KUB KUBOTA NewConnect · Annual · publ. May 27, 2026

FY 2025 report

Marka odzieżowo-obuwnicza (klapki jako flagowy produkt) na NewConnect z rozpoznawalnością 70,3% wśród polskich konsumentów, notująca +45% wzrost przychodów r/r w 2025 r.

Sentiment

Positive No guidance change

Website

KUB FY 2025 report

Revenue

32,029,124 PLN

— YoY

Net income

2,296,394 PLN

— YoY

EBITDA

3,407,916 PLN

— YoY

Gross margin

10.32%

— YoY

Summary

Investment thesis

Dźwignia operacyjna działa na korzyść spółki: EBIT +231%, zysk netto +314% przy wzroście przychodów o 45% - marże na każdym poziomie się poprawiają
Spółka w pełni odlewarowana na koniec 2025 r. (zero kredytów/pożyczek, 2,05 mln zł gotówki netto), opinia biegłego bez zastrzeżeń
Istotna koncentracja przychodów na jednym partnerze hurtowym (sieć Biedronka, ~49% przychodów 2025 r., udział maleje) - kluczowe ryzyko modelu biznesowego
Silna sezonowość (sprzedaż letnia klapków) i ekspozycja walutowa jako importer netto (częściowo hedgowana kontraktami forward na CNY/USD)

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Financials

BETA

FY 2025

KUB · FY 2025

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

Revenue	32,029,124	—	—	reported	—	1.00
EBITDA	3,407,916	—	—	reported	—	0.80
EBIT	3,243,188	—	—	reported	—	1.00
EBT	2,834,790	—	—	reported	—	1.00
Net income	2,296,394	—	—	reported	—	1.00
EPS (basic)	1.55	—	—	derived	—	0.80
D&A	164,728	—	—	reported	—	1.00
Interest expense	99,824	—	—	reported	—	1.00
Shares (basic) (units)	1,484,786	—	—	reported	—	1.00

Gross margin	10.32%	—	—	reported	—	0.90
EBITDA margin	10.7%	—	—	reported	—	0.90
EBIT margin	10.13%	—	—	derived	—	0.90
Net margin	7.03%	—	—	reported	—	0.90

Cash	2,048,806	—	—	reported	—	1.00
Total debt	0	—	—	reported	—	1.00
Net debt	-2,048,806	—	—	reported	—	0.90
Equity	8,629,975	—	—	reported	—	1.00
Total assets	10,640,531	—	—	reported	—	1.00
Working capital	8,057,862	—	—	derived	—	0.90
Current assets	10,068,337	—	—	reported	—	1.00
Current liabilities	2,010,475	—	—	reported	—	1.00
Goodwill	72,520	—	—	reported	—	0.90
Tangible equity	8,557,455	—	—	derived	—	0.80

CFO	1,233,899	—	—	reported	—	1.00
CapEx	40,458	—	—	reported	—	0.70
FCF	1,193,442	—	—	reported	—	0.70
FCF conversion	35%	—	—	derived	—	0.60
Dividends paid	0	—	—	reported	—	0.90
Buybacks	204,822	—	—	reported	—	0.90

ROE	26.22%	—	—	reported	—	0.90
ROA	21.3%	—	—	reported	—	0.90

Current ratio	5.01x	—	—	derived	—	0.90
Quick ratio	2.68x	—	—	derived	—	0.90
Cash ratio	1.02x	—	—	derived	—	0.90
Interest coverage	32.5x	—	—	derived	—	0.70

Net debt / EBITDA	-0.6x	—	—	derived	—	0.70
Debt / equity	0x	—	—	derived	—	0.90
Debt / assets	0x	—	—	derived	—	0.70
Net debt / equity	-0.24x	—	—	derived	—	0.80

Revenue growth (YoY)	45.2%	—	—	derived	—	0.90
EBITDA growth (YoY)	226.7%	—	—	derived	—	0.70
EBIT growth (YoY)	231%	—	—	derived	—	0.90
Net income growth (YoY)	314.2%	—	—	derived	—	0.90
EPS growth (YoY)	314.2%	—	—	derived	—	0.80
Gross margin Δ (YoY)	5 pp	—	—	derived	—	0.80
EBITDA margin Δ (YoY)	6 pp	—	—	derived	—	0.80
Net margin Δ (YoY)	4.53 pp	—	—	derived	—	0.80

FY 2025 · Δ YoY

Revenue

32,029,124 —

FY 2024: —

EBITDA

3,407,916 —

FY 2024: —

EBIT

3,243,188 —

FY 2024: —

EBT

2,834,790 —

FY 2024: —

Net income

2,296,394 —

FY 2024: —

EPS (basic)

1.55 —

FY 2024: —

D&A

164,728 —

FY 2024: —

Interest expense

99,824 —

FY 2024: —

Shares (basic) (units)

1,484,786 —

FY 2024: —

Gross margin

10.32% —

FY 2024: —

EBITDA margin

10.7% —

FY 2024: —

EBIT margin

10.13% —

FY 2024: —

Net margin

7.03% —

FY 2024: —

Cash

2,048,806 —

FY 2024: —

Total debt

0 —

FY 2024: —

Net debt

-2,048,806 —

FY 2024: —

Equity

8,629,975 —

FY 2024: —

Total assets

10,640,531 —

FY 2024: —

Working capital

8,057,862 —

FY 2024: —

Current assets

10,068,337 —

FY 2024: —

Current liabilities

2,010,475 —

FY 2024: —

Goodwill

72,520 —

FY 2024: —

Tangible equity

8,557,455 —

FY 2024: —

CFO

1,233,899 —

FY 2024: —

CapEx

40,458 —

FY 2024: —

FCF

1,193,442 —

FY 2024: —

FCF conversion

35% —

FY 2024: —

Dividends paid

0 —

FY 2024: —

Buybacks

204,822 —

FY 2024: —

ROE

26.22% —

FY 2024: —

ROA

21.3% —

FY 2024: —

Current ratio

5.01x —

FY 2024: —

Quick ratio

2.68x —

FY 2024: —

Cash ratio

1.02x —

FY 2024: —

Interest coverage

32.5x —

FY 2024: —

Net debt / EBITDA

-0.6x —

FY 2024: —

Debt / equity

0x —

FY 2024: —

Debt / assets

0x —

FY 2024: —

Net debt / equity

-0.24x —

FY 2024: —

Revenue growth (YoY)

45.2% —

FY 2024: —

EBITDA growth (YoY)

226.7% —

FY 2024: —

EBIT growth (YoY)

231% —

FY 2024: —

Net income growth (YoY)

314.2% —

FY 2024: —

EPS growth (YoY)

314.2% —

FY 2024: —

Gross margin Δ (YoY)

5 pp —

FY 2024: —

EBITDA margin Δ (YoY)

6 pp —

FY 2024: —

Net margin Δ (YoY)

4.53 pp —

FY 2024: —