Decora 2026: PLN 648.9 m of revenue (+11.7% YoY), PLN 75 m of net profit and a PLN 42.1 m dividend recommendation (PLN 4.06 per share)

Decora posts PLN 648.9 m of revenue (+11.7% YoY) and recommends a PLN 42.1 m dividend - PLN 4.06 per share, second year in a row

Decora S.A. - headquartered at ul. Prądzyńskiego 24A in Środa Wielkopolska (postcode 63-000, Greater Poland voivodeship), registered in the KRS under number 0000224559 - closed 2025 with net sales revenue of PLN 648.9 m (+11.7% YoY), net profit of PLN 75.0 m (-0.7%) and EBITDA of PLN 116.8 m (+1.9%). Gross margin rose to around 40.1%, and operating margin held at around 14.2%. EPS was PLN 7.14 versus PLN 7.16 the prior year; the share price stood at PLN 74.10 at the end of April 2026.

The strongest operating signal of 2025 is a jump in operating cash flow to PLN 99.95 m versus PLN 63.7 m a year earlier - a roughly 57% lift. Despite flat net profit, Decora raised its cash-generation capacity by half, which explains the dividend decision: the board recommends a PLN 42.1 m dividend out of 2025 profit - at the current 10,547,063 share count this works out to PLN 4.00 per share (if the company sells treasury shares before the ex-date) or PLN 4.06 per share (if treasury shares are retained). The remaining PLN 32.9 m will go to the reserve capital.

This is the second year running with a PLN 4.00 per share dividend (the prior payout was also PLN 4.00 out of 2024 profit). The final decision rests with the AGM. The payout ratio is about 56% of net profit - typical for mid-cap industrial companies that share profits steadily while keeping capital for growth investments. Combined with the PLN 74.10 share price, the dividend yield is around 5.4%.

Decora

ŚRODA WIELKOPOLSKA · KRS 0000224559 · SPÓŁKA AKCYJNA

Revenue

658.7 M PLN

Prądzyńskiego 24A in Środa Wielkopolska: a two-member board, single-member representation, production-and-distribution model

The address ul. Prądzyńskiego 24A, 63-000 Środa Wielkopolska places Decora's seat in the industrial-warehouse part of a county town some 30 km south-east of Poznań. The company has operated in its current corporate form (Decora S.A., KRS 0000224559) since 30 December 2004; previously it operated as a sp. z o.o. It is listed on the Warsaw Stock Exchange under the ticker DCR (ISIN PLDECOR00013).

Governance: a two-member management board - a chairman plus a board member. The representation rule is unusually broad: "each board member represents the company on his own" - providing maximum operational flexibility but structurally requiring trust in each board member and strong supervisory-board oversight. The cap table belongs to a founder-and-family coalition plus Polish OFE / TFI funds.

Under Polish PKD codes the principal activity is 22.29.Z (manufacture of other plastic products) - matching the company's technology profile. Decora produces and distributes interior-finishing and decoration products: flooring underlays, baseboards, finishing profiles, blinds, curtain rods and cornice strips. Sales run through the DIY channel (building-material stores - Castorama, Leroy Merlin, OBI), specialist retail (flooring and window-decoration stores) and B2B (developers, contractors). The company has a registered electronic-delivery address (AE:PL-83436-84744-TSRHD-31) and the websites decora.pl and ir.decora.pl.

Polish interior-finishing manufacturers on the WSE: Decora in the flooring-and-decoration niche

The Polish sector of interior-finishing manufacturers listed on the Warsaw exchange has selective representation in 2026, in which Decora occupies a flooring-and-decoration niche - with no direct WSE competitor in the underlay segment:

• Decora (Środa Wielkopolska, sWIG80) - flooring underlays, baseboards, blinds, curtain rods; DIY + B2B exposure.
• Ferro (Skawina, mWIG40) - sanitary and heating fittings; building-finishing-sector neighbour.
• Amica (Wronki, mWIG40) - household appliances; same DIY and developer-channel exposure.
• Grupa Kęty (Kęty, WIG20) - aluminium profiles and packaging; production-segment neighbour.
• Apator (Toruń, sWIG80) - electricity meters and automation; different segment but a similar sWIG80 industrial profile.

Three structural features of the Decora model that explain the 2025 revenue growth despite flat net profit:

• A roughly 57% jump in operating cash flow at flat profit = a working-capital-efficiency signal - operating CF of PLN 99.95 m vs PLN 63.7 m a year earlier means the company manages inventories and receivables more effectively. The DIY industry traditionally has a long cash-conversion cycle (seasonal stocking, year-end rebates); a roughly PLN 36 m improvement in one year is a meaningful operating-discipline signal.
• A flooring-and-decoration niche position with DIY exposure = a remodelling-cycle stabiliser - despite a cyclical residential market (the developer boom of 2017–2021, the correction of 2022–2024) sales of finishing accessories in the DIY channel are less volatile than apartment sales. The renovation customer replaces underlays, baseboards and blinds every 5–10 years - giving a revenue base relatively resilient to the developer cycle.
• Gross-margin growth to around 40% as a pricing-power signal - in a year of rising input costs (plastics, energy) Decora held its margin level, indicating an ability to pass cost increases through to the final-product price. That is a typical feature of producers with a strong DIY-channel position (Castorama, OBI shelves), where switching supplier requires renegotiating rebates and stock cover.

Implication for the investment profile: a stable mid-cap industrial dividend, but exposure to the residential cycle

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

“Decora is recommending a PLN 4.00 per share dividend for the second year in a row - a signal of a structural dividend policy, not an incident. Operating cash flow of PLN 99.95 m covers the PLN 42.1 m recommendation more than twice over, leaving room for growth investment and possible M&A.”

Three possible consequences of the 2025 results and the PLN 4.06 per share dividend recommendation for Decora's investment profile in 2026:

• A roughly 5.4% dividend yield at a P/E of ~10x = classic dividend value in the sWIG80 - at PLN 74.10 share price and EPS PLN 7.14 the P/E is ~10.4x; the PLN 4.06 dividend yields ~5.4%. That is the territory of mid-cap industrial firms with a mature business model - not spectacular, but stable. Dividend investors (OFE, TFI) with an annual-payout policy find a reasonable portfolio addition here.
• +11.7% YoY revenue growth at flat profit = tight operating margin - Decora is growing faster than the market (the Polish finishing sector grows 4–6% a year), but that does not translate into higher net profit. This means volume growth comes at the cost of margin pressure. Risk: in 2026 further cost pressure (energy, raw materials) without another final-customer price increase could compress operating profit.
• A PLN 4.00 dividend for the second year running = a structural communication, not a one-off - holding the same dividend level (PLN 4.00) for the second year, despite slightly lower net profit, is a deliberate management signal about dividend policy. Operating cash flow of PLN 99.95 m far exceeds the PLN 42.1 m payout, leaving room to maintain the level even in a weaker-profit year.

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

• Renovation-and-finishing cycle - demand for flooring underlays and baseboards is a function of completed apartments and renovations; a developer slowdown flows into Decora's products with a few-quarter lag.
• German and Italian competition - Selit (Germany), Pergo (Belgium/Mohawk) and Quick-Step compete in the higher segment of laminate flooring and underlays; any input-cost change affects the spread.
• DIY-channel concentration - Castorama, Leroy Merlin and OBI hold strong negotiating positions; any change of trade terms (rebates, marketing, payment terms) feeds straight into margin.
• Exports and the EUR/PLN rate - a meaningful share of Decora's sales goes to export markets; any zloty appreciation lowers the export operating profit in PLN.
• Plastics and energy prices - the key raw materials are technical plastics (PE, PP); any oil or gas price swing flows into gross margin.

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

The Decora S.A. profile in our database carries the full picture of the company: composition of the two-member management board, the KRS registration history from 30 December 2004, the registered address at ul. Prądzyńskiego 24A in Środa Wielkopolska, e-delivery status (AE:PL-83436-84744-TSRHD-31), the websites decora.pl and ir.decora.pl, and the assigned PKD code 22.29.Z (manufacture of other plastic products). The profile is also available in English - important for international small-cap industrial / building-materials fund investors, since Decora is the only Polish stock-listed company combining the production of flooring underlays, baseboards, finishing profiles, blinds and curtain rods in a single holding, with a two-year PLN 4.00 per share dividend track record.

This material is informational and does not constitute investment advice.

Data: Polish KRS Court Register (KRS 0000224559); Decora S.A. - RR/2025 annual report (published 20 April 2026, Bankier.pl ESPI); PPCG Stock - communication on the PLN 42.1 m / PLN 4.06 per share dividend recommendation; Strefa Inwestorów - Decora dividend history; StockWatch - Decora technical analysis and shareholder structure; biznesradar.pl - DECORA SA (DCR) news; PKD 22.29.Z classification (manufacture of other plastic products); company history - conversion to S.A. on 30 December 2004, as of 2026-05-02.