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APT GPW sWIG80 Periodic report · PAP Biznes

Apator SA (APT) · Q2 2026 results and valuation

Share price: 25.30 zł · 2026-11-10

Results Q2 2026 vs Q2 2025 · year over year · published 28 Aug 2026 and 29 Aug 2025

Net income up 14.2% year on year. The language turned more cautious.

Only a basic analysis is available for this company at the moment.

1 · Numbers

+14.2%

Net income vs Q2 2025

Net income 20.6M vs 18.0M

Revenue +24.4%

2 · How the report reads

More cautious

Language tone vs last period

Report language: typical for a company report — more cautious than in Q2 2025.

Weak signal: formal report language, not a call.

3 · What stood out

Apator Group generated an EBITDA profit at a record level of 94.1 million PLN, which represents a 25% increase year-on-year.

Valuation

Is Apator SA undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 3.6% growth a year (3-year revenue growth), the model's fair value is 25.37 zł a share — the stock trades about at it. Today's price assumes 3.5% growth a year.

Current price

25.30 zł

close of 2026-11-10

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

+3.5% for 10 yrs

Fair value / share

25.37 zł

Buy below

19.03 zł

Price vs fair value

Fairly valued

Price vs buy-below price

Overvalued 33%

Official channels

The company's own website and social media accounts.

Read between the lines

No major shifts flagged this period.

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q2 2025.

Report language Typical (was upbeat)

Typical for a company report — more cautious than 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
“Apator Group generated an EBITDA profit at a record level of 94.1 million PLN, recording a 25% increase year-on-year.”
“Escalating geo-economic confrontation could cause a slowdown of the global economy, a decrease in the pace of economic exchange, an increase in prices of advanced multi-component devices, and longer lead times for orders and a slowdown in financial flows;”

Full figures

PLN · PAP Biznes report (2026-08-28)

Metric Q2 2026 Q2 2025 Change
Revenue 356.2M 286.4M +24.4%
Gross profit 91.7M 81.5M +12.5%
EBITDA 94.1M 75.1M +25.2%
Operating income 27.6M 23.3M +18.3%
Net income 20.6M 18.0M +14.2%
EPS 0.71 0.61 +16.4%
P/E today 9.4 10.1 8.1 +2.0

Topics

Topics are drawn from the full report text, not management commentary.

Most discussed now

  • (Balkans); — growth in automation sales (+9.8% y/y) as a result of increased demand for devices for network management and monitoring
  • This translated into, in unfavorable, cost-push macroeconomic conditions related to the conflict in the Middle East, the increase in the…
  • The company was established to strengthen its position in the Spanish market and to develop sales in the field of smart metering of…
  • (I later, earlier application is permitted); IFRS 18 replaces IAS 1 "Presentation of Financial Statements"; introduces a more structured…

Faded since Q2 2025

  • Fading They are the same as for the Apator Group, particularly for the Electricity segment, and were presented in point 2 of this report.
  • Fading This ensures adequate business diversification and greater predictability of future sales results regardless of changes in the situation in…
  • Fading Metrix S.A. intends to cease its operations due to the unfavorable development of the situation on the British gas market.
  • Fading The contract value is PLN 10.4 million net, with the delivery deadline falling at the turn of 2025 and 2026.

Latest announcements

Official filings, newest first.

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