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ZUE GPW Periodic report · PAP Biznes

ZUE SA (ZUE) · Q2 2026 results

Share price: 11.05 zł · 2026-11-10

Results Q2 2026 vs Q2 2025 · year over year · published 19 Aug 2026 and 20 Aug 2025

Net income down 62.5% year on year. The report's language is unchanged.

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

1 · Numbers

−62.5%

Net income vs Q2 2025

Net income 2.1M vs 5.6M

Revenue −1.5%

2 · How the report reads

Unchanged

Language tone vs last period

Report language: restrained for a company report — about as upbeat as in Q2 2025.

Weak signal: formal report language, not a call.

3 · What stood out

In Q2 2026, ZUE SA reported revenue of PLN 396.7 million, operating income of PLN 6.6 million, and net income of PLN 2.1 million.

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

11.05 zł

close of 2026-11-10

P/E

24.8

today

Revenue growth, 3 years

+0.9% a year

compound annual rate (CAGR)

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Fading

    The report notes that contingent assets from granted guarantees include guarantees issued by banks and insurance companies for Group companies.

    Source quote
    “Contingent assets from granted guarantees include guarantees issued by banks and insurance companies on behalf of Group companies”

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: Q2 2026. Ring: Q2 2025.

Report language Restrained (was restrained)

Restrained for a company report — about as upbeat as in Q2 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone
“The objective of the investment is to increase line capacity and, ultimately, improve train punctuality.3 Deutsche Bahn estimates the modernization needs of the German railway at approximately”
“Frequent amendments, inconsistency, and the lack of a uniform interpretation of regulations, particularly tax law, entail significant risks related to the legal environment in which the Group operates.”
“ZUE Group carries out some purchases from abroad in foreign currencies as well as performs construction work in foreign markets settled in foreign currencies, which results in exposure to currency risk, which may have...”

Full figures

PLN · PAP Biznes report (2026-08-19)

Metric Q2 2026 Q2 2025 Change
Revenue 396.7M 402.8M −1.5%
Gross profit 24.7M 27.0M −8.3%
Operating income 6.6M 9.9M −33.4%
Net income 2.1M 5.6M −62.5%
P/E today 24.8 23.9 21.6 +2.3

Topics

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

Most discussed now

  • The Group also received promissory notes from counterparties, which constitute collateral for ZUE's claims against these entities arising…
  • Rising costs of materials, subcontractor services, or employee wages may necessitate significant cost increases for railway project…
  • Signing the agreement at a later date may result in the risk of task execution being dependent on atmospheric conditions - as technological…
  • In the event that the Ordering Party hands over the construction site with a delay relative to the schedule contained in the agreement…
  • Limited availability of skilled personnel may lead to wage pressure and rising employment costs, which in the longer term may result in…

Faded since Q2 2025

  • Fading For other entities, these are primarily warranty guarantees, performance guarantees, guarantees for the rectification of defects and…
  • Fading These risks may lead to a significant extension of the deadline for concluding agreements with investors in the urban, rail, and road…

Latest announcements

Official filings, newest first.

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