FMG WISE ENERGY Giełda Papierów Wartościowych w Warszawie · annual · publ. April 30, 2026

FY 2025 report

Korekta błędu podstawowego za 2024 r. (6 911 tys. zł) podniosła porównywalną bazę zysku, przez co realny spadek skali biznesu w 2025 r. jest głębszy, niż sugerują nieskorygowane porównania r/r.

Sentiment

Neutral No guidance change

Website

FMG FY 2025 report

Revenue

111.31 m PLN

— YoY

Net income

9.87 m PLN

— YoY

EBITDA

13.61 m PLN

— YoY

Net debt / EBITDA

1.01x

— YoY

Summary

Investment thesis

Emisja akcji serii D bez prawa poboru dokapitalizowała bilans (kapitał własny +79%, dźwignia netto z 63% do 22%), ale skoncentrowała blisko 31% akcji w rękach jednego nowego inwestora.
Wartość firmy (51 976 tys. zł, 43% aktywów) z połączenia z Wise Energy Sp. z o.o. pozostaje bez ujawnionego testu na utratę wartości mimo spadku rentowności operacyjnej.
Jakość zysku jest słaba — FCF/EBITDA to jedynie 22%, a stan gotówki na koniec roku spadł do 559 tys. zł, częściowo ratowany dopiero pożyczkami po dniu bilansowym.
Efektywna stopa podatkowa bliska zera drugi rok z rzędu bez ilościowego wyjaśnienia w raporcie — prawdopodobnie efekt historycznych strat podatkowych, ale nie potwierdzone wprost.

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Financials

BETA

FY 2025

FMG · FY 2025

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

Revenue	111,307	—	—	reported	—	1.00
EBITDA	13,605	—	—	derived	—	0.90
EBIT	8,344	—	—	reported	—	1.00
EBT	9,897	—	—	reported	—	1.00
Net income	9,873	—	—	reported	—	1.00
EPS (basic) (PLN)	30.96	—	—	reported	—	1.00
EPS (diluted) (PLN)	30.96	—	—	reported	—	1.00
D&A	5,261	—	—	reported	—	1.00
Interest expense	1,443	—	—	reported	—	1.00
Income tax	24	—	—	reported	—	1.00
Shares (basic) (units)	318,880	—	—	reported	—	1.00
Shares (diluted) (units)	318,880	—	—	reported	—	0.90

EBITDA margin	12.22%	—	—	derived	—	0.90
EBIT margin	7.5%	—	—	derived	—	0.90
EBT margin	8.89%	—	—	derived	—	0.90
Net margin	8.87%	—	—	derived	—	0.90

Cash	559	—	—	reported	—	1.00
Total debt	14,274	—	—	reported	—	0.90
Net debt	13,715	—	—	derived	—	0.90
Equity	86,046	—	—	reported	—	1.00
Total assets	120,690	—	—	reported	—	1.00
Current assets	41,494	—	—	reported	—	1.00
Current liabilities	21,326	—	—	reported	—	1.00
Non-current liabilities	13,318	—	—	reported	—	1.00
Inventory	37	—	—	reported	—	1.00
Trade receivables	34,197	—	—	reported	—	1.00
Trade payables	8,107	—	—	reported	—	1.00
Goodwill	51,976	—	—	reported	—	1.00

CFO	7,620	—	—	reported	—	1.00
CapEx	4,641	—	—	reported	—	0.90
FCF	2,979	—	—	derived	—	0.90
FCF conversion	21.9%	—	—	derived	—	0.80
CFO conversion	56.01%	—	—	derived	—	0.80
Dividends paid	0	—	—	reported	—	1.00

ROE	14.72%	—	—	derived	—	0.70
ROA	7.49%	—	—	derived	—	0.70
ROIC	6.78%	—	—	derived	—	0.50
ROCE	8.4%	—	—	derived	—	0.70

Current ratio	1.95x	—	—	derived	—	0.90
Quick ratio	1.94x	—	—	derived	—	0.90
Cash ratio	0.03x	—	—	derived	—	0.90
Interest coverage	5.78x	—	—	derived	—	0.90

Net debt / EBITDA	1.01x	—	—	derived	—	0.80
Debt / equity	0.17x	—	—	derived	—	0.80
Debt / assets	0.12x	—	—	derived	—	0.80
Net debt / equity	0.16x	—	—	derived	—	0.80

Revenue growth (YoY)	-27.1%	—	—	derived	—	0.80
EBITDA growth (YoY)	-61.89%	—	—	derived	—	0.70
EBIT growth (YoY)	-72.83%	—	—	derived	—	0.70
Net income growth (YoY)	-39.93%	—	—	derived	—	0.70
EPS growth (YoY)	-35.28%	—	—	derived	—	0.50
FCF growth (YoY)	-75.62%	—	—	derived	—	0.80
EBITDA margin Δ (YoY)	-11.15 pp	—	—	derived	—	0.70
EBIT margin Δ (YoY)	-12.61 pp	—	—	derived	—	0.70
Net margin Δ (YoY)	-1.89 pp	—	—	derived	—	0.70

FY 2025 · Δ YoY

Revenue

111,307 —

FY 2024: —

EBITDA

13,605 —

FY 2024: —

EBIT

8,344 —

FY 2024: —

EBT

9,897 —

FY 2024: —

Net income

9,873 —

FY 2024: —

EPS (basic) (PLN)

30.96 —

FY 2024: —

EPS (diluted) (PLN)

30.96 —

FY 2024: —

D&A

5,261 —

FY 2024: —

Interest expense

1,443 —

FY 2024: —

Income tax

24 —

FY 2024: —

Shares (basic) (units)

318,880 —

FY 2024: —

Shares (diluted) (units)

318,880 —

FY 2024: —

EBITDA margin

12.22% —

FY 2024: —

EBIT margin

7.5% —

FY 2024: —

EBT margin

8.89% —

FY 2024: —

Net margin

8.87% —

FY 2024: —

Cash

559 —

FY 2024: —

Total debt

14,274 —

FY 2024: —

Net debt

13,715 —

FY 2024: —

Equity

86,046 —

FY 2024: —

Total assets

120,690 —

FY 2024: —

Current assets

41,494 —

FY 2024: —

Current liabilities

21,326 —

FY 2024: —

Non-current liabilities

13,318 —

FY 2024: —

Inventory

37 —

FY 2024: —

Trade receivables

34,197 —

FY 2024: —

Trade payables

8,107 —

FY 2024: —

Goodwill

51,976 —

FY 2024: —

CFO

7,620 —

FY 2024: —

CapEx

4,641 —

FY 2024: —

FCF

2,979 —

FY 2024: —

FCF conversion

21.9% —

FY 2024: —

CFO conversion

56.01% —

FY 2024: —

Dividends paid

0 —

FY 2024: —

ROE

14.72% —

FY 2024: —

ROA

7.49% —

FY 2024: —

ROIC

6.78% —

FY 2024: —

ROCE

8.4% —

FY 2024: —

Current ratio

1.95x —

FY 2024: —

Quick ratio

1.94x —

FY 2024: —

Cash ratio

0.03x —

FY 2024: —

Interest coverage

5.78x —

FY 2024: —

Net debt / EBITDA

1.01x —

FY 2024: —

Debt / equity

0.17x —

FY 2024: —

Debt / assets

0.12x —

FY 2024: —

Net debt / equity

0.16x —

FY 2024: —

Revenue growth (YoY)

-27.1% —

FY 2024: —

EBITDA growth (YoY)

-61.89% —

FY 2024: —

EBIT growth (YoY)

-72.83% —

FY 2024: —

Net income growth (YoY)

-39.93% —

FY 2024: —

EPS growth (YoY)

-35.28% —

FY 2024: —

FCF growth (YoY)

-75.62% —

FY 2024: —

EBITDA margin Δ (YoY)

-11.15 pp —

FY 2024: —

EBIT margin Δ (YoY)

-12.61 pp —

FY 2024: —

Net margin Δ (YoY)

-1.89 pp —

FY 2024: —