ARL Arlen Giełda Papierów Wartościowych w Warszawie · annual · publ. April 24, 2026

FY 2025 report

Stabilny, wysoko płynny producent odzieży ochronnej dla służb mundurowych: przychody 474 mln zł (+2,8% r/r), EBITDA 77 mln zł (marża 16,3%), zysk netto akcjonariuszy 53,8 mln zł (+11%).

Sentiment

Positive No guidance change

Website

ARL FY 2025 report

Revenue

474.28 m PLN

— YoY

Net income

53.83 m PLN

— YoY

EBITDA

77.25 m PLN

— YoY

Gross margin

25.28%

— YoY

Summary

Investment thesis

Gotówka netto 163 mln zł (177 mln zł gotówki wobec 14 mln zł zadłużenia odsetkowego) gotówka to ok. 60% kapitału własnego — bilans bardzo bezpieczny, z dużym polem do inwestycji i przejęć.
Wzrost eksportu o 55% r/r (UE +67%, poza UE +30%) i nowe kontrakty po dniu bilansowym: ubrania ochronne 3 RBL (ok. 120,8 mln zł brutto zamówień podstawowych) oraz zasobniki (24,7 mln zł podstawowego + opcja).
Marże brutto lekko spadły (25,3% wobec 26,2%) przez mniejszy udział wysokomarżowych tkanin; EBIT stoi w miejscu mimo wzrostu przychodów, bo rosną koszty (amortyzacja +21%, koszty IPO, targi).
Polityka dywidendowa (30–50% zysku skonsolidowanego, do 75% zysku jednostkowego) vs ambitne plany inwestycyjne i akwizycyjne (ZOTG, rozbudowa Tarnowa i Żyrardowa, Optex).

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Financials

BETA

FY 2025

ARL · FY 2025

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

Revenue	474,275	—	—	reported	—	1.00
Gross profit	119,882	—	—	reported	—	1.00
EBITDA	77,248	—	—	reported	—	1.00
EBIT	70,009	—	—	reported	—	1.00
EBT	70,794	—	—	reported	—	1.00
Net income	53,832	—	—	reported	—	1.00
EPS (basic) (PLN)	2.56	—	—	reported	—	1.00
D&A	7,239	—	—	reported	—	1.00
Income tax	14,187	—	—	reported	—	1.00
Shares (basic) (m units)	22.13	—	—	reported	—	1.00

Gross margin	25.28%	—	—	derived	—	0.70
EBITDA margin	16.29%	—	—	derived	—	0.70
EBIT margin	14.76%	—	—	derived	—	0.70
EBT margin	14.93%	—	—	derived	—	0.70
Net margin	11.35%	—	—	derived	—	0.70
D&A margin	1.53%	—	—	derived	—	0.70

Cash	177,375	—	—	reported	—	1.00
Total debt	14,253	—	—	reported	—	0.90
Net debt	-163,122	—	—	reported	—	0.90
Equity	293,209	—	—	reported	—	1.00
Total assets	370,097	—	—	reported	—	1.00
Working capital	182,437	—	—	derived	—	0.70
Current assets	230,187	—	—	reported	—	1.00
Current liabilities	47,750	—	—	reported	—	1.00
Non-current liabilities	29,138	—	—	reported	—	1.00
Inventory	39,293	—	—	reported	—	1.00
Trade receivables	8,284	—	—	reported	—	1.00
Trade payables	14,458	—	—	reported	—	1.00
Goodwill	1,055	—	—	reported	—	0.90
Tangible equity	292,154	—	—	derived	—	0.70

CFO	86,983	—	—	reported	—	1.00
CFO conversion	112.6%	—	—	derived	—	0.70

ROE	20.96%	—	—	derived	—	0.70
ROA	16.58%	—	—	derived	—	0.70
ROIC	43.03%	—	—	derived	—	0.70
ROCE	21.72%	—	—	derived	—	0.70

Current ratio	4.82x	—	—	derived	—	0.70
Quick ratio	4x	—	—	derived	—	0.70
Cash ratio	3.71x	—	—	derived	—	0.70

Net debt / EBITDA	-2.11x	—	—	derived	—	0.70
Debt / equity	0.05x	—	—	derived	—	0.70
Debt / assets	0.04x	—	—	derived	—	0.70
Net debt / equity	-0.56x	—	—	derived	—	0.70

Revenue growth (YoY)	2.8%	—	—	derived	—	0.70
EBITDA growth (YoY)	1.35%	—	—	derived	—	0.70
EBIT growth (YoY)	-0.34%	—	—	derived	—	0.70
Net income growth (YoY)	11.34%	—	—	derived	—	0.70
EPS growth (YoY)	7.56%	—	—	derived	—	0.70
Gross margin Δ (YoY)	-0.96 pp	—	—	derived	—	0.70
EBITDA margin Δ (YoY)	-0.23 pp	—	—	derived	—	0.70
EBIT margin Δ (YoY)	-0.47 pp	—	—	derived	—	0.70
Net margin Δ (YoY)	0.87 pp	—	—	derived	—	0.70

FY 2025 · Δ YoY

Revenue

474,275 —

FY 2024: —

Gross profit

119,882 —

FY 2024: —

EBITDA

77,248 —

FY 2024: —

EBIT

70,009 —

FY 2024: —

EBT

70,794 —

FY 2024: —

Net income

53,832 —

FY 2024: —

EPS (basic) (PLN)

2.56 —

FY 2024: —

D&A

7,239 —

FY 2024: —

Income tax

14,187 —

FY 2024: —

Shares (basic) (m units)

22.13 —

FY 2024: —

Gross margin

25.28% —

FY 2024: —

EBITDA margin

16.29% —

FY 2024: —

EBIT margin

14.76% —

FY 2024: —

EBT margin

14.93% —

FY 2024: —

Net margin

11.35% —

FY 2024: —

D&A margin

1.53% —

FY 2024: —

Cash

177,375 —

FY 2024: —

Total debt

14,253 —

FY 2024: —

Net debt

-163,122 —

FY 2024: —

Equity

293,209 —

FY 2024: —

Total assets

370,097 —

FY 2024: —

Working capital

182,437 —

FY 2024: —

Current assets

230,187 —

FY 2024: —

Current liabilities

47,750 —

FY 2024: —

Non-current liabilities

29,138 —

FY 2024: —

Inventory

39,293 —

FY 2024: —

Trade receivables

8,284 —

FY 2024: —

Trade payables

14,458 —

FY 2024: —

Goodwill

1,055 —

FY 2024: —

Tangible equity

292,154 —

FY 2024: —

CFO

86,983 —

FY 2024: —

CFO conversion

112.6% —

FY 2024: —

ROE

20.96% —

FY 2024: —

ROA

16.58% —

FY 2024: —

ROIC

43.03% —

FY 2024: —

ROCE

21.72% —

FY 2024: —

Current ratio

4.82x —

FY 2024: —

Quick ratio

4x —

FY 2024: —

Cash ratio

3.71x —

FY 2024: —

Net debt / EBITDA

-2.11x —

FY 2024: —

Debt / equity

0.05x —

FY 2024: —

Debt / assets

0.04x —

FY 2024: —

Net debt / equity

-0.56x —

FY 2024: —

Revenue growth (YoY)

2.8% —

FY 2024: —

EBITDA growth (YoY)

1.35% —

FY 2024: —

EBIT growth (YoY)

-0.34% —

FY 2024: —

Net income growth (YoY)

11.34% —

FY 2024: —

EPS growth (YoY)

7.56% —

FY 2024: —

Gross margin Δ (YoY)

-0.96 pp —

FY 2024: —

EBITDA margin Δ (YoY)

-0.23 pp —

FY 2024: —

EBIT margin Δ (YoY)

-0.47 pp —

FY 2024: —

Net margin Δ (YoY)

0.87 pp —

FY 2024: —