ENT Enter Air Giełda Papierów Wartościowych w Warszawie · annual · publ. April 29, 2026

FY 2025 report

Enter Air S.A. jest spółką holdingową; 100% przychodów to opłata licencyjna równa 2% obrotu Enter Air Sp. z o.o.

Sentiment

Neutral No guidance change

Website

ENT FY 2025 report

Revenue

66 m PLN

— YoY

Net income

53.89 m PLN

— YoY

EBITDA

64.07 m PLN

— YoY

Gross margin

99.99%

— YoY

Summary

Investment thesis

Przychód 66,0 mln zł (+3,1%) implikuje obrót spółki operacyjnej ok. 3,3 mld zł wobec ok. 3,2 mld zł w 2024 r.
Zysk netto 53,9 mln zł (+4,2%), EPS 3,07 zł; marża EBIT ok. 97% przy kosztach ogólnego zarządu 2,0 mln zł.
Zysk nie przekłada się w pełni na gotówkę: CFO 39,6 mln zł, a 98,4 mln zł to należność od podmiotu powiązanego.
Zarząd planuje dywidendę 2,5 zł/akcję (43,9 mln zł, ok. 81% zysku); pełny obraz grupy wymaga sprawozdania skonsolidowanego.

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Financials

BETA

FY 2025

ENT · FY 2025

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

Revenue	66	—	—	reported	—	1.00
Gross profit	66	—	—	reported	—	1.00
EBITDA	64.07	—	—	derived	—	0.70
EBIT	63.99	—	—	reported	—	1.00
EBT	66.58	—	—	reported	—	1.00
Net income	53.89	—	—	reported	—	1.00
EPS (basic) (PLN)	3.07	—	—	reported	—	1.00
EPS (diluted) (PLN)	3.07	—	—	reported	—	1.00
D&A	0.08	—	—	reported	—	1.00
Interest expense	1.77	—	—	reported	—	1.00
Income tax	12.7	—	—	reported	—	1.00
Shares (basic) (m units)	17.54	—	—	reported	—	1.00

Gross margin	99.99%	—	—	reported	—	0.70
EBITDA margin	97.08%	—	—	reported	—	0.70
EBIT margin	96.96%	—	—	reported	—	0.70
EBT margin	100.88%	—	—	reported	—	0.70
Net margin	81.65%	—	—	reported	—	0.70
D&A margin	0.12%	—	—	reported	—	0.70

Cash	14.53	—	—	reported	—	1.00
Total debt	40.61	—	—	derived	—	0.90
Net debt	26.08	—	—	derived	—	0.70
Equity	200.86	—	—	reported	—	1.00
Total assets	254.87	—	—	reported	—	1.00
Working capital (m PLN mln)	79.43	—	—	reported	—	0.70
Current assets	120.27	—	—	reported	—	1.00
Current liabilities	40.83	—	—	reported	—	1.00
Non-current liabilities	13.18	—	—	reported	—	1.00
Trade receivables	98.41	—	—	reported	—	1.00
Trade payables	0.04	—	—	reported	—	1.00

CFO	39.59	—	—	reported	—	1.00
CapEx	0.03	—	—	reported	—	1.00
FCF	39.57	—	—	derived	—	0.70
FCF conversion	61.75%	—	—	reported	—	0.70
CFO conversion	61.79%	—	—	reported	—	0.70
Dividends paid	52.63	—	—	reported	—	1.00

ROE	26.91%	—	—	reported	—	0.70
ROA	20.39%	—	—	reported	—	0.70
ROCE	29.85%	—	—	reported	—	0.70

Current ratio	2.95x	—	—	reported	—	0.70
Quick ratio	2.95x	—	—	reported	—	0.70
Cash ratio	0.36x	—	—	reported	—	0.70
Interest coverage	36.16x	—	—	reported	—	0.70

Net debt / EBITDA	0.41x	—	—	reported	—	0.70
Debt / equity	0.2x	—	—	reported	—	0.70
Debt / assets	0.16x	—	—	reported	—	0.70
Net debt / equity	0.13x	—	—	reported	—	0.70

Revenue growth (YoY)	3.13%	—	—	reported	—	1.00
EBITDA growth (YoY)	1.52%	—	—	reported	—	0.70
EBIT growth (YoY)	1.52%	—	—	reported	—	1.00
Net income growth (YoY)	4.16%	—	—	reported	—	1.00
EPS growth (YoY)	4.07%	—	—	reported	—	1.00
EBIT margin Δ (YoY)	-1.53 pp	—	—	reported	—	0.70
Net margin Δ (YoY)	0.81 pp	—	—	reported	—	0.70

FY 2025 · Δ YoY

Revenue

66 —

FY 2024: —

Gross profit

66 —

FY 2024: —

EBITDA

64.07 —

FY 2024: —

EBIT

63.99 —

FY 2024: —

EBT

66.58 —

FY 2024: —

Net income

53.89 —

FY 2024: —

EPS (basic) (PLN)

3.07 —

FY 2024: —

EPS (diluted) (PLN)

3.07 —

FY 2024: —

D&A

0.08 —

FY 2024: —

Interest expense

1.77 —

FY 2024: —

Income tax

12.7 —

FY 2024: —

Shares (basic) (m units)

17.54 —

FY 2024: —

Gross margin

99.99% —

FY 2024: —

EBITDA margin

97.08% —

FY 2024: —

EBIT margin

96.96% —

FY 2024: —

EBT margin

100.88% —

FY 2024: —

Net margin

81.65% —

FY 2024: —

D&A margin

0.12% —

FY 2024: —

Cash

14.53 —

FY 2024: —

Total debt

40.61 —

FY 2024: —

Net debt

26.08 —

FY 2024: —

Equity

200.86 —

FY 2024: —

Total assets

254.87 —

FY 2024: —

Working capital (m PLN mln)

79.43 —

FY 2024: —

Current assets

120.27 —

FY 2024: —

Current liabilities

40.83 —

FY 2024: —

Non-current liabilities

13.18 —

FY 2024: —

Trade receivables

98.41 —

FY 2024: —

Trade payables

0.04 —

FY 2024: —

CFO

39.59 —

FY 2024: —

CapEx

0.03 —

FY 2024: —

FCF

39.57 —

FY 2024: —

FCF conversion

61.75% —

FY 2024: —

CFO conversion

61.79% —

FY 2024: —

Dividends paid

52.63 —

FY 2024: —

ROE

26.91% —

FY 2024: —

ROA

20.39% —

FY 2024: —

ROCE

29.85% —

FY 2024: —

Current ratio

2.95x —

FY 2024: —

Quick ratio

2.95x —

FY 2024: —

Cash ratio

0.36x —

FY 2024: —

Interest coverage

36.16x —

FY 2024: —

Net debt / EBITDA

0.41x —

FY 2024: —

Debt / equity

0.2x —

FY 2024: —

Debt / assets

0.16x —

FY 2024: —

Net debt / equity

0.13x —

FY 2024: —

Revenue growth (YoY)

3.13% —

FY 2024: —

EBITDA growth (YoY)

1.52% —

FY 2024: —

EBIT growth (YoY)

1.52% —

FY 2024: —

Net income growth (YoY)

4.16% —

FY 2024: —

EPS growth (YoY)

4.07% —

FY 2024: —

EBIT margin Δ (YoY)

-1.53 pp —

FY 2024: —

Net margin Δ (YoY)

0.81 pp —

FY 2024: —