Creotech Instruments S.A.- Analytical Report

In 2025, the company recognized PLN 110.3 million in revenue from the Mikroglob project and PLN 20.2 million from the Camila project. EBITDA for the entire past year amounted to over PLN 38 million. The company's backlog for 2026–2028 amounts to nearly PLN 600 million. Following the spin-off of its quantum business into a separate company, Creotech Instruments is focusing primarily on the space segment. The strategy announced by the company for 2026–29 shows that Creotech aims to become one of the leading European companies in the space industry. In the management board’s view, the company must significantly accelerate its growth to prepare for the dynamic expansion of the European space market after 2028. As a result of updating our forecasts, we are revising our target price from PLN 390 to PLN 667, and due to the significant increase in the stock price since the issuance of our previous recommendation, we are downgrading it from ACCUMULATE to HOLD.