Amica in 2026: the Back-to-Profitability restructuring delivers, profit forecast PLN 38 m, PLN 2 dividend per share

Amica closes 2025 with PLN 17.5 m net profit; analyst consensus for 2026 - PLN 38 m

Amica S.A. - headquartered at ul. Mickiewicza 52 in Wronki (postcode 64-510, Wielkopolskie voivodeship), registered in the KRS under number 0000017514 - has published 2025 results: revenue of PLN 2,411 m (-6% YoY versus PLN 2,573.6 m in 2024), net profit of PLN 17.5 m and EBITDA of PLN 134.4 m (+7.2% YoY). EBIT came to PLN 73.7 m. The revenue decline reflects soft white-goods demand in Western Europe (Germany, Scandinavia) and a stronger zloty - exports account for over 70% of group turnover. EBITDA growth despite lower revenue indicates the first measurable effects of the „Back to Profitability" programme, under which the company expects up to PLN 10 m of annual savings from group-level layoffs and management changes at the French and UK subsidiaries.

The board recommends a dividend of PLN 2.00 per share out of 2025 - at the same level as out of 2024. The final decision rests with the AGM. Analyst consensus for 2026 implies net profit of PLN 38 m and EBITDA of PLN 145 m. Jakub Sargsyan of BM mBanku notes the market is pricing the restructuring at a discount: Amica's current EV/EBITDA stands at around 3.2x versus a sector average of 6.6x.

Amica

WRONKI · KRS 0000017514 · SPÓŁKA AKCYJNA

Revenue

2.4 B PLN

Wronki, Mickiewicza 52: a 4-member board, Holding Wronki S.A. control (~35%), three foreign brands in the portfolio

The address ul. Mickiewicza 52, 64-510 Wronki places Amica's seat in a 30,000-population town in the Szamotuły district of Wielkopolska - historically inside an industrial cluster around white-goods plants and FC Lech (Wronki is the seat of Lech Poznań - the team carries the name of its main sponsor town). The company has operated in its current corporate form (Amica S.A., KRS 0000017514) since 7 June 2001 and has been listed on the Warsaw Stock Exchange since 1997 - making it one of the longest-listed Polish white-goods issuers.

Governance: a four-member management board (CEO plus three vice-presidents). The CEO since 2003 is Jacek Rutkowski, who controls 34.93% of capital through Holding Wronki S.A. The second pillar of the shareholder base is pension funds: OFE Allianz Polska 9.14%, OFE NN 6.68%, other OFEs together about 17%. Free float is around 56%, but virtually the entire investor base is long-only OFE / TFI - which makes Amica a very thinly-traded WSE name.

Under Polish PKD codes the principal activity is 27.51.Z (manufacture of domestic appliances). The brand portfolio comprises four labels: Amica (Poland, flagship), Hansa (Germany), Gram (Denmark, acquired in 2000) and CDA (United Kingdom). The company has a registered electronic-delivery address (AE:PL-71065-68536-JIWFF-24), the e-mail sekretariat@amica.com.pl, and the website amica.pl.

Polish white-goods sector on the WSE: Amica as the only listed manufacturer with own distribution in four EU countries

The Polish white-goods sector listed on the Warsaw exchange has narrow representation in 2026 - Amica is the only listed Polish manufacturer of large white goods. The neighbouring consumer cohort on the WSE includes:

• Eurocash - FMCG wholesaler (Komorniki near Poznań, Wielkopolskie). A neighbour in the consumer sector, but with no own production.
• Inter Cars - auto-parts distributor. A different sector but a similar export-and-distribution profile.
• Direct unlisted competitors: Whirlpool (US), Bosch / Siemens (DE), Beko (Turkey), Electrolux (SE), Samsung / LG (KR).

Three structural features of Amica's market position in 2026:

• Leader of the free-standing-range segment in Poland and Germany - Amica retains the No. 1 position in the free-standing range category on both markets. It is a niche relative to built-in appliances but still volume-significant (free-standing ranges dominate the value and mid-market segment).
• Turkish competitors retreat from aggressive pricing - Beko and Vestel scaled back EU price dumping after the 2022–2024 cycle. The shift improved margins for European producers (including Amica) and is one of the explanations for EBITDA growth despite revenue decline.
• >70% exports across 40+ markets = USD/EUR/GBP/SEK currency exposure - production costs are in PLN, sales in foreign currencies. The stronger zloty in 2025 hit foreign-currency revenues and margins; a reverse cycle (PLN weakening) would be structurally favourable.

Implication for the investment profile: valuation discount vs sector, restructuring half-way

The interpretation is speculative and depends on the execution of the recovery programme - the conclusions below are possible scenarios, not certainties:

“The restructuring at Amica's foreign subsidiaries is delivering effects that are likely to deepen. The company is consistently replacing management at the French and UK units, and we already see EBITDA improvement despite lower revenue. The current valuation of 3.2x EV/EBITDA versus a sector average of 6.6x suggests the market is waiting for confirmation that the trend is durable - the PLN 38 m profit forecast for 2026 will be the first such signal.”

Three possible consequences of the 2025 results for Amica's investment profile in 2026:

• The valuation discount may narrow if the forecasts materialise - the current 3.2x EV/EBITDA versus a sector average of 6.6x is roughly a 50% discount. Each quarterly confirmation of the path to PLN 145 m of 2026 EBITDA (via Q1 and Q2 reports) should compress the discount. Risk: if margins fall despite restructuring, the discount may persist or widen.
• Dividend policy remains generous but not guaranteed - historically Amica has paid an uninterrupted dividend since 2012 with one break (2022, the energy crisis). The PLN 2.00 recommendation out of 2025 is stable, but the historical payout range (PLN 2.50–6.00) shows that in a strong cycle the dividend can be significantly higher and in a slowdown year - it may be skipped.
• Low share liquidity caps attractiveness for larger funds - Holding Wronki control (~35%) plus passive OFE shareholders (>30%) means the real free float is around 35–40%. Trading volumes are low, which discourages active managers and keeps the valuation below fundamentals.

Main company-specific risks across the 2026–2027 cycle:

• Restructuring execution - the PLN 145 m EBITDA forecast requires sustained improvement at the DE / FR / UK units; failed management changes would be the first significant warning signal.
• Currency cycle - continued PLN strengthening (e.g. linked to the 2025 presidential elections, NBP path) further compresses export margins.
• Asian competition - Samsung and LG aggressively enter the mid-market segment in Germany and Scandinavia.
• Low trading liquidity - caps the valuation and complicates any potential equity raise.

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

The Amica S.A. profile in our database carries the full picture of the company: composition of the four-member management board (with CEO Jacek Rutkowski since 2003), the KRS registration history from 7 June 2001, the registered address at ul. Mickiewicza 52 in Wronki, e-delivery status (AE:PL-71065-68536-JIWFF-24), the website amica.pl, the e-mail sekretariat@amica.com.pl, and the assigned PKD code 27.51.Z (manufacture of domestic appliances). The profile is also available in English - important for international consumer-fund investors, since Amica is the only listed Polish manufacturer of large white goods with its own distribution in four EU countries.

This material is informational and does not constitute investment advice.

Data: Polish KRS Court Register (KRS 0000017514); Amica S.A. - 2025 annual report and current report on the dividend recommendation (April 2026); Stockwatch - analysis of Amica 2025 results and valuation; BM mBanku - commentary on the Back-to-Profitability programme (Jakub Sargsyan); Bankier - Amica shareholder structure; Parkiet - market-position analysis in white goods; PKD 27.51.Z classification (manufacture of domestic appliances); company history - incorporated 7 June 2001, WSE IPO 1997, as of 2026-05-02.