EGH EKOPOL GÓRNOŚLĄSKI HOLDING NewConnect · Annual · publ. May 28, 2026

FY 2025 report

Spółka-matka handlowa paliwami płynnymi rośnie jednostkowo 15% r/r na przychodach przy 63% wzroście zysku netto, ale to sprawozdanie jednostkowe pomija aktywną Grupę Kapitałową (Ekoset DI, Ekopol Górnośląski Domy) — pełny obraz wymaga sprawozdania skonsolidowanego.

Sentiment

Positive No guidance change

Website

EGH FY 2025 report

Revenue

265,558,498 PLN

— YoY

Net income

1,910,212 PLN

— YoY

EBITDA

2,367,207 PLN

— YoY

Gross margin

22.23%

— YoY

Summary

Investment thesis

Bilans jest bardzo bezpieczny: pozycja net cash (gotówka 10,1 mln zł vs dług odsetkowy ok. 0,9 mln zł), niewykorzystany limit kredytowy 4 mln zł.
Jakość zysku wysoka — OCF (5,4 mln zł) prawie 3x wyższy od zysku netto, ale w dużej mierze dzięki jednorazowemu rozładowaniu zapasów i należności, nie powtarzalnej cesze strukturalnej.
Marże strukturalnie cienkie (EBIT margin 0,73%) z uwagi na pass-through akcyzy w modelu dystrybucji paliw — poprawa marż widoczna, ale niska baza.
Ryzyka korporacyjne: koncentracja głosów (64,6%) w rękach trzech powiązanych osób dzięki akcjom uprzywilejowanym, transakcje z własną spółką zależną Ekoset DI generujące więcej kosztów niż przychodów, CAPEX głęboko poniżej amortyzacji.

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Financials

BETA

FY 2025

EGH · FY 2025

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

Revenue	265,558,498	—	—	reported	—	1.00
Gross profit (m PLN)	59.13	—	—	derived	—	0.75
EBITDA	2,367,207	—	—	derived	—	0.90
EBIT	1,951,920	—	—	reported	—	1.00
EBT	2,199,412	—	—	reported	—	1.00
Net income	1,910,212	—	—	reported	—	1.00
EPS (basic)	0.76	—	—	reported	—	1.00
D&A	415,287	—	—	reported	—	1.00
Interest expense	81,017	—	—	reported	—	1.00
Shares (basic) (units)	2,513,525	—	—	reported	—	1.00
Shares (diluted) (m units)	2.51	—	—	reported	—	1.00

Gross margin	22.23%	—	—	reported	—	0.75
EBITDA margin	1.12%	—	—	reported	—	0.85
EBIT margin	0.72%	—	—	reported	—	0.95
EBT margin	0.8%	—	—	reported	—	0.95
Net margin	0.69%	—	—	reported	—	0.95
D&A margin	0.4%	—	—	reported	—	0.90

Cash	10,133,109	—	—	reported	—	1.00
Total debt	920,590	—	—	derived	—	0.60
Net debt	-9,212,519	—	—	derived	—	0.60
Equity	19,372,396	—	—	reported	—	1.00
Total assets	30,914,578	—	—	reported	—	1.00
Working capital	10,426,125	—	—	derived	—	0.90
Current assets	20,917,583	—	—	reported	—	1.00
Current liabilities	10,491,458	—	—	reported	—	1.00
Goodwill	2,269,685	—	—	reported	—	0.90

CFO	5,425,421	—	—	reported	—	1.00
CapEx	71,135	—	—	reported	—	1.00
FCF	5,354,287	—	—	derived	—	0.90
FCF conversion	85.98%	—	—	reported	—	0.75
CFO conversion	206.94%	—	—	reported	—	0.70
Dividends paid	748,194	—	—	reported	—	1.00

ROE	9.55%	—	—	reported	—	0.80
ROA	5.3%	—	—	reported	—	0.80
ROIC	11.72%	—	—	reported	—	0.60
ROCE	8.34%	—	—	reported	—	0.80

Current ratio	1.72x	—	—	reported	—	0.95
Quick ratio	1.22x	—	—	reported	—	0.85
Cash ratio	0.82x	—	—	reported	—	0.90
Interest coverage	9.61x	—	—	reported	—	0.85

Net debt / EBITDA	-1.9x	—	—	reported	—	0.70
Debt / equity	0.23x	—	—	reported	—	0.75
Debt / assets	0.13x	—	—	reported	—	0.75
Net debt / equity	-0.29x	—	—	reported	—	0.70

Revenue growth (YoY)	15.21%	—	—	reported	—	1.00
EBITDA growth (YoY)	29.68%	—	—	reported	—	0.80
EBIT growth (YoY)	47.21%	—	—	reported	—	0.95
Net income growth (YoY)	53.99%	—	—	reported	—	1.00
EPS growth (YoY)	53.98%	—	—	reported	—	1.00
FCF growth (YoY)	-55.53%	—	—	reported	—	0.85
Gross margin Δ (YoY)	4.24 pp	—	—	reported	—	0.75
EBITDA margin Δ (YoY)	0.12 pp	—	—	reported	—	0.80
EBIT margin Δ (YoY)	0.16 pp	—	—	reported	—	0.90
Net margin Δ (YoY)	0.17 pp	—	—	reported	—	0.90

FY 2025 · Δ YoY

Revenue

265,558,498 —

FY 2024: —

Gross profit (m PLN)

59.13 —

FY 2024: —

EBITDA

2,367,207 —

FY 2024: —

EBIT

1,951,920 —

FY 2024: —

EBT

2,199,412 —

FY 2024: —

Net income

1,910,212 —

FY 2024: —

EPS (basic)

0.76 —

FY 2024: —

D&A

415,287 —

FY 2024: —

Interest expense

81,017 —

FY 2024: —

Shares (basic) (units)

2,513,525 —

FY 2024: —

Shares (diluted) (m units)

2.51 —

FY 2024: —

Gross margin

22.23% —

FY 2024: —

EBITDA margin

1.12% —

FY 2024: —

EBIT margin

0.72% —

FY 2024: —

EBT margin

0.8% —

FY 2024: —

Net margin

0.69% —

FY 2024: —

D&A margin

0.4% —

FY 2024: —

Cash

10,133,109 —

FY 2024: —

Total debt

920,590 —

FY 2024: —

Net debt

-9,212,519 —

FY 2024: —

Equity

19,372,396 —

FY 2024: —

Total assets

30,914,578 —

FY 2024: —

Working capital

10,426,125 —

FY 2024: —

Current assets

20,917,583 —

FY 2024: —

Current liabilities

10,491,458 —

FY 2024: —

Goodwill

2,269,685 —

FY 2024: —

CFO

5,425,421 —

FY 2024: —

CapEx

71,135 —

FY 2024: —

FCF

5,354,287 —

FY 2024: —

FCF conversion

85.98% —

FY 2024: —

CFO conversion

206.94% —

FY 2024: —

Dividends paid

748,194 —

FY 2024: —

ROE

9.55% —

FY 2024: —

ROA

5.3% —

FY 2024: —

ROIC

11.72% —

FY 2024: —

ROCE

8.34% —

FY 2024: —

Current ratio

1.72x —

FY 2024: —

Quick ratio

1.22x —

FY 2024: —

Cash ratio

0.82x —

FY 2024: —

Interest coverage

9.61x —

FY 2024: —

Net debt / EBITDA

-1.9x —

FY 2024: —

Debt / equity

0.23x —

FY 2024: —

Debt / assets

0.13x —

FY 2024: —

Net debt / equity

-0.29x —

FY 2024: —

Revenue growth (YoY)

15.21% —

FY 2024: —

EBITDA growth (YoY)

29.68% —

FY 2024: —

EBIT growth (YoY)

47.21% —

FY 2024: —

Net income growth (YoY)

53.99% —

FY 2024: —

EPS growth (YoY)

53.98% —

FY 2024: —

FCF growth (YoY)

-55.53% —

FY 2024: —

Gross margin Δ (YoY)

4.24 pp —

FY 2024: —

EBITDA margin Δ (YoY)

0.12 pp —

FY 2024: —

EBIT margin Δ (YoY)

0.16 pp —

FY 2024: —

Net margin Δ (YoY)

0.17 pp —

FY 2024: —