AC S.A. in 2026: PLN 14.1 m net profit (-50% YoY), board breaks 12-year dividend streak, AC GO! 2025–2030 strategy moves into drones and defence

AC S.A. closes 2025 with PLN 14.1 m profit (-50% YoY); board breaks a 12-year dividend streak

AC S.A. - headquartered at ul. 42 Pułku Piechoty 50 in Białystok (postcode 15-181), registered in the KRS under number 0000294978 - has published its 2025 annual results and simultaneously announced the „AC GO! 2025–2030" strategy. The numbers are visibly weaker than in the record 2024: PLN 14.1 m net profit versus PLN 28.2 m a year earlier (-49.9% YoY), revenue of PLN 205.6 m (-14.4% YoY), EBITDA of PLN 30.6 m (-30.6%) and EBIT of PLN 18.5 m (-42.6%). Domestic sales fell 21.6%, while exports - key to AC because they account for over 60% of revenue - fell 11.3%. Gross margin contracted from 31.9% to 30.1%.

The financial consequence: the board recommends no dividend out of 2025, allocating the entire profit to reserve capital. That is the first break in the dividend streak since 2011 - for 12 consecutive years AC S.A. paid out, most recently (out of 2024) a record PLN 3.00 per share (8.57% yield). At the same time the board has launched „AC GO! 2025–2030", targeting a jump to PLN 383 m in revenue by 2030 (LPG: 189 m + energy: 65 m + contract manufacturing: 89 m + new businesses: 40 m) at a 16% EBITDA margin (~PLN 62 m), with PLN 30 m for acquisitions and PLN 66 m for CAPEX. New segments: EV chargers, energy storage, drones, robotics, IoT, defence.

AC

BIAŁYSTOK · KRS 0000294978 · SPÓŁKA AKCYJNA

Revenue

n/a

Białystok, 42 Pułku Piechoty 50: the only WSE-listed automotive supplier from Podlasie

The address ul. 42 Pułku Piechoty 50, 15-181 Białystok places AC's seat in the capital of the Podlaskie voivodeship - a region with relatively narrow representation on the Warsaw exchange (alongside AC there are only a few sectoral issuers). The company has operated in its current corporate form (AC S.A., KRS 0000294978) since 17 December 2007 and has been listed on the Warsaw Stock Exchange since May 2011. It belongs to the sWIG80 - among the 80 smaller listed companies, but with a brand globally recognised in the automotive-LPG niche.

The company has a registered electronic-delivery address (AE:PL-25597-94761-WHFRD-36) and the website ac.com.pl. Governance: a three-member management board (acting CEO Anatol Timoszuk since October 2025 plus two vice-presidents in charge of operations and of trade-and-development). Shareholders: no controlling shareholder - free float 65.1%. The largest blocks: PKO BP Bankowy PTE 9.72%, PZU OFE „Złota Jesień" + DFE PZU 9.23%, WIM sp. z o.o. 8.23%, Piotr Laskowski 7.68%. AC S.A. holds 10% of own shares (without voting rights).

Under Polish PKD codes the principal activity is 29.31.Z - manufacture of electrical and electronic equipment for motor vehicles. The STAG brand (LPG/CNG installations) is present in 60 countries on six continents; AC estimates around 6 million STAG sets have been installed in vehicles worldwide. In Poland the network is served by 109 authorised service points + 101 recommended workshops.

Polish automotive-supplier sector on the WSE: AC as the only pure LPG play

The Polish automotive-equipment manufacturer sector on the Warsaw exchange in 2026 has a specific structure:

• AC S.A. - the only pure player in the LPG/CNG segment, with exposure to the growing conversion-vehicle fleet in Asia and Latin America.
• Auto Partner and Inter Cars - auto-parts distributors, an adjacent sector with a different profile (trade, not manufacturing).
• Wielton - production of trailers and semitrailers, one of Europe's three largest.
• Sanok Rubber - automotive seals, a sectoral neighbour.

Three structural features of the AC model that explain the 2025 results drop and the strategic pivot:

• Cyclicality of the LPG market with strong sensitivity to fuel prices - the attractiveness of LPG/CNG conversion depends on the LPG-vs-petrol price spread. In periods of a narrow spread (such as 2025, after fossil-fuel price stabilisation) drivers' willingness to invest in conversion falls, hitting AC's sales directly. The Asia-Pacific markets, key for exports, faced price pressure in 2025, additionally weakening currency revenues.
• USD/EUR vs PLN currency exposure - most of AC's revenue comes from exports invoiced in USD and EUR; production costs are incurred in PLN. A stronger zloty in 2025 translated into negative FX differences and lower profitability - the same factor that hit Polish exporters in the 2024–2025 cycle.
• The „AC GO! 2025–2030" pivot as a response to structural slowdown of LPG - management openly communicates that LPG/CNG is a mature segment with limited growth potential. Hence the investment in drones, energy storage, EV chargers and defence - higher-margin segments with double-digit CAGR potential. It is a major identity shift for the company.

Implication for the investment profile: no dividend, execution risk, low capitalisation

“In 2026 AC S.A. has entered a transition phase - the 2025 operating numbers confirmed that the classical LPG-conversion business is structurally slowing, while management is responding with an aggressive pivot toward drones, renewables and defence. Skipping the 2025 dividend after 12 years of uninterrupted policy is a strong signal to the market: the company is preserving capital for acquisitions and CAPEX. It is a typical turnaround small-cap investment - attractive on valuation (market cap ~PLN 198 m) but burdened by the execution risk of the new strategy.”

Three expected consequences of the 2025 results for AC S.A.'s investment profile in 2026:

• No dividend = a strategic-pivot signal - AC has so far been a typical Polish small-cap dividend payer (12 years of uninterrupted distributions). Breaking the streak means management treats 2026 as an investment phase - funds retained in the company are to finance acquisitions (PLN 30 m) and CAPEX (PLN 66 m). A dividend investor may consider rotation, but the expected resumption of payouts (no earlier than out of 2027) depends on the success of the pivot.
• Execution risk of a 5-year strategy - the PLN 383 m 2030 revenue target (from PLN 205.6 m in 2025) implies +86% growth in five years with a diametrical change in business structure (adding EV chargers, drones, energy storage). Acquisitions are to deliver the qualitative jump, but a small management organisation has to absorb 2–3 acquisitions per year. That is a major organisational risk.
• Valuation-attractive exposure but a low-liquidity ticker - market cap ~PLN 198 m and a 65.1% free float make AC accessible to retail investors, but trading volumes are low. It is a typical sWIG80 ticker: low-liquidity, with high volatility around earnings releases, attractive for value strategies with a long horizon.

For the Podlaskie voivodeship itself, AC S.A. remains the flagship listed company of the region - Białystok as a 290-thousand-population metropolis has limited WSE representation, and AC is one of the few Podlaskie issuers with a globally recognisable brand (STAG).

What you'll find in the AC S.A. profile

The AC S.A. profile in our database carries the full picture of the company: composition of the three-member management board (with CEO Anatol Timoszuk since October 2025), the KRS registration history from 17 December 2007, the registered address at ul. 42 Pułku Piechoty 50 in Białystok, e-delivery status (AE:PL-25597-94761-WHFRD-36), the website ac.com.pl, and the assigned PKD code 29.31.Z (manufacture of electrical and electronic equipment for motor vehicles). The profile is also available in English - important for international small-cap fund investors, since AC is the only listed Polish manufacturer of LPG/CNG installations, with the STAG brand present in 60 countries.

Data: Polish KRS Court Register (KRS 0000294978); AC S.A. current report - 2025 financial results (April 2026); AC GO! 2025–2030 strategy (24 October 2025); Stockwatch - AC S.A. communications; Bankier - AC S.A. shareholder structure; Strefa Inwestorów - AC S.A. dividend history; PKD 29.31.Z classification (automotive equipment manufacture); company history - incorporated 17 December 2007, WSE IPO May 2011, as of 2026-05-02.