LGT LOGINTRADE NewConnect · Annual · publ. May 29, 2026

FY 2025 report

Przychody rosną +13,7% r/r do 8,89 mln zł, przy wyraźnej poprawie rentowności operacyjnej (marża EBIT 7,8%→15,1%, marża EBITDA 14,4%→18,8%).

Sentiment

Positive No guidance change

Website

LGT FY 2025 report

Revenue

8.89 m PLN

— YoY

Net income

2.35 m PLN

— YoY

EBITDA

1.67 m PLN

— YoY

Net debt / EBITDA

-1.5x

— YoY

Summary

Investment thesis

Zysk netto wzrósł prawie 4-krotnie (+289,7% r/r) do 2,35 mln zł, ale w istotnej części dzięki jednorazowej dywidendzie 1,11 mln zł od 50%-owej spółki zależnej Public24.AI — bez tego efektu wzrost byłby dużo skromniejszy niż nagłówkowa liczba sugeruje.
Bardzo silny bilans: current ratio 5,8x, pozycja gotówki netto (-2,51 mln zł długu netto), malejący wskaźnik zadłużenia ogólnego (23,5% z 30,6% rok wcześniej).
Spółka rozwija grupę kapitałową wokół strategii AI-first (Salewaste, Public24.AI, Zingflow, nowa Iqmatica), ale trzy z czterech podmiotów zależnych są głęboko stratne, dwa z ujemnym kapitałem własnym — LGT zwiększa ekspozycję poprzez nową pożyczkę wewnątrzgrupową 1,87 mln zł.
Czysta opinia biegłego rewidenta bez zastrzeżeń, brak transakcji na warunkach innych niż rynkowe, wysoka płynność operacyjna (OCF/EBITDA ~97%).

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Financials

BETA

FY 2025

LGT · FY 2025

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

Revenue	8.89	—	—	reported	—	1.00
EBITDA	1.67	—	—	reported	—	1.00
EBIT	1.34	—	—	reported	—	1.00
EBT	1.69	—	—	reported	—	1.00
Net income	2.35	—	—	reported	—	1.00
EPS (basic) (PLN)	0.47	—	—	derived	—	0.70
D&A	0.34	—	—	reported	—	1.00
Interest expense	0.1	—	—	reported	—	1.00
Shares (basic) (m units)	5.01	—	—	reported	—	1.00

EBITDA margin	18.84%	—	—	reported	—	1.00
EBIT margin	15.05%	—	—	reported	—	1.00
EBT margin	15.93%	—	—	derived	—	0.95
Net margin	26.43%	—	—	reported	—	1.00
D&A margin	3.41%	—	—	derived	—	0.90

Cash	3.77	—	—	reported	—	1.00
Total debt	1.26	—	—	derived	—	0.90
Net debt	-2.51	—	—	derived	—	0.90
Equity	7.44	—	—	reported	—	1.00
Total assets	9.74	—	—	reported	—	1.00
Working capital	4.29	—	—	reported	—	0.90
Current assets	5.19	—	—	reported	—	1.00
Current liabilities	0.89	—	—	reported	—	1.00
Tangible equity	6.03	—	—	derived	—	0.80

CFO	1.62	—	—	reported	—	1.00
CapEx	0.41	—	—	reported	—	1.00
FCF	1.22	—	—	derived	—	0.90
FCF conversion	72.64%	—	—	reported	—	0.80
CFO conversion	96.83%	—	—	reported	—	0.80
Dividends paid	1.11	—	—	reported	—	0.70

ROE	31.55%	—	—	reported	—	1.00
ROA	11.1%	—	—	derived	—	0.90
ROIC	40.83%	—	—	derived	—	0.60
ROCE	20.13%	—	—	derived	—	0.85

Current ratio	5.8x	—	—	reported	—	1.00
Quick ratio	5.57x	—	—	reported	—	1.00
Cash ratio	4.22x	—	—	reported	—	1.00
Interest coverage	16.85x	—	—	derived	—	0.85

Net debt / EBITDA	-1.5x	—	—	reported	—	0.80
Debt / equity	0.17x	—	—	reported	—	0.80
Debt / assets	0.17x	—	—	derived	—	0.90
Net debt / equity	-0.44x	—	—	derived	—	0.90

Revenue growth (YoY)	13.66%	—	—	reported	—	1.00
EBITDA growth (YoY)	48.49%	—	—	reported	—	1.00
EBIT growth (YoY)	118.61%	—	—	reported	—	1.00
Net income growth (YoY)	289.73%	—	—	reported	—	1.00
EPS growth (YoY)	9.37%	—	—	reported	—	0.60
EBITDA margin Δ (YoY)	4.42 pp	—	—	reported	—	1.00
EBIT margin Δ (YoY)	7.23 pp	—	—	reported	—	1.00
Net margin Δ (YoY)	18.73 pp	—	—	reported	—	1.00

FY 2025 · Δ YoY

Revenue

8.89 —

FY 2024: —

EBITDA

1.67 —

FY 2024: —

EBIT

1.34 —

FY 2024: —

EBT

1.69 —

FY 2024: —

Net income

2.35 —

FY 2024: —

EPS (basic) (PLN)

0.47 —

FY 2024: —

D&A

0.34 —

FY 2024: —

Interest expense

0.1 —

FY 2024: —

Shares (basic) (m units)

5.01 —

FY 2024: —

EBITDA margin

18.84% —

FY 2024: —

EBIT margin

15.05% —

FY 2024: —

EBT margin

15.93% —

FY 2024: —

Net margin

26.43% —

FY 2024: —

D&A margin

3.41% —

FY 2024: —

Cash

3.77 —

FY 2024: —

Total debt

1.26 —

FY 2024: —

Net debt

-2.51 —

FY 2024: —

Equity

7.44 —

FY 2024: —

Total assets

9.74 —

FY 2024: —

Working capital

4.29 —

FY 2024: —

Current assets

5.19 —

FY 2024: —

Current liabilities

0.89 —

FY 2024: —

Tangible equity

6.03 —

FY 2024: —

CFO

1.62 —

FY 2024: —

CapEx

0.41 —

FY 2024: —

FCF

1.22 —

FY 2024: —

FCF conversion

72.64% —

FY 2024: —

CFO conversion

96.83% —

FY 2024: —

Dividends paid

1.11 —

FY 2024: —

ROE

31.55% —

FY 2024: —

ROA

11.1% —

FY 2024: —

ROIC

40.83% —

FY 2024: —

ROCE

20.13% —

FY 2024: —

Current ratio

5.8x —

FY 2024: —

Quick ratio

5.57x —

FY 2024: —

Cash ratio

4.22x —

FY 2024: —

Interest coverage

16.85x —

FY 2024: —

Net debt / EBITDA

-1.5x —

FY 2024: —

Debt / equity

0.17x —

FY 2024: —

Debt / assets

0.17x —

FY 2024: —

Net debt / equity

-0.44x —

FY 2024: —

Revenue growth (YoY)

13.66% —

FY 2024: —

EBITDA growth (YoY)

48.49% —

FY 2024: —

EBIT growth (YoY)

118.61% —

FY 2024: —

Net income growth (YoY)

289.73% —

FY 2024: —

EPS growth (YoY)

9.37% —

FY 2024: —

EBITDA margin Δ (YoY)

4.42 pp —

FY 2024: —

EBIT margin Δ (YoY)

7.23 pp —

FY 2024: —

Net margin Δ (YoY)

18.73 pp —

FY 2024: —