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    Real Estate - Development
Echo Investment S.A.

Echo Investment S.A.

ECH.WA
Echo Investment S.A.PL flagWarsaw Stock Exchange
5.01
PLN
+0.06
- -
2.07BMarket Cap
Echo Investment S.A.
ECH.WA
(Warsaw Stock Exchange)

Recent

price

5.01

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
1.02
0.97
1.41
1.25
1.4
1.42
1.16
1.55
1.73
2.13
2.94
3.71
3.38
3.81
2.63
4.88
5.78
Revenue per Share
0.35
0.49
0.91
0.8
0.98
1.25
0.95
0.76
0.74
0.73
0.3
0.46
0.31
0.16
-0.03
-0.08
0.15
Basic EPS, GAAP
0.21
0.29
0.5
0.47
0.23
0.39
0.34
-0.68
0.33
-0.23
-0.22
0.27
- -
-0.69
-0.45
0.64
1.56
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
5.96
0.66
1
0.5
- -
0.52
0.24
0.47
0.09
0.87
- -
Dividend per Share
0.4
0.54
0.96
0.85
1.03
1.3
1.01
1.11
0.16
0.73
0.98
1.26
1.45
1.53
1.5
0.8
0.82
Book Value per Share
4.46
4.99
5.89
6.68
7.64
8.88
3.72
3.85
3.62
3.78
4.07
4.34
4.2
4.73
4.68
3.82
3.89
Tangible Book Value per Share
420
420
413
413
413
413
413
413
413
413
413
413
413
413
413
413
413
Basic Weighted Avg Shares
426
407
583
517
577
586
480
641
713
880
1,213
1,533
1,394
1,573
1,083
2,013
2,387
Sales/Revenue/Turnover
39.56
42.49
39.47
40.61
36.75
26.25
12.59
-4.62
-2.49
5.55
9.06
12.12
20.68
16.36
10.58
17.78
19.37
Operating Margin (%)
4
8
6
5
5
5
3
3
3
9
12
13
15
14
16
19
19
Depreciation Expense
148
208
374
331
404
514
393
313
305
300
122
189
127
67
-14
-34
62
Net Income, GAAP
- -
- -
- -
- -
9.56
24.14
- -
14.1
28.05
24.78
30.87
21.56
28.52
33.9
81.32
120.6
43.82
Effective Tax Rate (%)
34.63
51.08
64.2
64
70.01
87.72
81.93
48.83
42.83
34.03
10.07
12.33
9.12
4.29
-1.31
-1.67
2.61
Profit Margin (%)
438
578
305
290
693
923
884
1,102
633
619
859
42
1,178
1,248
941
959
976
Working Capital
1,803
2,318
2,174
2,027
2,825
3,708
761
1,027
1,150
1,720
1,554
1,744
1,768
1,903
2,441
1,987
1,816
LT Debt
1,876
2,096
2,432
2,759
3,153
3,664
1,535
1,590
1,495
1,562
1,685
1,864
1,806
2,028
2,012
1,659
1,687
Total Equity
- -
- -
- -
- -
3.18
1.67
- -
-0.85
-0.42
1.1
1.82
3.03
4.29
3.57
0.42
-1.46
5.21
Return on Invested Capital (%)
- -
- -
- -
- -
16.46
14.38
- -
20.18
19.63
17.45
5.57
7.51
6.26
3.94
-0.03
-2.45
3.16
Return on Capital (%)
97.79
104.56
119.91
88.67
104.1
107.15
82.8
71.67
116.5
162.55
34.62
40.93
22.74
10.96
-2.27
-7.08
14.26
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
993
1,098
1,097
LT Borrowings
2,061
1,826
1,650
LT Finance Leases
165
161
166
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
413
413
413
Market Capitalization
2,311
1,960
2,171

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
4,139
3,643
3,761
Cash, Cash Equivalents & STI
444
377
539
Accounts Receivable, Net
221
109
194
Inventories
2,824
2,665
2,763
Total Current Liabilities
2,730
2,684
2,784
Payables & Accruals
- -
- -
- -
ST Debt
993
1,098
1,097
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-4.67%
0.3%
-17.57%
Free Cash Flow
-17,378.25%
-34,630.16%
-241.96%
Net Income, GAAP
-11.69%
-1.87%
136.58%
Sales/Revenue/Turnover
17.27%
16.96%
85.78%
Total Cash Common Dividend
- -
161.82%
846.01%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
359
130
318
277
1,083
2025
95
370
721
826
2,013
2026
469
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.03
- -
-0.03
- -
-0.03
2025
-0.21
-0.28
0.14
- -
-0.08
2026
0.02
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.02
- -
0.02
- -
0.09
2025
- -
- -
- -
- -
0.87
2026
- -
- -
- -
- -
- -
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Business
Echo Investment S.A. (ECH.WA) is a leading Polish real estate developer focused on commercial property projects, including office buildings, retail centers, and logistics facilities. The company develops, leases, and manages high-quality commercial real estate assets, with a portfolio encompassing modern office spaces such as the Echo Prime and Wiśniowy Park complexes; retail parks like Echo Shopping centers; logistics and warehouse facilities under the Panattoni brand through strategic partnerships; and mixed-use developments integrating residential and commercial elements. Operations span primarily Poland, with key projects in major cities such as Warsaw, Kraków, Wrocław, and Łódź, targeting institutional investors, corporate tenants, and retail operators as primary customers. Founded in 1995 and headquartered in Luxembourg with primary operations managed from Warsaw, Poland, Echo Investment operates as a publicly listed entity on the Warsaw Stock Exchange, emphasizing sustainable development and urban regeneration initiatives across its business segments. The company maintains a robust pipeline of greenfield and brownfield projects, leveraging subsidiaries and joint ventures to expand its market presence in Central and Eastern Europe. In recent developments, Echo Investment completed the acquisition of the majority stake in the pan-European logistics developer Panattoni in 2023, significantly bolstering its industrial and logistics segment with over 10 million square meters under management. The company launched several new office and retail projects in 2024-2025, including expansions in Warsaw's business districts amid post-pandemic recovery. Additionally, Echo Investment secured a major funding round through green bonds issuance in late 2024 to finance sustainable expansions, alongside strategic alliances with international REITs for portfolio diversification.