1. Poland Stocks

  2. •

    Utilities

  3. •

    Electric utilities
ECB Spolka Akcyjna

ECB Spolka Akcyjna

GGPW:ECB
20.65
PLN
-0.10
(-0.48%)
2.01EPS
11.15P/E
70.38MMarket Cap
ECB Spolka Akcyjna
GPW:ECB
(Warsaw Stock Exchange)

Recent

price

20.65

P/E

ratio

11.15

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
PLN
50.61
49.08
49.24
41.89
43.17
44.69
50.2
55.27
64.97
70.7
51.29
77.57
102.27
77.52
33.42
27.68
28.11
Revenue per Share
4.17
3.63
3.26
-1.79
5.5
4.59
6.18
4.56
0.2
-33.3
-22.1
-66.88
-65.34
-63.16
203.02
1.29
2.01
Basic EPS, GAAP
8.56
1.79
2.83
0.19
-1.87
-4.08
22.34
23.13
36.44
24.17
18.67
20.95
-12.8
5.55
0.42
2.71
2.83
Free Cash Flow per Basic Share
1.8
1.8
1.8
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
0.77
- -
Dividend per Share
24.89
26.71
34.48
33.19
38.47
43.22
49.7
53.88
54.11
21.84
-1.41
-71.69
-140.59
-207.08
6.97
7.14
7.61
Book Value per Share
24.54
26.57
34.47
33.19
38.44
40.81
47.49
51.94
52.37
21.54
-1.65
-71.86
-140.7
-207.18
6.94
7.11
7.6
Tangible Book Value per Share
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
Basic Weighted Avg Shares
159
155
155
132
136
141
158
174
205
223
162
244
322
244
105
87
89
Sales/Revenue/Turnover
10.3
32.04
6.54
-2.33
15.83
3.26
6.79
3.82
11.99
28.12
-35.68
-77.47
-62.16
-80.75
57.23
6.07
9.28
Operating Margin (%)
11
10
13
11
10
15
17
19
32
16
12
197
12
12
2
2
2
Depreciation Expense
13
11
10
-6
17
14
19
14
1
-105
-70
-211
-206
-199
639
4
6
Net Income, GAAP
18.05
18.76
19.17
- -
19.29
19.65
20.58
25.46
76.06
- -
- -
- -
- -
- -
0.57
21.32
19.97
Effective Tax Rate (%)
8.24
7.39
6.61
-4.27
12.73
10.27
12.31
8.24
0.3
-47.1
-43.1
-86.22
-63.89
-81.48
607.51
4.66
7.13
Profit Margin (%)
9
20
28
33
33
13
6
-8
-47
-171
-193
-315
-523
-745
7
10
12
Working Capital
3
1
- -
- -
- -
318
335
289
217
52
36
18
8
2
3
3
2
LT Debt
78
84
109
105
121
136
156
170
170
65
-4
-214
-421
-620
21
22
24
Total Equity
14.76
10.48
8.57
- -
14.55
6.86
5.14
4.63
0.95
- -
- -
- -
- -
- -
-20.91
16.33
23.26
Return on Invested Capital (%)
14.88
10.91
9.56
- -
15.33
6.98
5.42
4.67
0.93
- -
- -
- -
- -
- -
-222.92
16.76
24.64
Return on Capital (%)
17.68
14.05
10.64
-5.28
15.34
11.23
13.34
8.82
0.36
-88.98
- -
- -
- -
- -
- -
18.73
27.38
Return on Common Equity (%)

Capital Structure

PLN

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
1
1
1
LT Borrowings
- -
- -
- -
LT Finance Leases
3
3
2
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
3
3
3
Market Capitalization
61
66
70

Working Capital

PLN

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
16
22
20
Cash, Cash Equivalents & STI
8
13
11
Accounts Receivable, Net
7
7
7
Inventories
- -
- -
1
Total Current Liabilities
6
11
8
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
487.13%
1,003.13%
7.84%
Free Cash Flow
-48.62%
31.24%
540.83%
Net Income, GAAP
-1,751.55%
-64.78%
-99.36%
Sales/Revenue/Turnover
0.62%
-3.04%
-17.17%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

PLN

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
49
13
21
22
105
2025
25
- -
13
25
87
2026
24
26
- -
- -
- -

Quarterly Earnings Per Share

PLN

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
200.59
-2.74
4.74
0.44
203.02
2025
0.42
- -
0.07
0.66
1.29
2026
0.4
0.88
- -
- -
- -

Quarterly Dividends Per Share

PLN

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
0.77
2026
- -
- -
- -
- -
- -
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Business
Elektrocieplownia Bedzin S.A. (ECB S.A.) operates as a holding company in Poland's energy sector, overseeing subsidiaries focused on heat and electricity production while engaging in energy commodity trading. Founded in 1993 through the transformation of the state-owned Elektrociepłownia Będzin enterprise, the company is headquartered in Będzin at ul. Siemońska 3 and listed on the Warsaw Stock Exchange under ticker BDZ.WA since 1998. Its core activities encompass production and supply of steam, hot water, and air for air-conditioning systems via subsidiaries; electricity generation, transmission, distribution, and trading; energy commodity trading, primarily thermal coal since 2023; financial holding services; property rental and management; and financial leasing of vehicles and machinery. Subsidiaries such as Elektrociepłownia Będzin Sp. z o.o. and formerly EC Będzin Wytwarzanie sp. z o.o. handle operational heat and power generation using coal-fired facilities with thermal capacity of 445 MWt and electrical output of 81.5 MW, serving individual, industrial, and municipal customers in the Zagłębie Dąbrowskie region of southern Poland. The company targets local heating networks, industrial processes, and residential utilities with primary reliance on hard coal as the energy source. Recent major changes include the full divestiture of EC Będzin Wytwarzanie sp. z o.o. to Grupa Altum sp. z o.o. on August 6, 2024, following the initial sale of 51% shares on January 30, 2024; expansion into thermal coal trading in 2023; development of a new corporate strategy targeting biomass trading, energy storage, and emerging technologies, slated for release by Q1 2025; and approval of dividend payments at the 2025 annual general meeting. In 2014, the company transferred its production assets to Elektrociepłownia Będzin Sp. z o.o., solidifying its holding structure, with statute updates registered in August 2023. Operations remain concentrated in Poland, with no international expansion noted.