ALL Ailleron Giełda Papierów Wartościowych w Warszawie · annual · publ. April 24, 2026

FY 2025 report

Rentowność operacyjna lekko słabnie: przychody +4,1% do 579,7 mln zł, ale zysk operacyjny −8,4% do 57,0 mln zł, a marża EBIT spadła z 11,2% do 9,8% przez wzrost kosztów ogólnego zarządu o 15%.

Sentiment

Cautious No guidance change

Website

ALL FY 2025 report

Revenue

579.66 m PLN

— YoY

Net income

25.66 m PLN

— YoY

EBITDA

79.24 m PLN

— YoY

Gross margin

27.67%

— YoY

Summary

Investment thesis

Zysk netto 61,4 mln zł (+15,6%) jest mocno podbity jednorazowo: ujemny podatek (−8,8 mln zł) dzięki uldze B+R oraz 15,4 mln zł wyceny opcji call na udziały niekontrolujące; zysk przed opodatkowaniem spadł o 13,6%.
Jakość gotówkowa dobra: OCF 68,7 mln zł to 87% EBITDA, FCF około 64 mln zł przy CAPEX zaledwie 4,3 mln zł, a dług netto / EBITDA wynosi 1,8x.
Kluczowy wątek korporacyjny to planowana sprzedaż Software Mind (segment Technology Services, 88% przychodów): Tailwind wstrzymał rozmowy w kwietniu 2026, więc transakcja nie jest pewna.
Segment FinTech jest deficytowy na poziomie wyniku (−4,2 mln zł, przychody −12%), a jego restrukturyzacja do modelu usługowego dopiero trwa.

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Financials

BETA

FY 2025

ALL · FY 2025

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

Revenue	579.66	—	—	reported	—	1.00
Gross profit	160.4	—	—	reported	—	1.00
EBITDA	79.24	—	—	reported	—	0.95
EBIT	56.98	—	—	reported	—	1.00
EBT	52.64	—	—	reported	—	1.00
Net income	25.66	—	—	reported	—	1.00
EPS (basic) (PLN)	2.08	—	—	reported	—	1.00
EPS (diluted) (PLN)	1.95	—	—	reported	—	1.00
D&A	23.74	—	—	reported	—	1.00
Interest expense	11.86	—	—	reported	—	1.00
Income tax	-8.8	—	—	reported	—	1.00
Shares (basic) (m units)	12.36	—	—	reported	—	1.00

Gross margin	27.67%	—	—	derived	—	0.90
EBITDA margin	13.67%	—	—	derived	—	0.90
EBIT margin	9.83%	—	—	derived	—	0.90
EBT margin	9.08%	—	—	derived	—	0.90
Net margin	4.43%	—	—	derived	—	0.90
D&A margin	4.1%	—	—	derived	—	0.90

Cash	95.89	—	—	reported	—	1.00
Total debt	234.96	—	—	reported	—	1.00
Net debt	139.07	—	—	reported	—	1.00
Equity	309.1	—	—	reported	—	1.00
Total assets	613.42	—	—	reported	—	1.00
Working capital	102.5	—	—	derived	—	0.90
Current assets	215.87	—	—	reported	—	1.00
Current liabilities	113.37	—	—	reported	—	1.00
Non-current liabilities	190.95	—	—	reported	—	1.00
Inventory	0.46	—	—	reported	—	1.00
Trade receivables	91.1	—	—	reported	—	1.00
Trade payables	42.07	—	—	reported	—	1.00
Goodwill	331.78	—	—	reported	—	0.95
Tangible equity	-22.68	—	—	derived	—	0.90

CFO	68.72	—	—	reported	—	1.00
CapEx	4.31	—	—	reported	—	0.95
FCF	64.41	—	—	derived	—	0.90
FCF conversion	81.29%	—	—	derived	—	0.90
CFO conversion	86.72%	—	—	derived	—	0.90
Dividends paid	10.04	—	—	reported	—	0.90
Net acquisitions	63.2	—	—	reported	—	1.00

ROCE	11.4%	—	—	derived	—	0.90

Current ratio	1.9x	—	—	derived	—	0.90
Quick ratio	1.9x	—	—	derived	—	0.90
Cash ratio	0.85x	—	—	derived	—	0.90
Interest coverage	4.8x	—	—	derived	—	0.90

Net debt / EBITDA	1.76x	—	—	derived	—	0.90
Debt / equity	0.76x	—	—	derived	—	0.90
Debt / assets	0.38x	—	—	derived	—	0.90
Net debt / equity	0.45x	—	—	derived	—	0.90

Revenue growth (YoY)	4.13%	—	—	derived	—	0.90
EBITDA growth (YoY)	-4.72%	—	—	derived	—	0.90
EBIT growth (YoY)	-8.39%	—	—	derived	—	0.90
Net income growth (YoY)	12.37%	—	—	derived	—	0.90
EPS growth (YoY)	12.43%	—	—	derived	—	0.90
FCF growth (YoY)	6.14%	—	—	derived	—	0.90
Gross margin Δ (YoY)	0.08 pp	—	—	derived	—	0.90
EBITDA margin Δ (YoY)	-1.27 pp	—	—	derived	—	0.90
EBIT margin Δ (YoY)	-1.34 pp	—	—	derived	—	0.90
Net margin Δ (YoY)	0.32 pp	—	—	derived	—	0.90

FY 2025 · Δ YoY

Revenue

579.66 —

FY 2024: —

Gross profit

160.4 —

FY 2024: —

EBITDA

79.24 —

FY 2024: —

EBIT

56.98 —

FY 2024: —

EBT

52.64 —

FY 2024: —

Net income

25.66 —

FY 2024: —

EPS (basic) (PLN)

2.08 —

FY 2024: —

EPS (diluted) (PLN)

1.95 —

FY 2024: —

D&A

23.74 —

FY 2024: —

Interest expense

11.86 —

FY 2024: —

Income tax

-8.8 —

FY 2024: —

Shares (basic) (m units)

12.36 —

FY 2024: —

Gross margin

27.67% —

FY 2024: —

EBITDA margin

13.67% —

FY 2024: —

EBIT margin

9.83% —

FY 2024: —

EBT margin

9.08% —

FY 2024: —

Net margin

4.43% —

FY 2024: —

D&A margin

4.1% —

FY 2024: —

Cash

95.89 —

FY 2024: —

Total debt

234.96 —

FY 2024: —

Net debt

139.07 —

FY 2024: —

Equity

309.1 —

FY 2024: —

Total assets

613.42 —

FY 2024: —

Working capital

102.5 —

FY 2024: —

Current assets

215.87 —

FY 2024: —

Current liabilities

113.37 —

FY 2024: —

Non-current liabilities

190.95 —

FY 2024: —

Inventory

0.46 —

FY 2024: —

Trade receivables

91.1 —

FY 2024: —

Trade payables

42.07 —

FY 2024: —

Goodwill

331.78 —

FY 2024: —

Tangible equity

-22.68 —

FY 2024: —

CFO

68.72 —

FY 2024: —

CapEx

4.31 —

FY 2024: —

FCF

64.41 —

FY 2024: —

FCF conversion

81.29% —

FY 2024: —

CFO conversion

86.72% —

FY 2024: —

Dividends paid

10.04 —

FY 2024: —

Net acquisitions

63.2 —

FY 2024: —

ROCE

11.4% —

FY 2024: —

Current ratio

1.9x —

FY 2024: —

Quick ratio

1.9x —

FY 2024: —

Cash ratio

0.85x —

FY 2024: —

Interest coverage

4.8x —

FY 2024: —

Net debt / EBITDA

1.76x —

FY 2024: —

Debt / equity

0.76x —

FY 2024: —

Debt / assets

0.38x —

FY 2024: —

Net debt / equity

0.45x —

FY 2024: —

Revenue growth (YoY)

4.13% —

FY 2024: —

EBITDA growth (YoY)

-4.72% —

FY 2024: —

EBIT growth (YoY)

-8.39% —

FY 2024: —

Net income growth (YoY)

12.37% —

FY 2024: —

EPS growth (YoY)

12.43% —

FY 2024: —

FCF growth (YoY)

6.14% —

FY 2024: —

Gross margin Δ (YoY)

0.08 pp —

FY 2024: —

EBITDA margin Δ (YoY)

-1.27 pp —

FY 2024: —

EBIT margin Δ (YoY)

-1.34 pp —

FY 2024: —

Net margin Δ (YoY)

0.32 pp —

FY 2024: —