VEE VEE NewConnect · Annual · publ. May 29, 2026

FY 2025 report

Grupa VEE odwróciła w 2025 r. wieloletnią stratę operacyjną w wyraźny zysk (EBIT +2,21 mln zł, marża EBITDA ok. 61%), ale skala biznesu pozostaje mała (przychody 5,05 mln zł).

Sentiment

Positive No guidance change

Website

VEE FY 2025 report

Revenue

5,052,342 PLN

— YoY

Net income

2,151,883 PLN

— YoY

EBITDA

3,094,069 PLN

— YoY

Gross margin

55.91%

— YoY

Summary

Investment thesis

Emisja akcji serii G (12,41 mln zł) skonwertowała istotną część zadłużenia wobec głównego akcjonariusza na kapitał, radykalnie obniżając zobowiązania i wzmacniając kapitał własny.
OCF był głęboko ujemny (-9,28 mln zł) mimo dodatniego zysku netto — w dużej mierze efekt jednorazowej spłaty/konwersji zobowiązań wobec akcjonariusza, ale gotówka na koniec roku (14 348,36 zł) jest praktycznie zerowa.
90,7% sumy bilansowej (36,8 mln zł) to nieukończone prace rozwojowe wyceniane na podstawie osądu zarządu — kluczowa sprawa badania biegłego rewidenta i największe źródło niepewności co do jakości aktywów.
Ekspansja zagraniczna (Niemcy, Hiszpania/Portugalia, Korea Płd.) oraz przejście na modele rozliczeń oparte o efekt (KPI incentives) to główne katalizatory wzrostu wskazywane przez zarząd na kolejne lata.

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Financials

BETA

FY 2025

VEE · FY 2025

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

Revenue	5,052,342	—	—	reported	—	1.00
Gross profit	2,824,757	—	—	reported	—	1.00
EBITDA	3,094,069	—	—	derived	—	0.95
EBIT	2,210,984	—	—	reported	—	1.00
EBT	2,074,369	—	—	reported	—	1.00
Net income	2,151,883	—	—	reported	—	1.00
EPS (basic)	1.9	—	—	reported	—	0.50
D&A	883,085	—	—	reported	—	1.00
Interest expense	147,527	—	—	reported	—	1.00
Shares (basic) (units)	2,655,297	—	—	reported	—	0.60

Gross margin	55.91%	—	—	derived	—	0.95
EBITDA margin	61.24%	—	—	derived	—	0.90
EBIT margin	43.76%	—	—	derived	—	0.95
EBT margin	41.06%	—	—	derived	—	0.95
Net margin	42.59%	—	—	derived	—	0.95

Cash	14,348	—	—	reported	—	1.00
Total debt	1,232,245	—	—	derived	—	0.60
Net debt	1,217,896	—	—	derived	—	0.60
Equity	34,451,982	—	—	reported	—	1.00
Total assets	40,560,012	—	—	reported	—	1.00
Working capital	-181,913	—	—	derived	—	0.95
Current assets	3,182,839	—	—	reported	—	1.00
Current liabilities	3,364,752	—	—	reported	—	1.00

CFO	-9,275,781	—	—	reported	—	1.00
CapEx	3,677,309	—	—	reported	—	1.00
FCF	-12,953,091	—	—	derived	—	0.95
FCF conversion	-418.68%	—	—	derived	—	0.85
CFO conversion	-299.79%	—	—	derived	—	0.85

ROE	7.92%	—	—	derived	—	0.85
ROA	5.62%	—	—	derived	—	0.85
ROIC	5.64%	—	—	derived	—	0.60
ROCE	5.94%	—	—	derived	—	0.90

Current ratio	0.95x	—	—	derived	—	0.95
Quick ratio	0.51x	—	—	derived	—	0.95
Cash ratio	0x	—	—	derived	—	0.95
Interest coverage	14.99x	—	—	derived	—	0.95

Net debt / EBITDA	0.39x	—	—	derived	—	0.60
Debt / equity	0.04x	—	—	derived	—	0.60
Debt / assets	0.03x	—	—	derived	—	0.60
Net debt / equity	0.04x	—	—	derived	—	0.60

Revenue growth (YoY)	27.78%	—	—	derived	—	0.95
EBIT growth (YoY)	266.49%	—	—	derived	—	0.90
Net income growth (YoY)	166.26%	—	—	derived	—	0.90
EPS growth (YoY)	-20.17%	—	—	derived	—	0.50
Gross margin Δ (YoY)	41.57 pp	—	—	derived	—	0.90
EBITDA margin Δ (YoY)	61.66 pp	—	—	derived	—	0.85
EBIT margin Δ (YoY)	77.35 pp	—	—	derived	—	0.90
Net margin Δ (YoY)	124.73 pp	—	—	derived	—	0.90

FY 2025 · Δ YoY

Revenue

5,052,342 —

FY 2024: —

Gross profit

2,824,757 —

FY 2024: —

EBITDA

3,094,069 —

FY 2024: —

EBIT

2,210,984 —

FY 2024: —

EBT

2,074,369 —

FY 2024: —

Net income

2,151,883 —

FY 2024: —

EPS (basic)

1.9 —

FY 2024: —

D&A

883,085 —

FY 2024: —

Interest expense

147,527 —

FY 2024: —

Shares (basic) (units)

2,655,297 —

FY 2024: —

Gross margin

55.91% —

FY 2024: —

EBITDA margin

61.24% —

FY 2024: —

EBIT margin

43.76% —

FY 2024: —

EBT margin

41.06% —

FY 2024: —

Net margin

42.59% —

FY 2024: —

Cash

14,348 —

FY 2024: —

Total debt

1,232,245 —

FY 2024: —

Net debt

1,217,896 —

FY 2024: —

Equity

34,451,982 —

FY 2024: —

Total assets

40,560,012 —

FY 2024: —

Working capital

-181,913 —

FY 2024: —

Current assets

3,182,839 —

FY 2024: —

Current liabilities

3,364,752 —

FY 2024: —

CFO

-9,275,781 —

FY 2024: —

CapEx

3,677,309 —

FY 2024: —

FCF

-12,953,091 —

FY 2024: —

FCF conversion

-418.68% —

FY 2024: —

CFO conversion

-299.79% —

FY 2024: —

ROE

7.92% —

FY 2024: —

ROA

5.62% —

FY 2024: —

ROIC

5.64% —

FY 2024: —

ROCE

5.94% —

FY 2024: —

Current ratio

0.95x —

FY 2024: —

Quick ratio

0.51x —

FY 2024: —

Cash ratio

0x —

FY 2024: —

Interest coverage

14.99x —

FY 2024: —

Net debt / EBITDA

0.39x —

FY 2024: —

Debt / equity

0.04x —

FY 2024: —

Debt / assets

0.03x —

FY 2024: —

Net debt / equity

0.04x —

FY 2024: —

Revenue growth (YoY)

27.78% —

FY 2024: —

EBIT growth (YoY)

266.49% —

FY 2024: —

Net income growth (YoY)

166.26% —

FY 2024: —

EPS growth (YoY)

-20.17% —

FY 2024: —

Gross margin Δ (YoY)

41.57 pp —

FY 2024: —

EBITDA margin Δ (YoY)

61.66 pp —

FY 2024: —

EBIT margin Δ (YoY)

77.35 pp —

FY 2024: —

Net margin Δ (YoY)

124.73 pp —

FY 2024: —