Enter Air 2026: net profit up 276% YoY (PLN 222.7 m), a 34-aircraft fleet, a PLN 3 per share dividend and a new CEO Marcin Kubrak from 3 February 2026

Enter Air with consolidated net profit of PLN 222.7 m (+276% YoY) - 34-aircraft fleet, PLN 3 per share dividend and a new CEO Marcin Kubrak from 3 February 2026

Enter Air S.A. - headquartered at ul. Bokserska 66 in Warsaw (postcode 02-690, Mazowieckie voivodeship), registered in the KRS under number 0000441533 - closed 2025 with consolidated revenue of PLN 2,952.2 m (+0.9% YoY vs PLN 2,926.3 m), operating profit of PLN 141.9 m (vs PLN 222.0 m, -36.1% YoY) and net profit of PLN 222.7 m (vs PLN 59.2 m, +276.1% YoY). The gap between the EBIT decline and the net-profit jump is explained by FX differences and hedging instruments - typical of airlines operating in a multi-currency environment (revenue in EUR/PLN, fuel and lease costs in USD).

Operating cash flow held at a stable PLN 561.9 m (vs PLN 562.7 m), confirming that the operating core generates strong cash streams independent of accounting FX effects. Group equity rose +51.4% to PLN 499.7 m, and fixed assets rose by ~PLN 300 m to PLN 2,328.1 m - mainly new Boeing 737-800 aircraft (three in H1 2025) plus preparations for deliveries of the more modern Boeing 737-8 MAX (H2 2025 + 2026). Fleet at end-2025: 34 aircraft - making Enter Air the largest private charter carrier in Poland.

The AGM approved a PLN 52.6 m dividend = PLN 3.00 per share - above the board's recommendation of PLN 2.50. This is a meaningful ownership signal: shareholders (mostly founder-and-family) see cash-flow stability and choose a higher payout. From 3 February 2026 the CEO role is held by Marcin Kubrak, the previous board member, appointed by the supervisory board. This is an operational change, not strategic - continuation of the MAX-fleet development direction and expansion across more than 30 destinations.

Enter AIR

WARSZAWA · KRS 0000441533 · SPÓŁKA AKCYJNA

Revenue

3.0 B PLN

Bokserska 66 in Warsaw: Kubrak's three-member board, the only Polish stock-listed airline

The address ul. Bokserska 66, 02-690 Warsaw places Enter Air's seat in the office-and-industrial part of Warsaw's Mokotów district (Służew), near the local "Mordor" cluster. The company has operated in its current corporate form (Enter Air S.A., KRS 0000441533) since 27 November 2012, listed on the Warsaw Stock Exchange under the ticker ENTER (ISIN PLENTER00017) since 2015.

Governance: a three-member management board - from 3 February 2026 the CEO is Marcin Kubrak (previously a board member), alongside two board members. The representation rule is hybrid: in a multi-member board two members or one board member with a proxy holder. The cap table belongs to a founder-and-family coalition (Andrzej Kobielski, Mariusz Olechno, Grzegorz Polaniecki) plus Polish OFE / TFI funds; the company is a rare example of a private airline listed on the WSE.

Under Polish PKD codes the principal activity is 51.10.Z (passenger air transport). Enter Air operates charter flights for leading Polish and foreign travel agencies - TUI, Itaka, Coral Travel, Anex Tour and many others. Flights serve over 30 destination countries, mostly Mediterranean holiday spots, Egypt, Turkey, the Canary Islands, Bulgaria, Greece and long-haul (Caribbean, Thailand). The company has a registered electronic-delivery address (AE:PL-57189-94261-FHVSG-21) and the website enterair.pl. Auditor: PKF Consult Sp. z o.o. Sp. k.

The Enter Air group also includes several service companies - Enter Air Services (machine repair), Enter Air Executive Services (business transport), Enter Air Sky24 (IT) and Enter Air Training Center (crew training).

Polish charter-flight market: Enter Air as the only stock-listed charter carrier, competing with LOT and low-cost airlines

The Polish air-transport sector listed on the Warsaw exchange has an exceptionally narrow representation in 2026 - Enter Air is the only pure-charter carrier on the WSE:

• Enter Air (Warsaw, sWIG80) - charters for TUI, Itaka, Coral, Anex, 34 aircraft, MAX expansion.
• Polskie Linie Lotnicze LOT (Warsaw) - national scheduled carrier, controlled by the State Treasury, unlisted.
• Itaka Holdings (Opole) - the largest Polish travel agency, multi-year Enter Air partner.
• Ryanair, Wizz Air - low-cost competitors in the Polish market, listed on foreign exchanges (LSE, BUX).

Three structural features of the Enter Air model that explain the 2025 results:

• Pure-charter model = low WSE competition + travel-agency dependence - unlike PLL LOT (scheduled flights, national operator) Enter Air operates exclusively charters for travel agencies. This is a structurally different model: customer acquisition cost is zero (the tour operator pays), aircraft load factor is essentially 100% (the holiday season), but results depend on the tourism cycle and the choice of carrier by TUI / Itaka / Coral. Enter Air has multi-year contracts, but every renegotiation year is exposure.
• Boeing 737-8 MAX = ~14% lower fuel burn per aircraft - moving from 737-800 to 737-8 MAX (longer range, lower burn) cuts operating costs. Of the 34 aircraft, several are already MAX; sequential 2026 deliveries will lower the unit cost. This is a structural investment translating into operating margin from 2026 onwards.
• FX exposure as a double-edged sword - revenue in PLN and EUR (depending on the agency contract), fuel costs in USD, aircraft leases in USD. The net-profit jump from PLN 59 m to PLN 223 m in 2025 is mostly explained by positive FX differences - in 2026 every zloty appreciation against USD generates a positive accounting event, but every depreciation does the opposite. This affects the valuation and the assessment of quarterly performance.

Implication for the investment profile: a cyclical dividend payer with FX exposure and MAX optionality

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

“The general meeting decided on a PLN 3 per share dividend - higher than the board's initial PLN 2.50 recommendation. That is a signal that shareholders see a stable PLN 562 m operating cash flow and trust the continuation of the MAX-fleet investment cycle without the need for additional capital buffer.”

Three possible consequences of the 2025 results and the management changes for Enter Air's investment profile in 2026:

• The +276% YoY net-profit jump = an accounting FX effect, not operational enrichment - the gap between EBIT (-36% YoY) and net profit (+276%) is explained by FX differences and hedging instruments. Fundamental investors should look at the stable PLN 562 m operating cash flow and PLN 142 m EBIT as true measures of the core. Volatile quarterly results, dependent on the USD/PLN rate, are a natural feature of airlines; any currency correction can reverse the picture.
• 34-aircraft fleet + new MAX = structural investment in 2026–2028 margin - the move to more fuel-efficient 737-8 MAX cuts operating costs; with stable charter revenue this directly translates into EBIT margin. In 2026–2028 we expect a gradual operating-margin improvement, conditional on the tourism cycle holding.
• CEO change = continuation, not pivot - Marcin Kubrak as a long-time board member is a natural pick to continue the strategy. Yet every leader change in an airline opens a window for a review of contract structure, partners (TUI, Itaka), dividend policy. Investors should watch the new CEO's first operational communications in Q2–Q3 2026.

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

• Tourism cycle - the number of holiday packages sold to Polish customers is a function of real incomes; a consumer recession reflects in tourism bookings with a six-month lag.
• Jet A1 fuel price and USD/PLN rate - fuel costs make up around 30% of an airline's operating costs; any oil-price rise or zloty depreciation against the dollar lowers operating margin.
• Wizz Air and Ryanair competition - low-cost competitors have started offering more flexible holiday flights; any change of strategy in their charter segment could hit Enter Air's position.
• Contract-source dependence (TUI, Itaka, Coral, Anex) - the top-5 travel agencies account for most revenue; any framework-contract change can affect the quarterly result.
• Boeing 737 MAX delivery cycle - global production delays of the MAX (quality issues in 2024–2025) can shift aircraft-delivery schedules; any delay lowers the planned cost reduction.

What you'll find in the Enter Air S.A. profile

The Enter Air S.A. profile in our database carries the full picture of the company: composition of the three-member management board (with CEO Marcin Kubrak from 3 February 2026), the KRS registration history from 27 November 2012, the registered address at ul. Bokserska 66 in Warsaw, e-delivery status (AE:PL-57189-94261-FHVSG-21), the website enterair.pl, and the assigned PKD code 51.10.Z (passenger air transport). The profile is also available in English - important for international travel / aviation fund investors, since Enter Air is the only Polish private airline listed on the WSE (charters for TUI, Itaka, Coral, Anex), with a 34-aircraft fleet and the Boeing 737-8 MAX rollout in 2026.

This material is informational and does not constitute investment advice.

Data: Polish KRS Court Register (KRS 0000441533); Enter Air S.A. - consolidated SRR/2025 report (published 29 April 2026, Bankier.pl ESPI); Enter Air S.A. - parent-only RR/2025 report; ISBnews / Investing.pl - communication on PLN 222.75 m net profit and PLN 141.91 m EBIT for 2025; biznesradar.pl - letter to Enter Air Group shareholders 2025; Bankier.pl - ENTER listing profile (ISIN PLENTER00017); GPW - company card ISIN PLENTER00017; PKD 51.10.Z classification (passenger air transport); company history - registration as S.A. 27 November 2012, WSE debut 2015, as of 2026-05-02.