Creotech Instruments S.A., the largest Polish manufacturer of satellites, satellite systems and components listed on the Warsaw Stock Exchange, plans a split into two separate businesses. On 16 April 2025, the Company’s Management Board resolved to go forward with the spinoff of its quantum segment, which will be headed by Anna Kamińska, PhD, currently Director of the Quantum Systems Division at Creotech Instruments. This move aims to fast-track the commercialization of quantum solutions and unlock new opportunities for securing external funding for further R&D efforts, including grants for SMEs that could otherwise soon become unavailable to Creotech due to its rapid growth. The Management Board expects to complete the split by late 2025/early 2026.

“Our dynamic growth and our recent wins of two strategic space projects – Mikroglob and Camilla – worth a combined PLN 675m net, have brought us to a point where we felt it made sense to formally separate our two key segments. This move will serve as a catalyst for further business growth. We intend for Creotech Instruments to focus on satellite systems, where we already have a strong order backlog and a highly promising growth trajectory. At the same time, the new company will concentrate on the development and commercialization of the quantum systems we have built within Creotech. Spinning off the quantum segment will better showcase its potential and enable shareholders to unlock its value, while positioning the business to capitalize on the enormous opportunities in quantum technologies. This move will also create significant advantages on multiple fronts. Each company will be able to fully concentrate on its respective field of operations by consolidating specialist competences and building intellectual capital, as well as financial advantages, such as eligibility to maintain SME status, enabling continued access to attractive funding opportunities. Currently, the quantum team is executing major development programs slated for completion between 2026 and 2027. We believe that the spinoff will accelerate its growth and enhance the prospects of securing external financing. The Management Board is confident that the quantum business is fully capable of operating independently, with complete organizational and financial separation,” says Grzegorz Brona, PhD, President of the Management Board (CEO) of Creotech Instruments S.A.

As part of the planned spinoff, the quantum segment will be transferred into a newly established joint-stock company, focusing on the design and integration of advanced quantum technology systems, as well as the commercialization of related solutions. This will include quantum key distribution (QKD) systems, control systems for quantum processors, ultra-accurate time synchronization systems based on White Rabbit technology and cameras.

“By spinning off the quantum business, we are creating a highly specialized and cohesive company that will stand out in the European technology landscape. Importantly, the new entity will be built on solid foundations – proven technological know-how, established business expertise and an existing client base within the quantum sector. It will also be eligible to apply for grants and research funding programs dedicated to SMEs. In addition to expanding access to external financing, the new company will be better positioned to attract investors, including strategic industry partners interested in quantum technologies. This opens up significant opportunities for pursuing new R&D projects and accelerating their commercialization,” comments Anna Kamińska, PhD, Director of the Quantum Systems Division at Creotech Instruments S.A.

Currently, Creotech Instruments is pursuing several key technology projects within the quantum segment, including:

White Rabbit time synchronization systems, used in applications requiring ultra-accurate time measurement;
Quantum key distribution (QKD) systems for both terrestrial and space applications – covering ground-based systems, satellite payloads, and ground stations;
Subsystems for quantum computers, supporting the development and commercialization of next-generation compute architectures;
High-sensitivity, high-speed cameras for advanced research applications;
Specialized solutions for scientific institutions (including CERN), based on the know-how gained through the development of these technologies.

The product lines within the quantum segment are expanding rapidly and are seeing growing market interest. A notable example is the successful delivery of a project in partnership with Orange, involving the provision of White Rabbit-based time synchronization technology, achieving atomic clock precision with sub-nanosecond accuracy. This project provides a strong commercial reference that opens the door to securing additional contracts.

In the short term (within the next two years), the company expects to see increased revenues from the deployment of quantum key distribution systems and industrial-grade time synchronization solutions. In the longer term (within four years), as the quantum computing market matures and space-based QKD systems are launched, the newly formed company plans to expand its strategic product portfolio. The goal is for it to become a leading player in the European Union market.

Quantum business to be listed on the Warsaw Stock Exchange

As part of the planned spinoff, Creotech Instruments’ shareholders will be allocated shares in the newly formed quantum company on a pro rata basis, corresponding to their existing shareholdings. The allocation will be carried out through a public offering, requiring the preparation of a prospectus by the new entity and its approval by the Polish Financial Supervision Authority (KNF).

“We are at the beginning of the process aimed at completing the spin-off and listing the shares of the new quantum company on the Warsaw Stock Exchange. Assuming that the prospectus review by the KNF and the necessary corporate approvals proceed without delay, and that the spinoff proposal is approved by Creotech Instruments’ General Meeting, our intention is to finalize the separation around the turn of 2025 and 2026. Naturally, we will keep the market informed every step of the way and I encourage all stakeholders to follow our current reports closely,” adds Grzegorz Brona, PhD, President of the Management Board (CEO) of Creotech Instruments S.A.

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