BGD BIOGENED NewConnect · Annual · publ. May 29, 2026

FY 2025 report

Producent dermokosmetyków (marka Dermedic) z 75-letnią historią i silną pozycją eksportową (~51% sprzedaży za granicą)

Sentiment

Cautious No guidance change

Website

BGD FY 2025 report

Revenue

113.11 m PLN

— YoY

Net income

4.94 m PLN

— YoY

EBITDA

13.05 m PLN

— YoY

Gross margin

63.75%

— YoY

Summary

Investment thesis

Poprawa efektywności kapitału obrotowego (redukcja zapasów o 6,25 mln zł) podniosła OCF do 12,47 mln zł mimo spadku zysku netto
Kompresja marży brutto (-5,4 p.p.) i spadek zysku netto (-15,1% r/r) niewytłumaczone wprost przez zarząd poza ogólnikowym odniesieniem do zmiany struktury terytorialnej
Bezpieczny bilans: dług netto/EBITDA 1,37x, wskaźnik płynności bieżącej 2,03x
Silna koncentracja akcjonariatu (3 podmioty >94% głosów) ogranicza free float i zewnętrzny nadzór korporacyjny

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Financials

BETA

FY 2025

BGD · FY 2025

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

Revenue	113.11	—	—	reported	—	1.00
Gross profit	72.11	—	—	reported	—	1.00
EBITDA	13.05	—	—	reported	—	0.90
EBIT	8.68	—	—	reported	—	1.00
EBT	6.07	—	—	reported	—	1.00
Net income	4.94	—	—	reported	—	1.00
EPS (basic) (PLN)	2.01	—	—	derived	—	0.90
D&A	4.37	—	—	reported	—	1.00
Interest expense	2.21	—	—	reported	—	1.00
Shares (basic) (m units)	2.46	—	—	reported	—	1.00

Gross margin	63.75%	—	—	reported	—	0.90
EBITDA margin	11.54%	—	—	reported	—	0.90
EBIT margin	7.67%	—	—	reported	—	0.90
Net margin	4.37%	—	—	reported	—	0.90

Cash	6.32	—	—	reported	—	1.00
Total debt	24.25	—	—	derived	—	0.90
Net debt	17.92	—	—	reported	—	0.90
Equity	45.02	—	—	reported	—	1.00
Total assets	87.23	—	—	reported	—	1.00
Working capital	24.66	—	—	reported	—	0.90
Current assets	48.51	—	—	reported	—	1.00
Current liabilities	23.85	—	—	reported	—	1.00
Goodwill	2.03	—	—	reported	—	1.00

CFO	12.47	—	—	reported	—	1.00
CapEx	7.35	—	—	reported	—	1.00
FCF	5.13	—	—	reported	—	0.90
FCF conversion	39.31%	—	—	reported	—	0.85
CFO conversion	95.56%	—	—	reported	—	0.85
Dividends paid	1.23	—	—	reported	—	1.00

ROE	11.45%	—	—	reported	—	0.85
ROA	5.69%	—	—	reported	—	0.85
ROIC	11.23%	—	—	reported	—	0.70
ROCE	13.69%	—	—	reported	—	0.85

Current ratio	2.03x	—	—	reported	—	0.90
Quick ratio	1.23x	—	—	reported	—	0.90
Cash ratio	0.27x	—	—	reported	—	0.90
Interest coverage	3.93x	—	—	reported	—	0.90

Net debt / EBITDA	1.37x	—	—	reported	—	0.85
Debt / equity	0.54x	—	—	reported	—	0.90
Debt / assets	0.28x	—	—	reported	—	0.90
Net debt / equity	0.4x	—	—	reported	—	0.85

Revenue growth (YoY)	1.96%	—	—	reported	—	0.95
EBITDA growth (YoY)	-3.39%	—	—	reported	—	0.90
EBIT growth (YoY)	-7.46%	—	—	reported	—	0.95
Net income growth (YoY)	-15.11%	—	—	reported	—	0.95
EPS growth (YoY)	-15.11%	—	—	reported	—	0.90
Gross margin Δ (YoY)	-5.35 pp	—	—	reported	—	0.90
EBITDA margin Δ (YoY)	-0.64 pp	—	—	reported	—	0.85
EBIT margin Δ (YoY)	-0.78 pp	—	—	reported	—	0.90
Net margin Δ (YoY)	-0.88 pp	—	—	reported	—	0.90

FY 2025 · Δ YoY

Revenue

113.11 —

FY 2024: —

Gross profit

72.11 —

FY 2024: —

EBITDA

13.05 —

FY 2024: —

EBIT

8.68 —

FY 2024: —

EBT

6.07 —

FY 2024: —

Net income

4.94 —

FY 2024: —

EPS (basic) (PLN)

2.01 —

FY 2024: —

D&A

4.37 —

FY 2024: —

Interest expense

2.21 —

FY 2024: —

Shares (basic) (m units)

2.46 —

FY 2024: —

Gross margin

63.75% —

FY 2024: —

EBITDA margin

11.54% —

FY 2024: —

EBIT margin

7.67% —

FY 2024: —

Net margin

4.37% —

FY 2024: —

Cash

6.32 —

FY 2024: —

Total debt

24.25 —

FY 2024: —

Net debt

17.92 —

FY 2024: —

Equity

45.02 —

FY 2024: —

Total assets

87.23 —

FY 2024: —

Working capital

24.66 —

FY 2024: —

Current assets

48.51 —

FY 2024: —

Current liabilities

23.85 —

FY 2024: —

Goodwill

2.03 —

FY 2024: —

CFO

12.47 —

FY 2024: —

CapEx

7.35 —

FY 2024: —

FCF

5.13 —

FY 2024: —

FCF conversion

39.31% —

FY 2024: —

CFO conversion

95.56% —

FY 2024: —

Dividends paid

1.23 —

FY 2024: —

ROE

11.45% —

FY 2024: —

ROA

5.69% —

FY 2024: —

ROIC

11.23% —

FY 2024: —

ROCE

13.69% —

FY 2024: —

Current ratio

2.03x —

FY 2024: —

Quick ratio

1.23x —

FY 2024: —

Cash ratio

0.27x —

FY 2024: —

Interest coverage

3.93x —

FY 2024: —

Net debt / EBITDA

1.37x —

FY 2024: —

Debt / equity

0.54x —

FY 2024: —

Debt / assets

0.28x —

FY 2024: —

Net debt / equity

0.4x —

FY 2024: —

Revenue growth (YoY)

1.96% —

FY 2024: —

EBITDA growth (YoY)

-3.39% —

FY 2024: —

EBIT growth (YoY)

-7.46% —

FY 2024: —

Net income growth (YoY)

-15.11% —

FY 2024: —

EPS growth (YoY)

-15.11% —

FY 2024: —

Gross margin Δ (YoY)

-5.35 pp —

FY 2024: —

EBITDA margin Δ (YoY)

-0.64 pp —

FY 2024: —

EBIT margin Δ (YoY)

-0.78 pp —

FY 2024: —

Net margin Δ (YoY)

-0.88 pp —

FY 2024: —