STF Stalprofil Giełda Papierów Wartościowych w Warszawie · annual · publ. April 24, 2026

FY 2025 report

Stalprofil to dwa biznesy: niskomarżowa dystrybucja stali (przychody 950 mln zł, marża brutto 6,5%) oraz rosnący segment infrastruktury gazowej (1,25 mld zł, marża 9,2%), który w 2025 r. dał już 57% przychodów i 65% wyniku brutto ze sprzedaży.

Sentiment

Neutral No guidance change

Website

STF FY 2025 report

Revenue

2.2 bn PLN

— YoY

Net income

11.79 m PLN

— YoY

EBITDA

49.76 m PLN

— YoY

Gross margin

8.02%

— YoY

Summary

Investment thesis

Przychody wzrosły o 29% do 2,2 mld zł, a wynik brutto ze sprzedaży o 34%, ale EBIT tylko o 3% (28,7 mln zł), bo koszty sprzedaży poszły w górę o 82% (38,6 mln zł), a ogólnego zarządu o 10%.
Zysk netto spadł o 37% do 11,8 mln zł, ponieważ koszty odsetkowe sięgnęły 13,1 mln zł (46% EBIT) przy wysokim zaangażowaniu kredytowym na kontrakty infrastrukturalne; pokrycie odsetek przez EBIT to tylko 2,2x.
Bilans oczyścił się po zakończeniu dostaw dla projektu FSRU: aktywa −18%, zapasy −40%, należności −26%, zobowiązania krótkoterminowe −37%, a CFO wyniósł +62,2 mln zł wobec −89,6 mln zł rok wcześniej — to jednak zwolnienie kapitału obrotowego, nie wyższa zyskowność.
Perspektywa 2026 zależy od wypełnienia portfela (rury ~200 mln zł do 6 miesięcy, gazociągi 397 mln zł) oraz od efektu regulacji CBAM i Safeguard na ceny stali; przy zyskach 11,8 mln zł i kapitale 611 mln zł ROE wynosi zaledwie 1,9%.

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Financials

BETA

FY 2025

STF · FY 2025

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

Revenue	2,200,600	—	—	reported	—	1.00
Gross profit	176,428	—	—	reported	—	1.00
EBITDA	49,759	—	—	reported	—	1.00
EBIT	28,656	—	—	reported	—	1.00
EBT	14,699	—	—	reported	—	1.00
Net income	11,794	—	—	reported	—	0.80
D&A	21,103	—	—	reported	—	1.00
Interest expense	13,130	—	—	reported	—	1.00
Income tax	2,905	—	—	derived	—	0.70

Gross margin	8.02%	—	—	derived	—	0.70
EBITDA margin	2.26%	—	—	derived	—	0.70
EBIT margin	1.3%	—	—	derived	—	0.70
EBT margin	0.67%	—	—	derived	—	0.70
Net margin	0.54%	—	—	derived	—	0.70
D&A margin	0.96%	—	—	derived	—	0.70

Cash	31,791	—	—	reported	—	1.00
Total debt	182,784	—	—	reported	—	0.60
Net debt	150,993	—	—	derived	—	0.60
Equity	611,197	—	—	reported	—	1.00
Total assets	1,065,259	—	—	reported	—	1.00
Working capital	291,929	—	—	derived	—	0.70
Current assets	699,740	—	—	reported	—	1.00
Current liabilities	407,811	—	—	reported	—	1.00
Non-current liabilities	46,251	—	—	reported	—	1.00
Inventory	266,713	—	—	reported	—	1.00
Trade receivables	302,057	—	—	reported	—	1.00
Trade payables	146,866	—	—	reported	—	1.00
Goodwill	15,910	—	—	reported	—	0.60

CFO	62,177	—	—	reported	—	1.00
CapEx	6,794	—	—	reported	—	1.00
FCF	55,383	—	—	derived	—	0.70
FCF conversion	111.3%	—	—	derived	—	0.70
CFO conversion	124.95%	—	—	derived	—	0.70
Dividends paid	6,421	—	—	reported	—	1.00

ROE	1.94%	—	—	derived	—	0.70
ROA	1%	—	—	derived	—	0.70
ROCE	4.36%	—	—	derived	—	0.70

Current ratio	1.72x	—	—	derived	—	0.70
Quick ratio	1.06x	—	—	derived	—	0.70
Cash ratio	0.08x	—	—	derived	—	0.70
Interest coverage	2.18x	—	—	derived	—	0.70

Net debt / EBITDA	3.03x	—	—	derived	—	0.60
Debt / equity	0.3x	—	—	derived	—	0.70
Debt / assets	0.17x	—	—	derived	—	0.70
Net debt / equity	0.25x	—	—	derived	—	0.70

Revenue growth (YoY)	29.14%	—	—	derived	—	0.70
EBITDA growth (YoY)	5.98%	—	—	derived	—	0.70
EBIT growth (YoY)	2.83%	—	—	derived	—	0.70
Net income growth (YoY)	-36.71%	—	—	derived	—	0.70
Gross margin Δ (YoY)	0.29 pp	—	—	derived	—	0.70
EBITDA margin Δ (YoY)	-0.49 pp	—	—	derived	—	0.70
EBIT margin Δ (YoY)	-0.33 pp	—	—	derived	—	0.70
Net margin Δ (YoY)	-0.56 pp	—	—	derived	—	0.70

FY 2025 · Δ YoY

Revenue

2,200,600 —

FY 2024: —

Gross profit

176,428 —

FY 2024: —

EBITDA

49,759 —

FY 2024: —

EBIT

28,656 —

FY 2024: —

EBT

14,699 —

FY 2024: —

Net income

11,794 —

FY 2024: —

D&A

21,103 —

FY 2024: —

Interest expense

13,130 —

FY 2024: —

Income tax

2,905 —

FY 2024: —

Gross margin

8.02% —

FY 2024: —

EBITDA margin

2.26% —

FY 2024: —

EBIT margin

1.3% —

FY 2024: —

EBT margin

0.67% —

FY 2024: —

Net margin

0.54% —

FY 2024: —

D&A margin

0.96% —

FY 2024: —

Cash

31,791 —

FY 2024: —

Total debt

182,784 —

FY 2024: —

Net debt

150,993 —

FY 2024: —

Equity

611,197 —

FY 2024: —

Total assets

1,065,259 —

FY 2024: —

Working capital

291,929 —

FY 2024: —

Current assets

699,740 —

FY 2024: —

Current liabilities

407,811 —

FY 2024: —

Non-current liabilities

46,251 —

FY 2024: —

Inventory

266,713 —

FY 2024: —

Trade receivables

302,057 —

FY 2024: —

Trade payables

146,866 —

FY 2024: —

Goodwill

15,910 —

FY 2024: —

CFO

62,177 —

FY 2024: —

CapEx

6,794 —

FY 2024: —

FCF

55,383 —

FY 2024: —

FCF conversion

111.3% —

FY 2024: —

CFO conversion

124.95% —

FY 2024: —

Dividends paid

6,421 —

FY 2024: —

ROE

1.94% —

FY 2024: —

ROA

1% —

FY 2024: —

ROCE

4.36% —

FY 2024: —

Current ratio

1.72x —

FY 2024: —

Quick ratio

1.06x —

FY 2024: —

Cash ratio

0.08x —

FY 2024: —

Interest coverage

2.18x —

FY 2024: —

Net debt / EBITDA

3.03x —

FY 2024: —

Debt / equity

0.3x —

FY 2024: —

Debt / assets

0.17x —

FY 2024: —

Net debt / equity

0.25x —

FY 2024: —

Revenue growth (YoY)

29.14% —

FY 2024: —

EBITDA growth (YoY)

5.98% —

FY 2024: —

EBIT growth (YoY)

2.83% —

FY 2024: —

Net income growth (YoY)

-36.71% —

FY 2024: —

Gross margin Δ (YoY)

0.29 pp —

FY 2024: —

EBITDA margin Δ (YoY)

-0.49 pp —

FY 2024: —

EBIT margin Δ (YoY)

-0.33 pp —

FY 2024: —

Net margin Δ (YoY)

-0.56 pp —

FY 2024: —