WAS WASKO Giełda Papierów Wartościowych w Warszawie · roczny · publ. April 30, 2026

FY 2025 report

Przychody WASKO S.A. wzrosły o 14,9% r/r do 388,5 mln zł, a zysk netto ponad dziesięciokrotnie (z 3,2 do 35,1 mln zł) - ale z bardzo niskiej bazy porównawczej z wyjątkowo słabego 2024 roku.

Sentiment

Positive No guidance change

Website

WAS FY 2025 report

Revenue

388.47 m PLN

— YoY

Net income

35.14 m PLN

— YoY

EBITDA

10.68 m PLN

— YoY

Gross margin

23.08%

— YoY

Summary

Investment thesis

Operacyjny cash flow (73,4 mln zł) znacząco przewyższa zysk netto, jednak w dużej mierze dzięki skokowemu wzrostowi zaliczek klientów (zobowiązania z tytułu umów z klientami +352% r/r) - trwałość tego poziomu gotówki w 2026 roku jest niepewna.
Bilans jest bardzo bezpieczny: pozycja gotówki netto -89,3 mln zł, brak kredytów bankowych, płynność bieżąca 1,54x.
List prezesa nie odnosi się w ogóle do poprawy wyników finansowych, co obniża ocenę przejrzystości komunikacji zarządu.
Analiza dotyczy wyłącznie sprawozdania jednostkowego - brak danych skonsolidowanych Grupy Kapitałowej (COIG S.A., LogicSynergy) w dostarczonym pakiecie.

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Financials

BETA

FY 2025

WAS · FY 2025

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

Revenue	388.47	—	—	reported	—	1.00
Gross profit	89.66	—	—	reported	—	1.00
EBITDA	10.68	—	—	derived	—	0.90
EBIT	40.73	—	—	reported	—	1.00
EBT	43.99	—	—	reported	—	1.00
Net income	35.14	—	—	reported	—	1.00
EPS (basic) (PLN)	0.39	—	—	reported	—	1.00
EPS (diluted) (PLN)	0.39	—	—	reported	—	1.00
D&A	5.96	—	—	reported	—	1.00
Interest expense	2.85	—	—	reported	—	0.80
Income tax	8.85	—	—	reported	—	1.00
Shares (basic) (m units)	91.19	—	—	reported	—	1.00

Gross margin	23.08%	—	—	derived	—	1.00
EBITDA margin	12.02%	—	—	derived	—	0.90
EBIT margin	10.48%	—	—	derived	—	1.00
Net margin	9.05%	—	—	derived	—	1.00

Cash	116.44	—	—	reported	—	1.00
Total debt	27.12	—	—	derived	—	0.70
Net debt	-89.33	—	—	derived	—	0.70
Equity	242.56	—	—	reported	—	1.00
Total assets	437.77	—	—	reported	—	1.00
Working capital	85.38	—	—	derived	—	1.00
Current assets	244.63	—	—	reported	—	1.00
Current liabilities	159.26	—	—	reported	—	1.00
Non-current liabilities	35.95	—	—	reported	—	1.00
Inventory	5.46	—	—	reported	—	1.00
Trade receivables	91.83	—	—	reported	—	1.00
Trade payables	106.65	—	—	reported	—	0.90
Goodwill	2.34	—	—	reported	—	1.00
Tangible equity	240.22	—	—	derived	—	0.90

CFO	73.36	—	—	reported	—	1.00
CapEx	7.45	—	—	reported	—	1.00
FCF	65.91	—	—	derived	—	1.00
FCF conversion	141.2%	—	—	derived	—	0.70
CFO conversion	157.1%	—	—	derived	—	0.70
Dividends paid	2.74	—	—	reported	—	1.00

ROE	15.53%	—	—	derived	—	0.90
ROA	8.69%	—	—	derived	—	0.90
ROIC	21.24%	—	—	derived	—	0.60
ROCE	14.62%	—	—	derived	—	0.90

Current ratio	1.54x	—	—	derived	—	1.00
Quick ratio	1.5x	—	—	derived	—	1.00
Cash ratio	0.73x	—	—	derived	—	1.00
Interest coverage	14.27x	—	—	derived	—	0.80

Net debt / EBITDA	-1.91x	—	—	derived	—	0.60
Debt / equity	0.11x	—	—	derived	—	0.60
Debt / assets	0.06x	—	—	derived	—	0.60
Net debt / equity	-0.37x	—	—	derived	—	0.60

Revenue growth (YoY)	14.88%	—	—	derived	—	1.00
EBITDA growth (YoY)	337.4%	—	—	derived	—	0.90
EBIT growth (YoY)	977.9%	—	—	derived	—	1.00
Net income growth (YoY)	1002.2%	—	—	derived	—	1.00
EPS growth (YoY)	1200%	—	—	derived	—	0.80
Gross margin Δ (YoY)	10.77 pp	—	—	derived	—	1.00
EBITDA margin Δ (YoY)	8.86 pp	—	—	derived	—	0.90
EBIT margin Δ (YoY)	9.36 pp	—	—	derived	—	1.00
Net margin Δ (YoY)	8.11 pp	—	—	derived	—	1.00

FY 2025 · Δ YoY

Revenue

388.47 —

FY 2024: —

Gross profit

89.66 —

FY 2024: —

EBITDA

10.68 —

FY 2024: —

EBIT

40.73 —

FY 2024: —

EBT

43.99 —

FY 2024: —

Net income

35.14 —

FY 2024: —

EPS (basic) (PLN)

0.39 —

FY 2024: —

EPS (diluted) (PLN)

0.39 —

FY 2024: —

D&A

5.96 —

FY 2024: —

Interest expense

2.85 —

FY 2024: —

Income tax

8.85 —

FY 2024: —

Shares (basic) (m units)

91.19 —

FY 2024: —

Gross margin

23.08% —

FY 2024: —

EBITDA margin

12.02% —

FY 2024: —

EBIT margin

10.48% —

FY 2024: —

Net margin

9.05% —

FY 2024: —

Cash

116.44 —

FY 2024: —

Total debt

27.12 —

FY 2024: —

Net debt

-89.33 —

FY 2024: —

Equity

242.56 —

FY 2024: —

Total assets

437.77 —

FY 2024: —

Working capital

85.38 —

FY 2024: —

Current assets

244.63 —

FY 2024: —

Current liabilities

159.26 —

FY 2024: —

Non-current liabilities

35.95 —

FY 2024: —

Inventory

5.46 —

FY 2024: —

Trade receivables

91.83 —

FY 2024: —

Trade payables

106.65 —

FY 2024: —

Goodwill

2.34 —

FY 2024: —

Tangible equity

240.22 —

FY 2024: —

CFO

73.36 —

FY 2024: —

CapEx

7.45 —

FY 2024: —

FCF

65.91 —

FY 2024: —

FCF conversion

141.2% —

FY 2024: —

CFO conversion

157.1% —

FY 2024: —

Dividends paid

2.74 —

FY 2024: —

ROE

15.53% —

FY 2024: —

ROA

8.69% —

FY 2024: —

ROIC

21.24% —

FY 2024: —

ROCE

14.62% —

FY 2024: —

Current ratio

1.54x —

FY 2024: —

Quick ratio

1.5x —

FY 2024: —

Cash ratio

0.73x —

FY 2024: —

Interest coverage

14.27x —

FY 2024: —

Net debt / EBITDA

-1.91x —

FY 2024: —

Debt / equity

0.11x —

FY 2024: —

Debt / assets

0.06x —

FY 2024: —

Net debt / equity

-0.37x —

FY 2024: —

Revenue growth (YoY)

14.88% —

FY 2024: —

EBITDA growth (YoY)

337.4% —

FY 2024: —

EBIT growth (YoY)

977.9% —

FY 2024: —

Net income growth (YoY)

1002.2% —

FY 2024: —

EPS growth (YoY)

1200% —

FY 2024: —

Gross margin Δ (YoY)

10.77 pp —

FY 2024: —

EBITDA margin Δ (YoY)

8.86 pp —

FY 2024: —

EBIT margin Δ (YoY)

9.36 pp —

FY 2024: —

Net margin Δ (YoY)

8.11 pp —

FY 2024: —