Creotech Instruments S.A.
Creotech Instruments supplies small-satellite platforms, space electronics and mission integration.
Overview
Latest results
Jan–Jun 2026 · Reported in PLN
Latest financial publication
First-half 2026 results
Investment Thesis
From individual missions to repeatable satellite production
European Tech Equities analysis ·
A common platform could improve mission economics
Creotech Instruments S.A. has an opportunity to build a larger satellite business around its HyperSat platform. Reusing a platform across missions could spread engineering costs and shorten subsequent builds. The case depends on delivering dependable spacecraft at a repeatable margin, rather than accumulating an impressive list of development projects that each require a fresh engineering effort.
More satellite revenue, with delivery still under way
Continuing product sales rose 34% to PLN 84.1 million in the first half of 2026. Yet the continuing business recorded an operating loss of PLN 0.9 million as costs rose. In October, Creotech published the first images from Mikroglob-1. They demonstrate progress in orbit, although calibration and acceptance work remained before handing the satellite over to the customer.
Europe is funding space capability, not every supplier equally
ESA’s 2025 Ministerial secured more than €22 billion of programme commitments, with Earth observation, security and technology independence among the priorities. ESA estimated the worldwide upstream space market at €75 billion in 2025. Creotech competes for spacecraft and mission work within that market. National procurement, programme eligibility and an operational track record determine its reachable opportunity more directly than the much larger downstream market for space-enabled services.
The spin-off gain is not cash earned from satellites
The PLN 685.3 million first-half net profit includes a PLN 683.1 million noncash gain from separating the quantum business. Continuing operations earned PLN 0.3 million after tax. Meanwhile, cash flow across continuing and discontinued operations was negative PLN 78.4 million, and June-end cash was PLN 29.4 million. The subsequent PLN 481 million gross equity financing provides substantial resources for expansion, but it also increases the share count. Returns now depend on how well those funds support profitable deliveries.
Value successful delivery after the capital required
The present loss makes a simple earnings multiple unhelpful. A useful valuation would estimate cash earned from funded missions after subcontractors, engineering, testing and working capital, then allow for execution risk and the new shares. Repeat use of HyperSat would strengthen the case if engineering effort falls per mission. A full order book with expensive redesigns would support a very different value.
What would weaken the case
- Programme delays or in-orbit problems undermine the platform’s delivery record.
- Each mission remains highly customised, limiting the benefit of a common platform.
- Capacity expansion or acquisitions consume the new capital without improving cash earned per share.
Sources
- Creotech · Space capabilities
- Creotech Instruments H1 2026 report
- Creotech first Mikroglob satellite images
- ESA · Member State programme commitments at the 2025 Ministerial
- ESA · Space Economy Report, July 2026
- Creotech Instruments · PLN 481m equity financing completed, June 2026
- Creotech Instruments S.A. · Q1 2026 financial report
Financials
The business in numbers
Latest
Income statement
| For the periodPLN million | H1 2026 |
|---|---|
| Revenue | 86.61 |
| Operating profit (EBIT) | -0.95 |
| Operating margin | -1.1% |
| Net income | 685.27 |
Cash flow
| For the periodPLN million | H1 2026 |
|---|---|
| Operating cash flow | -78.38 |
| Capital expenditure | 9.91 |
| Free cash flow | -88.29 |
Balance sheet
| At period endPLN million | H1 2026 |
|---|---|
| Cash & cash equivalents | 29.38 |
| Total debt | 24.01 |
| Net debt / (net cash) | -5.37 |
| Total assets | 315.41 |
| Total liabilities | 164.25 |
| Total equity | 151.17 |
Sources and details
Revenue and operating profit cover the continuing business. Net income also includes the discontinued quantum business and a PLN 683.127 million noncash gain from its separation. Cash flow covers both businesses. The large net profit therefore does not represent cash earned from satellite sales.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
H1 2026 revenue includes PLN 84.113 million of product sales and PLN 2.494 million of grants; published totals may differ slightly because of rounding. Continuing net profit was PLN 0.286 million, versus total net profit of PLN 685.270 million. June cash predates the subsequent PLN 481 million gross equity financing. The 2025 comparison follows the revised continuing-business presentation in the H1 2026 report. Debt includes reported borrowings and lease liabilities, excluding trade and other operating payables.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
Revenue and operating profit cover the continuing business. Net income also includes the discontinued quantum business and a PLN 683.127 million noncash gain from its separation. Cash flow covers both businesses. The large net profit therefore does not represent cash earned from satellite sales.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
H1 2026 revenue includes PLN 84.113 million of product sales and PLN 2.494 million of grants; published totals may differ slightly because of rounding. Continuing net profit was PLN 0.286 million, versus total net profit of PLN 685.270 million. June cash predates the subsequent PLN 481 million gross equity financing. The 2025 comparison follows the revised continuing-business presentation in the H1 2026 report. Debt includes reported borrowings and lease liabilities, excluding trade and other operating payables.
Quarterly
Income statement
Balance sheet
Sources and details
Revenue and operating profit cover the continuing business. Net income also includes the discontinued quantum business and a PLN 683.127 million noncash gain from its separation. Cash flow covers both businesses. The large net profit therefore does not represent cash earned from satellite sales.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Q1 2025 · Q1 2026 statements, pp. 5–8
Q1 2026 · Q1 2026 statements, pp. 5–8
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
H1 2026 revenue includes PLN 84.113 million of product sales and PLN 2.494 million of grants; published totals may differ slightly because of rounding. Continuing net profit was PLN 0.286 million, versus total net profit of PLN 685.270 million. June cash predates the subsequent PLN 481 million gross equity financing. The 2025 comparison follows the revised continuing-business presentation in the H1 2026 report. Debt includes reported borrowings and lease liabilities, excluding trade and other operating payables.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Creotech Instruments presents first images from the Mikroglob satellite, showcasing Poland’s satellite capabilities
Full Constellation of Polish Mikroglob satellites placed in orbit
Creotech Instruments presents first images from the Mikroglob satellite, showcasing Poland’s satellite capabilities
Full Constellation of Polish Mikroglob satellites placed in orbit
Creotech Instruments Posts Nearly 34% Revenue Growth from Continuing Operations in the First Half of 2026
Interviews
Interviews are coming soon
No interviews with Creotech Instruments S.A. have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 2026 · Published Sep 28, 2026 · Checked Oct 23, 2026
Q1 2026 · Published Jun 1, 2026 · Checked Sep 14, 2026
Checked 2026-09-14
Checked 2026-09-14
Checked 2026-09-14
Checked 2026-09-14
Checked 2026-09-14