Amica (AMC) · Q2 2026 results and valuation

At −11.0% growth a year (3-year revenue growth), the model's fair value is 29.23 zł a share — the stock trades 51% above it. Today's price assumes −4.8% growth a year.

1. Key theme

   Despite a 2.8% decline in sales revenue in the Polish market, the company saw positive effects from efforts to develop a higher-value product mix.

   Source quote

   “Despite a 2.8% decline in sales revenue in the Polish market, the company recorded positive effects from activities aimed at developing a higher-value product mix.”

Very upbeat for a company report — about as upbeat as in Q2 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone

“Improved operating result, return to a positive net profit, and a clear strengthening of cash flows indicate that the actions taken under the Back to Profitability initiative are yielding tangible results.”

“Gross profit from sales increased to 313.7 million PLN from 310.7 million PLN the previous year, and gross margin from sales increased from 27.0% to 28.2%.”