STP
Stalprodukt
Giełda Papierów Wartościowych w Warszawie · roczne jednostkowe sprawozdanie finansowe · publ. April 30, 2026
FY 2025 report
Silne odbicie rentowności jednostkowej (EBIT z -14,2 mln zł na +34,8 mln zł, zysk netto x34) przy jednoczesnym spadku przychodów o 4,6% — to poprawa marży i miksu, nie wzrost skali.
Sentiment
Neutral
No guidance change
STP
FY 2025 report
Revenue
1.4 bn PLN
— YoY
Net income
77.79 m PLN
— YoY
EBITDA
90.02 m PLN
— YoY
Gross margin
9.76%
— YoY
Summary
Investment thesis
- Segment Blach Elektrotechnicznych (transformatorowe, wodór) jest głównym motorem zysku (89,9 mln zł wyniku segmentu), segment Profili ledwo przekracza próg rentowności (2,1 mln zł).
- Bilans praktycznie bezdłużny: zero kredytów bankowych, netto-gotówka ok. 502 mln zł, current ratio 5,3x.
- Prawie połowa zysku brutto pochodzi z przychodów finansowych (58,4 mln zł), w tym jednorazowej-ish dywidendy 42,9 mln zł od czeskiej spółki zależnej GO Steel a.s. — jakość zysku niżej niż sugeruje sam zysk netto.
- Skokowy CAPEX (188 mln zł, +208% r/r) dał głęboko ujemny FCF (-139,9 mln zł), finansowany z gotówki; zapowiedziany CAPEX 2026 (346 mln zł) sugeruje dalsze przyspieszenie inwestycji.
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Financials
BETA
STP · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 1,397.32 | — | — | reported | — | 1.00 |
|
Revenue
Blachy Elektrotechniczne
|
606.01 | — | — | reported | Blachy Elektrotechniczne | 0.90 |
|
Revenue
Profile
|
575.8 | — | — | reported | Profile | 0.90 |
| Gross profit | 136.43 | — | — | reported | — | 1.00 |
| EBITDA | 90.02 | — | — | derived | — | 0.90 |
| EBIT | 34.81 | — | — | reported | — | 1.00 |
| EBT | 87.14 | — | — | reported | — | 1.00 |
| Net income | 77.79 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 14.41 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 15.28 | — | — | reported | — | 0.80 |
| D&A | 55.21 | — | — | reported | — | 1.00 |
| Interest expense | 4.66 | — | — | reported | — | 1.00 |
| Income tax | 9.35 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 5.09 | — | — | reported | — | 1.00 |
| Gross margin | 9.76% | — | — | derived | — | 0.90 |
| EBITDA margin | 6.44% | — | — | derived | — | 0.90 |
| EBIT margin | 2.49% | — | — | derived | — | 0.90 |
| EBT margin | -1.15% | — | — | derived | — | 1.00 |
| Net margin | 5.57% | — | — | derived | — | 0.90 |
| Cash | 584.78 | — | — | reported | — | 1.00 |
| Total debt | 82.92 | — | — | reported | — | 1.00 |
| Net debt | -501.87 | — | — | derived | — | 0.90 |
| Equity | 2,340.54 | — | — | reported | — | 1.00 |
| Total assets | 2,707.37 | — | — | reported | — | 1.00 |
| Working capital | 962.76 | — | — | derived | — | 0.90 |
| Current assets | 1,186.51 | — | — | reported | — | 1.00 |
| Current liabilities | 223.74 | — | — | reported | — | 1.00 |
| Non-current liabilities | 143.09 | — | — | reported | — | 1.00 |
| Inventory | 417.04 | — | — | reported | — | 1.00 |
| Trade receivables | 142.43 | — | — | reported | — | 1.00 |
| Trade payables | 174.11 | — | — | reported | — | 1.00 |
| CFO | 48.05 | — | — | reported | — | 1.00 |
| CapEx | 187.99 | — | — | reported | — | 0.95 |
| FCF | -139.93 | — | — | derived | — | 0.90 |
| FCF conversion | -155.5% | — | — | derived | — | 0.80 |
| CFO conversion | 53.4% | — | — | derived | — | 0.90 |
| Dividends paid | 30.53 | — | — | reported | — | 1.00 |
| ROE | -1.4% | — | — | reported | — | 0.80 |
| ROA | -1.1% | — | — | reported | — | 0.80 |
| ROIC | 1.69% | — | — | derived | — | 0.60 |
| ROCE | 1.4% | — | — | derived | — | 0.85 |
| Current ratio | 4.1x | — | — | reported | — | 1.00 |
| Quick ratio | 2.4x | — | — | reported | — | 1.00 |
| Cash ratio | 2.61x | — | — | derived | — | 0.90 |
| Interest coverage | 7.46x | — | — | derived | — | 0.90 |
| Net debt / EBITDA | -5.58x | — | — | derived | — | 0.85 |
| Debt / equity | 0.04x | — | — | derived | — | 0.90 |
| Debt / assets | 0.03x | — | — | derived | — | 0.90 |
| Net debt / equity | -0.21x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | -4.65% | — | — | derived | — | 0.90 |
| EBITDA growth (YoY) | 120.5% | — | — | derived | — | 0.85 |
| EBIT growth (YoY) | 345.9% | — | — | derived | — | 0.85 |
| Net income growth (YoY) | 3333.6% | — | — | derived | — | 0.80 |
| EPS growth (YoY) | 3330% | — | — | derived | — | 0.80 |
| Gross margin Δ (YoY) | 4.8 pp | — | — | derived | — | 0.85 |
| EBITDA margin Δ (YoY) | 3.65 pp | — | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | 3.46 pp | — | — | derived | — | 0.85 |
| Net margin Δ (YoY) | 5.42 pp | — | — | derived | — | 0.85 |
FY 2025 · Δ YoY
Revenue
1,397.32
—
1,397.32
—
- FY 2024
- —
Revenue
Blachy Elektrotechniczne
606.01
—
Blachy Elektrotechniczne
606.01
—
- FY 2024
- —
Revenue
Profile
575.8
—
Profile
575.8
—
- FY 2024
- —
Gross profit
136.43
—
136.43
—
- FY 2024
- —
EBITDA
90.02
—
90.02
—
- FY 2024
- —
EBIT
34.81
—
34.81
—
- FY 2024
- —
EBT
87.14
—
87.14
—
- FY 2024
- —
Net income
77.79
—
77.79
—
- FY 2024
- —
EPS (basic)
(PLN)
14.41
—
14.41
—
- FY 2024
- —
EPS (diluted)
(PLN)
15.28
—
15.28
—
- FY 2024
- —
D&A
55.21
—
55.21
—
- FY 2024
- —
Interest expense
4.66
—
4.66
—
- FY 2024
- —
Income tax
9.35
—
9.35
—
- FY 2024
- —
Shares (basic)
(m units)
5.09
—
5.09
—
- FY 2024
- —
Gross margin
9.76%
—
9.76%
—
- FY 2024
- —
EBITDA margin
6.44%
—
6.44%
—
- FY 2024
- —
EBIT margin
2.49%
—
2.49%
—
- FY 2024
- —
EBT margin
-1.15%
—
-1.15%
—
- FY 2024
- —
Net margin
5.57%
—
5.57%
—
- FY 2024
- —
Cash
584.78
—
584.78
—
- FY 2024
- —
Total debt
82.92
—
82.92
—
- FY 2024
- —
Net debt
-501.87
—
-501.87
—
- FY 2024
- —
Equity
2,340.54
—
2,340.54
—
- FY 2024
- —
Total assets
2,707.37
—
2,707.37
—
- FY 2024
- —
Working capital
962.76
—
962.76
—
- FY 2024
- —
Current assets
1,186.51
—
1,186.51
—
- FY 2024
- —
Current liabilities
223.74
—
223.74
—
- FY 2024
- —
Non-current liabilities
143.09
—
143.09
—
- FY 2024
- —
Inventory
417.04
—
417.04
—
- FY 2024
- —
Trade receivables
142.43
—
142.43
—
- FY 2024
- —
Trade payables
174.11
—
174.11
—
- FY 2024
- —
CFO
48.05
—
48.05
—
- FY 2024
- —
CapEx
187.99
—
187.99
—
- FY 2024
- —
FCF
-139.93
—
-139.93
—
- FY 2024
- —
FCF conversion
-155.5%
—
-155.5%
—
- FY 2024
- —
CFO conversion
53.4%
—
53.4%
—
- FY 2024
- —
Dividends paid
30.53
—
30.53
—
- FY 2024
- —
ROE
-1.4%
—
-1.4%
—
- FY 2024
- —
ROA
-1.1%
—
-1.1%
—
- FY 2024
- —
ROIC
1.69%
—
1.69%
—
- FY 2024
- —
ROCE
1.4%
—
1.4%
—
- FY 2024
- —
Current ratio
4.1x
—
4.1x
—
- FY 2024
- —
Quick ratio
2.4x
—
2.4x
—
- FY 2024
- —
Cash ratio
2.61x
—
2.61x
—
- FY 2024
- —
Interest coverage
7.46x
—
7.46x
—
- FY 2024
- —
Net debt / EBITDA
-5.58x
—
-5.58x
—
- FY 2024
- —
Debt / equity
0.04x
—
0.04x
—
- FY 2024
- —
Debt / assets
0.03x
—
0.03x
—
- FY 2024
- —
Net debt / equity
-0.21x
—
-0.21x
—
- FY 2024
- —
Revenue growth (YoY)
-4.65%
—
-4.65%
—
- FY 2024
- —
EBITDA growth (YoY)
120.5%
—
120.5%
—
- FY 2024
- —
EBIT growth (YoY)
345.9%
—
345.9%
—
- FY 2024
- —
Net income growth (YoY)
3333.6%
—
3333.6%
—
- FY 2024
- —
EPS growth (YoY)
3330%
—
3330%
—
- FY 2024
- —
Gross margin Δ (YoY)
4.8 pp
—
4.8 pp
—
- FY 2024
- —
EBITDA margin Δ (YoY)
3.65 pp
—
3.65 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
3.46 pp
—
3.46 pp
—
- FY 2024
- —
Net margin Δ (YoY)
5.42 pp
—
5.42 pp
—
- FY 2024
- —