Polimex Mostostal SA (PXM) · Q2 2026 results and valuation

At 3.0% growth a year (3-year revenue growth), the model's fair value is 14.09 zł a share — the stock trades 50% below it. Today's price assumes −11.2% growth a year.

1. Key theme

   The subject of the EPC Agreement is the implementation under the 'design and build' system in Nowe Czarnowo (Gryfino municipality) of one peak-load gas unit operating in a simple cycle (OCGT) with a net output power not…

   Source quote

   “The subject of the EPC Agreement is the implementation under the 'design and build' system in Nowe Czarnowo (Gryfino municipality) of one peak-load gas unit operating in a simple cycle (OCGT) with a net output power not exceeding 600 MW electric, including auxiliary systems (the "Task")." — notable figure this quarter (salience: 89) The subject of the EPC Agreement is the implementation under the "design and build" system in Nowe Czarnowo (Gryfino municipality) of one peak-load gas unit operating in a simple cycle (OCGT) with a net output power not exceeding 600 MW electric, including auxiliary systems (the "Task").”

2. Figure

   The availability period for a 90 million PLN credit limit was extended to December 31, 2026, following the conclusion of an Addendum.

   Source quote

   “As a result of concluding the Annex, the availability period of the limit in the amount of 90 million PLN was extended to December 31, 2026.”

3. Key theme

   The total lump-sum remuneration for the Task is 1,185 million PLN net and 260 million EUR net, of which 1,159 million PLN net will be allocated to the Company.

   Source quote

   “The remuneration for the performance of the Task is of a lump-sum nature (with the possibility of indexation in the event of circumstances provided for in the EPC Agreement) and amounts to PLN 1,185 million net and EUR 260 million net (collectively the "Remuneration") increased by the applicable VAT tax ("Gross Remuneration"), of which the Company will be entitled to PLN 1,159 million net increased by the applicable VAT tax." — notable figure this quarter (salience: 89) The remuneration for the performance of the Task is of a lump-sum nature (with the possibility of indexation in the event of circumstances provided for in the EPC Agreement) and amounts to PLN 1,185 million net and EUR 260 million net (collectively the "Remuneration") increased by the applicable VAT tax ("Gross Remuneration"), of which the Company will be entitled to PLN 1,159 million net increased by the applicable VAT tax.”

4. Key theme

   The subject of the Letter of Intent is to enter into cooperation in order to prepare and conduct actions aimed at the merger ("Merger") of JELCZ (the acquiring company) with RFK (the acquired company) pursuant to Art. 492 § 1 point 1 of the Commercial Companies Code." — notable figure this quarter (salience: 86) The subject of the Letter of Intent is to enter into cooperation in order to prepare and conduct actions aimed at the merger ("Merger") of JELCZ (the acquiring company) with RFK (the acquired company) pursuant to Art. 492 § 1 point 1 of the Commercial Companies Code.

5. Figure

   The total credit limit was set to 105 million PLN with the financing availability period extended to November 24, 2028, based on the provisions of the Annex.

   Source quote

   “Pursuant to the provisions of the Annex, the total credit limit made available under the Agreement was set at the amount of PLN 105 million, with the availability period of financing under the Agreement extended to November 24, 2028.”

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.