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ECB GPW Periodic report · PAP Biznes

Elektrociepłownia Będzin SA (ECB) · Q1 2026 results and valuation

Share price: 19.98 zł · 2026-11-10

Results Q1 2026 vs Q1 2025 · year over year · published 27 May 2026 and 29 May 2025

Operating income down 5.1% year on year. The report's language is unchanged.

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

1 · Numbers

−5.1%

Operating income vs Q1 2025

Operating income 1.5M vs 1.5M

Revenue −2.9%

2 · How the report reads

Unchanged

Language tone vs last period

Report language: restrained for a company report — about as upbeat as in Q1 2025.

Weak signal: formal report language, not a call.

3 · What stood out

Fading

Profit decreased due to the loss of control over a subsidiary, which impacts the company's consolidated financial structure.

Valuation

Is Elektrociepłownia Będzin 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 −20.0% growth a year (3-year revenue growth), the model's fair value is 5.88 zł a share — the stock trades 240% above it. Today's price assumes 1.6% growth a year.

Current price

19.98 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.

+1.6% for 10 yrs

Fair value / share

5.88 zł

Buy below

4.41 zł

Price vs fair value

Overvalued >200%

Price vs buy-below price

Overvalued >200%

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: Q1 2026. Ring: Q1 2025.

Report language Restrained (was restrained)

Restrained for a company report — about as upbeat as 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
“The most significant risk factors include, in particular: • risk associated with the macroeconomic situation, including the level of inflation, interest rates, and economic slowdown, • risk of changes in prices of energy commodities, electricity...”
“The Capital Group's exposure to credit risk and currency risk, as well as the write-downs of trade receivables and other receivables, are presented in the Management Board Report on the activities of ECB S.A.”
“As of the date of approval of this report for publication, the Management Board does not identify grounds indicating a significant negative impact of the described factors on the financial position and the continuity of operations.”

Full figures

PLN · PAP Biznes report (2026-05-27)

Metric Q1 2026 Q1 2025 Change
Revenue 24.4M 25.2M −2.9%
Gross profit 1.4M —
Operating income 1.5M 1.5M −5.1%
Net income 1.2M —
P/E today 16.0 17.8 0.2 +17.6

Topics

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

Most discussed now

  • After the balance sheet date, i.e., after March 31, 2026, the following events occurred
  • Other comprehensive income that will not in the future be reclassified to profit or loss before taxation
  • Income tax relating to items that may be - - carried forward in later periods to the profit and loss account
  • The profitability of the heat sales business is characterized by lower return on assets during the summer period due to reduced demand for…

Faded since Q1 2025

  • Fading Investment property, right of use of tangible assets and tangible assets
  • Fading The indicated revenues from heat sales related entirely to the month of January 2024 and were realized as part of the activities of the…
  • Fading The Parent Entity as of the balance sheet date and as of the date of approval of the financial statements for publication has no…
  • Fading Starting from January 2023, in connection with the commencement of commercial activities, the Company achieved cash flows from the sale of…

Latest announcements

Official filings, newest first.

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