SFD SFD NewConnect · annual · publ. May 29, 2026

FY 2025 report

Dynamicznie rosnący dystrybutor i producent marek własnych suplementów (ALLDEYNN, FITKING DELICIOUS, NUTLOVE, YOU); przychody +24% do 440,9 mln zł, 55% sprzedaży z e-commerce.

Sentiment

Positive No guidance change

Website

SFD FY 2025 report

Revenue

440,944,017 PLN

— YoY

Net income

5,312,086 PLN

— YoY

EBITDA

13,165,449 PLN

— YoY

Net debt / EBITDA

1.79x

— YoY

Summary

Investment thesis

Wyraźna poprawa rentowności: EBIT 9,2 mln zł (2024: 2,3 mln zł), zysk netto 5,3 mln zł wobec straty rok wcześniej; marża EBITDA 3,0%.
Wzrost finansowany kapitałem obrotowym: zapasy +27% do 76,3 mln zł (62,8% sumy bilansowej), przepływy operacyjne -5,0 mln zł, kredyty krótkoterminowe 23,2 mln zł.
Strategiczny zwrot w stronę produkcji (spółka GoodWhey, nieruchomość pod zakład) wymaga nakładów i zwiększa zobowiązania, w tym 11,3 mln zł wobec podmiotu powiązanego (Intragen).
Teza zależy od utrzymania tempa sprzedaży przy kontroli zapasów (terminy przydatności) i od kosztu finansowania rosnącego zadłużenia.

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Financials

BETA

FY 2025

SFD · FY 2025

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

Revenue	440,944,017	—	—	reported	—	1.00
EBITDA	13,165,449	—	—	derived	—	0.90
EBIT	9,177,994	—	—	reported	—	1.00
EBT	6,909,567	—	—	reported	—	1.00
Net income	5,312,086	—	—	reported	—	1.00
EPS (basic)	0.13	—	—	derived	—	0.90
D&A	3,987,455	—	—	reported	—	0.90
Interest expense	1,760,565	—	—	reported	—	1.00
Income tax	1,677,316	—	—	reported	—	1.00
Shares (basic) (m units)	44.04	—	—	reported	—	1.00

EBITDA margin	3.05%	—	—	reported	—	0.90
EBIT margin	2.14%	—	—	reported	—	0.90
EBT margin	1.63%	—	—	reported	—	0.90
Net margin	1.25%	—	—	reported	—	0.90
D&A margin	0.9%	—	—	reported	—	0.90

Cash	2,347,063	—	—	reported	—	1.00
Total debt	25,572,225	—	—	reported	—	0.85
Net debt	23,225,162	—	—	derived	—	0.70
Equity	48,461,211	—	—	reported	—	0.90
Total assets	121,573,970	—	—	reported	—	1.00
Working capital	29,437,246	—	—	derived	—	0.70
Current assets	99,446,909	—	—	reported	—	1.00
Current liabilities	70,009,663	—	—	reported	—	1.00
Non-current liabilities	1,130,923	—	—	reported	—	1.00
Inventory	76,344,299	—	—	reported	—	1.00
Trade receivables	15,247,045	—	—	reported	—	1.00
Trade payables	28,235,956	—	—	reported	—	1.00
Goodwill	3,313,627	—	—	reported	—	0.90
Tangible equity	45,147,585	—	—	derived	—	0.70

CFO	-5,039,813	—	—	reported	—	1.00
CapEx	1,218,240	—	—	reported	—	1.00
FCF	-6,258,053	—	—	derived	—	0.70
FCF conversion	-23.27%	—	—	reported	—	0.85
CFO conversion	-16.78%	—	—	reported	—	0.85
Dividends paid (m PLN)	0	—	—	reported	—	1.00

ROE	12.31%	—	—	reported	—	0.80
ROA	5.43%	—	—	reported	—	0.75
ROIC	10.12%	—	—	reported	—	0.70
ROCE	18.68%	—	—	reported	—	0.85

Current ratio	1.64x	—	—	reported	—	0.90
Quick ratio	0.33x	—	—	reported	—	0.90
Cash ratio	0.03x	—	—	reported	—	0.90
Interest coverage	5.37x	—	—	reported	—	0.90

Net debt / EBITDA	1.79x	—	—	reported	—	0.85
Debt / equity	0.54x	—	—	reported	—	0.90
Debt / assets	0.23x	—	—	reported	—	0.90
Net debt / equity	0.51x	—	—	reported	—	0.90

Revenue growth (YoY)	24.04%	—	—	reported	—	0.95
EBITDA growth (YoY)	108.55%	—	—	reported	—	0.85
EBIT growth (YoY)	313.66%	—	—	reported	—	0.90
Net income growth (YoY)	9694.6%	—	—	reported	—	0.60
EPS growth (YoY)	9694.6%	—	—	reported	—	0.60
EBITDA margin Δ (YoY)	1.24 pp	—	—	reported	—	0.85
EBIT margin Δ (YoY)	1.5 pp	—	—	reported	—	0.90
Net margin Δ (YoY)	1.27 pp	—	—	reported	—	0.90

FY 2025 · Δ YoY

Revenue

440,944,017 —

FY 2024: —

EBITDA

13,165,449 —

FY 2024: —

EBIT

9,177,994 —

FY 2024: —

EBT

6,909,567 —

FY 2024: —

Net income

5,312,086 —

FY 2024: —

EPS (basic)

0.13 —

FY 2024: —

D&A

3,987,455 —

FY 2024: —

Interest expense

1,760,565 —

FY 2024: —

Income tax

1,677,316 —

FY 2024: —

Shares (basic) (m units)

44.04 —

FY 2024: —

EBITDA margin

3.05% —

FY 2024: —

EBIT margin

2.14% —

FY 2024: —

EBT margin

1.63% —

FY 2024: —

Net margin

1.25% —

FY 2024: —

D&A margin

0.9% —

FY 2024: —

Cash

2,347,063 —

FY 2024: —

Total debt

25,572,225 —

FY 2024: —

Net debt

23,225,162 —

FY 2024: —

Equity

48,461,211 —

FY 2024: —

Total assets

121,573,970 —

FY 2024: —

Working capital

29,437,246 —

FY 2024: —

Current assets

99,446,909 —

FY 2024: —

Current liabilities

70,009,663 —

FY 2024: —

Non-current liabilities

1,130,923 —

FY 2024: —

Inventory

76,344,299 —

FY 2024: —

Trade receivables

15,247,045 —

FY 2024: —

Trade payables

28,235,956 —

FY 2024: —

Goodwill

3,313,627 —

FY 2024: —

Tangible equity

45,147,585 —

FY 2024: —

CFO

-5,039,813 —

FY 2024: —

CapEx

1,218,240 —

FY 2024: —

FCF

-6,258,053 —

FY 2024: —

FCF conversion

-23.27% —

FY 2024: —

CFO conversion

-16.78% —

FY 2024: —

Dividends paid (m PLN)

0 —

FY 2024: —

ROE

12.31% —

FY 2024: —

ROA

5.43% —

FY 2024: —

ROIC

10.12% —

FY 2024: —

ROCE

18.68% —

FY 2024: —

Current ratio

1.64x —

FY 2024: —

Quick ratio

0.33x —

FY 2024: —

Cash ratio

0.03x —

FY 2024: —

Interest coverage

5.37x —

FY 2024: —

Net debt / EBITDA

1.79x —

FY 2024: —

Debt / equity

0.54x —

FY 2024: —

Debt / assets

0.23x —

FY 2024: —

Net debt / equity

0.51x —

FY 2024: —

Revenue growth (YoY)

24.04% —

FY 2024: —

EBITDA growth (YoY)

108.55% —

FY 2024: —

EBIT growth (YoY)

313.66% —

FY 2024: —

Net income growth (YoY)

9694.6% —

FY 2024: —

EPS growth (YoY)

9694.6% —

FY 2024: —

EBITDA margin Δ (YoY)

1.24 pp —

FY 2024: —

EBIT margin Δ (YoY)

1.5 pp —

FY 2024: —

Net margin Δ (YoY)

1.27 pp —

FY 2024: —