THG TenderHut Giełda Papierów Wartościowych w Warszawie · annual · publ. April 28, 2026

FY 2025 report

Grupa TenderHut to polski outsourcer IT i holding technologiczny, który w 2025 r. wszedł głębiej w fazę restrukturyzacji: przychody −9,5% r/r do 44,9 mln zł, strata netto akcjonariuszy 6,2 mln zł (2024: 3,7 mln zł).

Sentiment

Negative No guidance change

Website

THG FY 2025 report

Revenue

44.9 m PLN

— YoY

Net income

-6.23 m PLN

— YoY

EBITDA

-2.56 m PLN

— YoY

FCF

562 k PLN

— YoY

Summary

Investment thesis

Strata jest w dużej części niegotówkowa — odpis wartości firmy 3,57 mln zł i 0,94 mln zł odpisów innych aktywów; bez nich, według zarządu, EBITDA byłaby dodatnia.
Segment Lab Systems rośnie (+26% r/r, 34% przychodów), ale nie równoważy spadku core'owego outsourcingu software (−24% r/r, 53% przychodów) pod presją popytu, konkurencji i mocnego złotego.
Bilans jest nadal względnie bezpieczny (dług oprocentowany 2,7 mln zł, gotówka 2,5 mln zł, kapitał własny 12,7 mln zł), ale 8,6 mln zł wartości firmy to 40% sumy aktywów i kolejny potencjalny odpis.
Dodatni OCF (0,56 mln zł) powstał dzięki korektom niegotówkowym, a spłata długu pochłonęła 2,4 mln zł; przy braku dywidendy i capexu spółka systematycznie zmniejsza lewar kosztem gotówki.

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Financials

BETA

FY 2025

THG · FY 2025

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

Revenue	44,899	—	—	reported	—	1.00
Revenue Software Development & Cybersec	23,888	—	—	reported	Software Development & Cybersec	0.90
Revenue Digital Design & Marketing	4,758	—	—	reported	Digital Design & Marketing	0.90
Revenue Lab Systems	15,258	—	—	reported	Lab Systems	0.90
Revenue Venture building	542	—	—	reported	Venture building	0.90
Revenue Usługi holdingowe	1,040	—	—	reported	Usługi holdingowe	0.90
EBITDA	-2,561	—	—	reported	—	1.00
EBIT	-2,984	—	—	reported	—	1.00
EBT	-4,125	—	—	reported	—	1.00
Net income	-6,225	—	—	reported	—	1.00
D&A	423	—	—	reported	—	1.00
Interest expense	299	—	—	reported	—	1.00
Income tax	1,868	—	—	reported	—	1.00

EBITDA margin	-5.7%	—	—	derived	—	0.90
EBIT margin	-6.65%	—	—	derived	—	0.90
Net margin	-13.86%	—	—	derived	—	0.90

Cash	2,452	—	—	reported	—	1.00
Total debt	2,734	—	—	reported	—	0.95
Net debt	282	—	—	derived	—	0.90
Equity	12,716	—	—	reported	—	1.00
Total assets	21,330	—	—	reported	—	1.00
Working capital	2,392	—	—	derived	—	1.00
Current assets	10,328	—	—	reported	—	1.00
Current liabilities	7,936	—	—	reported	—	1.00
Non-current liabilities	678	—	—	reported	—	1.00
Inventory	10	—	—	reported	—	1.00
Trade receivables	7,855	—	—	reported	—	0.85
Trade payables	5,441	—	—	reported	—	0.85
Goodwill	8,922	—	—	reported	—	0.95
Tangible equity	3,794	—	—	derived	—	0.95

CFO	562	—	—	reported	—	1.00
CapEx	0	—	—	reported	—	0.90
FCF	562	—	—	derived	—	0.90

ROE	-39.27%	—	—	derived	—	0.90
ROA	-24.14%	—	—	derived	—	0.90
ROCE	-22.28%	—	—	derived	—	0.90

Current ratio	1.3x	—	—	derived	—	0.90
Quick ratio	1.3x	—	—	derived	—	0.90
Cash ratio	0.31x	—	—	derived	—	0.90

Debt / equity	0.22x	—	—	derived	—	0.90
Debt / assets	0.13x	—	—	derived	—	0.90
Net debt / equity	0.02x	—	—	derived	—	0.90

Revenue growth (YoY)	-9.49%	—	—	derived	—	0.90
EBITDA growth (YoY)	-213.46%	—	—	derived	—	0.90
EBIT growth (YoY)	-58.55%	—	—	derived	—	0.90
Net income growth (YoY)	-68.06%	—	—	derived	—	0.90
EBITDA margin Δ (YoY)	-4.06 pp	—	—	derived	—	0.90
EBIT margin Δ (YoY)	-2.85 pp	—	—	derived	—	0.90
Net margin Δ (YoY)	-6.4 pp	—	—	derived	—	0.90

FY 2025 · Δ YoY

Revenue

44,899 —

FY 2024: —

Revenue

Software Development & Cybersec

23,888 —

FY 2024: —

Revenue

Digital Design & Marketing

4,758 —

FY 2024: —

Revenue

Lab Systems

15,258 —

FY 2024: —

Revenue

Venture building

542 —

FY 2024: —

Revenue

Usługi holdingowe

1,040 —

FY 2024: —

EBITDA

-2,561 —

FY 2024: —

EBIT

-2,984 —

FY 2024: —

EBT

-4,125 —

FY 2024: —

Net income

-6,225 —

FY 2024: —

D&A

423 —

FY 2024: —

Interest expense

299 —

FY 2024: —

Income tax

1,868 —

FY 2024: —

EBITDA margin

-5.7% —

FY 2024: —

EBIT margin

-6.65% —

FY 2024: —

Net margin

-13.86% —

FY 2024: —

Cash

2,452 —

FY 2024: —

Total debt

2,734 —

FY 2024: —

Net debt

282 —

FY 2024: —

Equity

12,716 —

FY 2024: —

Total assets

21,330 —

FY 2024: —

Working capital

2,392 —

FY 2024: —

Current assets

10,328 —

FY 2024: —

Current liabilities

7,936 —

FY 2024: —

Non-current liabilities

678 —

FY 2024: —

Inventory

10 —

FY 2024: —

Trade receivables

7,855 —

FY 2024: —

Trade payables

5,441 —

FY 2024: —

Goodwill

8,922 —

FY 2024: —

Tangible equity

3,794 —

FY 2024: —

CFO

562 —

FY 2024: —

CapEx

0 —

FY 2024: —

FCF

562 —

FY 2024: —

ROE

-39.27% —

FY 2024: —

ROA

-24.14% —

FY 2024: —

ROCE

-22.28% —

FY 2024: —

Current ratio

1.3x —

FY 2024: —

Quick ratio

1.3x —

FY 2024: —

Cash ratio

0.31x —

FY 2024: —

Debt / equity

0.22x —

FY 2024: —

Debt / assets

0.13x —

FY 2024: —

Net debt / equity

0.02x —

FY 2024: —

Revenue growth (YoY)

-9.49% —

FY 2024: —

EBITDA growth (YoY)

-213.46% —

FY 2024: —

EBIT growth (YoY)

-58.55% —

FY 2024: —

Net income growth (YoY)

-68.06% —

FY 2024: —

EBITDA margin Δ (YoY)

-4.06 pp —

FY 2024: —

EBIT margin Δ (YoY)

-2.85 pp —

FY 2024: —

Net margin Δ (YoY)

-6.4 pp —

FY 2024: —