OTS OT Logistics Giełda Papierów Wartościowych w Warszawie · annual · publ. April 23, 2026

FY 2025 report

Spadek przychodów o 15% do 272,9 mln zł i EBITDA o 37% do 36,8 mln zł przy słabym rynku ładunków masowych (węgiel, agro, stal).

Sentiment

No guidance change

Website

OTS FY 2025 report

Revenue

272.89 m PLN

— YoY

Net income

-46.2 m PLN

— YoY

EBITDA

36.82 m PLN

— YoY

Gross margin

7.2%

— YoY

Summary

Investment thesis

Strata netto 46,2 mln zł (rok wcześniej 9,1 mln zł) wynika głównie z kosztów finansowych leasingów i kredytów powyżej EBIT.
Bilans jest bardzo zadłużony: dług netto 529,5 mln zł przy EBITDA 36,8 mln zł, gotówka 1,6 mln zł, płynność bieżąca 0,45.
Program optymalizacji w Świnoujściu (redukcja dzierżawy o ok. 40%, oszczędności ponad 20 mln zł rocznie) to główna dźwignia poprawy wyników od 2026 r.
Zmiana kontroli: DD Rail Properties kupuje 49,99% akcji po 15,61 zł i jednocześnie finansuje spółkę zależną pożyczką 3,6 mln EUR.

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Financials

BETA

FY 2025

OTS · FY 2025

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

Revenue	272,894	—	—	reported	—	0.95
Gross profit	19,642	—	—	reported	—	0.95
EBITDA	36,816	—	—	reported	—	0.95
EBIT	-13,051	—	—	reported	—	0.95
EBT	-41,638	—	—	reported	—	0.95
Net income	-46,196	—	—	reported	—	0.95
EPS (basic) (PLN)	-3.53	—	—	reported	—	0.95
D&A	49,867	—	—	reported	—	0.95

Gross margin	7.2%	—	—	reported	—	0.95
EBITDA margin	13.49%	—	—	reported	—	0.95
EBIT margin	-4.78%	—	—	reported	—	0.95
Net margin	-16.93%	—	—	reported	—	0.95

Cash	1,640	—	—	reported	—	0.95
Total debt	531,130	—	—	reported	—	0.95
Net debt	529,490	—	—	reported	—	0.95
Equity	98,208	—	—	reported	—	0.95
Total assets	710,852	—	—	reported	—	0.95
Current assets	52,597	—	—	reported	—	0.95
Current liabilities	116,913	—	—	reported	—	0.95
Non-current liabilities	462,296	—	—	reported	—	0.95
Inventory	2,681	—	—	reported	—	0.95

CFO	54,766	—	—	reported	—	0.95

ROE	-47.04%	—	—	reported	—	0.95
ROA	-6.5%	—	—	reported	—	0.95

Current ratio	0.45x	—	—	reported	—	0.95
Quick ratio	0.43x	—	—	reported	—	0.95
Cash ratio	0.01x	—	—	reported	—	0.95

Net debt / EBITDA	14.38x	—	—	derived	—	0.90
Debt / equity	5.41x	—	—	derived	—	0.90

Revenue growth (YoY)	-14.98%	—	—	derived	—	0.90
EBITDA growth (YoY)	-36.71%	—	—	derived	—	0.90

FY 2025 · Δ YoY

Revenue

272,894 —

FY 2024: —

Gross profit

19,642 —

FY 2024: —

EBITDA

36,816 —

FY 2024: —

EBIT

-13,051 —

FY 2024: —

EBT

-41,638 —

FY 2024: —

Net income

-46,196 —

FY 2024: —

EPS (basic) (PLN)

-3.53 —

FY 2024: —

D&A

49,867 —

FY 2024: —

Gross margin

7.2% —

FY 2024: —

EBITDA margin

13.49% —

FY 2024: —

EBIT margin

-4.78% —

FY 2024: —

Net margin

-16.93% —

FY 2024: —

Cash

1,640 —

FY 2024: —

Total debt

531,130 —

FY 2024: —

Net debt

529,490 —

FY 2024: —

Equity

98,208 —

FY 2024: —

Total assets

710,852 —

FY 2024: —

Current assets

52,597 —

FY 2024: —

Current liabilities

116,913 —

FY 2024: —

Non-current liabilities

462,296 —

FY 2024: —

Inventory

2,681 —

FY 2024: —

CFO

54,766 —

FY 2024: —

ROE

-47.04% —

FY 2024: —

ROA

-6.5% —

FY 2024: —

Current ratio

0.45x —

FY 2024: —

Quick ratio

0.43x —

FY 2024: —

Cash ratio

0.01x —

FY 2024: —

Net debt / EBITDA

14.38x —

FY 2024: —

Debt / equity

5.41x —

FY 2024: —

Revenue growth (YoY)

-14.98% —

FY 2024: —

EBITDA growth (YoY)

-36.71% —

FY 2024: —