ECB ECB Giełda Papierów Wartościowych w Warszawie · annual · publ. April 23, 2026

FY 2025 report

Po jednorazowo zawyżonym 2024 r. spółka wraca do skali ok. 87 mln zł przychodów i ok. 5 mln zł EBIT — to nowa, niska baza.

Sentiment

Neutral No guidance change

Website

ECB FY 2025 report

Revenue

87.17 m PLN

— YoY

Net income

4.06 m PLN

— YoY

EBITDA

7.05 m PLN

— YoY

ROE

18.73%

— YoY

Summary

Investment thesis

Cała sprzedaż produktów trafia do jednego odbiorcy (V-Project S.A.), co biegły rewident wyróżnił osobnym akapitem.
Kontrakt na węgiel przedłużono do 2029 r. (ok. 315 mln zł netto), a aneks nr 3 podnosi cenę jednostkową.
Bilans jest bezpieczny: gotówka 7,9 mln zł, zadłużenie ogółem 0,29, brak długu bankowego.
Dywersyfikacja (biomasa, energetyka, SMR) jest na wczesnym etapie i na razie generuje koszty, nie przychody.

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Financials

BETA

FY 2025

ECB · FY 2025

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

Revenue	87,169	—	—	reported	—	1.00
EBITDA	7,047	—	—	derived	—	0.70
EBIT	5,231	—	—	reported	—	1.00
EBT	5,160	—	—	reported	—	1.00
Net income	4,060	—	—	reported	—	1.00
D&A	1,816	—	—	reported	—	0.90
Income tax	1,100	—	—	reported	—	1.00

EBITDA margin	8.08%	—	—	derived	—	0.70
EBIT margin	6%	—	—	derived	—	0.70
Net margin	4.66%	—	—	derived	—	0.70

Cash	7,891	—	—	reported	—	1.00
Equity	22,493	—	—	reported	—	1.00
Total assets	31,552	—	—	reported	—	1.00
Current assets	15,649	—	—	reported	—	1.00
Current liabilities	6,141	—	—	reported	—	1.00
Non-current liabilities	2,918	—	—	reported	—	1.00
Inventory	158	—	—	reported	—	1.00
Trade receivables	7,600	—	—	reported	—	0.80

Dividends paid	2,425	—	—	reported	—	1.00

ROE	18.73%	—	—	derived	—	0.70
ROA	12.74%	—	—	derived	—	0.70
ROCE	20.59%	—	—	derived	—	0.70

Current ratio	2.55x	—	—	derived	—	0.70
Quick ratio	2.52x	—	—	derived	—	0.70
Cash ratio	1.28x	—	—	derived	—	0.70

Revenue growth (YoY)	-17.17%	—	—	derived	—	0.70
EBIT growth (YoY)	-91.32%	—	—	derived	—	0.50
Net income growth (YoY)	-99.36%	—	—	derived	—	0.50

FY 2025 · Δ YoY

Revenue

87,169 —

FY 2024: —

EBITDA

7,047 —

FY 2024: —

EBIT

5,231 —

FY 2024: —

EBT

5,160 —

FY 2024: —

Net income

4,060 —

FY 2024: —

D&A

1,816 —

FY 2024: —

Income tax

1,100 —

FY 2024: —

EBITDA margin

8.08% —

FY 2024: —

EBIT margin

6% —

FY 2024: —

Net margin

4.66% —

FY 2024: —

Cash

7,891 —

FY 2024: —

Equity

22,493 —

FY 2024: —

Total assets

31,552 —

FY 2024: —

Current assets

15,649 —

FY 2024: —

Current liabilities

6,141 —

FY 2024: —

Non-current liabilities

2,918 —

FY 2024: —

Inventory

158 —

FY 2024: —

Trade receivables

7,600 —

FY 2024: —

Dividends paid

2,425 —

FY 2024: —

ROE

18.73% —

FY 2024: —

ROA

12.74% —

FY 2024: —

ROCE

20.59% —

FY 2024: —

Current ratio

2.55x —

FY 2024: —

Quick ratio

2.52x —

FY 2024: —

Cash ratio

1.28x —

FY 2024: —

Revenue growth (YoY)

-17.17% —

FY 2024: —

EBIT growth (YoY)

-91.32% —

FY 2024: —

Net income growth (YoY)

-99.36% —

FY 2024: —