VOT GPW sWIG80 Periodic report · PAP Biznes
Votum SA (VOT) · H1 2026 results and valuation
Share price: 38.85 zł · 2026-11-10
Votum SA assists victims of traffic accidents in obtaining compensation from insurance companies. The company operates in the Polish market. Source: Half-year report (2026-09-22)
Results H1 2026 vs H1 2025 · year over year · published 22 Sep 2026 and 23 Sep 2025
Net income down 28.2% year on year. The report's language is unchanged.
1 · Numbers
−28.2%
Net income vs H1 2025
Outlook given
Net income 58.0M vs 80.8M
Revenue −8.8%
Why Net income fell because the previous year's result was higher due to the normalization of other operating costs after a high base in 2025 and the reversal of discounts on assets and valuation of participation units.
2 · How the report reads
Unchanged
Language tone vs last period
Report language: typical for a company report — about as upbeat as in H1 2025.
Weak signal: formal report language, not a call.
3 · What stood out
Votum SA reported a profit from financial activities of 543 thousand PLN in the first half of 2026, primarily from discount reversals and valuation of participation units.
Valuation
Is Votum 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 15.2% growth a year (3-year revenue growth), the model's fair value is 430.05 zł a share — the stock trades 91% below it. Today's price assumes −26.0% growth a year.
Current price
38.85 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.
-26.0% for 10 yrs
Fair value / share
430.05 zł
Buy below
322.54 zł
Price vs fair value
Undervalued 91%
Price vs buy-below price
Undervalued 88%
Read between the lines
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Figure
The Group achieved a financial activity profit of 543,000 PLN in the first half of 2026 due to discount reversals on customer contract assets and the valuation of participation units.
Source quote
“In the first half of 2026, the Group achieved a profit from financial activities in the amount of 543 thousand PLN, generated primarily due to the reversal of the discount on assets from customer contracts and the valuation of participation units, included within other financial income.”
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Figure
The bank claims recovery segment generated 93.8 million PLN in external sales revenue during the second quarter of 2026, contributing to a total of 183.6 million PLN for the first half.
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Figure
The value of fixed assets under construction regarding the acquisition of real estate amounted to 6,068 thousand PLN as of the balance date.
Source quote
“The value of property, plant and equipment under construction related to the acquisition of real estate amounted to PLN 6,068 thousand as of the balance sheet date.”
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Key theme
On August 25, subsidiary Votum Wsparcie S.A. terminated the framework and implementation agreements with Qair Polska S.A. and its subsidiary, affecting a project originally disclosed in 2021.
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Figure
The General Meeting of Votum S.A. set the dividend date for May 18, 2026.
2 more
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Guidance
The company expects the greatest growth in new revenue sources from cases of consumer loans with defects resulting in free credit sanctions.
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Figure
The credit agreement value is 19,553,000.00 PLN.
Source quote
“The value of the loan agreement is 19,553,000.00 PLN (in words: nineteen million five hundred fifty-three thousand zloty).”
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.
Typical 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
“However, the scale and impact of the war in Ukraine on the macroeconomic situation are currently very difficult to estimate.”
“In the event of a prolonged armed conflict in Ukraine and the realization of negative scenarios regarding the impact of the war on the global economic situation, this may also have a negative impact on the Group's activities, both from...”
Full figures
PLN · PAP Biznes report (2026-09-22), consolidated statement; H1 vs the same period a year earlier (restated); net income to parent shareholders
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Revenue | 217.9M | 238.9M | −8.8% |
| Operating income | 72.2M | 96.5M | −25.2% |
| Net income | 58.0M | 80.8M | −28.2% |
| EPS | 4.84 | 6.74 | −28.2% |
| P/E today 3.9 | 4.4 | 4.6 | −0.2 |
Topics
Topics are drawn from the full report text, not management commentary.
Most discussed now
- Rising The most significant item of other receivables at the end of June 2026 was VAT receivables.
- The basis for segment valuation is the individual financial data of companies providing uniform services strictly related to the identified…
- Failure to repay the loan or breach of the terms of the loan agreement, with respect to which no remedial actions were taken by the end of…
- During the period covered by the interim condensed consolidated financial statements, no current/deferred income tax directly related to…
Faded since H1 2025
- Fading Potential uncertainty regarding the subsequent recognition of fee liabilities is strictly related to the potential uncertainty regarding…
- Fading In the event that the Subsidiary decides to perform additional works not covered by the Agreement, the general contractor may perform them…
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Otrzymanie od osoby mającej dostęp do informacji poufnych notyfikacji o transakcjach w trybie art. 19 ust. 1 MAR · ESPI 40/2026
Radosław Pęcherzewski purchased 420 shares of VOTUM S.A. on October 16, 2026, at an average price of 45.70 PLN per share for a total amount of 19,194 PLN.
- Zgoda Rady Nadzorczej Votum S.A. na wypłatę zaliczki na poczet dywidendy za 2026 r. · ESPI 39/2026
- Decyzja Zarządu Votum S.A. o zamiarze wypłaty zaliczki na poczet dywidendy za 2026 r. · ESPI 38/2026
- Half-year report · ESPI periodic · routine
- Zawarcie umowy przeniesienia prawa użytkowania wieczystego gruntu oraz własności budynków przez spółkę zależną · ESPI 37/2026
A subsidiary company entered into an agreement to acquire the perpetual usufruct of land and ownership of buildings at Kępińska 2,2A Street in Wrocław for a total price of PLN 25,733,810 gross.
- Otrzymanie zarządzenia Prezydenta Wrocławia o rezygnacji z prawa pierwokupu · ESPI 36/2026
The subsidiary received a decree from the President of Wrocław on 27.08.2026 regarding the municipality's failure to exercise the right of first refusal for the perpetual usufruct of the property on Kępińska Street.
- Otrzymanie oświadczenia o rozwiązaniu umowy przez spółkę zależną od Emitenta · ESPI 35/2026
Votum Wsparcie S.A. received a notice of termination of the framework and implementation agreements with Qair Polska S.A. due to the inability to continue the project with an acceptable cost-to-result ratio.
- Otrzymanie powiadomień o transakcji w trybie art. 19 ust. 1 rozporządzenia MAR · ESPI 34/2026
Chairman Bartłomiej Krupa transferred 19,957 shares at a price of 44.15 PLN to the Magdalena and Bartłomiej Krupa Family Foundation as a donation outside of the trading system.