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LWB GPW sWIG80 Periodic report · PAP Biznes

LW Bogdanka SA (LWB) · Q2 2026 results and valuation

Share price: 22.90 zł · 2026-11-10

Results Q2 2026 vs Q2 2025 · year over year · published 10 Sep 2026 and 8 Sep 2025

Net income down 98.1% year on year. The language turned more upbeat.

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

1 · Numbers

−98.1%

Net income vs Q2 2025

Net income 5.1M vs 264.7M

Revenue −10.4%

2 · How the report reads

More upbeat

Language tone vs last period

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

Weak signal: formal report language, not a call.

3 · What stood out

LW Bogdanka SA coal production increased to 2.4 billion tons in the second quarter, representing a 4.3% increase of million tons and an 11.1% increase compared to the previous period.

Valuation

Is LW Bogdanka 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 5.2% growth a year (3-year revenue growth), the model's fair value is 38.68 zł a share — the stock trades 41% below it. Today's price assumes −5.9% growth a year.

Current price

22.90 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.

-5.9% for 10 yrs

Fair value / share

38.68 zł

Buy below

29.01 zł

Price vs fair value

Undervalued 41%

Price vs buy-below price

Undervalued 21%

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Rising

    Revenue from other products and services totaled 36.070 thousand from January 1 to June 30, 2026, while the company focuses primarily on coal production and sales.

    Source quote
    “The company focuses its activities primarily on the production and sale of coal. Revenue from the sale of other products and services in the period from January 1 to June 30, 2026, amounted to 36,070 thousand.”

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 restrained)

Typical for a company report — more upbeat 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
“Failure to implement this investment would mean a risk of destabilizing the mining process and the necessity of seeking alternative methods for mining waste management.”
“The lack of stability and transparency of the Polish tax system, resulting from continuous changes in regulations and inconsistent interpretations of tax law, may cause uncertainty regarding the final outcomes of financial decisions.”
“The goal of the EU's restrictive climate policy is to reduce greenhouse gas emissions, develop renewable energy sources, and improve energy efficiency.”

Full figures

PLN · PAP Biznes report (2026-09-10)

Metric Q2 2026 Q2 2025 Change
Revenue 1.36B 1.52B −10.4%
Operating income 7.2M 264.7M −97.3%
Net income 5.1M 264.7M −98.1%
EPS 0.15 7.77 −98.1%
P/E 12-mo loss 12-mo loss —

Topics

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

Most discussed now

  • The accounts receivable turnover cycle (calculated based on the balance sheet item "Trade receivables and other receivables") was 54 days…
  • This is happening due to the low level of imports and the possibility of averaging the selling price of thermal coal and energy meals to…
  • In the reporting periods ended June 30, 2026 and June 30, 2025, the value of turnover from sales to the above-mentioned
  • Among the non-current assets, the most significant change is the increase in tangible non-current assets by 239,790 thousand.
  • Share of coal supplies to the professional power sector in Poland

Faded since Q2 2025

  • Fading Significant accounting judgments and estimates result from past experiences and other factors, including expectations regarding future…
  • Fading Debt-to-equity ratio from additional (other than data presented in the financial statements) valuable information as of December 31, 2024.
  • Fading These regulations introduce significant changes regarding the real estate tax, including a revised definition of a building as well as a…
  • Fading In the reporting periods ended June 30, 2025, and June 30, 2024, the values of the dividend liability to companies

Latest announcements

Official filings, newest first.

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