FY 2025 report
Przejęcie Nijman/Zeetank (30.09.2025) i N&K Equipment BV to transformacyjna akwizycja — konsolidowana tylko od IV kw. 2025, ale już podwoiła sumę bilansową (515,4 mln zł, +113% r/r) i dała dostęp do transportu intermodalnego oraz infrastruktury portowej w Rotterdamie.
Sentiment
Positive
No guidance change
TRN
FY 2025 report
Revenue
221.2 m PLN
— YoY
Net income
2.55 m PLN
— YoY
EBITDA
21.67 m PLN
— YoY
Gross margin
6.85%
— YoY
Summary
Investment thesis
- Przychody +28,1% r/r do 283,3 mln zł, EBITDA oczyszczona o koszty akwizycji +32,6% r/r do 28,7 mln zł — realna poprawa operacyjna, częściowo organiczna (chemia +20%), częściowo akwizycyjna (paliwa, nowy segment szkła z Pilkingtonem).
- Grupa pokazała stratę netto (-1,7 mln zł wobec +2,5 mln zł zysku rok wcześniej) w całości z powodu jednorazowych kosztów transakcyjnych akwizycji (6,2 mln zł) — bez nich wynik byłby dodatni.
- Akwizycja sfinansowana głównie długiem — kredyt akwizycyjny w Banku Pekao (101,0 mln zł wykorzystane z limitu 157,4 mln zł) — dług netto/EBITDA skoczył z ok. 1,1x do ok. 8,7x, a udział kapitału własnego w bilansie spadł z 58,6% do 26,9%.
- Przy pełnej rocznej konsolidacji Nijman/Zeetank przychody grupy sięgnęłyby ok. 500 mln zł (wg listu Prezesa) — 2026 r. będzie pierwszym rokiem pokazującym pełny, porównywalny efekt akwizycji.
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Financials
BETA
TRN · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 221.2 | — | — | reported | — | 1.00 |
| Gross profit | 15.16 | — | — | reported | — | 0.60 |
| EBITDA | 21.67 | — | — | reported | — | 1.00 |
| EBIT | 2.91 | — | — | reported | — | 1.00 |
| EBT | 3.99 | — | — | reported | — | 1.00 |
| Net income | 2.55 | — | — | reported | — | 0.90 |
| D&A | 18.76 | — | — | reported | — | 1.00 |
| Income tax | -1.44 | — | — | derived | — | 0.60 |
| Gross margin | 6.85% | — | — | derived | — | 0.85 |
| EBITDA margin | 9.8% | — | — | derived | — | 0.90 |
| EBIT margin | 1.31% | — | — | derived | — | 0.90 |
| EBT margin | -0.7% | — | — | derived | — | 0.90 |
| Net margin | 1.15% | — | — | derived | — | 0.85 |
| Cash | 43.5 | — | — | reported | — | 1.00 |
| Total debt | 67.82 | — | — | reported | — | 0.90 |
| Net debt | 24.32 | — | — | derived | — | 0.85 |
| Equity | 141.68 | — | — | reported | — | 1.00 |
| Total assets | 241.64 | — | — | reported | — | 1.00 |
| Current assets | 89.94 | — | — | reported | — | 1.00 |
| Current liabilities | 45.73 | — | — | reported | — | 1.00 |
| Non-current liabilities | 251.89 | — | — | reported | — | 1.00 |
| Inventory | 11.01 | — | — | reported | — | 1.00 |
| Trade receivables | 76.77 | — | — | reported | — | 0.85 |
| Trade payables | 49.87 | — | — | reported | — | 0.70 |
| Goodwill | 13.8 | — | — | reported | — | 0.75 |
| CFO | 23.84 | — | — | reported | — | 1.00 |
| ROE | -1.21% | — | — | derived | — | 0.65 |
| ROIC | -0.47% | — | — | derived | — | 0.50 |
| ROCE | -0.5% | — | — | derived | — | 0.70 |
| Current ratio | 1.97x | — | — | derived | — | 0.95 |
| Quick ratio | 1.8x | — | — | derived | — | 0.95 |
| Cash ratio | 0.95x | — | — | derived | — | 0.95 |
| Net debt / EBITDA | 1.12x | — | — | derived | — | 0.70 |
| Debt / equity | 0.48x | — | — | derived | — | 0.85 |
| Debt / assets | 0.48x | — | — | derived | — | 0.85 |
| Net debt / equity | 1.42x | — | — | derived | — | 0.85 |
| Revenue growth (YoY) | 28.06% | — | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 4.02% | — | — | derived | — | 0.90 |
| EBIT growth (YoY) | -166.83% | — | — | derived | — | 0.90 |
| Net income growth (YoY) | -166.73% | — | — | derived | — | 0.80 |
| Gross margin Δ (YoY) | 2.73 pp | — | — | derived | — | 0.85 |
| EBITDA margin Δ (YoY) | -1.84 pp | — | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | -2 pp | — | — | derived | — | 0.85 |
| Net margin Δ (YoY) | -1.75 pp | — | — | derived | — | 0.85 |
FY 2025 · Δ YoY
Revenue
221.2
—
221.2
—
- FY 2024
- —
Gross profit
15.16
—
15.16
—
- FY 2024
- —
EBITDA
21.67
—
21.67
—
- FY 2024
- —
EBIT
2.91
—
2.91
—
- FY 2024
- —
EBT
3.99
—
3.99
—
- FY 2024
- —
Net income
2.55
—
2.55
—
- FY 2024
- —
D&A
18.76
—
18.76
—
- FY 2024
- —
Income tax
-1.44
—
-1.44
—
- FY 2024
- —
Gross margin
6.85%
—
6.85%
—
- FY 2024
- —
EBITDA margin
9.8%
—
9.8%
—
- FY 2024
- —
EBIT margin
1.31%
—
1.31%
—
- FY 2024
- —
EBT margin
-0.7%
—
-0.7%
—
- FY 2024
- —
Net margin
1.15%
—
1.15%
—
- FY 2024
- —
Cash
43.5
—
43.5
—
- FY 2024
- —
Total debt
67.82
—
67.82
—
- FY 2024
- —
Net debt
24.32
—
24.32
—
- FY 2024
- —
Equity
141.68
—
141.68
—
- FY 2024
- —
Total assets
241.64
—
241.64
—
- FY 2024
- —
Current assets
89.94
—
89.94
—
- FY 2024
- —
Current liabilities
45.73
—
45.73
—
- FY 2024
- —
Non-current liabilities
251.89
—
251.89
—
- FY 2024
- —
Inventory
11.01
—
11.01
—
- FY 2024
- —
Trade receivables
76.77
—
76.77
—
- FY 2024
- —
Trade payables
49.87
—
49.87
—
- FY 2024
- —
Goodwill
13.8
—
13.8
—
- FY 2024
- —
CFO
23.84
—
23.84
—
- FY 2024
- —
ROE
-1.21%
—
-1.21%
—
- FY 2024
- —
ROIC
-0.47%
—
-0.47%
—
- FY 2024
- —
ROCE
-0.5%
—
-0.5%
—
- FY 2024
- —
Current ratio
1.97x
—
1.97x
—
- FY 2024
- —
Quick ratio
1.8x
—
1.8x
—
- FY 2024
- —
Cash ratio
0.95x
—
0.95x
—
- FY 2024
- —
Net debt / EBITDA
1.12x
—
1.12x
—
- FY 2024
- —
Debt / equity
0.48x
—
0.48x
—
- FY 2024
- —
Debt / assets
0.48x
—
0.48x
—
- FY 2024
- —
Net debt / equity
1.42x
—
1.42x
—
- FY 2024
- —
Revenue growth (YoY)
28.06%
—
28.06%
—
- FY 2024
- —
EBITDA growth (YoY)
4.02%
—
4.02%
—
- FY 2024
- —
EBIT growth (YoY)
-166.83%
—
-166.83%
—
- FY 2024
- —
Net income growth (YoY)
-166.73%
—
-166.73%
—
- FY 2024
- —
Gross margin Δ (YoY)
2.73 pp
—
2.73 pp
—
- FY 2024
- —
EBITDA margin Δ (YoY)
-1.84 pp
—
-1.84 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
-2 pp
—
-2 pp
—
- FY 2024
- —
Net margin Δ (YoY)
-1.75 pp
—
-1.75 pp
—
- FY 2024
- —