TLS TELESTRADA NewConnect · Annual · publ. June 01, 2026

FY 2025 report

Stabilny wzrost przychodów (+5,5% r/r) i EBIT (+4,7% r/r) w wielosegmentowym biznesie telekomunikacyjnym

Sentiment

Positive No guidance change

Website

TLS FY 2025 report

Revenue

57.14 m PLN

— YoY

Net income

7.74 m PLN

— YoY

EBITDA

10.61 m PLN

— YoY

Net debt / EBITDA

-0.47x

— YoY

Summary

Investment thesis

Zysk netto FY2025 zniekształcony jednorazową, niegotówkową stratą z przeszacowania akcji Cyfrowy Polsat (-567 tys. zł) – operacyjnie spółka rośnie zgodnie z trendem
Bilans w pełni bezdługowy, pozycja netto-cash, kapitał własny/aktywa na poziomie 79%
Rekordowy CAPEX (10,9 mln zł, 102,6% EBITDA) generuje ujemne FCF (-1,36 mln zł) – faza intensywnych inwestycji w infrastrukturę
Segment telefonii w zakładach karnych rośnie najszybciej (+25,3% r/r) i jest głównym motorem wzrostu grupy

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Financials

BETA

FY 2025

TLS · FY 2025

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

Revenue	57.14	—	—	reported	—	1.00
EBITDA	10.61	—	—	derived	—	0.90
EBIT	9.58	—	—	reported	—	1.00
Net income	7.74	—	—	reported	—	1.00
EPS (basic) (PLN)	3.81	—	—	reported	—	1.00
D&A	1.03	—	—	reported	—	1.00
Shares (basic) (m units)	2.03	—	—	reported	—	1.00

EBITDA margin	18.57%	—	—	derived	—	0.90
EBIT margin	16.77%	—	—	derived	—	0.90
Net margin	13.55%	—	—	derived	—	0.90

Cash	4.98	—	—	reported	—	1.00
Total debt	0	—	—	reported	—	1.00
Net debt	-4.98	—	—	derived	—	0.95
Equity	33.66	—	—	reported	—	1.00
Total assets	42.54	—	—	reported	—	1.00
Working capital	3.79	—	—	derived	—	0.95
Current assets	12.63	—	—	reported	—	1.00
Current liabilities	8.84	—	—	reported	—	1.00
Goodwill	0.88	—	—	reported	—	1.00

CFO	9.52	—	—	reported	—	1.00
CapEx	10.88	—	—	reported	—	1.00
FCF	-1.36	—	—	derived	—	0.95
FCF conversion	-12.83%	—	—	derived	—	0.85
CFO conversion	89.77%	—	—	derived	—	0.90
Dividends paid	0	—	—	reported	—	1.00
Buybacks	0	—	—	reported	—	1.00

ROE	25.98%	—	—	derived	—	0.90
ROA	21.27%	—	—	derived	—	0.90
ROCE	28.42%	—	—	derived	—	0.85

Current ratio	1.43x	—	—	derived	—	0.95
Quick ratio	1.41x	—	—	derived	—	0.90
Cash ratio	0.56x	—	—	derived	—	0.95

Net debt / EBITDA	-0.47x	—	—	derived	—	0.90
Debt / equity	0x	—	—	derived	—	1.00
Debt / assets	0x	—	—	derived	—	1.00
Net debt / equity	-0.15x	—	—	derived	—	0.90

Revenue growth (YoY)	5.48%	—	—	derived	—	0.95
EBITDA growth (YoY)	4.61%	—	—	derived	—	0.90
EBIT growth (YoY)	4.72%	—	—	derived	—	0.95
Net income growth (YoY)	-6.45%	—	—	derived	—	0.95
EPS growth (YoY)	-6.62%	—	—	derived	—	0.95
FCF growth (YoY)	74.71%	—	—	derived	—	0.85
EBITDA margin Δ (YoY)	-0.15 pp	—	—	derived	—	0.90
EBIT margin Δ (YoY)	-0.13 pp	—	—	derived	—	0.90
Net margin Δ (YoY)	-1.72 pp	—	—	derived	—	0.90

FY 2025 · Δ YoY

Revenue

57.14 —

FY 2024: —

EBITDA

10.61 —

FY 2024: —

EBIT

9.58 —

FY 2024: —

Net income

7.74 —

FY 2024: —

EPS (basic) (PLN)

3.81 —

FY 2024: —

D&A

1.03 —

FY 2024: —

Shares (basic) (m units)

2.03 —

FY 2024: —

EBITDA margin

18.57% —

FY 2024: —

EBIT margin

16.77% —

FY 2024: —

Net margin

13.55% —

FY 2024: —

Cash

4.98 —

FY 2024: —

Total debt

0 —

FY 2024: —

Net debt

-4.98 —

FY 2024: —

Equity

33.66 —

FY 2024: —

Total assets

42.54 —

FY 2024: —

Working capital

3.79 —

FY 2024: —

Current assets

12.63 —

FY 2024: —

Current liabilities

8.84 —

FY 2024: —

Goodwill

0.88 —

FY 2024: —

CFO

9.52 —

FY 2024: —

CapEx

10.88 —

FY 2024: —

FCF

-1.36 —

FY 2024: —

FCF conversion

-12.83% —

FY 2024: —

CFO conversion

89.77% —

FY 2024: —

Dividends paid

0 —

FY 2024: —

Buybacks

0 —

FY 2024: —

ROE

25.98% —

FY 2024: —

ROA

21.27% —

FY 2024: —

ROCE

28.42% —

FY 2024: —

Current ratio

1.43x —

FY 2024: —

Quick ratio

1.41x —

FY 2024: —

Cash ratio

0.56x —

FY 2024: —

Net debt / EBITDA

-0.47x —

FY 2024: —

Debt / equity

0x —

FY 2024: —

Debt / assets

0x —

FY 2024: —

Net debt / equity

-0.15x —

FY 2024: —

Revenue growth (YoY)

5.48% —

FY 2024: —

EBITDA growth (YoY)

4.61% —

FY 2024: —

EBIT growth (YoY)

4.72% —

FY 2024: —

Net income growth (YoY)

-6.45% —

FY 2024: —

EPS growth (YoY)

-6.62% —

FY 2024: —

FCF growth (YoY)

74.71% —

FY 2024: —

EBITDA margin Δ (YoY)

-0.15 pp —

FY 2024: —

EBIT margin Δ (YoY)

-0.13 pp —

FY 2024: —

Net margin Δ (YoY)

-1.72 pp —

FY 2024: —