FY 2026 report
FON SE to spółka-wehikuł pożyczkowy: 100% przychodów (432 tys. EUR) to odsetki od pożyczki dla ELKOP S.A., podmiotu powiązanego z zarządem, więc analiza spółki to w praktyce analiza jednego dłużnika.
Sentiment
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FON
FY 2026 report
Revenue
432 k EUR
— YoY
Net income
261 k EUR
— YoY
EBITDA
405 k EUR
— YoY
Net debt / EBITDA
4.56x
— YoY
Summary
Investment thesis
- Zysk netto spadł o 40% do 261 tys. EUR (przychody -24%, koszty finansowe 98 → 144 tys. EUR); marża netto 60% wobec 76% rok wcześniej.
- Wynik operacyjny jest bliski czystej marży odsetkowej (EBIT 93,8% przychodów), bo spółka nie ma pracowników ani działalności poza pożyczkami; koszty ogólnego zarządu to 27 tys. EUR.
- Rachunek przepływów pokazuje OCF -494 tys. EUR przy zysku +261, a luka jest zniekształcona nieoperacyjnymi pozycjami (spłaty pożyczek 2 524, umorzenie akcji -2 170, rozliczenia międzyokresowe -1 149), niepieniężnymi według wyjaśnień raportu.
- Spółka jest finansowana pożyczkami od podmiotów powiązanych (Patro Invest OÜ, ATLANTIS SE 1,85 mln EUR), ma 1 tys. EUR gotówki, a płynność opiera się na odsetkach od ELKOP S.A. (Nota 14).
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Financials
BETA
FON · FY 2026
| Metric | FY 2026 | FY 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 432 | — | — | reported | — | 1.00 |
| Gross profit | 432 | — | — | reported | — | 1.00 |
| EBITDA | 405 | — | — | reported | — | 1.00 |
| EBIT | 405 | — | — | reported | — | 1.00 |
| EBT | 261 | — | — | reported | — | 1.00 |
| Net income | 261 | — | — | reported | — | 1.00 |
| EPS (basic) (EUR) | 0.05 | — | — | reported | — | 0.80 |
| Interest expense | 144 | — | — | reported | — | 1.00 |
| Income tax | 0 | — | — | reported | — | 0.80 |
| EBITDA margin | 93.75% | — | — | derived | — | 0.70 |
| EBIT margin | 93.75% | — | — | derived | — | 0.70 |
| EBT margin | 60.42% | — | — | derived | — | 0.70 |
| Net margin | 60.42% | — | — | derived | — | 0.70 |
| Cash | 1 | — | — | reported | — | 1.00 |
| Total debt | 1,846 | — | — | reported | — | 1.00 |
| Net debt | 1,845 | — | — | derived | — | 0.70 |
| Equity | 4,226 | — | — | reported | — | 1.00 |
| Total assets | 6,075 | — | — | reported | — | 1.00 |
| Current assets | 26 | — | — | reported | — | 1.00 |
| Current liabilities | 1,063 | — | — | reported | — | 1.00 |
| Non-current liabilities | 786 | — | — | reported | — | 1.00 |
| Trade payables | 3 | — | — | reported | — | 1.00 |
| CFO | -494 | — | — | reported | — | 1.00 |
| ROE | 5% | — | — | derived | — | 0.70 |
| ROA | 3.53% | — | — | derived | — | 0.70 |
| ROIC | 6.67% | — | — | derived | — | 0.60 |
| ROCE | 8.08% | — | — | derived | — | 0.70 |
| Current ratio | 0.02x | — | — | derived | — | 0.70 |
| Cash ratio | 0x | — | — | derived | — | 0.70 |
| Interest coverage | 2.81x | — | — | derived | — | 0.70 |
| Net debt / EBITDA | 4.56x | — | — | derived | — | 0.70 |
| Debt / equity | 0.44x | — | — | derived | — | 0.70 |
| Debt / assets | 0.3x | — | — | derived | — | 0.70 |
| Net debt / equity | 0.44x | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | -24.08% | — | — | derived | — | 0.70 |
| EBITDA growth (YoY) | -23.87% | — | — | derived | — | 0.70 |
| EBIT growth (YoY) | -23.87% | — | — | derived | — | 0.70 |
| Net income growth (YoY) | -39.86% | — | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | 0.25 pp | — | — | derived | — | 0.70 |
| Net margin Δ (YoY) | -15.85 pp | — | — | derived | — | 0.70 |
| Market cap | 2,150 | — | — | reported | — | 0.90 |
| P/E | 8.24x | — | — | reported | — | 0.90 |
| P/BV | 0.51x | — | — | reported | — | 0.90 |
FY 2026 · Δ YoY
Revenue
432
—
432
—
- FY 2025
- —
Gross profit
432
—
432
—
- FY 2025
- —
EBITDA
405
—
405
—
- FY 2025
- —
EBIT
405
—
405
—
- FY 2025
- —
EBT
261
—
261
—
- FY 2025
- —
Net income
261
—
261
—
- FY 2025
- —
EPS (basic)
(EUR)
0.05
—
0.05
—
- FY 2025
- —
Interest expense
144
—
144
—
- FY 2025
- —
Income tax
0
—
0
—
- FY 2025
- —
EBITDA margin
93.75%
—
93.75%
—
- FY 2025
- —
EBIT margin
93.75%
—
93.75%
—
- FY 2025
- —
EBT margin
60.42%
—
60.42%
—
- FY 2025
- —
Net margin
60.42%
—
60.42%
—
- FY 2025
- —
Cash
1
—
1
—
- FY 2025
- —
Total debt
1,846
—
1,846
—
- FY 2025
- —
Net debt
1,845
—
1,845
—
- FY 2025
- —
Equity
4,226
—
4,226
—
- FY 2025
- —
Total assets
6,075
—
6,075
—
- FY 2025
- —
Current assets
26
—
26
—
- FY 2025
- —
Current liabilities
1,063
—
1,063
—
- FY 2025
- —
Non-current liabilities
786
—
786
—
- FY 2025
- —
Trade payables
3
—
3
—
- FY 2025
- —
CFO
-494
—
-494
—
- FY 2025
- —
ROE
5%
—
5%
—
- FY 2025
- —
ROA
3.53%
—
3.53%
—
- FY 2025
- —
ROIC
6.67%
—
6.67%
—
- FY 2025
- —
ROCE
8.08%
—
8.08%
—
- FY 2025
- —
Current ratio
0.02x
—
0.02x
—
- FY 2025
- —
Cash ratio
0x
—
0x
—
- FY 2025
- —
Interest coverage
2.81x
—
2.81x
—
- FY 2025
- —
Net debt / EBITDA
4.56x
—
4.56x
—
- FY 2025
- —
Debt / equity
0.44x
—
0.44x
—
- FY 2025
- —
Debt / assets
0.3x
—
0.3x
—
- FY 2025
- —
Net debt / equity
0.44x
—
0.44x
—
- FY 2025
- —
Revenue growth (YoY)
-24.08%
—
-24.08%
—
- FY 2025
- —
EBITDA growth (YoY)
-23.87%
—
-23.87%
—
- FY 2025
- —
EBIT growth (YoY)
-23.87%
—
-23.87%
—
- FY 2025
- —
Net income growth (YoY)
-39.86%
—
-39.86%
—
- FY 2025
- —
EBIT margin Δ (YoY)
0.25 pp
—
0.25 pp
—
- FY 2025
- —
Net margin Δ (YoY)
-15.85 pp
—
-15.85 pp
—
- FY 2025
- —
Market cap
2,150
—
2,150
—
- FY 2025
- —
P/E
8.24x
—
8.24x
—
- FY 2025
- —
P/BV
0.51x
—
0.51x
—
- FY 2025
- —