AQU AQUA NewConnect · Annual · publ. May 28, 2026

FY 2025 report

Mikro-spółka inżynieryjno-projektowa (branża wodno-kanalizacyjna) na NewConnect z jednym, silnie skoncentrowanym portfelem klientów.

Sentiment

Cautious No guidance change

Website

AQU FY 2025 report

Revenue

2,436,878 PLN

— YoY

Net income

-3,626,380 PLN

— YoY

EBITDA

-3,194,165 PLN

— YoY

Gross margin

-57.49%

— YoY

Summary

Investment thesis

Rok 2025: przychody -60% r/r przy niemal niezmienionych kosztach stałych -> strata netto -3,63 mln zł, kapitał własny spadł o 84% do 0,73 mln zł.
Audytor wskazał istotną niepewność co do kontynuacji działalności (opinia bez zastrzeżenia, ale z akapitem objaśniającym).
Dług odsetkowy wzrósł do ok. 3,87 mln zł (głównie nowa pożyczka od podmiotu powiązanego), przy gotówce na koniec roku zaledwie 42 tys. zł.
Argument Zarządu za kontynuacją: portfel zamówień 15-16,5 mln zł, w tym nowy kontrakt spółki zależnej AQUA Construction (Wodociągi Płockie, 4,5 mln zł).

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Financials

BETA

FY 2025

AQU · FY 2025

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

Revenue	2,436,878	—	—	reported	—	1.00
Gross profit	-1,400,972	—	—	reported	—	1.00
EBITDA	-3,194,165	—	—	reported	—	0.90
EBIT	-3,315,337	—	—	reported	—	1.00
EBT	-3,905,537	—	—	reported	—	1.00
Net income	-3,626,380	—	—	reported	—	1.00
D&A	121,172	—	—	reported	—	1.00
Interest expense	589,762	—	—	reported	—	1.00

Gross margin	-57.49%	—	—	reported	—	0.90
EBITDA margin	-131.08%	—	—	reported	—	0.90
EBIT margin	-136.05%	—	—	reported	—	0.90
Net margin	-148.85%	—	—	reported	—	0.90

Cash	41,985	—	—	reported	—	1.00
Total debt	3,869,601	—	—	derived	—	0.80
Net debt	3,827,616	—	—	reported	—	0.80
Equity	734,972	—	—	reported	—	1.00
Total assets	8,112,444	—	—	reported	—	1.00
Working capital	4,810,405	—	—	reported	—	0.80
Current assets	7,640,463	—	—	reported	—	1.00
Current liabilities	2,830,058	—	—	reported	—	0.80

CFO	-2,495,919	—	—	reported	—	1.00
CapEx	17,073	—	—	reported	—	1.00
FCF	-2,512,993	—	—	reported	—	1.00

Current ratio	2.7x	—	—	reported	—	0.80

Debt / equity	5.27x	—	—	reported	—	0.80

Revenue growth (YoY)	-59.59%	—	—	reported	—	0.90
EBITDA growth (YoY)	-600.99%	—	—	reported	—	0.60
EBIT growth (YoY)	-751.36%	—	—	reported	—	0.70
Net income growth (YoY)	-983.42%	—	—	reported	—	0.70

FY 2025 · Δ YoY

Revenue

2,436,878 —

FY 2024: —

Gross profit

-1,400,972 —

FY 2024: —

EBITDA

-3,194,165 —

FY 2024: —

EBIT

-3,315,337 —

FY 2024: —

EBT

-3,905,537 —

FY 2024: —

Net income

-3,626,380 —

FY 2024: —

D&A

121,172 —

FY 2024: —

Interest expense

589,762 —

FY 2024: —

Gross margin

-57.49% —

FY 2024: —

EBITDA margin

-131.08% —

FY 2024: —

EBIT margin

-136.05% —

FY 2024: —

Net margin

-148.85% —

FY 2024: —

Cash

41,985 —

FY 2024: —

Total debt

3,869,601 —

FY 2024: —

Net debt

3,827,616 —

FY 2024: —

Equity

734,972 —

FY 2024: —

Total assets

8,112,444 —

FY 2024: —

Working capital

4,810,405 —

FY 2024: —

Current assets

7,640,463 —

FY 2024: —

Current liabilities

2,830,058 —

FY 2024: —

CFO

-2,495,919 —

FY 2024: —

CapEx

17,073 —

FY 2024: —

FCF

-2,512,993 —

FY 2024: —

Current ratio

2.7x —

FY 2024: —

Debt / equity

5.27x —

FY 2024: —

Revenue growth (YoY)

-59.59% —

FY 2024: —

EBITDA growth (YoY)

-600.99% —

FY 2024: —

EBIT growth (YoY)

-751.36% —

FY 2024: —

Net income growth (YoY)

-983.42% —

FY 2024: —