MGT Mangata Holding Giełda Papierów Wartościowych w Warszawie · annual · publ. April 29, 2026

FY 2025 report

Przychody stabilne (−1,1% r/r do 768,9 mln PLN), ale struktura się przesuwa: motoryzacja −8%, armatura +17,7%.

Sentiment

Cautious No guidance change

Website

MGT FY 2025 report

Revenue

768.87 m PLN

— YoY

Net income

41.36 m PLN

— YoY

EBITDA

97.09 m PLN

— YoY

Gross margin

20.04%

— YoY

Summary

Investment thesis

Wzrost zysku netto o 35,8% do 41,4 mln PLN w dużej mierze wynika z jednorazowych pozycji (rozliczenie powodzi ok. 23,2 mln PLN) i efektywnej stawki podatku bliskiej zera (0,8%).
Bilans się umacnia: dług netto spadł do 132,6 mln PLN (1,37x EBITDA wobec 2,11x), kapitał własny to 62,5% pasywów.
Przepływy operacyjne 123,4 mln PLN są trzykrotnie wyższe od zysku netto, ale wspiera je wzrost zobowiązań handlowych o ok. 31 mln PLN.
Największe pytania to trwałość marż w segmencie motoryzacyjnym (ok. 90% przychodów w EUR/USD) oraz pożyczka 13,2 mln PLN dla podmiotu powiązanego z głównym akcjonariuszem.

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Financials

BETA

FY 2025

MGT · FY 2025

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

Revenue	768,869	—	—	reported	—	1.00
Revenue Podzespoły dla Motoryzacji i Komponenty	409,471	—	—	reported	Podzespoły dla Motoryzacji i Komponenty	0.90
Revenue Armatura i Automatyka Przemysłowa	179,051	—	—	reported	Armatura i Automatyka Przemysłowa	0.90
Revenue Elementy Złączne	179,115	—	—	reported	Elementy Złączne	0.90
Gross profit	154,105	—	—	reported	—	1.00
EBITDA	97,094	—	—	reported	—	1.00
EBIT	51,283	—	—	reported	—	1.00
EBT	41,692	—	—	reported	—	1.00
Net income	41,357	—	—	reported	—	0.85
D&A	45,811	—	—	derived	—	0.90
Interest expense	10,964	—	—	reported	—	0.70
Income tax	335	—	—	reported	—	1.00

Gross margin	20.04%	—	—	derived	—	0.90
EBITDA margin	12.63%	—	—	derived	—	0.90
EBIT margin	6.67%	—	—	derived	—	0.90
EBT margin	5.42%	—	—	derived	—	0.90
Net margin	5.38%	—	—	derived	—	0.90
D&A margin	5.96%	—	—	derived	—	0.90

Cash	39,537	—	—	reported	—	1.00
Total debt	172,182	—	—	reported	—	1.00
Net debt	132,645	—	—	reported	—	1.00
Equity	546,494	—	—	reported	—	1.00
Total assets	874,538	—	—	reported	—	1.00
Working capital	120,008	—	—	derived	—	1.00
Current assets	341,913	—	—	reported	—	1.00
Current liabilities	221,905	—	—	reported	—	1.00
Non-current liabilities	106,139	—	—	reported	—	1.00
Inventory	168,132	—	—	reported	—	1.00
Trade receivables	127,953	—	—	reported	—	0.70
Trade payables	108,126	—	—	reported	—	0.70
Goodwill	64,735	—	—	derived	—	0.90
Tangible equity	481,759	—	—	derived	—	0.90

CFO	123,398	—	—	reported	—	1.00
CapEx	16,145	—	—	reported	—	0.80
FCF	107,253	—	—	derived	—	0.70
FCF conversion	110.46%	—	—	derived	—	0.90
CFO conversion	127.09%	—	—	derived	—	0.90
Dividends paid	36,950	—	—	reported	—	1.00

ROE	7.59%	—	—	derived	—	0.90
ROA	4.68%	—	—	derived	—	0.90
ROCE	7.86%	—	—	derived	—	0.90

Current ratio	1.54x	—	—	derived	—	0.90
Quick ratio	0.78x	—	—	derived	—	0.90
Cash ratio	0.18x	—	—	derived	—	0.90
Interest coverage	4.68x	—	—	derived	—	0.70

Net debt / EBITDA	1.37x	—	—	derived	—	0.90
Debt / equity	0.32x	—	—	derived	—	0.90
Debt / assets	0.2x	—	—	derived	—	0.90
Net debt / equity	0.24x	—	—	derived	—	0.90

Revenue growth (YoY)	-1.15%	—	—	derived	—	0.90
EBITDA growth (YoY)	7.66%	—	—	derived	—	0.90
EBIT growth (YoY)	13.84%	—	—	derived	—	0.90
Net income growth (YoY)	35.83%	—	—	derived	—	0.90
Gross margin Δ (YoY)	0.07 pp	—	—	derived	—	0.90
EBITDA margin Δ (YoY)	1.03 pp	—	—	derived	—	0.90
EBIT margin Δ (YoY)	0.88 pp	—	—	derived	—	0.90
Net margin Δ (YoY)	1.46 pp	—	—	derived	—	0.90

FY 2025 · Δ YoY

Revenue

768,869 —

FY 2024: —

Revenue

Podzespoły dla Motoryzacji i Komponenty

409,471 —

FY 2024: —

Revenue

Armatura i Automatyka Przemysłowa

179,051 —

FY 2024: —

Revenue

Elementy Złączne

179,115 —

FY 2024: —

Gross profit

154,105 —

FY 2024: —

EBITDA

97,094 —

FY 2024: —

EBIT

51,283 —

FY 2024: —

EBT

41,692 —

FY 2024: —

Net income

41,357 —

FY 2024: —

D&A

45,811 —

FY 2024: —

Interest expense

10,964 —

FY 2024: —

Income tax

335 —

FY 2024: —

Gross margin

20.04% —

FY 2024: —

EBITDA margin

12.63% —

FY 2024: —

EBIT margin

6.67% —

FY 2024: —

EBT margin

5.42% —

FY 2024: —

Net margin

5.38% —

FY 2024: —

D&A margin

5.96% —

FY 2024: —

Cash

39,537 —

FY 2024: —

Total debt

172,182 —

FY 2024: —

Net debt

132,645 —

FY 2024: —

Equity

546,494 —

FY 2024: —

Total assets

874,538 —

FY 2024: —

Working capital

120,008 —

FY 2024: —

Current assets

341,913 —

FY 2024: —

Current liabilities

221,905 —

FY 2024: —

Non-current liabilities

106,139 —

FY 2024: —

Inventory

168,132 —

FY 2024: —

Trade receivables

127,953 —

FY 2024: —

Trade payables

108,126 —

FY 2024: —

Goodwill

64,735 —

FY 2024: —

Tangible equity

481,759 —

FY 2024: —

CFO

123,398 —

FY 2024: —

CapEx

16,145 —

FY 2024: —

FCF

107,253 —

FY 2024: —

FCF conversion

110.46% —

FY 2024: —

CFO conversion

127.09% —

FY 2024: —

Dividends paid

36,950 —

FY 2024: —

ROE

7.59% —

FY 2024: —

ROA

4.68% —

FY 2024: —

ROCE

7.86% —

FY 2024: —

Current ratio

1.54x —

FY 2024: —

Quick ratio

0.78x —

FY 2024: —

Cash ratio

0.18x —

FY 2024: —

Interest coverage

4.68x —

FY 2024: —

Net debt / EBITDA

1.37x —

FY 2024: —

Debt / equity

0.32x —

FY 2024: —

Debt / assets

0.2x —

FY 2024: —

Net debt / equity

0.24x —

FY 2024: —

Revenue growth (YoY)

-1.15% —

FY 2024: —

EBITDA growth (YoY)

7.66% —

FY 2024: —

EBIT growth (YoY)

13.84% —

FY 2024: —

Net income growth (YoY)

35.83% —

FY 2024: —

Gross margin Δ (YoY)

0.07 pp —

FY 2024: —

EBITDA margin Δ (YoY)

1.03 pp —

FY 2024: —

EBIT margin Δ (YoY)

0.88 pp —

FY 2024: —

Net margin Δ (YoY)

1.46 pp —

FY 2024: —