PKN GPW WIG20 Periodic report · PAP Biznes
PKN Orlen (PKN) · Q3 2026 results and valuation
Share price: 128.00 zł · 2026-11-10
PKN Orlen is a diversified group involved in oil refining, production of fuels and petrochemicals, and the distribution of electricity and heat. The company operates in the oil, gas, and energy markets, providing wholesale and retail sales of fuel products and related services. Sources: Half-year report (2026-08-06) · Wikipedia
Results Q3 2026 vs Q3 2025 · year over year · published 5 Nov 2026 and 20 Nov 2025
Net income up 160.9% year on year. The report's language is unchanged.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+160.9%
Net income vs Q3 2025
Net income 5.58B vs 2.14B
Revenue +31.1%
2 · How the report reads
Unchanged
Language tone vs last period
Report language: typical for a company report — about as upbeat as in Q3 2025.
Weak signal: formal report language, not a call.
3 · What stood out Nothing unusual flagged this period.
Valuation
Is PKN Orlen 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 −1.8% growth a year (3-year revenue growth), the model's fair value is 110.98 zł a share — the stock trades 15% above it. Today's price assumes 0.3% growth a year.
Current price
128.00 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.
+0.3% for 10 yrs
Fair value / share
110.98 zł
Buy below
83.23 zł
Price vs fair value
Overvalued 15%
Price vs buy-below price
Overvalued 54%
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: Q3 2026. Ring: Q3 2025.
Typical for a company report — about as upbeat as in Q3 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.
Full figures
PLN · PAP Biznes report (2026-11-05); both columns from the report's consolidated statement (comparison restated)
| Metric | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Revenue | 80.14B | 61.13B | +31.1% |
| Gross profit | 20.43B | 10.68B | +91.4% |
| Operating income | 9.87B | 3.77B | +161.7% |
| Net income | 5.58B | 2.14B | +160.9% |
| EPS | 4.81 | 1.84 | +161.4% |
| P/E today 59.7 | 67.0 | 35.6 | +31.4 |
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Quarterly report · ESPI periodic · routine
- Szacunkowe wybrane dane operacyjne i zdarzenia jednorazowe wpływające istotnie na wyniki Grupy ORLEN za III kwartał 2026 roku · ESPI 38/2026
ORLEN Group plans to record asset impairment charges of PLN 1.6 billion for the Downstream segment and PLN 0.8 billion for the Energy segment, while reversing PLN 0.8 billion of impairments in the Upstream & Supply segment.
- Szacowana wysokość podatku od nadzwyczajnych zysków do końca sierpnia 2026 · ESPI 37/2026
ORLEN S.A. estimated a preliminary tax liability of 2 billion PLN for the period from March to August 2026 in connection with the windfall tax legislation.
- Zamiar przeprowadzenia wykupu przymusowego akcji Energa S.A. · ESPI 36/2026
ORLEN S.A. plans a mandatory buyout of Energa S.A. shares at a price of 27.60 PLN per share, with the announcement scheduled for September 30, 2026.
- Zmiana terminu publikacji raportu okresowego za 3 kwartał 2026 roku · ESPI 35/2026
ORLEN S.A. changed the publication date of the report for the 3rd quarter of 2026 from November 19, 2026, to November 5, 2026.
- Podsumowanie kosztów emisji obligacji serii E · ESPI 34/2026
The issuance costs for 7,500 Series E bonds with a nominal value of 750,000,000 EUR amounted to 6,924 thousand PLN, representing approximately 0.21% of the total nominal value.
- Oddalenie apelacji w sprawie o stwierdzenie nieważności uchwały ZWZ ORLEN S.A. · ESPI 33/2026
The Court of Appeal in Łódź dismissed the shareholder's appeal regarding the invalidity of resolution no. 30 of June 25, 2024, concerning the discharge of Supervisory Board Member Michał Klimaszewski.
- Rejestracja zmian do Statutu ORLEN S.A. · ESPI 32/2026 · routine