FY 2025 report
NewConnectowa Grupa ELQ S.A. - rdzen biznesowy producent stacji transformatorowych (ZPUE EL-Q 91,14%) w Czestochowie; po relokacji do HillWood w marcu 2025 moce produkcyjne 6x (z 750 do 4.500 stacji rocznie)
Sentiment
Positive
No guidance change
ELQ
FY 2025 report
Revenue
77.79 m PLN
— YoY
Net income
-3.91 m PLN
— YoY
EBITDA
-1.95 m PLN
— YoY
FCF
-2.5 m PLN
— YoY
Summary
Investment thesis
- Pivot strategiczny do BESS (3,8 GW pipeline), Ukraina (2 GW OZE), defence (drony, MSZA), SMR (ELQ Nuclear One Ukraina) i wodor (kontrakt Gaj Olawski 364 mln PLN post-balance) - skala deklaracji znacznie wieksza niz aktualnej skali (77,8 mln rocznych przychodow)
- Ekstremalna koncentracja akcjonariatu: Prezes Marcin Soltysiak kontroluje 93,3% kapitalu przez Veltoro Sp. z o.o. (90%) i Rich Dad and Partners OU (Estonia, 3,33%); free float 6,67%
- Zwrot wyniku z zysku netto +2,55 mln (2024) na strate -3,91 mln (2025), ROE -40,25%, 2-gi rok ujemny OCF; naleznosci +79,5% przy sprzedazy +6,5% (KAM audytora dot. rozpoznania przychodow)
- Transakcja powiazana o gigantycznej skali: porozumienie z Falanga Invest SICAV (Praga) na 900 mln EUR finansowania, w ktorym Prezes obejmie 45% udzialow - klasyczny konflikt interesow
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Financials
BETA
ELQ · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 77.79 | — | — | reported | — | 1.00 |
| EBITDA | -1.95 | — | — | derived | — | 0.90 |
| EBIT | -3.12 | — | — | reported | — | 1.00 |
| EBT | -3.75 | — | — | reported | — | 1.00 |
| Net income | -3.91 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.04 | — | — | derived | — | 0.70 |
| D&A | 1.17 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 100 | — | — | reported | — | 1.00 |
| EBITDA margin | -2.51% | — | — | reported | — | 1.00 |
| EBIT margin | -4.01% | — | — | reported | — | 1.00 |
| Net margin | -5.03% | — | — | reported | — | 1.00 |
| D&A margin | 1.5% | — | — | reported | — | 1.00 |
| Cash | 0.68 | — | — | reported | — | 1.00 |
| Equity | 9.72 | — | — | reported | — | 1.00 |
| Total assets | 64.29 | — | — | derived | — | 1.00 |
| Working capital | 7.95 | — | — | reported | — | 1.00 |
| Current assets | 43.44 | — | — | reported | — | 1.00 |
| Current liabilities | 35.48 | — | — | reported | — | 1.00 |
| CFO | -1.79 | — | — | reported | — | 1.00 |
| CapEx | 0.71 | — | — | reported | — | 0.70 |
| FCF | -2.5 | — | — | derived | — | 0.70 |
| ROE | -40.25% | — | — | reported | — | 1.00 |
| ROA | -6.09% | — | — | reported | — | 1.00 |
| Current ratio | 1.22x | — | — | reported | — | 1.00 |
| Quick ratio | 0.57x | — | — | reported | — | 0.90 |
| Cash ratio | 0.02x | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | 6.53% | — | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | -5.65 pp | — | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | -5.79 pp | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -8.53 pp | — | — | reported | — | 1.00 |
FY 2025 · Δ YoY
Revenue
77.79
—
77.79
—
- FY 2024
- —
EBITDA
-1.95
—
-1.95
—
- FY 2024
- —
EBIT
-3.12
—
-3.12
—
- FY 2024
- —
EBT
-3.75
—
-3.75
—
- FY 2024
- —
Net income
-3.91
—
-3.91
—
- FY 2024
- —
EPS (basic)
(PLN)
-0.04
—
-0.04
—
- FY 2024
- —
D&A
1.17
—
1.17
—
- FY 2024
- —
Shares (basic)
(m units)
100
—
100
—
- FY 2024
- —
EBITDA margin
-2.51%
—
-2.51%
—
- FY 2024
- —
EBIT margin
-4.01%
—
-4.01%
—
- FY 2024
- —
Net margin
-5.03%
—
-5.03%
—
- FY 2024
- —
D&A margin
1.5%
—
1.5%
—
- FY 2024
- —
Cash
0.68
—
0.68
—
- FY 2024
- —
Equity
9.72
—
9.72
—
- FY 2024
- —
Total assets
64.29
—
64.29
—
- FY 2024
- —
Working capital
7.95
—
7.95
—
- FY 2024
- —
Current assets
43.44
—
43.44
—
- FY 2024
- —
Current liabilities
35.48
—
35.48
—
- FY 2024
- —
CFO
-1.79
—
-1.79
—
- FY 2024
- —
CapEx
0.71
—
0.71
—
- FY 2024
- —
FCF
-2.5
—
-2.5
—
- FY 2024
- —
ROE
-40.25%
—
-40.25%
—
- FY 2024
- —
ROA
-6.09%
—
-6.09%
—
- FY 2024
- —
Current ratio
1.22x
—
1.22x
—
- FY 2024
- —
Quick ratio
0.57x
—
0.57x
—
- FY 2024
- —
Cash ratio
0.02x
—
0.02x
—
- FY 2024
- —
Revenue growth (YoY)
6.53%
—
6.53%
—
- FY 2024
- —
EBITDA margin Δ (YoY)
-5.65 pp
—
-5.65 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
-5.79 pp
—
-5.79 pp
—
- FY 2024
- —
Net margin Δ (YoY)
-8.53 pp
—
-8.53 pp
—
- FY 2024
- —