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MSZ GPW sWIG80 Periodic report · PAP Biznes

Mostostal Zabrze SA (MSZ) · Q2 2026 results and valuation

Share price: 6.40 zł · 2026-11-10

Results Q2 2026 vs Q2 2024 · year over year · published 10 Sep 2026 and 5 Sep 2024

Net income down 1.3% year on year. The language turned more upbeat.

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

1 · Numbers

−1.3%

Net income vs Q2 2024

Outlook given

Net income 18.6M vs 18.8M

Revenue +39.5%

2 · How the report reads

More upbeat

Language tone vs last period

Report language: very upbeat for a company report — more upbeat than in Q2 2024.

Weak signal: formal report language, not a call.

3 · What stood out

Mostostal Zabrze SA revenue increased to PLN 306 million, an increase of 33% compared with the corresponding period of the previous year.

Valuation

Is Mostostal Zabrze 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 1.5% growth a year (3-year revenue growth), the model's fair value is 12.02 zł a share — the stock trades 47% below it. Today's price assumes −11.0% growth a year.

Current price

6.40 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.

-11.0% for 10 yrs

Fair value / share

12.02 zł

Buy below

9.01 zł

Price vs fair value

Undervalued 47%

Price vs buy-below price

Undervalued 29%

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Guidance

    MSZ anticipates a lower level of sales to retail chains for the current year, which impacts the company's revenue outlook.

    Source quote
    “In the current year, we anticipate a lower level of sales to retail chains.”

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 2024.

Report language Very upbeat (was cautious)

Very upbeat for a company report — more upbeat than in Q2 2024. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone
“Instead, we remain focused on initiatives aimed at improving operational efficiency and increasing margins through the optimization of costs and production processes.”
“Over recent years, we have consistently improved our project management capabilities, which has led to increased profitability across our projects, including those executed within the Civil Engineering segment.”

Full figures

PLN · PAP Biznes report (2026-09-10)

Metric Q2 2026 Q2 2024 Change
Revenue 634.0M 454.4M +39.5%
Gross profit 67.8M 29.4M +130.3%
Operating income 18.1M 22.1M −18.4%
Net income 18.6M 18.8M −1.3%
P/E today 12.1 11.5 4.0 +7.5

Topics

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

Most discussed now

  • New In June 2026 Mostostal Zabrze completed the final stage of the share buyback program launched pursuant to the resolution adopted in...
  • New Segment’s professionalism, extensive experience and strong project management capabilities will also be recognized and appreciated abroad.
  • New A clear demonstration of these capabilities can be seen in one of the segment’s most recent large-scale projects, where dedicated...
  • New Mostostal Zabrze's actions have delivered certain cost savings, however, in addition to the ongoing transformation, the segment’s…
  • New The efforts undertaken over the past several months — the consistent pursuit of the adopted transformation plan – have indeed...

Faded since Q2 2024

  • Dropped MZ GPBP – aneks do umowy ramowej z

Latest announcements

Official filings, newest first.

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