FY 2025 report
Grupa Kapitalowa HORTICO po raz pierwszy przekroczyla 200 mln zl przychodow (ok. 205,9 mln zl wedlug listu Prezesa) i wedlug Zarzadu poprawila rentownosc oraz ROE (~19,2%), ale te dane nie sa poparte pelnym skonsolidowanym sprawozdaniem finansowym w dostarczonym pakiecie raportu.
Sentiment
Positive
No guidance change
HOR
FY 2025 report
Revenue
153.74 m PLN
— YoY
Net income
3.83 m PLN
— YoY
EBITDA
7.08 m PLN
— YoY
Gross margin
27.19%
— YoY
Summary
Investment thesis
- Na poziomie jednostkowym (HORTICO S.A. jako spolka-matka) przychody sa plaskie (-0,6% r/r), ale zysk netto spadl az o 31% r/r - rozdzwiek miedzy narracja o Grupie a liczbami jednostkowymi wymaga wyjasnienia.
- Ekspansja sieci Mrowka (5. sklep otwarty w marcu 2026) i zakupy nieruchomosci sa finansowane w rosnacym stopniu dlugiem krotkoterminowym (+67,4% r/r), a nie zatrzymanym zyskiem - dzwignia finansowa netto/EBITDA wzrosla z 1,33x do 2,72x w ciagu roku.
- Bilans pozostaje bez dlugu dlugoterminowego, kapitaly wlasne stanowia ok. 41% sumy bilansowej, a audyt jest czysty (bez zastrzezen) - fundament finansowy wciaz solidny mimo pogorszenia marz.
- Po raz pierwszy od akwizycji PNOS i OGROFOL spolki zalezne wyplacily dywidende do spolki matki (1,4 mln zl) - sygnal dojrzewania kapitalowego grupy, choc na razie w skromnej skali.
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Financials
BETA
HOR · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
|
Revenue
HORTICO S.A. (jednostkowo)
|
153.74 | — | — | reported | HORTICO S.A. (jednostkowo) | 0.90 |
| Revenue | 153.74 | — | — | reported | — | 1.00 |
|
Revenue
PNOS sp. z o.o.
|
47.41 | — | — | reported | PNOS sp. z o.o. | 0.90 |
|
Revenue
OGROFOL sp. z o.o.
|
9.12 | — | — | reported | OGROFOL sp. z o.o. | 0.90 |
| Gross profit | 41.8 | — | — | derived | — | 0.60 |
| EBITDA | 7.08 | — | — | reported | — | 1.00 |
| EBIT | 5.15 | — | — | reported | — | 1.00 |
| EBT | 5.1 | — | — | reported | — | 1.00 |
|
Net income
HORTICO S.A. (jednostkowo)
|
3.83 | — | — | reported | HORTICO S.A. (jednostkowo) | 0.90 |
|
Net income
PNOS sp. z o.o.
|
10.35 | — | — | reported | PNOS sp. z o.o. | 0.90 |
|
Net income
OGROFOL sp. z o.o.
|
0.38 | — | — | reported | OGROFOL sp. z o.o. | 0.90 |
| Net income | 3.83 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.3 | — | — | derived | — | 0.85 |
| D&A | 1.93 | — | — | reported | — | 1.00 |
| Interest expense | 0.63 | — | — | reported | — | 0.90 |
| Shares (basic) (m units) | 12.92 | — | — | reported | — | 1.00 |
| Gross margin | 27.19% | — | — | reported | — | 0.60 |
| EBITDA margin | 4.6% | — | — | reported | — | 0.95 |
| EBIT margin | 3.35% | — | — | reported | — | 0.95 |
| EBT margin | 8.67% | — | — | derived | — | 0.90 |
| Net margin | 2.49% | — | — | reported | — | 0.95 |
| D&A margin | 1.47% | — | — | derived | — | 0.90 |
| Cash | 3.77 | — | — | reported | — | 1.00 |
| Total debt | 23.01 | — | — | derived | — | 0.85 |
| Net debt | 19.25 | — | — | derived | — | 0.85 |
| Equity | 40.75 | — | — | reported | — | 1.00 |
| Total assets | 98.72 | — | — | reported | — | 1.00 |
| Working capital | 15 | — | — | derived | — | 0.90 |
| Current assets | 71.07 | — | — | reported | — | 1.00 |
| Current liabilities | 56.08 | — | — | reported | — | 1.00 |
| Goodwill | 0.17 | — | — | reported | — | 0.90 |
| Tangible equity | 69.48 | — | — | derived | — | 0.90 |
| CFO | 8 | — | — | reported | — | 1.00 |
| CapEx | 6.02 | — | — | reported | — | 1.00 |
| FCF | 1.99 | — | — | derived | — | 0.90 |
| FCF conversion | -25.68% | — | — | derived | — | 0.85 |
| CFO conversion | 10.76% | — | — | derived | — | 0.90 |
| Dividends paid | 4.52 | — | — | reported | — | 1.00 |
| ROE | 9.39% | — | — | reported | — | 0.90 |
| ROA | 3.88% | — | — | reported | — | 0.90 |
| ROIC | 16.72% | — | — | derived | — | 0.70 |
| ROCE | 23.69% | — | — | derived | — | 0.85 |
| Current ratio | 1.27x | — | — | derived | — | 0.90 |
| Quick ratio | 0.59x | — | — | derived | — | 0.90 |
| Cash ratio | 0.04x | — | — | derived | — | 0.95 |
| Interest coverage | 45.49x | — | — | derived | — | 0.90 |
| Net debt / EBITDA | 2.72x | — | — | derived | — | 0.75 |
| Debt / equity | 0.57x | — | — | derived | — | 0.80 |
| Debt / assets | 0.11x | — | — | derived | — | 0.90 |
| Net debt / equity | 0.18x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 4.46% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 8.77% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | 11.2% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 12.54% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | 12.54% | — | — | reported | — | 0.85 |
| FCF growth (YoY) | 56.31% | — | — | reported | — | 0.85 |
| Gross margin Δ (YoY) | 1.97 pp | — | — | reported | — | 0.60 |
| EBITDA margin Δ (YoY) | 0.42 pp | — | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | 0.57 pp | — | — | reported | — | 0.95 |
| Net margin Δ (YoY) | 0.53 pp | — | — | reported | — | 0.95 |
FY 2025 · Δ YoY
Revenue
HORTICO S.A. (jednostkowo)
153.74
—
HORTICO S.A. (jednostkowo)
153.74
—
- FY 2024
- —
Revenue
153.74
—
153.74
—
- FY 2024
- —
Revenue
PNOS sp. z o.o.
47.41
—
PNOS sp. z o.o.
47.41
—
- FY 2024
- —
Revenue
OGROFOL sp. z o.o.
9.12
—
OGROFOL sp. z o.o.
9.12
—
- FY 2024
- —
Gross profit
41.8
—
41.8
—
- FY 2024
- —
EBITDA
7.08
—
7.08
—
- FY 2024
- —
EBIT
5.15
—
5.15
—
- FY 2024
- —
EBT
5.1
—
5.1
—
- FY 2024
- —
Net income
HORTICO S.A. (jednostkowo)
3.83
—
HORTICO S.A. (jednostkowo)
3.83
—
- FY 2024
- —
Net income
PNOS sp. z o.o.
10.35
—
PNOS sp. z o.o.
10.35
—
- FY 2024
- —
Net income
OGROFOL sp. z o.o.
0.38
—
OGROFOL sp. z o.o.
0.38
—
- FY 2024
- —
Net income
3.83
—
3.83
—
- FY 2024
- —
EPS (basic)
(PLN)
0.3
—
0.3
—
- FY 2024
- —
D&A
1.93
—
1.93
—
- FY 2024
- —
Interest expense
0.63
—
0.63
—
- FY 2024
- —
Shares (basic)
(m units)
12.92
—
12.92
—
- FY 2024
- —
Gross margin
27.19%
—
27.19%
—
- FY 2024
- —
EBITDA margin
4.6%
—
4.6%
—
- FY 2024
- —
EBIT margin
3.35%
—
3.35%
—
- FY 2024
- —
EBT margin
8.67%
—
8.67%
—
- FY 2024
- —
Net margin
2.49%
—
2.49%
—
- FY 2024
- —
D&A margin
1.47%
—
1.47%
—
- FY 2024
- —
Cash
3.77
—
3.77
—
- FY 2024
- —
Total debt
23.01
—
23.01
—
- FY 2024
- —
Net debt
19.25
—
19.25
—
- FY 2024
- —
Equity
40.75
—
40.75
—
- FY 2024
- —
Total assets
98.72
—
98.72
—
- FY 2024
- —
Working capital
15
—
15
—
- FY 2024
- —
Current assets
71.07
—
71.07
—
- FY 2024
- —
Current liabilities
56.08
—
56.08
—
- FY 2024
- —
Goodwill
0.17
—
0.17
—
- FY 2024
- —
Tangible equity
69.48
—
69.48
—
- FY 2024
- —
CFO
8
—
8
—
- FY 2024
- —
CapEx
6.02
—
6.02
—
- FY 2024
- —
FCF
1.99
—
1.99
—
- FY 2024
- —
FCF conversion
-25.68%
—
-25.68%
—
- FY 2024
- —
CFO conversion
10.76%
—
10.76%
—
- FY 2024
- —
Dividends paid
4.52
—
4.52
—
- FY 2024
- —
ROE
9.39%
—
9.39%
—
- FY 2024
- —
ROA
3.88%
—
3.88%
—
- FY 2024
- —
ROIC
16.72%
—
16.72%
—
- FY 2024
- —
ROCE
23.69%
—
23.69%
—
- FY 2024
- —
Current ratio
1.27x
—
1.27x
—
- FY 2024
- —
Quick ratio
0.59x
—
0.59x
—
- FY 2024
- —
Cash ratio
0.04x
—
0.04x
—
- FY 2024
- —
Interest coverage
45.49x
—
45.49x
—
- FY 2024
- —
Net debt / EBITDA
2.72x
—
2.72x
—
- FY 2024
- —
Debt / equity
0.57x
—
0.57x
—
- FY 2024
- —
Debt / assets
0.11x
—
0.11x
—
- FY 2024
- —
Net debt / equity
0.18x
—
0.18x
—
- FY 2024
- —
Revenue growth (YoY)
4.46%
—
4.46%
—
- FY 2024
- —
EBITDA growth (YoY)
8.77%
—
8.77%
—
- FY 2024
- —
EBIT growth (YoY)
11.2%
—
11.2%
—
- FY 2024
- —
Net income growth (YoY)
12.54%
—
12.54%
—
- FY 2024
- —
EPS growth (YoY)
12.54%
—
12.54%
—
- FY 2024
- —
FCF growth (YoY)
56.31%
—
56.31%
—
- FY 2024
- —
Gross margin Δ (YoY)
1.97 pp
—
1.97 pp
—
- FY 2024
- —
EBITDA margin Δ (YoY)
0.42 pp
—
0.42 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
0.57 pp
—
0.57 pp
—
- FY 2024
- —
Net margin Δ (YoY)
0.53 pp
—
0.53 pp
—
- FY 2024
- —