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

FY 2025 report

Przychody +24% r/r do 441 mln zł, EBIT ponad 4x, EBITDA ponad 2x r/r — realna dźwignia operacyjna, nie tylko wzrost sprzedaży

Sentiment

Positive No guidance change

Website

SFD FY 2025 report

Revenue

440.97 m PLN

— YoY

Net income

5.51 m PLN

— YoY

EBITDA

13.44 m PLN

— YoY

Net debt / EBITDA

1.79x

— YoY

Summary

Investment thesis

Rentowność wciąż niska w ujęciu bezwzględnym (marża EBIT 2,15%, marża netto 1,25%) mimo poprawy — model dystrybucyjny e-commerce/suplementy pozostaje z natury nisko-marżowy
Ujemny OCF (-2,26 mln zł) mimo zysku i EBITDA — jakość gotówkowa zysku w 2025 r. słaba, luka sfinansowana wzrostem zadłużenia krótkoterminowego
Wysoka koncentracja aktywów w zapasach (69,9% sumy bilansowej, kluczowa sprawa badania biegłego) i bardzo cienka płynność gotówkowa (cash ratio 0,025)
Silna koncentracja właścicielska (76,24% kapitału / 83% głosów) i gęsta sieć transakcji z podmiotami powiązanymi kontrolowanymi przez zarząd i rodzinę

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Financials

BETA

FY 2025

SFD · FY 2025

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

Revenue	440.97	—	—	reported	—	1.00
EBITDA	13.44	—	—	derived	—	0.90
EBIT	9.46	—	—	reported	—	1.00
EBT	7.19	—	—	reported	—	1.00
Net income	5.51	—	—	reported	—	1.00
EPS (basic) (PLN)	0.13	—	—	derived	—	0.90
D&A	3.98	—	—	reported	—	1.00
Interest expense	1.76	—	—	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	1.49	—	—	reported	—	1.00
Total debt	25.57	—	—	derived	—	0.90
Net debt	24.09	—	—	derived	—	0.90
Equity	47.54	—	—	reported	—	1.00
Total assets	109.22	—	—	reported	—	1.00
Working capital	37.34	—	—	derived	—	0.90
Current assets	95.91	—	—	reported	—	1.00
Current liabilities	58.57	—	—	reported	—	1.00
Goodwill	3.31	—	—	reported	—	1.00
Tangible equity	44.23	—	—	derived	—	0.90

CFO	-2.26	—	—	reported	—	1.00
CapEx	0.87	—	—	reported	—	1.00
FCF	-3.13	—	—	derived	—	0.90
FCF conversion	-23.27%	—	—	reported	—	0.85
CFO conversion	-16.78%	—	—	reported	—	0.85
Dividends paid	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

440.97 —

FY 2024: —

EBITDA

13.44 —

FY 2024: —

EBIT

9.46 —

FY 2024: —

EBT

7.19 —

FY 2024: —

Net income

5.51 —

FY 2024: —

EPS (basic) (PLN)

0.13 —

FY 2024: —

D&A

3.98 —

FY 2024: —

Interest expense

1.76 —

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

1.49 —

FY 2024: —

Total debt

25.57 —

FY 2024: —

Net debt

24.09 —

FY 2024: —

Equity

47.54 —

FY 2024: —

Total assets

109.22 —

FY 2024: —

Working capital

37.34 —

FY 2024: —

Current assets

95.91 —

FY 2024: —

Current liabilities

58.57 —

FY 2024: —

Goodwill

3.31 —

FY 2024: —

Tangible equity

44.23 —

FY 2024: —

CFO

-2.26 —

FY 2024: —

CapEx

0.87 —

FY 2024: —

FCF

-3.13 —

FY 2024: —

FCF conversion

-23.27% —

FY 2024: —

CFO conversion

-16.78% —

FY 2024: —

Dividends paid

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: —