SPR Spyrosoft Giełda Papierów Wartościowych w Warszawie · annual · publ. April 28, 2026

FY 2025 report

Przychody 601,3 mln zł (+29,2%), EBITDA 72,1 mln zł (+26,8%), zysk netto 40,8 mln zł (+18,9%).

Sentiment

Positive No guidance change

Website

SPR FY 2025 report

Revenue

601.26 m PLN

— YoY

Net income

40.75 m PLN

— YoY

EBITDA

72.12 m PLN

— YoY

Gross margin

31.5%

— YoY

Summary

Investment thesis

CFO 59,2 mln zł przewyższa zysk netto — wysoka jakość zysku i rosnąca gotówka (86,4 mln zł).
Kapitał własny 68% pasywów, brak długoterminowego długu bankowego.
Strategia 2022–2026 realizowana: wzrost 25–35% rocznie, marża EBITDA 11–14% (12,0%).
Nowa strategia 2026–2028: preferowany inwestor prywatny, konsolidacja grupy przez wymianę udziałów w 2028 r.

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Financials

BETA

FY 2025

SPR · FY 2025

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

Revenue	601,255	—	—	reported	—	1.00
Gross profit	189,395	—	—	reported	—	0.80
EBITDA	72,117	—	—	reported	—	1.00
EBIT	59,255	—	—	reported	—	1.00
EBT	56,239	—	—	reported	—	1.00
Net income	40,751	—	—	reported	—	1.00
EPS (basic) (PLN)	37.27	—	—	reported	—	1.00
D&A	12,862	—	—	derived	—	0.80
Shares (basic) (units)	1,093,402	—	—	reported	—	1.00

Gross margin	31.5%	—	—	derived	—	0.90
EBITDA margin	12%	—	—	derived	—	0.80
EBIT margin	9.9%	—	—	derived	—	0.80
EBT margin	9.4%	—	—	derived	—	0.80
Net margin	6.8%	—	—	derived	—	0.80

Cash	86,392	—	—	reported	—	1.00
Equity	210,352	—	—	reported	—	1.00
Total assets	311,493	—	—	reported	—	1.00
Current assets	227,196	—	—	reported	—	1.00
Goodwill	41,431	—	—	reported	—	0.90

CFO	59,191	—	—	reported	—	1.00
CFO conversion	82.1%	—	—	derived	—	0.80

Current ratio	2.79x	—	—	derived	—	0.80

Revenue growth (YoY)	29.2%	—	—	derived	—	0.95
EBITDA growth (YoY)	26.8%	—	—	derived	—	0.95
EBIT growth (YoY)	31.3%	—	—	derived	—	0.95
Net income growth (YoY)	18.9%	—	—	derived	—	0.95
EPS growth (YoY)	18.7%	—	—	derived	—	0.95

FY 2025 · Δ YoY

Revenue

601,255 —

FY 2024: —

Gross profit

189,395 —

FY 2024: —

EBITDA

72,117 —

FY 2024: —

EBIT

59,255 —

FY 2024: —

EBT

56,239 —

FY 2024: —

Net income

40,751 —

FY 2024: —

EPS (basic) (PLN)

37.27 —

FY 2024: —

D&A

12,862 —

FY 2024: —

Shares (basic) (units)

1,093,402 —

FY 2024: —

Gross margin

31.5% —

FY 2024: —

EBITDA margin

12% —

FY 2024: —

EBIT margin

9.9% —

FY 2024: —

EBT margin

9.4% —

FY 2024: —

Net margin

6.8% —

FY 2024: —

Cash

86,392 —

FY 2024: —

Equity

210,352 —

FY 2024: —

Total assets

311,493 —

FY 2024: —

Current assets

227,196 —

FY 2024: —

Goodwill

41,431 —

FY 2024: —

CFO

59,191 —

FY 2024: —

CFO conversion

82.1% —

FY 2024: —

Current ratio

2.79x —

FY 2024: —

Revenue growth (YoY)

29.2% —

FY 2024: —

EBITDA growth (YoY)

26.8% —

FY 2024: —

EBIT growth (YoY)

31.3% —

FY 2024: —

Net income growth (YoY)

18.9% —

FY 2024: —

EPS growth (YoY)

18.7% —

FY 2024: —