NWG Newag Giełda Papierów Wartościowych w Warszawie · annual · publ. April 24, 2026

FY 2025 report

Rekordowy rok 2025: przychody 2 386 mln zł (+50% r/r), EBITDA 499 mln zł (+137%), zysk netto 357 mln zł (+190%) — efekt dźwigni operacyjnej przy seryjnej realizacji kontraktów na lokomotywy i EZT.

Sentiment

Positive No guidance change

Website

NWG FY 2025 report

Revenue

2.39 bn PLN

— YoY

Net income

356.54 m PLN

— YoY

EBITDA

498.66 m PLN

— YoY

Gross margin

28.4%

— YoY

Summary

Investment thesis

Bilans przeszedł z lekkiego zadłużenia do gotówki netto: 577 mln zł środków przy 117 mln zł długu oprocentowanego (dług netto/EBITDA −0,9x), a CFO wyniósł 473 mln zł wobec −11 mln zł rok wcześniej.
Portfel zamówień ciągle rośnie (m.in. III umowa wykonawcza z Małopolską 311 mln zł, opcja Śląska do 1,19 mld zł łącznie, CEMET 85 mln zł) i daje widoczność dostaw do 2028–2029 r.
Marża brutto 28,4% (+7,3 pp) wynika po części z korzystnego kursu EUR/PLN względem kursów budżetowych w kontraktach — czynnik niepowtarzalny i zewnętrzny, który może się odwrócić.
Wycena po kursie 94,30 zł (C/Z ok. 12x, C/WK ok. 3,7x, EV/EBITDA ok. 7,6x) zakłada utrzymanie rekordowej rentowności; ryzykiem pozostają koncentracja na PKP (34%) i województwach oraz postępowania reputacyjne (UOKiK, sprawa ingerencji w oprogramowanie).

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Financials

BETA

FY 2025

NWG · FY 2025

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

Revenue	2,386.42	—	—	reported	—	1.00
Gross profit	677.85	—	—	reported	—	1.00
EBITDA	498.66	—	—	reported	—	1.00
EBIT	440.6	—	—	reported	—	1.00
EBT	431.73	—	—	reported	—	1.00
Net income	356.54	—	—	reported	—	1.00
EPS (basic) (PLN)	7.92	—	—	derived	—	0.70
D&A	58.06	—	—	reported	—	1.00
Income tax	75.19	—	—	reported	—	1.00
Shares (basic) (m units)	45	—	—	reported	—	1.00

Gross margin	28.4%	—	—	derived	—	1.00
EBITDA margin	20.9%	—	—	derived	—	1.00
EBIT margin	18.46%	—	—	derived	—	1.00
EBT margin	18.09%	—	—	derived	—	1.00
Net margin	14.94%	—	—	derived	—	1.00
D&A margin	2.43%	—	—	derived	—	1.00

Cash	576.61	—	—	reported	—	1.00
Total debt	117.26	—	—	reported	—	0.90
Net debt	-459.36	—	—	derived	—	0.90
Equity	1,147.1	—	—	reported	—	1.00
Total assets	2,105.15	—	—	reported	—	1.00
Working capital	705.5	—	—	derived	—	1.00
Current assets	1,548.51	—	—	reported	—	1.00
Current liabilities	843.01	—	—	reported	—	1.00
Non-current liabilities	115.04	—	—	reported	—	1.00
Inventory	720.36	—	—	reported	—	1.00
Trade receivables	251.36	—	—	reported	—	0.90
Trade payables	667.81	—	—	reported	—	0.90
Goodwill	33.66	—	—	reported	—	1.00
Tangible equity	1,113.44	—	—	derived	—	0.70

CFO	472.94	—	—	reported	—	1.00
CapEx	51.7	—	—	reported	—	0.90
FCF	421.24	—	—	derived	—	0.70
FCF conversion	84.5%	—	—	derived	—	0.70
CFO conversion	94.84%	—	—	derived	—	0.70
Dividends paid	90	—	—	reported	—	0.90

ROE	35.16%	—	—	derived	—	0.70
ROA	18.58%	—	—	derived	—	0.70
ROIC	52.9%	—	—	derived	—	0.60
ROCE	34.91%	—	—	derived	—	0.70

Current ratio	1.84x	—	—	derived	—	0.70
Quick ratio	0.98x	—	—	derived	—	0.70
Cash ratio	0.68x	—	—	derived	—	0.70

Net debt / EBITDA	-0.92x	—	—	derived	—	0.70
Debt / equity	0.1x	—	—	derived	—	0.70
Debt / assets	0.06x	—	—	derived	—	0.70
Net debt / equity	-0.4x	—	—	derived	—	0.70

Revenue growth (YoY)	50.1%	—	—	derived	—	1.00
EBITDA growth (YoY)	136.6%	—	—	derived	—	1.00
EBIT growth (YoY)	174.7%	—	—	derived	—	1.00
Net income growth (YoY)	190.5%	—	—	derived	—	1.00
Gross margin Δ (YoY)	7.28 pp	—	—	derived	—	1.00
EBITDA margin Δ (YoY)	7.63 pp	—	—	derived	—	1.00
EBIT margin Δ (YoY)	8.37 pp	—	—	derived	—	1.00
Net margin Δ (YoY)	7.22 pp	—	—	derived	—	1.00

Market cap	4,243.5	—	—	derived	—	0.70
Enterprise value	3,784.1	—	—	derived	—	0.70
P/E	11.9x	—	—	derived	—	0.70
EV / EBITDA	7.59x	—	—	derived	—	0.70
P/BV	3.7x	—	—	derived	—	0.70
FCF yield	9.93%	—	—	derived	—	0.70

FY 2025 · Δ YoY

Revenue

2,386.42 —

FY 2024: —

Gross profit

677.85 —

FY 2024: —

EBITDA

498.66 —

FY 2024: —

EBIT

440.6 —

FY 2024: —

EBT

431.73 —

FY 2024: —

Net income

356.54 —

FY 2024: —

EPS (basic) (PLN)

7.92 —

FY 2024: —

D&A

58.06 —

FY 2024: —

Income tax

75.19 —

FY 2024: —

Shares (basic) (m units)

45 —

FY 2024: —

Gross margin

28.4% —

FY 2024: —

EBITDA margin

20.9% —

FY 2024: —

EBIT margin

18.46% —

FY 2024: —

EBT margin

18.09% —

FY 2024: —

Net margin

14.94% —

FY 2024: —

D&A margin

2.43% —

FY 2024: —

Cash

576.61 —

FY 2024: —

Total debt

117.26 —

FY 2024: —

Net debt

-459.36 —

FY 2024: —

Equity

1,147.1 —

FY 2024: —

Total assets

2,105.15 —

FY 2024: —

Working capital

705.5 —

FY 2024: —

Current assets

1,548.51 —

FY 2024: —

Current liabilities

843.01 —

FY 2024: —

Non-current liabilities

115.04 —

FY 2024: —

Inventory

720.36 —

FY 2024: —

Trade receivables

251.36 —

FY 2024: —

Trade payables

667.81 —

FY 2024: —

Goodwill

33.66 —

FY 2024: —

Tangible equity

1,113.44 —

FY 2024: —

CFO

472.94 —

FY 2024: —

CapEx

51.7 —

FY 2024: —

FCF

421.24 —

FY 2024: —

FCF conversion

84.5% —

FY 2024: —

CFO conversion

94.84% —

FY 2024: —

Dividends paid

90 —

FY 2024: —

ROE

35.16% —

FY 2024: —

ROA

18.58% —

FY 2024: —

ROIC

52.9% —

FY 2024: —

ROCE

34.91% —

FY 2024: —

Current ratio

1.84x —

FY 2024: —

Quick ratio

0.98x —

FY 2024: —

Cash ratio

0.68x —

FY 2024: —

Net debt / EBITDA

-0.92x —

FY 2024: —

Debt / equity

0.1x —

FY 2024: —

Debt / assets

0.06x —

FY 2024: —

Net debt / equity

-0.4x —

FY 2024: —

Revenue growth (YoY)

50.1% —

FY 2024: —

EBITDA growth (YoY)

136.6% —

FY 2024: —

EBIT growth (YoY)

174.7% —

FY 2024: —

Net income growth (YoY)

190.5% —

FY 2024: —

Gross margin Δ (YoY)

7.28 pp —

FY 2024: —

EBITDA margin Δ (YoY)

7.63 pp —

FY 2024: —

EBIT margin Δ (YoY)

8.37 pp —

FY 2024: —

Net margin Δ (YoY)

7.22 pp —

FY 2024: —

Market cap

4,243.5 —

FY 2024: —

Enterprise value

3,784.1 —

FY 2024: —

P/E

11.9x —

FY 2024: —

EV / EBITDA

7.59x —

FY 2024: —

P/BV

3.7x —

FY 2024: —

FCF yield

9.93% —

FY 2024: —