IZB Izoblok Giełda Papierów Wartościowych w Warszawie · annual · publ. April 24, 2026

FY 2025 report

Operacyjne odbicie: przychody +19,5% do 301,3 mln zł, EBITDA +43,6% do 24,2 mln zł (marża 8,0% wobec 6,7%), zysk operacyjny 8,6 mln zł (+39%).

Sentiment

Cautious No guidance change

Website

IZB FY 2025 report

Revenue

301.34 m PLN

— YoY

Net income

-1.86 m PLN

— YoY

EBITDA

24.19 m PLN

— YoY

FCF

-23.71 m PLN

— YoY

Summary

Investment thesis

Wynik netto jednak ujemny (−1,9 mln zł): koszty odsetkowe 10,8 mln zł (+26%) pochłaniają cały zysk operacyjny, a pokrycie odsetek wynosi 0,8x.
Gotówka jest słaba: OCF 12,8 mln zł nie pokrywa inwestycji (ok. 36,5 mln zł), a środki pieniężne spadły z 17,0 do 5,7 mln zł; finansowanie opiera się na kredytach w rachunkach bieżących i leasingu.
Bilans jest lewarowany: kapitał własny 33% sumy bilansowej, zobowiązania ogółem 201,0 mln zł, wskaźnik zadłużenia kapitału własnego 2,0x.
Silna zależność od motoryzacji (ponad 90% produkcji) i od dwóch klientów (27% przychodów), przy otwartym sporze z PGNiG o 4,6 mln zł kary umownej.

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Financials

BETA

FY 2025

IZB · FY 2025

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

Revenue	301.34	—	—	reported	—	1.00
EBITDA	24.19	—	—	reported	—	1.00
EBIT	8.6	—	—	reported	—	1.00
EBT	-1.77	—	—	reported	—	1.00
Net income	-1.86	—	—	reported	—	1.00
D&A	15.59	—	—	reported	—	1.00
Interest expense	10.77	—	—	reported	—	1.00
Income tax	0.09	—	—	reported	—	1.00

EBITDA margin	8.03%	—	—	derived	—	0.90
EBIT margin	2.85%	—	—	derived	—	0.90
EBT margin	-0.59%	—	—	derived	—	0.90
Net margin	-0.62%	—	—	derived	—	0.90
D&A margin	5.17%	—	—	derived	—	0.90

Cash	5.69	—	—	reported	—	1.00
Equity	99.76	—	—	reported	—	1.00
Total assets	300.74	—	—	reported	—	1.00
Working capital	35.66	—	—	derived	—	0.90
Current assets	113.13	—	—	reported	—	1.00
Current liabilities	77.47	—	—	reported	—	1.00
Non-current liabilities	123.51	—	—	reported	—	1.00
Inventory	39.54	—	—	reported	—	1.00
Trade receivables	48.67	—	—	reported	—	1.00
Goodwill	11.13	—	—	reported	—	1.00

CFO	12.77	—	—	reported	—	1.00
CapEx	36.48	—	—	reported	—	0.80
FCF	-23.71	—	—	derived	—	0.80
CFO conversion	52.76%	—	—	derived	—	0.90

ROCE	3.85%	—	—	derived	—	0.90

Current ratio	1.46x	—	—	derived	—	0.90
Quick ratio	0.95x	—	—	derived	—	0.90
Cash ratio	0.07x	—	—	derived	—	0.90
Interest coverage	0.8x	—	—	derived	—	0.90

Revenue growth (YoY)	19.45%	—	—	derived	—	0.90
EBITDA growth (YoY)	43.58%	—	—	derived	—	0.90
EBIT growth (YoY)	39.08%	—	—	derived	—	0.90
EBITDA margin Δ (YoY)	1.35 pp	—	—	derived	—	0.90
EBIT margin Δ (YoY)	0.4 pp	—	—	derived	—	0.90
Net margin Δ (YoY)	-6.11 pp	—	—	derived	—	0.90

FY 2025 · Δ YoY

Revenue

301.34 —

FY 2024: —

EBITDA

24.19 —

FY 2024: —

EBIT

8.6 —

FY 2024: —

EBT

-1.77 —

FY 2024: —

Net income

-1.86 —

FY 2024: —

D&A

15.59 —

FY 2024: —

Interest expense

10.77 —

FY 2024: —

Income tax

0.09 —

FY 2024: —

EBITDA margin

8.03% —

FY 2024: —

EBIT margin

2.85% —

FY 2024: —

EBT margin

-0.59% —

FY 2024: —

Net margin

-0.62% —

FY 2024: —

D&A margin

5.17% —

FY 2024: —

Cash

5.69 —

FY 2024: —

Equity

99.76 —

FY 2024: —

Total assets

300.74 —

FY 2024: —

Working capital

35.66 —

FY 2024: —

Current assets

113.13 —

FY 2024: —

Current liabilities

77.47 —

FY 2024: —

Non-current liabilities

123.51 —

FY 2024: —

Inventory

39.54 —

FY 2024: —

Trade receivables

48.67 —

FY 2024: —

Goodwill

11.13 —

FY 2024: —

CFO

12.77 —

FY 2024: —

CapEx

36.48 —

FY 2024: —

FCF

-23.71 —

FY 2024: —

CFO conversion

52.76% —

FY 2024: —

ROCE

3.85% —

FY 2024: —

Current ratio

1.46x —

FY 2024: —

Quick ratio

0.95x —

FY 2024: —

Cash ratio

0.07x —

FY 2024: —

Interest coverage

0.8x —

FY 2024: —

Revenue growth (YoY)

19.45% —

FY 2024: —

EBITDA growth (YoY)

43.58% —

FY 2024: —

EBIT growth (YoY)

39.08% —

FY 2024: —

EBITDA margin Δ (YoY)

1.35 pp —

FY 2024: —

EBIT margin Δ (YoY)

0.4 pp —

FY 2024: —

Net margin Δ (YoY)

-6.11 pp —

FY 2024: —