Q3 2025 report
Rekordowy kwartał sprzedażowy (172,8 mln zł, +51% r/r) napędzony wzrostem wolumenu (+42% r/r) i kalendarzowym przesunięciem Wielkanocy koncentrującym sprzedaż przedświąteczną w jednym kwartale
Sentiment
Positive
No guidance change
HEL
Q3 2025 report
Revenue
172,755 k PLN
— YoY
Net income
5,606 k PLN
— YoY
EBITDA
11,865 k PLN
— YoY
Gross margin
20.12%
— YoY
Summary
Investment thesis
- Efekt ekonomii skali podniósł EBITDA (+36% r/r) i zysk netto (+20% r/r) mimo kompresji wszystkich marż r/r
- Wzrost finansowany rosnącym zadłużeniem kredytowym (+15,5% r/r) i kapitałem obrotowym (zapasy +16%, należności +53% r/r)
- Ekspozycja walutowa (USD w zakupach surowców) częściowo zabezpieczona transakcjami forward, ale ujemne różnice kursowe wzrosły o 232% r/r
- Kontynuacja inwestycji infrastrukturalnych (Brochów) przy zachowaniu umiarkowanej dźwigni (debt/equity ~0,40x) i komfortowej płynności bieżącej (1,85x)
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Financials
BETA
HEL · Q3 2025
| Metric | Q3 2025 | Q3 2024 | Δ YoY | YTD 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 172,755 | — | — | 486,234 | — | reported | — | 1.00 |
| Gross profit | 34,751 | — | — | — | — | reported | — | 1.00 |
| EBITDA | 11,865 | — | — | — | — | reported | — | 0.90 |
| EBIT | 10,370 | — | — | 40,163 | — | reported | — | 1.00 |
| EBT | 7,398 | — | — | — | — | reported | — | 1.00 |
| Net income | 5,606 | — | — | 27,148 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.12 | — | — | — | — | reported | — | 1.00 |
| Interest expense | 1,660 | — | — | — | — | reported | — | 1.00 |
| Shares (basic) (units) | 5,000,000 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 20.12% | — | — | — | — | reported | — | 1.00 |
| EBITDA margin | 6.87% | — | — | — | — | reported | — | 0.90 |
| EBIT margin | 6% | — | — | — | — | reported | — | 1.00 |
| Net margin | 3.24% | — | — | — | — | reported | — | 1.00 |
| Cash | 6,517 | — | — | — | — | reported | — | 1.00 |
| Total debt | 76,207 | — | — | — | — | reported | — | 0.95 |
| Net debt | 69,690 | — | — | — | — | derived | — | 0.90 |
| Equity | 192,002 | — | — | — | — | reported | — | 1.00 |
| Total assets | 365,945 | — | — | — | — | reported | — | 1.00 |
| Working capital | 126,577 | — | — | — | — | derived | — | 1.00 |
| Current assets | 276,359 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 149,782 | — | — | — | — | reported | — | 1.00 |
| CFO | — | — | — | 2,372 | — | reported | — | 1.00 |
| CapEx | — | — | — | 9,983 | — | reported | — | 1.00 |
| FCF | — | — | — | -7,611 | — | derived | — | 1.00 |
| Current ratio | 1.85x | — | — | — | — | reported | — | 1.00 |
| Interest coverage | 6.25x | — | — | — | — | reported | — | 1.00 |
| Debt / equity | 0.4x | — | — | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 51.34% | — | — | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 36.2% | — | — | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | 38.85% | — | — | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 20.4% | — | — | — | — | reported | — | 1.00 |
| Gross margin Δ (YoY) | -2.3 pp | — | — | — | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | -0.8 pp | — | — | — | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | -0.5 pp | — | — | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -0.8 pp | — | — | — | — | reported | — | 1.00 |
Q3 2025 · Δ YoY
Revenue
172,755
—
172,755
—
- Q3 2024
- —
- YTD 2025
- 486,234
- Δ YoY
- —
Gross profit
34,751
—
34,751
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
EBITDA
11,865
—
11,865
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
EBIT
10,370
—
10,370
—
- Q3 2024
- —
- YTD 2025
- 40,163
- Δ YoY
- —
EBT
7,398
—
7,398
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
Net income
5,606
—
5,606
—
- Q3 2024
- —
- YTD 2025
- 27,148
- Δ YoY
- —
EPS (basic)
(PLN)
1.12
—
1.12
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
Interest expense
1,660
—
1,660
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
Shares (basic)
(units)
5,000,000
—
5,000,000
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
Gross margin
20.12%
—
20.12%
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
EBITDA margin
6.87%
—
6.87%
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
EBIT margin
6%
—
6%
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
Net margin
3.24%
—
3.24%
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
Cash
6,517
—
6,517
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
Total debt
76,207
—
76,207
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
Net debt
69,690
—
69,690
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
Equity
192,002
—
192,002
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
Total assets
365,945
—
365,945
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
Working capital
126,577
—
126,577
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
Current assets
276,359
—
276,359
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
Current liabilities
149,782
—
149,782
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
CFO
—
—
—
—
- Q3 2024
- —
- YTD 2025
- 2,372
- Δ YoY
- —
CapEx
—
—
—
—
- Q3 2024
- —
- YTD 2025
- 9,983
- Δ YoY
- —
FCF
—
—
—
—
- Q3 2024
- —
- YTD 2025
- -7,611
- Δ YoY
- —
Current ratio
1.85x
—
1.85x
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
Interest coverage
6.25x
—
6.25x
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
Debt / equity
0.4x
—
0.4x
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
Revenue growth (YoY)
51.34%
—
51.34%
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
EBITDA growth (YoY)
36.2%
—
36.2%
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
EBIT growth (YoY)
38.85%
—
38.85%
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
Net income growth (YoY)
20.4%
—
20.4%
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
Gross margin Δ (YoY)
-2.3 pp
—
-2.3 pp
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
EBITDA margin Δ (YoY)
-0.8 pp
—
-0.8 pp
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
EBIT margin Δ (YoY)
-0.5 pp
—
-0.5 pp
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —
Net margin Δ (YoY)
-0.8 pp
—
-0.8 pp
—
- Q3 2024
- —
- YTD 2025
- —
- Δ YoY
- —