OTM
Zakłady Przemysłu Cukierniczego „Otmuchów”
Giełda Papierów Wartościowych w Warszawie · annual · publ. April 27, 2026
FY 2025 report
Przychody wzrosły o 46% do 272,0 mln zł, a EBIT o 89% do 24,9 mln zł dzięki lewarowi operacyjnemu (koszty sprzedaży i zarządu +1%).
Sentiment
Positive
No guidance change
OTM
FY 2025 report
Revenue
272.04 m PLN
— YoY
Net income
13.11 m PLN
— YoY
EBITDA
36.21 m PLN
— YoY
Gross margin
24.17%
— YoY
Summary
Investment thesis
- Wzrost napędziły towary handlowe (40,2 mln zł wobec 7,4 mln zł), co obniżyło marżę brutto z 28,7% do 24,2%; zarząd zapowiada istotny spadek tego segmentu.
- Grupa spłaciła prawie 40 mln zł kredytów; dług netto/EBITDA ok. 0,3, wskaźnik bieżący 1,17.
- 17 mln zł pożyczki dla Kervan Gida (grupa akcjonariusza kontrolnego, Tornellon 66,99%) to największa pozycja do wyjaśnienia w kontekście ładu korporacyjnego.
- Sprzedaż linii produkcyjnych i marek Grupie Majami oraz strategia skupienia na żelkach, eksport 53,3% sprzedaży.
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Financials
BETA
OTM · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 272,036 | — | — | reported | — | 1.00 |
| Gross profit | 65,759 | — | — | reported | — | 1.00 |
| EBITDA | 36,211 | — | — | reported | — | 1.00 |
| EBIT | 24,921 | — | — | reported | — | 1.00 |
| EBT | 21,073 | — | — | reported | — | 1.00 |
| Net income | 13,111 | — | — | reported | — | 0.90 |
| D&A | 11,290 | — | — | derived | — | 0.90 |
| Interest expense | 4,991 | — | — | reported | — | 0.90 |
| Income tax | 4,362 | — | — | reported | — | 1.00 |
| Gross margin | 24.17% | — | — | derived | — | 1.00 |
| EBITDA margin | 13.31% | — | — | derived | — | 1.00 |
| EBIT margin | 9.16% | — | — | derived | — | 1.00 |
| Net margin | 4.82% | — | — | derived | — | 0.90 |
| Cash | 5,286 | — | — | reported | — | 1.00 |
| Total debt | 16,126 | — | — | reported | — | 0.85 |
| Net debt | 10,840 | — | — | derived | — | 0.90 |
| Equity | 144,064 | — | — | reported | — | 1.00 |
| Total assets | 225,678 | — | — | reported | — | 1.00 |
| Working capital | 12,256 | — | — | derived | — | 1.00 |
| Current assets | 83,744 | — | — | reported | — | 1.00 |
| Current liabilities | 71,488 | — | — | reported | — | 1.00 |
| Inventory | 31,164 | — | — | reported | — | 1.00 |
| Trade receivables | 41,970 | — | — | reported | — | 1.00 |
| Trade payables | 47,301 | — | — | reported | — | 1.00 |
| Goodwill | 427 | — | — | reported | — | 1.00 |
| Tangible equity | 143,637 | — | — | derived | — | 0.90 |
| CFO | 22,733 | — | — | reported | — | 0.95 |
| CapEx | 14,226 | — | — | reported | — | 0.90 |
| FCF | 8,507 | — | — | derived | — | 0.90 |
| FCF conversion | 23.49% | — | — | derived | — | 0.90 |
| CFO conversion | 62.78% | — | — | derived | — | 0.90 |
| ROE | 9.54% | — | — | derived | — | 0.90 |
| Current ratio | 1.17x | — | — | derived | — | 1.00 |
| Quick ratio | 0.74x | — | — | derived | — | 1.00 |
| Cash ratio | 0.07x | — | — | derived | — | 0.90 |
| Interest coverage | 4.99x | — | — | derived | — | 0.90 |
| Net debt / EBITDA | 0.3x | — | — | derived | — | 0.90 |
| Debt / equity | 0.11x | — | — | derived | — | 0.90 |
| Debt / assets | 0.07x | — | — | derived | — | 0.90 |
| Net debt / equity | 0.08x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 46.41% | — | — | derived | — | 1.00 |
| EBIT growth (YoY) | 88.88% | — | — | derived | — | 0.90 |
| Net income growth (YoY) | 40.89% | — | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | -4.5 pp | — | — | derived | — | 0.90 |
FY 2025 · Δ YoY
Revenue
272,036
—
272,036
—
- FY 2024
- —
Gross profit
65,759
—
65,759
—
- FY 2024
- —
EBITDA
36,211
—
36,211
—
- FY 2024
- —
EBIT
24,921
—
24,921
—
- FY 2024
- —
EBT
21,073
—
21,073
—
- FY 2024
- —
Net income
13,111
—
13,111
—
- FY 2024
- —
D&A
11,290
—
11,290
—
- FY 2024
- —
Interest expense
4,991
—
4,991
—
- FY 2024
- —
Income tax
4,362
—
4,362
—
- FY 2024
- —
Gross margin
24.17%
—
24.17%
—
- FY 2024
- —
EBITDA margin
13.31%
—
13.31%
—
- FY 2024
- —
EBIT margin
9.16%
—
9.16%
—
- FY 2024
- —
Net margin
4.82%
—
4.82%
—
- FY 2024
- —
Cash
5,286
—
5,286
—
- FY 2024
- —
Total debt
16,126
—
16,126
—
- FY 2024
- —
Net debt
10,840
—
10,840
—
- FY 2024
- —
Equity
144,064
—
144,064
—
- FY 2024
- —
Total assets
225,678
—
225,678
—
- FY 2024
- —
Working capital
12,256
—
12,256
—
- FY 2024
- —
Current assets
83,744
—
83,744
—
- FY 2024
- —
Current liabilities
71,488
—
71,488
—
- FY 2024
- —
Inventory
31,164
—
31,164
—
- FY 2024
- —
Trade receivables
41,970
—
41,970
—
- FY 2024
- —
Trade payables
47,301
—
47,301
—
- FY 2024
- —
Goodwill
427
—
427
—
- FY 2024
- —
Tangible equity
143,637
—
143,637
—
- FY 2024
- —
CFO
22,733
—
22,733
—
- FY 2024
- —
CapEx
14,226
—
14,226
—
- FY 2024
- —
FCF
8,507
—
8,507
—
- FY 2024
- —
FCF conversion
23.49%
—
23.49%
—
- FY 2024
- —
CFO conversion
62.78%
—
62.78%
—
- FY 2024
- —
ROE
9.54%
—
9.54%
—
- FY 2024
- —
Current ratio
1.17x
—
1.17x
—
- FY 2024
- —
Quick ratio
0.74x
—
0.74x
—
- FY 2024
- —
Cash ratio
0.07x
—
0.07x
—
- FY 2024
- —
Interest coverage
4.99x
—
4.99x
—
- FY 2024
- —
Net debt / EBITDA
0.3x
—
0.3x
—
- FY 2024
- —
Debt / equity
0.11x
—
0.11x
—
- FY 2024
- —
Debt / assets
0.07x
—
0.07x
—
- FY 2024
- —
Net debt / equity
0.08x
—
0.08x
—
- FY 2024
- —
Revenue growth (YoY)
46.41%
—
46.41%
—
- FY 2024
- —
EBIT growth (YoY)
88.88%
—
88.88%
—
- FY 2024
- —
Net income growth (YoY)
40.89%
—
40.89%
—
- FY 2024
- —
Gross margin Δ (YoY)
-4.5 pp
—
-4.5 pp
—
- FY 2024
- —