up from zł0.75 in 1Q 2021). Revenue: zł2.48b (up 290% from 1Q 2021). Net income: zł109.6m (up 220% from 1Q 2021). Profit margin: 4.4% (down from 5.4% in 1Q 2021). Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 1.5%. Over the next year, revenue is expected to shrink by 39% compared to a 1,834% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 10
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: zł7.42 (up from zł2.39 in FY 2020). Revenue: zł4.00b (up 124% from FY 2020). Net income: zł334.6m (up 208% from FY 2020). Profit margin: 8.4% (up from 6.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 51%. Earnings per share (EPS) missed analyst estimates by 1.5%. Over the next year, revenue is expected to shrink by 31% compared to a 3,281% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment deteriorated over the past week After last week's 18% share price decline to zł58.20, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 25x in the Renewable Energy industry in Europe. Total returns to shareholders of 138% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł57.43 per share. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improved over the past week After last week's 16% share price gain to zł74.00, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 27x in the Renewable Energy industry in Europe. Total returns to shareholders of 261% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł43.04 per share. Major Estimate Revision • Aug 18
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from zł2.01b to zł2.45b. EPS estimate unchanged from zł7.54 at last update. Renewable Energy industry in Poland expected to see average net income growth of 29% next year. Consensus price target up from zł67.60 to zł72.84. Share price was steady at zł70.50 over the past week. Price Target Changed • Aug 17
Price target increased to zł72.84 Up from zł67.60, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of zł70.40. Stock is up 47% over the past year. Price Target Changed • Aug 13
Price target increased to zł71.77 Up from zł66.13, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of zł71.40. Stock is up 51% over the past year. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS zł5.41 (vs zł0.32 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł575.3m (up 58% from 2Q 2020). Net income: zł245.8m (up zł231.2m from 2Q 2020). Profit margin: 43% (up from 4.0% in 2Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jun 05
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from zł1.61b to zł1.99b. EPS estimate unchanged from zł2.02 at last update. Renewable Energy industry in Poland expected to see average net income growth of 21% next year. Consensus price target up from zł66.13 to zł67.60. Share price fell 7.1% to zł73.40 over the past week. Price Target Changed • Jun 04
Price target increased to zł67.60 Up from zł61.97, the current price target is an average from 4 analysts. New target price is 8.6% below last closing price of zł74.00. Stock is up 141% over the past year. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improved over the past week After last week's 26% share price gain to zł95.60, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 33x in the Renewable Energy industry in Europe. Total returns to shareholders of 472% over the past three years. Major Estimate Revision • Apr 06
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from zł2.55 to zł2.02. Revenue forecast unchanged from zł1.61b at last update. Net income forecast to shrink 5.1% next year vs 13% growth forecast for Renewable Energy industry in Poland . Consensus price target of zł59.55 unchanged from last update. Share price rose 26% to zł95.60 over the past week. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS zł2.43 (vs zł2.40 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: zł1.81b (down 27% from FY 2019). Net income: zł110.6m (up 1.4% from FY 2019). Profit margin: 6.1% (up from 4.4% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 69% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improved over the past week After last week's 19% share price gain to zł75.00, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 25x in the Renewable Energy industry in Europe. Total returns to shareholders of 340% over the past three years. Is New 90 Day High Low • Feb 20
New 90-day high: zł63.60 The company is up 26% from its price of zł50.60 on 20 November 2020. The Polish market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 13% over the same period.