FY 2025 report
Spółka (od 2 stycznia 2026 r. działająca jako EUVIC S.A.) zakończyła ostatni samodzielny rok obrotowy jako podmiot już wcześniej kontrolowany przez większościowego akcjonariusza Euvic S.A. (59,74% akcji na 31.12.2025), tuż przed formalnym odwrotnym połączeniem.
Sentiment
Neutral
No guidance change
EUV
FY 2025 report
Revenue
66.75 m PLN
— YoY
Net income
-2.82 m PLN
— YoY
EBITDA
-2.24 m PLN
— YoY
Gross margin
11.54%
— YoY
Summary
Investment thesis
- Świadome przesunięcie miksu przychodów z niskomarżowego handlu sprzętem (-65,3% r/r) w stronę usług programistycznych i infrastrukturalnych sygnalizuje chęć poprawy jakości przychodów, choć w 2025 r. nie przełożyło się jeszcze na poprawę rentowności — marża brutto i EBIT spadły.
- Ujemna EBITDA (-2,08 mln zł) i OCF gorszy od straty netto (-3,51 mln zł) wskazują, że podstawowa działalność operacyjna nie generuje gotówki — wynik roku ratuje głównie jednorazowa sprzedaż akcji Unity S.A. (zysk netto ok. 2,43 mln zł).
- Bilans pozostaje bezpieczny: pozycja gotówki netto (ok. -4,27 mln zł długu netto), niski dług i wysokie wskaźniki płynności (current ratio ok. 2,9x) dają poduszkę na czas integracji z Grupą Euvic.
- Odwrotne połączenie z Euvic S.A. (2 stycznia 2026 r.) całkowicie zmienia skalę i profil spółki (kapitał zakładowy x17) — dane jednostkowe eo Networks za 2025 r. będą trudno porównywalne z przyszłymi wynikami połączonego EUVIC S.A.
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Financials
BETA
EUV · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 66.75 | — | — | reported | — | 1.00 |
|
Revenue
standalone
|
55.89 | — | — | reported | standalone | 1.00 |
| Gross profit | 7.02 | — | — | reported | — | 1.00 |
|
Gross profit
standalone
|
6.45 | — | — | reported | standalone | 1.00 |
|
EBITDA
standalone
|
-2.08 | — | — | derived | standalone | 0.90 |
| EBITDA | -2.24 | — | — | derived | — | 0.90 |
|
EBIT
standalone
|
-3.79 | — | — | reported | standalone | 1.00 |
| EBIT | -3.95 | — | — | reported | — | 1.00 |
| EBT | -2.44 | — | — | reported | — | 1.00 |
|
EBT
standalone
|
-2.04 | — | — | reported | standalone | 1.00 |
| Net income | -2.82 | — | — | reported | — | 1.00 |
|
Net income
standalone
|
-2.41 | — | — | reported | standalone | 1.00 |
| EPS (basic) (PLN) | -1.37 | — | — | derived | — | 0.70 |
| D&A | 1.71 | — | — | reported | — | 1.00 |
|
D&A
standalone
|
1.71 | — | — | reported | standalone | 1.00 |
| Interest expense | 0.26 | — | — | reported | — | 1.00 |
|
Interest expense
standalone
|
0.26 | — | — | reported | standalone | 1.00 |
| Gross margin | 11.54% | — | — | reported | — | 0.90 |
| EBITDA margin | -3.72% | — | — | reported | — | 0.85 |
| EBIT margin | -6.78% | — | — | reported | — | 0.90 |
| EBT margin | -3.65% | — | — | reported | — | 0.90 |
| Net margin | -4.31% | — | — | reported | — | 0.90 |
| D&A margin | 3.05% | — | — | reported | — | 0.90 |
| Cash | 6.81 | — | — | reported | — | 1.00 |
|
Cash
standalone
|
6.24 | — | — | reported | standalone | 1.00 |
| Total debt | 1.97 | — | — | reported | — | 0.90 |
|
Total debt
standalone
|
1.97 | — | — | derived | standalone | 0.90 |
| Net debt | -4.84 | — | — | derived | — | 0.90 |
|
Net debt
standalone
|
-4.27 | — | — | derived | standalone | 0.90 |
| Equity | 28.1 | — | — | reported | — | 1.00 |
|
Equity
standalone
|
25.63 | — | — | reported | standalone | 1.00 |
| Total assets | 39.04 | — | — | reported | — | 1.00 |
|
Total assets
standalone
|
33.79 | — | — | reported | standalone | 1.00 |
|
Current assets
standalone
|
21.16 | — | — | reported | standalone | 1.00 |
| Current liabilities | 7.28 | — | — | reported | — | 1.00 |
|
Current liabilities
standalone
|
7.24 | — | — | derived | standalone | 0.85 |
| CFO | -6.97 | — | — | reported | — | 1.00 |
|
CFO
standalone
|
-3.51 | — | — | reported | standalone | 1.00 |
| CapEx | 0.17 | — | — | reported | — | 1.00 |
|
CapEx
standalone
|
0.17 | — | — | reported | standalone | 1.00 |
| FCF | -7.14 | — | — | derived | — | 0.90 |
|
FCF
standalone
|
-3.68 | — | — | derived | standalone | 0.90 |
| ROE | -8.98% | — | — | reported | — | 0.85 |
| Current ratio | 2.92x | — | — | reported | — | 0.85 |
| Quick ratio | 2.77x | — | — | reported | — | 0.85 |
| Cash ratio | 0.86x | — | — | reported | — | 0.85 |
| Debt / equity | 0.08x | — | — | reported | — | 0.85 |
| Debt / assets | 0.06x | — | — | reported | — | 0.85 |
| Net debt / equity | -0.17x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | -13.06% | — | — | reported | — | 0.90 |
| EBITDA growth (YoY) | -346.66% | — | — | reported | — | 0.80 |
| EBIT growth (YoY) | -300.53% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -29.61% | — | — | reported | — | 0.90 |
| FCF growth (YoY) | -270.51% | — | — | reported | — | 0.85 |
| Gross margin Δ (YoY) | -0.8 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | -5.03 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | -5.3 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -1.42 pp | — | — | reported | — | 0.90 |
FY 2025 · Δ YoY
Revenue
66.75
—
66.75
—
- FY 2024
- —
Revenue
standalone
55.89
—
standalone
55.89
—
- FY 2024
- —
Gross profit
7.02
—
7.02
—
- FY 2024
- —
Gross profit
standalone
6.45
—
standalone
6.45
—
- FY 2024
- —
EBITDA
standalone
-2.08
—
standalone
-2.08
—
- FY 2024
- —
EBITDA
-2.24
—
-2.24
—
- FY 2024
- —
EBIT
standalone
-3.79
—
standalone
-3.79
—
- FY 2024
- —
EBIT
-3.95
—
-3.95
—
- FY 2024
- —
EBT
-2.44
—
-2.44
—
- FY 2024
- —
EBT
standalone
-2.04
—
standalone
-2.04
—
- FY 2024
- —
Net income
-2.82
—
-2.82
—
- FY 2024
- —
Net income
standalone
-2.41
—
standalone
-2.41
—
- FY 2024
- —
EPS (basic)
(PLN)
-1.37
—
-1.37
—
- FY 2024
- —
D&A
1.71
—
1.71
—
- FY 2024
- —
D&A
standalone
1.71
—
standalone
1.71
—
- FY 2024
- —
Interest expense
0.26
—
0.26
—
- FY 2024
- —
Interest expense
standalone
0.26
—
standalone
0.26
—
- FY 2024
- —
Gross margin
11.54%
—
11.54%
—
- FY 2024
- —
EBITDA margin
-3.72%
—
-3.72%
—
- FY 2024
- —
EBIT margin
-6.78%
—
-6.78%
—
- FY 2024
- —
EBT margin
-3.65%
—
-3.65%
—
- FY 2024
- —
Net margin
-4.31%
—
-4.31%
—
- FY 2024
- —
D&A margin
3.05%
—
3.05%
—
- FY 2024
- —
Cash
6.81
—
6.81
—
- FY 2024
- —
Cash
standalone
6.24
—
standalone
6.24
—
- FY 2024
- —
Total debt
1.97
—
1.97
—
- FY 2024
- —
Total debt
standalone
1.97
—
standalone
1.97
—
- FY 2024
- —
Net debt
-4.84
—
-4.84
—
- FY 2024
- —
Net debt
standalone
-4.27
—
standalone
-4.27
—
- FY 2024
- —
Equity
28.1
—
28.1
—
- FY 2024
- —
Equity
standalone
25.63
—
standalone
25.63
—
- FY 2024
- —
Total assets
39.04
—
39.04
—
- FY 2024
- —
Total assets
standalone
33.79
—
standalone
33.79
—
- FY 2024
- —
Current assets
standalone
21.16
—
standalone
21.16
—
- FY 2024
- —
Current liabilities
7.28
—
7.28
—
- FY 2024
- —
Current liabilities
standalone
7.24
—
standalone
7.24
—
- FY 2024
- —
CFO
-6.97
—
-6.97
—
- FY 2024
- —
CFO
standalone
-3.51
—
standalone
-3.51
—
- FY 2024
- —
CapEx
0.17
—
0.17
—
- FY 2024
- —
CapEx
standalone
0.17
—
standalone
0.17
—
- FY 2024
- —
FCF
-7.14
—
-7.14
—
- FY 2024
- —
FCF
standalone
-3.68
—
standalone
-3.68
—
- FY 2024
- —
ROE
-8.98%
—
-8.98%
—
- FY 2024
- —
Current ratio
2.92x
—
2.92x
—
- FY 2024
- —
Quick ratio
2.77x
—
2.77x
—
- FY 2024
- —
Cash ratio
0.86x
—
0.86x
—
- FY 2024
- —
Debt / equity
0.08x
—
0.08x
—
- FY 2024
- —
Debt / assets
0.06x
—
0.06x
—
- FY 2024
- —
Net debt / equity
-0.17x
—
-0.17x
—
- FY 2024
- —
Revenue growth (YoY)
-13.06%
—
-13.06%
—
- FY 2024
- —
EBITDA growth (YoY)
-346.66%
—
-346.66%
—
- FY 2024
- —
EBIT growth (YoY)
-300.53%
—
-300.53%
—
- FY 2024
- —
Net income growth (YoY)
-29.61%
—
-29.61%
—
- FY 2024
- —
FCF growth (YoY)
-270.51%
—
-270.51%
—
- FY 2024
- —
Gross margin Δ (YoY)
-0.8 pp
—
-0.8 pp
—
- FY 2024
- —
EBITDA margin Δ (YoY)
-5.03 pp
—
-5.03 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
-5.3 pp
—
-5.3 pp
—
- FY 2024
- —
Net margin Δ (YoY)
-1.42 pp
—
-1.42 pp
—
- FY 2024
- —