NWG GPW mWIG40 Periodic report · PAP Biznes
Newag SA (NWG) · H1 2026 results and valuation
Share price: 91.20 zł · 2026-11-10
Newag SA produces railway locomotives, rolling stock, and electrical equipment, including switching and control devices. The company also provides maintenance for transport machinery and electrical equipment, as well as engineering services and financial leasing. Its products are used in the transport and energy sectors in Poland and Italy. Sources: Half-year report (2026-09-18) · Wikipedia
Results H1 2026 vs H1 2025 · year over year · published 18 Sep 2026 and 12 Sep 2025
Net income up 58.7% year on year. The report's language is unchanged.
1 · Numbers
+58.7%
Net income vs H1 2025
Net income 205.7M vs 129.7M
Revenue +36.1%
Why Net income rose mainly because of higher sales revenue from the progress of the order portfolio at a similar level of profitability, lower financing costs due to reduced debt, and positive results from financial activities.
2 · How the report reads
Unchanged
Language tone vs last period
Report language: restrained for a company report — about as upbeat as in H1 2025.
Weak signal: formal report language, not a call.
3 · What stood out
Newag SA's financial activity results improved to -0.8 million PLN from -4.7 million PLN in the first half of the year due to reduced debt and lower financing costs.
Valuation
Is Newag 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 20.0% growth a year (3-year revenue growth), the model's fair value is 178.27 zł a share — the stock trades 49% below it. Today's price assumes 9.9% growth a year.
Current price
91.20 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.
+9.9% for 10 yrs
Fair value / share
178.27 zł
Buy below
133.70 zł
Price vs fair value
Undervalued 49%
Price vs buy-below price
Undervalued 32%
Read between the lines
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Figure
Sales revenue in the first half of 2026 reached 1,155.4 million PLN, an increase of 306.2 million PLN (+36.1%) compared to the same period last year.
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Figure
Financial activity results improved to -0.8 million PLN from -4.7 million PLN in the same period last year due to a significant reduction in debt and lower external financing costs.
Source quote
“Additionally, the result from financial activities improved significantly and amounted to -0.8 million PLN, compared to -4.7 million PLN in the same period of the previous year, which was primarily a consequence of a significant reduction in the balance of debt from loans and borrowings, and thus a decrease in external financing costs.”
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Figure
Financial activities contributed a positive 24.1 million PLN due to dividends and a 36.9% reduction in loans, which lowered interest costs for the 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: H1 2026. Ring: H1 2025.
Restrained for a company report — about as upbeat as in H1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.
Sentences that drove the tone
“The Group regularly monitors the level of unhedged positions exposed to interest rate changes and assesses the impact of these changes on the financial result and cash flows, taking actions aimed at limiting exposure to these...”
“The Group generated a profit of PLN 205.7 million, while in the same period of the previous year, the Group's profit amounted to PLN 129.7 million (+58.7%).”
“The conflict in the Middle East currently constitutes a significant source of economic risk, particularly due to its impact on the volatility of energy commodity prices and currency exchange rates.”
Full figures
PLN · PAP Biznes report (2026-09-18), consolidated statement; H1 vs the same period a year earlier (restated); net income to parent shareholders
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Revenue | 1.16B | 849.2M | +36.1% |
| Gross profit | 327.4M | 238.8M | +37.1% |
| Operating income | 240.0M | 155.0M | +54.8% |
| Net income | 205.7M | 129.7M | +58.7% |
| P/E today 9.4 | 9.5 | 26.7 | −17.2 |
Topics
Topics are drawn from the full report text, not management commentary.
Most discussed now
- In the Management Board's assessment, the Group's financial situation remains stable, and the results achieved in the first half of 2026…
- The Group adopted the definition of default as the failure to perform or improper performance of a performance resulting from a concluded…
- The positive result of the assessment of the counterparty's ability to settle obligations on time, conducted by the Group, is considered an…
- However, there is a risk that in the event of an increase in interest rates resulting from changes in the financial markets, the Group will…
Faded since H1 2025
- Fading Based in Bydgoszcz (the "Ordering Party") of the locomotive sales and service agreements (collectively as the "Agreements").
- Fading Sales revenue in the first half of 2025 amounted to PLN 849.2 million.
- Fading The Dominant Entity has a limited influence on the content of the agreement, except for the amount of the price or remuneration, as the…
- Fading In the absence of access to these prices, a discounted cash flow analysis using the appropriate yield curve for the term of the instrument…
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Skorzystanie przez Zamawiającego z opcji zamówienia dodatkowych elektrycznych zespołów trakcyjnych · ESPI 27/2026
- Otrzymanie powiadomień o transakcjach w trybie art. 19 ust. 1 Rozporządzenia MAR · ESPI 26/2026
- Half-year report · ESPI periodic · routine
- Skorzystanie przez Zamawiającego z opcji zamówienia dodatkowych lokomotyw elektrycznych · ESPI 25/2026
- Zawarcie umowy na dostawę zespołów trakcyjnych · ESPI 24/2026
- Wykaz akcjonariuszy posiadających co najmniej 5 % głosów na Zwyczajnym Walnym Zgromadzeniu w dniu 15.06.2026 · ESPI 23/2026 · routine
- Powołanie Członków Zarządu kolejnej kadencji · ESPI 22/2026
The Supervisory Board appointed the Management Board for another three-year term, consisting of Zbigniew Konieczek, Bogdan Borek, Józef Michalik, and Paweł Biel.
- Powołanie Członków Rady Nadzorczej i Komitetu Audytu kolejnej kadencji · ESPI 21/2026
The Management Board of NEWAG S.A. announced the appointment of the Supervisory Board for a three-year term and the formation of the Audit Committee including Katarzyna Szwarc, Konrad Miterski, Agnieszka Pyszczek, and Katarzyna Turkiewicz.