IBC IBC POLSKA F&P NewConnect · Annual · publ. May 29, 2026

FY 2025 report

Jednostka dominująca rośnie szybciej niż grupa: przychody jednostkowe +39,2% r/r vs +27,3% skonsolidowanie

Sentiment

Positive No guidance change

Website

IBC FY 2025 report

Revenue

12.37 m PLN

— YoY

Net income

0.4 m PLN

— YoY

EBITDA

0.63 m PLN

— YoY

Net debt / EBITDA

-1.5x

— YoY

Summary

Investment thesis

Konwersja OCF/EBITDA >100% (108,5%) — jakość zysku bardzo wysoka, wsparta spadkiem należności o ok. 20% mimo wzrostu sprzedaży
Zero zadłużenia odsetkowego, pozycja gotówki netto ~867 tys. zł
Wynagrodzenie Zarządu na poziomie jednostkowym (164,4 tys. zł) odpowiada 38,9% zysku netto spółki — niżej niż konsolidacyjne 91,6%, ale wciąż powyżej typowego progu 20-30%
Te same ryzyka korporacyjne co w ujęciu grupowym: koncentracja właścicielska (90,7% głosów u 2 osób) i koncentracja klientów

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Financials

BETA

FY 2025

IBC · FY 2025

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

Revenue standalone	10.92	—	—	reported	standalone	1.00
Revenue	12.37	—	—	reported	—	1.00
EBITDA	0.63	—	—	reported	—	1.00
EBITDA standalone	0.58	—	—	reported	standalone	1.00
EBIT	0.44	—	—	reported	—	1.00
EBIT standalone	0.45	—	—	reported	standalone	1.00
EBT	0.47	—	—	reported	—	1.00
EBT standalone	0.49	—	—	reported	standalone	1.00
Net income	0.4	—	—	reported	—	1.00
Net income standalone	0.42	—	—	reported	standalone	1.00
EPS (basic)	0.14	—	—	derived	—	0.60
D&A	0.18	—	—	reported	—	1.00
D&A standalone	0.13	—	—	reported	standalone	1.00
Interest expense	0	—	—	reported	—	0.80
Interest expense standalone	0	—	—	reported	standalone	0.80
Shares (basic) (m units)	3.01	—	—	reported	—	0.60
Shares (basic) (m units) standalone	3.01	—	—	reported	standalone	0.60

EBITDA margin	5.3%	—	—	derived	—	0.95
EBIT margin	4.13%	—	—	derived	—	0.95
EBT margin	4.46%	—	—	derived	—	0.95
Net margin	3.86%	—	—	derived	—	0.95
D&A margin	1.17%	—	—	derived	—	0.95

Cash	0.88	—	—	reported	—	1.00
Cash standalone	0.87	—	—	reported	standalone	1.00
Total debt	0	—	—	reported	—	1.00
Total debt standalone	0	—	—	reported	standalone	1.00
Net debt	-0.88	—	—	derived	—	1.00
Net debt standalone	-0.87	—	—	derived	standalone	1.00
Equity	4.45	—	—	reported	—	1.00
Equity standalone	4.68	—	—	reported	standalone	1.00
Total assets	6.81	—	—	reported	—	1.00
Total assets standalone	6.93	—	—	reported	standalone	1.00
Current assets	4.26	—	—	reported	—	1.00
Current assets standalone	3.92	—	—	reported	standalone	1.00
Current liabilities	2.25	—	—	reported	—	1.00
Current liabilities standalone	2.23	—	—	reported	standalone	1.00
Goodwill	0	—	—	reported	—	1.00
Goodwill standalone	0.01	—	—	reported	standalone	0.80

CFO	0.62	—	—	reported	—	1.00
CFO standalone	0.63	—	—	reported	standalone	1.00
CapEx	0.05	—	—	reported	—	0.90
CapEx standalone	0.05	—	—	reported	standalone	0.90
FCF	0.57	—	—	derived	—	0.95
FCF standalone	0.57	—	—	derived	standalone	0.95
FCF conversion	99.26%	—	—	derived	—	0.85
CFO conversion	108.54%	—	—	derived	—	0.85
Dividends paid	0	—	—	reported	—	1.00
Dividends paid standalone	0	—	—	reported	standalone	1.00
Buybacks	0	—	—	reported	—	1.00
Buybacks standalone	0	—	—	reported	standalone	1.00
Net acquisitions	0	—	—	reported	—	1.00

ROE	9.45%	—	—	derived	—	0.90
ROA	6.51%	—	—	derived	—	0.90
ROIC	10.24%	—	—	derived	—	0.75
ROCE	9.6%	—	—	derived	—	0.90

Current ratio	1.76x	—	—	derived	—	0.95
Cash ratio	0.39x	—	—	derived	—	0.95
Interest coverage	1577.6x	—	—	derived	—	0.60

Net debt / EBITDA	-1.5x	—	—	derived	—	0.90
Debt / equity	0x	—	—	derived	—	1.00
Debt / assets	0x	—	—	derived	—	1.00
Net debt / equity	-0.19x	—	—	derived	—	0.90

Revenue growth (YoY)	39.2%	—	—	derived	—	0.95
EBITDA growth (YoY)	343.55%	—	—	derived	—	0.60
EBIT growth (YoY)	220.09%	—	—	derived	—	0.60
Net income growth (YoY)	217.19%	—	—	derived	—	0.60
EPS growth (YoY)	217.19%	—	—	derived	—	0.60
FCF growth (YoY)	4869.1%	—	—	derived	—	0.30
EBITDA margin Δ (YoY)	8.33 pp	—	—	derived	—	0.90
EBIT margin Δ (YoY)	8.92 pp	—	—	derived	—	0.90
Net margin Δ (YoY)	8.45 pp	—	—	derived	—	0.90

FY 2025 · Δ YoY

Revenue

standalone

10.92 —

FY 2024: —

Revenue

12.37 —

FY 2024: —

EBITDA

0.63 —

FY 2024: —

EBITDA

standalone

0.58 —

FY 2024: —

EBIT

0.44 —

FY 2024: —

EBIT

standalone

0.45 —

FY 2024: —

EBT

0.47 —

FY 2024: —

EBT

standalone

0.49 —

FY 2024: —

Net income

0.4 —

FY 2024: —

Net income

standalone

0.42 —

FY 2024: —

EPS (basic)

0.14 —

FY 2024: —

D&A

0.18 —

FY 2024: —

D&A

standalone

0.13 —

FY 2024: —

Interest expense

0 —

FY 2024: —

Interest expense

standalone

0 —

FY 2024: —

Shares (basic) (m units)

3.01 —

FY 2024: —

Shares (basic) (m units)

standalone

3.01 —

FY 2024: —

EBITDA margin

5.3% —

FY 2024: —

EBIT margin

4.13% —

FY 2024: —

EBT margin

4.46% —

FY 2024: —

Net margin

3.86% —

FY 2024: —

D&A margin

1.17% —

FY 2024: —

Cash

0.88 —

FY 2024: —

Cash

standalone

0.87 —

FY 2024: —

Total debt

0 —

FY 2024: —

Total debt

standalone

0 —

FY 2024: —

Net debt

-0.88 —

FY 2024: —

Net debt

standalone

-0.87 —

FY 2024: —

Equity

4.45 —

FY 2024: —

Equity

standalone

4.68 —

FY 2024: —

Total assets

6.81 —

FY 2024: —

Total assets

standalone

6.93 —

FY 2024: —

Current assets

4.26 —

FY 2024: —

Current assets

standalone

3.92 —

FY 2024: —

Current liabilities

2.25 —

FY 2024: —

Current liabilities

standalone

2.23 —

FY 2024: —

Goodwill

0 —

FY 2024: —

Goodwill

standalone

0.01 —

FY 2024: —

CFO

0.62 —

FY 2024: —

CFO

standalone

0.63 —

FY 2024: —

CapEx

0.05 —

FY 2024: —

CapEx

standalone

0.05 —

FY 2024: —

FCF

0.57 —

FY 2024: —

FCF

standalone

0.57 —

FY 2024: —

FCF conversion

99.26% —

FY 2024: —

CFO conversion

108.54% —

FY 2024: —

Dividends paid

0 —

FY 2024: —

Dividends paid

standalone

0 —

FY 2024: —

Buybacks

0 —

FY 2024: —

Buybacks

standalone

0 —

FY 2024: —

Net acquisitions

0 —

FY 2024: —

ROE

9.45% —

FY 2024: —

ROA

6.51% —

FY 2024: —

ROIC

10.24% —

FY 2024: —

ROCE

9.6% —

FY 2024: —

Current ratio

1.76x —

FY 2024: —

Cash ratio

0.39x —

FY 2024: —

Interest coverage

1577.6x —

FY 2024: —

Net debt / EBITDA

-1.5x —

FY 2024: —

Debt / equity

0x —

FY 2024: —

Debt / assets

0x —

FY 2024: —

Net debt / equity

-0.19x —

FY 2024: —

Revenue growth (YoY)

39.2% —

FY 2024: —

EBITDA growth (YoY)

343.55% —

FY 2024: —

EBIT growth (YoY)

220.09% —

FY 2024: —

Net income growth (YoY)

217.19% —

FY 2024: —

EPS growth (YoY)

217.19% —

FY 2024: —

FCF growth (YoY)

4869.1% —

FY 2024: —

EBITDA margin Δ (YoY)

8.33 pp —

FY 2024: —

EBIT margin Δ (YoY)

8.92 pp —

FY 2024: —

Net margin Δ (YoY)

8.45 pp —

FY 2024: —