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MNC GPW sWIG80 Periodic report · PAP Biznes

Mennica Polska SA (MNC) · Q2 2026 results and valuation

Share price: 37.20 zł · 2026-11-10

Results Q2 2026 vs Q2 2025 · year over year · published 4 Sep 2026 and 8 Aug 2025

Net income up 145.3% year on year. The report's language is unchanged.

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

1 · Numbers

+145.3%

Net income vs Q2 2025

Net income 88.2M vs 35.9M

Revenue +112.2%

Why Net income rose due to a higher share of revenue from coins with higher margins.

2 · How the report reads

Unchanged

Language tone vs last period

Report language: upbeat for a company report — about as upbeat as in Q2 2025.

Weak signal: formal report language, not a call.

3 · What stood out

Mennica Polska SA reported that electronic payments, including city card systems and ticket sales, saw a decline in importance compared to the last quarter.

Valuation

Is Mennica Polska 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 12.5% growth a year (3-year revenue growth), the model's fair value is 82.68 zł a share — the stock trades 55% below it. Today's price assumes 1.8% growth a year.

Current price

37.20 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.

+1.8% for 10 yrs

Fair value / share

82.68 zł

Buy below

62.01 zł

Price vs fair value

Undervalued 55%

Price vs buy-below price

Undervalued 40%

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: Q2 2026. Ring: Q2 2025.

Report language Upbeat (was upbeat)

Upbeat for a company report — about as upbeat as 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
“Increasing available production capacities through their development and the growth of productivity and efficiency of processes, as well as the application of modern technologies; ▪”
“Further development of Bulwary Praskie through the commercialization of service and retail premises, creating a diversified offer for residents, and building an attractive, vibrant urban space supporting the development of the entire project; ▪”
“Investments in the insourcing of technological competencies, including: taking over production and service processes into PPE structures, development of own devices (e.g., OPS counters), strengthening internal”

Full figures

PLN · PAP Biznes report (2026-09-04)

Metric Q2 2026 Q2 2025 Change
Revenue 868.7M 409.3M +112.2%
Gross profit 237.1M 35.4M +569.8%
EBITDA — 90.7M
Operating income 220.6M 41.2M +435.2%
Net income 88.2M 35.9M +145.3%
EPS 1.73 0.70 +147.1%
P/E today 4.1 4.3 21.3 −17.0

Topics

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

Most discussed now

  • This growth was primarily achieved due to the recording of revenues from the sale of apartments as part of the "Bulwary Praskie" project.
  • Current ratio - the ratio of current assets to current liabilities; it reflects the company's ability to settle
  • In 2026, Mennica Polska is also implementing a project to introduce an optical quality control system for circulation coins.
  • Of the total land area, nearly 6 ha have been built upon so far (over 1,200 completed apartments).
  • Mennica Polska fulfilled deliveries of coins to this client based on a framework agreement concluded on July 11, 2007.

Faded since Q2 2025

  • Fading In the case of selling investment products (bars, bullion coins), as well as concluding sales contracts for larger amounts, prepayments are…
  • Fading Local governments and municipal companies are conducting extensive promotional activities and expanding current public transport networks…
  • Fading The increased value of current assets resulted mainly from the growth in capital commitment to minting production.
  • Fading Fair value of financial instruments measured at fair value on the balance sheet date

Latest announcements

Official filings, newest first.

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