SMT SIMTERACT NewConnect · Annual · publ. May 29, 2026

FY 2025 report

Producent gier premium simulation (Taxi Life, wkrótce Bus Simulator 27) współpracujący z globalnymi wydawcami NACON i Astragon (grupa Team17)

Sentiment

Positive No guidance change

Website

SMT FY 2025 report

Revenue

10.01 m PLN

— YoY

Net income

0.59 m PLN

— YoY

EBITDA

1.15 m PLN

— YoY

FCF

1.21 m PLN

— YoY

Summary

Investment thesis

Headline finansowy wygląda mocno (przychody +8,9%, zysk netto +87,3%), ale rdzeniowa rentowność się załamuje: zysk ze sprzedaży -70,2%, EBIT -29,5% r/r
Realna sprzedaż produktów/usług spadła 37,1% r/r; wzrost księgowych przychodów pochodzi ze zmiany stanu produkcji w toku (Bus Simulator 27)
OCF spadł 49,4% r/r mimo wzrostu zysku netto o 87,3% — istotna luka jakości zysku
Kluczowy wydawca NACON wszedł w postępowanie naprawcze we Francji (marzec 2026); kwoty zagrożonych należności są niespójnie raportowane w trzech dokumentach

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Financials

BETA

FY 2025

SMT · FY 2025

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

Revenue	10.01	—	—	reported	—	1.00
EBITDA	1.15	—	—	reported	—	0.90
EBIT	0.69	—	—	reported	—	1.00
EBT	0.58	—	—	reported	—	1.00
Net income	0.59	—	—	reported	—	1.00
EPS (basic) (PLN)	0.49	—	—	derived	—	0.85
D&A	0.46	—	—	reported	—	1.00
Shares (basic) (m units)	1.22	—	—	reported	—	1.00

EBITDA margin	11.45%	—	—	reported	—	0.90
EBIT margin	6.85%	—	—	reported	—	0.95
Net margin	5.93%	—	—	reported	—	0.95

Cash	1.8	—	—	reported	—	1.00
Equity	7.88	—	—	reported	—	1.00
Total assets	13.28	—	—	reported	—	1.00
Working capital	9.61	—	—	reported	—	0.80
Current assets	12.01	—	—	reported	—	1.00
Current liabilities	2.4	—	—	reported	—	0.80
Goodwill	0.6	—	—	reported	—	1.00

CFO	1.34	—	—	reported	—	1.00
CapEx	0.14	—	—	derived	—	0.50
FCF	1.21	—	—	reported	—	0.50
FCF conversion	105.49%	—	—	reported	—	0.50
CFO conversion	117.28%	—	—	reported	—	0.85

ROE	7.82%	—	—	reported	—	0.85
ROA	4.83%	—	—	reported	—	0.85

Current ratio	5x	—	—	reported	—	0.75
Quick ratio	3.84x	—	—	reported	—	0.75
Cash ratio	0.75x	—	—	reported	—	0.80

Revenue growth (YoY)	8.94%	—	—	reported	—	0.95
EBITDA growth (YoY)	-19.02%	—	—	reported	—	0.90
EBIT growth (YoY)	-29.53%	—	—	reported	—	0.95
Net income growth (YoY)	87.25%	—	—	reported	—	0.95
EPS growth (YoY)	87.25%	—	—	reported	—	0.85
EBITDA margin Δ (YoY)	-3.95 pp	—	—	reported	—	0.85
EBIT margin Δ (YoY)	-3.74 pp	—	—	reported	—	0.90
Net margin Δ (YoY)	2.48 pp	—	—	reported	—	0.90

FY 2025 · Δ YoY

Revenue

10.01 —

FY 2024: —

EBITDA

1.15 —

FY 2024: —

EBIT

0.69 —

FY 2024: —

EBT

0.58 —

FY 2024: —

Net income

0.59 —

FY 2024: —

EPS (basic) (PLN)

0.49 —

FY 2024: —

D&A

0.46 —

FY 2024: —

Shares (basic) (m units)

1.22 —

FY 2024: —

EBITDA margin

11.45% —

FY 2024: —

EBIT margin

6.85% —

FY 2024: —

Net margin

5.93% —

FY 2024: —

Cash

1.8 —

FY 2024: —

Equity

7.88 —

FY 2024: —

Total assets

13.28 —

FY 2024: —

Working capital

9.61 —

FY 2024: —

Current assets

12.01 —

FY 2024: —

Current liabilities

2.4 —

FY 2024: —

Goodwill

0.6 —

FY 2024: —

CFO

1.34 —

FY 2024: —

CapEx

0.14 —

FY 2024: —

FCF

1.21 —

FY 2024: —

FCF conversion

105.49% —

FY 2024: —

CFO conversion

117.28% —

FY 2024: —

ROE

7.82% —

FY 2024: —

ROA

4.83% —

FY 2024: —

Current ratio

5x —

FY 2024: —

Quick ratio

3.84x —

FY 2024: —

Cash ratio

0.75x —

FY 2024: —

Revenue growth (YoY)

8.94% —

FY 2024: —

EBITDA growth (YoY)

-19.02% —

FY 2024: —

EBIT growth (YoY)

-29.53% —

FY 2024: —

Net income growth (YoY)

87.25% —

FY 2024: —

EPS growth (YoY)

87.25% —

FY 2024: —

EBITDA margin Δ (YoY)

-3.95 pp —

FY 2024: —

EBIT margin Δ (YoY)

-3.74 pp —

FY 2024: —

Net margin Δ (YoY)

2.48 pp —

FY 2024: —