ABK ABAK NewConnect · Annual · publ. May 28, 2026

FY 2025 report

Rentowny dostawca usług księgowo-kadrowych z dźwignią operacyjną: jednostkowe przychody +8,3% r/r, EBIT +142% r/r dzięki kosztom rosnącym wolniej niż sprzedaż.

Sentiment

Positive No guidance change

Website

ABK FY 2025 report

Revenue

10.29 m PLN

— YoY

Net income

1.2 m PLN

— YoY

EBITDA

1.11 m PLN

— YoY

Net debt / EBITDA

0.51x

— YoY

Summary

Investment thesis

Na poziomie Grupy rekordowe przychody 16,5 mln zł (+5% r/r) i zysk netto +34% r/r — konsekwentna, wieloletnia poprawa wyników.
Bilans konserwatywny: dług netto/EBITDA ≈ 0,5x, płynność bieżąca 2,4x, minimalny CAPEX (spółka usługowa).
Istotna część jednostkowego zysku brutto (ok. 42%) pochodzi z dywidend i odsetek od spółek zależnych, nie z operacji samej spółki matki — typowe dla struktury holdingowo-operacyjnej.
Stabilna polityka dywidendowa w pełni pokryta operacyjnym cash flow, bez finansowania wypłat długiem.

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Financials

BETA

FY 2025

ABK · FY 2025

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

Revenue	10.29	—	—	reported	—	1.00
EBITDA	1.11	—	—	derived	—	1.00
EBIT	0.91	—	—	reported	—	1.00
EBT	1.52	—	—	reported	—	1.00
Net income	1.2	—	—	reported	—	1.00
EPS (basic) (PLN)	0.44	—	—	derived	—	0.70
D&A	0.2	—	—	reported	—	1.00
Interest expense	0.11	—	—	reported	—	1.00
Shares (basic) (m units)	2.69	—	—	reported	—	0.90

EBITDA margin	10.76%	—	—	reported	—	0.95
EBIT margin	8.83%	—	—	reported	—	0.95
EBT margin	14.81%	—	—	reported	—	0.95
Net margin	11.64%	—	—	reported	—	0.95
D&A margin	1.93%	—	—	reported	—	0.95

Cash	0.74	—	—	reported	—	1.00
Total debt	1.3	—	—	derived	—	0.90
Net debt	0.56	—	—	derived	—	0.90
Equity	4.85	—	—	reported	—	1.00
Total assets	7.37	—	—	reported	—	1.00
Working capital	1.3	—	—	derived	—	0.95
Current assets	2.17	—	—	reported	—	1.00
Current liabilities	0.88	—	—	reported	—	1.00
Goodwill	0	—	—	reported	—	1.00

CFO	0.9	—	—	reported	—	1.00
CapEx	0	—	—	reported	—	1.00
FCF	0.9	—	—	derived	—	0.95
FCF conversion	81.05%	—	—	reported	—	0.90
CFO conversion	81.46%	—	—	reported	—	0.90
Dividends paid	0.73	—	—	reported	—	1.00

ROE	25.94%	—	—	reported	—	0.90
ROA	16.55%	—	—	reported	—	0.90

Current ratio	2.48x	—	—	reported	—	0.95
Cash ratio	0.85x	—	—	reported	—	0.95
Interest coverage	8.56x	—	—	reported	—	0.95

Net debt / EBITDA	0.51x	—	—	reported	—	0.85
Debt / equity	0.27x	—	—	reported	—	0.85
Debt / assets	0.18x	—	—	reported	—	0.85
Net debt / equity	0.12x	—	—	reported	—	0.85

Revenue growth (YoY)	8.34%	—	—	reported	—	0.95
EBITDA growth (YoY)	94%	—	—	reported	—	0.90
EBIT growth (YoY)	142.36%	—	—	reported	—	0.95
Net income growth (YoY)	72.1%	—	—	reported	—	0.95
EPS growth (YoY)	33.78%	—	—	reported	—	0.70
FCF growth (YoY)	101.83%	—	—	reported	—	0.90
EBITDA margin Δ (YoY)	4.75 pp	—	—	reported	—	0.90
EBIT margin Δ (YoY)	4.88 pp	—	—	reported	—	0.90
Net margin Δ (YoY)	4.31 pp	—	—	reported	—	0.90

FY 2025 · Δ YoY

Revenue

10.29 —

FY 2024: —

EBITDA

1.11 —

FY 2024: —

EBIT

0.91 —

FY 2024: —

EBT

1.52 —

FY 2024: —

Net income

1.2 —

FY 2024: —

EPS (basic) (PLN)

0.44 —

FY 2024: —

D&A

0.2 —

FY 2024: —

Interest expense

0.11 —

FY 2024: —

Shares (basic) (m units)

2.69 —

FY 2024: —

EBITDA margin

10.76% —

FY 2024: —

EBIT margin

8.83% —

FY 2024: —

EBT margin

14.81% —

FY 2024: —

Net margin

11.64% —

FY 2024: —

D&A margin

1.93% —

FY 2024: —

Cash

0.74 —

FY 2024: —

Total debt

1.3 —

FY 2024: —

Net debt

0.56 —

FY 2024: —

Equity

4.85 —

FY 2024: —

Total assets

7.37 —

FY 2024: —

Working capital

1.3 —

FY 2024: —

Current assets

2.17 —

FY 2024: —

Current liabilities

0.88 —

FY 2024: —

Goodwill

0 —

FY 2024: —

CFO

0.9 —

FY 2024: —

CapEx

0 —

FY 2024: —

FCF

0.9 —

FY 2024: —

FCF conversion

81.05% —

FY 2024: —

CFO conversion

81.46% —

FY 2024: —

Dividends paid

0.73 —

FY 2024: —

ROE

25.94% —

FY 2024: —

ROA

16.55% —

FY 2024: —

Current ratio

2.48x —

FY 2024: —

Cash ratio

0.85x —

FY 2024: —

Interest coverage

8.56x —

FY 2024: —

Net debt / EBITDA

0.51x —

FY 2024: —

Debt / equity

0.27x —

FY 2024: —

Debt / assets

0.18x —

FY 2024: —

Net debt / equity

0.12x —

FY 2024: —

Revenue growth (YoY)

8.34% —

FY 2024: —

EBITDA growth (YoY)

94% —

FY 2024: —

EBIT growth (YoY)

142.36% —

FY 2024: —

Net income growth (YoY)

72.1% —

FY 2024: —

EPS growth (YoY)

33.78% —

FY 2024: —

FCF growth (YoY)

101.83% —

FY 2024: —

EBITDA margin Δ (YoY)

4.75 pp —

FY 2024: —

EBIT margin Δ (YoY)

4.88 pp —

FY 2024: —

Net margin Δ (YoY)

4.31 pp —

FY 2024: —