FY 2025 report
Mała spółka NewConnect z modelu 'kup kamienicę - zrewitalizuj - sprzedaj' (program 'Sto Kamienic', cel: 100 projektów rewitalizacji do 2029 r.) plus selektywne nieruchomości komercyjne dla sieci handlowych (Biedronka, McDonald's).
Sentiment
Cautious
No guidance change
ISD
FY 2025 report
Revenue
16.76 m PLN
— YoY
Net income
-0.88 m PLN
— YoY
EBITDA
-2.3 m PLN
— YoY
Net debt / EBITDA
-7.36x
— YoY
Summary
Investment thesis
- Przychody grupy wzrosły o 35,3% r/r (12,39 mln -> 16,76 mln PLN), ale wynik netto zmienił się z zysku (+0,36 mln PLN) na stratę (-0,88 mln PLN) - pierwsza strata netto grupy w analizowanym okresie.
- Zarząd tłumaczy stratę deliberatną 'transformacją organizacyjną' - rozbudową zespołu inwestycyjno-sprzedażowego oraz kosztami przygotowania nowych projektów (Warszawa, Rekowo Górne), których przychody mają być rozpoznane dopiero w 2026 r.
- W bilansie po raz pierwszy pojawia się zadłużenie długoterminowe (3,17 mln PLN, z 0 rok wcześniej) - rosnąca skala finansowania dłużnego przy ujemnym EBIT (pokrycie odsetek -2,45x).
- Brak w przekazanym pakiecie dokumentów osobnej opinii biegłego rewidenta dot. skonsolidowanego sprawozdania finansowego, mimo że formularz wskazuje obowiązek badania grupy - wymaga wyjaśnienia.
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Financials
BETA
ISD · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 16.76 | — | — | reported | — | 1.00 |
| EBITDA | -2.3 | — | — | adjusted | — | 0.70 |
| EBIT | -0.99 | — | — | reported | — | 1.00 |
| EBT | -0.87 | — | — | reported | — | 1.00 |
| Net income | -0.88 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.07 | — | — | adjusted | — | 0.90 |
| D&A | 0 | — | — | reported | — | 1.00 |
| Interest expense | 0.4 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 12.09 | — | — | reported | — | 1.00 |
| EBITDA margin | -5.89% | — | — | reported | — | 0.90 |
| EBIT margin | -5.9% | — | — | reported | — | 1.00 |
| EBT margin | -104.45% | — | — | reported | — | 1.00 |
| Net margin | -5.26% | — | — | reported | — | 1.00 |
| Cash | 0.79 | — | — | reported | — | 1.00 |
| Total debt | 8.05 | — | — | reported | — | 0.70 |
| Net debt | 3.4 | — | — | adjusted | — | 0.60 |
| Equity | 5.06 | — | — | reported | — | 1.00 |
| Total assets | 20.32 | — | — | reported | — | 1.00 |
| Working capital (PLN) | 3.76 | — | — | reported | — | 1.00 |
| Current assets | 16.86 | — | — | reported | — | 1.00 |
| Current liabilities | 9.83 | — | — | reported | — | 1.00 |
| Goodwill | 0 | — | — | reported | — | 1.00 |
| CFO | -1.4 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | -5.38 | — | — | adjusted | — | 0.90 |
| FCF conversion | 234.02% | — | — | reported | — | 0.50 |
| CFO conversion | 234.02% | — | — | reported | — | 0.50 |
| ROE | -16.11% | — | — | reported | — | 0.90 |
| ROA | -4.47% | — | — | reported | — | 0.90 |
| ROCE | -9.42% | — | — | reported | — | 0.90 |
| Current ratio | 1.72x | — | — | reported | — | 1.00 |
| Quick ratio | 1x | — | — | reported | — | 0.90 |
| Cash ratio | 0.08x | — | — | reported | — | 1.00 |
| Interest coverage | -2.45x | — | — | reported | — | 1.00 |
| Net debt / EBITDA | -7.36x | — | — | reported | — | 0.40 |
| Debt / equity | 1.59x | — | — | reported | — | 0.70 |
| Debt / assets | 39.62% | — | — | reported | — | 0.70 |
| Net debt / equity | 1.43x | — | — | reported | — | 0.70 |
| Revenue growth (YoY) | 35.29% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -1047.38% | — | — | reported | — | 0.60 |
| EBIT growth (YoY) | -1047.38% | — | — | reported | — | 0.60 |
| Net income growth (YoY) | -343.31% | — | — | reported | — | 0.70 |
| EPS growth (YoY) | -343.3% | — | — | reported | — | 0.70 |
FY 2025 · Δ YoY
Revenue
16.76
—
16.76
—
- FY 2024
- —
EBITDA
-2.3
—
-2.3
—
- FY 2024
- —
EBIT
-0.99
—
-0.99
—
- FY 2024
- —
EBT
-0.87
—
-0.87
—
- FY 2024
- —
Net income
-0.88
—
-0.88
—
- FY 2024
- —
EPS (basic)
(PLN)
-0.07
—
-0.07
—
- FY 2024
- —
D&A
0
—
0
—
- FY 2024
- —
Interest expense
0.4
—
0.4
—
- FY 2024
- —
Shares (basic)
(m units)
12.09
—
12.09
—
- FY 2024
- —
EBITDA margin
-5.89%
—
-5.89%
—
- FY 2024
- —
EBIT margin
-5.9%
—
-5.9%
—
- FY 2024
- —
EBT margin
-104.45%
—
-104.45%
—
- FY 2024
- —
Net margin
-5.26%
—
-5.26%
—
- FY 2024
- —
Cash
0.79
—
0.79
—
- FY 2024
- —
Total debt
8.05
—
8.05
—
- FY 2024
- —
Net debt
3.4
—
3.4
—
- FY 2024
- —
Equity
5.06
—
5.06
—
- FY 2024
- —
Total assets
20.32
—
20.32
—
- FY 2024
- —
Working capital
(PLN)
3.76
—
3.76
—
- FY 2024
- —
Current assets
16.86
—
16.86
—
- FY 2024
- —
Current liabilities
9.83
—
9.83
—
- FY 2024
- —
Goodwill
0
—
0
—
- FY 2024
- —
CFO
-1.4
—
-1.4
—
- FY 2024
- —
CapEx
0
—
0
—
- FY 2024
- —
FCF
-5.38
—
-5.38
—
- FY 2024
- —
FCF conversion
234.02%
—
234.02%
—
- FY 2024
- —
CFO conversion
234.02%
—
234.02%
—
- FY 2024
- —
ROE
-16.11%
—
-16.11%
—
- FY 2024
- —
ROA
-4.47%
—
-4.47%
—
- FY 2024
- —
ROCE
-9.42%
—
-9.42%
—
- FY 2024
- —
Current ratio
1.72x
—
1.72x
—
- FY 2024
- —
Quick ratio
1x
—
1x
—
- FY 2024
- —
Cash ratio
0.08x
—
0.08x
—
- FY 2024
- —
Interest coverage
-2.45x
—
-2.45x
—
- FY 2024
- —
Net debt / EBITDA
-7.36x
—
-7.36x
—
- FY 2024
- —
Debt / equity
1.59x
—
1.59x
—
- FY 2024
- —
Debt / assets
39.62%
—
39.62%
—
- FY 2024
- —
Net debt / equity
1.43x
—
1.43x
—
- FY 2024
- —
Revenue growth (YoY)
35.29%
—
35.29%
—
- FY 2024
- —
EBITDA growth (YoY)
-1047.38%
—
-1047.38%
—
- FY 2024
- —
EBIT growth (YoY)
-1047.38%
—
-1047.38%
—
- FY 2024
- —
Net income growth (YoY)
-343.31%
—
-343.31%
—
- FY 2024
- —
EPS growth (YoY)
-343.3%
—
-343.3%
—
- FY 2024
- —