FY 2025 report
Skok zysku netto z 376 do 1 243 mln PLN (EPS 3,00 PLN wobec 0,91) przy przychodach praktycznie bez zmian; główną dźwignią jest wynik operacyjny (+46%), czyli segment Dystrybucja (EBITDA 3,3 mld PLN, 93% całej EBITDA grupy).
Sentiment
Neutral
No guidance change
ENG
FY 2025 report
Revenue
21.14 bn PLN
— YoY
Net income
1.24 bn PLN
— YoY
EBITDA
3.6 bn PLN
— YoY
Gross margin
17.98%
— YoY
Summary
Investment thesis
- Wynik jest dwutorowy: Dystrybucja i Nowa Energetyka zarabiają, a Detal ma ujemną EBITDA (−474 mln PLN) po utworzeniu rezerw związanych z Funduszem Wypłaty Różnicy Ceny.
- Skorygowana EBITDA (4 373 mln PLN) jest o 21% wyższa od raportowanej (3 601) po doliczeniu 754 mln PLN zdarzeń jednorazowych; dług netto/EBITDA 2,86x przy limicie 4,0x zależy od tej korekty.
- Inwestycje 5,4 mld PLN pochłaniają cały przepływ operacyjny (5,2 mld PLN) — wolne przepływy ok. −154 mln PLN; dług oprocentowany rośnie o ok. 3,6 mld PLN do 14,6 mld PLN.
- Przepływy operacyjne wsparte spadkiem należności (+1,3 mld PLN) i wzrostem rezerw (+1,5 mld PLN, pozycja niepieniężna); to pożyczka od przyszłych lat, nie powtarzalna gotówka.
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Financials
BETA
ENG · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
|
Revenue
Pozostała działalność
|
574 | — | — | reported | Pozostała działalność | 0.95 |
|
Revenue
Detal
|
10,675 | — | — | reported | Detal | 0.95 |
|
Revenue
Ciepłownictwo
|
423 | — | — | reported | Ciepłownictwo | 0.95 |
|
Revenue
Energetyka Zawodowa
|
1,388 | — | — | reported | Energetyka Zawodowa | 0.95 |
|
Revenue
Nowa Energetyka
|
726 | — | — | reported | Nowa Energetyka | 0.95 |
|
Revenue
Dystrybucja
|
7,352 | — | — | reported | Dystrybucja | 0.95 |
| Revenue | 21,138 | — | — | reported | — | 1.00 |
| Gross profit | 3,801 | — | — | reported | — | 1.00 |
|
EBITDA
Pozostała działalność
|
54 | — | — | reported | Pozostała działalność | 0.95 |
|
EBITDA
Detal
|
-474 | — | — | reported | Detal | 0.95 |
| EBITDA | 3,601 | — | — | reported | — | 1.00 |
|
EBITDA
Ciepłownictwo
|
43 | — | — | reported | Ciepłownictwo | 0.95 |
|
EBITDA
Dystrybucja
|
3,348 | — | — | reported | Dystrybucja | 0.95 |
|
EBITDA
Nowa Energetyka
|
444 | — | — | reported | Nowa Energetyka | 0.95 |
|
EBITDA
Energetyka Zawodowa
|
204 | — | — | reported | Energetyka Zawodowa | 0.95 |
| EBIT | 2,224 | — | — | reported | — | 1.00 |
| EBT | 1,474 | — | — | reported | — | 1.00 |
| Net income | 1,243 | — | — | reported | — | 1.00 |
| EPS (basic) | 3 | — | — | reported | — | 1.00 |
| EPS (diluted) | 3 | — | — | reported | — | 1.00 |
| D&A | 1,478 | — | — | reported | — | 1.00 |
| Interest expense | 838 | — | — | reported | — | 0.70 |
| Income tax | 227 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 414 | — | — | reported | — | 1.00 |
| Gross margin | 17.98% | — | — | derived | — | 0.80 |
| EBITDA margin | 17.04% | — | — | derived | — | 0.90 |
| EBIT margin | 10.52% | — | — | derived | — | 0.90 |
| EBT margin | 6.97% | — | — | derived | — | 0.90 |
| Net margin | 5.88% | — | — | derived | — | 0.90 |
| D&A margin | 6.99% | — | — | derived | — | 0.90 |
| Cash | 1,174 | — | — | reported | — | 1.00 |
| Total debt | 14,647 | — | — | reported | — | 0.85 |
| Net debt | 13,473 | — | — | derived | — | 0.80 |
| Equity | 13,716 | — | — | reported | — | 1.00 |
| Total assets | 40,269 | — | — | reported | — | 1.00 |
| Working capital | -2,630 | — | — | derived | — | 1.00 |
| Current assets | 7,008 | — | — | reported | — | 1.00 |
| Current liabilities | 9,638 | — | — | reported | — | 1.00 |
| Non-current liabilities | 16,915 | — | — | reported | — | 1.00 |
| Inventory | 194 | — | — | reported | — | 1.00 |
| Trade receivables | 3,077 | — | — | reported | — | 1.00 |
| Trade payables | 1,510 | — | — | reported | — | 1.00 |
| Goodwill | 1,600 | — | — | derived | — | 0.90 |
| Tangible equity | 12,116 | — | — | derived | — | 0.90 |
| CFO | 5,243 | — | — | reported | — | 1.00 |
| CapEx | 5,397 | — | — | reported | — | 0.90 |
| FCF | -154 | — | — | derived | — | 0.80 |
| FCF conversion | -4.28% | — | — | derived | — | 0.90 |
| CFO conversion | 145.6% | — | — | derived | — | 0.90 |
| Net acquisitions | 156 | — | — | reported | — | 1.00 |
| ROE | 10.15% | — | — | derived | — | 0.90 |
| ROA | 3.27% | — | — | derived | — | 0.90 |
| ROCE | 7.26% | — | — | derived | — | 0.90 |
| Current ratio | 0.73x | — | — | derived | — | 0.90 |
| Quick ratio | 0.71x | — | — | derived | — | 0.90 |
| Cash ratio | 0.12x | — | — | derived | — | 0.90 |
| Interest coverage | 2.65x | — | — | derived | — | 0.70 |
| Net debt / EBITDA | 3.74x | — | — | derived | — | 0.80 |
| Debt / equity | 1.07x | — | — | derived | — | 0.90 |
| Debt / assets | 0.36x | — | — | derived | — | 0.90 |
| Net debt / equity | 0.98x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 1.2% | — | — | derived | — | 0.90 |
| EBITDA growth (YoY) | 4.86% | — | — | derived | — | 0.90 |
| EBIT growth (YoY) | 46.22% | — | — | derived | — | 0.90 |
| Net income growth (YoY) | 230.59% | — | — | derived | — | 0.90 |
| EPS growth (YoY) | 229.67% | — | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | 2.02 pp | — | — | derived | — | 0.80 |
| EBITDA margin Δ (YoY) | 0.59 pp | — | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 3.24 pp | — | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 4.08 pp | — | — | derived | — | 0.90 |
FY 2025 · Δ YoY
Revenue
Pozostała działalność
574
—
Pozostała działalność
574
—
- FY 2024
- —
Revenue
Detal
10,675
—
Detal
10,675
—
- FY 2024
- —
Revenue
Ciepłownictwo
423
—
Ciepłownictwo
423
—
- FY 2024
- —
Revenue
Energetyka Zawodowa
1,388
—
Energetyka Zawodowa
1,388
—
- FY 2024
- —
Revenue
Nowa Energetyka
726
—
Nowa Energetyka
726
—
- FY 2024
- —
Revenue
Dystrybucja
7,352
—
Dystrybucja
7,352
—
- FY 2024
- —
Revenue
21,138
—
21,138
—
- FY 2024
- —
Gross profit
3,801
—
3,801
—
- FY 2024
- —
EBITDA
Pozostała działalność
54
—
Pozostała działalność
54
—
- FY 2024
- —
EBITDA
Detal
-474
—
Detal
-474
—
- FY 2024
- —
EBITDA
3,601
—
3,601
—
- FY 2024
- —
EBITDA
Ciepłownictwo
43
—
Ciepłownictwo
43
—
- FY 2024
- —
EBITDA
Dystrybucja
3,348
—
Dystrybucja
3,348
—
- FY 2024
- —
EBITDA
Nowa Energetyka
444
—
Nowa Energetyka
444
—
- FY 2024
- —
EBITDA
Energetyka Zawodowa
204
—
Energetyka Zawodowa
204
—
- FY 2024
- —
EBIT
2,224
—
2,224
—
- FY 2024
- —
EBT
1,474
—
1,474
—
- FY 2024
- —
Net income
1,243
—
1,243
—
- FY 2024
- —
EPS (basic)
3
—
3
—
- FY 2024
- —
EPS (diluted)
3
—
3
—
- FY 2024
- —
D&A
1,478
—
1,478
—
- FY 2024
- —
Interest expense
838
—
838
—
- FY 2024
- —
Income tax
227
—
227
—
- FY 2024
- —
Shares (basic)
(m units)
414
—
414
—
- FY 2024
- —
Gross margin
17.98%
—
17.98%
—
- FY 2024
- —
EBITDA margin
17.04%
—
17.04%
—
- FY 2024
- —
EBIT margin
10.52%
—
10.52%
—
- FY 2024
- —
EBT margin
6.97%
—
6.97%
—
- FY 2024
- —
Net margin
5.88%
—
5.88%
—
- FY 2024
- —
D&A margin
6.99%
—
6.99%
—
- FY 2024
- —
Cash
1,174
—
1,174
—
- FY 2024
- —
Total debt
14,647
—
14,647
—
- FY 2024
- —
Net debt
13,473
—
13,473
—
- FY 2024
- —
Equity
13,716
—
13,716
—
- FY 2024
- —
Total assets
40,269
—
40,269
—
- FY 2024
- —
Working capital
-2,630
—
-2,630
—
- FY 2024
- —
Current assets
7,008
—
7,008
—
- FY 2024
- —
Current liabilities
9,638
—
9,638
—
- FY 2024
- —
Non-current liabilities
16,915
—
16,915
—
- FY 2024
- —
Inventory
194
—
194
—
- FY 2024
- —
Trade receivables
3,077
—
3,077
—
- FY 2024
- —
Trade payables
1,510
—
1,510
—
- FY 2024
- —
Goodwill
1,600
—
1,600
—
- FY 2024
- —
Tangible equity
12,116
—
12,116
—
- FY 2024
- —
CFO
5,243
—
5,243
—
- FY 2024
- —
CapEx
5,397
—
5,397
—
- FY 2024
- —
FCF
-154
—
-154
—
- FY 2024
- —
FCF conversion
-4.28%
—
-4.28%
—
- FY 2024
- —
CFO conversion
145.6%
—
145.6%
—
- FY 2024
- —
Net acquisitions
156
—
156
—
- FY 2024
- —
ROE
10.15%
—
10.15%
—
- FY 2024
- —
ROA
3.27%
—
3.27%
—
- FY 2024
- —
ROCE
7.26%
—
7.26%
—
- FY 2024
- —
Current ratio
0.73x
—
0.73x
—
- FY 2024
- —
Quick ratio
0.71x
—
0.71x
—
- FY 2024
- —
Cash ratio
0.12x
—
0.12x
—
- FY 2024
- —
Interest coverage
2.65x
—
2.65x
—
- FY 2024
- —
Net debt / EBITDA
3.74x
—
3.74x
—
- FY 2024
- —
Debt / equity
1.07x
—
1.07x
—
- FY 2024
- —
Debt / assets
0.36x
—
0.36x
—
- FY 2024
- —
Net debt / equity
0.98x
—
0.98x
—
- FY 2024
- —
Revenue growth (YoY)
1.2%
—
1.2%
—
- FY 2024
- —
EBITDA growth (YoY)
4.86%
—
4.86%
—
- FY 2024
- —
EBIT growth (YoY)
46.22%
—
46.22%
—
- FY 2024
- —
Net income growth (YoY)
230.59%
—
230.59%
—
- FY 2024
- —
EPS growth (YoY)
229.67%
—
229.67%
—
- FY 2024
- —
Gross margin Δ (YoY)
2.02 pp
—
2.02 pp
—
- FY 2024
- —
EBITDA margin Δ (YoY)
0.59 pp
—
0.59 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
3.24 pp
—
3.24 pp
—
- FY 2024
- —
Net margin Δ (YoY)
4.08 pp
—
4.08 pp
—
- FY 2024
- —