FY 2025 report
Przychody spadły w 2025 r. o 43,8% do 25,1 mln zł, a koszty sprzedaży i zarządu (10,4 mln zł) są ponad trzykrotnie wyższe niż zysk brutto (3,1 mln zł) — strata operacyjna jest strukturalna.
Sentiment
Cautious
No guidance change
KCH
FY 2025 report
Revenue
25.09 m PLN
— YoY
Net income
-12.13 m PLN
— YoY
EBITDA
-5.26 m PLN
— YoY
Gross margin
12.29%
— YoY
Summary
Investment thesis
- Kapitał własny wynosi −73,6 mln zł z powodu rezerwy na ryzyko podatkowe (73,7 mln zł, w tym 30,6 mln zł odsetek), ok. 12 razy większej od sumy aktywów (6,3 mln zł).
- Sąd zatwierdził 25.03.2026 układ częściowy (redukcja zobowiązań, umorzenie należności ubocznych, raty), ale audytor i zarząd utrzymują istotną niepewność co do kontynuacji działalności.
- OCF −1,4 mln zł osiągnięto dzięki uwolnieniu kapitału obrotowego (+5,2 mln zł) i sprzedaży majątku (3,4 mln zł); OCF bez zmian kapitału obrotowego to ok. −6,6 mln zł.
- Wyroki NSA ws. lat 2013–2015 i wynik kontroli VAT za 2017 r. (7,3 mln zł) oraz zmiana akcjonariatu (Mazgaj z 48,66% do 11,69%) rozstrzygną o dalszym losie spółki.
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Financials
BETA
KCH · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 25,088 | — | — | reported | — | 1.00 |
| Gross profit | 3,084 | — | — | reported | — | 1.00 |
| EBITDA | -5,260 | — | — | derived | — | 0.90 |
| EBIT | -6,238 | — | — | reported | — | 1.00 |
| EBT | -12,208 | — | — | reported | — | 1.00 |
| Net income | -12,129 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -1.35 | — | — | reported | — | 0.90 |
| D&A | 978 | — | — | reported | — | 1.00 |
| Interest expense | 5,951 | — | — | reported | — | 1.00 |
| Income tax | -79 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 9 | — | — | reported | — | 1.00 |
| Gross margin | 12.29% | — | — | derived | — | 0.90 |
| EBITDA margin | -20.97% | — | — | derived | — | 0.90 |
| EBIT margin | -24.86% | — | — | derived | — | 0.90 |
| Net margin | -48.35% | — | — | derived | — | 0.90 |
| Cash | 447 | — | — | reported | — | 1.00 |
| Total debt | 968 | — | — | reported | — | 0.90 |
| Net debt | 521 | — | — | derived | — | 0.90 |
| Equity | -73,567 | — | — | reported | — | 1.00 |
| Total assets | 6,305 | — | — | reported | — | 1.00 |
| Working capital | -1,273 | — | — | derived | — | 0.90 |
| Current assets | 3,709 | — | — | reported | — | 1.00 |
| Current liabilities | 4,982 | — | — | reported | — | 1.00 |
| Inventory | 1,079 | — | — | reported | — | 1.00 |
| Trade receivables | 1,232 | — | — | reported | — | 0.90 |
| Trade payables | 3,506 | — | — | reported | — | 1.00 |
| Goodwill | 88 | — | — | reported | — | 1.00 |
| Tangible equity | -73,655 | — | — | derived | — | 0.90 |
| CFO | -1,402 | — | — | reported | — | 1.00 |
| CapEx | 23 | — | — | reported | — | 1.00 |
| FCF | -1,425 | — | — | derived | — | 0.90 |
| Current ratio | 0.74x | — | — | derived | — | 0.90 |
| Quick ratio | 0.53x | — | — | derived | — | 0.90 |
| Cash ratio | 0.09x | — | — | derived | — | 0.90 |
| Interest coverage | -1.05x | — | — | derived | — | 0.90 |
| Debt / equity | -0.01x | — | — | derived | — | 0.70 |
| Debt / assets | 0.15x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | -43.75% | — | — | derived | — | 0.90 |
| EBIT growth (YoY) | 9.66% | — | — | derived | — | 0.90 |
| Net income growth (YoY) | 10.11% | — | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | -0.62 pp | — | — | derived | — | 0.90 |
FY 2025 · Δ YoY
Revenue
25,088
—
25,088
—
- FY 2024
- —
Gross profit
3,084
—
3,084
—
- FY 2024
- —
EBITDA
-5,260
—
-5,260
—
- FY 2024
- —
EBIT
-6,238
—
-6,238
—
- FY 2024
- —
EBT
-12,208
—
-12,208
—
- FY 2024
- —
Net income
-12,129
—
-12,129
—
- FY 2024
- —
EPS (basic)
(PLN)
-1.35
—
-1.35
—
- FY 2024
- —
D&A
978
—
978
—
- FY 2024
- —
Interest expense
5,951
—
5,951
—
- FY 2024
- —
Income tax
-79
—
-79
—
- FY 2024
- —
Shares (basic)
(m units)
9
—
9
—
- FY 2024
- —
Gross margin
12.29%
—
12.29%
—
- FY 2024
- —
EBITDA margin
-20.97%
—
-20.97%
—
- FY 2024
- —
EBIT margin
-24.86%
—
-24.86%
—
- FY 2024
- —
Net margin
-48.35%
—
-48.35%
—
- FY 2024
- —
Cash
447
—
447
—
- FY 2024
- —
Total debt
968
—
968
—
- FY 2024
- —
Net debt
521
—
521
—
- FY 2024
- —
Equity
-73,567
—
-73,567
—
- FY 2024
- —
Total assets
6,305
—
6,305
—
- FY 2024
- —
Working capital
-1,273
—
-1,273
—
- FY 2024
- —
Current assets
3,709
—
3,709
—
- FY 2024
- —
Current liabilities
4,982
—
4,982
—
- FY 2024
- —
Inventory
1,079
—
1,079
—
- FY 2024
- —
Trade receivables
1,232
—
1,232
—
- FY 2024
- —
Trade payables
3,506
—
3,506
—
- FY 2024
- —
Goodwill
88
—
88
—
- FY 2024
- —
Tangible equity
-73,655
—
-73,655
—
- FY 2024
- —
CFO
-1,402
—
-1,402
—
- FY 2024
- —
CapEx
23
—
23
—
- FY 2024
- —
FCF
-1,425
—
-1,425
—
- FY 2024
- —
Current ratio
0.74x
—
0.74x
—
- FY 2024
- —
Quick ratio
0.53x
—
0.53x
—
- FY 2024
- —
Cash ratio
0.09x
—
0.09x
—
- FY 2024
- —
Interest coverage
-1.05x
—
-1.05x
—
- FY 2024
- —
Debt / equity
-0.01x
—
-0.01x
—
- FY 2024
- —
Debt / assets
0.15x
—
0.15x
—
- FY 2024
- —
Revenue growth (YoY)
-43.75%
—
-43.75%
—
- FY 2024
- —
EBIT growth (YoY)
9.66%
—
9.66%
—
- FY 2024
- —
Net income growth (YoY)
10.11%
—
10.11%
—
- FY 2024
- —
Gross margin Δ (YoY)
-0.62 pp
—
-0.62 pp
—
- FY 2024
- —