TAR Tarczyński Giełda Papierów Wartościowych w Warszawie · annual · publ. April 30, 2026

FY 2025 report

Lider rynku kabanosów (67,4% udziału) i istotny gracz w parówkach (25,4%, +3,9 p.p. r/r) z rekordowym w historii wynikiem EBITDA 279,2 mln zł.

Sentiment

Positive No guidance change

Website

TAR FY 2025 report

Revenue

2.24 bn PLN

— YoY

Net income

124.87 m PLN

— YoY

EBITDA

279.19 m PLN

— YoY

Gross margin

25.04%

— YoY

Summary

Investment thesis

Wzrost przychodów (+8,49%) napędzany eksportem (32,46% sprzedaży) i współpracą z dużymi sieciami handlowymi, przy jednoczesnej erozji marży brutto o 1,1 p.p.
Agresywny program inwestycyjny (365 mln zł CAPEX w 2025, głównie hala C2) przewyższa operacyjne przepływy pieniężne, generując ujemny FCF drugi rok z rzędu.
Rosnąca dźwignia finansowa (dług netto/EBITDA 3,64x, +0,59x r/r) i pogarszająca się płynność (bieżąca 0,49, szybka 0,28) przy jednoczesnym utrzymaniu wypłaty dywidendy.
Czysta opinia biegłego rewidenta bez zastrzeżeń i bez ostrzeżenia o kontynuacji działalności, jedyna kluczowa sprawa badania (rozpoznanie przychodów) to standardowe ryzyko branżowe, nie wykryta nieprawidłowość.

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Financials

BETA

FY 2025

TAR · FY 2025

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

Revenue	2,243,190	—	—	reported	—	1.00
Gross profit	561,610	—	—	reported	—	1.00
EBITDA	279,192	—	—	reported	—	1.00
EBIT	185,070	—	—	reported	—	1.00
EBT	109,272	—	—	reported	—	1.00
Net income	124,870	—	—	reported	—	1.00
EPS (basic) (PLN)	11.08	—	—	reported	—	1.00
Income tax	-15,598	—	—	derived	—	0.85
Shares (basic) (m units)	11.35	—	—	reported	—	1.00

Gross margin	25.04%	—	—	derived	—	1.00
EBITDA margin	12.45%	—	—	derived	—	1.00
EBIT margin	8.25%	—	—	derived	—	0.95
Net margin	5.57%	—	—	derived	—	1.00

Cash	42,732	—	—	reported	—	1.00
Net debt	1,016,541	—	—	derived	—	0.80
Equity	723,791	—	—	reported	—	1.00
Total assets	2,119,447	—	—	reported	—	1.00
Working capital	-385,363	—	—	derived	—	0.95
Current assets	368,900	—	—	reported	—	1.00
Current liabilities	754,263	—	—	reported	—	1.00
Non-current liabilities	641,393	—	—	reported	—	1.00
Inventory	161,129	—	—	reported	—	1.00
Trade receivables	157,039	—	—	reported	—	0.90
Trade payables	236,923	—	—	reported	—	0.90

CFO	296,261	—	—	reported	—	1.00
CapEx	365,108	—	—	reported	—	1.00
FCF	-68,847	—	—	derived	—	0.95
FCF conversion	-24.66%	—	—	derived	—	0.90
CFO conversion	106.11%	—	—	derived	—	0.95
Dividends paid	29,502.03	—	—	reported	—	1.00

ROE	18.41%	—	—	derived	—	0.85
ROA	6.49%	—	—	derived	—	0.85
ROIC	8.62%	—	—	derived	—	0.70
ROCE	13.56%	—	—	derived	—	0.85

Current ratio	0.49x	—	—	derived	—	1.00
Quick ratio	0.28x	—	—	derived	—	1.00
Cash ratio	0.06x	—	—	derived	—	0.90

Net debt / EBITDA	3.64x	—	—	derived	—	1.00
Debt / equity	1.46x	—	—	derived	—	0.80
Debt / assets	0.5x	—	—	derived	—	0.80
Net debt / equity	1.4x	—	—	derived	—	0.80

Revenue growth (YoY)	8.49%	—	—	derived	—	1.00
EBITDA growth (YoY)	9.39%	—	—	derived	—	1.00
EBIT growth (YoY)	2.24%	—	—	derived	—	1.00
Net income growth (YoY)	4.23%	—	—	derived	—	1.00
EPS growth (YoY)	4.93%	—	—	derived	—	1.00
Gross margin Δ (YoY)	-1.1 pp	—	—	derived	—	1.00
EBITDA margin Δ (YoY)	0.1 pp	—	—	derived	—	1.00
Net margin Δ (YoY)	-0.2 pp	—	—	derived	—	1.00

FY 2025 · Δ YoY

Revenue

2,243,190 —

FY 2024: —

Gross profit

561,610 —

FY 2024: —

EBITDA

279,192 —

FY 2024: —

EBIT

185,070 —

FY 2024: —

EBT

109,272 —

FY 2024: —

Net income

124,870 —

FY 2024: —

EPS (basic) (PLN)

11.08 —

FY 2024: —

Income tax

-15,598 —

FY 2024: —

Shares (basic) (m units)

11.35 —

FY 2024: —

Gross margin

25.04% —

FY 2024: —

EBITDA margin

12.45% —

FY 2024: —

EBIT margin

8.25% —

FY 2024: —

Net margin

5.57% —

FY 2024: —

Cash

42,732 —

FY 2024: —

Net debt

1,016,541 —

FY 2024: —

Equity

723,791 —

FY 2024: —

Total assets

2,119,447 —

FY 2024: —

Working capital

-385,363 —

FY 2024: —

Current assets

368,900 —

FY 2024: —

Current liabilities

754,263 —

FY 2024: —

Non-current liabilities

641,393 —

FY 2024: —

Inventory

161,129 —

FY 2024: —

Trade receivables

157,039 —

FY 2024: —

Trade payables

236,923 —

FY 2024: —

CFO

296,261 —

FY 2024: —

CapEx

365,108 —

FY 2024: —

FCF

-68,847 —

FY 2024: —

FCF conversion

-24.66% —

FY 2024: —

CFO conversion

106.11% —

FY 2024: —

Dividends paid

29,502.03 —

FY 2024: —

ROE

18.41% —

FY 2024: —

ROA

6.49% —

FY 2024: —

ROIC

8.62% —

FY 2024: —

ROCE

13.56% —

FY 2024: —

Current ratio

0.49x —

FY 2024: —

Quick ratio

0.28x —

FY 2024: —

Cash ratio

0.06x —

FY 2024: —

Net debt / EBITDA

3.64x —

FY 2024: —

Debt / equity

1.46x —

FY 2024: —

Debt / assets

0.5x —

FY 2024: —

Net debt / equity

1.4x —

FY 2024: —

Revenue growth (YoY)

8.49% —

FY 2024: —

EBITDA growth (YoY)

9.39% —

FY 2024: —

EBIT growth (YoY)

2.24% —

FY 2024: —

Net income growth (YoY)

4.23% —

FY 2024: —

EPS growth (YoY)

4.93% —

FY 2024: —

Gross margin Δ (YoY)

-1.1 pp —

FY 2024: —

EBITDA margin Δ (YoY)

0.1 pp —

FY 2024: —

Net margin Δ (YoY)

-0.2 pp —

FY 2024: —