ENE Centrum Medyczne ENEL-MED Giełda Papierów Wartościowych w Warszawie · annual · publ. June 24, 2026

FY 2025 report

Przychody wzrosły o 16% r/r do 854,3 mln zł, z wyrównanym wzrostem we wszystkich liniach usługowych (stomatologia +18%, rehabilitacja +17%, przychodnie +16%).

Sentiment

Positive No guidance change

Website

ENE FY 2025 report

Revenue

854.27 m PLN

— YoY

Net income

12.89 m PLN

— YoY

EBITDA

105.44 m PLN

— YoY

Gross margin

9.32%

— YoY

Summary

Investment thesis

Zysk netto nominalnie spadł (12,9 mln zł z 14,6 mln zł), ale w całości tłumaczy to jednorazowy dodatni efekt księgowy w Q3 2024 (5 mln zł z wygaśnięcia umów najmu przy połączeniu z Enel Invest) — po oczyszczeniu rentowność była zbliżona r/r.
Bardzo wysoka jakość zysku: przepływy operacyjne (109,6 mln zł) przewyższają zarówno EBITDA (105,4 mln zł), jak i zysk netto blisko dziewięciokrotnie.
Zadłużenie oprocentowane wzrosło do 341,5 mln zł (z 275,0 mln zł), niemal w całości (ok. 94%) to zobowiązania leasingowe MSSF 16 związane z rozbudową sieci placówek, nie dług bankowy — dług netto/EBITDA wzrósł do ok. 2,9x.
CAPEX skoczył o 73% r/r (77,6 mln zł) w związku z uruchomieniem Centrum Zdrowia i Profilaktyki Onkologicznej, co ścięło wolne przepływy pieniężne o 45% r/r mimo rosnącego CFO.

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Financials

BETA

FY 2025

ENE · FY 2025

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

Revenue	854.27	—	—	reported	—	1.00
Gross profit	79.65	—	—	reported	—	1.00
EBITDA	105.44	—	—	derived	—	0.70
EBIT	23.81	—	—	reported	—	1.00
EBT	16.31	—	—	reported	—	1.00
Net income	12.89	—	—	reported	—	1.00
EPS (basic) (PLN)	0.46	—	—	reported	—	1.00
EPS (diluted) (PLN)	0.46	—	—	reported	—	1.00
D&A	81.63	—	—	reported	—	1.00
Interest expense	10.17	—	—	reported	—	1.00
Income tax	3.42	—	—	reported	—	1.00
Shares (basic) (m units)	28.28	—	—	reported	—	1.00
Shares (diluted) (m units)	28.28	—	—	reported	—	0.70

Gross margin	9.32%	—	—	derived	—	0.70
EBITDA margin	12.34%	—	—	derived	—	0.70
EBIT margin	2.79%	—	—	derived	—	0.70
EBT margin	1.91%	—	—	derived	—	0.70
Net margin	1.51%	—	—	derived	—	0.70
D&A margin	9.56%	—	—	derived	—	0.70

Cash	33.67	—	—	reported	—	1.00
Total debt	341.52	—	—	reported	—	1.00
Net debt	307.85	—	—	derived	—	0.70
Equity	185.83	—	—	reported	—	1.00
Total assets	638.83	—	—	reported	—	1.00
Working capital	-65.39	—	—	derived	—	0.70
Current assets	100.07	—	—	reported	—	1.00
Current liabilities	165.46	—	—	reported	—	1.00
Non-current liabilities	287.55	—	—	reported	—	1.00
Inventory	4.43	—	—	reported	—	1.00
Trade receivables	60.29	—	—	reported	—	0.70
Trade payables	103.31	—	—	reported	—	0.70
Goodwill	20.77	—	—	reported	—	1.00
Tangible equity	165.06	—	—	derived	—	0.70

CFO	109.56	—	—	reported	—	1.00
CapEx	77.6	—	—	reported	—	1.00
FCF	31.96	—	—	derived	—	0.70
FCF conversion	30.32%	—	—	derived	—	0.70
CFO conversion	103.91%	—	—	derived	—	0.70

ROE	7.19%	—	—	derived	—	0.70
ROA	2.19%	—	—	derived	—	0.70
ROIC	3.91%	—	—	derived	—	0.70
ROCE	5.03%	—	—	derived	—	0.70

Current ratio	0.61x	—	—	derived	—	0.70
Quick ratio	0.58x	—	—	derived	—	0.70
Cash ratio	0.2x	—	—	derived	—	0.70
Interest coverage	2.34x	—	—	derived	—	0.70

Net debt / EBITDA	2.92x	—	—	derived	—	0.70
Debt / equity	1.84x	—	—	derived	—	0.70
Debt / assets	0.54x	—	—	derived	—	0.70
Net debt / equity	1.66x	—	—	derived	—	0.70

Revenue growth (YoY)	16.13%	—	—	derived	—	0.70
EBITDA growth (YoY)	1.96%	—	—	derived	—	0.70
EBIT growth (YoY)	-14.81%	—	—	derived	—	0.70
Net income growth (YoY)	-11.75%	—	—	derived	—	0.70
EPS growth (YoY)	-11.54%	—	—	derived	—	0.70
FCF growth (YoY)	-45.2%	—	—	derived	—	0.70
Gross margin Δ (YoY)	1.37 pp	—	—	derived	—	0.70
EBITDA margin Δ (YoY)	-1.72 pp	—	—	derived	—	0.70
EBIT margin Δ (YoY)	-1.01 pp	—	—	derived	—	0.70
Net margin Δ (YoY)	-0.48 pp	—	—	derived	—	0.70

FY 2025 · Δ YoY

Revenue

854.27 —

FY 2024: —

Gross profit

79.65 —

FY 2024: —

EBITDA

105.44 —

FY 2024: —

EBIT

23.81 —

FY 2024: —

EBT

16.31 —

FY 2024: —

Net income

12.89 —

FY 2024: —

EPS (basic) (PLN)

0.46 —

FY 2024: —

EPS (diluted) (PLN)

0.46 —

FY 2024: —

D&A

81.63 —

FY 2024: —

Interest expense

10.17 —

FY 2024: —

Income tax

3.42 —

FY 2024: —

Shares (basic) (m units)

28.28 —

FY 2024: —

Shares (diluted) (m units)

28.28 —

FY 2024: —

Gross margin

9.32% —

FY 2024: —

EBITDA margin

12.34% —

FY 2024: —

EBIT margin

2.79% —

FY 2024: —

EBT margin

1.91% —

FY 2024: —

Net margin

1.51% —

FY 2024: —

D&A margin

9.56% —

FY 2024: —

Cash

33.67 —

FY 2024: —

Total debt

341.52 —

FY 2024: —

Net debt

307.85 —

FY 2024: —

Equity

185.83 —

FY 2024: —

Total assets

638.83 —

FY 2024: —

Working capital

-65.39 —

FY 2024: —

Current assets

100.07 —

FY 2024: —

Current liabilities

165.46 —

FY 2024: —

Non-current liabilities

287.55 —

FY 2024: —

Inventory

4.43 —

FY 2024: —

Trade receivables

60.29 —

FY 2024: —

Trade payables

103.31 —

FY 2024: —

Goodwill

20.77 —

FY 2024: —

Tangible equity

165.06 —

FY 2024: —

CFO

109.56 —

FY 2024: —

CapEx

77.6 —

FY 2024: —

FCF

31.96 —

FY 2024: —

FCF conversion

30.32% —

FY 2024: —

CFO conversion

103.91% —

FY 2024: —

ROE

7.19% —

FY 2024: —

ROA

2.19% —

FY 2024: —

ROIC

3.91% —

FY 2024: —

ROCE

5.03% —

FY 2024: —

Current ratio

0.61x —

FY 2024: —

Quick ratio

0.58x —

FY 2024: —

Cash ratio

0.2x —

FY 2024: —

Interest coverage

2.34x —

FY 2024: —

Net debt / EBITDA

2.92x —

FY 2024: —

Debt / equity

1.84x —

FY 2024: —

Debt / assets

0.54x —

FY 2024: —

Net debt / equity

1.66x —

FY 2024: —

Revenue growth (YoY)

16.13% —

FY 2024: —

EBITDA growth (YoY)

1.96% —

FY 2024: —

EBIT growth (YoY)

-14.81% —

FY 2024: —

Net income growth (YoY)

-11.75% —

FY 2024: —

EPS growth (YoY)

-11.54% —

FY 2024: —

FCF growth (YoY)

-45.2% —

FY 2024: —

Gross margin Δ (YoY)

1.37 pp —

FY 2024: —

EBITDA margin Δ (YoY)

-1.72 pp —

FY 2024: —

EBIT margin Δ (YoY)

-1.01 pp —

FY 2024: —

Net margin Δ (YoY)

-0.48 pp —

FY 2024: —