FEE FEERUM Giełda Papierów Wartościowych w Warszawie · annual · publ. April 30, 2026

FY 2025 report

Feerum wrócił na ścieżkę wzrostu i rentowności w 2025 r. — przychody Grupy wzrosły o 66% r/r do 125,4 mln zł, a EBITDA ponad czterokrotnie do 20,7 mln zł, po stracie odnotowanej w 2024 r.

Sentiment

Positive No guidance change

Website

FEE FY 2025 report

Revenue

125.4 m PLN

— YoY

Net income

12.24 m PLN

— YoY

EBITDA

20.68 m PLN

— YoY

Gross margin

20.7%

— YoY

Summary

Investment thesis

Poprawa wyników jest w dużej mierze pochodną odbudowy popytu inwestycyjnego w krajowym sektorze rolno-spożywczym po uruchomieniu środków z Krajowego Planu Odbudowy (KPO), a nie tylko działań wewnętrznych spółki.
Bilans jest bardzo bezpieczny — Grupa przeszła z długu netto (2,5 mln zł na koniec 2024 r.) do nadwyżki gotówki netto (21,7 mln zł), głównie dzięki zaliczkom od klientów i wypracowanemu zyskowi, a wskaźnik dług netto/EBITDA wynosi -1,05.
Ekspansja zagraniczna nabiera konkretów: w maju 2025 r. podpisano kontrakt Toshka w Egipcie (24,7 mln USD przypadające na Feerum, w konsorcjum z Samcrete Egypt), współfinansowany przez Bank Światowy — pierwsza duża realizacja Grupy poza Europą.
Portfel zamówień na lata 2026-2027 wynosi ok. 71,2 mln zł (28 umów), a potencjalny portfel dodatkowo 116,9 mln zł, co daje pewną widoczność przychodów, choć Zarząd konsekwentnie nie publikuje formalnych prognoz finansowych.

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Financials

BETA

FY 2025

FEE · FY 2025

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

Revenue	125.4	—	—	reported	—	1.00
Gross profit	26	—	—	reported	—	1.00
EBITDA	20.68	—	—	reported	—	1.00
EBIT	15.7	—	—	reported	—	1.00
EBT	15.05	—	—	reported	—	1.00
Net income	12.24	—	—	reported	—	1.00
EPS (basic) (PLN)	1.28	—	—	reported	—	1.00
EPS (diluted) (PLN)	1.28	—	—	reported	—	1.00
Interest expense	0.72	—	—	reported	—	1.00
Income tax	2.81	—	—	reported	—	1.00
Shares (basic) (m units)	9.54	—	—	reported	—	1.00

Gross margin	20.7%	—	—	derived	—	1.00
EBITDA margin	16.5%	—	—	derived	—	1.00
EBIT margin	12.5%	—	—	derived	—	1.00
Net margin	9.8%	—	—	derived	—	1.00

Cash	21.81	—	—	reported	—	1.00
Total debt	0.12	—	—	reported	—	1.00
Net debt	-21.68	—	—	reported	—	1.00
Equity	125.73	—	—	reported	—	1.00
Total assets	178.46	—	—	reported	—	1.00
Current assets	120.22	—	—	reported	—	1.00
Current liabilities	48.04	—	—	reported	—	1.00
Non-current liabilities	4.7	—	—	reported	—	1.00
Inventory	66.26	—	—	reported	—	1.00
Trade receivables	23.4	—	—	reported	—	1.00
Trade payables	41.29	—	—	reported	—	1.00
Goodwill	21.35	—	—	reported	—	1.00

CFO	28.94	—	—	reported	—	1.00
CapEx	4.3	—	—	reported	—	0.70
FCF	24.64	—	—	derived	—	0.70
FCF conversion	119.2%	—	—	derived	—	0.70
CFO conversion	140%	—	—	derived	—	1.00
Dividends paid	0	—	—	reported	—	1.00

ROE	10.2%	—	—	derived	—	0.70
ROIC	12.3%	—	—	derived	—	0.70
ROCE	12%	—	—	derived	—	0.70

Current ratio	2.5x	—	—	derived	—	1.00
Quick ratio	1.1x	—	—	derived	—	1.00
Interest coverage	21.7x	—	—	derived	—	1.00

Net debt / EBITDA	-1.05x	—	—	derived	—	1.00
Debt / equity	0x	—	—	derived	—	1.00
Net debt / equity	-0.17x	—	—	derived	—	1.00

Revenue growth (YoY)	66%	—	—	derived	—	1.00
EBITDA growth (YoY)	328.9%	—	—	derived	—	1.00
EBIT growth (YoY)	1215.5%	—	—	derived	—	0.70
Net income growth (YoY)	677.2%	—	—	derived	—	0.70
EPS growth (YoY)	681.8%	—	—	derived	—	0.70
Gross margin Δ (YoY)	11.7 pp	—	—	derived	—	1.00
EBITDA margin Δ (YoY)	10.1 pp	—	—	derived	—	1.00

FY 2025 · Δ YoY

Revenue

125.4 —

FY 2024: —

Gross profit

26 —

FY 2024: —

EBITDA

20.68 —

FY 2024: —

EBIT

15.7 —

FY 2024: —

EBT

15.05 —

FY 2024: —

Net income

12.24 —

FY 2024: —

EPS (basic) (PLN)

1.28 —

FY 2024: —

EPS (diluted) (PLN)

1.28 —

FY 2024: —

Interest expense

0.72 —

FY 2024: —

Income tax

2.81 —

FY 2024: —

Shares (basic) (m units)

9.54 —

FY 2024: —

Gross margin

20.7% —

FY 2024: —

EBITDA margin

16.5% —

FY 2024: —

EBIT margin

12.5% —

FY 2024: —

Net margin

9.8% —

FY 2024: —

Cash

21.81 —

FY 2024: —

Total debt

0.12 —

FY 2024: —

Net debt

-21.68 —

FY 2024: —

Equity

125.73 —

FY 2024: —

Total assets

178.46 —

FY 2024: —

Current assets

120.22 —

FY 2024: —

Current liabilities

48.04 —

FY 2024: —

Non-current liabilities

4.7 —

FY 2024: —

Inventory

66.26 —

FY 2024: —

Trade receivables

23.4 —

FY 2024: —

Trade payables

41.29 —

FY 2024: —

Goodwill

21.35 —

FY 2024: —

CFO

28.94 —

FY 2024: —

CapEx

4.3 —

FY 2024: —

FCF

24.64 —

FY 2024: —

FCF conversion

119.2% —

FY 2024: —

CFO conversion

140% —

FY 2024: —

Dividends paid

0 —

FY 2024: —

ROE

10.2% —

FY 2024: —

ROIC

12.3% —

FY 2024: —

ROCE

12% —

FY 2024: —

Current ratio

2.5x —

FY 2024: —

Quick ratio

1.1x —

FY 2024: —

Interest coverage

21.7x —

FY 2024: —

Net debt / EBITDA

-1.05x —

FY 2024: —

Debt / equity

0x —

FY 2024: —

Net debt / equity

-0.17x —

FY 2024: —

Revenue growth (YoY)

66% —

FY 2024: —

EBITDA growth (YoY)

328.9% —

FY 2024: —

EBIT growth (YoY)

1215.5% —

FY 2024: —

Net income growth (YoY)

677.2% —

FY 2024: —

EPS growth (YoY)

681.8% —

FY 2024: —

Gross margin Δ (YoY)

11.7 pp —

FY 2024: —

EBITDA margin Δ (YoY)

10.1 pp —

FY 2024: —