In the first quarter of 2025, Śnieżka Group generated PLN 172.2 million in sales revenue, maintaining a level nearly identical to the same period in 2024. The Group’s EBITDA for the reported quarter reached PLN 26.6 million, up from PLN 26.3 million the year before. Net profit stood at PLN 10.8 million, compared to PLN 10.6 million in Q1 2024.
Throughout the quarter, Śnieżka continued to face a challenging macroeconomic environment, with consumer activity remaining subdued and no significant recovery in the paint market. Year-on-year sales volumes remained stable. One of the key weak points was the Hungarian market, where sales dropped by nearly 18% year over year.
The Management Board has recommended a dividend payout of PLN 34.7 million from the 2024 profit, equating to PLN 2.75 per share. The final decision will be made by shareholders during the Annual General Meeting scheduled for June 3. Since its debut on the Warsaw Stock Exchange, Śnieżka has distributed PLN 544.2 million to its shareholders.
“We expect sales volumes in 2025 to stabilize across the market, with a possibility of slight but symbolic growth. Our industry’s performance largely depends on consumer behavior and central bank decisions, which influence household spending. After an intense phase of development investments, we are now focused on operational efficiency, planning net capital expenditures of around PLN 41 million for this year. Regarding raw materials, we anticipate the continuation of 2024 trends — relative price stability with moderate increases in some components,” commented Piotr Mikrut, CEO of Śnieżka SA.
In Q1 2025, profitability was impacted by a 2.3% increase in selling and administrative costs, primarily due to higher expenses on wages and outsourced services. EBITDA margin rose to 15.5%, up 0.2 percentage points year over year. Gross margin increased to 49.5%, compared to 48.4% in Q1 2024, reflecting favorable cost-to-sales dynamics.
Domestic sales reached PLN 128.5 million, up 3.3% year over year, accounting for 74.6% of consolidated revenues. In Hungary, revenue dropped by 17.9% to PLN 18.9 million. Ukrainian market sales amounted to PLN 18.7 million, down 1.3% year over year. Additionally, the strengthening of the Polish złoty against the forint and hryvnia had a negative impact on results.
As of the end of March 2025, the Group’s net debt to EBITDA ratio improved to 1.58, compared to 1.88 a year earlier.
Key Financial Figures for Śnieżka Group (in PLN thousands)
| Metric | Q1 2025 | Q1 2024 | YoY Change |
|---|---|---|---|
| Sales Revenue | 172,238 | 172,275 | 0.0% |
| Cost of Goods Sold | 86,947 | 88,950 | -2.3% |
| Selling & Admin Expenses | 67,288 | 65,777 | +2.3% |
| Other Operating Result | (899) | (587) | +53.2% |
| Financial Result | (3,787) | (4,235) | -10.6% |
| Share of Associate Profit | (39) | 44 | -188.6% |
| Gross Profit | 13,278 | 12,770 | +4.0% |
| EBIT | 17,104 | 16,961 | +0.8% |
| EBITDA | 26,634 | 26,312 | +1.2% |
| Income Tax | 2,468 | 2,210 | +11.7% |
| Net Profit | 10,810 | 10,560 | +2.4% |
| Attributable to Shareholders | 10,603 | 9,931 | +6.8% |
Source: Manager+
