Creotech Instruments 2026: first net profit in the company's listed history (+PLN 13.6 m), MON Mikroglob contract worth PLN 556.7 m and Creotech Quantum spin-off (WSE debut 17 April 2026)

Creotech Instruments closes 2025 with first net profit in its listed history - PLN 167.5 m revenue (+370% YoY), Mikroglob contract worth PLN 556.7 m and Creotech Quantum spin-off

Creotech Instruments S.A. - headquartered at ul. Jana Pawła II 66 in Piaseczno (postcode 05-500, Mazowieckie voivodeship), registered in the KRS under number 0000407094 - reported in its 2025 annual report the first positive bottom line in the company's stock-listed history. Consolidated revenue reached PLN 167.5 m (vs PLN 35.6 m in 2024, +370% YoY), net profit +PLN 13.6 m (vs PLN -20.4 m loss), EBITDA around PLN 31 m, and cash on hand ~PLN 127 m at year-end. The space segment delivered 91.17% of 2025 revenue, confirming that the company has become the first Polish satellite-systems manufacturer with meaningful operating scale.

The main result driver is a portfolio of state and European contracts. Mikroglob - an Earth-observation satellite system commissioned by the Polish Armaments Agency (Ministry of National Defence) - is worth PLN 556.7 m gross (PLN 453 m net), with planned completion in 2027. The second pillar is CAMILA for the European Space Agency, signed on 15 April 2025 at ~EUR 52 m and expanded in October 2025 to more than EUR 59 m, of which Creotech's share is EUR 29.1 m. CAMILA is a constellation of at least three satellites (radar + two optical) on the HyperSat platform with over 90% Polish technology content; finalisation in November 2029.

The third 2026 milestone is the Creotech Quantum spin-off - formally registered on 1 April 2026, with WSE debut on 17 April 2026. The quantum segment was valued at issuance at PLN 208 m - this figure reflects the issuance price, not the market valuation after the debut session. First commercial QKD (Quantum Key Distribution) deliveries are planned by the end of 2026 - that is a plan, not delivered, with materialisation depending on the pace of first-customer deployments. Creotech Instruments' market cap has meanwhile crossed PLN 1 bn, with the share at ~PLN 345, +110% YTD.

Creotech Instruments

PIASECZNO · KRS 0000407094 · SPÓŁKA AKCYJNA

Revenue

33.4 M PLN

Jana Pawła II 66 in Piaseczno: Brona's four-member board, dispersed cap table with no dominant investor

The address ul. Jana Pawła II 66, 05-500 Piaseczno places Creotech's seat in the Warsaw-suburban technology corridor next to Babice Airport and the Piaseczno tech cluster. The company has operated in its current corporate form (Creotech Instruments S.A., KRS 0000407094) since 2 January 2012, initially listed on NewConnect and on the WSE Main Market since 2024.

Governance: a four-member management board - CEO Grzegorz Brona (founder, physicist with CERN experience) plus a CFO and two line vice-presidents. The cap table is dispersed: OFE Allianz 9.83%, Industrial Development Agency (ARP) 9.50%, TFI PZU 8.37%, Katarzyna Kubrak 7.41%, Paweł Kasprowicz 7.41%, Grzegorz Brona 7.41%, Maciej Wiśniewski 5.01%, Grzegorz Kasprowicz 4.93%. There is no dominant investor (>20%); founder control totals around 24.8% (Brona + Kasprowicz + Wiśniewski + Kasprowicz). This is a rare structure for Polish deep-tech listed on the WSE - most competitors have a strong reference investor.

Under Polish PKD codes the principal activity is 30.30.Z (manufacture of air and spacecraft and related machinery) - Creotech is the only Polish stock-listed issuer with this code as primary. The company has a registered electronic-delivery address (AE:PL-88853-99846-THIRW-21) and the website creotech.pl.

Polish space and deep-tech sector on the WSE: Creotech as the only satellite producer at meaningful scale

The Polish deep-tech sector listed on the Warsaw exchange has selective representation in 2026, in which Creotech occupies a satellite-and-quantum-hardware niche - with no direct WSE competitor:

• Creotech Instruments (Piaseczno, sWIG80) - manufacturer of HyperSat satellite platforms, MoD/ESA contracts, Creotech Quantum spin-off.
• Bumech (Katowice, sWIG80) - pivot from mining toward interceptor drones and MRAP vehicles, defence-sector neighbour.
• Captor Therapeutics (Wrocław, mWIG40) - TPD biotech, pharmaceutical deep-tech.
• PCO, WB Electronics, Lubawa - defence-electronics segment, partly unlisted.

Three structural features of the Creotech model that explain the 2025 result step-up:

• The scale of state and European contracts crossed the operating-profitability threshold - at under PLN 50 m of annual revenue the company structurally could not cover engineering and R&D costs. The PLN 556.7 m Mikroglob contract spread over 2025–2027 plus CAMILA >EUR 59 m spread over 2025–2029 give a multi-year revenue visibility that enables the first profitable years. The first annual profitability is an operating signal, but not confirmed long-term profitability - it depends on full delivery of contracts and the acquisition of new ones.
• The HyperSat platform as a reusable asset - Creotech has built its own micro-satellite platform, which in 2025 was selected by OHB (a German space-systems integrator) for an in-orbit satellite refuelling mission. The same HyperSat carries CAMILA, the SBOM debris-detection satellite (~EUR 125 k) and - subject to ESA acceptance - will go on the Moon orbit in the Twardowski mission (Phase A, contract worth EUR 500 k). Platform reusability lowers the cost of subsequent contracts and creates a scale effect typical of SpaceX / Rocket Lab on a smaller scale.
• The carve-out of the quantum business as an attempt to materialise a sector premium - the Creotech Quantum segment, formally split off on 1 April 2026 and listed from 17 April 2026, is an attempt to value quantum computers and QKD separately from satellite operations. The PLN 208 m issuance valuation reflects the investor market, not verified commercial revenue - first commercial QKD deliveries are only planned by the end of 2026. This is a model structurally similar to US deep-tech spin-offs (e.g. Honeywell → Quantinuum), but a precedent in Polish stock-listed conditions.

Implication for the investment profile: deep-tech with first profitability and four speculative scenarios for 2026

The interpretation is speculative - the conclusions below are scenarios, not certainties:

“The first half of 2025 was a breakthrough period for us - both financially and in the delivery of key space projects. This is only the beginning - ahead of us are further ambitious projects whose aim is to further strengthen the position of Creotech Instruments as the leader of the European space sector.”

Four possible consequences of the 2025 results and the Creotech Quantum carve-out for the company's investment profile in 2026:

• 2025 net profit = an operating turning point, but not confirmed long-term profitability - the first positive annual result in the company's listed history is a signal that the scale of the Mikroglob + CAMILA contracts has crossed the operating-profitability threshold. Yet sustaining profitability in the 2026–2028 cycle requires keeping both delivery schedules and acquiring further contracts. Any milestone delay in Mikroglob (completion 2027) or CAMILA (finalisation November 2029) flows directly into the income statement. The first profit is an operating signal, not a long-term dividend promise.
• Market cap >PLN 1 bn and share price +110% YTD = a speculative valuation with strong fundamental backing but exposure to correction - at PLN 167.5 m of revenue and PLN 13.6 m of net profit, the P/E exceeds 70x and P/S reaches ~6x. Such a high valuation is consistent with the deep-tech standard (comparable with US SpaceTech / QuantumTech), but is structurally sensitive to any news of contract delays, technological problems or MoD budget cuts. Growth/deep-tech investors should accept volatility as inherent to the segment.
• Quantum spin-off issuance valuation of PLN 208 m = a market signal, not a market price - the PLN 208 m figure reflects the new-share issuance price in the 1 April 2026 carve-out. The actual market valuation of Creotech Quantum will form in the first weeks after debut (17 April 2026) and may be either higher or lower. First commercial QKD deliveries planned by the end of 2026 are management's plan, not delivered - materialisation depends on the pace of first-customer deployments (banks, telcos, government institutions).
• The Twardowski Moon mission in ESA Phase A = an option, not a guarantee - the EUR 500 k contract finances the design-and-feasibility phase. Full funding of the Twardowski mission (with the HyperSat satellite on lunar orbit) will depend on ESA's decision to move to Phase B/C/D. This is a typical ESA project-development stage - non-acceptance does not equal failure but does mean no material revenue from this contract in 2026. The Moon mission is an ambition signal, not an accepted revenue line.

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

• Dependence on state and ESA contracts - Mikroglob (MoD) and CAMILA (ESA) generate the dominant share of revenue; any change of political priorities in Poland or at ESA will affect order timing and value.
• Competition from Airbus, Thales, OHB - large European space-systems integrators have R&D budgets orders of magnitude larger than Creotech's; the company competes on price and competence in the micro-satellite niche.
• Creotech Quantum spin-off as an untested market - commercial QKD deployments are in early-adopter phase; first customers may select competitors (ID Quantique, Toshiba, MagiQ).
• Dispersed cap table with no dominant investor - in the case of takeover offers the company is exposed to fund pressure; no strategic partner (such as OHB, Airbus, Thales).
• P/E >70x = sensitivity to macro corrections - in years of falling global indices growth stocks correct more than value; any cooling of deep-tech sentiment may lower the share price independently of fundamentals.

What you'll find in the Creotech Instruments S.A. profile

The Creotech Instruments S.A. profile in our database carries the full picture of the company: composition of the four-member management board (with founder-CEO Grzegorz Brona), the KRS registration history from 2 January 2012, the registered address at ul. Jana Pawła II 66 in Piaseczno, e-delivery status (AE:PL-88853-99846-THIRW-21), the website creotech.pl, and the assigned PKD code 30.30.Z (manufacture of spacecraft). The profile is also available in English - important for international SpaceTech / QuantumTech fund investors, since Creotech is the only Polish stock-listed company with the Mikroglob contract (MoD, PLN 556.7 m), CAMILA (ESA, >EUR 59 m) and a carved-out quantum segment (Creotech Quantum, WSE debut April 2026).

This material is informational and does not constitute investment advice.

Data: Polish KRS Court Register (KRS 0000407094); Creotech Instruments S.A. - annual report 2025 and H1 2025 report; Strefa Inwestorów - communications on the Mikroglob contract (MoD, PLN 556.7 m) and the Creotech Quantum carve-out (April 2026); StockWatch - analysis of Creotech 2025 results; Bankier ESPI - communication on the signing of CAMILA (15.04.2025) and its expansion (October 2025) to >EUR 59 m; SpaceNews - selection of the HyperSat platform by OHB for an in-orbit refuelling mission; ESA - Phase A contract for the Twardowski Moon-orbit mission; biznes.pap.pl - Creotech Instruments shareholder structure; PKD 30.30.Z classification (manufacture of spacecraft); company history - incorporation as S.A. on 02.01.2012, NewConnect debut and migration to the WSE Main Market in 2024, as of 2026-05-02.