EAH Esotiq & Henderson Giełda Papierów Wartościowych w Warszawie · annual · publ. April 24, 2026

FY 2025 report

Przychody rosną w tempie 8,5% r/r przy marży brutto utrzymanej na poziomie 67%, a e-commerce urósł o 31% - skala i siła marek Esotiq i Henderson się potwierdzają.

Sentiment

Cautious No guidance change

Website

EAH FY 2025 report

Revenue

323.56 m PLN

— YoY

Net income

7.77 m PLN

— YoY

EBITDA

31.71 m PLN

— YoY

Gross margin

67.04%

— YoY

Summary

Investment thesis

Zysk operacyjny spadł o 20%, a netto o 29% mimo wzrostu sprzedaży: koszty sprzedaży rosły szybciej (+10,8%) niż przychody, a do tego doszły koszty relokacji magazynu i wyższe koszty finansowe.
Wolne przepływy są ujemne (CFO 18,2 mln zł wobec CAPEX 25,5 mln zł); bez sprzedaży nieruchomości w leasingu zwrotnym (29,5 mln zł) gotówka by się nie zbilansowała, a dywidenda 5,9 mln zł pochłonęła ok. 76% zysku netto.
Zadłużenie z leasingiem wzrosło: dług netto / EBITDA z ok. 1,3x do 2,2x, zobowiązania długoterminowe niemal dwukrotnie wyższe (48,3 mln zł), pokrycie odsetek spadło z 16,6x do 5,2x według spółki.
Zapasy to 45% aktywów (ok. 327 dni rotacji) i kluczowa sprawa badania - dalsza poprawa zależy od zdolności do rozładowania zapasów bez przecen oraz od efektu 3PL z InPost na koszty.

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Financials

BETA

FY 2025

EAH · FY 2025

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

Revenue	323.56	—	—	reported	—	1.00
Gross profit	216.94	—	—	reported	—	1.00
EBITDA	31.71	—	—	reported	—	0.95
EBIT	14.78	—	—	reported	—	1.00
EBT	9.49	—	—	reported	—	1.00
Net income	7.77	—	—	reported	—	1.00
EPS (basic) (PLN)	5.62	—	—	reported	—	1.00
EPS (diluted) (PLN)	3.48	—	—	reported	—	0.80
D&A	16.94	—	—	reported	—	1.00
Interest expense	5.29	—	—	adjusted	—	0.80
Income tax	1.72	—	—	reported	—	1.00
Shares (basic) (m units)	1.38	—	—	reported	—	1.00
Shares (diluted) (m units)	2.23	—	—	reported	—	0.80

Gross margin	67.04%	—	—	derived	—	0.90
EBITDA margin	9.8%	—	—	derived	—	0.90
EBIT margin	4.57%	—	—	derived	—	0.90
EBT margin	2.93%	—	—	derived	—	0.90
Net margin	2.4%	—	—	derived	—	0.90
D&A margin	5.23%	—	—	derived	—	0.90

Cash	6.15	—	—	reported	—	1.00
Total debt	76.16	—	—	reported	—	0.80
Net debt	70.01	—	—	derived	—	0.80
Equity	69.6	—	—	reported	—	1.00
Total assets	210.25	—	—	reported	—	1.00
Working capital	28.84	—	—	derived	—	0.90
Current assets	121.18	—	—	reported	—	1.00
Current liabilities	92.34	—	—	reported	—	1.00
Non-current liabilities	48.32	—	—	reported	—	1.00
Inventory	95.59	—	—	reported	—	1.00
Trade receivables	19.44	—	—	reported	—	0.80
Trade payables	59.99	—	—	reported	—	0.80
Goodwill	24.25	—	—	reported	—	1.00
Tangible equity	45.35	—	—	derived	—	0.90

CFO	18.23	—	—	reported	—	1.00
CapEx	25.52	—	—	reported	—	1.00
FCF	-7.29	—	—	derived	—	0.90
FCF conversion	-22.99%	—	—	derived	—	0.90
CFO conversion	57.47%	—	—	derived	—	0.90
Dividends paid	5.88	—	—	reported	—	1.00

ROE	11.35%	—	—	derived	—	0.90
ROA	3.86%	—	—	derived	—	0.90
ROIC	8.67%	—	—	derived	—	0.80
ROCE	12.53%	—	—	derived	—	0.90

Current ratio	1.31x	—	—	derived	—	0.90
Quick ratio	0.28x	—	—	derived	—	0.90
Cash ratio	0.07x	—	—	derived	—	0.90
Interest coverage	2.8x	—	—	derived	—	0.80

Net debt / EBITDA	2.21x	—	—	derived	—	0.80
Debt / equity	1.09x	—	—	derived	—	0.80
Debt / assets	0.36x	—	—	derived	—	0.80
Net debt / equity	1.01x	—	—	derived	—	0.80

Revenue growth (YoY)	8.46%	—	—	derived	—	0.90
EBITDA growth (YoY)	-11.79%	—	—	derived	—	0.90
EBIT growth (YoY)	-19.97%	—	—	derived	—	0.90
Net income growth (YoY)	-29.35%	—	—	derived	—	0.90
EPS growth (YoY)	-29.4%	—	—	derived	—	0.90
Gross margin Δ (YoY)	-0.41 pp	—	—	derived	—	0.90
EBITDA margin Δ (YoY)	-2.25 pp	—	—	derived	—	0.90
EBIT margin Δ (YoY)	-1.62 pp	—	—	derived	—	0.90
Net margin Δ (YoY)	-1.29 pp	—	—	derived	—	0.90

FY 2025 · Δ YoY

Revenue

323.56 —

FY 2024: —

Gross profit

216.94 —

FY 2024: —

EBITDA

31.71 —

FY 2024: —

EBIT

14.78 —

FY 2024: —

EBT

9.49 —

FY 2024: —

Net income

7.77 —

FY 2024: —

EPS (basic) (PLN)

5.62 —

FY 2024: —

EPS (diluted) (PLN)

3.48 —

FY 2024: —

D&A

16.94 —

FY 2024: —

Interest expense

5.29 —

FY 2024: —

Income tax

1.72 —

FY 2024: —

Shares (basic) (m units)

1.38 —

FY 2024: —

Shares (diluted) (m units)

2.23 —

FY 2024: —

Gross margin

67.04% —

FY 2024: —

EBITDA margin

9.8% —

FY 2024: —

EBIT margin

4.57% —

FY 2024: —

EBT margin

2.93% —

FY 2024: —

Net margin

2.4% —

FY 2024: —

D&A margin

5.23% —

FY 2024: —

Cash

6.15 —

FY 2024: —

Total debt

76.16 —

FY 2024: —

Net debt

70.01 —

FY 2024: —

Equity

69.6 —

FY 2024: —

Total assets

210.25 —

FY 2024: —

Working capital

28.84 —

FY 2024: —

Current assets

121.18 —

FY 2024: —

Current liabilities

92.34 —

FY 2024: —

Non-current liabilities

48.32 —

FY 2024: —

Inventory

95.59 —

FY 2024: —

Trade receivables

19.44 —

FY 2024: —

Trade payables

59.99 —

FY 2024: —

Goodwill

24.25 —

FY 2024: —

Tangible equity

45.35 —

FY 2024: —

CFO

18.23 —

FY 2024: —

CapEx

25.52 —

FY 2024: —

FCF

-7.29 —

FY 2024: —

FCF conversion

-22.99% —

FY 2024: —

CFO conversion

57.47% —

FY 2024: —

Dividends paid

5.88 —

FY 2024: —

ROE

11.35% —

FY 2024: —

ROA

3.86% —

FY 2024: —

ROIC

8.67% —

FY 2024: —

ROCE

12.53% —

FY 2024: —

Current ratio

1.31x —

FY 2024: —

Quick ratio

0.28x —

FY 2024: —

Cash ratio

0.07x —

FY 2024: —

Interest coverage

2.8x —

FY 2024: —

Net debt / EBITDA

2.21x —

FY 2024: —

Debt / equity

1.09x —

FY 2024: —

Debt / assets

0.36x —

FY 2024: —

Net debt / equity

1.01x —

FY 2024: —

Revenue growth (YoY)

8.46% —

FY 2024: —

EBITDA growth (YoY)

-11.79% —

FY 2024: —

EBIT growth (YoY)

-19.97% —

FY 2024: —

Net income growth (YoY)

-29.35% —

FY 2024: —

EPS growth (YoY)

-29.4% —

FY 2024: —

Gross margin Δ (YoY)

-0.41 pp —

FY 2024: —

EBITDA margin Δ (YoY)

-2.25 pp —

FY 2024: —

EBIT margin Δ (YoY)

-1.62 pp —

FY 2024: —

Net margin Δ (YoY)

-1.29 pp —

FY 2024: —