ZE PAK signs SMR deal while ZE PAK stock faces a PLN 18.00 offer

Published on 10/14/2026 at 07:12 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

ZE PAK signed an SMR deal for six 300 MW reactors on October 13, 2026. ZE PAK stock faces a PLN 18.00 offer for 17,299,636 shares.

Transition milestones and reporting

ZE PAK signed an SMR agreement covering six reactors with 1,800 MW on October 13, 2026.
First-half 2026 sales reached PLN 570.3 million, down from PLN 644.5 million a year earlier.
Argumenol plans to begin the tender offer process on November 3, 2026.

ZE PAK, PLZEPAK00012, Illustration mit AI erstellt.

ZE PAK signed an agreement with Synthos Green Energy on October 13, 2026, covering six BWRX-300 small modular reactors with total capacity of 1,800 MW, while ZE PAK stock faces a PLN 18.00 tender offer for 17,299,636 shares. StockWatch reported the SMR agreement and its planned structure.

Three dated transition milestones

On September 25, 2026, ZE PAK reported PLN 570.271 million in first-half sales, compared with PLN 644.469 million in the first half of 2025, alongside a PLN 53.550 million net loss attributable to shareholders versus PLN 79.573 million a year earlier, according to BiznesRadar. On October 2, 2026, Argumenol notified ZE PAK of its intention to offer PLN 18.00 per share for 17,299,636 shares, representing 34.04 percent of the share capital and voting rights, according to PAP MediaRoom. The October 13 SMR agreement is the latest milestone in the company's shift away from lignite generation.

What does the SMR deal add?

The project gives ZE PAK a potential role in a six-unit nuclear development at P?tnów, but the economics are staged rather than immediate. The land is to be transferred partly as a contribution and partly sold for up to PLN 300 million net, with payments planned from 2028 through 2030, while a put option could allow PAK SMR to sell its project stake for EUR 100 million if agreed milestones are met within five years of the special-purpose vehicle's formation, Parkiet reported on October 13, 2026.

The contrast with the half-year numbers is material: revenue declined 11.50 percent year over year, while the net loss narrowed by PLN 26.023 million. The report also showed PLN 119.822 million of net operating cash flow in the first half of 2026, compared with PLN 87.800 million in the first half of 2025, according to BiznesRadar. For investors, the SMR plan therefore adds a long-dated strategic option to a business still absorbing the financial effects of coal-sector transition.

Tender offer sets the next date

The tender offer process is expected to start on November 3, 2026, after review of the offer document by Poland's Financial Supervision Authority, according to PAP MediaRoom. If Argumenol reaches at least 95 percent of voting rights, it intends to pursue a squeeze-out and steps toward delisting.

ZE PAK's market capitalization was PLN 1.0 billion on October 13, 2026, while the 52-week range was PLN 15.50 to PLN 24.50. The further course of trading is shown by the continuously updated real-time quote of ZE PAK stock.