FY 2025 report
Rekordowa sprzedaż Grupy WITTCHEN (476,7 mln zł, +5%) napędzana e-commerce i marketplace’ami (56% przychodów, kanał online +18,3% do 267 mln zł), ale zysk operacyjny spadł o 7% do 47,9 mln zł, a EBITDA o 3% do 80,0 mln zł.
Sentiment
Cautious
No guidance change
WTN
FY 2025 report
Revenue
476.74 m PLN
— YoY
Net income
35.32 m PLN
— YoY
EBITDA
80 m PLN
— YoY
Gross margin
61.68%
— YoY
Summary
Investment thesis
- Jakość gotówki poprawiona wyprzedażą zapasów: OCF 92,9 mln zł wobec 54,4 mln zł; dług netto spadł z 87,8 do 35,5 mln zł (z czego 55,3 mln zł to leasing MSSF 16).
- Marża brutto stabilna (61,7%), ale marża EBITDA spadła o 1,4 pp do 16,8% — presja kosztów pracy, najmu, logistyki i marketingu.
- Zarząd zawiesza dywidendę za lata 2025–2027 i zaciągnął 206,5 mln zł kredytów w PKO BP (rozbudowa centrum w Palmirach, skup do 20% akcji, refinansowanie) — struktura finansowania istotnie się zmienia.
- Początek 2026 r. słaby: szacunkowe przychody Q1 2026 ok. 86 mln zł (-8% r/r) przy wolniejszym popycie na walizki i akcesoria podróżne.
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Financials
BETA
WTN · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 476,742 | — | — | reported | — | 1.00 |
| Gross profit | 294,075 | — | — | reported | — | 1.00 |
| EBITDA (m PLN) | 80 | — | — | reported | — | 1.00 |
| EBIT | 47,860 | — | — | reported | — | 1.00 |
| EBT | 45,502 | — | — | reported | — | 1.00 |
| Net income | 35,318 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.91 | — | — | reported | — | 1.00 |
| Income tax | 10,184 | — | — | reported | — | 0.90 |
| Shares (basic) (m units) | 18.46 | — | — | reported | — | 1.00 |
| Gross margin | 61.68% | — | — | derived | — | 0.70 |
| EBITDA margin | 16.78% | — | — | derived | — | 0.70 |
| EBIT margin | 10.04% | — | — | derived | — | 0.70 |
| Net margin | 7.41% | — | — | derived | — | 0.70 |
| Cash | 27,708 | — | — | reported | — | 1.00 |
| Total debt (m PLN) | 63.2 | — | — | reported | — | 0.85 |
| Net debt (m PLN) | 35.5 | — | — | reported | — | 1.00 |
| Equity | 221,145 | — | — | reported | — | 1.00 |
| Total assets | 344,219 | — | — | reported | — | 0.95 |
| Working capital | 103,245 | — | — | derived | — | 0.70 |
| Current assets | 183,924 | — | — | reported | — | 1.00 |
| Current liabilities | 80,679 | — | — | reported | — | 1.00 |
| Non-current liabilities | 42,395 | — | — | reported | — | 1.00 |
| Inventory | 109,484 | — | — | reported | — | 1.00 |
| Trade receivables | 36,973 | — | — | reported | — | 0.90 |
| Trade payables | 35,616 | — | — | reported | — | 1.00 |
| CFO | 92,921 | — | — | reported | — | 1.00 |
| CFO conversion | 116.15% | — | — | derived | — | 0.70 |
| ROE | 17.36% | — | — | derived | — | 0.70 |
| ROA | 10.17% | — | — | derived | — | 0.70 |
| ROCE | 18.16% | — | — | derived | — | 0.70 |
| Current ratio | 2.28x | — | — | derived | — | 0.70 |
| Quick ratio | 0.92x | — | — | derived | — | 0.70 |
| Cash ratio | 0.34x | — | — | derived | — | 0.70 |
| Net debt / EBITDA | 0.44x | — | — | derived | — | 0.70 |
| Debt / equity | 0.29x | — | — | derived | — | 0.70 |
| Debt / assets | 0.18x | — | — | derived | — | 0.70 |
| Net debt / equity | 0.16x | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 4.97% | — | — | derived | — | 0.70 |
| EBITDA growth (YoY) | -3.38% | — | — | derived | — | 0.70 |
| EBIT growth (YoY) | -7.46% | — | — | derived | — | 0.70 |
| Net income growth (YoY) | 3.15% | — | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | -0.1 pp | — | — | derived | — | 0.70 |
| EBITDA margin Δ (YoY) | -1.4 pp | — | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | -1.4 pp | — | — | derived | — | 0.70 |
| Net margin Δ (YoY) | -0.1 pp | — | — | derived | — | 0.70 |
FY 2025 · Δ YoY
Revenue
476,742
—
476,742
—
- FY 2024
- —
Gross profit
294,075
—
294,075
—
- FY 2024
- —
EBITDA
(m PLN)
80
—
80
—
- FY 2024
- —
EBIT
47,860
—
47,860
—
- FY 2024
- —
EBT
45,502
—
45,502
—
- FY 2024
- —
Net income
35,318
—
35,318
—
- FY 2024
- —
EPS (basic)
(PLN)
1.91
—
1.91
—
- FY 2024
- —
Income tax
10,184
—
10,184
—
- FY 2024
- —
Shares (basic)
(m units)
18.46
—
18.46
—
- FY 2024
- —
Gross margin
61.68%
—
61.68%
—
- FY 2024
- —
EBITDA margin
16.78%
—
16.78%
—
- FY 2024
- —
EBIT margin
10.04%
—
10.04%
—
- FY 2024
- —
Net margin
7.41%
—
7.41%
—
- FY 2024
- —
Cash
27,708
—
27,708
—
- FY 2024
- —
Total debt
(m PLN)
63.2
—
63.2
—
- FY 2024
- —
Net debt
(m PLN)
35.5
—
35.5
—
- FY 2024
- —
Equity
221,145
—
221,145
—
- FY 2024
- —
Total assets
344,219
—
344,219
—
- FY 2024
- —
Working capital
103,245
—
103,245
—
- FY 2024
- —
Current assets
183,924
—
183,924
—
- FY 2024
- —
Current liabilities
80,679
—
80,679
—
- FY 2024
- —
Non-current liabilities
42,395
—
42,395
—
- FY 2024
- —
Inventory
109,484
—
109,484
—
- FY 2024
- —
Trade receivables
36,973
—
36,973
—
- FY 2024
- —
Trade payables
35,616
—
35,616
—
- FY 2024
- —
CFO
92,921
—
92,921
—
- FY 2024
- —
CFO conversion
116.15%
—
116.15%
—
- FY 2024
- —
ROE
17.36%
—
17.36%
—
- FY 2024
- —
ROA
10.17%
—
10.17%
—
- FY 2024
- —
ROCE
18.16%
—
18.16%
—
- FY 2024
- —
Current ratio
2.28x
—
2.28x
—
- FY 2024
- —
Quick ratio
0.92x
—
0.92x
—
- FY 2024
- —
Cash ratio
0.34x
—
0.34x
—
- FY 2024
- —
Net debt / EBITDA
0.44x
—
0.44x
—
- FY 2024
- —
Debt / equity
0.29x
—
0.29x
—
- FY 2024
- —
Debt / assets
0.18x
—
0.18x
—
- FY 2024
- —
Net debt / equity
0.16x
—
0.16x
—
- FY 2024
- —
Revenue growth (YoY)
4.97%
—
4.97%
—
- FY 2024
- —
EBITDA growth (YoY)
-3.38%
—
-3.38%
—
- FY 2024
- —
EBIT growth (YoY)
-7.46%
—
-7.46%
—
- FY 2024
- —
Net income growth (YoY)
3.15%
—
3.15%
—
- FY 2024
- —
Gross margin Δ (YoY)
-0.1 pp
—
-0.1 pp
—
- FY 2024
- —
EBITDA margin Δ (YoY)
-1.4 pp
—
-1.4 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
-1.4 pp
—
-1.4 pp
—
- FY 2024
- —
Net margin Δ (YoY)
-0.1 pp
—
-0.1 pp
—
- FY 2024
- —