ODL Odlewnie Polskie Giełda Papierów Wartościowych w Warszawie · annual · publ. April 29, 2026

FY 2025 report

Odlewnie Polskie poprawiły rentowność w 2025 r.: przychody wzrosły o 6,6% do 236,5 mln zł, EBIT o 36,9% do 23,3 mln zł, a zysk netto o 37,1% do 18,1 mln zł (EPS 0,90 zł wobec 0,66 zł).

Sentiment

Neutral No guidance change

Website

ODL FY 2025 report

Revenue

236.55 m PLN

— YoY

Net income

18.14 m PLN

— YoY

EBITDA

32.89 m PLN

— YoY

Gross margin

15.2%

— YoY

Summary

Investment thesis

Spółka jest w fazie intensywnych inwestycji — CAPEX 41,7 mln zł (4,3× amortyzacja) m.in. na nową linię formowania — finansowanych gotówką z operacji (27,8 mln zł) i kredytem 19,3 mln zł; FCF jest ujemny (−13,9 mln zł).
Bilans pozostaje bezpieczny: gotówka 29,3 mln zł przewyższa dług 19,3 mln zł (dług netto/EBITDA −0,3×), kapitał własny stanowi 73% aktywów, płynność bieżąca 2,1×.
Nowy wektor wzrostu to sektor obronny: zamówienie od podmiotu z PGZ na korpusy pocisków w technologii ADI za 28,5 mln zł (ok. 12% rocznych przychodów) z realizacją w III–VII 2026 r.
Jakość wyniku jest dobra, ale część poprawy EBIT (ok. 2,8 mln zł z 6,3 mln zł) pochodzi z niższych pozostałych kosztów operacyjnych, a dotacje stanowią ok. 5,8 mln zł pozostałych przychodów.

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Financials

BETA

FY 2025

ODL · FY 2025

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

Revenue	236,545	—	—	reported	—	1.00
Gross profit	35,953	—	—	reported	—	1.00
EBITDA	32,886	—	—	derived	—	0.70
EBIT	23,250	—	—	reported	—	1.00
EBT	22,436	—	—	reported	—	1.00
Net income	18,144	—	—	reported	—	1.00
EPS (basic) (PLN)	0.9	—	—	reported	—	1.00
EPS (diluted) (PLN)	0.9	—	—	reported	—	1.00
D&A	9,636	—	—	reported	—	1.00
Interest expense	577	—	—	reported	—	1.00
Income tax	4,292	—	—	reported	—	1.00
Shares (basic) (units)	20,109,621	—	—	reported	—	1.00

Gross margin	15.2%	—	—	derived	—	0.70
EBITDA margin	13.9%	—	—	derived	—	0.70
EBIT margin	9.83%	—	—	derived	—	0.70
EBT margin	9.48%	—	—	derived	—	0.70
Net margin	7.67%	—	—	derived	—	0.70
D&A margin	4.07%	—	—	derived	—	0.70

Cash	29,330	—	—	reported	—	1.00
Total debt	19,262	—	—	reported	—	1.00
Net debt	-10,068	—	—	derived	—	0.70
Equity	159,210	—	—	reported	—	1.00
Total assets	219,412	—	—	reported	—	1.00
Working capital	57,682	—	—	derived	—	0.70
Current assets	108,263	—	—	reported	—	1.00
Current liabilities	50,581	—	—	reported	—	0.95
Inventory	49,110	—	—	reported	—	1.00
Trade receivables	28,640	—	—	reported	—	0.95
Trade payables	20,239	—	—	reported	—	1.00
Goodwill	1,506	—	—	reported	—	1.00
Tangible equity	157,704	—	—	derived	—	0.70

CFO	27,832	—	—	reported	—	1.00
CapEx	41,694	—	—	reported	—	1.00
FCF	-13,862	—	—	derived	—	0.70
FCF conversion	-42.15%	—	—	derived	—	0.70
CFO conversion	84.63%	—	—	derived	—	0.70
Dividends paid	6,435	—	—	reported	—	1.00

ROE	11.82%	—	—	derived	—	0.70
ROA	9.06%	—	—	derived	—	0.70
ROIC	12.61%	—	—	derived	—	0.70
ROCE	13.77%	—	—	derived	—	0.70

Current ratio	2.14x	—	—	derived	—	0.70
Quick ratio	1.17x	—	—	derived	—	0.70
Cash ratio	0.58x	—	—	derived	—	0.70
Interest coverage	40.29x	—	—	derived	—	0.70

Net debt / EBITDA	-0.31x	—	—	derived	—	0.70
Debt / equity	0.12x	—	—	derived	—	0.70
Debt / assets	0.09x	—	—	derived	—	0.70
Net debt / equity	-0.06x	—	—	derived	—	0.70

Revenue growth (YoY)	6.63%	—	—	derived	—	0.70
EBITDA growth (YoY)	16.75%	—	—	derived	—	0.70
EBIT growth (YoY)	36.89%	—	—	derived	—	0.70
Net income growth (YoY)	37.13%	—	—	derived	—	0.70
EPS growth (YoY)	36.36%	—	—	derived	—	0.70
Gross margin Δ (YoY)	0.58 pp	—	—	derived	—	0.70
EBITDA margin Δ (YoY)	1.2 pp	—	—	derived	—	0.70
EBIT margin Δ (YoY)	2.17 pp	—	—	derived	—	0.70
Net margin Δ (YoY)	1.71 pp	—	—	derived	—	0.70

FY 2025 · Δ YoY

Revenue

236,545 —

FY 2024: —

Gross profit

35,953 —

FY 2024: —

EBITDA

32,886 —

FY 2024: —

EBIT

23,250 —

FY 2024: —

EBT

22,436 —

FY 2024: —

Net income

18,144 —

FY 2024: —

EPS (basic) (PLN)

0.9 —

FY 2024: —

EPS (diluted) (PLN)

0.9 —

FY 2024: —

D&A

9,636 —

FY 2024: —

Interest expense

577 —

FY 2024: —

Income tax

4,292 —

FY 2024: —

Shares (basic) (units)

20,109,621 —

FY 2024: —

Gross margin

15.2% —

FY 2024: —

EBITDA margin

13.9% —

FY 2024: —

EBIT margin

9.83% —

FY 2024: —

EBT margin

9.48% —

FY 2024: —

Net margin

7.67% —

FY 2024: —

D&A margin

4.07% —

FY 2024: —

Cash

29,330 —

FY 2024: —

Total debt

19,262 —

FY 2024: —

Net debt

-10,068 —

FY 2024: —

Equity

159,210 —

FY 2024: —

Total assets

219,412 —

FY 2024: —

Working capital

57,682 —

FY 2024: —

Current assets

108,263 —

FY 2024: —

Current liabilities

50,581 —

FY 2024: —

Inventory

49,110 —

FY 2024: —

Trade receivables

28,640 —

FY 2024: —

Trade payables

20,239 —

FY 2024: —

Goodwill

1,506 —

FY 2024: —

Tangible equity

157,704 —

FY 2024: —

CFO

27,832 —

FY 2024: —

CapEx

41,694 —

FY 2024: —

FCF

-13,862 —

FY 2024: —

FCF conversion

-42.15% —

FY 2024: —

CFO conversion

84.63% —

FY 2024: —

Dividends paid

6,435 —

FY 2024: —

ROE

11.82% —

FY 2024: —

ROA

9.06% —

FY 2024: —

ROIC

12.61% —

FY 2024: —

ROCE

13.77% —

FY 2024: —

Current ratio

2.14x —

FY 2024: —

Quick ratio

1.17x —

FY 2024: —

Cash ratio

0.58x —

FY 2024: —

Interest coverage

40.29x —

FY 2024: —

Net debt / EBITDA

-0.31x —

FY 2024: —

Debt / equity

0.12x —

FY 2024: —

Debt / assets

0.09x —

FY 2024: —

Net debt / equity

-0.06x —

FY 2024: —

Revenue growth (YoY)

6.63% —

FY 2024: —

EBITDA growth (YoY)

16.75% —

FY 2024: —

EBIT growth (YoY)

36.89% —

FY 2024: —

Net income growth (YoY)

37.13% —

FY 2024: —

EPS growth (YoY)

36.36% —

FY 2024: —

Gross margin Δ (YoY)

0.58 pp —

FY 2024: —

EBITDA margin Δ (YoY)

1.2 pp —

FY 2024: —

EBIT margin Δ (YoY)

2.17 pp —

FY 2024: —

Net margin Δ (YoY)

1.71 pp —

FY 2024: —