THD THE DUST NewConnect · Annual · publ. May 29, 2026

FY 2025 report

Sprawozdanie jednostkowe The Dust S.A. pokazuje spolke holdingowa bez pracownikow generujaca 238 tys. PLN przychodow wewnatrzgrupowych

Sentiment

Cautious No guidance change

Website

THD FY 2025 report

Revenue

951,374 PLN

— YoY

Net income

-33,130 PLN

— YoY

EBITDA

494,561 PLN

— YoY

FCF

-221,736 PLN

— YoY

Summary

Investment thesis

Pozornie dobry wynik jednostkowy (zysk netto +190 tys., kapital wlasny +966 tys.) jest mylacy wobec skonsolidowanego obrazu (-565 tys. kapital dominujacej, strata Grupy)
CFI -714 tys. PLN sfinansowane wylacznie ze srodkow emisji akcji serii H (5M Square 1 mln PLN) - bez emisji nie mozna bylo nabyc Vixa Games
Po spin-offie Ovid Works (04.05.2026) spolka matka traci glowne aktywo; wartosc udzialow w Ovid wyksiegowana z bilansu jednostkowego
Decyzje inwestycyjne powinny opierac sie wylacznie na raporcie skonsolidowanym - raport jednostkowy jest uzupelniajacy

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Financials

BETA

FY 2025

THD · FY 2025

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

Revenue	951,374	—	—	reported	—	—
Revenue jednostkowe	238,165	—	—	reported	jednostkowe	—
EBITDA	494,561	—	—	reported	—	—
EBIT	-292,738	—	—	reported	—	—
EBIT jednostkowe	203,282	—	—	reported	jednostkowe	—
Net income	-33,130	—	—	reported	—	—
Net income jednostkowe	189,715	—	—	reported	jednostkowe	—
D&A	787,299	—	—	reported	—	—
Interest expense	18,723	—	—	reported	—	—

EBITDA margin	51.98%	—	—	reported	—	—
EBIT margin	-30.77%	—	—	reported	—	—
EBIT margin jednostkowe	85.35%	—	—	reported	jednostkowe	—
Net margin	-3.48%	—	—	reported	—	—
Net margin jednostkowe	79.66%	—	—	reported	jednostkowe	—

Net debt	41,829	—	—	derived	—	—
Total assets	3,590,089	—	—	reported	—	—
Total assets jednostkowe	1,343,183	—	—	reported	jednostkowe	—
Working capital	1,674,328	—	—	derived	—	—
Current assets	1,990,726	—	—	reported	—	—
Current liabilities	316,398	—	—	reported	—	—
Current liabilities jednostkowe	204,132	—	—	reported	jednostkowe	—

CFO	-221,736	—	—	reported	—	—
CFO jednostkowe	-366,795	—	—	reported	jednostkowe	—
CapEx	0	—	—	reported	—	—
FCF	-221,736	—	—	derived	—	—

Current ratio	6.29x	—	—	reported	—	—

Revenue growth (YoY)	-91.51%	—	—	reported	—	—
Net income growth (YoY)	97.8%	—	—	reported	—	—

FY 2025 · Δ YoY

Revenue

951,374 —

FY 2024: —

Revenue

jednostkowe

238,165 —

FY 2024: —

EBITDA

494,561 —

FY 2024: —

EBIT

-292,738 —

FY 2024: —

EBIT

jednostkowe

203,282 —

FY 2024: —

Net income

-33,130 —

FY 2024: —

Net income

jednostkowe

189,715 —

FY 2024: —

D&A

787,299 —

FY 2024: —

Interest expense

18,723 —

FY 2024: —

EBITDA margin

51.98% —

FY 2024: —

EBIT margin

-30.77% —

FY 2024: —

EBIT margin

jednostkowe

85.35% —

FY 2024: —

Net margin

-3.48% —

FY 2024: —

Net margin

jednostkowe

79.66% —

FY 2024: —

Net debt

41,829 —

FY 2024: —

Total assets

3,590,089 —

FY 2024: —

Total assets

jednostkowe

1,343,183 —

FY 2024: —

Working capital

1,674,328 —

FY 2024: —

Current assets

1,990,726 —

FY 2024: —

Current liabilities

316,398 —

FY 2024: —

Current liabilities

jednostkowe

204,132 —

FY 2024: —

CFO

-221,736 —

FY 2024: —

CFO

jednostkowe

-366,795 —

FY 2024: —

CapEx

0 —

FY 2024: —

FCF

-221,736 —

FY 2024: —

Current ratio

6.29x —

FY 2024: —

Revenue growth (YoY)

-91.51% —

FY 2024: —

Net income growth (YoY)

97.8% —

FY 2024: —