ADX Adatex Giełda Papierów Wartościowych w Warszawie · annual · publ. May 29, 2026

FY 2025 report

Deweloper mieszkaniowy ze Śląska i Mazowsza: zysk netto spadł o 42,5% do 7,1 mln zł, a marża operacyjna z 16,5% do 9,8%.

Sentiment

Neutral No guidance change

Website

ADX FY 2025 report

Revenue

102,850,148 PLN

— YoY

Net income

7,105,873 PLN

— YoY

EBITDA

10,337,543 PLN

— YoY

Net debt / EBITDA

5.88x

— YoY

Summary

Investment thesis

Bilans jest wyraźnie zlewarowany: zadłużenie oprocentowane 117,6 mln zł, dług netto 106,9 mln zł, czyli ok. 10,3x EBITDA i 1,3x kapitału własnego.
Ujemne przepływy operacyjne (−31,1 mln zł) wynikają z budowy zapasów o 35,5 mln zł; wzrost finansowano kredytami i obligacjami (łącznie ok. 86,5 mln zł wpływów).
Duża część przychodów z oddanych w IV kwartale 2025 r. etapów inwestycji ma zostać rozpoznana w 2026 r. po przeniesieniu własności lokali, co daje potencjał odbicia wyników.
Ryzyko koncentracji: głównym wykonawcą jest podmiot powiązany osobowo (Badimex), z kosztami 64,3 mln zł, czyli ok. 78% usług obcych.

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Financials

BETA

FY 2025

ADX · FY 2025

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

Revenue	102,850,148	—	—	reported	—	1.00
EBITDA	10,337,543	—	—	adjusted	—	1.00
EBIT	10,052,317	—	—	reported	—	1.00
EBT	8,123,243	—	—	reported	—	1.00
Net income	7,105,873	—	—	reported	—	1.00
EPS (basic)	0.22	—	—	reported	—	1.00
EPS (diluted)	0.22	—	—	reported	—	1.00
D&A	285,226	—	—	reported	—	1.00
Interest expense	3,690,046	—	—	reported	—	1.00
Income tax	1,017,370	—	—	reported	—	1.00
Shares (basic) (m units)	64.12	—	—	reported	—	0.90

EBITDA margin	16.02%	—	—	reported	—	0.90
EBIT margin	15.57%	—	—	reported	—	0.90
EBT margin	7.9%	—	—	derived	—	0.70
Net margin	13.29%	—	—	reported	—	0.90
D&A margin	0.28%	—	—	derived	—	0.70

Cash	10,693,781	—	—	reported	—	1.00
Total debt	117,561,708	—	—	reported	—	1.00
Net debt	106,867,927	—	—	derived	—	0.70
Equity	81,613,982	—	—	reported	—	1.00
Total assets	244,886,264	—	—	reported	—	1.00
Working capital	206,754,929	—	—	derived	—	0.70
Current assets	239,615,732	—	—	reported	—	1.00
Current liabilities	32,860,803	—	—	reported	—	1.00
Non-current liabilities	110,146,549	—	—	reported	—	1.00
Inventory	224,279,906	—	—	reported	—	1.00
Trade receivables	1,076,419	—	—	reported	—	1.00
Trade payables	13,329,650	—	—	reported	—	1.00
Goodwill	2,542,405	—	—	reported	—	1.00
Tangible equity	79,071,577	—	—	derived	—	0.70

CFO	-31,116,065	—	—	reported	—	1.00
CapEx	35,799	—	—	reported	—	1.00
FCF	-31,151,864	—	—	derived	—	0.70
FCF conversion	207%	—	—	reported	—	0.80
CFO conversion	207.1%	—	—	reported	—	0.80
Dividends paid (m PLN)	0	—	—	reported	—	1.00

ROE	13.63%	—	—	reported	—	0.80
ROA	6.13%	—	—	reported	—	0.75
ROCE	4.74%	—	—	derived	—	0.70

Current ratio	6.7x	—	—	reported	—	0.95
Quick ratio	0.75x	—	—	reported	—	0.90
Cash ratio	0.37x	—	—	reported	—	0.95
Interest coverage	5.73x	—	—	reported	—	0.85

Net debt / EBITDA	5.88x	—	—	reported	—	0.80
Debt / equity	0.97x	—	—	reported	—	0.85
Debt / assets	0.4x	—	—	reported	—	0.85
Net debt / equity	0.87x	—	—	reported	—	0.80

Revenue growth (YoY)	-31.42%	—	—	reported	—	1.00
EBITDA growth (YoY)	-24.23%	—	—	reported	—	0.90
EBIT growth (YoY)	-24.78%	—	—	reported	—	1.00
Net income growth (YoY)	26.62%	—	—	reported	—	1.00
EPS growth (YoY)	-43.59%	—	—	reported	—	1.00
EBITDA margin Δ (YoY)	1.68 pp	—	—	reported	—	0.90
EBIT margin Δ (YoY)	1.5 pp	—	—	reported	—	0.90
Net margin Δ (YoY)	11.24 pp	—	—	reported	—	0.90

FY 2025 · Δ YoY

Revenue

102,850,148 —

FY 2024: —

EBITDA

10,337,543 —

FY 2024: —

EBIT

10,052,317 —

FY 2024: —

EBT

8,123,243 —

FY 2024: —

Net income

7,105,873 —

FY 2024: —

EPS (basic)

0.22 —

FY 2024: —

EPS (diluted)

0.22 —

FY 2024: —

D&A

285,226 —

FY 2024: —

Interest expense

3,690,046 —

FY 2024: —

Income tax

1,017,370 —

FY 2024: —

Shares (basic) (m units)

64.12 —

FY 2024: —

EBITDA margin

16.02% —

FY 2024: —

EBIT margin

15.57% —

FY 2024: —

EBT margin

7.9% —

FY 2024: —

Net margin

13.29% —

FY 2024: —

D&A margin

0.28% —

FY 2024: —

Cash

10,693,781 —

FY 2024: —

Total debt

117,561,708 —

FY 2024: —

Net debt

106,867,927 —

FY 2024: —

Equity

81,613,982 —

FY 2024: —

Total assets

244,886,264 —

FY 2024: —

Working capital

206,754,929 —

FY 2024: —

Current assets

239,615,732 —

FY 2024: —

Current liabilities

32,860,803 —

FY 2024: —

Non-current liabilities

110,146,549 —

FY 2024: —

Inventory

224,279,906 —

FY 2024: —

Trade receivables

1,076,419 —

FY 2024: —

Trade payables

13,329,650 —

FY 2024: —

Goodwill

2,542,405 —

FY 2024: —

Tangible equity

79,071,577 —

FY 2024: —

CFO

-31,116,065 —

FY 2024: —

CapEx

35,799 —

FY 2024: —

FCF

-31,151,864 —

FY 2024: —

FCF conversion

207% —

FY 2024: —

CFO conversion

207.1% —

FY 2024: —

Dividends paid (m PLN)

0 —

FY 2024: —

ROE

13.63% —

FY 2024: —

ROA

6.13% —

FY 2024: —

ROCE

4.74% —

FY 2024: —

Current ratio

6.7x —

FY 2024: —

Quick ratio

0.75x —

FY 2024: —

Cash ratio

0.37x —

FY 2024: —

Interest coverage

5.73x —

FY 2024: —

Net debt / EBITDA

5.88x —

FY 2024: —

Debt / equity

0.97x —

FY 2024: —

Debt / assets

0.4x —

FY 2024: —

Net debt / equity

0.87x —

FY 2024: —

Revenue growth (YoY)

-31.42% —

FY 2024: —

EBITDA growth (YoY)

-24.23% —

FY 2024: —

EBIT growth (YoY)

-24.78% —

FY 2024: —

Net income growth (YoY)

26.62% —

FY 2024: —

EPS growth (YoY)

-43.59% —

FY 2024: —

EBITDA margin Δ (YoY)

1.68 pp —

FY 2024: —

EBIT margin Δ (YoY)

1.5 pp —

FY 2024: —

Net margin Δ (YoY)

11.24 pp —

FY 2024: —