SWG SECO/WARWICK Giełda Papierów Wartościowych w Warszawie · annual · publ. April 23, 2026

FY 2025 report

Rentowność rośnie szybciej niż sprzedaż: przychody +4,6% do 745,9 mln zł, ale EBIT +35,7% do 43,1 mln zł, a marża brutto 22,4% (21,0% rok wcześniej).

Sentiment

Neutral Guidance maintained

Website

SWG FY 2025 report

Revenue

745.92 m PLN

— YoY

Net income

26.11 m PLN

— YoY

EBITDA

64.19 m PLN

— YoY

Gross margin

22.44%

— YoY

Summary

Investment thesis

Portfel zamówień spadł do 668,9 mln zł z 767,3 mln zł (−12,8%), co stawia pod znakiem zapytania cel strategii na 2026 r. (ok. 980 mln zł przychodów, czyli +31%).
Przepływy operacyjne są ujemne (−4,4 mln zł wobec +101,4 mln zł), bo rośnie kapitał zamrożony w kontraktach rozliczanych metodą stopnia zaawansowania.
Gotówka spadła z ok. 145,8 do 59,6 mln zł przez skup akcji własnych (41,4 mln zł), CAPEX (ok. 41 mln zł) i słaby OCF.
Popyt z sektora lotniczego i obronnego oraz nowe technologie (GreenIron, próżnia, metalurgia proszków) wspierają perspektywy, a ryzyka to cła USA, mocny złoty i słabość motoryzacji.

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Financials

BETA

FY 2025

SWG · FY 2025

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

Revenue	745,923	—	—	reported	—	1.00
Gross profit	167,362	—	—	reported	—	0.95
EBITDA	64,189	—	—	derived	—	0.60
EBIT	43,089	—	—	reported	—	1.00
EBT	36,932	—	—	reported	—	1.00
Net income	26,113	—	—	reported	—	1.00
EPS (basic) (PLN)	3.82	—	—	reported	—	1.00
D&A	21,100	—	—	reported	—	0.80

Gross margin	22.44%	—	—	derived	—	0.90
EBITDA margin	8.61%	—	—	derived	—	0.60
EBIT margin	5.78%	—	—	derived	—	0.90
EBT margin	4.95%	—	—	derived	—	0.90
Net margin	3.5%	—	—	derived	—	0.90
D&A margin	2.83%	—	—	derived	—	0.60

Cash	59,600	—	—	reported	—	0.90
Equity	230,209	—	—	reported	—	1.00
Total assets	649,997	—	—	reported	—	1.00
Current liabilities	321,134	—	—	reported	—	1.00
Non-current liabilities	98,654	—	—	reported	—	0.90
Trade receivables	94,345	—	—	reported	—	1.00

CFO	-4,386	—	—	reported	—	1.00
CapEx	41,000	—	—	reported	—	0.60
FCF	-45,386	—	—	derived	—	0.50
CFO conversion	-6.83%	—	—	derived	—	0.50
Buybacks	41,400	—	—	reported	—	0.90

ROE	10.57%	—	—	derived	—	0.90
ROA	3.84%	—	—	derived	—	0.90
ROCE	13.1%	—	—	derived	—	0.90

Revenue growth (YoY)	4.64%	—	—	derived	—	0.95
EBIT growth (YoY)	35.68%	—	—	derived	—	0.95
Net income growth (YoY)	7.34%	—	—	derived	—	0.95
EPS growth (YoY)	35.94%	—	—	derived	—	0.95
Gross margin Δ (YoY)	1.45 pp	—	—	derived	—	0.90
EBIT margin Δ (YoY)	1.32 pp	—	—	derived	—	0.90
Net margin Δ (YoY)	0.09 pp	—	—	derived	—	0.90

FY 2025 · Δ YoY

Revenue

745,923 —

FY 2024: —

Gross profit

167,362 —

FY 2024: —

EBITDA

64,189 —

FY 2024: —

EBIT

43,089 —

FY 2024: —

EBT

36,932 —

FY 2024: —

Net income

26,113 —

FY 2024: —

EPS (basic) (PLN)

3.82 —

FY 2024: —

D&A

21,100 —

FY 2024: —

Gross margin

22.44% —

FY 2024: —

EBITDA margin

8.61% —

FY 2024: —

EBIT margin

5.78% —

FY 2024: —

EBT margin

4.95% —

FY 2024: —

Net margin

3.5% —

FY 2024: —

D&A margin

2.83% —

FY 2024: —

Cash

59,600 —

FY 2024: —

Equity

230,209 —

FY 2024: —

Total assets

649,997 —

FY 2024: —

Current liabilities

321,134 —

FY 2024: —

Non-current liabilities

98,654 —

FY 2024: —

Trade receivables

94,345 —

FY 2024: —

CFO

-4,386 —

FY 2024: —

CapEx

41,000 —

FY 2024: —

FCF

-45,386 —

FY 2024: —

CFO conversion

-6.83% —

FY 2024: —

Buybacks

41,400 —

FY 2024: —

ROE

10.57% —

FY 2024: —

ROA

3.84% —

FY 2024: —

ROCE

13.1% —

FY 2024: —

Revenue growth (YoY)

4.64% —

FY 2024: —

EBIT growth (YoY)

35.68% —

FY 2024: —

Net income growth (YoY)

7.34% —

FY 2024: —

EPS growth (YoY)

35.94% —

FY 2024: —

Gross margin Δ (YoY)

1.45 pp —

FY 2024: —

EBIT margin Δ (YoY)

1.32 pp —

FY 2024: —

Net margin Δ (YoY)

0.09 pp —

FY 2024: —