OPM OPTeam Giełda Papierów Wartościowych w Warszawie · annual · publ. April 30, 2026

FY 2025 report

Przychody wzrosły o 42,6% r/r do 100,2 mln zł, a Spółka wróciła do zysku netto (3,07 mln zł) po stracie 10,3 mln zł w 2024 r.

Sentiment

Positive Guidance lowered

Website

OPM FY 2025 report

Revenue

100.22 m PLN

— YoY

Net income

3.07 m PLN

— YoY

EBITDA

7.53 m PLN

— YoY

Gross margin

27.66%

— YoY

Summary

Investment thesis

Bilans jest bardzo mocny: zero kredytów i pożyczek, 16,3 mln zł gotówki netto, dwie niewykorzystane linie kredytowe.
Biegły rewident ODMÓWIŁ WYDANIA OPINII o sprawozdaniu — zarzuca przedwczesne rozpoznawanie przychodu wg MSSF 15 w kontraktach zintegrowanych (m.in. Tauron, 8,5 mln zł) oraz brak rezerw na kontrakty stratne wg MSR 37 (UWr, Politechnika Łódzka).
Zarząd i Rada Nadzorcza (zdominowana przez największych akcjonariuszy) odrzucają zarzuty biegłego w całości, bez widocznej niezależnej weryfikacji.
Wynik operacyjny i EBITDA za 2025 r. wypadły wyraźnie poniżej własnej prognozy Spółki z czerwca 2024 r. (odpowiednio -47% i -19%).

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Financials

BETA

FY 2025

OPM · FY 2025

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

Revenue	100.22	—	—	reported	—	1.00
Gross profit	27.72	—	—	reported	—	1.00
EBITDA	7.53	—	—	derived	—	1.00
EBIT	2.43	—	—	reported	—	1.00
EBT	3	—	—	reported	—	1.00
Net income	3.07	—	—	reported	—	1.00
EPS (basic) (PLN)	0.39	—	—	reported	—	1.00
D&A	5.1	—	—	reported	—	1.00
Income tax	-0.07	—	—	reported	—	1.00
Shares (basic) (m units)	7.87	—	—	reported	—	1.00

Gross margin	27.66%	—	—	derived	—	0.90
EBITDA margin	7.51%	—	—	derived	—	0.90
EBIT margin	2.42%	—	—	derived	—	0.90
Net margin	3.06%	—	—	derived	—	0.90

Cash	16.31	—	—	reported	—	1.00
Total debt	0	—	—	reported	—	1.00
Net debt	-16.31	—	—	derived	—	1.00
Equity	33.94	—	—	reported	—	1.00
Total assets	60.46	—	—	reported	—	1.00
Working capital	20.38	—	—	derived	—	0.90
Current assets	41.39	—	—	reported	—	1.00
Current liabilities	21.01	—	—	reported	—	1.00
Non-current liabilities	5.51	—	—	reported	—	1.00
Inventory	7.03	—	—	reported	—	1.00
Trade receivables	14.54	—	—	reported	—	0.90
Trade payables	10.36	—	—	reported	—	1.00
Goodwill	4.85	—	—	reported	—	1.00

CFO	8.92	—	—	reported	—	1.00
CapEx	0.15	—	—	reported	—	1.00
FCF	8.77	—	—	derived	—	0.90
FCF conversion	116.5%	—	—	derived	—	0.80
Dividends paid	0	—	—	reported	—	1.00

ROE	9.48%	—	—	derived	—	0.80
ROA	5.45%	—	—	derived	—	0.80
ROIC	13.45%	—	—	derived	—	0.60
ROCE	6.15%	—	—	derived	—	0.80

Current ratio	1.97x	—	—	derived	—	0.90

Net debt / EBITDA	-2.17x	—	—	derived	—	0.80
Debt / equity	0x	—	—	derived	—	1.00
Net debt / equity	-0.48x	—	—	derived	—	0.90

Revenue growth (YoY)	42.56%	—	—	derived	—	1.00
EBIT growth (YoY)	122.16%	—	—	derived	—	0.90
Net income growth (YoY)	129.93%	—	—	derived	—	0.90
EPS growth (YoY)	130%	—	—	derived	—	0.80

FY 2025 · Δ YoY

Revenue

100.22 —

FY 2024: —

Gross profit

27.72 —

FY 2024: —

EBITDA

7.53 —

FY 2024: —

EBIT

2.43 —

FY 2024: —

EBT

3 —

FY 2024: —

Net income

3.07 —

FY 2024: —

EPS (basic) (PLN)

0.39 —

FY 2024: —

D&A

5.1 —

FY 2024: —

Income tax

-0.07 —

FY 2024: —

Shares (basic) (m units)

7.87 —

FY 2024: —

Gross margin

27.66% —

FY 2024: —

EBITDA margin

7.51% —

FY 2024: —

EBIT margin

2.42% —

FY 2024: —

Net margin

3.06% —

FY 2024: —

Cash

16.31 —

FY 2024: —

Total debt

0 —

FY 2024: —

Net debt

-16.31 —

FY 2024: —

Equity

33.94 —

FY 2024: —

Total assets

60.46 —

FY 2024: —

Working capital

20.38 —

FY 2024: —

Current assets

41.39 —

FY 2024: —

Current liabilities

21.01 —

FY 2024: —

Non-current liabilities

5.51 —

FY 2024: —

Inventory

7.03 —

FY 2024: —

Trade receivables

14.54 —

FY 2024: —

Trade payables

10.36 —

FY 2024: —

Goodwill

4.85 —

FY 2024: —

CFO

8.92 —

FY 2024: —

CapEx

0.15 —

FY 2024: —

FCF

8.77 —

FY 2024: —

FCF conversion

116.5% —

FY 2024: —

Dividends paid

0 —

FY 2024: —

ROE

9.48% —

FY 2024: —

ROA

5.45% —

FY 2024: —

ROIC

13.45% —

FY 2024: —

ROCE

6.15% —

FY 2024: —

Current ratio

1.97x —

FY 2024: —

Net debt / EBITDA

-2.17x —

FY 2024: —

Debt / equity

0x —

FY 2024: —

Net debt / equity

-0.48x —

FY 2024: —

Revenue growth (YoY)

42.56% —

FY 2024: —

EBIT growth (YoY)

122.16% —

FY 2024: —

Net income growth (YoY)

129.93% —

FY 2024: —

EPS growth (YoY)

130% —

FY 2024: —