Atrem S.A.
Company Overview
Atrem S.A. is a Polish engineering and construction company focused on industrial automation, electrical systems, and infrastructure projects primarily for the energy, gas, and industrial sectors. The company delivers turnkey solutions including design, implementation, and maintenance of control systems, power infrastructure, and telecommunication networks.
Business Segments
- Industrial Automation – Control systems (SCADA, telemetry), automation of industrial and energy processes
- Electrical Infrastructure – Design and construction of power installations, substations, and grid connections
- Gas Infrastructure – Measurement, control, and telemetry systems for gas transmission and distribution
- Telecommunications – Fiber optic networks and technical infrastructure for industrial and utility clients
Key Drivers
- Investment cycle in energy and power infrastructure in Poland
- Modernization of gas transmission and distribution networks
- Increasing demand for industrial automation and digitalization
- EU-funded infrastructure and energy transition projects
- Expansion of smart grid and telemetry systems
Key Risks
- High dependence on large infrastructure contracts and public tenders
- Project-based revenue volatility and lumpiness
- Margin pressure from rising labor and subcontractor costs
- Execution risk on complex engineering projects
- Exposure to energy sector investment cycles
What to Watch
- New contract wins and backlog development
- Revenue and margin volatility between quarters
- Execution quality on large infrastructure projects
- Exposure to energy transition and grid modernization programs
- Working capital and cash flow dynamics in project delivery
Foundational Analysis
Business Model
Atrem operates a project-based engineering model, generating revenue from design, construction, and implementation of automation and infrastructure systems. Contracts are typically medium to large scale and executed over multiple months or quarters, resulting in uneven revenue recognition and working capital swings.
Competitive Positioning
Niche engineering player in Poland with specialization in automation and utility infrastructure. Competes with larger construction and engineering groups but differentiates through technical expertise in control systems and integration capabilities.
Economics & Capital Allocation
Moderately asset-light but labor- and project-intensive business. Margins depend heavily on project mix, pricing discipline, and execution efficiency. Profitability can vary significantly between periods due to contract timing and cost control.
Capital allocation is focused on maintaining operational capacity, engineering talent, and selective investments in equipment. Balance sheet management is important due to working capital requirements tied to project execution.
Long-term Risks
Cyclicality of infrastructure spending, competitive pressure in public tenders, cost inflation, and potential delays or underperformance in large contracts.
What Would Break the Thesis
- Sustained decline in infrastructure or energy sector investments
- Repeated project execution issues leading to margin erosion
- Loss of competitiveness in public tenders
- Deterioration of cash flow due to working capital mismanagement
Contracts Intelligence
No contract data available for this company.
View News InsteadFinancial Performance
Quarterly Data
| Metric | 2023Q1 | 2023Q2 | 2023Q3 | 2023Q4 | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | 2025Q1 | 2025Q2 | 2025Q3 | 2025Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement Revenue (Quarterly) | 19.0M | 31.9M | 42.0M | 49.5M | 32.0M | 41.3M | 49.2M | 65.0M | 42.6M | 59.6M | 89.7M | 120.0M |
| Income Statement Gross Profit (Quarterly) | 1.8M | 6.6M | 4.7M | 9.7M | 5.6M | 7.9M | 12.2M | 8.7M | 9.1M | 12.5M | 17.7M | 27.3M |
| Income Statement EBITDA (Quarterly) | -1.2M | 3.1M | 2.0M | 7.1M | 2.4M | 3.9M | 9.0M | 6.3M | 5.9M | 7.5M | 13.3M | 21.6M |
| Income Statement EBIT (Quarterly) | -1.9M | 2.4M | 1.6M | 6.7M | 2.0M | 3.5M | 8.5M | 5.7M | 5.3M | 6.8M | 12.6M | 20.9M |
| Income Statement Net Income (Quarterly) | -1.7M | 1.7M | 971.0K | 5.0M | 1.8M | 2.7M | 6.9M | 4.2M | 4.9M | 5.8M | 10.3M | 16.6M |
| Costs Selling & Distribution Costs | 645.0K | 729.0K | 603.0K | 740.0K | 584.0K | 709.0K | 635.0K | 716.0K | 694.0K | 697.0K | 651.0K | 687.0K |
| Costs Administrative Expenses | 3.0M | 3.5M | 2.6M | 3.0M | 3.1M | 3.6M | 2.8M | 3.5M | 3.3M | 4.9M | 4.4M | 6.5M |
| Cash Flow Operating Cash Flow | 7.6M | -3.9M | -2.5M | 14.7M | 9.3M | 3.8M | 4.0M | 14.9M | 4.7M | -1.4M | -6.1M | 23.3M |
| Cash Flow Capital Expenditure | -30.0K | -101.0K | -405.0K | -540.0K | -627.0K | -806.0K | -972.0K | -1.1M | -238.0K | -432.0K | -593.0K | -695.0K |
| Cash Flow Free Cash Flow | 7.6M | -3.8M | -2.1M | 15.2M | 9.9M | 4.6M | 5.0M | 16.0M | 4.9M | -923.0K | -5.5M | 24.0M |
| Cash Flow Depreciation & Amortization | 611.0K | 627.0K | 469.0K | 373.0K | 399.0K | 439.0K | 503.0K | 679.0K | 623.0K | 659.0K | 686.0K | 711.0K |
| LTM Metrics Revenue (LTM) | 19.0M | 50.9M | 92.9M | 142.4M | 155.4M | 164.7M | 171.9M | 187.4M | 198.1M | 216.4M | 256.9M | 311.9M |
| LTM Metrics EBITDA (LTM) | -1.2M | 1.8M | 3.8M | 10.9M | 14.5M | 15.4M | 22.4M | 21.7M | 25.2M | 28.8M | 33.0M | 48.3M |
| LTM Metrics Net Income (LTM) | -1.7M | 20.0K | 991.0K | 6.0M | 9.5M | 10.5M | 16.4M | 15.6M | 18.7M | 21.8M | 25.2M | 37.6M |
| Profitability Gross Margin | 9.2% | 20.6% | 11.2% | 19.6% | 17.6% | 19.1% | 24.8% | 13.4% | 21.4% | 20.9% | 19.7% | 22.8% |
| Profitability EBITDA Margin | -6.5% | 9.6% | 4.8% | 14.3% | 7.4% | 9.5% | 18.4% | 9.8% | 13.8% | 12.5% | 14.8% | 18.0% |
| Profitability EBIT Margin | -9.8% | 7.6% | 3.7% | 13.5% | 6.2% | 8.4% | 17.4% | 8.7% | 12.4% | 11.4% | 14.0% | 17.4% |
| Profitability Net Margin | -8.9% | 5.4% | 2.3% | 10.0% | 5.7% | 6.6% | 14.0% | 6.4% | 11.6% | 9.8% | 11.4% | 13.8% |
| Profitability ROIC | -3.5% | -9.6% | -6.3% | 4.0% | 8.9% | 17.8% | 24.0% | 16.4% | 20.6% | 23.9% | 26.4% | 41.9% |
| Profitability Cash Conversion | -445.0% | -226.0% | -256.0% | 296.0% | 511.0% | 140.0% | 58.0% | 358.0% | 95.0% | -23.0% | -59.0% | 140.0% |
| Balance Sheet Current Assets | 49.4M | 61.4M | 74.3M | 83.8M | 86.7M | 91.5M | 101.2M | 130.8M | 107.0M | 138.2M | 157.9M | 195.5M |
| Balance Sheet Current Liabilities | 39.8M | 48.7M | 61.3M | 66.7M | 68.6M | 70.8M | 72.2M | 115.3M | 89.1M | 130.6M | 143.0M | 165.4M |
| Balance Sheet Inventories | 275.0K | 261.0K | 248.0K | 240.0K | 240.0K | 85.0K | 2.1M | 75.0K | 923.0K | 7.8M | 7.3M | 2.0M |
| Balance Sheet Trade Receivables | 19.9M | 24.7M | 32.7M | 53.8M | 36.6M | 38.3M | 44.4M | 70.2M | 35.7M | 61.1M | 81.9M | 135.9M |
| Balance Sheet Trade Payables | 20.3M | 15.8M | 27.7M | 36.1M | 17.0M | 22.9M | 22.0M | 34.3M | 22.1M | 35.8M | 36.5M | 81.9M |
| Balance Sheet Total Equity | 33.5M | 34.2M | 35.2M | 40.1M | 41.9M | 40.1M | 47.0M | 51.2M | 56.1M | 46.4M | 56.6M | 73.2M |
| Balance Sheet Total Debt | 7.3M | 16.2M | 18.8M | 11.5M | 19.3M | 19.0M | 21.1M | 15.5M | 10.8M | 15.8M | 18.0M | 5.6M |
| Balance Sheet Cash & Equivalents | 418.0K | 13.0K | 179.0K | 150.0K | 773.0K | 737.0K | 1.5M | 2.3M | 3.8M | 2.9M | 794.0K | 8.5M |
| Balance Sheet Invested Capital | 40.4M | 50.4M | 53.7M | 51.5M | 60.5M | 58.4M | 66.7M | 64.4M | 63.1M | 59.3M | 73.8M | 70.3M |
| Balance Sheet Net Working Capital | -61.0K | 9.1M | 5.2M | 17.9M | 19.8M | 15.4M | 24.6M | 36.0M | 14.6M | 33.1M | 52.6M | 56.0M |
| Ratios Current Ratio | 1.24 | 1.26 | 1.21 | 1.26 | 1.26 | 1.29 | 1.40 | 1.13 | 1.20 | 1.06 | 1.10 | 1.18 |
| Ratios Net Working Capital to Revenue | 0.00 | 0.29 | 0.12 | 0.36 | 0.62 | 0.37 | 0.50 | 0.55 | 0.34 | 0.56 | 0.59 | 0.47 |
Revenue (Quarterly) - Visual Analysis
Revenue (Quarterly) (PLN)
Growth Rates (QoQ% and YoY%)
Data Source: Financial data sourced from company filings and periodic reports. Values in PLN. Margins and ratios stored as decimals converted to percentages for display.
Recent News & Developments
Sentiment Analysis (Last 6 Months)
| Positive | 100% |
| Neutral | 0% |
| Negative | 0% |
Based on 4 articles
Atrem S.A. Reports Strong Financial Performance in 2025 Amid Increased Project Activity
BYDGOSZCZ, Poland – March 24, 2026 – Atrem S.A., a leading Polish engineering company specializing in industrial automation, electrical infrastructure, and control systems, has reported a significant improvement in its financial performance for the fiscal year ending December 31, 2025. The company achieved a 66.43% increase in revenue, reaching PLN 311.9 million compared to PLN 187.4 million in 2024. This growth was driven by a robust portfolio of projects in advanced stages of execution, supported by contract adjustments, annexes, and final settlements.
Atrem S.A.'s net profit surged to PLN 37.6 million in 2025, more than doubling the PLN 15.6 million recorded in 2024. The company also reported a substantial improvement in its EBITDA, which rose to PLN 48.3 million from PLN 21.7 million in the previous year. The company’s profitability was bolstered by a favorable project mix, effective cost control, and successful execution of complex engineering contracts.
Key projects contributing to Atrem’s success include the modernization of energy infrastructure, gas networks, and industrial automation systems. The company also benefited from EU-funded initiatives and the growing demand for energy transition and digitalization solutions. However, the company noted an increase in operating costs due to its ongoing expansion and planned investments.
Atrem S.A. continues to face challenges such as tender competitiveness, rising costs, and execution risks on large contracts. Despite these risks, the company remains well-positioned to capitalize on infrastructure investment cycles and the increasing demand for automation and modernization in the energy and industrial sectors.
Relevance to Atrem S.A. Company Profile
This article highlights Atrem S.A.'s strong financial performance in 2025, which aligns with its core business focus on energy transition, grid modernization, and industrial automation. The company's ability to secure and execute high-value contracts underscores its competitive edge in specialized engineering solutions.
Atrem S.A. Secures Key Role in Gas Compressor Station Project
On March 24, 2025, Atrem S.A., a Polish engineering company specializing in industrial automation and infrastructure solutions, announced its selection as a consortium partner for a major public contract awarded by GAZ-SYSTEM S.A. The project involves the construction of a new gas compressor unit at the Hołowczyce II Gas Compressor Station. The consortium, led by JT S.A., submitted a winning bid valued at PLN 48,006,900 gross, with Atrem S.A.'s share amounting to PLN 24,132,600 gross.
The contract includes provisions for penalties, capped at 20% of the gross contract value, ensuring accountability for both parties. Atrem S.A. will provide further updates upon signing the consortium agreement with GAZ-SYSTEM S.A., which will detail the scope of responsibilities for each partner.
Relevance: This project aligns with Atrem S.A.'s core business focus on energy infrastructure and automation, showcasing its ability to secure high-value contracts in competitive tenders and reinforcing its position as a key player in Poland’s energy transition initiatives.
Atrem S.A. Reports Strong Financial Performance in 2024 Amid Expanding Project Portfolio
Atrem S.A., a leading Polish engineering company specializing in industrial automation and electrical infrastructure, has reported robust financial results for the fiscal year 2024. The company achieved a significant increase in revenue, reaching PLN 187.4 million, a 31.61% growth compared to the previous year’s PLN 142.4 million. This growth was driven by a high-value project portfolio in advanced stages of execution, enabling better utilization of resources and improved profitability across all levels.
Net profit for the year surged to PLN 15.6 million, marking a remarkable 162% increase from PLN 5.95 million in 2023. The EBITDA rose to PLN 21.68 million, with the debt-to-EBITDA ratio improving to 0.96 from 1.40 in the previous year. Atrem S.A. also reported a positive cash flow from operating activities of PLN 32 million, showcasing its strong operational efficiency.
In addition to its financial achievements, Atrem S.A. secured several high-value contracts in early 2025, including projects with ENEA Operator, Polskie Sieci Elektroenergetyczne S.A., ORLEN Technologie S.A., and ENERGA-OPERATOR S.A. These contracts, valued at over PLN 150 million collectively, involve complex infrastructure upgrades and energy projects, further solidifying Atrem’s position as a key player in Poland’s energy transition and infrastructure modernization efforts.
Relevance to Atrem S.A. Business Profile
These developments align with Atrem S.A.’s core focus on delivering turnkey projects in energy transition, grid modernization, and gas network upgrades, leveraging its expertise in automation and system integration to secure EU-funded projects and meet growing demand for digitalization.
Atrem S.A. Proposes Full Allocation of 2024 Profit for Dividend Distribution
The management board of Atrem S.A., headquartered in Bydgoszcz, has announced its recommendation to allocate the entirety of the company’s 2024 profit, amounting to PLN 15.611 million, for dividend distribution to shareholders. This decision will be presented to the General Meeting of Shareholders for approval. The announcement was classified as confidential information in accordance with Article 17(1) of the EU Market Abuse Regulation (MAR).
This development underscores Atrem S.A.'s commitment to delivering shareholder value, aligning with its project-based revenue model and focus on profitability through effective contract execution and cost control.
Atrem S.A. Secures Contract with ORLEN S.A. for Power System Modernization
On May 16, 2025, Atrem S.A. signed a significant contract with ORLEN S.A. for the modernization of the BWR3 power system in the OPR-R58a and OPR-R58b switchgear areas. The project encompasses the preparation of design documentation, author supervision, obtaining necessary permits, procurement of supplies, construction and assembly works, and conducting tests and trials upon completion. The total contract value is PLN 26,076,000 gross, with the project expected to be completed by April 2028.
This contract aligns with Atrem S.A.'s core business focus on delivering advanced engineering solutions for energy infrastructure modernization, reinforcing its position as a key player in Poland's energy transition initiatives.
Atrem S.A. Reports Strong Financial Performance for First Half of 2025
Atrem S.A., a leading Polish engineering company specializing in industrial automation and electrical infrastructure, has reported robust financial results for the first half of 2025. The company achieved a revenue of PLN 102.2 million, marking a 39.56% increase compared to the same period in 2024. This growth was driven by a high portfolio of orders in advanced stages of execution, enabling efficient utilization of resources and improved profitability across all levels.
The company recorded a net profit of PLN 10.7 million, more than doubling its net profit of PLN 4.5 million from the first half of 2024. Operating profit also surged to PLN 12.1 million, up from PLN 5.5 million in the previous year. Atrem's strategic focus on energy transition, grid modernization, and gas network upgrades continues to position the company as a key player in EU-funded infrastructure projects.
Despite the positive financial performance, Atrem faces challenges such as tender competitiveness, rising costs, and execution risks on large contracts. The company has also reported ongoing legal disputes, including claims against Port Lotniczy Poznań-Ławica Sp. z o.o. and MCC S.A., which could impact its financial position.
Atrem's financial stability is supported by various credit lines and guarantees, including agreements with mBank, Santander Bank Polska, Bank Ochrony Środowiska, and Bank Pekao S.A. These facilities are secured through mortgages, guarantees, and other financial instruments.
Relevance to Atrem S.A.: The article highlights Atrem's strong financial performance and strategic positioning in the energy and industrial sectors, aligning with its business profile as a key player in infrastructure investment cycles and EU-funded projects.
Atrem S.A. Reports Strong Financial Performance in Q3 2025 Amid Increased Project Activity
Bydgoszcz, Poland – November 19, 2025: Atrem S.A., a leading Polish engineering company specializing in industrial automation, electrical infrastructure, and control systems, has reported robust financial results for the nine months ending September 30, 2025. The company achieved revenues of PLN 191.96 million, marking a significant 56.76% increase compared to the same period in 2024. Net profit surged to PLN 21.01 million, up from PLN 11.43 million in the previous year, driven by a high-value portfolio of contracts in advanced stages of execution and favorable contract adjustments such as annexes and final settlements.
Despite the positive financial performance, Atrem S.A. faced challenges in cash flow management, with net cash from operating activities showing a deficit of PLN 2.77 million. However, the company reported a positive net cash flow of PLN 8.28 million from investing activities, primarily due to repayments of loans granted to related entities. The firm also experienced increased costs in general administration, reflecting its ongoing expansion and investment in operational capabilities.
Atrem S.A. continues to benefit from its specialization in automation and system integration, positioning itself as a key player in infrastructure projects tied to energy transition, grid modernization, and gas network upgrades. The company remains a strong contender for EU-funded projects, leveraging its expertise in SCADA, telemetry, and power systems integration.
Relevance to Atrem S.A. Business Profile
This article highlights Atrem S.A.'s financial growth and operational achievements, which align with its strategic focus on delivering complex engineering solutions for energy and industrial sectors. The company's ability to secure and execute high-value contracts underscores its competitive edge in automation and infrastructure projects.
Atrem S.A. Achieves Record Revenue and Profit in 2025 Amid Energy Transition Opportunities
Atrem S.A., a leading Polish engineering company specializing in industrial automation and electrical infrastructure, has reported its highest-ever revenue and profit in its 25-year history for the fiscal year 2025. The company achieved a revenue of PLN 311.9 million, marking a 66.4% increase compared to 2024, and an operating profit of PLN 45.6 million, up by 131.8%. Gross sales profitability also improved from 18.3% in 2024 to 21.4% in 2025.
Atrem’s robust performance is attributed to its active participation in Poland’s energy transition and infrastructure modernization projects, including railway energy systems and biogas production initiatives. The company submitted tenders worth nearly PLN 3 billion in 2025 and secured contracts exceeding PLN 300 million, including new partnerships with clients such as PGE Energetyka Kolejowa. Additionally, Atrem is expanding its competencies in high-voltage energy systems through new offices in Kraków and Olsztyn.
Despite challenges such as rising costs and regulatory delays in biogas project auctions, Atrem continues to adapt its strategies to leverage existing support systems. The company also finalized a long-standing dispute with Ławica and negotiated favorable terms for its major project with Orlen S.A.
Atrem’s strategic focus remains on automation, electrical infrastructure, and energy projects, with plans to explore acquisitions and partnerships to further enhance its market position.
Relevance to Atrem S.A.: This article highlights Atrem S.A.’s record-breaking financial performance and its strategic alignment with Poland’s energy transition and infrastructure modernization, which are core aspects of its business profile.
2026 EPS Estimates
- Weak contract pipeline, margin pressure, and execution challenges
- Stable infrastructure demand, mid-single digit revenue growth, normalized project margins
- Strong inflow of energy transition contracts, improved margins through better project mix
Note: EPS estimates are for informational purposes only and represent our analytical framework, not investment recommendations. These financial results estimates are based on stated assumptions and may change as new information becomes available.
Key Metrics
Company-specific performance indicators tailored to Atrem S.A.'s business model.
No key metrics available yet
Custom performance indicators for Atrem S.A. will appear here once available.
Examples of metrics we track:
Data Source: Key metrics are extracted from company disclosures, periodic reports, and management commentary.
Periodic Report Publication Calendar
No report publication schedule available yet for this company.