IVE INVESTEKO NewConnect · annual · publ. May 29, 2026

FY 2025 report

Spółka z NewConnect łącząca doradztwo środowiskowe z kapitałochłonnym projektem recyklingu tworzyw (plasticLIFEcycle); teza opiera się na komercjalizacji technologii, która dziś pochłania gotówkę.

Sentiment

Cautious No guidance change

Website

IVE FY 2025 report

Revenue

10,309,811 PLN

— YoY

Net income

-1,073,592 PLN

— YoY

EBITDA

641,088 PLN

— YoY

Gross margin

-10.1%

— YoY

Summary

Investment thesis

Przychody wzrosły o 5,7% do 10,3 mln zł, ale działalność sprzedażowa jest strukturalnie deficytowa (strata ze sprzedaży -2,77 mln zł), a wynik operacyjny jest wspierany dotacjami 3,12 mln zł.
Strata netto -1,07 mln zł (2024: -0,25 mln zł), w tym odpis 0,89 mln zł na wycenę kontraktu długoterminowego.
Audytor zwraca uwagę na istotną niepewność co do kontynuacji działalności (nota 45): ujemny kapitał obrotowy, wysokie zadłużenie, problemy z bieżącym regulowaniem zobowiązań.
Zarząd zapowiada na 2026 r. wzrost przychodów o 20% i poprawę EBITDA oraz pożyczkę płynnościową NFOŚiGW 858 tys. zł; to zapowiedzi, nie zakontraktowane przepływy.

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Financials

BETA

FY 2025

IVE · FY 2025

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

Revenue	10,309,811	—	—	reported	—	1.00
EBITDA	641,088	—	—	derived	—	0.70
EBIT	-766,037	—	—	reported	—	1.00
EBT	-1,038,908	—	—	reported	—	1.00
Net income	-1,073,592	—	—	reported	—	1.00
EPS (basic)	-0.2	—	—	reported	—	1.00
D&A	1,407,125	—	—	reported	—	1.00
Interest expense	451,233	—	—	reported	—	1.00
Income tax	26,530	—	—	reported	—	1.00
Shares (basic) (units)	5,499,200	—	—	reported	—	1.00

Gross margin	-10.1%	—	—	reported	—	0.90
EBITDA margin	1.16%	—	—	reported	—	0.70
EBIT margin	-27.46%	—	—	reported	—	0.90
EBT margin	-10.08%	—	—	derived	—	0.70
Net margin	-23.26%	—	—	reported	—	0.90
D&A margin	28.62%	—	—	reported	—	0.90

Cash	90,378	—	—	reported	—	1.00
Total debt	2,756,226	—	—	reported	—	0.90
Net debt	2,665,848	—	—	derived	—	0.70
Equity	5,981,242	—	—	reported	—	0.90
Total assets	26,839,613	—	—	reported	—	1.00
Working capital	84,285	—	—	derived	—	0.70
Current assets	5,013,575	—	—	reported	—	1.00
Current liabilities	4,929,290	—	—	reported	—	0.90
Non-current liabilities	1,547,783	—	—	reported	—	0.90
Inventory	240,547	—	—	reported	—	1.00
Trade receivables	1,788,490	—	—	reported	—	0.90
Trade payables	1,171,674	—	—	reported	—	1.00
Goodwill	6,662,575	—	—	reported	—	0.90
Tangible equity	-681,334	—	—	derived	—	0.70

CFO	-698,756	—	—	reported	—	1.00
CapEx	902,599	—	—	reported	—	1.00
FCF	-1,601,355	—	—	derived	—	0.70
FCF conversion	-249.79%	—	—	derived	—	0.70
CFO conversion	-109%	—	—	derived	—	0.70
Dividends paid (m PLN)	0	—	—	reported	—	1.00

ROE	-16.03%	—	—	reported	—	0.85
ROA	-3.88%	—	—	derived	—	0.70
ROCE	-3.5%	—	—	derived	—	0.70

Current ratio	0.73x	—	—	reported	—	0.80
Quick ratio	0.62x	—	—	reported	—	1.00
Cash ratio	0.02x	—	—	derived	—	0.70
Interest coverage	-2.92x	—	—	reported	—	0.70

Net debt / EBITDA	70.26x	—	—	reported	—	0.40
Debt / equity	0.56x	—	—	reported	—	0.85
Debt / assets	0.13x	—	—	reported	—	0.85
Net debt / equity	0.45x	—	—	derived	—	0.70

Revenue growth (YoY)	9.79%	—	—	reported	—	0.95
EBITDA growth (YoY)	-89.42%	—	—	reported	—	0.60
EBIT growth (YoY)	-52.23%	—	—	reported	—	0.90
Net income growth (YoY)	-115.62%	—	—	reported	—	0.90
EPS growth (YoY)	-115.56%	—	—	reported	—	0.90
FCF growth (YoY)	54.57%	—	—	reported	—	0.60
EBITDA margin Δ (YoY)	-9.81 pp	—	—	derived	—	0.70
EBIT margin Δ (YoY)	-9.14 pp	—	—	derived	—	0.70
Net margin Δ (YoY)	-7.8 pp	—	—	derived	—	0.70

FY 2025 · Δ YoY

Revenue

10,309,811 —

FY 2024: —

EBITDA

641,088 —

FY 2024: —

EBIT

-766,037 —

FY 2024: —

EBT

-1,038,908 —

FY 2024: —

Net income

-1,073,592 —

FY 2024: —

EPS (basic)

-0.2 —

FY 2024: —

D&A

1,407,125 —

FY 2024: —

Interest expense

451,233 —

FY 2024: —

Income tax

26,530 —

FY 2024: —

Shares (basic) (units)

5,499,200 —

FY 2024: —

Gross margin

-10.1% —

FY 2024: —

EBITDA margin

1.16% —

FY 2024: —

EBIT margin

-27.46% —

FY 2024: —

EBT margin

-10.08% —

FY 2024: —

Net margin

-23.26% —

FY 2024: —

D&A margin

28.62% —

FY 2024: —

Cash

90,378 —

FY 2024: —

Total debt

2,756,226 —

FY 2024: —

Net debt

2,665,848 —

FY 2024: —

Equity

5,981,242 —

FY 2024: —

Total assets

26,839,613 —

FY 2024: —

Working capital

84,285 —

FY 2024: —

Current assets

5,013,575 —

FY 2024: —

Current liabilities

4,929,290 —

FY 2024: —

Non-current liabilities

1,547,783 —

FY 2024: —

Inventory

240,547 —

FY 2024: —

Trade receivables

1,788,490 —

FY 2024: —

Trade payables

1,171,674 —

FY 2024: —

Goodwill

6,662,575 —

FY 2024: —

Tangible equity

-681,334 —

FY 2024: —

CFO

-698,756 —

FY 2024: —

CapEx

902,599 —

FY 2024: —

FCF

-1,601,355 —

FY 2024: —

FCF conversion

-249.79% —

FY 2024: —

CFO conversion

-109% —

FY 2024: —

Dividends paid (m PLN)

0 —

FY 2024: —

ROE

-16.03% —

FY 2024: —

ROA

-3.88% —

FY 2024: —

ROCE

-3.5% —

FY 2024: —

Current ratio

0.73x —

FY 2024: —

Quick ratio

0.62x —

FY 2024: —

Cash ratio

0.02x —

FY 2024: —

Interest coverage

-2.92x —

FY 2024: —

Net debt / EBITDA

70.26x —

FY 2024: —

Debt / equity

0.56x —

FY 2024: —

Debt / assets

0.13x —

FY 2024: —

Net debt / equity

0.45x —

FY 2024: —

Revenue growth (YoY)

9.79% —

FY 2024: —

EBITDA growth (YoY)

-89.42% —

FY 2024: —

EBIT growth (YoY)

-52.23% —

FY 2024: —

Net income growth (YoY)

-115.62% —

FY 2024: —

EPS growth (YoY)

-115.56% —

FY 2024: —

FCF growth (YoY)

54.57% —

FY 2024: —

EBITDA margin Δ (YoY)

-9.81 pp —

FY 2024: —

EBIT margin Δ (YoY)

-9.14 pp —

FY 2024: —

Net margin Δ (YoY)

-7.8 pp —

FY 2024: —