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olivLaw · European equity research

Makarony Polskie Spółka Akcyjna MAK.WA

Poland · GPW Warszawa · ISIN PLMKRNP00015 · Vertical: Listed companies from Poland

23.00PLN0.00% · 1 dayClose 05 Nov 2026

Makarony Polskie SA is a Polish producer of pasta and ready meals, selling under the Makarony Polskie, SoFood and Novelle brands, and the group closed fiscal 2023 with net revenues of 354844 thousand zł and a net profit of 32891 thousand zł. Amid stagnating consumption and price pressure on standard products, the company is steering its strategy toward innovation, automation and diversification.

At the close of 05 Nov 2026, Makarony Polskie Spółka Akcyjna (MAK.WA) stock was 23.00 PLN (+0.00% on the day), with market capitalisation 253.9 m PLN, P/E 7.7 on diluted EPS of 2.98 PLN over the last 12 months, dividend yield 2.61%, beta 0.27, 52-week range 20.20–27.30 PLN.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
253.9 m PLN
shares as of 31 Dec 2023
P/E (TTM)
7.7
Diluted EPS TTM 2.98 · TTM to 31 Dec 2023
E/P (TTM)
12.96%
TTM to 31 Dec 2023
Dividend yield
2.61%
DPS 12m 0.60
Beta (2y)
0.27
Volatility (1y) 23%
52-week range
20.2027.30

Price history

Loading chart…

Technical reading

RSI (14)
30.6
weak (30–45)
Bollinger (20, 2)
22.59 – 24.82
in the lower half of the band · %B 0.18 · band width 9.4%
SMA 50 / 200
24.22 / 23.30
mixed trend
MACD (12, 26, 9)
-0.36 / -0.31
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−5.3%−0.6%−4.7 pp—
3 months−9.1%−4.2%−4.9 pp—
6 months+8.2%+4.3%+3.9 pp—
Year to date+2.0%+7.5%−5.5 pp—
1 year−1.9%+9.9%−11.8 pp+7.1%
3 years+60.8%+49.8%+11.0 pp+3.3%
5 years+232.4%+42.8%+189.5 pp—
Max drawdown (1y)
−18.9%
14 Jan 2026 → 11 Jun 2026
Max drawdown (5y)
−42.0%
02 Mar 2022 → 12 May 2022
Compound annual growth (5y)
+27.2%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 67 percentile of its own 3-quarter history (min 4.0, median 7.2, max 10.1; quarters with earnings only).

Fiscal years

Fiscal year202120222023
Revenue169.7 m328.9 m354.8 m
Revenue YoYunavailable+93.9%+7.9%
Net income6.4 m24.5 m32.9 m
Net income YoYunavailable+282.8%+34.5%
Diluted EPS0.682.222.98
Diluted EPS YoYunavailable+226.5%+34.2%
net %3.8%7.4%9.3%
Free cash flowunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2023 · 31 Dec 2023

Cash
29.0 m PLN
Financial debt
8.7 m PLN
Net debt
-20.3 m PLN
Equity
149.3 m PLN
Total assets
238.1 m PLN
Debt / equity
0.06x
Current ratio
1.92x
ROE
24.2%
ROA
13.8%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (PLN)

Margins

Income statement · PLN

Revenue
2021
169.7 m
2022
328.9 m
2023
354.8 m

esef· 01 May 2024verified

Cost of revenue
2021
138.5 m
2022
255.7 m
2023
256.9 m

esef· 01 May 2024verified

Gross profit
2021
31.2 m
2022
73.2 m
2023
97.9 m

esef· 01 May 2024verified

Operating income
2021
8.5 m
2022
33.2 m
2023
43.7 m

esef· 01 May 2024verified

Interest expense
2021
855.0 k
2022
2.9 m
2023
2.1 m

esef· 01 May 2024verified

Pre-tax income
2021
7.8 m
2022
30.3 m
2023
42.2 m

esef· 01 May 2024verified

Income tax
2021
1.4 m
2022
5.9 m
2023
9.3 m

esef· 01 May 2024verified

Net income
2021
6.4 m
2022
24.5 m
2023
32.9 m

esef· 01 May 2024verified

Diluted EPS
2021
0.68
2022
2.22
2023
2.98

esef· 01 May 2024verified

Dividend per share
2021
0.30
2022
0.60
2023
0.60

esef· 01 May 2024derived

Balance sheet · PLN

Cash
2021
26.2 m
2022
7.8 m
2023
29.0 m

esef· 01 May 2024verified

Receivables
2021
23.9 m
2022
42.4 m
2023
44.3 m

esef· 01 May 2024verified

Inventories
2021
21.4 m
2022
44.5 m
2023
28.7 m

esef· 01 May 2024verified

Current assets
2021
72.3 m
2022
95.2 m
2023
102.4 m

esef· 01 May 2024verified

Property, plant & equipment, net
2021
116.3 m
2022
131.5 m
2023
126.7 m

esef· 01 May 2024verified

Goodwill
2021
5.9 m
2022
2.9 m
2023
188.0 k

esef· 01 May 2024verified

Intangibles (excl. goodwill)
2021
6.6 m
2022
5.5 m
2023
2.0 m

esef· 01 May 2024verified

Total assets
2021
205.0 m
2022
239.3 m
2023
238.1 m

esef· 01 May 2024verified

Accounts payable
2021
33.4 m
2022
52.9 m
2023
33.5 m

esef· 01 May 2024verified

Long-term debt
2021
20.5 m
2022
13.1 m
2023
8.7 m

esef· 01 May 2024verified

Current liabilities
2021
54.0 m
2022
74.7 m
2023
53.4 m

esef· 01 May 2024verified

Total liabilities
2021
103.4 m
2022
116.4 m
2023
88.8 m

esef· 01 May 2024verified

Equity
2021
101.7 m
2022
122.9 m
2023
149.3 m

esef· 01 May 2024verified

Shares outstanding at year end
2021
9.4 m
2022
11.0 m
2023
11.0 m

esef· 01 May 2024derived

Cash flow · PLN

Operating cash flow
2021
13.5 m
2022
22.2 m
2023
53.0 m

esef· 01 May 2024verified

Investing cash flow
2021
-6.5 m
2022
-22.8 m
2023
-6.3 m

esef· 01 May 2024verified

Financing cash flow
2021
18.8 m
2022
-17.8 m
2023
-25.5 m

esef· 01 May 2024verified

Dividends paid
2021
2.8 m
2022
3.3 m
2023
6.6 m

esef· 01 May 2024verified

Computed indicators

Growth

Revenue growth (YoY)
7.9%
computed by olivLawFY 2023
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
31.5%
computed by olivLawFY 2023
Net income growth (YoY)
34.5%
computed by olivLawFY 2023
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
34.2%
computed by olivLawFY 2023
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
27.6%
computed by olivLawFY 2023
EBITDA margin
unavailable
input data missing
EBIT margin
12.3%
computed by olivLawFY 2023
Net margin
9.3%
computed by olivLawFY 2023
FCF margin
unavailable
input data missing

Returns

ROE
24.2%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROA
13.8%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROIC
26.5%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROCE
23.6%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Payout ratio (EPS)
20.1%
computed by olivLawFY 2023
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-20.3 m PLN
computed by olivLawbalance sheet at 31 Dec 2023
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.1x
computed by olivLawbalance sheet at 31 Dec 2023
Interest coverage
20.8x
computed by olivLawFY 2023

Liquidity

Current ratio
1.9x
computed by olivLawbalance sheet at 31 Dec 2023
Quick ratio
1.4x
computed by olivLawbalance sheet at 31 Dec 2023
Cash ratio
0.5x
computed by olivLawbalance sheet at 31 Dec 2023

Cash

Operating cash flow
53.0 m PLN
computed by olivLawFY 2023
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
45 days
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Days inventory outstanding
52 days
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Days payables outstanding
61 days
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Cash conversion cycle
35 days
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023

Market and valuation

Market capitalisation
253.9 m PLN
computed by olivLawbalance sheet at 31 Dec 2023
Enterprise value
233.5 m PLN
computed by olivLawbalance sheet at 31 Dec 2023
Market cap / net income TTM
7.7x
computed by olivLawFY 2023
P/E (TTM)
7.7x
computed by olivLawFY 2023
Earnings yield
13.0%
computed by olivLawFY 2023
P/B
1.7x
computed by olivLawbalance sheet at 31 Dec 2023
P/S
0.7x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
EV/EBITDA
unavailable
input data missing
EV/EBIT
5.3x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
EV/Sales
0.7x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
2.6%
computed by olivLawFY 2023
Shareholder yield (distributions)
2.6%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

23.00 PLN

05 Nov 2026Source: olivLaw, closing series

Market cap: 253.9 m PLN

Key indicators

Market capitalisation
253.9 m PLN
computed by olivLawbalance sheet at 31 Dec 2023
P/E (TTM)
7.7x
computed by olivLawFY 2023
P/B
1.7x
computed by olivLawbalance sheet at 31 Dec 2023
EV/EBITDA
unavailable
input data missing
ROE
24.2%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Net margin
9.3%
computed by olivLawFY 2023
Revenue growth (YoY)
7.9%
computed by olivLawFY 2023
Dividend yield
2.6%
computed by olivLawFY 2023

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2023
Latest reported period: 31 Dec 2023
Latest balance sheet date: 31 Dec 2023
Share count (cover of the latest filing), as of: 31 Dec 2023
Source: esefpublished 01 May 2024
verified 88derived 4

The data is older than the freshness threshold.

Score by group

44% · Insufficient data

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Insufficient data

    Minimum-evidence gate: score weight coverage: 43.8% of at least 60%

    FactorValueScoreWeight used
    ROIC · Quality26.5%80 (vs peers)24%
    Net margin · Quality9.3%72 (vs peers)14%
    FCF conversion · Qualityunavailableunavailable—
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheet20.8x100 (on a fixed band)14%
    Current ratio · Balance sheet1.9x93 (on a fixed band)10%
    P/E (TTM) · Valuation7.7x68 (vs peers)24%
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuationunavailableunavailable—
    Shareholder yield (distributions) · Returns2.6%37 (on a fixed band)14%
    Payout ratio (FCF) · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet97/100 · 2/3 factors with a value
    • Growth· partialunavailable · 0/2 factors with a value
    • Quality77/100 · 2/3 factors with a value
    • Returns· partial37/100 · 1/2 factors with a value
    • Valuation· partial68/100 · 1/3 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    Makarony Polskie Spółka Akcyjna (MAK.WA). Latest full fiscal year: 2023; data up to 2023-12-31.

    Figures computed from the financial statements: revenue 354.8 m PLN in 2023; YoY growth 7.9%; net margin 9.3%; ROE 24.2%.

    The estimated value range is 18.99–52.41 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 32.97 PLN, the price of 23.00 PLN leaves a potential of 43.3% (value / price − 1) and a margin of safety of 30.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

    Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • ROIC: 26.5%
    • Net margin: 9.3%
    • Interest coverage: 20.8x
    • Current ratio: 1.9x

    What contradicts it

    No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

    Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).

    Versus the vertical median

    Listed companies from Poland · same country · compared with 39 companies

    Multiples and returns vs the median

    P/E
    7.7x
    vertical median 12.1x
    below median (−36.3%)
    EV/EBITDA
    —
    vertical median —
    P/S
    0.7x
    vertical median 1.3x
    below median (−44.1%)
    P/B
    1.7x
    vertical median 1.0x
    above median (+73.7%)
    ROE
    24.2%
    vertical median 8.9%
    above median (+170.7%)
    Net margin
    9.3%
    vertical median 2.8%
    above median (+228.7%)
    EBIT margin
    12.3%
    vertical median 6.3%
    above median (+94.3%)
    Revenue YoY
    7.9%
    vertical median 9.9%
    below median (−20.0%)
    Net debt/EBITDA
    —
    vertical median —
    Dividend yield
    2.6%
    vertical median 3.6%
    below median (−27.6%)

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    BDX.WABudimex Spółka Akcyjna19.3 bn36.141.5%6.2%+8.9%+21% / +36%
    ACP.WAAsseco Poland S.A.19.2 bn38.17.8%2.9%+19.8%+19% / +202%
    BFT.WABenefit Systems Spółka Akcyjna18.1 bn131.120.8%7.2%+99.9%+74% / +221%
    ASE.WAAsseco South Eastern Europe Spółka Akcyjna3.7 bn19.818.1%12.0%+36.5%+7% / +52%
    1AT.WAAtal Spółka Akcyjna2.3 bn6.429.8%22.2%−1.3%+7% / +8%
    ATT.WAGrupa Azoty Spółka Akcyjna1.7 bn—-37.9%-20.8%−45.1%−10% / −22%
    ARH.WAArchicom Spółka Akcyjna1.3 bn12.115.9%22.1%−21.6%+13% / +89%
    ACT.WAAction S.A.997.4 m27.18.3%1.5%+6.1%+70% / +170%
    BRS.WABoryszew Spółka Akcyjna889.2 m8.36.3%1.6%+8.4%−24% / −26%
    AGO.WAAgora Spółka Akcyjna601.9 m—-14.2%-9.2%+15.2%+40% / +21%
    AMB.WAAmbra S.A.468.0 m7.616.4%7.0%+12.9%+5% / −33%
    ATC.WAArctic Paper Spółka Akcyjna357.2 m1.416.3%7.0%−27.5%−38% / −75%
    ATG.WA"atm Grupa Spółka Akcyjna"299.3 m11.18.9%11.6%−22.0%−11% / +3%
    MAK.WAMakarony Polskie Spółka Akcyjna253.9 m7.724.2%9.3%+7.9%+3% / +33%
    ART.WAArtifex Mundi S.A.226.6 m17.435.7%33.3%+51.9%+46% / +12%
    APN.WAAPLISENS Spółka Akcyjna194.6 m9.511.4%13.8%+21.8%−1% / −21%
    BMC.WABumech Spółka Akcyjna155.7 m—-3.4%-3.9%−40.0%−37% / −49%
    ALI.WAALTUS Spolka Akcyjna153.9 m16.87.9%16.9%+30.3%+34% / +48%
    BBT.WABoomBit Spółka Akcyjna71.4 m4.520.7%6.4%−16.5%−19% / −57%
    BBD.WABbi Development S.A.54.1 m1.136.0%208.3%+50.2%+1% / +9%
    ALG.WAAll in! Games Spółka Akcyjna39.8 m——-156.9%−72.2%−27% / −56%
    BMX.WABioMaxima Spółka Akcyjna37.0 m63.21.2%1.3%−67.5%−29% / −45%
    06N.WAMagna Polonia Spółka Akcyjna31.3 m0.5115.4%964.7%+13.0%−28% / −42%
    BCM.WABETACOM Spółka Akcyjna26.7 m17.68.0%0.9%+21.3%+8% / +4%
    AWM.WAAirway Medix Spółka Akcyjna14.3 m—-25.8%-117,400.0%−97.7%−23% / −43%

    1- and 3-year price returns: for MAK.WA from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

    Bear
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Base
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Bull
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Nothing is saved.

    Estimated price (PLN)

    Estimated priceBearBaseBull
    1 years
    14.06
    Total return -37% · Per year -37%
    24.81
    Total return 11% · Per year 11%
    37.32
    Total return 66% · Per year 66%
    3 years
    14.59
    Total return -30% · Per year -11%
    28.88
    Total return 35% · Per year 10%
    47.56
    Total return 118% · Per year 30%
    5 years
    15.13
    Total return -23% · Per year -5%
    33.61
    Total return 63% · Per year 10%
    60.60
    Total return 185% · Per year 23%
    What moves the 3-year price the most
    • Exit P/E± 7.22
    • Net margin± 5.05
    • Annual revenue growth± 4.02
    • Annual dilution± 0.42

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Makarony Polskie SA is a Polish producer of pasta and ready meals, selling under the Makarony Polskie, SoFood and Novelle brands, and the group closed fiscal 2023 with net revenues of 354844 thousand zł and a net profit of 32891 thousand zł. Amid stagnating consumption and price pressure on standard products, the company is steering its strategy toward innovation, automation and diversification.

    SWOT

    Strengths

    • The group has a broad range of pasta and ready meals, recognised brands and a diversified production base across several plants 1.
    • Operating cash flow rose in 2023 compared with 2022, giving more room for investment 1.
    • Investment in automation, production software and photovoltaics could support cost control over the medium term 1.

    Weaknesses

    • Reliance on standard products with thin margins exposes the group to price wars 1.
    • The impairment of the ABAK brand and goodwill shows some assets are not generating the expected returns 1.
    • Many contracts with large chains are short-term, which makes revenues harder to forecast 1.

    Opportunities

    • Expansion into European markets and growth in ready meals could add new volumes if the export strategy takes hold 1.
    • Functional and healthy products could gain market share as consumer habits change 1.
    • The B2B channel and collaborations with other producers could diversify revenues and reduce reliance on retail 1.

    Threats

    • Price pressure from competitors and retail chains could reduce margins in the standard segment 1.
    • Volatile prices for wheat, eggs, meat and energy could affect costs if long-term contracts cannot be agreed 1.
    • Rapid legislative and tax changes could abruptly alter production and sales conditions 1.

    Risks

    • Market trend riskmedium

      Changing eating habits and stagnating consumption could reduce demand for traditional products 1.

    • Raw material price riskhigh

      Costs of cereals, eggs, meat and packaging are volatile, and suppliers prefer short contracts 1.

    • Competitive riskhigh

      Price pressure in the standard segment could affect profitability and revenues in the period ahead 1.

    • Regulatory riskmedium

      Legislative changes on food, taxation and packaging could create unplanned costs 1.

    • Asset impairment risklow

      The value losses recorded for the ABAK brand and goodwill could recur if the performance of some lines weakens 1.

    Investment thesis

    What would need to be true (bull case)

    • If investment in automation and software lowers operating costs, margins could recover even in a difficult pricing environment 1.
    • Growth in ready meals and functional products could give the group a growth driver beyond standard pasta 1.
    • Strong operating cash flow provides flexibility for investment and debt reduction 1.

    What would break the thesis

    • If the price war in the standard segment continues, revenues and profits could remain under pressure 1.
    • Raw material and energy costs could rise again and weigh on margins if price increases cannot be passed on 1.
    • The impairments already booked show some investments did not deliver the expected results, and further write-downs cannot be ruled out 1.

    What to watch

    • Revenue and margin trends in the standard pasta segment2024
    • Completion of the photovoltaic and MES, WMS, CMMS software investmentsmid 2024
    • Movements in wheat, egg, meat and energy prices and the terms of new contracts2024
    • Results of the export strategy and the B2B channelnext annual report

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    The group makes pasta and develops a ready-meal range under the SoFood brand, in trays and soft packaging, an activity that brought net revenues of 354844 thousand zł in fiscal 2023 1. In 2023 the parent absorbed its subsidiary SAS Sp. z o.o., and the group also includes Stoczek Natura Sp. z o.o., a wholly owned maker of fruit and vegetable preserves and ready meals 1. The company sells mainly through centralised retail chains, and also through B2B and institutional channels and exports to European markets 1.

    The stated strategy aims at investment in new production lines and an R&D centre, the introduction of MES, WMS and CMMS software and automation of packaging, all directed at cost control and capacity 1. The group also completed a photovoltaic project for its plants, meant to lower energy costs and carbon footprint 1.

    For 2023 the company recorded impairments on the ABAK brand and on goodwill tied to Stoczek Natura, justified by changing consumer preferences and rising costs, which shows that some product lines no longer match demand as well as before 1.

    Segments

    Pasta

    Pasta remains the core activity, with standard and functional lines (for example Fit, Cardio, Diabetic or legume-based variants) sold under own brands and in private label 1.

    Ready meals

    The SoFood and Novelle brands cover ready meals in trays and mini bowls, a segment management sees growing and wants to extend into export markets 1.

    Fruit and vegetable preserves

    Stoczek Natura makes jams and preserved fruit and vegetables, with seasonal sourcing and own warehouses, an activity sensitive to weather and meat prices 1.

    Market context

    The pasta market entered 2023 in a phase of stagnation and even falling consumption in some segments, and producers pushing to balance capacity with demand drove prices down especially for standard products 1. Wheat, egg, packaging and energy costs stayed volatile and inflation is easing, but a return to annual contracts is still distant 1.

    At the same time demand is shifting toward higher-priced, higher-value products, while retail chains step up promotions to attract shoppers, so margins increasingly depend on innovation and operational efficiency 1.

    Trends

    • Shifting food preferencesmixed

      Consumers are asking for healthy, functional products with less processed ingredients, which could favour the functional pasta and balanced ready-meal range but weighs on traditional products 1.

    • Raw material and energy pricesheadwind

      Volatility in cereals, eggs, meat and energy squeezes margins in a low-profitability sector, and suppliers are reluctant to sign long-term contracts 1.

    • Digitalisation and production automationtailwind

      Introducing MES, WMS and CMMS software and robotising packaging could lower costs and raise processing capacity if the projects are finished on time 1.

    • Regulatory and tax pressureheadwind

      Changes in labelling, VAT rates on food and EU directives on plastic packaging could raise costs or limit sales, and legal uncertainty is flagged as a risk factor 1.

    Competitive position

    All of the group's activities are described as highly competitive, and management says pressure from producers seeking volume and the aggressive conduct of retail chains could erode profitability and revenues 1. The company responds with diversification, innovative products and continuous monitoring of competitor actions 1.

    • Other Central European pasta producers

      Regional competitors selling standard and functional pasta in the same retail chains, cited by the company as a source of price pressure 1.

    • Polish ready-meal producers

      Companies offering tray-based ready meals that compete directly with SoFood on retail shelves 1.

    • Large retail chains and private-label brands

      Retail networks that impose aggressive purchasing terms and promotions and develop their own brands, reducing supplier bargaining power 1.

    • Importers and producers from outside the European Union

      Foreign suppliers that can bring products at lower prices and intensify competition in the standard segment 1.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    Annual reports (ESEF)

    Sources

    1. [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Makarony Polskie Spółka Akcyjna · 31 Dec 2023

    Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

    Makarony Polskie Spółka Akcyjna (MAK.WA): stock, results, valuation and forecast · olivLaw