KOR KORBANK NewConnect · annual · publ. June 01, 2026

FY 2025 report

Stabilny operator telekomunikacyjny z Wrocławia (internet B2B/B2O, IPTV AVIOS, Data Center): przychody +4,1% do 43,2 mln zł, ale zysk netto +41,5% do 5,49 mln zł dzięki niższym kosztom odsetek i wyższej marży operacyjnej.

Sentiment

Positive No guidance change

Website

KOR FY 2025 report

Revenue

43,197,470 PLN

— YoY

Net income

5,485,388 PLN

— YoY

EBITDA

9,543,326 PLN

— YoY

Net debt / EBITDA

1.23x

— YoY

Summary

Investment thesis

Mocna generacja gotówki: EBITDA 9,5 mln zł (marża 22%), OCF 7,4 mln zł, FCF 3,2 mln zł po CAPEX 4,1 mln zł; dług netto / EBITDA około 1,2x.
Bilans umacnia się: kapitał własny +23% do 45,7 mln zł, dług z kredytów spadł o 2,5 mln zł do 18,9 mln zł (spłaty 2,53 mln zł rocznie), gotówka 7,1 mln zł.
Jakość zysku ma słabsze punkty: zapasy materiałów wzrosły ponad dwukrotnie (do 5,0 mln zł, cash drain 2,76 mln zł), a 68% należności handlowych jest przeterminowanych.
Kontrola należy do jednej osoby (Prezes: 88,7% głosów), spółki zależne nie są badane przez biegłego, a prezentacja przychodów od podmiotów powiązanych (11,2 mln zł) wymaga wyjaśnienia.

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Financials

BETA

FY 2025

KOR · FY 2025

Metric	FY 2025	FY 2024	Δ YoY	Value type	Segment	Conf.

Revenue	43,197,470	—	—	reported	—	1.00
EBITDA	9,543,326	—	—	derived	—	0.70
EBIT	7,014,774	—	—	reported	—	1.00
EBT	6,174,143	—	—	reported	—	1.00
Net income	5,485,388	—	—	reported	—	1.00
EPS (basic)	1.11	—	—	derived	—	0.70
D&A	2,528,552	—	—	reported	—	1.00
Interest expense	1,160,442	—	—	reported	—	1.00
Income tax	694,455	—	—	reported	—	1.00
Shares (basic) (units)	4,936,620	—	—	reported	—	1.00

EBITDA margin	29.62%	—	—	reported	—	0.70
EBIT margin	16.24%	—	—	derived	—	0.70
EBT margin	14.29%	—	—	derived	—	0.70
Net margin	15.37%	—	—	reported	—	0.70
D&A margin	5.85%	—	—	derived	—	0.70

Cash	7,142,347	—	—	reported	—	1.00
Total debt	18,886,167	—	—	reported	—	1.00
Net debt	11,743,819	—	—	derived	—	0.70
Equity	45,712,868	—	—	reported	—	1.00
Total assets	72,094,597	—	—	reported	—	1.00
Working capital	10,656,898	—	—	derived	—	0.70
Current assets	18,526,936	—	—	reported	—	1.00
Current liabilities	7,870,038	—	—	reported	—	1.00
Non-current liabilities	15,655,677	—	—	reported	—	1.00
Inventory	4,981,347	—	—	reported	—	1.00
Trade receivables	4,703,688	—	—	reported	—	1.00
Trade payables	3,495,936	—	—	reported	—	1.00

CFO	7,355,283	—	—	reported	—	1.00
CapEx	4,117,406	—	—	reported	—	1.00
FCF	3,237,876	—	—	derived	—	0.70
FCF conversion	33.92%	—	—	reported	—	0.80
CFO conversion	77.07%	—	—	derived	—	0.70

ROE	13.24%	—	—	derived	—	0.70
ROA	7.92%	—	—	derived	—	0.70
ROCE	10.92%	—	—	derived	—	0.70

Current ratio	2.35x	—	—	reported	—	1.00
Quick ratio	1.72x	—	—	derived	—	0.70
Cash ratio	0.91x	—	—	derived	—	0.70
Interest coverage	6.04x	—	—	derived	—	0.70

Net debt / EBITDA	1.23x	—	—	reported	—	0.90
Debt / equity	0.41x	—	—	derived	—	0.70
Debt / assets	0.26x	—	—	derived	—	0.70
Net debt / equity	0.26x	—	—	derived	—	0.70

Revenue growth (YoY)	6.8%	—	—	reported	—	1.00
EBITDA growth (YoY)	44.6%	—	—	reported	—	1.00
EBIT growth (YoY)	16.12%	—	—	reported	—	1.00
Net income growth (YoY)	187.15%	—	—	reported	—	1.00
EPS growth (YoY)	41.48%	—	—	derived	—	0.70
FCF growth (YoY)	-31.18%	—	—	reported	—	0.90
EBIT margin Δ (YoY)	1.67 pp	—	—	derived	—	0.70
Net margin Δ (YoY)	3.35 pp	—	—	derived	—	0.70

FY 2025 · Δ YoY

Revenue

43,197,470 —

FY 2024: —

EBITDA

9,543,326 —

FY 2024: —

EBIT

7,014,774 —

FY 2024: —

EBT

6,174,143 —

FY 2024: —

Net income

5,485,388 —

FY 2024: —

EPS (basic)

1.11 —

FY 2024: —

D&A

2,528,552 —

FY 2024: —

Interest expense

1,160,442 —

FY 2024: —

Income tax

694,455 —

FY 2024: —

Shares (basic) (units)

4,936,620 —

FY 2024: —

EBITDA margin

29.62% —

FY 2024: —

EBIT margin

16.24% —

FY 2024: —

EBT margin

14.29% —

FY 2024: —

Net margin

15.37% —

FY 2024: —

D&A margin

5.85% —

FY 2024: —

Cash

7,142,347 —

FY 2024: —

Total debt

18,886,167 —

FY 2024: —

Net debt

11,743,819 —

FY 2024: —

Equity

45,712,868 —

FY 2024: —

Total assets

72,094,597 —

FY 2024: —

Working capital

10,656,898 —

FY 2024: —

Current assets

18,526,936 —

FY 2024: —

Current liabilities

7,870,038 —

FY 2024: —

Non-current liabilities

15,655,677 —

FY 2024: —

Inventory

4,981,347 —

FY 2024: —

Trade receivables

4,703,688 —

FY 2024: —

Trade payables

3,495,936 —

FY 2024: —

CFO

7,355,283 —

FY 2024: —

CapEx

4,117,406 —

FY 2024: —

FCF

3,237,876 —

FY 2024: —

FCF conversion

33.92% —

FY 2024: —

CFO conversion

77.07% —

FY 2024: —

ROE

13.24% —

FY 2024: —

ROA

7.92% —

FY 2024: —

ROCE

10.92% —

FY 2024: —

Current ratio

2.35x —

FY 2024: —

Quick ratio

1.72x —

FY 2024: —

Cash ratio

0.91x —

FY 2024: —

Interest coverage

6.04x —

FY 2024: —

Net debt / EBITDA

1.23x —

FY 2024: —

Debt / equity

0.41x —

FY 2024: —

Debt / assets

0.26x —

FY 2024: —

Net debt / equity

0.26x —

FY 2024: —

Revenue growth (YoY)

6.8% —

FY 2024: —

EBITDA growth (YoY)

44.6% —

FY 2024: —

EBIT growth (YoY)

16.12% —

FY 2024: —

Net income growth (YoY)

187.15% —

FY 2024: —

EPS growth (YoY)

41.48% —

FY 2024: —

FCF growth (YoY)

-31.18% —

FY 2024: —

EBIT margin Δ (YoY)

1.67 pp —

FY 2024: —

Net margin Δ (YoY)

3.35 pp —

FY 2024: —