FY 2025 report
Skokowy wzrost przychodów o 31,9% r/r do 325,1 mln zł napędzany segmentem produkcji telewizyjnej i filmowej (+49,3%, kontynuacje seriali dla Polsatu, Pulsu i platform streamingowych).
Sentiment
Positive
No guidance change
ATG
FY 2025 report
Revenue
325.12 m PLN
— YoY
Net income
37.16 m PLN
— YoY
EBITDA
102.8 m PLN
— YoY
Gross margin
19.07%
— YoY
Summary
Investment thesis
- Zysk netto akcjonariuszy +38,8% do 37,2 mln zł, marża EBITDA 31,6% — ale wzrost EBITDA o 69% to w dużej części efekt amortyzacji aktywów filmowych (33,8 mln zł) doliczanej z powrotem; EBITDA skorygowana segmentu produkcji rośnie o 51,7%.
- Bardzo solidny bilans: kapitał własny 75,1% sumy bilansowej, dług odsetkowy (z leasingiem) 26,3 mln zł vs gotówka 26,0 mln zł, dług netto ok. 0,4 mln zł.
- Intensywny program inwestycyjny (nakłady 52,7 mln zł na środki trwałe, nowy kompleks ATM System w Warszawie; kredyt 45 mln zł dla ATM Studio na halę zdjęciową) — rośnie baza aktywów, spada rotacja gotówki.
- Zależność od kilku nadawców i platform oraz spadek segmentu usług (ATM System, koniec Viaplay w Polsce) i brak publikowanych prognoz utrudniają ocenę trwałości wyników.
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Financials
BETA
ATG · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 325,120 | — | — | reported | — | 1.00 |
| Gross profit | 62,013 | — | — | reported | — | 1.00 |
| EBITDA | 102,798 | — | — | reported | — | 1.00 |
| EBIT | 47,671 | — | — | reported | — | 1.00 |
| EBT | 48,266 | — | — | reported | — | 1.00 |
| Net income | 37,156 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.44 | — | — | derived | — | 0.60 |
| D&A | 55,127 | — | — | derived | — | 0.70 |
| Interest expense | 1,686 | — | — | reported | — | 0.90 |
| Income tax | 10,113 | — | — | reported | — | 1.00 |
| Gross margin | 19.07% | — | — | derived | — | 0.70 |
| EBITDA margin | 31.62% | — | — | derived | — | 0.70 |
| EBIT margin | 14.66% | — | — | derived | — | 0.70 |
| Net margin | 11.43% | — | — | derived | — | 0.70 |
| Cash | 25,959 | — | — | reported | — | 1.00 |
| Total debt | 26,343 | — | — | reported | — | 0.90 |
| Net debt | 384 | — | — | derived | — | 0.70 |
| Equity | 333,244 | — | — | reported | — | 1.00 |
| Total assets | 444,011 | — | — | reported | — | 1.00 |
| Working capital | 91,502 | — | — | derived | — | 0.70 |
| Current assets | 159,843 | — | — | reported | — | 1.00 |
| Current liabilities | 68,341 | — | — | reported | — | 1.00 |
| Non-current liabilities | 42,426 | — | — | reported | — | 1.00 |
| Inventory | 26,463 | — | — | reported | — | 1.00 |
| Trade receivables | 37,240 | — | — | reported | — | 1.00 |
| Trade payables | 30,790 | — | — | reported | — | 1.00 |
| Goodwill | 1,741 | — | — | reported | — | 0.90 |
| CapEx | 52,652 | — | — | reported | — | 0.80 |
| ROE | 11.54% | — | — | derived | — | 0.70 |
| ROA | 8.55% | — | — | derived | — | 0.70 |
| ROCE | 12.69% | — | — | derived | — | 0.70 |
| Current ratio | 2.34x | — | — | derived | — | 0.70 |
| Quick ratio | 1.95x | — | — | derived | — | 0.70 |
| Cash ratio | 0.38x | — | — | derived | — | 0.70 |
| Interest coverage | 28.27x | — | — | derived | — | 0.70 |
| Net debt / EBITDA | 0x | — | — | derived | — | 0.70 |
| Debt / equity | 0.08x | — | — | derived | — | 0.70 |
| Debt / assets | 0.06x | — | — | derived | — | 0.70 |
| Net debt / equity | 0x | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 31.87% | — | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 68.77% | — | — | derived | — | 0.95 |
| EBIT growth (YoY) | 29.95% | — | — | derived | — | 0.95 |
| Net income growth (YoY) | 38.8% | — | — | derived | — | 0.95 |
| EBITDA margin Δ (YoY) | 6.91 pp | — | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | -0.22 pp | — | — | derived | — | 0.70 |
| Net margin Δ (YoY) | 0.57 pp | — | — | derived | — | 0.70 |
FY 2025 · Δ YoY
Revenue
325,120
—
325,120
—
- FY 2024
- —
Gross profit
62,013
—
62,013
—
- FY 2024
- —
EBITDA
102,798
—
102,798
—
- FY 2024
- —
EBIT
47,671
—
47,671
—
- FY 2024
- —
EBT
48,266
—
48,266
—
- FY 2024
- —
Net income
37,156
—
37,156
—
- FY 2024
- —
EPS (basic)
(PLN)
0.44
—
0.44
—
- FY 2024
- —
D&A
55,127
—
55,127
—
- FY 2024
- —
Interest expense
1,686
—
1,686
—
- FY 2024
- —
Income tax
10,113
—
10,113
—
- FY 2024
- —
Gross margin
19.07%
—
19.07%
—
- FY 2024
- —
EBITDA margin
31.62%
—
31.62%
—
- FY 2024
- —
EBIT margin
14.66%
—
14.66%
—
- FY 2024
- —
Net margin
11.43%
—
11.43%
—
- FY 2024
- —
Cash
25,959
—
25,959
—
- FY 2024
- —
Total debt
26,343
—
26,343
—
- FY 2024
- —
Net debt
384
—
384
—
- FY 2024
- —
Equity
333,244
—
333,244
—
- FY 2024
- —
Total assets
444,011
—
444,011
—
- FY 2024
- —
Working capital
91,502
—
91,502
—
- FY 2024
- —
Current assets
159,843
—
159,843
—
- FY 2024
- —
Current liabilities
68,341
—
68,341
—
- FY 2024
- —
Non-current liabilities
42,426
—
42,426
—
- FY 2024
- —
Inventory
26,463
—
26,463
—
- FY 2024
- —
Trade receivables
37,240
—
37,240
—
- FY 2024
- —
Trade payables
30,790
—
30,790
—
- FY 2024
- —
Goodwill
1,741
—
1,741
—
- FY 2024
- —
CapEx
52,652
—
52,652
—
- FY 2024
- —
ROE
11.54%
—
11.54%
—
- FY 2024
- —
ROA
8.55%
—
8.55%
—
- FY 2024
- —
ROCE
12.69%
—
12.69%
—
- FY 2024
- —
Current ratio
2.34x
—
2.34x
—
- FY 2024
- —
Quick ratio
1.95x
—
1.95x
—
- FY 2024
- —
Cash ratio
0.38x
—
0.38x
—
- FY 2024
- —
Interest coverage
28.27x
—
28.27x
—
- FY 2024
- —
Net debt / EBITDA
0x
—
0x
—
- FY 2024
- —
Debt / equity
0.08x
—
0.08x
—
- FY 2024
- —
Debt / assets
0.06x
—
0.06x
—
- FY 2024
- —
Net debt / equity
0x
—
0x
—
- FY 2024
- —
Revenue growth (YoY)
31.87%
—
31.87%
—
- FY 2024
- —
EBITDA growth (YoY)
68.77%
—
68.77%
—
- FY 2024
- —
EBIT growth (YoY)
29.95%
—
29.95%
—
- FY 2024
- —
Net income growth (YoY)
38.8%
—
38.8%
—
- FY 2024
- —
EBITDA margin Δ (YoY)
6.91 pp
—
6.91 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
-0.22 pp
—
-0.22 pp
—
- FY 2024
- —
Net margin Δ (YoY)
0.57 pp
—
0.57 pp
—
- FY 2024
- —