FY 2025 report
Wydawca stabilnej marki medialnej (tygodnik 'Do Rzeczy', portal DoRzeczy.pl, YouTube) z rosnącą bazą subskrypcji cyfrowej, ale w 2025 r. strata netto wzrosła ~10x r/r mimo płaskich przychodów.
Sentiment
Cautious
No guidance change
DRZ
FY 2025 report
Revenue
12,090.57 k PLN
— YoY
Net income
-2,424.81 k PLN
— YoY
EBITDA
-2,381.71 k PLN
— YoY
FCF
-4,028.9 k PLN
— YoY
Summary
Investment thesis
- Operacyjny cash burn (-3,52 mln zł) głębszy niż strata netto - pogorszenie kapitału obrotowego, sfinansowane niemal w całości emisjami akcji (+3,51 mln zł), nie działalnością operacyjną.
- Zero zadłużenia finansowego i świeżo dokapitalizowany bilans (kapitał własny 3,88 mln zł) dają pewien margines bezpieczeństwa mimo strat.
- Znacząca kwota (~1,56 mln zł, ~13% przychodów) trafia do spółek powiązanych z Wiceprezesem Zarządu i Przewodniczącym RN jako 'wynagrodzenie z innych tytułów', poza formalnym wynagrodzeniem zarządu - słabszy punkt przejrzystości korporacyjnej.
- Spółka kontrolowana przez PMPG Polskie Media S.A. (70,8% głosów); debiut na NewConnect nastąpił dopiero w kwietniu 2026 r., już po okresie objętym raportem.
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Financials
BETA
DRZ · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 12,090.57 | — | — | reported | — | 1.00 |
| EBITDA | -2,381.71 | — | — | derived | — | 0.90 |
| EBIT | -2,474.3 | — | — | reported | — | 1.00 |
| EBT | -2,450.37 | — | — | reported | — | 1.00 |
| Net income | -2,424.81 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -2.2 | — | — | reported | — | 1.00 |
| D&A | 92.59 | — | — | reported | — | 1.00 |
| Interest expense | 0.69 | — | — | reported | — | 0.90 |
| Shares (basic) (m units) | 1.1 | — | — | reported | — | 1.00 |
| EBITDA margin | -19.7% | — | — | reported | — | 0.90 |
| EBIT margin | -20.46% | — | — | reported | — | 1.00 |
| Net margin | -20.06% | — | — | reported | — | 1.00 |
| Cash | 1,781.98 | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | reported | — | 1.00 |
| Net debt | -1,781.98 | — | — | derived | — | 1.00 |
| Equity | 3,878.34 | — | — | reported | — | 1.00 |
| Total assets | 6,037.16 | — | — | reported | — | 1.00 |
| Working capital | 4,296.8 | — | — | derived | — | 1.00 |
| Current assets | 5,572.58 | — | — | reported | — | 1.00 |
| Current liabilities | 1,275.79 | — | — | reported | — | 1.00 |
| Goodwill | 417.27 | — | — | reported | — | 0.80 |
| CFO | -3,519.04 | — | — | reported | — | 1.00 |
| CapEx | 509.86 | — | — | reported | — | 0.90 |
| FCF | -4,028.9 | — | — | derived | — | 0.90 |
| FCF conversion | 169.2% | — | — | reported | — | 0.60 |
| Current ratio | 4.37x | — | — | reported | — | 1.00 |
| Quick ratio | 4.17x | — | — | reported | — | 1.00 |
| Cash ratio | 1.4x | — | — | reported | — | 1.00 |
| Debt / equity | 0x | — | — | reported | — | 1.00 |
| Debt / assets | 0x | — | — | reported | — | 1.00 |
| Net debt / equity | -0.46x | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | -0.67% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -990.05% | — | — | reported | — | 0.80 |
| EBIT growth (YoY) | -886.66% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | -847.05% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | -746.15% | — | — | reported | — | 1.00 |
| FCF growth (YoY) | -543.55% | — | — | reported | — | 0.80 |
FY 2025 · Δ YoY
Revenue
12,090.57
—
12,090.57
—
- FY 2024
- —
EBITDA
-2,381.71
—
-2,381.71
—
- FY 2024
- —
EBIT
-2,474.3
—
-2,474.3
—
- FY 2024
- —
EBT
-2,450.37
—
-2,450.37
—
- FY 2024
- —
Net income
-2,424.81
—
-2,424.81
—
- FY 2024
- —
EPS (basic)
(PLN)
-2.2
—
-2.2
—
- FY 2024
- —
D&A
92.59
—
92.59
—
- FY 2024
- —
Interest expense
0.69
—
0.69
—
- FY 2024
- —
Shares (basic)
(m units)
1.1
—
1.1
—
- FY 2024
- —
EBITDA margin
-19.7%
—
-19.7%
—
- FY 2024
- —
EBIT margin
-20.46%
—
-20.46%
—
- FY 2024
- —
Net margin
-20.06%
—
-20.06%
—
- FY 2024
- —
Cash
1,781.98
—
1,781.98
—
- FY 2024
- —
Total debt
0
—
0
—
- FY 2024
- —
Net debt
-1,781.98
—
-1,781.98
—
- FY 2024
- —
Equity
3,878.34
—
3,878.34
—
- FY 2024
- —
Total assets
6,037.16
—
6,037.16
—
- FY 2024
- —
Working capital
4,296.8
—
4,296.8
—
- FY 2024
- —
Current assets
5,572.58
—
5,572.58
—
- FY 2024
- —
Current liabilities
1,275.79
—
1,275.79
—
- FY 2024
- —
Goodwill
417.27
—
417.27
—
- FY 2024
- —
CFO
-3,519.04
—
-3,519.04
—
- FY 2024
- —
CapEx
509.86
—
509.86
—
- FY 2024
- —
FCF
-4,028.9
—
-4,028.9
—
- FY 2024
- —
FCF conversion
169.2%
—
169.2%
—
- FY 2024
- —
Current ratio
4.37x
—
4.37x
—
- FY 2024
- —
Quick ratio
4.17x
—
4.17x
—
- FY 2024
- —
Cash ratio
1.4x
—
1.4x
—
- FY 2024
- —
Debt / equity
0x
—
0x
—
- FY 2024
- —
Debt / assets
0x
—
0x
—
- FY 2024
- —
Net debt / equity
-0.46x
—
-0.46x
—
- FY 2024
- —
Revenue growth (YoY)
-0.67%
—
-0.67%
—
- FY 2024
- —
EBITDA growth (YoY)
-990.05%
—
-990.05%
—
- FY 2024
- —
EBIT growth (YoY)
-886.66%
—
-886.66%
—
- FY 2024
- —
Net income growth (YoY)
-847.05%
—
-847.05%
—
- FY 2024
- —
EPS growth (YoY)
-746.15%
—
-746.15%
—
- FY 2024
- —
FCF growth (YoY)
-543.55%
—
-543.55%
—
- FY 2024
- —