FY 2025 report
SimFabric to producent i wydawca gier komputerowych notowany na GPW, którego przychody w 2025 roku spadły o 20,5% r/r (do 8,21 mln zł), częściowo w wyniku zamknięcia rynków rosyjskiego i ukraińskiego.
Sentiment
Cautious
No guidance change
SIM
FY 2025 report
Revenue
8.21 m PLN
— YoY
Net income
-0.23 m PLN
— YoY
EBITDA
2.09 m PLN
— YoY
Net debt / EBITDA
-0.06x
— YoY
Summary
Investment thesis
- Mimo spadku sprzedaży, zysk operacyjny wzrósł ośmiokrotnie (86 -> 711 tys. zł) dzięki głębszym cięciom kosztów, zwłaszcza amortyzacji - ale EBITDA (miernik neutralny wobec amortyzacji) spadła o 30%.
- Audytor wydał opinię z trzema zastrzeżeniami: zaniżony odpis na przeterminowane należności (różnica rzędu 2,5-3,9 mln zł), brak niezależnych potwierdzeń sald bankowych oraz niepewna klasyfikacja rozliczeń międzyokresowych jako krótkoterminowe.
- Bilans formalnie nie ma dźwigni finansowej (dług netto ujemny), ale gotówka na koniec roku to zaledwie 175 tys. zł, a przepływy operacyjne pozostały ujemne drugi rok z rzędu.
- Zarząd zawarł nowe umowy dystrybucyjne (Nintendo Switch 2, Epic Games First Run, nowe rynki azjatyckie) i zapowiada w liście do akcjonariuszy 'znaczący zysk' w 2026 roku, choć spółka nie publikuje formalnych prognoz.
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Financials
BETA
SIM · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 8.21 | — | — | reported | — | 1.00 |
| EBITDA | 2.09 | — | — | reported | — | 1.00 |
| EBIT | 0.71 | — | — | reported | — | 1.00 |
| EBT | -0.34 | — | — | reported | — | 1.00 |
| Net income | -0.23 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.03 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.03 | — | — | reported | — | 1.00 |
| D&A | 1.38 | — | — | reported | — | 1.00 |
| Interest expense | 0.55 | — | — | reported | — | 0.60 |
| Income tax | -0.11 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 10.94 | — | — | reported | — | 1.00 |
| EBITDA margin | 25.46% | — | — | derived | — | 0.90 |
| EBIT margin | 8.67% | — | — | derived | — | 0.90 |
| Net margin | -2.81% | — | — | derived | — | 0.90 |
| D&A margin | 16.8% | — | — | derived | — | 0.90 |
| Cash | 0.18 | — | — | reported | — | 1.00 |
| Total debt | 0.06 | — | — | reported | — | 1.00 |
| Net debt | -0.12 | — | — | derived | — | 0.90 |
| Equity | 16.6 | — | — | reported | — | 1.00 |
| Total assets | 18.42 | — | — | reported | — | 1.00 |
| Current assets | 9.74 | — | — | reported | — | 1.00 |
| Current liabilities | 1.75 | — | — | reported | — | 1.00 |
| Non-current liabilities | 0.06 | — | — | reported | — | 1.00 |
| Trade receivables | 8.74 | — | — | reported | — | 1.00 |
| Trade payables | 1.57 | — | — | reported | — | 0.90 |
| Goodwill | 2.3 | — | — | reported | — | 0.90 |
| CFO | -0.32 | — | — | reported | — | 1.00 |
| CapEx | 0.12 | — | — | reported | — | 1.00 |
| FCF | -0.44 | — | — | derived | — | 0.90 |
| ROE | -1.38% | — | — | derived | — | 0.60 |
| ROA | -1.17% | — | — | derived | — | 0.60 |
| Current ratio | 5.55x | — | — | derived | — | 0.90 |
| Cash ratio | 0.1x | — | — | derived | — | 0.90 |
| Interest coverage | 1.29x | — | — | derived | — | 0.50 |
| Net debt / EBITDA | -0.06x | — | — | derived | — | 0.80 |
| Debt / equity | 0x | — | — | derived | — | 0.90 |
| Debt / assets | 0x | — | — | derived | — | 0.90 |
| Net debt / equity | -0.01x | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | -20.53% | — | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -29.66% | — | — | derived | — | 0.90 |
| EBIT growth (YoY) | 726.74% | — | — | derived | — | 0.60 |
| Net income growth (YoY) | -5.48% | — | — | derived | — | 0.80 |
| EPS growth (YoY) | 90% | — | — | derived | — | 0.50 |
FY 2025 · Δ YoY
Revenue
8.21
—
8.21
—
- FY 2024
- —
EBITDA
2.09
—
2.09
—
- FY 2024
- —
EBIT
0.71
—
0.71
—
- FY 2024
- —
EBT
-0.34
—
-0.34
—
- FY 2024
- —
Net income
-0.23
—
-0.23
—
- FY 2024
- —
EPS (basic)
(PLN)
-0.03
—
-0.03
—
- FY 2024
- —
EPS (diluted)
(PLN)
-0.03
—
-0.03
—
- FY 2024
- —
D&A
1.38
—
1.38
—
- FY 2024
- —
Interest expense
0.55
—
0.55
—
- FY 2024
- —
Income tax
-0.11
—
-0.11
—
- FY 2024
- —
Shares (basic)
(m units)
10.94
—
10.94
—
- FY 2024
- —
EBITDA margin
25.46%
—
25.46%
—
- FY 2024
- —
EBIT margin
8.67%
—
8.67%
—
- FY 2024
- —
Net margin
-2.81%
—
-2.81%
—
- FY 2024
- —
D&A margin
16.8%
—
16.8%
—
- FY 2024
- —
Cash
0.18
—
0.18
—
- FY 2024
- —
Total debt
0.06
—
0.06
—
- FY 2024
- —
Net debt
-0.12
—
-0.12
—
- FY 2024
- —
Equity
16.6
—
16.6
—
- FY 2024
- —
Total assets
18.42
—
18.42
—
- FY 2024
- —
Current assets
9.74
—
9.74
—
- FY 2024
- —
Current liabilities
1.75
—
1.75
—
- FY 2024
- —
Non-current liabilities
0.06
—
0.06
—
- FY 2024
- —
Trade receivables
8.74
—
8.74
—
- FY 2024
- —
Trade payables
1.57
—
1.57
—
- FY 2024
- —
Goodwill
2.3
—
2.3
—
- FY 2024
- —
CFO
-0.32
—
-0.32
—
- FY 2024
- —
CapEx
0.12
—
0.12
—
- FY 2024
- —
FCF
-0.44
—
-0.44
—
- FY 2024
- —
ROE
-1.38%
—
-1.38%
—
- FY 2024
- —
ROA
-1.17%
—
-1.17%
—
- FY 2024
- —
Current ratio
5.55x
—
5.55x
—
- FY 2024
- —
Cash ratio
0.1x
—
0.1x
—
- FY 2024
- —
Interest coverage
1.29x
—
1.29x
—
- FY 2024
- —
Net debt / EBITDA
-0.06x
—
-0.06x
—
- FY 2024
- —
Debt / equity
0x
—
0x
—
- FY 2024
- —
Debt / assets
0x
—
0x
—
- FY 2024
- —
Net debt / equity
-0.01x
—
-0.01x
—
- FY 2024
- —
Revenue growth (YoY)
-20.53%
—
-20.53%
—
- FY 2024
- —
EBITDA growth (YoY)
-29.66%
—
-29.66%
—
- FY 2024
- —
EBIT growth (YoY)
726.74%
—
726.74%
—
- FY 2024
- —
Net income growth (YoY)
-5.48%
—
-5.48%
—
- FY 2024
- —
EPS growth (YoY)
90%
—
90%
—
- FY 2024
- —