FY 2025 report
Balticon to logistyka kontenerowa o niskiej marży: przychody 320,8 mln zł (+17,1% r/r) przy marży EBIT zaledwie 3,2%, więc każdy punkt procentowy kosztów usług obcych waży więcej niż wzrost sprzedaży.
Sentiment
Positive
No guidance change
BLT
FY 2025 report
Revenue
320,800,336 PLN
— YoY
Net income
7,242,720 PLN
— YoY
EBITDA
20,270,304 PLN
— YoY
Net debt / EBITDA
2.36x
— YoY
Summary
Investment thesis
- Wynik netto wzrósł o 38,5% do 7,24 mln zł, ale część tego skoku to efekt niskiej bazy finansowej i podatkowej: podatek 1,24 mln zł wobec 0,14 mln zł rok wcześniej, a ETR wciąż tylko ok. 14,5%.
- Gotówka operacyjna jest mocna (OCF 17,9 mln zł, 88% EBITDA), ale większość trafiła na obsługę długu: 7,5 mln zł spłat kredytów, 7,5 mln zł rat leasingowych i 2,8 mln zł odsetek.
- Bilans jest mocno lewarowany leasingiem i kredytami (ok. 50,5 mln zł długu odsetkowego, dług netto/EBITDA ok. 2,4x), przy gotówce 2,8 mln zł i wskaźniku szybkim 0,82.
- Handel kontenerami (+27% obrotów) i nowe kierunki (Hiszpania, Włochy, USA) napędzają wzrost, a audytor Moore Polska Audyt wydał opinię bez zastrzeżeń z jednym KAM dotyczącym zapasów.
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Financials
BETA
BLT · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
|
Revenue
(m PLN)
Depot
|
53.98 | — | — | reported | Depot | 0.95 |
|
Revenue
(m PLN)
Transport
|
143.51 | — | — | reported | Transport | 0.95 |
|
Revenue
(m PLN)
Najem kontenerów
|
18.74 | — | — | reported | Najem kontenerów | 0.95 |
|
Revenue
(m PLN)
Sprzedaż
|
90.77 | — | — | reported | Sprzedaż | 0.95 |
| Revenue | 320,800,336 | — | — | reported | — | 1.00 |
| EBITDA | 20,270,304 | — | — | reported | — | 0.90 |
| EBIT | 10,353,385 | — | — | reported | — | 1.00 |
| EBT | 8,548,734 | — | — | reported | — | 1.00 |
| Net income | 7,242,720 | — | — | reported | — | 1.00 |
| EPS (basic) | 2.33 | — | — | derived | — | 0.85 |
| D&A | 9,916,919 | — | — | reported | — | 1.00 |
| Interest expense | 2,942,350 | — | — | reported | — | 1.00 |
| Income tax | 1,237,851 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 3.11 | — | — | reported | — | 1.00 |
| EBITDA margin | 5.47% | — | — | reported | — | 1.00 |
| EBIT margin | 2.24% | — | — | reported | — | 1.00 |
| EBT margin | 2.66% | — | — | derived | — | 0.70 |
| Net margin | 1.6% | — | — | reported | — | 1.00 |
| D&A margin | 3.09% | — | — | derived | — | 0.70 |
| Cash | 2,774,814 | — | — | reported | — | 1.00 |
| Total debt | 50,536,107 | — | — | reported | — | 0.80 |
| Net debt | 47,761,293 | — | — | derived | — | 0.70 |
| Equity | 69,737,036 | — | — | reported | — | 1.00 |
| Total assets | 170,917,915 | — | — | reported | — | 1.00 |
| Working capital | 21,287,693 | — | — | derived | — | 0.70 |
| Current assets | 76,307,392 | — | — | reported | — | 1.00 |
| Current liabilities | 55,019,699 | — | — | reported | — | 1.00 |
| Non-current liabilities | 29,959,269 | — | — | reported | — | 1.00 |
| Inventory | 31,316,155 | — | — | reported | — | 1.00 |
| Trade receivables | 37,405,754 | — | — | reported | — | 0.90 |
| Trade payables | 27,834,253 | — | — | reported | — | 0.90 |
| Goodwill | 4,629,485 | — | — | reported | — | 1.00 |
| Tangible equity | 65,107,551 | — | — | derived | — | 0.70 |
| CFO | 17,919,399 | — | — | reported | — | 1.00 |
| CapEx | 3,939,085 | — | — | reported | — | 1.00 |
| FCF | 13,980,314 | — | — | derived | — | 0.70 |
| FCF conversion | 84.34% | — | — | reported | — | 0.80 |
| CFO conversion | 104.21% | — | — | reported | — | 0.90 |
| Dividends paid | 372,600 | — | — | reported | — | 1.00 |
| ROE | 10.96% | — | — | reported | — | 0.85 |
| ROA | 4.41% | — | — | reported | — | 0.85 |
| ROIC | 7.15% | — | — | reported | — | 0.60 |
| ROCE | 8.93% | — | — | reported | — | 0.85 |
| Current ratio | 1.39x | — | — | reported | — | 0.90 |
| Quick ratio | 0.82x | — | — | reported | — | 0.90 |
| Cash ratio | 0.05x | — | — | reported | — | 0.90 |
| Interest coverage | 3.52x | — | — | reported | — | 0.90 |
| Net debt / EBITDA | 2.36x | — | — | reported | — | 0.65 |
| Debt / equity | 0.73x | — | — | reported | — | 0.70 |
| Debt / assets | 0.3x | — | — | reported | — | 0.70 |
| Net debt / equity | 0.69x | — | — | reported | — | 0.65 |
| Revenue growth (YoY) | 15.93% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 1.05% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 3.99% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 52.59% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | 38.55% | — | — | reported | — | 0.80 |
| FCF growth (YoY) | 765% | — | — | reported | — | 0.40 |
| EBITDA margin Δ (YoY) | -0.81 pp | — | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | -0.26 pp | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 0.39 pp | — | — | reported | — | 1.00 |
FY 2025 · Δ YoY
Revenue
(m PLN)
Depot
53.98
—
Depot
53.98
—
- FY 2024
- —
Revenue
(m PLN)
Transport
143.51
—
Transport
143.51
—
- FY 2024
- —
Revenue
(m PLN)
Najem kontenerów
18.74
—
Najem kontenerów
18.74
—
- FY 2024
- —
Revenue
(m PLN)
Sprzedaż
90.77
—
Sprzedaż
90.77
—
- FY 2024
- —
Revenue
320,800,336
—
320,800,336
—
- FY 2024
- —
EBITDA
20,270,304
—
20,270,304
—
- FY 2024
- —
EBIT
10,353,385
—
10,353,385
—
- FY 2024
- —
EBT
8,548,734
—
8,548,734
—
- FY 2024
- —
Net income
7,242,720
—
7,242,720
—
- FY 2024
- —
EPS (basic)
2.33
—
2.33
—
- FY 2024
- —
D&A
9,916,919
—
9,916,919
—
- FY 2024
- —
Interest expense
2,942,350
—
2,942,350
—
- FY 2024
- —
Income tax
1,237,851
—
1,237,851
—
- FY 2024
- —
Shares (basic)
(m units)
3.11
—
3.11
—
- FY 2024
- —
EBITDA margin
5.47%
—
5.47%
—
- FY 2024
- —
EBIT margin
2.24%
—
2.24%
—
- FY 2024
- —
EBT margin
2.66%
—
2.66%
—
- FY 2024
- —
Net margin
1.6%
—
1.6%
—
- FY 2024
- —
D&A margin
3.09%
—
3.09%
—
- FY 2024
- —
Cash
2,774,814
—
2,774,814
—
- FY 2024
- —
Total debt
50,536,107
—
50,536,107
—
- FY 2024
- —
Net debt
47,761,293
—
47,761,293
—
- FY 2024
- —
Equity
69,737,036
—
69,737,036
—
- FY 2024
- —
Total assets
170,917,915
—
170,917,915
—
- FY 2024
- —
Working capital
21,287,693
—
21,287,693
—
- FY 2024
- —
Current assets
76,307,392
—
76,307,392
—
- FY 2024
- —
Current liabilities
55,019,699
—
55,019,699
—
- FY 2024
- —
Non-current liabilities
29,959,269
—
29,959,269
—
- FY 2024
- —
Inventory
31,316,155
—
31,316,155
—
- FY 2024
- —
Trade receivables
37,405,754
—
37,405,754
—
- FY 2024
- —
Trade payables
27,834,253
—
27,834,253
—
- FY 2024
- —
Goodwill
4,629,485
—
4,629,485
—
- FY 2024
- —
Tangible equity
65,107,551
—
65,107,551
—
- FY 2024
- —
CFO
17,919,399
—
17,919,399
—
- FY 2024
- —
CapEx
3,939,085
—
3,939,085
—
- FY 2024
- —
FCF
13,980,314
—
13,980,314
—
- FY 2024
- —
FCF conversion
84.34%
—
84.34%
—
- FY 2024
- —
CFO conversion
104.21%
—
104.21%
—
- FY 2024
- —
Dividends paid
372,600
—
372,600
—
- FY 2024
- —
ROE
10.96%
—
10.96%
—
- FY 2024
- —
ROA
4.41%
—
4.41%
—
- FY 2024
- —
ROIC
7.15%
—
7.15%
—
- FY 2024
- —
ROCE
8.93%
—
8.93%
—
- FY 2024
- —
Current ratio
1.39x
—
1.39x
—
- FY 2024
- —
Quick ratio
0.82x
—
0.82x
—
- FY 2024
- —
Cash ratio
0.05x
—
0.05x
—
- FY 2024
- —
Interest coverage
3.52x
—
3.52x
—
- FY 2024
- —
Net debt / EBITDA
2.36x
—
2.36x
—
- FY 2024
- —
Debt / equity
0.73x
—
0.73x
—
- FY 2024
- —
Debt / assets
0.3x
—
0.3x
—
- FY 2024
- —
Net debt / equity
0.69x
—
0.69x
—
- FY 2024
- —
Revenue growth (YoY)
15.93%
—
15.93%
—
- FY 2024
- —
EBITDA growth (YoY)
1.05%
—
1.05%
—
- FY 2024
- —
EBIT growth (YoY)
3.99%
—
3.99%
—
- FY 2024
- —
Net income growth (YoY)
52.59%
—
52.59%
—
- FY 2024
- —
EPS growth (YoY)
38.55%
—
38.55%
—
- FY 2024
- —
FCF growth (YoY)
765%
—
765%
—
- FY 2024
- —
EBITDA margin Δ (YoY)
-0.81 pp
—
-0.81 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
-0.26 pp
—
-0.26 pp
—
- FY 2024
- —
Net margin Δ (YoY)
0.39 pp
—
0.39 pp
—
- FY 2024
- —