RBW Rainbow Tours Giełda Papierów Wartościowych w Warszawie · annual · publ. April 23, 2026

FY 2025 report

Rekordowe przychody (4,56 mld zł, +12% r/r) przy zauważalnie niższej rentowności: marża brutto spadła z 18,4% do 16,7%, a zysk netto o ok. 8–9%.

Sentiment

Neutral No guidance change

Website

RBW FY 2025 report

Revenue

4.56 bn PLN

— YoY

Net income

259.21 m PLN

— YoY

EBITDA

350.21 m PLN

— YoY

Gross margin

16.67%

— YoY

Summary

Investment thesis

Bilans z dużą nadwyżką gotówki netto (ok. 384 mln zł), ale gotówka niemal w całości pokrywa przedpłaty klientów (473,5 mln zł przychodów przyszłych okresów) – to nie jest wolna nadwyżka.
Wykazane przepływy operacyjne (381,5 mln zł, 109% EBITDA) są mocne, lecz w dużej mierze wynikają z cyklu zaliczek i rozliczeń podatkowych, więc trudno je traktować jako trwały poziom.
Nowa, nietypowa pozycja: opcje put/call na udziały mniejszościowe (White Olive, Paralela 45) – 92,0 mln zł zobowiązania krótkoterminowego i ujemna rezerwa kapitałowa 30,9 mln zł zmieniły strukturę kapitału.
Ekspansja w hotele (przychody +115% do 68,8 mln zł) i akwizycja rumuńskiego touroperatora podnoszą wartość firmy z 4,5 do 44,1 mln zł oraz złożoność grupy; ryzyko Bliskiego Wschodu kosztowało ok. 8 mln zł już w marcu 2026.

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Financials

BETA

FY 2025

RBW · FY 2025

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

Revenue	4,557.81	—	—	reported	—	1.00
Gross profit	760	—	—	reported	—	1.00
EBITDA	350.21	—	—	adjusted	—	1.00
EBIT	322.15	—	—	reported	—	1.00
EBT	321.47	—	—	reported	—	1.00
Net income	259.21	—	—	reported	—	1.00
EPS (basic) (PLN)	17.7	—	—	reported	—	1.00
EPS (diluted) (PLN)	17.7	—	—	reported	—	1.00
D&A	28.07	—	—	reported	—	1.00
Income tax	63.91	—	—	derived	—	0.80

Gross margin	16.67%	—	—	derived	—	0.90
EBITDA margin	7.68%	—	—	derived	—	0.90
EBIT margin	7.07%	—	—	derived	—	0.90
EBT margin	7.05%	—	—	derived	—	0.90
Net margin	5.69%	—	—	derived	—	0.90
D&A margin	0.62%	—	—	derived	—	0.90

Cash	470.04	—	—	reported	—	1.00
Total debt	86.44	—	—	reported	—	0.90
Net debt	-383.6	—	—	derived	—	0.90
Equity	498.68	—	—	reported	—	1.00
Total assets	1,427.97	—	—	reported	—	1.00
Working capital	122.48	—	—	derived	—	0.90
Current assets	965.59	—	—	reported	—	1.00
Current liabilities	843.11	—	—	reported	—	1.00
Non-current liabilities	86.18	—	—	reported	—	1.00
Inventory	0.3	—	—	reported	—	1.00
Trade receivables	66.55	—	—	reported	—	1.00
Trade payables	154.69	—	—	reported	—	1.00
Goodwill	48.31	—	—	reported	—	0.95
Tangible equity	450.38	—	—	derived	—	0.90

CFO	381.51	—	—	reported	—	1.00
CFO conversion	108.94%	—	—	derived	—	0.90

ROE	54.58%	—	—	derived	—	0.80
ROA	19.01%	—	—	derived	—	0.80
ROCE	55.08%	—	—	derived	—	0.90

Current ratio	1.15x	—	—	derived	—	0.90
Quick ratio	1.14x	—	—	derived	—	0.90
Cash ratio	0.56x	—	—	derived	—	0.90

Net debt / EBITDA	-1.1x	—	—	derived	—	0.90
Debt / equity	0.17x	—	—	derived	—	0.90
Debt / assets	0.06x	—	—	derived	—	0.90
Net debt / equity	-0.77x	—	—	derived	—	0.90

Revenue growth (YoY)	12.04%	—	—	derived	—	0.90
EBITDA growth (YoY)	-6.89%	—	—	derived	—	0.90
EBIT growth (YoY)	-8.91%	—	—	derived	—	0.90
Net income growth (YoY)	-8.07%	—	—	derived	—	0.90
EPS growth (YoY)	-9%	—	—	derived	—	0.90
Gross margin Δ (YoY)	-1.71 pp	—	—	derived	—	0.90
EBITDA margin Δ (YoY)	-1.57 pp	—	—	derived	—	0.90
EBIT margin Δ (YoY)	-1.62 pp	—	—	derived	—	0.90
Net margin Δ (YoY)	-1.24 pp	—	—	derived	—	0.90

FY 2025 · Δ YoY

Revenue

4,557.81 —

FY 2024: —

Gross profit

760 —

FY 2024: —

EBITDA

350.21 —

FY 2024: —

EBIT

322.15 —

FY 2024: —

EBT

321.47 —

FY 2024: —

Net income

259.21 —

FY 2024: —

EPS (basic) (PLN)

17.7 —

FY 2024: —

EPS (diluted) (PLN)

17.7 —

FY 2024: —

D&A

28.07 —

FY 2024: —

Income tax

63.91 —

FY 2024: —

Gross margin

16.67% —

FY 2024: —

EBITDA margin

7.68% —

FY 2024: —

EBIT margin

7.07% —

FY 2024: —

EBT margin

7.05% —

FY 2024: —

Net margin

5.69% —

FY 2024: —

D&A margin

0.62% —

FY 2024: —

Cash

470.04 —

FY 2024: —

Total debt

86.44 —

FY 2024: —

Net debt

-383.6 —

FY 2024: —

Equity

498.68 —

FY 2024: —

Total assets

1,427.97 —

FY 2024: —

Working capital

122.48 —

FY 2024: —

Current assets

965.59 —

FY 2024: —

Current liabilities

843.11 —

FY 2024: —

Non-current liabilities

86.18 —

FY 2024: —

Inventory

0.3 —

FY 2024: —

Trade receivables

66.55 —

FY 2024: —

Trade payables

154.69 —

FY 2024: —

Goodwill

48.31 —

FY 2024: —

Tangible equity

450.38 —

FY 2024: —

CFO

381.51 —

FY 2024: —

CFO conversion

108.94% —

FY 2024: —

ROE

54.58% —

FY 2024: —

ROA

19.01% —

FY 2024: —

ROCE

55.08% —

FY 2024: —

Current ratio

1.15x —

FY 2024: —

Quick ratio

1.14x —

FY 2024: —

Cash ratio

0.56x —

FY 2024: —

Net debt / EBITDA

-1.1x —

FY 2024: —

Debt / equity

0.17x —

FY 2024: —

Debt / assets

0.06x —

FY 2024: —

Net debt / equity

-0.77x —

FY 2024: —

Revenue growth (YoY)

12.04% —

FY 2024: —

EBITDA growth (YoY)

-6.89% —

FY 2024: —

EBIT growth (YoY)

-8.91% —

FY 2024: —

Net income growth (YoY)

-8.07% —

FY 2024: —

EPS growth (YoY)

-9% —

FY 2024: —

Gross margin Δ (YoY)

-1.71 pp —

FY 2024: —

EBITDA margin Δ (YoY)

-1.57 pp —

FY 2024: —

EBIT margin Δ (YoY)

-1.62 pp —

FY 2024: —

Net margin Δ (YoY)

-1.24 pp —

FY 2024: —