MLB MAKOLAB NewConnect · Annual · publ. May 29, 2026

FY 2025 report

Rentowna, rosnąca przychodowo (+4% r/r skonsolidowane) grupa usług IT/digital z ekspozycją na automotive (connected vehicles), sektor finansowy i lotniczy

Sentiment

Cautious No guidance change

Website

MLB FY 2025 report

Revenue

77,936.37 k PLN

— YoY

Net income

3,930.95 k PLN

— YoY

EBITDA

7,006.5 k PLN

— YoY

Gross margin

5.86%

— YoY

Summary

Investment thesis

Bardzo bezpieczny bilans: gotówka netto ~24 mln PLN (74% kapitału własnego), zero kredytów bankowych, płynność bieżąca 5,2x
Spadek zysku netto -17% r/r mimo wzrostu przychodów - niemal w całości efekt strat na różnicach kursowych (ekspozycja EUR, 67% przychodów eksportowych), nie erozji operacyjnej
Wysoka jakość zysku: FCF conversion ~97% EBITDA, OCF niemal trzykrotnie wyższy r/r dzięki poprawie ściągalności należności
Konserwatywna, rosnąca polityka dywidendowa (15 gr -> rekomendowane 22 gr/akcję), ale koncentracja klientów (68% przychodów jednostkowych z 2 obszarów) i akcjonariatu rodzinnego (53,6% głosów) to strukturalne ryzyka

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Financials

BETA

FY 2025

MLB · FY 2025

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

Revenue	77,936.37	—	—	reported	—	1.00
Gross profit (m PLN)	4.31	—	—	reported	—	0.95
EBITDA	7,006.5	—	—	reported	—	1.00
EBIT	6,185.98	—	—	reported	—	1.00
EBT	5,805.3	—	—	reported	—	1.00
Net income	3,930.95	—	—	reported	—	1.00
EPS (basic) (PLN)	0.56	—	—	reported	—	1.00
D&A	820.54	—	—	reported	—	1.00
Interest expense	79.91	—	—	reported	—	1.00
Shares (basic) (m units)	6.99	—	—	reported	—	1.00

Gross margin	5.86%	—	—	reported	—	0.95
EBITDA margin	8.99%	—	—	reported	—	1.00
EBIT margin	7.94%	—	—	reported	—	1.00
EBT margin	5.32%	—	—	reported	—	1.00
Net margin	5.04%	—	—	reported	—	1.00

Cash	25,038.48	—	—	reported	—	1.00
Total debt	1,147.49	—	—	reported	—	0.90
Net debt	-23,890.98	—	—	derived	—	0.90
Equity	32,532.78	—	—	reported	—	1.00
Total assets	47,997.01	—	—	reported	—	1.00
Working capital	35,576.2	—	—	derived	—	1.00
Current assets	43,985.25	—	—	reported	—	1.00
Current liabilities	8,409.05	—	—	reported	—	1.00

CFO	7,199.82	—	—	reported	—	1.00
CapEx	373.15	—	—	reported	—	1.00
FCF	6,826.67	—	—	derived	—	1.00
FCF conversion	97.43%	—	—	reported	—	1.00
CFO conversion	102.76%	—	—	reported	—	1.00
Dividends paid	1,048.05	—	—	reported	—	1.00

ROE	12.64%	—	—	reported	—	0.90
ROCE	12.39%	—	—	reported	—	0.90

Current ratio	5.23x	—	—	reported	—	1.00
Quick ratio	5.23x	—	—	reported	—	1.00
Cash ratio	2.98x	—	—	reported	—	1.00
Interest coverage	54.1x	—	—	reported	—	0.90

Net debt / EBITDA	-4.49x	—	—	reported	—	1.00
Debt / equity	0.04x	—	—	reported	—	0.90
Net debt / equity	-0.73x	—	—	reported	—	0.90

Revenue growth (YoY)	3.72%	—	—	reported	—	1.00
EBITDA growth (YoY)	-4.63%	—	—	reported	—	1.00
EBIT growth (YoY)	-0.21%	—	—	reported	—	1.00
Net income growth (YoY)	-17.29%	—	—	reported	—	1.00
EPS growth (YoY)	-17.65%	—	—	reported	—	1.00
Gross margin Δ (YoY)	-0.95 pp	—	—	reported	—	0.90
EBIT margin Δ (YoY)	-0.74 pp	—	—	reported	—	1.00
Net margin Δ (YoY)	-1.5 pp	—	—	reported	—	1.00

FY 2025 · Δ YoY

Revenue

77,936.37 —

FY 2024: —

Gross profit (m PLN)

4.31 —

FY 2024: —

EBITDA

7,006.5 —

FY 2024: —

EBIT

6,185.98 —

FY 2024: —

EBT

5,805.3 —

FY 2024: —

Net income

3,930.95 —

FY 2024: —

EPS (basic) (PLN)

0.56 —

FY 2024: —

D&A

820.54 —

FY 2024: —

Interest expense

79.91 —

FY 2024: —

Shares (basic) (m units)

6.99 —

FY 2024: —

Gross margin

5.86% —

FY 2024: —

EBITDA margin

8.99% —

FY 2024: —

EBIT margin

7.94% —

FY 2024: —

EBT margin

5.32% —

FY 2024: —

Net margin

5.04% —

FY 2024: —

Cash

25,038.48 —

FY 2024: —

Total debt

1,147.49 —

FY 2024: —

Net debt

-23,890.98 —

FY 2024: —

Equity

32,532.78 —

FY 2024: —

Total assets

47,997.01 —

FY 2024: —

Working capital

35,576.2 —

FY 2024: —

Current assets

43,985.25 —

FY 2024: —

Current liabilities

8,409.05 —

FY 2024: —

CFO

7,199.82 —

FY 2024: —

CapEx

373.15 —

FY 2024: —

FCF

6,826.67 —

FY 2024: —

FCF conversion

97.43% —

FY 2024: —

CFO conversion

102.76% —

FY 2024: —

Dividends paid

1,048.05 —

FY 2024: —

ROE

12.64% —

FY 2024: —

ROCE

12.39% —

FY 2024: —

Current ratio

5.23x —

FY 2024: —

Quick ratio

5.23x —

FY 2024: —

Cash ratio

2.98x —

FY 2024: —

Interest coverage

54.1x —

FY 2024: —

Net debt / EBITDA

-4.49x —

FY 2024: —

Debt / equity

0.04x —

FY 2024: —

Net debt / equity

-0.73x —

FY 2024: —

Revenue growth (YoY)

3.72% —

FY 2024: —

EBITDA growth (YoY)

-4.63% —

FY 2024: —

EBIT growth (YoY)

-0.21% —

FY 2024: —

Net income growth (YoY)

-17.29% —

FY 2024: —

EPS growth (YoY)

-17.65% —

FY 2024: —

Gross margin Δ (YoY)

-0.95 pp —

FY 2024: —

EBIT margin Δ (YoY)

-0.74 pp —

FY 2024: —

Net margin Δ (YoY)

-1.5 pp —

FY 2024: —