Feerum SA (FEE) · Q1 2026 results and valuation

At 18.2% growth a year (3-year revenue growth), the model's fair value is 90.58 zł a share — the stock trades 83% below it. Today's price assumes −8.3% growth a year.

1. Figure

   Equity increased by 12.2 million PLN to 125.7 million PLN by December 31, 2025, compared to 113.5 million PLN the previous year due to generated net profit.

2. Figure

   Grain elevators remained the key product group, accounting for approximately 92.8% of sales revenue in 2025.

3. Figure

   The Group experienced a significant increase in activity in 2025 due to investment in the agri-food sector and the release of National Recovery Plan (KPO) funds.

   Source quote

   “The year 2025 was characterized by a significant increase in the scale of the Group's activities, primarily due to the investment boom in the agri-food sector and the release of funds from the National Recovery Plan (KPO).”

4. Figure

   The company signed a contract for a warehouse and drying project in Toshka worth approximately 24.7 million USD during the 2025 fiscal year.

5. Figure

   Contracted orders for the agri-food machinery industry for 2026–2027 total approximately 71.2 million PLN across 28 contracts as of the reporting date.

Typical 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

“When calculating both basic and diluted earnings (loss) per share, the parent company uses the amount of net profit (loss) attributable to shareholders in the numerator, i.e., there is no dilutive effect affecting the amount...”

“Basic earnings per share is calculated using the formula of net profit attributable to shareholders of the parent company divided by the weighted average number of ordinary shares outstanding during the given period.”

“As part of the investment program for the years 2022–2026, the Group is undertaking activities aimed at developing production facilities, automating processes, and increasing operational efficiency.”