The Management Board of Scanway launched, on 21 November this year, a process to obtain additional financing to support the company’s development strategy for 2026–2028. The offer of Scanway shares was addressed to a selected institutional investor – funds managed by TFI PZU SA. The investor acquired a package of 100,000 shares, representing 6.45% of the company’s share capital, at a price of PLN 153.00 per share, for a total gross value of PLN 15.3 million. This price reflects a 9.1% discount compared with the volume-weighted average price over the 30 days preceding the current report announcing the start of the financing process, and more than double the valuation from the company’s previous funding round conducted in June. Securing additional funds at this stage means that the upcoming transfer of Scanway shares from NewConnect to the Main Market of the Warsaw Stock Exchange will not be accompanied by a new share issuance.
The company, in cooperation with its significant shareholder – the Jędrzej Kowalewski Family Foundation – conducted the financing process and transaction in a way that enabled the selected institutional investor to acquire existing shares already admitted to trading on the NewConnect Alternative Trading System (ATS). As part of this transaction, the major shareholder – the Jędrzej Kowalewski Family Foundation – sold 100,000 existing ordinary bearer shares with a nominal value of PLN 0.10 each, admitted to trading on ATS and representing 6.45% of the company’s share capital, entitling the holder to 100,000 votes at the General Meeting (the “Sold Shares”). The sale price was PLN 153.00 per share, totalling PLN 15.3 million.
To enable the share sale transaction, the Jędrzej Kowalewski Family Foundation and the company signed an agreement with brokerage house Navigator S.A., which approved the sale of the Sold Shares while imposing a lock-up on all new Series H bearer shares (the “New Issue Shares”) to be subscribed by the shareholder, effective from the moment the shares are registered in the shareholder’s securities account. The lock-up period for all shares held by the shareholder will expire on 31 December 2025.
In the next step, the Management Board will adopt a resolution to increase the share capital through the issuance of 100,000 New Issue Shares, on the basis of authorisation granted in the company’s Articles of Association under the target capital provision. The Jędrzej Kowalewski Family Foundation will subscribe to all of these shares at an issue price equal to the sale price of the Sold Shares.
“After two years on NewConnect, Scanway shareholders have enjoyed severalfold growth in the value of their investment, and trading volumes on the company’s shares rank among the highest across more than 350 entities listed on the junior market. We are pleased that a long-term, reputable institutional investor – TFI PZU SA – has joined the group of shareholders convinced by our business model and development prospects, acquiring a 6.45% stake at PLN 153.00 per share. This price confirms the strong fundamentals of our company. We are also becoming one of only ten listed companies in which TFI PZU SA has disclosed an investment above the 5% threshold. We appreciate this trust,” says Jędrzej Kowalewski, CEO of Scanway S.A.
“The funds raised – PLN 15.3 million gross – will be allocated to the implementation of our development strategy for 2026–2028, whose main objective is to position Scanway among Europe’s leading integrators of optical payloads. Securing these resources means that our transfer from NewConnect to the Main Market will not require an additional share issuance,” adds Kowalewski.
The share price in the Scanway offer was set at PLN 153.00, more than double the valuation in the previous funding round held in June. In recent months, Scanway has signed, among other contracts, a record €9.0 million deal to deliver a series of high-resolution optical instruments for Earth observation to an Asian customer’s satellite constellation. The company also signed a contract worth approximately €3.55 million under the CAMILA project – the largest civil satellite constellation in Polish history – under which Scanway will deliver telescopes for at least two optical satellites.
“Poland remains one of Europe’s economic leaders, but maintaining such growth over the long term requires stronger emphasis on innovation and technological development by domestic companies. At TFI PZU we constantly seek innovative sectors and companies with potential, as investments in such firms can generate measurable benefits for participants in our funds while supporting the growth of Polish enterprises, the capital market and the wider economy. We consider the space technology sector to be one of the most promising, particularly in the context of developing European security systems,” says Jarosław Leśniczak, Vice-President of the Management Board of TFI PZU SA.
“We are pleased to join the group of Scanway shareholders. We are impressed by the company’s development to date, its success in securing new contracts and the dynamic growth of its order portfolio. We value the strategic direction for 2026–2028, which aims to build a leading European optical payload integrator,” adds Leśniczak.
Scanway’s total revenues – defined as the sum of net revenue from the sale of products, goods and materials and the grants obtained – amounted to PLN 16.0 million after the first three quarters of 2025, an 89% increase year-on-year. EBITDA reached PLN 3.1 million, and net profit was PLN 0.2 million. The company’s backlog – signed and ongoing contracts to be settled in future periods – stood at PLN 58.3 million as of 14 November 2025, a 254% year-on-year increase. As of 30 September 2025, the company held PLN 14.7 million in cash.
Navigator S.A. acted as advisor in the financing process, supported by LLW Lewczuk Łyszczarek Szymczyk as legal advisor and cc group as Investor Relations and Authorized Advisor for NewConnect.
Source: CEO.com.pl – “Scanway S.A. raises PLN 15.3 million to implement new strategy; entire offer acquired by TFI PZU SA”
