MDV MODIVO Giełda Papierów Wartościowych w Warszawie · Annual · publ. May 29, 2026

FY 2025 report

Sprzedaz i marza brutto rosna zdrowo (przychody +6,2%, marza brutto +4,8 p.p.) dzieki zmianie miksu produktowego na towary wysokomarzowe

Sentiment

Neutral No guidance change

Website

MDV FY 2025 report

Revenue

2,947.8 m PLN

— YoY

Net income

48.3 m PLN

— YoY

EBITDA

264.8 m PLN

— YoY

Gross margin

36.08%

— YoY

Summary

Investment thesis

Zysk netto i EPS spadaja mimo lepszego wyniku operacyjnego, przez zmiennosc odpisow na oczekiwane straty kredytowe od pozyczek wewnatrzgrupowych i wzrost efektywnej stopy podatkowej
Bilans zdominowany przez jednorazowa operacje korporacyjna - emisje akcji za ok. 1,55 mld PLN sfinansowala odkup 100% udzialow w MODIVO.COM S.A. za ok. 1,37 mld PLN
OCF i FCF wyraznie sie skurczyly (odpowiednio -25% i -73% r/r) przez wzrost naleznosci od podmiotow powiazanych o ponad 440 mln PLN
Nominalne zadluzenie odsetkowe jest niskie i spada, ale bez uwzglednienia zobowiazan leasingowych MSSF16 (841,8 mln PLN) obraz zadluzenia jest niepelny

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Financials

BETA

FY 2025

MDV · FY 2025

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

Revenue	2,947.8	—	—	reported	—	1.00
Gross profit	1,063.6	—	—	reported	—	1.00
EBITDA	264.8	—	—	derived	—	0.70
EBIT	91.3	—	—	reported	—	1.00
EBT	65.8	—	—	reported	—	1.00
Net income	48.3	—	—	reported	—	1.00
EPS (basic) (PLN)	0.64	—	—	reported	—	1.00
EPS (diluted) (PLN)	0.64	—	—	reported	—	1.00
D&A	173.5	—	—	reported	—	1.00
Interest expense	62	—	—	reported	—	0.60
Shares (basic) (m units)	75.64	—	—	reported	—	1.00

Gross margin	36.08%	—	—	reported	—	0.95
EBITDA margin	8.98%	—	—	reported	—	0.65
EBIT margin	3.1%	—	—	reported	—	0.95
Net margin	1.64%	—	—	reported	—	0.95

Cash	51.6	—	—	reported	—	1.00
Total debt	345.3	—	—	reported	—	0.90
Net debt	293.7	—	—	derived	—	0.80
Equity	3,742.8	—	—	reported	—	1.00
Total assets	5,731.6	—	—	reported	—	1.00
Working capital	40.3	—	—	derived	—	0.90
Current assets	1,078.3	—	—	reported	—	1.00
Current liabilities	1,038	—	—	reported	—	1.00
Goodwill	50.4	—	—	reported	—	0.90
Tangible equity	3,692.4	—	—	derived	—	0.85

CFO	181.4	—	—	reported	—	1.00
CapEx	143.8	—	—	reported	—	1.00
FCF	37.6	—	—	derived	—	0.90
FCF conversion	14.2%	—	—	reported	—	0.60
CFO conversion	68.51%	—	—	reported	—	0.60
Dividends paid	0	—	—	reported	—	0.90
Net acquisitions	1,403.1	—	—	reported	—	1.00

ROE	1.68%	—	—	reported	—	0.60
ROA	1.06%	—	—	reported	—	0.60
ROIC	1.66%	—	—	reported	—	0.50
ROCE	1.95%	—	—	reported	—	0.60

Current ratio	1.04x	—	—	reported	—	0.90
Quick ratio	0.61x	—	—	reported	—	0.90
Cash ratio	0.05x	—	—	reported	—	0.90
Interest coverage	1.47x	—	—	reported	—	0.50

Net debt / EBITDA	1.11x	—	—	reported	—	0.55
Debt / equity	0.09x	—	—	reported	—	0.85
Debt / assets	0.06x	—	—	reported	—	0.85
Net debt / equity	0.08x	—	—	reported	—	0.80

Revenue growth (YoY)	6.24%	—	—	reported	—	0.95
EBITDA growth (YoY)	20.25%	—	—	reported	—	0.60
EBIT growth (YoY)	33.28%	—	—	reported	—	0.95
Net income growth (YoY)	-13.29%	—	—	reported	—	0.95
EPS growth (YoY)	-20.99%	—	—	reported	—	0.95
FCF growth (YoY)	-73.22%	—	—	reported	—	0.85
Gross margin Δ (YoY)	4.82 pp	—	—	reported	—	0.90
EBIT margin Δ (YoY)	0.63 pp	—	—	reported	—	0.90
Net margin Δ (YoY)	-0.37 pp	—	—	reported	—	0.90

FY 2025 · Δ YoY

Revenue

2,947.8 —

FY 2024: —

Gross profit

1,063.6 —

FY 2024: —

EBITDA

264.8 —

FY 2024: —

EBIT

91.3 —

FY 2024: —

EBT

65.8 —

FY 2024: —

Net income

48.3 —

FY 2024: —

EPS (basic) (PLN)

0.64 —

FY 2024: —

EPS (diluted) (PLN)

0.64 —

FY 2024: —

D&A

173.5 —

FY 2024: —

Interest expense

62 —

FY 2024: —

Shares (basic) (m units)

75.64 —

FY 2024: —

Gross margin

36.08% —

FY 2024: —

EBITDA margin

8.98% —

FY 2024: —

EBIT margin

3.1% —

FY 2024: —

Net margin

1.64% —

FY 2024: —

Cash

51.6 —

FY 2024: —

Total debt

345.3 —

FY 2024: —

Net debt

293.7 —

FY 2024: —

Equity

3,742.8 —

FY 2024: —

Total assets

5,731.6 —

FY 2024: —

Working capital

40.3 —

FY 2024: —

Current assets

1,078.3 —

FY 2024: —

Current liabilities

1,038 —

FY 2024: —

Goodwill

50.4 —

FY 2024: —

Tangible equity

3,692.4 —

FY 2024: —

CFO

181.4 —

FY 2024: —

CapEx

143.8 —

FY 2024: —

FCF

37.6 —

FY 2024: —

FCF conversion

14.2% —

FY 2024: —

CFO conversion

68.51% —

FY 2024: —

Dividends paid

0 —

FY 2024: —

Net acquisitions

1,403.1 —

FY 2024: —

ROE

1.68% —

FY 2024: —

ROA

1.06% —

FY 2024: —

ROIC

1.66% —

FY 2024: —

ROCE

1.95% —

FY 2024: —

Current ratio

1.04x —

FY 2024: —

Quick ratio

0.61x —

FY 2024: —

Cash ratio

0.05x —

FY 2024: —

Interest coverage

1.47x —

FY 2024: —

Net debt / EBITDA

1.11x —

FY 2024: —

Debt / equity

0.09x —

FY 2024: —

Debt / assets

0.06x —

FY 2024: —

Net debt / equity

0.08x —

FY 2024: —

Revenue growth (YoY)

6.24% —

FY 2024: —

EBITDA growth (YoY)

20.25% —

FY 2024: —

EBIT growth (YoY)

33.28% —

FY 2024: —

Net income growth (YoY)

-13.29% —

FY 2024: —

EPS growth (YoY)

-20.99% —

FY 2024: —

FCF growth (YoY)

-73.22% —

FY 2024: —

Gross margin Δ (YoY)

4.82 pp —

FY 2024: —

EBIT margin Δ (YoY)

0.63 pp —

FY 2024: —

Net margin Δ (YoY)

-0.37 pp —

FY 2024: —