Creotech Instruments, the largest Polish space mission integrator listed on the Warsaw Stock Exchange, delivered record financial results in 2025, achieving both positive net profit and EBITDA for the first time. Total revenue increased by more than 370% year-on-year to PLN 167.5 million, while net profit reached nearly PLN 13.6 million. The company’s performance was driven primarily by progress on key strategic projects, especially the Mikroglob programme, as well as the rapid expansion of its international cooperation. During the year, the company also focused on securing and advancing the CAMILA project – a breakthrough strategic space mission worth more than EUR 59 million, representing the first contract of this scale ever awarded by the European Space Agency to a Polish entity acting as prime contractor. At the same time, work continued on the separation of two business segments.
In 2025, total revenue amounted to PLN 167.5 million, compared with PLN 35.6 million in the corresponding period of 2024. The increase was primarily driven by progress in the execution of key satellite integration projects. The space projects segment accounted for the largest share of revenue, at 91.17%. EBITDA came in at nearly PLN 31 million, compared with a loss of around PLN 16.9 million in 2024, while net profit reached approximately PLN 13.6 million, versus a net loss of PLN 20.4 million a year earlier.
On the level of continuing operations, meaning business excluding the quantum segment, which from 2026 became the business activity of Creotech Quantum, the company generated EBITDA of PLN 38.1 million, compared with a loss of PLN 15.8 million in 2024, with total revenue of around PLN 150 million, compared with roughly PLN 20 million the year before. Net profit from continuing operations reached PLN 19.9 million in 2025, while in the previous year the company reported a loss of around PLN 18 million.
Cash at the end of 2025 stood at nearly PLN 127 million.
“2025 was a breakthrough year for Creotech Instruments, both in terms of financial results and the scale of projects under execution. For the first time in the history of the listed company, we closed the year with positive net profit and EBITDA, while delivering the largest contracts in the history of the Polish space sector and significantly expanding the scale of our operations. The key growth driver was the Mikroglob project, which forms the foundation of our capabilities as an integrator of large satellite systems. At the same time, we continued to strengthen our cooperation with the European Space Agency, as evidenced by the development of the CAMILA project, where we serve as prime contractor. The quantum technologies segment also remains an important area of growth, which we are developing both through advanced R&D projects and through its intended specialisation within a separate entity. The past year was also a period of deep organisational transformation, enabling us to enter the next stage of development as a more scalable and specialised organisation. We are consistently building our position in the European space-sector supply chain – developing expertise in specialist assembly and integration of satellite systems while actively participating in tenders for large European programmes. We see further growth potential in this market, particularly in the context of Poland’s increasing involvement in European Space Agency programmes. Our goal is to gradually increase our share in projects with high added value and further diversify our order portfolio, which in our view will support the company’s stable development in the years ahead,” said Prof. Grzegorz Brona, CEO of Creotech Instruments S.A.
In 2025, the company focused primarily on the execution of its two largest contracts to date – both for the Polish space sector and for Creotech itself – namely Mikroglob and CAMILA. At the same time, work on the PIAST project continued.
At the end of 2024, Creotech Instruments signed an agreement with the State Treasury – the Armament Agency for the development and delivery of the Satellite Earth Observation System “Mikroglob,” covering phases B, C, D and E1. The value of this contract amounts to PLN 556.7 million gross, or PLN 453 million net. In 2025, as part of the project, phases B, C and D1, including partial acceptance of phase D documentation, were approved, which had a significant impact on the company’s revenue recognition. The project is scheduled for completion in 2027.
In the second quarter of 2025, the company signed the contract and launched the CAMILA project. Its objective is to build a constellation of at least three observation satellites based on the HyperSat satellite platform, together with the ground segment, launch services and mission management. The project is being carried out under the supervision of the European Space Agency on behalf of Poland’s Ministry of Economic Development and Technology. The initial contract value was nearly EUR 52 million. In early October, the company announced that it had received an approved contract amendment from ESA covering the activation of two additional options предусмотрed in the original agreement, increasing the contract value by approximately EUR 7.1 million to more than EUR 59 million. These options include, among others, the delivery of a fourth satellite.
At the same time, the company continued work on the PIAST project, coordinated by the Military University of Technology in Warsaw. The goal of this R&D project is to design, build and deploy into orbit three observation satellites for optoelectronic imaging reconnaissance. The project is co-financed by the National Centre for Research and Development under the SZAFIR programme. After the balance sheet date, on 20 January 2026, the commissioning phase of all satellite platforms in the PIAST constellation was successfully completed, confirming their full functionality. An important element of this stage was the verification of cooperation with the main payload – the optical telescope – during which dozens of images were captured and transmitted to Earth.
In the area of new initiatives, the company also carried out a number of R&D projects and conceptual studies that may in the future evolve into full-scale space missions.
At the end of 2025, Creotech Instruments signed an agreement with the European Space Agency to carry out Phase A, the conceptual phase, of the Twardowski mission – the first fully European lunar mission in more than 20 years. The company acts as prime contractor and project leader. The project assumes placing a satellite based on the HyperSat platform into lunar orbit and mapping the Moon’s surface in order to identify resources and support future landing missions. The value of Phase A is EUR 500,000. The project is a continuation of Phase 0 completed by the company in 2025.
Last year, the company also signed several new contracts covering preliminary phases of missions aimed at low Earth orbit. One of them was the agreement concluded in early January 2025 with the European Space Agency for the “Space Based Observation Mission (SBOM) Feasibility Study,” covering phase 0-A of preparations for a satellite and space mission designed to detect so-called space debris in low Earth orbit. The value of the project is approximately EUR 125,000. The company also continued the ESA project “Space Weather Nanosatellites System Enhancement Phase 0/A,” signed at the end of October 2024, in which it acts as prime contractor. This project covers the preliminary 0-A phase of preparing a satellite and mission designed to measure space weather parameters, in particular the impact of solar activity on conditions in low Earth orbit.
It is worth noting that projects executed in their early phases form the foundation of the company’s future contract pipeline and, if continued, may significantly support revenue growth and operational scale in the coming years.
In 2025, Creotech Instruments also continued to expand its product portfolio through internal projects.
On 26 September 2025, the company signed an agreement with the Polish Agency for Enterprise Development for the implementation of the “Radio Communication System – CERBER” project, aimed at increasing the company’s product potential in the space sector in the field of secure communication systems for small satellites. The project is being carried out independently by the company using its own R&D and manufacturing facilities. The total net value of the project is approximately PLN 10.46 million, of which nearly PLN 5.13 million is grant funding. The project is scheduled for implementation in 2026–2028.
In December 2025, the company also received a positive substantive assessment and a recommendation for funding under the FENG – SMART Path programme for a project involving an innovative satellite system for high-mass payloads. The recommended amount of support exceeds PLN 26.2 million. The project aims to develop the SWAN multi-mission satellite platform designed for missions weighing up to approximately 200 kg. The new platform is intended to strengthen Creotech Instruments’ product offering and serve as a technological foundation for future large infrastructure projects related to security and civilian applications. The project is also expected to significantly increase the company’s product potential in the space technologies segment and strengthen its competitiveness on the European and global markets. From a product standpoint, it will allow the company to move from being a supplier of microsatellites to becoming a supplier of minisatellites.
The year 2025 was also marked by preparations for the company’s division through the separation of the quantum systems segment and the applications systems segment related to drones and satellite data processing. For this purpose, the companies Creotech Quantum S.A. and Creotech Geo PSA were registered.
At the end of September, Creotech Quantum S.A. submitted a prospectus to the Polish Financial Supervision Authority in connection with the planned spin-off from Creotech Instruments and the admission of its shares to trading on the regulated market of the Warsaw Stock Exchange.
After the balance sheet date, the demerger process into two independent companies was completed. On 1 April 2026, the spin-off of the quantum technologies segment into Creotech Quantum S.A. was formally finalised, and its debut on the Warsaw Stock Exchange is planned for 17 April 2026.
The year 2025 strengthened Creotech Instruments’ position as one of Europe’s space mission integrators, capable both of delivering complex satellite programmes and of developing its own high-value-added technologies that form the basis for further growth and the building of competitive advantages on the European and global markets.
