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    Industrial - Infrastructure Operations
ZUE S.A.

ZUE S.A.

ZUE.WA
ZUE S.A.PL flagWarsaw Stock Exchange
12.40
PLN
-0.10
- -
282.29MMarket Cap
ZUE S.A.
ZUE.WA
(Warsaw Stock Exchange)

Recent

price

12.40

P/E

ratio

- -

div

yld

- -

ROIC.AI

2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
TTM
FRC
11.62
22.81
23.88
23.55
18.63
27.97
23.54
14.89
18.06
36.16
43.26
39.14
36.97
40.01
63.25
52.95
42.94
Revenue per Share
0.5
0.98
0.97
0.07
0.33
0.46
0.75
0.04
0.01
-2.73
0.16
0.18
0.51
0.71
0.91
0.47
0.39
Basic EPS, GAAP
0.85
-3.05
0.38
0.24
-0.02
2.77
4.41
-1.65
0.82
-0.96
-2.56
0.39
4.51
-2.06
5.61
-5.26
1.81
Free Cash Flow per Basic Share
- -
0.09
- -
- -
0.03
- -
- -
0.33
- -
0.01
0.02
- -
- -
- -
- -
- -
- -
Dividend per Share
2.99
4.06
4.14
4.24
4.43
4.67
5.42
5.13
5.14
2.41
2.57
2.75
3.26
3.83
4.67
4.94
5.16
Book Value per Share
2.85
6.67
6.53
6.54
6.64
6.82
7.6
7.32
7.35
4.64
4.56
4.76
5.18
5.78
6.67
6.97
7.76
Tangible Book Value per Share
17
17
22
22
22
23
23
23
23
23
23
23
23
23
23
23
23
Basic Weighted Avg Shares
200
392
525
518
411
644
542
343
416
833
996
901
851
921
1,457
1,219
989
Sales/Revenue/Turnover
8.39
6.6
5.16
0.74
0.89
2.55
5.18
-0.55
-0.28
-9.45
0.7
0.89
1.54
1.83
1.79
1.51
1.51
Operating Margin (%)
2
7
7
7
8
9
9
10
10
11
13
13
13
14
15
16
16
Depreciation Expense
9
17
21
2
7
11
17
1
- -
-63
4
4
12
16
21
11
9
Net Income, GAAP
20.66
18.82
20.71
33.26
24.97
24.42
22.2
68.55
73.97
- -
44.07
57.4
23.06
21.8
26.97
11.18
9.06
Effective Tax Rate (%)
4.32
4.28
4.05
0.31
1.79
1.65
3.17
0.24
0.07
-7.54
0.38
0.47
1.38
1.78
1.44
0.88
0.91
Profit Margin (%)
18
74
92
69
94
93
104
91
76
1
21
38
48
41
120
86
101
Working Capital
70
10
5
25
10
5
11
9
11
15
26
16
14
24
72
44
40
LT Debt
51
164
185
188
191
201
216
209
209
147
150
155
166
181
200
206
212
Total Equity
- -
11.62
9.11
1.05
1.14
5.7
10.19
-0.27
-0.14
- -
2.24
1.94
6.03
7.26
8.34
6.38
5.4
Return on Invested Capital (%)
- -
16.3
15.91
1.94
6.8
8.36
12.87
0.98
0.47
- -
4.7
4.62
12.27
13.98
13.89
7.69
6.59
Return on Capital (%)
- -
27.72
26.44
1.73
7.7
10.39
14.81
0.67
0.26
-72.24
6.55
6.96
17
20.08
21.49
9.69
7.9
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Mar'25
Jun'25
Sep'25
ST Debt
28
32
21
LT Borrowings
- -
- -
- -
LT Finance Leases
42
40
40
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
23
23
23
Market Capitalization
227
208
256

Working Capital

FRC

•

in mil. unless spec.
Mar'25
Jun'25
Sep'25
Total Current Assets
466
472
506
Cash, Cash Equivalents & STI
30
11
23
Accounts Receivable, Net
85
96
130
Inventories
36
75
52
Total Current Liabilities
385
378
405
Payables & Accruals
- -
- -
- -
ST Debt
28
32
21
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
0.96%
6.57%
3.14%
Free Cash Flow
-4.65%
46.65%
-193.76%
Net Income, GAAP
-2,034.94%
41.66%
-49.03%
Sales/Revenue/Turnover
12.35%
6.99%
-16.28%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
300
301
304
298
1,219
2025
180
223
288
148
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.04
- -
-0.01
- -
0.47
2025
-0.21
- -
-0.02
-0.18
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
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Business
ZUE S.A. is a Poland-based general contractor specializing in the construction, modernization, and maintenance of railway, tramway, and energy infrastructure. Founded in 1991 and headquartered in Kraków at ul. Kazimierza Czapińskiego 3, the company operates primarily in Poland with expansions into Slovakia and Romania; it serves public transport authorities, railway operators, and urban infrastructure projects through its subsidiaries including PRK S.A., P.B.I. Energopol sp. z o.o., Railway gft Polska sp. z o.o., and Biuro Projektów Komunikacyjnych w Poznaniu sp. z o.o. The ZUE Capital Group delivers comprehensive turnkey solutions encompassing design, engineering, production, and execution of tram lines, railway systems, catenary networks and substations, tram tracks, power supply systems, earthworks, track beds, drainage systems, stations, depots, control rooms, lighting fixtures, street traffic lights, medium- and low-voltage electric networks, fiber optic wiring, communication networks, infrared systems, tram switch controllers, switch heating products, and tram switch drives; it also provides ongoing maintenance services for tracks, catenary, powering systems, and urban lighting. Recent developments include the October 2025 signing of a letter of intent with a significant Ukrainian partner for cooperation, a new infrastructure project contract awarded in October 2025, issuance of series G shares with set pricing in October 2025, strategic expansion into the defence sector announced on October 1, 2025, letters of intent for collaborations including with JRH AS and financing partnerships in early October 2025, acquisition of over 93% of P.B.I. Energopol sp. z o.o. in 2022 adding road, hydrotechnical, and water-sewage capabilities, entry into the Romanian market in 2022 with a dedicated branch, merger with Przedsiębiorstwo Robót Komunikacyjnych w Kraków S.A. in 2013, and a major Slovak contract worth over EUR 33 million in 2014.