KPI KANCELARIA PRAWNA - INKASO WEC NewConnect · Annual · publ. May 29, 2026

FY 2025 report

Grupa kapitałowa świadcząca usługi prawne, windykacyjne i finansowe (faktoring, pożyczki dla MŚP), z rosnącym segmentem inwestycyjnym opartym na zakupie portfeli wierzytelności.

Sentiment

Positive No guidance change

Website

KPI FY 2025 report

Revenue

14,589,663 PLN

— YoY

Net income

991,392 PLN

— YoY

EBITDA

5,009,856 PLN

— YoY

Net debt / EBITDA

4.7x

— YoY

Summary

Investment thesis

Przychody Grupy wzrosły o 22,8% r/r, EBIT o 54,3%, a zysk netto o 68,1% r/r w 2025 r.
Wzrost jest w całości finansowany kapitałem obcym - dług oprocentowany wzrósł o 145% r/r (do 38,6 mln zł), a dług netto/EBITDA sięga ok. 4,7x.
Operacyjne przepływy pieniężne głęboko ujemne (-8,68 mln zł) - efekt księgowania zakupu portfeli wierzytelności jako działalności operacyjnej, finansowanego emisją długu.
Zdarzenie po dniu bilansowym: umowa nabycia portfela wierzytelności o wartości nominalnej ~105 mln zł - skala dwukrotnie większa niż obecna suma bilansowa Grupy, co oznacza dalszy istotny wzrost lewarowania w 2026 r.

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Financials

BETA

FY 2025

KPI · FY 2025

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

Revenue	14,589,663	—	—	reported	—	1.00
EBITDA	5,009,856	—	—	reported	—	0.90
EBIT	4,775,230	—	—	reported	—	1.00
Net income	991,392	—	—	reported	—	1.00
D&A	234,626	—	—	reported	—	1.00
Interest expense	5,736,178	—	—	reported	—	1.00

EBITDA margin	34.34%	—	—	reported	—	0.90
EBIT margin	41.11%	—	—	reported	—	0.95
Net margin	6.8%	—	—	reported	—	1.00

Cash	2,893,250	—	—	reported	—	1.00
Total debt	38,599,290	—	—	derived	—	0.90
Net debt	35,706,039	—	—	reported	—	0.90
Equity	10,195,146	—	—	reported	—	1.00
Total assets	52,049,173	—	—	reported	—	1.00
Current assets	30,764,416	—	—	reported	—	1.00
Current liabilities	14,255,096	—	—	reported	—	1.00

CFO	2,326,376	—	—	reported	—	1.00

ROE	17.76%	—	—	reported	—	0.85
ROA	4.07%	—	—	reported	—	0.85

Current ratio	2.16x	—	—	reported	—	0.95
Cash ratio	0.2x	—	—	reported	—	0.95

Net debt / EBITDA	4.7x	—	—	reported	—	0.85
Debt / equity	3.79x	—	—	reported	—	0.85

Revenue growth (YoY)	22.83%	—	—	reported	—	1.00
EBITDA growth (YoY)	51.62%	—	—	reported	—	0.90
EBIT growth (YoY)	54.28%	—	—	reported	—	1.00
Net income growth (YoY)	68.06%	—	—	reported	—	1.00
EBITDA margin Δ (YoY)	8.05 pp	—	—	reported	—	0.85
Net margin Δ (YoY)	2.51 pp	—	—	reported	—	0.95

FY 2025 · Δ YoY

Revenue

14,589,663 —

FY 2024: —

EBITDA

5,009,856 —

FY 2024: —

EBIT

4,775,230 —

FY 2024: —

Net income

991,392 —

FY 2024: —

D&A

234,626 —

FY 2024: —

Interest expense

5,736,178 —

FY 2024: —

EBITDA margin

34.34% —

FY 2024: —

EBIT margin

41.11% —

FY 2024: —

Net margin

6.8% —

FY 2024: —

Cash

2,893,250 —

FY 2024: —

Total debt

38,599,290 —

FY 2024: —

Net debt

35,706,039 —

FY 2024: —

Equity

10,195,146 —

FY 2024: —

Total assets

52,049,173 —

FY 2024: —

Current assets

30,764,416 —

FY 2024: —

Current liabilities

14,255,096 —

FY 2024: —

CFO

2,326,376 —

FY 2024: —

ROE

17.76% —

FY 2024: —

ROA

4.07% —

FY 2024: —

Current ratio

2.16x —

FY 2024: —

Cash ratio

0.2x —

FY 2024: —

Net debt / EBITDA

4.7x —

FY 2024: —

Debt / equity

3.79x —

FY 2024: —

Revenue growth (YoY)

22.83% —

FY 2024: —

EBITDA growth (YoY)

51.62% —

FY 2024: —

EBIT growth (YoY)

54.28% —

FY 2024: —

Net income growth (YoY)

68.06% —

FY 2024: —

EBITDA margin Δ (YoY)

8.05 pp —

FY 2024: —

Net margin Δ (YoY)

2.51 pp —

FY 2024: —