FY 2025 report
Powrót do zysku po bardzo słabym 2024 r.: zysk netto 4,1 mln zł wobec straty 36,2 mln zł, EBIT 8,9 mln zł wobec straty 18,4 mln zł.
Sentiment
Positive
No guidance change
APE
FY 2025 report
Revenue
93.56 m PLN
— YoY
Net income
4.11 m PLN
— YoY
EBITDA
11.36 m PLN
— YoY
Gross margin
27.5%
— YoY
Summary
Investment thesis
- Poprawa wyniku w dużej mierze ma charakter porządkowy – niższe koszty agencyjne sprzedaży (−10,6 mln zł), brak jednorazowych wypłat gwarancji (5 mln zł) i rozwiązanie odpisów (ok. 5,8 mln zł) – a nie wzrost skali: przychody spadły o 6,6%.
- Jakość zysku jest słaba: przepływy operacyjne wyniosły tylko 1,4 mln zł (12% EBITDA), a należności handlowe urosły o 74% przy spadku sprzedaży.
- Bilans pozostaje napięty: kapitał własny 21,1 mln zł, dług z leasingiem 29,9 mln zł, bieżąca płynność ok. 1,0x, a 9,8 mln zł pożyczki od zmarłego akcjonariusza ma nieokreślony termin i możliwość konwersji na akcje.
- Portfel długoterminowych kontraktów w trakcji (Cegielski ok. 78,7 mln zł do 2029 r., PKP IC Remtrak do 38,4 mln zł) daje widoczność, ale wymaga finansowania kapitału obrotowego.
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Financials
BETA
APE · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 93.56 | — | — | reported | — | 1.00 |
| Gross profit | 25.7 | — | — | reported | — | 1.00 |
| EBITDA | 11.36 | — | — | reported | — | 1.00 |
| EBIT | 8.89 | — | — | reported | — | 1.00 |
| EBT | 5.38 | — | — | reported | — | 1.00 |
| Net income | 4.11 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.15 | — | — | reported | — | 1.00 |
| D&A | 2.47 | — | — | derived | — | 0.70 |
| Income tax | 1.27 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 28.19 | — | — | reported | — | 1.00 |
| Gross margin | 27.5% | — | — | derived | — | 0.70 |
| EBITDA margin | 12.1% | — | — | derived | — | 0.70 |
| EBIT margin | 9.5% | — | — | derived | — | 0.70 |
| EBT margin | 5.7% | — | — | derived | — | 0.70 |
| Net margin | 4.4% | — | — | derived | — | 0.70 |
| D&A margin | 2.6% | — | — | derived | — | 0.70 |
| Cash | 2.66 | — | — | reported | — | 1.00 |
| Total debt | 29.88 | — | — | derived | — | 0.90 |
| Net debt | 27.22 | — | — | derived | — | 0.85 |
| Equity | 21.1 | — | — | reported | — | 1.00 |
| Total assets | 98.43 | — | — | reported | — | 1.00 |
| Working capital | 1.65 | — | — | derived | — | 0.70 |
| Current assets | 56.03 | — | — | reported | — | 1.00 |
| Current liabilities | 54.38 | — | — | reported | — | 1.00 |
| Non-current liabilities | 22.95 | — | — | reported | — | 1.00 |
| Inventory | 25.63 | — | — | reported | — | 1.00 |
| Trade receivables | 25.67 | — | — | reported | — | 1.00 |
| Trade payables | 14.82 | — | — | reported | — | 1.00 |
| Goodwill | 10.97 | — | — | reported | — | 0.80 |
| Tangible equity | 10.13 | — | — | derived | — | 0.70 |
| CFO | 1.41 | — | — | reported | — | 1.00 |
| CapEx | 5.34 | — | — | reported | — | 0.85 |
| FCF | -3.93 | — | — | derived | — | 0.70 |
| FCF conversion | -34.6% | — | — | derived | — | 0.70 |
| CFO conversion | 12.4% | — | — | derived | — | 0.70 |
| ROE | 21.6% | — | — | derived | — | 0.70 |
| ROA | 4.6% | — | — | derived | — | 0.70 |
| ROCE | 20.2% | — | — | derived | — | 0.70 |
| Current ratio | 1.03x | — | — | derived | — | 0.70 |
| Quick ratio | 0.56x | — | — | derived | — | 0.70 |
| Cash ratio | 0.05x | — | — | derived | — | 0.70 |
| Interest coverage | 2.53x | — | — | derived | — | 0.60 |
| Net debt / EBITDA | 2.4x | — | — | derived | — | 0.70 |
| Debt / equity | 1.42x | — | — | derived | — | 0.70 |
| Debt / assets | 0.3x | — | — | derived | — | 0.70 |
| Net debt / equity | 1.29x | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | -6.6% | — | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | 1.6 pp | — | — | derived | — | 0.70 |
FY 2025 · Δ YoY
Revenue
93.56
—
93.56
—
- FY 2024
- —
Gross profit
25.7
—
25.7
—
- FY 2024
- —
EBITDA
11.36
—
11.36
—
- FY 2024
- —
EBIT
8.89
—
8.89
—
- FY 2024
- —
EBT
5.38
—
5.38
—
- FY 2024
- —
Net income
4.11
—
4.11
—
- FY 2024
- —
EPS (basic)
(PLN)
0.15
—
0.15
—
- FY 2024
- —
D&A
2.47
—
2.47
—
- FY 2024
- —
Income tax
1.27
—
1.27
—
- FY 2024
- —
Shares (basic)
(m units)
28.19
—
28.19
—
- FY 2024
- —
Gross margin
27.5%
—
27.5%
—
- FY 2024
- —
EBITDA margin
12.1%
—
12.1%
—
- FY 2024
- —
EBIT margin
9.5%
—
9.5%
—
- FY 2024
- —
EBT margin
5.7%
—
5.7%
—
- FY 2024
- —
Net margin
4.4%
—
4.4%
—
- FY 2024
- —
D&A margin
2.6%
—
2.6%
—
- FY 2024
- —
Cash
2.66
—
2.66
—
- FY 2024
- —
Total debt
29.88
—
29.88
—
- FY 2024
- —
Net debt
27.22
—
27.22
—
- FY 2024
- —
Equity
21.1
—
21.1
—
- FY 2024
- —
Total assets
98.43
—
98.43
—
- FY 2024
- —
Working capital
1.65
—
1.65
—
- FY 2024
- —
Current assets
56.03
—
56.03
—
- FY 2024
- —
Current liabilities
54.38
—
54.38
—
- FY 2024
- —
Non-current liabilities
22.95
—
22.95
—
- FY 2024
- —
Inventory
25.63
—
25.63
—
- FY 2024
- —
Trade receivables
25.67
—
25.67
—
- FY 2024
- —
Trade payables
14.82
—
14.82
—
- FY 2024
- —
Goodwill
10.97
—
10.97
—
- FY 2024
- —
Tangible equity
10.13
—
10.13
—
- FY 2024
- —
CFO
1.41
—
1.41
—
- FY 2024
- —
CapEx
5.34
—
5.34
—
- FY 2024
- —
FCF
-3.93
—
-3.93
—
- FY 2024
- —
FCF conversion
-34.6%
—
-34.6%
—
- FY 2024
- —
CFO conversion
12.4%
—
12.4%
—
- FY 2024
- —
ROE
21.6%
—
21.6%
—
- FY 2024
- —
ROA
4.6%
—
4.6%
—
- FY 2024
- —
ROCE
20.2%
—
20.2%
—
- FY 2024
- —
Current ratio
1.03x
—
1.03x
—
- FY 2024
- —
Quick ratio
0.56x
—
0.56x
—
- FY 2024
- —
Cash ratio
0.05x
—
0.05x
—
- FY 2024
- —
Interest coverage
2.53x
—
2.53x
—
- FY 2024
- —
Net debt / EBITDA
2.4x
—
2.4x
—
- FY 2024
- —
Debt / equity
1.42x
—
1.42x
—
- FY 2024
- —
Debt / assets
0.3x
—
0.3x
—
- FY 2024
- —
Net debt / equity
1.29x
—
1.29x
—
- FY 2024
- —
Revenue growth (YoY)
-6.6%
—
-6.6%
—
- FY 2024
- —
Gross margin Δ (YoY)
1.6 pp
—
1.6 pp
—
- FY 2024
- —