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GRN GPW Periodic report · PAP Biznes

Grodno SA (GRN) · Q1 2026 results and valuation

Share price: 15.10 zł · 2026-11-10

Results Q1 2026 vs Q1 2025 · year over year · published 20 Aug 2026 and 19 Aug 2025

Net income up 2.6% year on year. The report's language is unchanged.

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

1 · Numbers

+2.6%

Net income vs Q1 2025

Net income 2.5M vs 2.5M

Revenue +23.3%

2 · How the report reads

Unchanged

Language tone vs last period

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

Weak signal: formal report language, not a call.

3 · What stood out

Grodno SA aims to reach the strategic goal of a minimum of 2 billion PLN in revenue.

Valuation

Is Grodno SA undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-03-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 0.7% growth a year (3-year revenue growth), the model's fair value is 11.41 zł a share — the stock trades 32% above it. Today's price assumes 3.7% growth a year.

Current price

15.10 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.

+3.7% for 10 yrs

Fair value / share

11.41 zł

Buy below

8.56 zł

Price vs fair value

Overvalued 32%

Price vs buy-below price

Overvalued 76%

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 Upbeat (was upbeat)

Upbeat 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
“Changes in the debt ratio over time illustrate changes in the level of financing the company's assets with debt capital (a lower ratio level indicates a decrease in debt financing and a reduction in the risk associated with debt repayment).”
“An increase in the indicator value in the respective periods signifies an increase in the share of long-term debt in the financing of the company's activities.”

Full figures

PLN · PAP Biznes report (2026-08-20)

Metric Q1 2026 Q1 2025 Change
Revenue 366.9M 297.6M +23.3%
Gross profit — 4.5M
EBITDA 7.3M 7.8M −5.7%
Operating income 4.6M 5.1M −9.7%
Net income 2.5M 2.5M +2.6%
EPS 0.16 0.16 ±0%
P/E today 20.2 23.7 31.0 −7.3

Topics

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

Most discussed now

  • Changes in the debt ratio values over time illustrate changes in the level of financing of the company's assets from external capital (a…
  • New In the case of short-term financial assets and liabilities, such as cash and trade receivables
  • During the analyzed period, no significant proceedings before a court, an authority competent for arbitration proceedings, or a public…
  • Write-off updating the financial write-offs updating the value of receivables provision for employee benefits
  • Internal — optimization of operational processes within the Group, − further optimization of logistics and warehousing costs, − growth of…

Faded since Q1 2025

  • Fading Units of the Parent Company for the period ended June 30, 2025, taking into account consolidation eliminations in the items: Revenue from…
  • Fading EBITDA profitability ratio – indicates the share of operating profit (or loss), adjusted for depreciation in the sale of the enterprise.
  • Fading The Issuer's Management Board is currently conducting ongoing discussions with the financing institutions regarding the level of the…
  • Fading The received result indicates the extent to which sales are profitable (net profit margin) and how the enterprise manages the ratio of…

Latest announcements

Official filings, newest first.

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