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ZEP GPW sWIG80 Periodic report · PAP Biznes

ZE Pak SA (ZEP) · Q1 2026 results

Share price: 18.60 zł · 2026-11-10

Results Q1 2026 vs Q1 2025 · year over year · published 29 May 2026 and 30 May 2025

Net loss narrowed year on year. The report's language is unchanged.

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

1 · Numbers

Loss narrowed

Net income vs Q1 2025

Net income -10.4M vs -13.8M

Revenue +10.9%

2 · How the report reads

Unchanged

Language tone vs last period

Report language: restrained for a company report — about as upbeat as in Q1 2025.

Weak signal: formal report language, not a call.

3 · What stood out

Rising

The primary scope of the Group's activities is: the generation and sale of electricity, the production and sale of heat (steam and hot water), and…

Valuation

Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

Valuation unavailable: free cash flow and profit were negative in the last full year and on average over the last three, so there is nothing to discount.

Current price

18.60 zł

close of 2026-11-10

Revenue growth, 3 years

−21.3% a year

compound annual rate (CAGR)

Official channels

The company's own website and social media accounts.

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: Q1 2026. Ring: Q1 2025.

Report language Restrained (was restrained)

Restrained for a company report — about as upbeat as in Q1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone
“In Q1 2026, the net loss amounted to 10,384 thousand zlotys and was lower than the net loss realized in the same period of the previous year by 3,398 thousand zlotys.”
“High volatility in the commodity markets implies a risk for the Company of having to replenish margin calls for open positions on the derivatives market.”
“Wind farms recorded a decrease – generation from wind power plants amounted to 5.56 TWh and decreased by 11.21% compared to the same period in 2025.”

Full figures

PLN · PAP Biznes report (2026-05-29)

Metric Q1 2026 Q1 2025 Change
Revenue 343.1M 309.3M +10.9%
Gross profit 26.8M 41.9M −36.0%
Operating income -8.4M -32.5M Loss narrowed
Net income -10.4M -13.8M Loss narrowed
EPS -0.20 -0.27 Loss narrowed
P/E 12-mo loss 4.9 —

Topics

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

Most discussed now

  • Trade payables and other financial liabilities (current)
  • Ltd., on the basis of which five previously granted loan agreements by ZE PAK SA (in the amounts of 150 thousand PLN, including capitalized…
  • The project obtained support in the form of a winning bid in the capacity market in December 2021, assuming a 17-year capacity contract…
  • As part of the signed datio in solutum agreement – point.
  • When conducting operations in Poland, where the vast majority of revenues are derived from the sale of electricity, macroeconomic trends in…

Faded since Q1 2025

  • Fading The assumption of this period is the free allocation of emission allowances (EUA) resulting from heat production solely on the basis of Art.
  • Fading Awareness of the domestic energy system's high demand for flexible generating units adapted to cooperate with an increasing amount of…
  • Fading The financial result is also significantly affected by the level of costs associated with lignite mining, which largely depends on factors

Latest announcements

Official filings, newest first.

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