JWW JWW INVEST Giełda Papierów Wartościowych w Warszawie · annual · publ. April 27, 2026

FY 2025 report

Przychody rosną o 10% dzięki kontraktom niemieckim, ale marża operacyjna spadła z 4,3% do 2,4%.

Sentiment

Neutral No guidance change

Website

JWW FY 2025 report

Revenue

149.65 m PLN

— YoY

Net income

3.8 m PLN

— YoY

EBITDA

5.84 m PLN

— YoY

Net debt / EBITDA

-0.38x

— YoY

Summary

Investment thesis

Zysk netto wspierają przychody finansowe 2,25 mln zł bez czytelnego wyjaśnienia ich źródła.
Przepływy operacyjne są ujemne (−5,2 mln zł) z powodu rozbudowy aktywów kontraktowych o ok. 12 mln zł.
Bilans pozostaje solidny: kapitał własny 49,5% sumy bilansu, netto gotówka, płynność bieżąca 1,73.
Silna koncentracja odbiorców (czterech klientów = 87% przychodów) oraz spór sądowy Steag/BHKW Buchen to główne ryzyka.

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Financials

BETA

FY 2025

JWW · FY 2025

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

Revenue	149,649	—	—	reported	—	1.00
EBITDA	5,839	—	—	derived	—	0.70
EBIT	3,661	—	—	reported	—	1.00
EBT	5,246	—	—	reported	—	1.00
Net income	3,804	—	—	reported	—	1.00
EPS (basic) (PLN)	0.35	—	—	reported	—	1.00
EPS (diluted) (PLN)	0.35	—	—	reported	—	1.00
D&A	2,178	—	—	reported	—	1.00
Interest expense	531	—	—	reported	—	0.80
Income tax	1,258	—	—	reported	—	1.00
Shares (basic) (m units)	11	—	—	reported	—	1.00

EBITDA margin	3.9%	—	—	derived	—	0.70
EBIT margin	2.45%	—	—	derived	—	0.70
EBT margin	3.51%	—	—	derived	—	0.70
Net margin	2.54%	—	—	derived	—	0.70
D&A margin	1.46%	—	—	derived	—	0.70

Cash	9,597	—	—	reported	—	1.00
Total debt	7,352	—	—	reported	—	0.85
Net debt	-2,245	—	—	derived	—	0.70
Equity	42,627	—	—	reported	—	1.00
Total assets	86,052	—	—	reported	—	1.00
Working capital	30,618	—	—	derived	—	0.70
Current assets	72,317	—	—	reported	—	1.00
Current liabilities	41,699	—	—	reported	—	1.00
Non-current liabilities	1,726	—	—	reported	—	1.00
Trade receivables	3,055	—	—	reported	—	0.90
Trade payables	1,413	—	—	reported	—	0.90

CFO	-5,218	—	—	reported	—	1.00
CapEx	730	—	—	reported	—	1.00
FCF	-5,948	—	—	derived	—	0.70
FCF conversion	-101.86%	—	—	derived	—	0.70
CFO conversion	-89.37%	—	—	derived	—	0.70
Dividends paid	1,430	—	—	reported	—	1.00

ROE	9.21%	—	—	derived	—	0.70
ROA	4.56%	—	—	derived	—	0.70
ROCE	8.24%	—	—	derived	—	0.70

Current ratio	1.73x	—	—	derived	—	0.70
Quick ratio	1.73x	—	—	derived	—	0.70
Cash ratio	0.23x	—	—	derived	—	0.70
Interest coverage	6.89x	—	—	derived	—	0.70

Net debt / EBITDA	-0.38x	—	—	derived	—	0.70
Debt / equity	0.17x	—	—	derived	—	0.70
Debt / assets	0.09x	—	—	derived	—	0.70
Net debt / equity	-0.05x	—	—	derived	—	0.70

Revenue growth (YoY)	10.07%	—	—	derived	—	0.70
EBITDA growth (YoY)	-26.45%	—	—	derived	—	0.70
EBIT growth (YoY)	-37.33%	—	—	derived	—	0.70
Net income growth (YoY)	-25.16%	—	—	derived	—	0.70
EPS growth (YoY)	-23.91%	—	—	derived	—	0.70
EBIT margin Δ (YoY)	-1.85 pp	—	—	derived	—	0.70
Net margin Δ (YoY)	-1.2 pp	—	—	derived	—	0.70

FY 2025 · Δ YoY

Revenue

149,649 —

FY 2024: —

EBITDA

5,839 —

FY 2024: —

EBIT

3,661 —

FY 2024: —

EBT

5,246 —

FY 2024: —

Net income

3,804 —

FY 2024: —

EPS (basic) (PLN)

0.35 —

FY 2024: —

EPS (diluted) (PLN)

0.35 —

FY 2024: —

D&A

2,178 —

FY 2024: —

Interest expense

531 —

FY 2024: —

Income tax

1,258 —

FY 2024: —

Shares (basic) (m units)

11 —

FY 2024: —

EBITDA margin

3.9% —

FY 2024: —

EBIT margin

2.45% —

FY 2024: —

EBT margin

3.51% —

FY 2024: —

Net margin

2.54% —

FY 2024: —

D&A margin

1.46% —

FY 2024: —

Cash

9,597 —

FY 2024: —

Total debt

7,352 —

FY 2024: —

Net debt

-2,245 —

FY 2024: —

Equity

42,627 —

FY 2024: —

Total assets

86,052 —

FY 2024: —

Working capital

30,618 —

FY 2024: —

Current assets

72,317 —

FY 2024: —

Current liabilities

41,699 —

FY 2024: —

Non-current liabilities

1,726 —

FY 2024: —

Trade receivables

3,055 —

FY 2024: —

Trade payables

1,413 —

FY 2024: —

CFO

-5,218 —

FY 2024: —

CapEx

730 —

FY 2024: —

FCF

-5,948 —

FY 2024: —

FCF conversion

-101.86% —

FY 2024: —

CFO conversion

-89.37% —

FY 2024: —

Dividends paid

1,430 —

FY 2024: —

ROE

9.21% —

FY 2024: —

ROA

4.56% —

FY 2024: —

ROCE

8.24% —

FY 2024: —

Current ratio

1.73x —

FY 2024: —

Quick ratio

1.73x —

FY 2024: —

Cash ratio

0.23x —

FY 2024: —

Interest coverage

6.89x —

FY 2024: —

Net debt / EBITDA

-0.38x —

FY 2024: —

Debt / equity

0.17x —

FY 2024: —

Debt / assets

0.09x —

FY 2024: —

Net debt / equity

-0.05x —

FY 2024: —

Revenue growth (YoY)

10.07% —

FY 2024: —

EBITDA growth (YoY)

-26.45% —

FY 2024: —

EBIT growth (YoY)

-37.33% —

FY 2024: —

Net income growth (YoY)

-25.16% —

FY 2024: —

EPS growth (YoY)

-23.91% —

FY 2024: —

EBIT margin Δ (YoY)

-1.85 pp —

FY 2024: —

Net margin Δ (YoY)

-1.2 pp —

FY 2024: —