Creotech Instruments posts record results and a revenue increase of over 370%

Creotech Instruments, Poland’s largest space mission integrator listed on the Warsaw Stock Exchange, posted record financial results in 2025, achieving a positive net profit and EBITDA. Total revenue for the period in question rose by over 370% year-on-year to PLN 167.5 million, whilst net profit amounted to nearly PLN 13.6 million. These results were significantly influenced by the implementation of key strategic projects, in particular the Mikroglob programme, as well as the intensive development of international cooperation. Last year, the Company also focused on securing and developing the CAMILA project – a strategic and groundbreaking space mission worth over EUR 59 million, representing the first contract of this scale in history carried out for the ESA by a Polish entity acting as the 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 in revenue was primarily due to progress in the implementation of key satellite integration projects. The space projects segment accounted for the largest percentage share of revenue (91.17%). EBITDA for the period under review amounted to nearly PLN 31 million (compared with a loss of approximately PLN 16.9 million in 2024), whilst net profit reached approximately PLN 13.6 million (compared with a loss of PLN 20.4 million the previous year).

However, in terms of continuing operations (i.e. operations excluding the quantum segment, which has been the focus of Creotech Quantum’s activities since 2026), the Company generated EBITDA of PLN 38.1 million (compared with a loss of PLN 15.8 million in 2024), with total revenue of approximately PLN 150 million (compared with approximately PLN 20 million in 2024). Net profit from continuing operations in 2025 amounted to PLN 19.9 million, whilst the previous year the company recorded a loss of approximately PLN 18 million.

Cash and cash equivalents at the end of 2025 amounted to nearly PLN 127 million.

"The year 2025 was a landmark year for Creotech Instruments, both in terms of financial results and the scale of the projects undertaken. For the first time in the company’s history as a listed entity, we ended the year with a positive net profit and EBITDA, whilst simultaneously delivering the largest contracts in the Polish space sector and significantly expanding the scale of our operations. The key driver of growth was the Mikroglob project, which forms the foundation for building our expertise as an integrator of large satellite systems. At the same time, we consistently strengthened our cooperation with the European Space Agency, as evidenced by the development of the CAMILA project, in which we act as the prime contractor. The quantum technology segment also remains a key area of our growth, which we are developing both through the implementation of advanced research and development projects and through its eventual specialisation within a separate entity. The past year has also been a time of profound organisational transformation, enabling us to enter the next stage of our development as a more scalable and specialised organisation. We are consistently building our position within the European space sector supply chain. We are developing our expertise in the specialist assembly and integration of satellite systems and are actively participating in tender processes for major European programmes. We recognise the potential for further growth in this market, particularly in the context of Poland’s increasing involvement in European Space Agency programmes. Our aim is to gradually increase our participation in high value-added projects and to further diversify our order book, which we believe will support the Company’s stable growth in the coming years."

Grzegorz Brona

President of the Management Board of Creotech Instruments

In 2025, the Company focused primarily on the implementation of the two largest contracts in history – both for the Polish space sector and for the Company itself – namely Mikroglob and CAMILA. At the same time, work continued on the PIAST project.

At the end of 2024, Creotech Instruments signed a contract with the State Treasury – the Armaments Agency – for the manufacture and supply of the ‘Mikroglob’ Satellite Earth Observation System (SSOZ), covering phases B, C, D and E1. The value of this contract is PLN 556.7 million gross (PLN 453 million net.

In 2025, as part of the contract’s implementation, phases B, C and D1 (partial acceptance of phase D documentation) were approved, which had a significant impact on the recognition of the Company’s revenue. Completion of the project is scheduled for 2027.

In the second quarter of 2025, the Company signed a contract and commenced work on the CAMILA project.
Its aim is to build a constellation of at least three observation satellites based on the HyperSat satellite platform, together with the ground segment, satellite launch and mission management. The project is being carried out under the supervision of the European Space Agency (ESA) on behalf of the Ministry of Development and Technology. The initial contract value was nearly EUR 52 million; however, in early October, the Company announced that it had received an approved amendment to the contract from the ESA, covering the activation of two additional options provided for in the original contract, which increased the contract value by approximately EUR 7.1 million – to over EUR 59 million. These options include, amongst other things, 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 aim of this research and development project is to design, build and deploy into orbit three observation satellites for optoelectronic image reconnaissance. The project is co-funded by the National Centre for Research and Development under the SZAFIR programme. After the reporting period – on 20 January 2026 – the commissioning phase for all satellite platforms in the PIAST constellation was successfully completed, confirming their full functionality. A key element of this phase was the verification of the system’s operation with the main payload - the optical telescope - during which several dozen images were taken and transmitted back to Earth.

In the area of new initiatives, the Company has also carried out a number of research and development projects and conceptual studies, which have the potential to develop into full-scale space missions in the future.

At the end of 2025, Creotech Instruments signed a contract with the European Space Agency to carry out Phase A (i.e. the conceptual phase) of the Twardowski mission – the first fully European lunar mission in over 20 years. The Company acts as the prime contractor and project leader. This project involves placing a satellite, based on the HyperSat platform, into lunar orbit and mapping the Moon’s surface to identify resources and support future landing missions. The value of Phase A of the project is EUR 500,000. The project is a continuation of Phase 0, which was carried out by the company in 2025.

Last year, the Company also signed several new contracts covering the initial phases of missions to Earth orbit. One of these was an agreement concluded in early January 2025 with the European Space Agency for the implementation of the ‘Space-Based Observation Mission (SBOM) Feasibility Study’ project, covering the preliminary phase (0-A) of preparing the satellite and space mission, aimed at detecting so-called space debris in Earth orbit. The project is valued at approximately EUR 125,000. The company also continued work on the “Space Weather Nanosatellites System Enhancement Phase 0/A” project, signed with the ESA at the end of October 2024, in which it acts as the prime contractor. The project covers Phase 0–A (preliminary) of the preparation of the satellite and the space mission, which involves measuring space weather parameters, in particular the impact of solar activity on conditions in Earth’s orbit.

It is worth noting that projects in their early stages form the foundation for building a portfolio of future contracts and – should they be continued – may significantly support revenue growth and the scale of the Company’s operations in the coming years.

In 2025, Creotech Instruments also expanded its product portfolio by carrying out in-house projects.

On 26 September 2025, the Company signed an agreement with the Polish Agency for Enterprise Development to carry out a project entitled ‘Radio Communication System – CERBER’, the aim of which is to increase 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 research and development and manufacturing facilities. The total value of the project is approximately PLN 10.46 million net, of which nearly PLN 5.13 million is grant funding. The project is scheduled to run from 2026 to 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 concerning an innovative satellite system for heavy payloads. The recommended amount of funding exceeds PLN 26.2 million. The aim of the project is to develop the SWAN multi-mission satellite platform, designed to carry out missions with payloads of up to approximately 200 kg. The new platform is set to strengthen Creotech Instruments’ product portfolio, providing a technological foundation for future large-scale infrastructure projects carried out for security and civil applications. The implementation of the project is also expected to significantly increase the Company’s product potential in the space technology segment and strengthen its competitiveness on the European market.

In terms of products, this will enable the company to transition from being a supplier of microsatellThe year 2025 was also marked by the Company’s preparations for its demerger, namely through the spin-off of its quantum systems segment and its segment comprising drone-related applications and satellite data processing. To this end, Creotech Quantum S.A. and Creotech Geo PSA were incorporated.

At the end of September, Creotech Quantum S.A. submitted a prospectus to the Polish Financial Supervision Authority (KNF) 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 (GPW).

After the reporting period, the process of splitting the company into two independent entities was completed. On 1 April 2026, the spin-off of the quantum technology segment into Creotech Quantum S.A. was formally completed; the company’s debut on the Warsaw Stock Exchange is scheduled for 17 April 2026.

The year 2025 strengthened Creotech Instruments’ position as one of Europe’s space mission integrators, capable of both implementing complex satellite programmes and developing its own high value-added technologies, which form the foundation for further growth and the building of competitive advantages in the European and global markets.