FHB FoodHub Giełda Papierów Wartościowych w Warszawie · annual · publ. April 30, 2026

FY 2025 report

FoodHub S.A. jednostkowo rośnie przychodowo (+15,3% r/r) i generuje dodatnie przepływy operacyjne (10,1 mln zł) mimo straty netto (-6,3 mln zł).

Sentiment

Positive No guidance change

Website

FHB FY 2025 report

Revenue

907.05 m PLN

— YoY

Net income

-7.69 m PLN

— YoY

EBITDA

25.76 m PLN

— YoY

Gross margin

19.14%

— YoY

Summary

Investment thesis

Kapitał własny rośnie (122,5 -> 140,8 mln zł), ale wyłącznie dzięki dwóm emisjom akcji, nie wynikom operacyjnym.
76 mln zł inwestycji w spółki zależne (Kwidzyn, Mitmar) stanowi 25,7% sumy bilansowej — audytor uczynił z tego Kluczową Sprawę Badania, choć test na utratę wartości wypadł pozytywnie.
CAPEX spadł drastycznie (33,8 -> 10,4 mln zł), sygnalizując koniec głównej fazy inwestycyjnej i pierwszy od dawna niemal zerowy FCF.
Udział sprzedaży do jednostek powiązanych skoczył z 5,7% do 21,8% przychodów — wymaga weryfikacji cen transferowych w kolejnych okresach.

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Financials

BETA

FY 2025

FHB · FY 2025

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

Revenue	907.05	—	—	reported	—	1.00
Revenue standalone	312.74	—	—	reported	standalone	1.00
Gross profit	173.57	—	—	reported	—	1.00
Gross profit standalone	55.53	—	—	reported	standalone	1.00
EBITDA	25.76	—	—	reported	—	1.00
EBITDA standalone	0.68	—	—	reported	standalone	1.00
EBIT	0.47	—	—	reported	—	1.00
EBIT standalone	-4.87	—	—	reported	standalone	1.00
EBT	-15.08	—	—	reported	—	1.00
EBT standalone	-6.35	—	—	reported	standalone	1.00
Net income	-7.69	—	—	reported	—	1.00
Net income standalone	-5.08	—	—	reported	standalone	1.00
Income tax	-7.39	—	—	reported	—	1.00
Income tax standalone	0.26	—	—	reported	standalone	0.90

Gross margin	19.14%	—	—	derived	—	1.00
Gross margin standalone	17.75%	—	—	derived	standalone	1.00
EBITDA margin	2.84%	—	—	derived	—	1.00
EBITDA margin standalone	1.99%	—	—	derived	standalone	1.00
EBIT margin	0.05%	—	—	derived	—	1.00
EBIT margin standalone	-0.19%	—	—	derived	standalone	1.00
Net margin	-0.85%	—	—	derived	—	1.00
Net margin standalone	-1.62%	—	—	derived	standalone	1.00

Cash	7.26	—	—	reported	—	1.00
Cash standalone	0.19	—	—	reported	standalone	1.00
Equity	159.57	—	—	reported	—	1.00
Equity standalone	122.52	—	—	reported	standalone	1.00
Total assets	686.31	—	—	reported	—	1.00
Total assets standalone	278.65	—	—	reported	standalone	1.00
Working capital standalone	-39.25	—	—	derived	standalone	0.85
Working capital	-165.19	—	—	derived	—	1.00
Current assets standalone	93.18	—	—	reported	standalone	1.00
Current assets	319.5	—	—	reported	—	1.00
Current liabilities	395.85	—	—	reported	—	1.00
Current liabilities standalone	132.43	—	—	reported	standalone	0.85
Non-current liabilities	67.01	—	—	reported	—	1.00
Non-current liabilities standalone	22.48	—	—	reported	standalone	0.80
Inventory	185.28	—	—	reported	—	1.00
Inventory standalone	48.57	—	—	reported	standalone	1.00
Trade receivables	91.87	—	—	reported	—	0.80
Trade receivables standalone	42.41	—	—	reported	standalone	0.85
Goodwill	7.61	—	—	reported	—	1.00
Tangible equity	122.64	—	—	derived	—	1.00

CFO standalone	36.2	—	—	reported	standalone	1.00
CapEx standalone	33.78	—	—	reported	standalone	1.00
FCF standalone	2.41	—	—	derived	standalone	1.00
CFO conversion standalone	140.65%	—	—	derived	standalone	0.90

ROE	-35.99%	—	—	derived	—	0.90
ROE standalone	-4.75%	—	—	derived	standalone	0.90
ROA	-7.9%	—	—	derived	—	0.90
ROA standalone	-2.18%	—	—	derived	standalone	0.90
ROCE	-15.95%	—	—	derived	—	0.90

Current ratio	0.81x	—	—	derived	—	1.00
Current ratio standalone	0.7x	—	—	derived	standalone	0.85
Quick ratio	0.26x	—	—	derived	—	1.00
Quick ratio standalone	0.34x	—	—	derived	standalone	0.85
Cash ratio	0.01x	—	—	derived	—	1.00
Cash ratio standalone	0x	—	—	derived	standalone	0.85
Interest coverage	-1.27x	—	—	derived	—	0.90
Interest coverage standalone	-0.12x	—	—	derived	standalone	0.85

Revenue growth (YoY)	-2.57%	—	—	derived	—	1.00
Revenue growth (YoY) standalone	15.32%	—	—	derived	standalone	0.95
EBITDA growth (YoY)	-104.11%	—	—	derived	—	1.00
Net income growth (YoY)	-578.6%	—	—	derived	—	1.00
Gross margin Δ (YoY)	-0.57 pp	—	—	derived	—	1.00
EBITDA margin Δ (YoY)	-2.96 pp	—	—	derived	—	1.00
Net margin Δ (YoY)	-5.05 pp	—	—	derived	—	1.00

FY 2025 · Δ YoY

Revenue

907.05 —

FY 2024: —

Revenue

standalone

312.74 —

FY 2024: —

Gross profit

173.57 —

FY 2024: —

Gross profit

standalone

55.53 —

FY 2024: —

EBITDA

25.76 —

FY 2024: —

EBITDA

standalone

0.68 —

FY 2024: —

EBIT

0.47 —

FY 2024: —

EBIT

standalone

-4.87 —

FY 2024: —

EBT

-15.08 —

FY 2024: —

EBT

standalone

-6.35 —

FY 2024: —

Net income

-7.69 —

FY 2024: —

Net income

standalone

-5.08 —

FY 2024: —

Income tax

-7.39 —

FY 2024: —

Income tax

standalone

0.26 —

FY 2024: —

Gross margin

19.14% —

FY 2024: —

Gross margin

standalone

17.75% —

FY 2024: —

EBITDA margin

2.84% —

FY 2024: —

EBITDA margin

standalone

1.99% —

FY 2024: —

EBIT margin

0.05% —

FY 2024: —

EBIT margin

standalone

-0.19% —

FY 2024: —

Net margin

-0.85% —

FY 2024: —

Net margin

standalone

-1.62% —

FY 2024: —

Cash

7.26 —

FY 2024: —

Cash

standalone

0.19 —

FY 2024: —

Equity

159.57 —

FY 2024: —

Equity

standalone

122.52 —

FY 2024: —

Total assets

686.31 —

FY 2024: —

Total assets

standalone

278.65 —

FY 2024: —

Working capital

standalone

-39.25 —

FY 2024: —

Working capital

-165.19 —

FY 2024: —

Current assets

standalone

93.18 —

FY 2024: —

Current assets

319.5 —

FY 2024: —

Current liabilities

395.85 —

FY 2024: —

Current liabilities

standalone

132.43 —

FY 2024: —

Non-current liabilities

67.01 —

FY 2024: —

Non-current liabilities

standalone

22.48 —

FY 2024: —

Inventory

185.28 —

FY 2024: —

Inventory

standalone

48.57 —

FY 2024: —

Trade receivables

91.87 —

FY 2024: —

Trade receivables

standalone

42.41 —

FY 2024: —

Goodwill

7.61 —

FY 2024: —

Tangible equity

122.64 —

FY 2024: —

CFO

standalone

36.2 —

FY 2024: —

CapEx

standalone

33.78 —

FY 2024: —

FCF

standalone

2.41 —

FY 2024: —

CFO conversion

standalone

140.65% —

FY 2024: —

ROE

-35.99% —

FY 2024: —

ROE

standalone

-4.75% —

FY 2024: —

ROA

-7.9% —

FY 2024: —

ROA

standalone

-2.18% —

FY 2024: —

ROCE

-15.95% —

FY 2024: —

Current ratio

0.81x —

FY 2024: —

Current ratio

standalone

0.7x —

FY 2024: —

Quick ratio

0.26x —

FY 2024: —

Quick ratio

standalone

0.34x —

FY 2024: —

Cash ratio

0.01x —

FY 2024: —

Cash ratio

standalone

0x —

FY 2024: —

Interest coverage

-1.27x —

FY 2024: —

Interest coverage

standalone

-0.12x —

FY 2024: —

Revenue growth (YoY)

-2.57% —

FY 2024: —

Revenue growth (YoY)

standalone

15.32% —

FY 2024: —

EBITDA growth (YoY)

-104.11% —

FY 2024: —

Net income growth (YoY)

-578.6% —

FY 2024: —

Gross margin Δ (YoY)

-0.57 pp —

FY 2024: —

EBITDA margin Δ (YoY)

-2.96 pp —

FY 2024: —

Net margin Δ (YoY)

-5.05 pp —

FY 2024: —