HUB HUB.TECH NewConnect · annual · publ. May 29, 2026

FY 2025 report

Przychody rosną o 12,8% do 251,7 mln zł dzięki kosmetykom (OnlyBio, Stars from the Stars; ponad 85–90% sprzedaży), ale zysk operacyjny spada o 15%, a zysk netto o 25% — wzrost jest coraz mniej rentowny.

Sentiment

Neutral No guidance change

Website

HUB FY 2025 report

Revenue

251.75 m PLN

— YoY

Net income

15.2 m PLN

— YoY

EBITDA

45.57 m PLN

— YoY

Net debt / EBITDA

-0.49x

— YoY

Summary

Investment thesis

Marża EBIT spada z 16,2% do 12,2%, bo zużycie materiałów rośnie o 62% przy wzroście przychodów o 13%; zmiana miksu z handlu towarami na własną produkcję zjada marżę.
Gotówka jest mocną stroną: OCF 21,6 mln zł (+41%), gotówka 29,5 mln zł wobec długu odsetkowego 7,3 mln zł (dług netto ujemny), płynność bieżąca 3,3x.
Jakość wyniku jest słabsza, niż sugeruje nagłówek: 5,9 mln zł dotacji (19% EBIT), 11 mln zł przyrostu zapasów produktów gotowych w przychodach i zapasy wolniejsze od sprzedaży.
Bilans obciąża wartość firmy 120,7 mln zł (29% aktywów), odpisywana po 7,7 mln zł rocznie, oraz ujemne zyski z lat ubiegłych (−25,5 mln zł); w tle kontrolujący akcjonariusz z 60,65% głosów.

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Financials

BETA

FY 2025

HUB · FY 2025

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

Revenue	251.75	—	—	reported	—	1.00
EBITDA	45.57	—	—	reported	—	1.00
EBIT	30.68	—	—	reported	—	1.00
EBT	23.12	—	—	reported	—	1.00
Net income	15.2	—	—	reported	—	1.00
EPS (basic)	0.01	—	—	reported	—	0.70
D&A	14.9	—	—	reported	—	1.00
Interest expense	0.31	—	—	reported	—	1.00
Income tax	7.74	—	—	reported	—	1.00
Shares (basic) (m units)	667.49	—	—	reported	—	1.00

EBITDA margin	-11.13%	—	—	reported	—	0.70
EBIT margin	-19.59%	—	—	reported	—	0.70
EBT margin	9.18%	—	—	derived	—	0.70
Net margin	97.28%	—	—	reported	—	0.70
D&A margin	5.92%	—	—	derived	—	0.70

Cash	29.48	—	—	reported	—	1.00
Total debt	2	—	—	reported	—	1.00
Net debt	1.86	—	—	reported	—	0.70
Equity	292.37	—	—	reported	—	1.00
Total assets	416.52	—	—	reported	—	1.00
Working capital	-16.59	—	—	reported	—	0.70
Current assets	141.86	—	—	reported	—	1.00
Current liabilities	43.44	—	—	reported	—	1.00
Non-current liabilities	3.93	—	—	reported	—	1.00
Inventory	64.91	—	—	reported	—	1.00
Trade receivables	21.36	—	—	reported	—	1.00
Trade payables	14.7	—	—	reported	—	1.00
Goodwill	127.23	—	—	reported	—	1.00
Tangible equity	165.14	—	—	derived	—	0.70

CFO	21.59	—	—	reported	—	1.00
CapEx	11.97	—	—	reported	—	1.00
FCF	-4.38	—	—	reported	—	0.70
FCF conversion	8.16%	—	—	reported	—	0.85
CFO conversion	30.71%	—	—	reported	—	0.85

ROE	5.38%	—	—	reported	—	0.85
ROA	3.74%	—	—	reported	—	0.85
ROIC	7.61%	—	—	reported	—	0.70
ROCE	8.22%	—	—	reported	—	0.85

Current ratio	0.18x	—	—	reported	—	0.70
Quick ratio	1.77x	—	—	reported	—	0.90
Cash ratio	0.68x	—	—	reported	—	0.95
Interest coverage	99.75x	—	—	reported	—	0.85

Net debt / EBITDA	-0.49x	—	—	reported	—	0.85
Debt / equity	0.01x	—	—	reported	—	0.70
Debt / assets	0.02x	—	—	reported	—	0.90
Net debt / equity	0.01x	—	—	reported	—	0.70

Revenue growth (YoY)	-15.51%	—	—	reported	—	1.00
EBITDA growth (YoY)	-8.81%	—	—	reported	—	0.90
EBIT growth (YoY)	-15.14%	—	—	reported	—	0.95
Net income growth (YoY)	-67.87%	—	—	reported	—	1.00
EBITDA margin Δ (YoY)	-4.28 pp	—	—	reported	—	0.90
EBIT margin Δ (YoY)	-4 pp	—	—	reported	—	0.95
Net margin Δ (YoY)	-3 pp	—	—	reported	—	0.95

FY 2025 · Δ YoY

Revenue

251.75 —

FY 2024: —

EBITDA

45.57 —

FY 2024: —

EBIT

30.68 —

FY 2024: —

EBT

23.12 —

FY 2024: —

Net income

15.2 —

FY 2024: —

EPS (basic)

0.01 —

FY 2024: —

D&A

14.9 —

FY 2024: —

Interest expense

0.31 —

FY 2024: —

Income tax

7.74 —

FY 2024: —

Shares (basic) (m units)

667.49 —

FY 2024: —

EBITDA margin

-11.13% —

FY 2024: —

EBIT margin

-19.59% —

FY 2024: —

EBT margin

9.18% —

FY 2024: —

Net margin

97.28% —

FY 2024: —

D&A margin

5.92% —

FY 2024: —

Cash

29.48 —

FY 2024: —

Total debt

2 —

FY 2024: —

Net debt

1.86 —

FY 2024: —

Equity

292.37 —

FY 2024: —

Total assets

416.52 —

FY 2024: —

Working capital

-16.59 —

FY 2024: —

Current assets

141.86 —

FY 2024: —

Current liabilities

43.44 —

FY 2024: —

Non-current liabilities

3.93 —

FY 2024: —

Inventory

64.91 —

FY 2024: —

Trade receivables

21.36 —

FY 2024: —

Trade payables

14.7 —

FY 2024: —

Goodwill

127.23 —

FY 2024: —

Tangible equity

165.14 —

FY 2024: —

CFO

21.59 —

FY 2024: —

CapEx

11.97 —

FY 2024: —

FCF

-4.38 —

FY 2024: —

FCF conversion

8.16% —

FY 2024: —

CFO conversion

30.71% —

FY 2024: —

ROE

5.38% —

FY 2024: —

ROA

3.74% —

FY 2024: —

ROIC

7.61% —

FY 2024: —

ROCE

8.22% —

FY 2024: —

Current ratio

0.18x —

FY 2024: —

Quick ratio

1.77x —

FY 2024: —

Cash ratio

0.68x —

FY 2024: —

Interest coverage

99.75x —

FY 2024: —

Net debt / EBITDA

-0.49x —

FY 2024: —

Debt / equity

0.01x —

FY 2024: —

Debt / assets

0.02x —

FY 2024: —

Net debt / equity

0.01x —

FY 2024: —

Revenue growth (YoY)

-15.51% —

FY 2024: —

EBITDA growth (YoY)

-8.81% —

FY 2024: —

EBIT growth (YoY)

-15.14% —

FY 2024: —

Net income growth (YoY)

-67.87% —

FY 2024: —

EBITDA margin Δ (YoY)

-4.28 pp —

FY 2024: —

EBIT margin Δ (YoY)

-4 pp —

FY 2024: —

Net margin Δ (YoY)

-3 pp —

FY 2024: —