MDI MDI Energia Giełda Papierów Wartościowych w Warszawie · annual · publ. April 24, 2026

FY 2025 report

Powrót do zysku po trzech latach strat: EBIT 3,9 mln zł i zysk netto 3,2 mln zł przy przychodach 256,1 mln zł (+27%).

Sentiment

Neutral No guidance change

Website

MDI FY 2025 report

Revenue

256.13 m PLN

— YoY

Net income

3.24 m PLN

— YoY

EBITDA

4.36 m PLN

— YoY

Gross margin

4.37%

— YoY

Summary

Investment thesis

Marża brutto na sprzedaży wzrosła z 1,4% do 4,4% po zakończeniu obciążających kontraktów z lat 2021–2022, ale pozostaje bardzo cienka.
Brak zadłużenia bankowego (limity 26 mln zł niewykorzystane) i gotówka 18,6 mln zł; kapitał własny tylko 16,6 mln zł, zadłużenie ogólne 80%.
CFO 12,1 mln zł wspierany wzrostem zobowiązań z umów (zaliczek) o 3,5 mln zł i spadkiem aktywów z umów.
Wynik wrażliwy na szacunki kosztów do zakończenia kontraktów długoterminowych (KAM audytora).

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Financials

BETA

FY 2025

MDI · FY 2025

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

Revenue	256.13	—	—	reported	—	1.00
Gross profit	11.19	—	—	reported	—	1.00
EBITDA	4.36	—	—	derived	—	0.90
EBIT	3.89	—	—	reported	—	1.00
EBT	4.07	—	—	reported	—	1.00
Net income	3.24	—	—	reported	—	1.00
EPS (basic) (PLN)	0.07	—	—	reported	—	1.00
D&A	0.48	—	—	reported	—	1.00
Interest expense	0.39	—	—	reported	—	0.70
Income tax	0.84	—	—	reported	—	1.00
Shares (basic) (m units)	46.11	—	—	reported	—	1.00

Gross margin	4.37%	—	—	derived	—	0.70
EBITDA margin	1.7%	—	—	derived	—	0.70
EBIT margin	1.52%	—	—	derived	—	0.70
EBT margin	1.59%	—	—	derived	—	0.70
Net margin	1.26%	—	—	derived	—	0.70
D&A margin	0.19%	—	—	derived	—	0.70

Cash	18.65	—	—	reported	—	1.00
Total debt	1.13	—	—	reported	—	0.90
Net debt	-17.52	—	—	derived	—	0.90
Equity	16.59	—	—	reported	—	1.00
Total assets	81.7	—	—	reported	—	1.00
Working capital	14.89	—	—	derived	—	0.70
Current assets	72.44	—	—	reported	—	1.00
Current liabilities	57.55	—	—	reported	—	1.00
Non-current liabilities	7.57	—	—	reported	—	1.00
Inventory	0.53	—	—	reported	—	1.00
Trade receivables	28.48	—	—	reported	—	0.90
Trade payables	39.75	—	—	reported	—	0.70

CFO	12.11	—	—	reported	—	1.00
FCF	12.11	—	—	derived	—	0.70
FCF conversion	277.6%	—	—	derived	—	0.70
CFO conversion	277.6%	—	—	derived	—	0.70

ROE	21.63%	—	—	derived	—	0.70
ROA	4.15%	—	—	derived	—	0.70
ROCE	16.1%	—	—	derived	—	0.70

Current ratio	1.26x	—	—	derived	—	0.70
Quick ratio	1.25x	—	—	derived	—	0.70
Cash ratio	0.32x	—	—	derived	—	0.70
Interest coverage	9.97x	—	—	derived	—	0.70

Net debt / EBITDA	-4.01x	—	—	derived	—	0.70
Debt / equity	0.07x	—	—	derived	—	0.70
Debt / assets	0.01x	—	—	derived	—	0.70
Net debt / equity	-1.06x	—	—	derived	—	0.70

Revenue growth (YoY)	27.3%	—	—	derived	—	0.95
EBITDA growth (YoY)	247%	—	—	derived	—	0.80
EBIT growth (YoY)	208.8%	—	—	derived	—	0.90
Net income growth (YoY)	201.6%	—	—	derived	—	0.90
Gross margin Δ (YoY)	2.98 pp	—	—	derived	—	0.70
EBITDA margin Δ (YoY)	3.18 pp	—	—	derived	—	0.70
EBIT margin Δ (YoY)	3.29 pp	—	—	derived	—	0.70
Net margin Δ (YoY)	2.85 pp	—	—	derived	—	0.70

FY 2025 · Δ YoY

Revenue

256.13 —

FY 2024: —

Gross profit

11.19 —

FY 2024: —

EBITDA

4.36 —

FY 2024: —

EBIT

3.89 —

FY 2024: —

EBT

4.07 —

FY 2024: —

Net income

3.24 —

FY 2024: —

EPS (basic) (PLN)

0.07 —

FY 2024: —

D&A

0.48 —

FY 2024: —

Interest expense

0.39 —

FY 2024: —

Income tax

0.84 —

FY 2024: —

Shares (basic) (m units)

46.11 —

FY 2024: —

Gross margin

4.37% —

FY 2024: —

EBITDA margin

1.7% —

FY 2024: —

EBIT margin

1.52% —

FY 2024: —

EBT margin

1.59% —

FY 2024: —

Net margin

1.26% —

FY 2024: —

D&A margin

0.19% —

FY 2024: —

Cash

18.65 —

FY 2024: —

Total debt

1.13 —

FY 2024: —

Net debt

-17.52 —

FY 2024: —

Equity

16.59 —

FY 2024: —

Total assets

81.7 —

FY 2024: —

Working capital

14.89 —

FY 2024: —

Current assets

72.44 —

FY 2024: —

Current liabilities

57.55 —

FY 2024: —

Non-current liabilities

7.57 —

FY 2024: —

Inventory

0.53 —

FY 2024: —

Trade receivables

28.48 —

FY 2024: —

Trade payables

39.75 —

FY 2024: —

CFO

12.11 —

FY 2024: —

FCF

12.11 —

FY 2024: —

FCF conversion

277.6% —

FY 2024: —

CFO conversion

277.6% —

FY 2024: —

ROE

21.63% —

FY 2024: —

ROA

4.15% —

FY 2024: —

ROCE

16.1% —

FY 2024: —

Current ratio

1.26x —

FY 2024: —

Quick ratio

1.25x —

FY 2024: —

Cash ratio

0.32x —

FY 2024: —

Interest coverage

9.97x —

FY 2024: —

Net debt / EBITDA

-4.01x —

FY 2024: —

Debt / equity

0.07x —

FY 2024: —

Debt / assets

0.01x —

FY 2024: —

Net debt / equity

-1.06x —

FY 2024: —

Revenue growth (YoY)

27.3% —

FY 2024: —

EBITDA growth (YoY)

247% —

FY 2024: —

EBIT growth (YoY)

208.8% —

FY 2024: —

Net income growth (YoY)

201.6% —

FY 2024: —

Gross margin Δ (YoY)

2.98 pp —

FY 2024: —

EBITDA margin Δ (YoY)

3.18 pp —

FY 2024: —

EBIT margin Δ (YoY)

3.29 pp —

FY 2024: —

Net margin Δ (YoY)

2.85 pp —

FY 2024: —