APS AUTOMATYKA-POMIARY-STEROWANIE NewConnect · Annual · publ. May 29, 2026

FY 2025 report

Grupa APS to rentowny, niezadłużony bankowo integrator automatyki przemysłowej i usług elektroenergetycznych w północno-wschodniej Polsce (marka APS + spółka zależna ELREM).

Sentiment

Cautious No guidance change

Website

APS FY 2025 report

Revenue

32.81 m PLN

— YoY

Net income

3.56 m PLN

— YoY

EBITDA

4.67 m PLN

— YoY

Net debt / EBITDA

-3.05x

— YoY

Summary

Investment thesis

2025 to rok normalizacji po rekordowym 2024 - przychody spadły o 31,4% r/r, głównie z powodu mniejszej liczby dużych kontraktów, przy zachowanej marży operacyjnej (EBIT ~12,4%).
Bilans jest wyjątkowo silny: płynność bieżąca 6,05x, zero długu bankowego, pozycja gotówki netto -14,3 mln zł wobec sumy bilansowej 27,4 mln zł.
Konwersja zysku na gotówkę jest bardzo wysoka (FCF/EBITDA >170%) w dużej mierze dzięki jednorazowemu uwolnieniu należności (spadek z 9,9 do 3,1 mln zł) - do zweryfikowania czy to trwałe.
Zarząd nie publikuje prognoz i deklaruje priorytet budowy kapitału własnego pod większe kontrakty, co ogranicza przewidywalność, ale wzmacnia bezpieczeństwo finansowe.

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Financials

BETA

FY 2025

APS · FY 2025

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

Revenue	32.81	—	—	reported	—	1.00
EBITDA	4.67	—	—	derived	—	0.95
EBIT	4.05	—	—	reported	—	1.00
EBT	4.5	—	—	reported	—	1.00
Net income	3.56	—	—	reported	—	1.00
EPS (basic) (PLN)	0.67	—	—	reported	—	1.00
D&A	0.61	—	—	reported	—	1.00
Interest expense	0.11	—	—	reported	—	1.00
Shares (basic) (m units)	5.3	—	—	reported	—	1.00

EBITDA margin	14.23%	—	—	reported	—	0.95
EBIT margin	12.36%	—	—	reported	—	0.95
EBT margin	13.71%	—	—	reported	—	0.95
Net margin	10.84%	—	—	reported	—	0.95

Cash	14.83	—	—	reported	—	1.00
Total debt	0.57	—	—	reported	—	1.00
Net debt	-14.25	—	—	derived	—	0.95
Equity	19.61	—	—	reported	—	1.00
Total assets	27.38	—	—	reported	—	1.00
Working capital	17.35	—	—	derived	—	0.95
Current assets	20.78	—	—	reported	—	1.00
Current liabilities	3.44	—	—	reported	—	1.00

CFO	8.38	—	—	reported	—	1.00
CapEx	0.15	—	—	reported	—	1.00
FCF	8.23	—	—	derived	—	0.95
FCF conversion	176.35%	—	—	reported	—	0.90
CFO conversion	179.55%	—	—	reported	—	0.90
Dividends paid	2.01	—	—	reported	—	1.00

ROE	18.87%	—	—	reported	—	1.00
ROA	12.26%	—	—	reported	—	1.00
ROIC	59.77%	—	—	reported	—	0.70
ROCE	16.94%	—	—	reported	—	0.90

Current ratio	6.05x	—	—	reported	—	1.00
Quick ratio	5.53x	—	—	reported	—	1.00
Cash ratio	4.32x	—	—	reported	—	0.95
Interest coverage	36.26x	—	—	reported	—	0.95

Net debt / EBITDA	-3.05x	—	—	reported	—	0.90
Debt / equity	0.03x	—	—	reported	—	0.95
Debt / assets	0.02x	—	—	reported	—	0.95
Net debt / equity	-0.73x	—	—	reported	—	0.90

Revenue growth (YoY)	-31.4%	—	—	reported	—	1.00
EBITDA growth (YoY)	-32.66%	—	—	reported	—	0.90
EBIT growth (YoY)	-36.59%	—	—	reported	—	1.00
Net income growth (YoY)	-54.44%	—	—	reported	—	1.00
EPS growth (YoY)	-54.42%	—	—	reported	—	1.00
FCF growth (YoY)	198.03%	—	—	reported	—	0.90
EBITDA margin Δ (YoY)	-0.27 pp	—	—	reported	—	0.90
EBIT margin Δ (YoY)	-1.01 pp	—	—	reported	—	0.95
Net margin Δ (YoY)	-5.48 pp	—	—	reported	—	0.95

FY 2025 · Δ YoY

Revenue

32.81 —

FY 2024: —

EBITDA

4.67 —

FY 2024: —

EBIT

4.05 —

FY 2024: —

EBT

4.5 —

FY 2024: —

Net income

3.56 —

FY 2024: —

EPS (basic) (PLN)

0.67 —

FY 2024: —

D&A

0.61 —

FY 2024: —

Interest expense

0.11 —

FY 2024: —

Shares (basic) (m units)

5.3 —

FY 2024: —

EBITDA margin

14.23% —

FY 2024: —

EBIT margin

12.36% —

FY 2024: —

EBT margin

13.71% —

FY 2024: —

Net margin

10.84% —

FY 2024: —

Cash

14.83 —

FY 2024: —

Total debt

0.57 —

FY 2024: —

Net debt

-14.25 —

FY 2024: —

Equity

19.61 —

FY 2024: —

Total assets

27.38 —

FY 2024: —

Working capital

17.35 —

FY 2024: —

Current assets

20.78 —

FY 2024: —

Current liabilities

3.44 —

FY 2024: —

CFO

8.38 —

FY 2024: —

CapEx

0.15 —

FY 2024: —

FCF

8.23 —

FY 2024: —

FCF conversion

176.35% —

FY 2024: —

CFO conversion

179.55% —

FY 2024: —

Dividends paid

2.01 —

FY 2024: —

ROE

18.87% —

FY 2024: —

ROA

12.26% —

FY 2024: —

ROIC

59.77% —

FY 2024: —

ROCE

16.94% —

FY 2024: —

Current ratio

6.05x —

FY 2024: —

Quick ratio

5.53x —

FY 2024: —

Cash ratio

4.32x —

FY 2024: —

Interest coverage

36.26x —

FY 2024: —

Net debt / EBITDA

-3.05x —

FY 2024: —

Debt / equity

0.03x —

FY 2024: —

Debt / assets

0.02x —

FY 2024: —

Net debt / equity

-0.73x —

FY 2024: —

Revenue growth (YoY)

-31.4% —

FY 2024: —

EBITDA growth (YoY)

-32.66% —

FY 2024: —

EBIT growth (YoY)

-36.59% —

FY 2024: —

Net income growth (YoY)

-54.44% —

FY 2024: —

EPS growth (YoY)

-54.42% —

FY 2024: —

FCF growth (YoY)

198.03% —

FY 2024: —

EBITDA margin Δ (YoY)

-0.27 pp —

FY 2024: —

EBIT margin Δ (YoY)

-1.01 pp —

FY 2024: —

Net margin Δ (YoY)

-5.48 pp —

FY 2024: —