Fabryki Mebli FORTE (FTE) investor relations material

Executive summary

• Revenue for the 9 months ended 31 Dec 2025 was PLN 858.5m, up 11% year-over-year, with net profit attributable to shareholders at PLN 53.3m, more than doubling from the prior year.

• Operational improvements and cost optimization measures were implemented to counteract weak demand and rising costs in the European furniture market.

• The group maintained stable liquidity, overdelivered on loan repayments, and met all banking covenants, resulting in a reduced credit margin.

Financial highlights

• Operating profit rose to PLN 62.99m from PLN 35.78m year-over-year.

• EBITDA for the period reached PLN 104.7m, up from PLN 77.7m a year earlier.

• Net cash from operating activities was PLN 79.6m, while cash from investing and financing activities were negative at PLN -6.4m and PLN -119.8m, respectively.

• Earnings per share increased to PLN 2.20 from PLN 0.90 year-over-year.

• Total assets at period end were PLN 1.35bn, with equity at PLN 925.3m.

Outlook and guidance

• The group will focus on further profitability improvements and expanding new sales channels to mitigate recession impacts.

• Management does not foresee risks to going concern but notes ongoing geopolitical and economic uncertainties.