FY 2025 report
Rdzeń biznesu (digital, eventy, zarządzanie obiektami) rośnie organicznie i bardzo rentownie: przychody +28,6% r/r, EBIT +232,1%, EBITDA +195,7% dzięki dźwigni operacyjnej.
Sentiment
Positive
No guidance change
PTW
FY 2025 report
Revenue
132.48 m PLN
— YoY
Net income
19.12 m PLN
— YoY
EBITDA
26.69 m PLN
— YoY
Net debt / EBITDA
-1.26x
— YoY
Summary
Investment thesis
- 19.12.2025 r. Grupa przejęła kontrolę nad Gremi Media S.A. w transakcji rozliczonej wyłącznie akcjami (bez gotówki) — bilans na 31.12.2025 r. to już w pełni skonsolidowana, dużo większa grupa, ale rachunek wyników 2025 r. obejmuje zaledwie 12 dni Gremi Media.
- Jakość zysku jest dobra — przepływy operacyjne (23 881 tys. zł) przewyższają zysk netto (20 248 tys. zł), a grupa utrzymuje pozycję gotówki netto mimo akwizycji.
- Struktura właścicielska i ład korporacyjny stały się bardziej złożone: nowy akcjonariusz Pluralis B.V. (23% kapitału) z wieloletnią umową inwestycyjną zawierającą opcje put/call, plus 39,38% udziałów niekontrolujących w Gremi Media.
- 2026 r. będzie pierwszym pełnym rokiem konsolidacji Gremi Media — dopiero wtedy będzie można ocenić rzeczywistą, połączoną ekonomikę grupy; raport 2025 r. nie daje ujęcia pro forma.
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Financials
BETA
PTW · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 132,482 | — | — | reported | — | 1.00 |
| EBITDA | 26,686 | — | — | reported | — | 1.00 |
| EBIT | 24,378 | — | — | reported | — | 1.00 |
| EBT | 24,848 | — | — | reported | — | 1.00 |
| Net income | 19,122 | — | — | reported | — | 1.00 |
| D&A | 2,308 | — | — | reported | — | 1.00 |
| Interest expense | 350 | — | — | reported | — | 0.60 |
| Income tax | 4,600 | — | — | reported | — | 1.00 |
| EBITDA margin | 20.14% | — | — | derived | — | 0.90 |
| EBIT margin | 18.4% | — | — | derived | — | 0.90 |
| EBT margin | 18.76% | — | — | derived | — | 0.90 |
| Net margin | 14.43% | — | — | derived | — | 0.90 |
| D&A margin | 1.74% | — | — | derived | — | 0.90 |
| Cash | 44,701 | — | — | reported | — | 1.00 |
| Total debt | 11,157 | — | — | reported | — | 0.50 |
| Net debt | -33,544 | — | — | derived | — | 0.50 |
| Equity | 107,012 | — | — | reported | — | 1.00 |
| Total assets | 183,909 | — | — | reported | — | 1.00 |
| Working capital | 20,868 | — | — | derived | — | 0.90 |
| Current assets | 79,134 | — | — | reported | — | 1.00 |
| Current liabilities | 58,266 | — | — | reported | — | 1.00 |
| Non-current liabilities | 18,631 | — | — | reported | — | 1.00 |
| Trade receivables | 25,779 | — | — | reported | — | 1.00 |
| Trade payables | 21,746 | — | — | reported | — | 1.00 |
| Goodwill | 85,040 | — | — | reported | — | 0.90 |
| Tangible equity | 21,972 | — | — | derived | — | 0.80 |
| CFO | 23,881 | — | — | reported | — | 1.00 |
| CFO conversion | 89.51% | — | — | derived | — | 0.90 |
| Dividends paid | 9,007.69 | — | — | reported | — | 1.00 |
| ROE | 29.73% | — | — | derived | — | 0.60 |
| ROIC | 27.05% | — | — | derived | — | 0.50 |
| ROCE | 19.4% | — | — | derived | — | 0.70 |
| Current ratio | 1.36x | — | — | derived | — | 0.95 |
| Interest coverage | 69.65x | — | — | derived | — | 0.50 |
| Net debt / EBITDA | -1.26x | — | — | derived | — | 0.50 |
| Debt / equity | 0.1x | — | — | derived | — | 0.50 |
| Debt / assets | 0.06x | — | — | derived | — | 0.50 |
| Net debt / equity | -0.31x | — | — | derived | — | 0.50 |
| Revenue growth (YoY) | 28.6% | — | — | derived | — | 1.00 |
| EBITDA growth (YoY) | 195.7% | — | — | derived | — | 1.00 |
| EBIT growth (YoY) | 232.1% | — | — | derived | — | 1.00 |
| Net income growth (YoY) | 480.2% | — | — | derived | — | 1.00 |
FY 2025 · Δ YoY
Revenue
132,482
—
132,482
—
- FY 2024
- —
EBITDA
26,686
—
26,686
—
- FY 2024
- —
EBIT
24,378
—
24,378
—
- FY 2024
- —
EBT
24,848
—
24,848
—
- FY 2024
- —
Net income
19,122
—
19,122
—
- FY 2024
- —
D&A
2,308
—
2,308
—
- FY 2024
- —
Interest expense
350
—
350
—
- FY 2024
- —
Income tax
4,600
—
4,600
—
- FY 2024
- —
EBITDA margin
20.14%
—
20.14%
—
- FY 2024
- —
EBIT margin
18.4%
—
18.4%
—
- FY 2024
- —
EBT margin
18.76%
—
18.76%
—
- FY 2024
- —
Net margin
14.43%
—
14.43%
—
- FY 2024
- —
D&A margin
1.74%
—
1.74%
—
- FY 2024
- —
Cash
44,701
—
44,701
—
- FY 2024
- —
Total debt
11,157
—
11,157
—
- FY 2024
- —
Net debt
-33,544
—
-33,544
—
- FY 2024
- —
Equity
107,012
—
107,012
—
- FY 2024
- —
Total assets
183,909
—
183,909
—
- FY 2024
- —
Working capital
20,868
—
20,868
—
- FY 2024
- —
Current assets
79,134
—
79,134
—
- FY 2024
- —
Current liabilities
58,266
—
58,266
—
- FY 2024
- —
Non-current liabilities
18,631
—
18,631
—
- FY 2024
- —
Trade receivables
25,779
—
25,779
—
- FY 2024
- —
Trade payables
21,746
—
21,746
—
- FY 2024
- —
Goodwill
85,040
—
85,040
—
- FY 2024
- —
Tangible equity
21,972
—
21,972
—
- FY 2024
- —
CFO
23,881
—
23,881
—
- FY 2024
- —
CFO conversion
89.51%
—
89.51%
—
- FY 2024
- —
Dividends paid
9,007.69
—
9,007.69
—
- FY 2024
- —
ROE
29.73%
—
29.73%
—
- FY 2024
- —
ROIC
27.05%
—
27.05%
—
- FY 2024
- —
ROCE
19.4%
—
19.4%
—
- FY 2024
- —
Current ratio
1.36x
—
1.36x
—
- FY 2024
- —
Interest coverage
69.65x
—
69.65x
—
- FY 2024
- —
Net debt / EBITDA
-1.26x
—
-1.26x
—
- FY 2024
- —
Debt / equity
0.1x
—
0.1x
—
- FY 2024
- —
Debt / assets
0.06x
—
0.06x
—
- FY 2024
- —
Net debt / equity
-0.31x
—
-0.31x
—
- FY 2024
- —
Revenue growth (YoY)
28.6%
—
28.6%
—
- FY 2024
- —
EBITDA growth (YoY)
195.7%
—
195.7%
—
- FY 2024
- —
EBIT growth (YoY)
232.1%
—
232.1%
—
- FY 2024
- —
Net income growth (YoY)
480.2%
—
480.2%
—
- FY 2024
- —