Creotech Instruments S.A. – Analitycal Report

Revenue from continuing operations in 1Q26 amounted to PLN 18 million (vs. PLN 21.7 million in 1Q25 and PLN 28.8 million in our forecast), EBITDA was PLN -7 million (vs. PLN +5.7 million in 1Q25 and PLN +4.8 million in our forecast), EBIT was PLN -10.5 million (vs. PLN +3 million in 1Q25 and PLN +1 million in our forecast), and net income was PLN -6.9 million (vs. PLN +1.4 million a year ago and PLN +1.2 million in our forecast). Both operating and net results were negative, mainly due to increased costs of employment, subcontractor services, and incentive programs (PLN 1.47 million recognized in the period’s expenses). The results were mainly affected by the lack of significant milestones in ongoing space projects, which limited the level of recognized revenue despite a high backlog for 2026. However, the company expects results to improve in the coming quarters as projects progress. The total backlog for 2026 (PLN 254.7 million) indicates a revenue level close to our annual revenue forecast. We view the results as neutral.