Creotech Instruments Posts Nearly 34% Revenue Growth from Continuing Operations in the First Half of 2026

Creotech Instruments, Poland’s largest satellite manufacturer and space mission integrator listed on the Warsaw Stock Exchange, increased its sales revenue from continuing operations to PLN 84.1 million in the first half of 2026, representing a year-on-year increase of nearly 34%. This growth was primarily due to the implementation of the next phase of the Mikroglob project. In the second quarter, the Company also completed the spin-off of its quantum systems segment into Creotech Quantum S.A.

In the first half of 2026, sales revenue amounted to PLN 89.6 million, compared with PLN 67.9 million in the corresponding period of the previous year. Excluding discontinued operations relating to the quantum systems segment, which was spun off on 1 April this year to Creotech Quantum S.A., revenue from continuing operations amounted to PLN 84.1 million, compared with PLN 62.9 million a year earlier. This represents an increase of PLN 21.2 million, or approximately 34% year-on-year.

The Company recorded a marked improvement in its results in the second quarter of 2026. Revenue from the sale of products from continuing operations amounted to PLN 67.3 million in this period, compared with PLN 43.0 million in the corresponding period of the previous year, representing a year-on-year increase of 56.5%. At the same time, Creotech Instruments generated a net profit of PLN 8.7 million from continuing operations in the second quarter, compared with PLN 3.5 million a year earlier. The net margin on sales of products from continuing operations stood at 12.9% in the second quarter, compared with 8.2% a year earlier. The improvement in results was primarily due to the achievement of another milestone in the Mikroglob project.

The results for the second quarter were reflected in the half-year results, although the Company continued to incur higher costs associated with scaling up its operations and implementing further projects. Operating costs rose by PLN 28.9 million to PLN 87.6 million. This was primarily due to an increase in staff numbers and the costs of an incentive scheme based on employee share options, as well as higher costs for subcontractors involved in the Mikroglob and CAMILA projects.

As a result, net profit from continuing operations amounted to PLN 0.3 million, compared with PLN 6.2 million a year earlier. At the same time, EBITDA for the space projects segment amounted to PLN 23.4 million.

In terms of net profit, the reported figure for the first half of 2026 was PLN 685.3 million, compared with PLN 3.5 million a year earlier. However, this figure includes PLN 683.1 million in one-off, non-cash gains relating to the settlement of the distribution of non-monetary assets to shareholders as part of the Company’s demerger and the spin-off of the quantum systems segment to Creotech Quantum S.A. The current net profit from discontinued operations amounted to PLN 1.9 million.

"The first half of this year confirmed that Creotech Instruments is entering the next phase of scaling up its space operations. Revenue from continuing operations rose by nearly 34% year-on-year, with the achievement of another milestone in the Mikroglob project being a key factor in this growth. At the same time, we are developing the organisation and increasing its capacity to undertake ever larger and more complex projects. This involves higher staffing costs, skills development and greater use of subcontractors, which affects the bottom line in the short term but is part of preparing the Company for further growth. The spin-off of our quantum business has enabled us to focus Creotech Instruments’ resources on the development of the space business. Today, the Mikroglob and CAMILA projects, the development of satellite platforms, and the further enhancement of our capabilities in the design, manufacture and integration of space systems are of key importance to us. The PLN 481 million raised following the end of the half-year from the issue of Series M shares further strengthens our ability to implement the Development Strategy for 2026–2029. At the same time, we are developing our cooperation with the ESA and participating in further European space programmes, which opens up the next stage of growth for us."

Grzegorz Brona, PhD

President of the Management Board of Creotech Instruments S.A.

Space Segment Remains Core Business Area

The space projects segment remains Creotech Instruments’ core area of activity. In the first half of 2026, it generated PLN 82.3 million in revenue from product sales and PLN 1.7 million in grant income. The segment’s total operating revenue amounted to PLN 84.0 million, whilst EBITDA stood at PLN 23.4 million.

The Mikroglob project, commissioned by the State Treasury – the Armaments Agency, had the greatest impact on the growth in revenue from continuing operations in the first half of the year. Under the project, the Company is responsible for the manufacture and delivery of the Satellite Earth Observation System, covering phases B, C, D and E1. The net value of the contract is PLN 451 million.

In the first half of this year, the Company continued to implement the project, and one of the key events was the Armaments Agency’s approval of the D2 deliverable documentation. The approval of this documentation constituted a partial acceptance of the deliverables for phase D and resulted in a payment to the Company of PLN 42.1 million net.

During the period under review, the Company also continued work on the CAMILA project, the aim of which is to build a constellation of observation satellites based on the proprietary HyperSat platform, together with the ground segment, satellite launch and mission management. The current scope of the project also includes an option to deliver a fourth satellite.

Another significant event in the first half of the year was the handover, on 16 June, of the management and control of the PIAST satellite constellation – comprising the PIAST-M, PIAST-S1 and PIAST-S2 satellites – to the Satellite Operations Centre of the Military University of Technology. This marked the start of the constellation’s operation in nominal mode.

Spin-Off of Quantum Business and Funding for Further Growth

In the second quarter, the process of spinning off the quantum systems business into Creotech Quantum S.A. was completed. On 1 April 2026, the registry court registered the increase in Creotech Quantum’s share capital, formally finalising the spin-off of the quantum segment from Creotech Instruments.

In June, Creotech Instruments also carried out an issue of Series M shares via an accelerated book-building process. In July this year, the Company raised PLN 481 million from the issue. The funds are intended to support the implementation of the Development Strategy for 2026–2029, in particular the expansion of production capacity, the development of new satellite platforms, technological investments, and potential acquisitions and strategic partnerships.

Significant Events After the End of H1

Following the end of the reporting period, Creotech Instruments secured further contracts and projects relating to the development of European space capabilities.

Delivery of further projects for the European Space Agency (ESA):

• IOD B – Dynamic Satellite Tasking: in July 2026, the Company signed an agreement with the ESA to carry out the first phase of a project to build an experimental satellite based on the HyperSat platform. The aim of the mission is to demonstrate the rapid and secure assignment of tasks to satellites using a distributed transmission architecture, and to verify on-board autonomous planning mechanisms. The satellite will also test compatibility with European systems, including IRIS².

• Space Weather Nanosatellite Enhancement (SAWA Mission): in September 2026, Creotech Instruments signed a contract worth EUR 13.9 million with the ESA for the comprehensive implementation of the SAWA – 2nd Space Weather Nanosat mission. The company acts as the prime contractor and integrator for the entire mission. The satellite, based on the HyperSat platform, will be designed to study the upper layers of the Earth’s atmosphere and monitor the impact of solar activity on the space environment.

• IRIS² Low LEO Pre-Operational and De-Risking Activities – Consolidation Phase: in September 2026, a Polish-Belgian consortium led by Creotech Instruments commenced work on a project for the ESA to develop a demonstration mission concept for the low-Earth orbit component of the IRIS² programme. The value of the project’s consolidation phase is EUR 1.47 million, of which EUR 950,000 is allocated to Creotech Instruments. The Company’s partner is the Belgian firm Aerospacelab.

Participation in architecture work for the European Earth Observation Governmental Service (EOGS):

• Creotech Instruments has joined the international ARISE consortium, led by ICEYE, a leader in radar microsatellites. In September 2026, the ESA awarded the consortium a strategic contract to develop the system architecture for the Earth Observation Governmental Service (EOGS) – a future, sovereign EU Earth observation and intelligence system designed to serve the defence and security needs of EU Member States.

• Establishing stable communication with the Mikroglob-1 satellite: a key milestone in operational activities was the establishment and stabilisation of two-way communication with the Mikroglob-1 satellite. This confirms the full operational capability of the key subsystems of the proprietary HyperSat platform in space conditions and represents a significant step towards the final acceptance of the first component of the Satellite Earth Observation System being built for the Armaments Agency.

The first half of 2026 was a period of continued growth in the scale of Creotech Instruments’ space operations, as evidenced by a 34% increase in revenue from continuing operations. At the same time, the Company invested in developing the organisation and capabilities necessary to deliver increasingly large and complex projects. Following the end of the reporting period, this course of development continued through the securing of further ESA contracts, participation in the European EOGS and IRIS² programmes, and the continued implementation of the strategic Mikroglob and CAMILA projects.