1. Poland Stocks

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  3. •

    Investment managers
Altus SA

Altus SA

GGPW:ALI
3.75
PLN
-0.05
(-1.32%)
0.36EPS
8.58P/E
110.07MMarket Cap
Altus SA
GPW:ALI
(Warsaw Stock Exchange)

Recent

price

3.75

P/E

ratio

8.58

div

yld

- -

ROIC.AI

2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
PLN
53.47
2
4.08
5.59
7.34
6.26
2.63
1.49
1.41
1.02
1.32
1.21
1.31
1.33
Revenue per Share
22.67
0.8
1.05
1.24
1.98
1.08
0.03
0.2
0.2
0.16
0.22
0.37
0.34
0.31
Basic EPS, GAAP
23.57
0.68
0.92
1.52
1.85
1.2
0.37
-0.35
0.2
0.11
0.2
0.19
0.16
0.25
Free Cash Flow per Basic Share
9.08
- -
- -
- -
1.35
1.5
- -
- -
- -
0.03
0.02
- -
- -
- -
Dividend per Share
0.9
3.54
4.97
3.01
3.75
3.11
3.11
2.41
2.61
2.73
2.93
3.3
3.65
3.7
Book Value per Share
0.9
3.54
4.85
2.83
3.57
3.06
3.11
2.41
2.59
2.67
2.86
3.23
3.59
3.65
Tangible Book Value per Share
2
45
59
60
50
46
46
44
41
41
41
41
41
41
Basic Weighted Avg Shares
89
91
240
335
371
288
121
66
58
42
54
49
53
55
Sales/Revenue/Turnover
50.85
46.05
29.51
26.3
26.91
23.25
6.5
20.17
22.51
24.87
4.6
24.86
18.32
19.2
Operating Margin (%)
- -
- -
- -
- -
- -
1
1
1
1
1
1
1
2
2
Depreciation Expense
38
36
62
74
100
50
1
9
8
6
9
15
14
13
Net Income, GAAP
18.86
18.71
18.14
20.18
16.72
14.2
51.79
25.76
23.73
23.81
29.03
16.86
21.41
21.35
Effective Tax Rate (%)
42.4
39.95
25.75
22.17
26.96
17.27
0.96
13.18
14.06
15.35
16.89
30.54
26.35
23.48
Profit Margin (%)
46
199
221
20
164
149
150
108
117
120
131
148
165
168
Working Capital
- -
- -
- -
- -
- -
- -
1
1
- -
- -
2
2
1
1
LT Debt
52
204
279
135
177
155
152
110
120
126
136
153
169
172
Total Equity
- -
25.52
23.75
33.71
52.94
31.45
1.87
7.39
8.51
6.47
1.36
6.98
4.71
5.01
Return on Invested Capital (%)
- -
28.31
25.55
35.85
64.13
28.47
-0.98
5.16
5.96
3.83
6.17
9.15
7.55
6.76
Return on Capital (%)
- -
28.31
25.54
35.84
65.39
31.68
0.81
7.15
7.89
5.84
7.89
11.84
9.91
8.95
Return on Common Equity (%)

Capital Structure

PLN

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
1
1
1
LT Borrowings
- -
- -
- -
LT Finance Leases
2
1
1
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
41
41
41
Market Capitalization
111
118
110

Working Capital

PLN

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
174
184
186
Cash, Cash Equivalents & STI
151
156
162
Accounts Receivable, Net
4
9
6
Inventories
- -
- -
- -
Total Current Liabilities
15
19
18
Payables & Accruals
- -
- -
- -
ST Debt
1
1
1
Deferred Revenue
- -
- -
- -

Growth Rates

PLN

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-1.78%
8.96%
10.5%
Free Cash Flow
-36.61%
-27.14%
-19.72%
Net Income, GAAP
62.26%
14.82%
-6.67%
Sales/Revenue/Turnover
-8.59%
-2.07%
8.17%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

PLN

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
12
12
12
13
49
2025
12
- -
13
17
53
2026
13
- -
- -
- -
- -

Quarterly Earnings Per Share

PLN

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.09
0.1
0.09
0.09
0.37
2025
0.08
- -
0.06
0.12
0.34
2026
0.06
- -
- -
- -
- -

Quarterly Dividends Per Share

PLN

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Business
Altus S.A. (ALI.WA) operates as an investment fund management company in Poland, primarily managing open-end and closed-end investment funds; providing asset management services; offering investment consulting; and delivering brokerage services to institutional and retail investors. The company oversees a range of specialized funds, including the ALTUS Absolute Return Polish Market Fund, ALTUS Absolute Return Debt Fund, ALTUS Short Term Bond Fund, ALTUS Optimum Growth Fund, and ALTUS Absolute Return New Europe Fund, among others such as money market and mixed-asset products under the ALTUS FIO Parasolowy umbrella; it also manages portfolios of financial instruments through its subsidiary EGB Investments. Founded in 2007 and headquartered in Warsaw, Poland, Altus S.A. focuses on the domestic investment banking and fund operators sector, serving clients primarily within Poland with no significant international geographic expansion noted. In recent developments, the company, formerly known as Altus Towarzystwo Funduszy Inwestycyjnych S.A., pursued a merger with Esaliens Towarzystwo Funduszy Inwestycyjnych S.A. in 2018, including an agreement to acquire its assets for approximately PLN 130 million, though the plan was later withdrawn; it has faced ongoing regulatory scrutiny, including a 2018 administrative procedure initiated by the Polish Financial Supervision Authority (KNF) related to past oversight issues involving GetBack S.A., with Altus issuing statements in 2025 rejecting liability for state supervisory failures. Operationally, Altus S.A. reported total revenue of PLN 49.44 million for fiscal year 2024, reflecting a marginal decline of 0.04% year-over-year, alongside gross profit of PLN 38.80 million; the firm maintains approximately 38 employees and lists on the Warsaw Stock Exchange since 2014, with a market capitalization of around PLN 113 million as of late 2025. No major new partnerships, funding rounds, acquisitions, or product launches have been announced in the last 1-2 years, with activity centered on fund management continuity amid a stable but challenged asset management landscape in Poland.