FY 2025 report
Grupa po raz pierwszy od otwarcia sanacji w 2020 r. zamknela rok obrotowy dodatnim zyskiem netto (3,1 mln zl) dzieki skokowej poprawie marzy brutto (+1,97 p.p. do 13,68%), a nie tylko wzrostowi sprzedazy (+2,8%).
Sentiment
Cautious
No guidance change
KOM
FY 2025 report
Revenue
1.75 bn PLN
— YoY
Net income
3.07 m PLN
— YoY
EBITDA
35 m PLN
— YoY
Gross margin
13.68%
— YoY
Summary
Investment thesis
- Terminowa splata ok. 71% zobowiazan ukladowych (ok. 112 z ok. 154 mln zl) na koniec kwietnia 2026 r. i pozyskanie inwestora (emisja akcji serii G) wzmacniaja wiarygodnosc wobec wierzycieli i dostawcow.
- Wolne przeplywy pieniezne pozostaja w praktyce zerowe (ok. -0,8 mln zl), bo cala poprawa operacyjna zostala wchloniena przez odbudowe zapasow (+19,3% r/r) - poprawa ksiegowa wyprzedza jeszcze poprawe gotowkowa.
- Efektywna stopa podatkowa skoczyla do ok. 43% z ok. 3% rok wczesniej, co obnizylo przelozenie poprawy operacyjnej na wynik netto - przyczyna niewyjasniona w dostepnych materialach.
- Trzy nierozstrzygniete spory sadowe zwiazane z budowa szpitali (Krotoszyn, Slupca) na laczna kwote rzedu 57 mln zl roszczen pozostaja realnym, choc czesciowo ograniczonym przez warunki ukladu, zrodlem niepewnosci.
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Financials
BETA
KOM · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 1,747.74 | — | — | reported | — | 1.00 |
| Gross profit | 238.2 | — | — | reported | — | 0.90 |
| EBITDA | 35 | — | — | reported | — | 0.90 |
| EBIT | 16.47 | — | — | reported | — | 1.00 |
| EBT | 5.4 | — | — | reported | — | 1.00 |
| Net income | 3.07 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.3 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.3 | — | — | reported | — | 1.00 |
| D&A | 18.53 | — | — | derived | — | 0.70 |
| Income tax | 2.33 | — | — | derived | — | 0.70 |
| Shares (basic) (m units) | 10.77 | — | — | reported | — | 0.60 |
| Gross margin | 13.68% | — | — | reported | — | 1.00 |
| EBITDA margin | 2% | — | — | derived | — | 0.90 |
| EBIT margin | 0.94% | — | — | derived | — | 0.90 |
| Net margin | 0.18% | — | — | derived | — | 0.90 |
| Cash | 11.3 | — | — | reported | — | 1.00 |
| Equity | 247.71 | — | — | reported | — | 1.00 |
| Total assets | 497.7 | — | — | reported | — | 1.00 |
| Working capital | 150.39 | — | — | derived | — | 0.90 |
| Current assets | 352.33 | — | — | reported | — | 1.00 |
| Current liabilities | 201.94 | — | — | reported | — | 1.00 |
| Non-current liabilities | 48.05 | — | — | reported | — | 1.00 |
| Inventory | 195.67 | — | — | reported | — | 1.00 |
| Trade receivables | 108.83 | — | — | reported | — | 1.00 |
| CFO | 11.97 | — | — | reported | — | 1.00 |
| CapEx | 12.73 | — | — | reported | — | 1.00 |
| FCF | -0.76 | — | — | derived | — | 0.90 |
| ROE | 1.26% | — | — | derived | — | 0.60 |
| ROA | 0.64% | — | — | derived | — | 0.60 |
| Current ratio | 1.75x | — | — | derived | — | 0.90 |
| Quick ratio | 0.78x | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | 2.83% | — | — | derived | — | 1.00 |
| EBITDA growth (YoY) | 215.32% | — | — | derived | — | 0.80 |
| EBIT growth (YoY) | 354.13% | — | — | derived | — | 0.80 |
| Net income growth (YoY) | 119.62% | — | — | derived | — | 0.80 |
| EPS growth (YoY) | 118.75% | — | — | derived | — | 0.80 |
| Gross margin Δ (YoY) | 1.97 pp | — | — | derived | — | 1.00 |
FY 2025 · Δ YoY
Revenue
1,747.74
—
1,747.74
—
- FY 2024
- —
Gross profit
238.2
—
238.2
—
- FY 2024
- —
EBITDA
35
—
35
—
- FY 2024
- —
EBIT
16.47
—
16.47
—
- FY 2024
- —
EBT
5.4
—
5.4
—
- FY 2024
- —
Net income
3.07
—
3.07
—
- FY 2024
- —
EPS (basic)
(PLN)
0.3
—
0.3
—
- FY 2024
- —
EPS (diluted)
(PLN)
0.3
—
0.3
—
- FY 2024
- —
D&A
18.53
—
18.53
—
- FY 2024
- —
Income tax
2.33
—
2.33
—
- FY 2024
- —
Shares (basic)
(m units)
10.77
—
10.77
—
- FY 2024
- —
Gross margin
13.68%
—
13.68%
—
- FY 2024
- —
EBITDA margin
2%
—
2%
—
- FY 2024
- —
EBIT margin
0.94%
—
0.94%
—
- FY 2024
- —
Net margin
0.18%
—
0.18%
—
- FY 2024
- —
Cash
11.3
—
11.3
—
- FY 2024
- —
Equity
247.71
—
247.71
—
- FY 2024
- —
Total assets
497.7
—
497.7
—
- FY 2024
- —
Working capital
150.39
—
150.39
—
- FY 2024
- —
Current assets
352.33
—
352.33
—
- FY 2024
- —
Current liabilities
201.94
—
201.94
—
- FY 2024
- —
Non-current liabilities
48.05
—
48.05
—
- FY 2024
- —
Inventory
195.67
—
195.67
—
- FY 2024
- —
Trade receivables
108.83
—
108.83
—
- FY 2024
- —
CFO
11.97
—
11.97
—
- FY 2024
- —
CapEx
12.73
—
12.73
—
- FY 2024
- —
FCF
-0.76
—
-0.76
—
- FY 2024
- —
ROE
1.26%
—
1.26%
—
- FY 2024
- —
ROA
0.64%
—
0.64%
—
- FY 2024
- —
Current ratio
1.75x
—
1.75x
—
- FY 2024
- —
Quick ratio
0.78x
—
0.78x
—
- FY 2024
- —
Revenue growth (YoY)
2.83%
—
2.83%
—
- FY 2024
- —
EBITDA growth (YoY)
215.32%
—
215.32%
—
- FY 2024
- —
EBIT growth (YoY)
354.13%
—
354.13%
—
- FY 2024
- —
Net income growth (YoY)
119.62%
—
119.62%
—
- FY 2024
- —
EPS growth (YoY)
118.75%
—
118.75%
—
- FY 2024
- —
Gross margin Δ (YoY)
1.97 pp
—
1.97 pp
—
- FY 2024
- —