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

FY 2025 report

Megaron to mały producent chemii budowlanej (gładzie, kleje ŚMIG) ze Szczecina; w 2025 r. przychody spadły o 14,8% do 40,0 mln zł, a zysk netto stopniał do 0,1 mln zł z 1,0 mln zł.

Sentiment

Neutral No guidance change

Website

MEG FY 2025 report

Revenue

39.95 m PLN

— YoY

Net income

106 k PLN

— YoY

EBITDA

2.94 m PLN

— YoY

Gross margin

46.02%

— YoY

Summary

Investment thesis

Spółka jest zdrowa bilansowo: dług odsetkowy ok. 0,9 mln zł przy kapitale własnym 20,7 mln zł, dług netto/EBITDA ok. 0,2x, a OCF (3,1 mln zł) w całości zasilił spłatę kredytów i leasingu.
Rentowność jest cienka: marża EBIT 1,1% (r/r −2,2 pp), a koszty zarządu (1,24 mln zł wynagrodzeń) kilkunastokrotnie przewyższają zysk netto.
Jakość zysku wspiera amortyzacja (2,5 mln zł) i uwolnienie kapitału obrotowego; zysk operacyjny jest wrażliwy na odpisy i kursy walut.
Teza zależy od odwrócenia popytu na rynku budowlanym i od wprowadzenia w 2026 r. produktów dekoracyjnych — raport nie podaje prognoz ani liczb na 2026 r.

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Financials

BETA

FY 2025

MEG · FY 2025

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

Revenue	39,953	—	—	reported	—	1.00
Gross profit	18,387	—	—	reported	—	1.00
EBITDA	2,943	—	—	derived	—	0.95
EBIT	452	—	—	reported	—	1.00
EBT	200	—	—	reported	—	1.00
Net income	106	—	—	reported	—	1.00
EPS (basic) (PLN)	0.04	—	—	reported	—	1.00
D&A	2,491	—	—	reported	—	1.00
Interest expense	218	—	—	reported	—	1.00
Income tax	94	—	—	reported	—	1.00
Shares (basic) (m units)	2.7	—	—	reported	—	1.00

Gross margin	46.02%	—	—	derived	—	0.95
EBITDA margin	7.37%	—	—	derived	—	0.95
EBIT margin	1.13%	—	—	derived	—	0.95
Net margin	0.27%	—	—	derived	—	0.95

Cash	242	—	—	reported	—	1.00
Total debt	934	—	—	reported	—	0.90
Net debt	692	—	—	derived	—	0.95
Equity	20,706	—	—	reported	—	1.00
Total assets	28,764	—	—	reported	—	1.00
Working capital	5,001	—	—	derived	—	0.95
Current assets	9,836	—	—	reported	—	1.00
Current liabilities	4,835	—	—	reported	—	1.00
Inventory	4,201	—	—	reported	—	1.00
Trade receivables	5,160	—	—	reported	—	0.80
Trade payables	2,181	—	—	reported	—	1.00
Goodwill	744	—	—	reported	—	1.00
Tangible equity	19,962	—	—	derived	—	0.95

CFO	3,073	—	—	reported	—	1.00
CapEx	256	—	—	reported	—	1.00
FCF	2,817	—	—	derived	—	0.95
FCF conversion	95.72%	—	—	derived	—	0.95
CFO conversion	104.42%	—	—	derived	—	0.95

ROE	0.51%	—	—	derived	—	0.95
ROA	0.35%	—	—	derived	—	0.95
ROCE	1.89%	—	—	derived	—	0.95

Current ratio	2.03x	—	—	derived	—	0.95
Quick ratio	1.17x	—	—	derived	—	0.95
Cash ratio	0.05x	—	—	derived	—	0.95
Interest coverage	2.07x	—	—	derived	—	0.95

Net debt / EBITDA	0.24x	—	—	derived	—	0.95
Debt / equity	0.05x	—	—	derived	—	0.95
Debt / assets	0.03x	—	—	derived	—	0.95
Net debt / equity	0.03x	—	—	derived	—	0.95

Revenue growth (YoY)	-14.79%	—	—	derived	—	0.95
EBITDA growth (YoY)	-30.93%	—	—	derived	—	0.95
EBIT growth (YoY)	-70.8%	—	—	derived	—	0.95
Net income growth (YoY)	-88.94%	—	—	derived	—	0.95
Gross margin Δ (YoY)	-2.92 pp	—	—	derived	—	0.95
EBITDA margin Δ (YoY)	-1.72 pp	—	—	derived	—	0.95
EBIT margin Δ (YoY)	-2.17 pp	—	—	derived	—	0.95
Net margin Δ (YoY)	-1.78 pp	—	—	derived	—	0.95

FY 2025 · Δ YoY

Revenue

39,953 —

FY 2024: —

Gross profit

18,387 —

FY 2024: —

EBITDA

2,943 —

FY 2024: —

EBIT

452 —

FY 2024: —

EBT

200 —

FY 2024: —

Net income

106 —

FY 2024: —

EPS (basic) (PLN)

0.04 —

FY 2024: —

D&A

2,491 —

FY 2024: —

Interest expense

218 —

FY 2024: —

Income tax

94 —

FY 2024: —

Shares (basic) (m units)

2.7 —

FY 2024: —

Gross margin

46.02% —

FY 2024: —

EBITDA margin

7.37% —

FY 2024: —

EBIT margin

1.13% —

FY 2024: —

Net margin

0.27% —

FY 2024: —

Cash

242 —

FY 2024: —

Total debt

934 —

FY 2024: —

Net debt

692 —

FY 2024: —

Equity

20,706 —

FY 2024: —

Total assets

28,764 —

FY 2024: —

Working capital

5,001 —

FY 2024: —

Current assets

9,836 —

FY 2024: —

Current liabilities

4,835 —

FY 2024: —

Inventory

4,201 —

FY 2024: —

Trade receivables

5,160 —

FY 2024: —

Trade payables

2,181 —

FY 2024: —

Goodwill

744 —

FY 2024: —

Tangible equity

19,962 —

FY 2024: —

CFO

3,073 —

FY 2024: —

CapEx

256 —

FY 2024: —

FCF

2,817 —

FY 2024: —

FCF conversion

95.72% —

FY 2024: —

CFO conversion

104.42% —

FY 2024: —

ROE

0.51% —

FY 2024: —

ROA

0.35% —

FY 2024: —

ROCE

1.89% —

FY 2024: —

Current ratio

2.03x —

FY 2024: —

Quick ratio

1.17x —

FY 2024: —

Cash ratio

0.05x —

FY 2024: —

Interest coverage

2.07x —

FY 2024: —

Net debt / EBITDA

0.24x —

FY 2024: —

Debt / equity

0.05x —

FY 2024: —

Debt / assets

0.03x —

FY 2024: —

Net debt / equity

0.03x —

FY 2024: —

Revenue growth (YoY)

-14.79% —

FY 2024: —

EBITDA growth (YoY)

-30.93% —

FY 2024: —

EBIT growth (YoY)

-70.8% —

FY 2024: —

Net income growth (YoY)

-88.94% —

FY 2024: —

Gross margin Δ (YoY)

-2.92 pp —

FY 2024: —

EBITDA margin Δ (YoY)

-1.72 pp —

FY 2024: —

EBIT margin Δ (YoY)

-2.17 pp —

FY 2024: —

Net margin Δ (YoY)

-1.78 pp —

FY 2024: —