FTE Grupa Forte Giełda Papierów Wartościowych w Warszawie · annual · publ. June 25, 2026

FY 2025 report

Przychody Grupy wzrosly o 9,8% r/r do 1 209,4 mln zl mimo dekoniunktury w branzy meblowej, glownie dzieki eksportowi (74% sprzedazy) i wzrostowi wolumenu sprzedazy plyty (+55% r/r) przez spolke zalezna Tanne.

Sentiment

Cautious No guidance change

Website

FTE FY 2025 report

Revenue

1.21 bn PLN

— YoY

Net income

21.38 m PLN

— YoY

EBITDA

110.25 m PLN

— YoY

Gross margin

33.3%

— YoY

Summary

Investment thesis

Wzrost sprzedazy zostal jednak kupiony nizsza marza (brutto -1,7 p.p. do 33,3%) i szybciej rosnacymi kosztami sprzedazy (+12,9%), co doprowadzilo do spadku EBIT o 24,7% i EBITDA o 13,4%.
Zysk netto spadl az o 57,2% (do 21,4 mln zl), glownie z powodu skoku efektywnej stopy podatkowej do ok. 48% - Jednostka Dominujaca spisala aktywo na podatek odroczony (9,96 mln zl) z powodu ryzyka niewykorzystania strat podatkowych z lat ubieglych.
Reklasyfikacja ok. 253 mln zl kredytu bankowego z dlugoterminowego na krotkoterminowy (zapadalnosc 31.03.2027) drastycznie pogorszyla wskazniki plynnosci na dzien bilansowy, ale proces refinansowania jest juz zaawansowany (wybrano oferte PKO BP + ING Bank Slaski, podpisanie planowane lipiec 2026).
Zobowiazania ogolem Grupy faktycznie spadly o 10,1% r/r, a spolka dobrowolnie nadplacila kredyty na 60,8 mln zl - sygnal realnej dyscypliny finansowej mimo slabszego wyniku netto.

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Financials

BETA

FY 2025

FTE · FY 2025

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

Revenue	1,209.36	—	—	reported	—	1.00
Gross profit	402.79	—	—	reported	—	1.00
EBITDA	110.25	—	—	reported	—	1.00
EBIT	53.84	—	—	reported	—	1.00
EBT	40.92	—	—	reported	—	1.00
Net income	21.38	—	—	reported	—	1.00
D&A	56.41	—	—	derived	—	0.80
Interest expense	9.87	—	—	reported	—	0.90
Income tax	19.54	—	—	derived	—	0.80

Gross margin	33.3%	—	—	reported	—	1.00
EBITDA margin	9.12%	—	—	derived	—	0.90
EBIT margin	4.45%	—	—	derived	—	0.90
Net margin	1.8%	—	—	reported	—	1.00

Equity	877.75	—	—	reported	—	1.00
Total assets	1,373.01	—	—	reported	—	1.00
Working capital	107.63	—	—	reported	—	1.00
Current assets	548.69	—	—	reported	—	0.90
Current liabilities	441.07	—	—	reported	—	1.00
Non-current liabilities	54.19	—	—	reported	—	1.00

ROE	2.4%	—	—	reported	—	0.80
ROA	1.6%	—	—	reported	—	0.80

Current ratio	1.24x	—	—	derived	—	0.60

Revenue growth (YoY)	9.8%	—	—	reported	—	1.00
EBITDA growth (YoY)	-13.4%	—	—	reported	—	1.00
EBIT growth (YoY)	-24.7%	—	—	reported	—	1.00
Net income growth (YoY)	-57.2%	—	—	reported	—	1.00
Gross margin Δ (YoY)	-1.7 pp	—	—	derived	—	1.00
Net margin Δ (YoY)	-2.7 pp	—	—	derived	—	1.00

FY 2025 · Δ YoY

Revenue

1,209.36 —

FY 2024: —

Gross profit

402.79 —

FY 2024: —

EBITDA

110.25 —

FY 2024: —

EBIT

53.84 —

FY 2024: —

EBT

40.92 —

FY 2024: —

Net income

21.38 —

FY 2024: —

D&A

56.41 —

FY 2024: —

Interest expense

9.87 —

FY 2024: —

Income tax

19.54 —

FY 2024: —

Gross margin

33.3% —

FY 2024: —

EBITDA margin

9.12% —

FY 2024: —

EBIT margin

4.45% —

FY 2024: —

Net margin

1.8% —

FY 2024: —

Equity

877.75 —

FY 2024: —

Total assets

1,373.01 —

FY 2024: —

Working capital

107.63 —

FY 2024: —

Current assets

548.69 —

FY 2024: —

Current liabilities

441.07 —

FY 2024: —

Non-current liabilities

54.19 —

FY 2024: —

ROE

2.4% —

FY 2024: —

ROA

1.6% —

FY 2024: —

Current ratio

1.24x —

FY 2024: —

Revenue growth (YoY)

9.8% —

FY 2024: —

EBITDA growth (YoY)

-13.4% —

FY 2024: —

EBIT growth (YoY)

-24.7% —

FY 2024: —

Net income growth (YoY)

-57.2% —

FY 2024: —

Gross margin Δ (YoY)

-1.7 pp —

FY 2024: —

Net margin Δ (YoY)

-2.7 pp —

FY 2024: —