RNC REINO Capital Giełda Papierów Wartościowych w Warszawie · annual · publ. April 28, 2026

FY 2025 report

Przychody wzrosły o 114% do 75,0 mln zł dzięki rozwojowi facility management (YATRE) i przejęciu PZN; zysk netto wrócił do +1,5 mln zł z −10,9 mln zł rok wcześniej.

Sentiment

Positive No guidance change

Website

RNC FY 2025 report

Revenue

75.01 m PLN

— YoY

Net income

1.52 m PLN

— YoY

EBITDA

6.22 m PLN

— YoY

CFO

5.66 m PLN

— YoY

Summary

Investment thesis

Ugoda z Grupą RF CorVal (maj 2025) zamknęła spory w UK, Polsce i Luksemburgu i otworzyła współpracę inwestycyjną, ale kosztuje 1,5 mln EUR wynagrodzenia płatnego od II kw. 2026.
Marża operacyjna 5,5%, EBITDA ok. 6,2 mln zł (8,3% przychodów) — skok skali przy niskiej rentowności typowej dla usług FM.
Bilans jest ciasny: wskaźnik bieżącej płynności 0,82, gotówka 2,4 mln zł, obligacje EUR oprocentowane 12,75% z ratami 470 tys. i 600 tys. EUR w 2026 r.
Wartość firmy 8,8 mln zł oraz inwestycje w pożyczki i udziały (39% sumy bilansowej) to kluczowe ryzyka wyceny wskazane przez biegłego.

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Financials

BETA

FY 2025

RNC · FY 2025

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

Revenue	75,009	—	—	reported	—	1.00
EBITDA	6,220	—	—	derived	—	0.70
EBIT	4,099	—	—	reported	—	1.00
EBT	2,159	—	—	reported	—	1.00
Net income	1,522	—	—	reported	—	1.00
EPS (basic) (PLN)	0.02	—	—	reported	—	1.00
D&A	2,121	—	—	reported	—	1.00
Interest expense	2,672	—	—	reported	—	0.60
Income tax	636	—	—	reported	—	1.00

EBITDA margin	8.29%	—	—	derived	—	0.70
EBIT margin	5.46%	—	—	derived	—	0.70
EBT margin	2.88%	—	—	derived	—	0.70
Net margin	2.03%	—	—	derived	—	0.70

Cash	2,432	—	—	reported	—	1.00
Equity	25,613	—	—	reported	—	1.00
Total assets	66,310	—	—	reported	—	1.00
Working capital	-4,746	—	—	derived	—	0.70
Current assets	21,664	—	—	reported	—	1.00
Current liabilities	26,410	—	—	reported	—	1.00
Non-current liabilities	14,287	—	—	reported	—	1.00
Goodwill	8,818	—	—	reported	—	1.00

CFO	5,662	—	—	reported	—	1.00
CFO conversion	91.03%	—	—	derived	—	0.70

ROE	7.33%	—	—	derived	—	0.70
ROCE	10.27%	—	—	derived	—	0.70

Current ratio	0.82x	—	—	derived	—	0.70
Cash ratio	0.09x	—	—	derived	—	0.70
Interest coverage	1.53x	—	—	derived	—	0.50

Revenue growth (YoY)	114.26%	—	—	derived	—	0.90
EBITDA margin Δ (YoY)	4.13 pp	—	—	derived	—	0.70
EBIT margin Δ (YoY)	4.87 pp	—	—	derived	—	0.70
Net margin Δ (YoY)	33.14 pp	—	—	derived	—	0.70

FY 2025 · Δ YoY

Revenue

75,009 —

FY 2024: —

EBITDA

6,220 —

FY 2024: —

EBIT

4,099 —

FY 2024: —

EBT

2,159 —

FY 2024: —

Net income

1,522 —

FY 2024: —

EPS (basic) (PLN)

0.02 —

FY 2024: —

D&A

2,121 —

FY 2024: —

Interest expense

2,672 —

FY 2024: —

Income tax

636 —

FY 2024: —

EBITDA margin

8.29% —

FY 2024: —

EBIT margin

5.46% —

FY 2024: —

EBT margin

2.88% —

FY 2024: —

Net margin

2.03% —

FY 2024: —

Cash

2,432 —

FY 2024: —

Equity

25,613 —

FY 2024: —

Total assets

66,310 —

FY 2024: —

Working capital

-4,746 —

FY 2024: —

Current assets

21,664 —

FY 2024: —

Current liabilities

26,410 —

FY 2024: —

Non-current liabilities

14,287 —

FY 2024: —

Goodwill

8,818 —

FY 2024: —

CFO

5,662 —

FY 2024: —

CFO conversion

91.03% —

FY 2024: —

ROE

7.33% —

FY 2024: —

ROCE

10.27% —

FY 2024: —

Current ratio

0.82x —

FY 2024: —

Cash ratio

0.09x —

FY 2024: —

Interest coverage

1.53x —

FY 2024: —

Revenue growth (YoY)

114.26% —

FY 2024: —

EBITDA margin Δ (YoY)

4.13 pp —

FY 2024: —

EBIT margin Δ (YoY)

4.87 pp —

FY 2024: —

Net margin Δ (YoY)

33.14 pp —

FY 2024: —