HOR
FY 2025 report
Revenue
205.89 m PLN
— YoY
Net income
15.39 m PLN
— YoY
EBITDA
21.84 m PLN
— YoY
Gross margin
27.19%
— YoY
Summary
Investment thesis
- ROE ok. 19–20% przy niskim zadłużeniu netto (dług netto/EBITDA ok. 0,9x).
- Jakość zysku słaba: CFO 4,9 mln zł wobec zysku netto 15,4 mln zł; zapasy (+16,5%) i należności (+21,9%) rosną wielokrotnie szybciej niż sprzedaż.
- Wzrost i dywidendę finansuje rachunek bieżący (22,9 mln zł wobec 13,7 mln zł); limit podniesiony do 45 mln zł w 2026.
- Dźwignią rozwoju są kolejne sklepy PSB Mrówka oraz wysoka rentowność PNOS; ryzykiem — reklamacje nasion i koncentracja akcjonariatu.
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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 | 205.89 | — | — | 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 | 21.84 | — | — | reported | — | 0.95 |
| EBIT | 19.11 | — | — | reported | — | 1.00 |
| EBT | 19.09 | — | — | reported | — | 1.00 |
|
Net income
OGROFOL sp. z o.o.
|
0.38 | — | — | reported | OGROFOL sp. z o.o. | 0.90 |
|
Net income
PNOS sp. z o.o.
|
10.35 | — | — | reported | PNOS sp. z o.o. | 0.90 |
|
Net income
HORTICO S.A. (jednostkowo)
|
3.83 | — | — | reported | HORTICO S.A. (jednostkowo) | 0.90 |
| Net income | 15.39 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.19 | — | — | derived | — | 0.85 |
| D&A | 2.73 | — | — | reported | — | 1.00 |
| Interest expense | 0.59 | — | — | reported | — | 1.00 |
| Income tax | 3.7 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 12.92 | — | — | reported | — | 0.95 |
| 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 | 4.04 | — | — | reported | — | 1.00 |
| Total debt | 22.92 | — | — | reported | — | 0.90 |
| Net debt | 18.89 | — | — | derived | — | 0.90 |
| Equity | 79.99 | — | — | reported | — | 1.00 |
| Total assets | 155.97 | — | — | reported | — | 0.95 |
| Working capital | 51.02 | — | — | derived | — | 0.90 |
| Current assets | 124.24 | — | — | reported | — | 1.00 |
| Current liabilities | 73.22 | — | — | reported | — | 1.00 |
| Inventory | 66.84 | — | — | reported | — | 1.00 |
| Trade receivables | 46.76 | — | — | reported | — | 0.90 |
| Trade payables | 43.5 | — | — | reported | — | 0.90 |
| Goodwill | 0.17 | — | — | reported | — | 0.90 |
| Tangible equity | 69.48 | — | — | derived | — | 0.90 |
| CFO | 4.87 | — | — | reported | — | 1.00 |
| CapEx | 7.21 | — | — | reported | — | 0.80 |
| FCF | -2.34 | — | — | derived | — | 0.75 |
| FCF conversion | -25.68% | — | — | derived | — | 0.85 |
| CFO conversion | 22.3% | — | — | derived | — | 0.90 |
| Dividends paid | 4.52 | — | — | reported | — | 0.85 |
| 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 | 0.06x | — | — | derived | — | 0.90 |
| Interest coverage | 32.4x | — | — | derived | — | 0.90 |
| Net debt / EBITDA | 0.86x | — | — | derived | — | 0.90 |
| Debt / equity | 0.29x | — | — | derived | — | 0.90 |
| Debt / assets | 0.15x | — | — | derived | — | 0.90 |
| Net debt / equity | 0.24x | — | — | 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
205.89
—
205.89
—
- 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
21.84
—
21.84
—
- FY 2024
- —
EBIT
19.11
—
19.11
—
- FY 2024
- —
EBT
19.09
—
19.09
—
- FY 2024
- —
Net income
OGROFOL sp. z o.o.
0.38
—
OGROFOL sp. z o.o.
0.38
—
- FY 2024
- —
Net income
PNOS sp. z o.o.
10.35
—
PNOS sp. z o.o.
10.35
—
- FY 2024
- —
Net income
HORTICO S.A. (jednostkowo)
3.83
—
HORTICO S.A. (jednostkowo)
3.83
—
- FY 2024
- —
Net income
15.39
—
15.39
—
- FY 2024
- —
EPS (basic)
(PLN)
1.19
—
1.19
—
- FY 2024
- —
D&A
2.73
—
2.73
—
- FY 2024
- —
Interest expense
0.59
—
0.59
—
- FY 2024
- —
Income tax
3.7
—
3.7
—
- 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
4.04
—
4.04
—
- FY 2024
- —
Total debt
22.92
—
22.92
—
- FY 2024
- —
Net debt
18.89
—
18.89
—
- FY 2024
- —
Equity
79.99
—
79.99
—
- FY 2024
- —
Total assets
155.97
—
155.97
—
- FY 2024
- —
Working capital
51.02
—
51.02
—
- FY 2024
- —
Current assets
124.24
—
124.24
—
- FY 2024
- —
Current liabilities
73.22
—
73.22
—
- FY 2024
- —
Inventory
66.84
—
66.84
—
- FY 2024
- —
Trade receivables
46.76
—
46.76
—
- FY 2024
- —
Trade payables
43.5
—
43.5
—
- FY 2024
- —
Goodwill
0.17
—
0.17
—
- FY 2024
- —
Tangible equity
69.48
—
69.48
—
- FY 2024
- —
CFO
4.87
—
4.87
—
- FY 2024
- —
CapEx
7.21
—
7.21
—
- FY 2024
- —
FCF
-2.34
—
-2.34
—
- FY 2024
- —
FCF conversion
-25.68%
—
-25.68%
—
- FY 2024
- —
CFO conversion
22.3%
—
22.3%
—
- 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
0.06x
—
0.06x
—
- FY 2024
- —
Interest coverage
32.4x
—
32.4x
—
- FY 2024
- —
Net debt / EBITDA
0.86x
—
0.86x
—
- FY 2024
- —
Debt / equity
0.29x
—
0.29x
—
- FY 2024
- —
Debt / assets
0.15x
—
0.15x
—
- FY 2024
- —
Net debt / equity
0.24x
—
0.24x
—
- 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
- —