EXC EXCELLENCE NewConnect · Annual · publ. May 28, 2026

FY 2025 report

Producent syropów, suplementów diety i koncentratów do napojów dla największych sieci handlowych w Polsce, z konsolidowaną spółką zależną Health Medica (51%)

Sentiment

Positive No guidance change

Website

EXC FY 2025 report

Revenue

83,089.7 k PLN

— YoY

Net income

8,438.6 k PLN

— YoY

EBITDA

11,470 PLN

— YoY

Gross margin

14.49%

— YoY

Summary

Investment thesis

Wzrost przychodów +5,7% i zysku netto +6,1% r/r, z poprawą marży EBIT (EBIT rósł szybciej niż sprzedaż)
Operacyjny cash flow (10,13 mln zł) trwale przewyższa zysk netto (8,44 mln zł) - wysoka jakość zysku
Kapitał własny rósł szybciej niż suma bilansowa - względny deleveraging, zobowiązania długoterminowe spadły o 39,9%
Rosnące wynagrodzenia zarządu (31% zysku netto) i rady nadzorczej (+77% r/r) oraz powiększająca się transakcja z podmiotem powiązanym z przewodniczącym RN wymagają wyjaśnienia

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Financials

BETA

FY 2025

EXC · FY 2025

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

Revenue	83,089.7	—	—	reported	—	1.00
Gross profit	12,035.9	—	—	reported	—	0.90
EBITDA (PLN)	11,470	—	—	reported	—	0.95
EBIT	12,080.5	—	—	reported	—	1.00
EBT	11,450.1	—	—	reported	—	1.00
Net income	8,438.6	—	—	reported	—	1.00
EPS (basic) (PLN)	0.05	—	—	reported	—	1.00
D&A	1,726.9	—	—	reported	—	1.00
Interest expense	85.3	—	—	reported	—	0.85
Shares (basic) (m units)	157.73	—	—	reported	—	1.00

Gross margin	14.49%	—	—	reported	—	0.80
EBITDA margin	14.65%	—	—	reported	—	0.95
EBIT margin	14.54%	—	—	reported	—	0.90
Net margin	10.16%	—	—	reported	—	0.90

Cash	8,173.4	—	—	reported	—	1.00
Total debt	1,354.4	—	—	derived	—	0.60
Net debt	-4,520.8	—	—	derived	—	0.60
Equity	39,947.8	—	—	reported	—	1.00
Total assets	53,737.3	—	—	reported	—	1.00
Current assets	9,770.8	—	—	reported	—	0.40
Current liabilities	7,771	—	—	reported	—	1.00

CFO	10,131	—	—	reported	—	0.90
CapEx	4,967.5	—	—	reported	—	0.85
FCF	2,626.8	—	—	derived	—	0.85
FCF conversion	22.9%	—	—	reported	—	0.80
CFO conversion	120.05%	—	—	reported	—	0.80

ROE	22.93%	—	—	reported	—	0.90
ROIC	23.58%	—	—	reported	—	0.60

Current ratio	3.51x	—	—	reported	—	0.90
Cash ratio	0.79x	—	—	reported	—	0.95
Interest coverage	116.75x	—	—	reported	—	0.80

Net debt / EBITDA	-0.39x	—	—	reported	—	0.60
Debt / equity	0.03x	—	—	reported	—	0.60

Revenue growth (YoY)	5.66%	—	—	reported	—	0.90
EBITDA growth (YoY)	13.18%	—	—	reported	—	0.90
EBIT growth (YoY)	13.46%	—	—	reported	—	0.90
Net income growth (YoY)	6.07%	—	—	reported	—	0.90
EPS growth (YoY)	8%	—	—	reported	—	0.80

FY 2025 · Δ YoY

Revenue

83,089.7 —

FY 2024: —

Gross profit

12,035.9 —

FY 2024: —

EBITDA (PLN)

11,470 —

FY 2024: —

EBIT

12,080.5 —

FY 2024: —

EBT

11,450.1 —

FY 2024: —

Net income

8,438.6 —

FY 2024: —

EPS (basic) (PLN)

0.05 —

FY 2024: —

D&A

1,726.9 —

FY 2024: —

Interest expense

85.3 —

FY 2024: —

Shares (basic) (m units)

157.73 —

FY 2024: —

Gross margin

14.49% —

FY 2024: —

EBITDA margin

14.65% —

FY 2024: —

EBIT margin

14.54% —

FY 2024: —

Net margin

10.16% —

FY 2024: —

Cash

8,173.4 —

FY 2024: —

Total debt

1,354.4 —

FY 2024: —

Net debt

-4,520.8 —

FY 2024: —

Equity

39,947.8 —

FY 2024: —

Total assets

53,737.3 —

FY 2024: —

Current assets

9,770.8 —

FY 2024: —

Current liabilities

7,771 —

FY 2024: —

CFO

10,131 —

FY 2024: —

CapEx

4,967.5 —

FY 2024: —

FCF

2,626.8 —

FY 2024: —

FCF conversion

22.9% —

FY 2024: —

CFO conversion

120.05% —

FY 2024: —

ROE

22.93% —

FY 2024: —

ROIC

23.58% —

FY 2024: —

Current ratio

3.51x —

FY 2024: —

Cash ratio

0.79x —

FY 2024: —

Interest coverage

116.75x —

FY 2024: —

Net debt / EBITDA

-0.39x —

FY 2024: —

Debt / equity

0.03x —

FY 2024: —

Revenue growth (YoY)

5.66% —

FY 2024: —

EBITDA growth (YoY)

13.18% —

FY 2024: —

EBIT growth (YoY)

13.46% —

FY 2024: —

Net income growth (YoY)

6.07% —

FY 2024: —

EPS growth (YoY)

8% —

FY 2024: —