ADX ADATEX Giełda Papierów Wartościowych w Warszawie · Annual · publ. May 29, 2026

FY 2025 report

Deweloper mieszkaniowy (Śląsk, Mazowsze) z rosnącym kapitałem własnym, ale coraz słabszą jakością gotówkowego zysku.

Sentiment

Neutral No guidance change

Website

ADX FY 2025 report

Revenue

66.04 m PLN

— YoY

Net income

8.77 m PLN

— YoY

EBITDA

10.58 m PLN

— YoY

Net debt / EBITDA

5.88x

— YoY

Summary

Investment thesis

Zysk netto rośnie (+26,6% r/r) dzięki jednorazowym pozycjom finansowym (dywidenda od spółek zależnych, dyskonto obligacji), nie operacyjnej poprawie.
Operacyjne przepływy pieniężne przeszły na trwale ujemne (-6,4 mln zł), co przy rosnącym zadłużeniu (dług netto/EBITDA ~9,6x) jest głównym ryzykiem.
Model biznesowy przesuwa się w stronę holdingu — nowe inwestycje realizują spółki celowe, jednostkowe sprawozdanie coraz mniej odzwierciedla operacyjną skalę grupy.
Istotna koncentracja transakcji z podmiotem powiązanym (Badimex Sp. z o.o.) wymaga dalszej weryfikacji rynkowości warunków.

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Financials

BETA

FY 2025

ADX · FY 2025

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

Revenue	66.04	—	—	reported	—	1.00
EBITDA	10.58	—	—	reported	—	0.90
EBIT	10.28	—	—	reported	—	1.00
EBT	10.05	—	—	reported	—	1.00
Net income	8.77	—	—	reported	—	1.00
EPS (basic) (PLN)	0.22	—	—	reported	—	1.00
EPS (diluted) (PLN)	0.22	—	—	reported	—	1.00
D&A	0.3	—	—	reported	—	1.00
Interest expense	1.79	—	—	reported	—	0.90
Shares (basic) (m units)	64.12	—	—	reported	—	0.90

EBITDA margin	16.02%	—	—	reported	—	0.90
EBIT margin	15.57%	—	—	reported	—	0.90
Net margin	13.29%	—	—	reported	—	0.90

Cash	7.41	—	—	reported	—	1.00
Total debt	69.67	—	—	derived	—	0.90
Net debt	62.26	—	—	reported	—	0.85
Equity	71.98	—	—	reported	—	1.00
Total assets	175	—	—	reported	—	1.00
Current assets	133.26	—	—	reported	—	1.00
Current liabilities	19.88	—	—	reported	—	1.00
Goodwill	2.54	—	—	reported	—	1.00

CFO	21.92	—	—	reported	—	1.00
CapEx	0.01	—	—	reported	—	1.00
FCF	21.9	—	—	derived	—	0.90
FCF conversion	207%	—	—	reported	—	0.80
CFO conversion	207.1%	—	—	reported	—	0.80
Dividends paid	0	—	—	reported	—	1.00

ROE	13.63%	—	—	reported	—	0.80
ROA	6.13%	—	—	reported	—	0.75

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

66.04 —

FY 2024: —

EBITDA

10.58 —

FY 2024: —

EBIT

10.28 —

FY 2024: —

EBT

10.05 —

FY 2024: —

Net income

8.77 —

FY 2024: —

EPS (basic) (PLN)

0.22 —

FY 2024: —

EPS (diluted) (PLN)

0.22 —

FY 2024: —

D&A

0.3 —

FY 2024: —

Interest expense

1.79 —

FY 2024: —

Shares (basic) (m units)

64.12 —

FY 2024: —

EBITDA margin

16.02% —

FY 2024: —

EBIT margin

15.57% —

FY 2024: —

Net margin

13.29% —

FY 2024: —

Cash

7.41 —

FY 2024: —

Total debt

69.67 —

FY 2024: —

Net debt

62.26 —

FY 2024: —

Equity

71.98 —

FY 2024: —

Total assets

175 —

FY 2024: —

Current assets

133.26 —

FY 2024: —

Current liabilities

19.88 —

FY 2024: —

Goodwill

2.54 —

FY 2024: —

CFO

21.92 —

FY 2024: —

CapEx

0.01 —

FY 2024: —

FCF

21.9 —

FY 2024: —

FCF conversion

207% —

FY 2024: —

CFO conversion

207.1% —

FY 2024: —

Dividends paid

0 —

FY 2024: —

ROE

13.63% —

FY 2024: —

ROA

6.13% —

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: —