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DEK GPW Periodic report · PAP Biznes

Dekpol SA (DEK) · Q1 2026 results and valuation

Share price: 56.00 zł · 2026-11-10

Dekpol SA provides general contracting services for industrial, public, and sports facilities, as well as road and hydrotechnical works. The company manufactures attachments for construction machinery sold in several European and international markets. It also operates in the real estate development sector in northern Poland. Source: Wikipedia

Results Q1 2026 vs Q1 2025 · year over year · published 27 May 2026 and 23 May 2025

Net income down 56.4% year on year. The language turned more upbeat.

1 · Numbers

−56.4%

Net income vs Q1 2025

Net income 13.3M vs 30.4M

Revenue −96.3%

2 · How the report reads

More upbeat

Language tone vs last period

Report language: typical for a company report — more upbeat than in Q1 2025.

Weak signal: formal report language, not a call.

3 · What stood out

Dekpol S.A. decided to repurchase 82,693 series N bonds with a total nominal value of 82,693,000 PLN.

Valuation

Is Dekpol 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 10.6% growth a year (3-year revenue growth), the model's fair value is 316.03 zł a share — the stock trades 82% below it. Today's price assumes −15.4% growth a year.

Current price

56.00 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.

-15.4% for 10 yrs

Fair value / share

316.03 zł

Buy below

237.02 zł

Price vs fair value

Undervalued 82%

Price vs buy-below price

Undervalued 76%

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Figure

    The completion of the investment and handover of the first premises to clients is now planned for the fourth quarter of 2027 instead of the first quarter of 2027.

    Source quote
    “Completion of the investment and its commissioning, including the handover of the first premises to clients, is planned for the fourth quarter of 2027 (previously the first quarter of 2027).”
  2. Figure

    The contractor's lump-sum remuneration for the entire scope of the agreement is approximately 143 million PLN gross (116 million PLN net).

    Source quote
    “The value of the Contractor's lump-sum remuneration for the execution of the entire subject matter of the Agreement amounts to approx. 143 million PLN gross (approx. 116 million PLN net).”
  3. Figure

    The submitted offer amount was 221.99 million PLN gross.

    Source quote
    “The value of the submitted offer amounted to PLN 221.99 million gross.”
  4. Figure

    The gross offer price is 159.98 million PLN, which represents the notable figure for this quarter.

    Source quote
    “The gross offer price is PLN 159.98 million gross.”

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: Q1 2026. Ring: Q1 2025.

Report language Typical (was restrained)

Typical for a company report — more upbeat than in Q1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone
“Significant external factors impacting the industry's economic situation in 2026 include the international situation (the war in Ukraine, the conflict in the Middle East), which partially translates to...”
“However, there is a risk that the administrative process and any rulings by administrative courts may last for years, which may result in the inability to complete and recognize revenue from the project sale within the original deadline.”

Full figures

PLN · PAP Biznes report (2026-05-27)

Metric Q1 2026 Q1 2025 Change
Revenue 12.7M 343.0M −96.3%
Operating income 14.5M 46.6M −68.9%
Net income 13.3M 30.4M −56.4%
EPS 1.58 3.64 −56.6%
P/E today 4.4 5.8 5.1 +0.7

Topics

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

Most discussed now

  • The Company informed about the conclusion of the conditional agreement in current report no. 49/2025 dated December 23, 2025.
  • Rising The Ordering Party shall have the right to withdraw from the agreement in whole or in part without the obligation to pay compensation to…
  • Security for all obligations arising from the agreement constitutes a guarantee by Dekpol S.A.
  • Addendum to the master agreement for the provision of insurance contract guarantees with InterRisk TU S.A.
  • With effect from January 1, 2021, a transfer of the organized part of the Issuer's undertaking comprising the activities of the General…

Faded since Q1 2025

  • Fading The decision to proceed with the investment is contingent upon the prior obtaining of additional consents and permits necessary for the…
  • Fading The Group is taking consistently active steps aimed at acquiring new projects for implementation.
  • Fading The current limit is PLN 8 million intended for a revolving credit facility, and its expiration date is April 2036.
  • Fading Regarding the sales targets, the Company informed in current report no. 4/2025 dated

Latest announcements

Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.

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