Professional Polish Investment Research - Expert Analysis for Foreign Investors

Atrem S.A.

ATR.WA Industrial / Engineering
industrial-automation energy-infrastructure electrical-installations gas-sector
331.1M LTM Revenue (PLN)
+44.8% Revenue Growth (YoY)
510 PLN m Market Cap
13.1x P/E (LTM)
9.6x EV/EBITDA (LTM)

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

Foundational Analysis v1.0 Last updated: 2026-04-25

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

Currency Note: All amounts in PLN. Foreign currency contracts converted at announcement date rates.

Contract 2026 Q2 2026 Q3 2026 Q4 2027 Q1 2027 Q2 2027 Q3 2027 Q4 2028 Q1 2028 Q2 Total
Total Revenue per Quarter 6,509,816.27 6,509,816.27 7,480,288.70 6,509,816.27 6,509,816.27 2,380,107.53 2,737,123.66 2,380,107.53 2,386,107.50 43,403,000.00
Reconstruction of 110/15 kV Naramowice [NAR] substation
View Source 2026-06-15 - 2028-05-15
2,380,107.53 2,380,107.53 2,737,123.66 2,380,107.53 2,380,107.53 2,380,107.53 2,737,123.66 2,380,107.53 2,386,107.50 22,141,000.00
Comprehensive modernization of 110/15 kV Fordon substation (design and build)
View Source 2026-06-09 - 2027-06-08
4,129,708.74 4,129,708.74 4,743,165.04 4,129,708.74 4,129,708.74 - - - - 21,262,000.00

AI-Generated Revenue Allocation: Revenue allocations follow IFRS 15 principles with AI-derived timing assumptions. Verify with official financial statements.

Financial Performance

Quarterly Data

Click a metric row to chart it below. Click a second row to overlay it on a dual axis; click a selected row again to remove it.

Metric 2023Q2 2023Q3 2023Q4 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 2026Q1
Income Statement Revenue (Quarterly) 31.9M 42.0M 49.5M 32.0M 41.3M 49.2M 65.0M 42.6M 59.6M 89.7M 120.0M 61.8M
Income Statement Gross Profit (Quarterly) 6.6M 4.7M 9.7M 5.6M 7.9M 12.2M 8.7M 9.1M 12.5M 17.7M 27.3M 12.8M
Income Statement EBITDA (Quarterly) 3.1M 2.0M 7.1M 2.4M 3.9M 9.0M 6.3M 5.9M 7.5M 13.3M 21.6M 8.0M
Income Statement EBIT (Quarterly) 2.4M 1.6M 6.7M 2.0M 3.5M 8.5M 5.7M 5.3M 6.8M 12.6M 20.9M 7.3M
Income Statement Net Income (Quarterly) 1.7M 971.0K 5.0M 1.8M 2.7M 6.9M 4.2M 4.9M 5.8M 10.3M 16.6M 6.4M
Costs Selling & Distribution Costs 729.0K 603.0K 740.0K 584.0K 709.0K 635.0K 716.0K 694.0K 697.0K 651.0K 687.0K 937.0K
Costs Administrative Expenses 3.5M 2.6M 3.0M 3.1M 3.6M 2.8M 3.5M 3.3M 4.9M 4.4M 6.5M 4.5M
Costs Administrative Expenses (LTM) 6.6M 9.2M 12.1M 12.2M 12.3M 12.6M 13.1M 13.2M 14.5M 16.0M 19.1M 20.2M
Cash Flow Operating Cash Flow -3.9M -2.5M 14.7M 9.3M 3.8M 4.0M 14.9M 4.7M -1.4M -6.1M 23.3M 22.9M
Cash Flow Capital Expenditure -71.0K -304.0K -135.0K -627.0K -179.0K -166.0K -87.0K -238.0K -194.0K -161.0K -102.0K -316.0K
Cash Flow Free Cash Flow -4.0M -2.8M 14.5M 8.6M 3.7M 3.8M 14.8M 4.4M -1.5M -6.2M 23.2M 22.6M
Cash Flow Depreciation & Amortization 627.0K 469.0K 373.0K 399.0K 439.0K 503.0K 679.0K 623.0K 659.0K 686.0K 711.0K 704.0K
LTM Metrics Revenue (LTM) 50.9M 92.9M 142.4M 155.4M 164.7M 171.9M 187.4M 198.1M 216.4M 256.9M 311.9M 331.1M
LTM Metrics EBITDA (LTM) 1.8M 3.8M 10.9M 14.5M 15.4M 22.4M 21.7M 25.2M 28.8M 33.0M 48.3M 50.4M
LTM Metrics Net Income (LTM) 20.0K 991.0K 6.0M 9.5M 10.5M 16.4M 15.6M 18.7M 21.8M 25.2M 37.6M 39.0M
LTM Metrics Net Profit Attributable (LTM) 20.0K 991.0K 6.0M 9.5M 10.5M 16.4M 15.6M 18.7M 21.8M 25.2M 37.6M 39.0M
LTM Metrics Operating Cash Flow (LTM) 3.7M 1.2M 15.9M 17.6M 25.3M 31.8M 32.0M 27.4M 22.2M 12.2M 20.5M 38.7M
Profitability Gross Margin 20.6% 11.2% 19.6% 17.6% 19.1% 24.8% 13.4% 21.4% 20.9% 19.7% 22.8% 20.7%
Profitability EBITDA Margin 9.6% 4.8% 14.3% 7.4% 9.5% 18.4% 9.8% 13.8% 12.5% 14.8% 18.0% 13.0%
Profitability EBIT Margin 7.6% 3.7% 13.5% 6.2% 8.4% 17.4% 8.7% 12.4% 11.4% 14.0% 17.4% 11.9%
Profitability Net Margin 5.4% 2.3% 10.0% 5.7% 6.6% 14.0% 6.4% 11.6% 9.8% 11.4% 13.8% 10.3%
Profitability ROIC -9.6% -6.3% 4.0% 8.9% 17.8% 24.0% 16.4% 20.6% 23.9% 26.4% 41.9% 45.5%
Profitability Cash Conversion -226.0% -256.0% 296.0% 511.0% 140.0% 58.0% 358.0% 95.0% -23.0% -59.0% 140.0% 360.0%
Balance Sheet Current Assets 61.4M 74.3M 83.8M 86.7M 91.5M 101.2M 130.8M 107.0M 138.2M 157.9M 195.5M 146.9M
Balance Sheet Current Liabilities 48.7M 61.3M 66.7M 68.6M 70.8M 72.2M 115.3M 89.1M 130.6M 143.0M 165.4M 109.3M
Balance Sheet Inventories 261.0K 248.0K 240.0K 240.0K 85.0K 2.1M 75.0K 923.0K 7.8M 7.3M 2.0M 1.9M
Balance Sheet Trade Receivables 24.7M 32.7M 53.8M 36.6M 38.3M 44.4M 70.2M 35.7M 61.1M 81.9M 135.9M 58.5M
Balance Sheet Trade Payables 15.8M 27.7M 36.1M 17.0M 22.9M 22.0M 34.3M 22.1M 35.8M 36.5M 81.9M 38.1M
Balance Sheet Total Equity 34.2M 35.2M 40.1M 41.9M 40.1M 47.0M 51.2M 56.1M 46.4M 56.6M 73.2M 79.6M
Balance Sheet Total Debt 16.2M 18.8M 11.5M 19.3M 19.0M 21.1M 15.5M 10.8M 15.8M 18.0M 5.6M 0
Balance Sheet Cash & Equivalents 13.0K 179.0K 150.0K 773.0K 737.0K 1.5M 2.3M 3.8M 2.9M 794.0K 8.5M 24.5M
Balance Sheet Invested Capital 50.4M 53.7M 51.5M 60.5M 58.4M 66.7M 64.4M 63.1M 59.3M 73.8M 70.3M 55.1M
Balance Sheet Net Working Capital 9.1M 5.2M 17.9M 19.8M 15.4M 24.6M 36.0M 14.6M 33.1M 52.6M 56.0M 22.2M
Ratios Current Ratio 1.26 1.21 1.26 1.26 1.29 1.40 1.13 1.20 1.06 1.10 1.18 1.34
Ratios Net Working Capital to Revenue 0.29 0.12 0.36 0.62 0.37 0.50 0.55 0.34 0.56 0.59 0.47 0.36
Ratios Administrative Expenses as % of Revenue 12.9% 9.8% 8.5% 7.8% 7.5% 7.3% 7.0% 6.7% 6.7% 6.2% 6.1% 6.1%
Ratios Days Inventory Outstanding (DIO) 1.90 1.00 0.60 0.60 0.20 4.60 0.10 1.70 13 10 2.40 2.10
Ratios Days Sales Outstanding (DSO) 177 128 138 86 85 94 137 66 103 116 159 64
Ratios Days Payables Outstanding (DPO) 113 109 93 40 51 47 67 41 60 52 96 42
Ratios Cash Conversion Cycle (days) 65 21 46 47 34 52 70 27 56 75 66 24

Revenue (Quarterly) - Visual Analysis

Revenue (Quarterly) (PLN)
Growth Rates (QoQ% and YoY%)
Quarter-over-Quarter Year-over-Year

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 89%
Neutral 0%
Negative 11%

Based on 9 articles

2026-06-15
ESPI positive

Atrem S.A. Secures Contract for 110/15 kV Naramowice Substation Modernization

On June 15, 2026, Atrem S.A. announced the signing of a significant contract with ENEA Operator sp. z o.o. for the modernization of the 110/15 kV Naramowice [NAR] substation. The total value of the contract amounts to PLN 27,233,430 gross, with a project completion timeline of 100 weeks from the agreement date. As part of the contract, Atrem S.A. has provided a 60-month warranty and quality guarantee for the completed work. The agreement also includes a cap on contractual penalties, limiting them to a maximum of 20% of the total contract value.

This development underscores Atrem S.A.'s strategic focus on delivering complex engineering solutions in the energy sector, aligning with its expertise in automation, electrical infrastructure, and control systems. The project further highlights the company's ability to secure high-value contracts in a competitive market, reinforcing its position as a key player in Poland's energy infrastructure modernization efforts.

View source
2026-06-09
ESPI negative

Atrem S.A. Faces Setback in Key 110 kV Line Modernization Tender

Atrem S.A., a leading Polish engineering company specializing in industrial automation and energy infrastructure, announced that ENEA Operator sp. z o.o. has invalidated its earlier decision to award Atrem the contract for the modernization of the 110 kV Żur-Tuchola-Chojnice Kościerska-Chojnice Przemysłowa-Sępólno-Koronowo Miasto power line. The decision, initially made on April 20, 2026, was reversed due to missing documentation in Atrem's bid submission.

ENEA Operator has now initiated a review process, requesting Atrem to provide the necessary evidence to address the deficiencies. Atrem remains optimistic that, upon submission of the required documents, the contracting authority will reconsider its offer. The company has committed to updating stakeholders on the outcome of the renewed evaluation process in a separate report.

Relevance to Atrem S.A.: This development is significant as it highlights Atrem's reliance on securing large-scale infrastructure projects, which are critical to its revenue and growth strategy. The outcome of this tender could impact the company's financial performance and market positioning in the energy sector.

View source
2026-06-09
ESPI positive

Atrem S.A. Secures Contract for Modernization of 110/15 kV Fordon Station

Atrem S.A., a leading Polish engineering company specializing in industrial automation and electrical infrastructure, has been selected by ENEA Operator sp. z o.o. to execute a comprehensive modernization project for the 110/15 kV Fordon Station. The project, awarded under a "design and build" framework, includes construction and assembly works. The total value of Atrem S.A.'s winning bid is PLN 26,152,260.00 gross.

The contract, once finalized, will outline the detailed scope of Atrem S.A.'s responsibilities. The company has committed to providing updates on the agreement's progress in subsequent reports.

Relevance: This contract aligns with Atrem S.A.'s core business focus on energy infrastructure modernization and highlights its ability to secure significant projects in a competitive market, reinforcing its position as a key player in Poland's energy transition initiatives.

View source
2026-05-28
ESPI positive
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Atrem S.A. Announces 2026 Annual General Meeting and Reports Strong Financial Performance for 2025

Atrem S.A., a leading Polish engineering company specializing in industrial automation and electrical infrastructure, has announced its Annual General Meeting (AGM) scheduled for June 24, 2026, at its headquarters in Bydgoszcz. The meeting will address key agenda items, including the approval of financial statements for 2025, the allocation of profits, and the election of new members to the Supervisory Board.

In its 2025 financial report, Atrem S.A. recorded a significant increase in revenue, reaching PLN 311.9 million, a 66.4% rise compared to 2024. The company also achieved a net profit of PLN 37.6 million, marking a 140.9% year-over-year growth. This performance was driven by the successful execution of major contracts with clients such as PKN Orlen, ENEA Operator, and Wody Polskie. The company’s EBITDA surged by 122.6% to PLN 48.3 million, reflecting improved operational efficiency and cost management.

Atrem S.A. also announced a dividend payout of PLN 2.16 per share, to be distributed in three equal installments starting in August 2026. Additionally, the company highlighted its strategic focus on energy transition projects, including its involvement in the emerging biogas and biometane markets, as well as its commitment to strengthening its position in automation and electro-energy sectors.

The Supervisory Board’s report emphasized the company’s adherence to corporate governance standards and its robust internal control systems. The Board also approved the allocation of a portion of the 2025 profit to the company’s reserve capital to support future growth initiatives.

Relevance to Atrem S.A. Business Profile

This article is highly relevant to Atrem S.A.'s business profile as it highlights the company's strong financial performance, strategic focus on energy transition, and its ability to secure and execute large-scale engineering contracts, aligning with its core expertise in industrial automation and energy infrastructure.

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2026-05-25
ESPI positive

Atrem S.A. Acquires Key Assets of PILE ELBUD S.A. Following Bankruptcy Ruling

Atrem S.A., a leading Polish engineering company specializing in industrial automation and electrical infrastructure, has announced its acquisition of a significant portion of PILE ELBUD S.A.'s business assets. The transaction follows a ruling by the District Court for Kraków-Śródmieście, which declared PILE ELBUD S.A. bankrupt and approved the sale of its organized business unit to Atrem S.A. for a net price of PLN 7.3 million. The court's decision, issued on May 25, 2026, is not yet legally binding.

This strategic acquisition aligns with Atrem S.A.'s growth objectives, particularly in expanding its operations in the energy and infrastructure sectors. The company has already secured approval for the transaction from the President of the Office of Competition and Consumer Protection, as previously disclosed in a report dated October 1, 2025. Atrem S.A. has committed to providing updates on further developments related to the transaction in compliance with applicable regulations.

The acquisition is expected to bolster Atrem S.A.'s capabilities and scale in executing complex electro-energy and infrastructure projects, reinforcing its position as a key player in the industry.

Relevance to Atrem S.A.: This acquisition directly supports Atrem S.A.'s strategic focus on expanding its footprint in energy and infrastructure projects, leveraging its expertise in automation and system integration to capitalize on growth opportunities in these sectors.

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2026-05-19
ESPI positive

Atrem S.A. Proposes Dividend Payout of PLN 2.16 Per Share from 2025 Net Profit

The Supervisory Board of Atrem S.A., a leading Polish engineering company specializing in industrial automation and control systems, has approved the Management Board's proposal for the allocation of the company's net profit for 2025. The net profit, amounting to PLN 37.613 million, will be partially distributed as dividends. A total of PLN 19.937 million, equivalent to PLN 2.16 per share, is earmarked for dividend payouts, while the remaining amount will be allocated to the company's reserve capital. This proposal will be presented for final approval at the upcoming Ordinary General Meeting of Shareholders.

This decision underscores Atrem S.A.'s commitment to delivering value to its shareholders while maintaining financial stability to support future growth and investment in its core business areas, including energy transition and infrastructure modernization.

View source
2026-03-34
ESPI positive

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.

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2025-03-24
ESPI positive

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.

View source
2026-03-24
ESPI positive

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.

View source
2026-03-24
ESPI positive

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.

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2026 EPS Estimates

Last updated: 2026-04-25
Bear Case
2026 EPS: PLN None
Assumptions:
  • Weak contract pipeline, margin pressure, and execution challenges
Base Case
2026 EPS: PLN None
Assumptions:
  • Stable infrastructure demand, mid-single digit revenue growth, normalized project margins
Bull Case
2026 EPS: PLN None
Assumptions:
  • 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:

Recurring Revenue
Order Backlog
MRR/ARR
Customer Count
ARPU

Data Source: Key metrics are extracted from company disclosures, periodic reports, and management commentary.

Periodic Report Publication Calendar

FY 2026 Last updated: 2026-04-28
Quarter Publication date
Q1 2026-05-19
H1 2026-08-27
Q3 2026-11-19

View source ESPI report

FY 2025 Last updated: 2026-04-28
Quarter Publication date
FY 2026-03-24

View source ESPI report

Schedule reflects the most recent ESPI announcement for each fiscal year. Past publication dates are shown in grey.