VRB VERBICOM NewConnect · Annual · publ. May 27, 2026

FY 2025 report

Grupa łączy tradycyjny biznes integracji/dystrybucji IT (Extreme Networks, Mitel/Unify poprzez Versim) z rosnącą działalnością deweloperską (Verbicom Development)

Sentiment

Cautious No guidance change

Website

VRB FY 2025 report

Revenue

45.57 m PLN

— YoY

Net income

-0.33 m PLN

— YoY

EBITDA

-0.04 m PLN

— YoY

FCF

-0.41 m PLN

— YoY

Summary

Investment thesis

Przychody rosną (+5,0% r/r do 45,6 mln zł), ale rentowność operacyjna załamała się — EBIT i EBITDA ujemne po raz pierwszy od lat
Jakość zysku wyraźnie słaba: strata netto 330 tys. zł idzie w parze z ujemnymi przepływami operacyjnymi (-367 tys. zł)
Bilans i płynność pozostają stabilne (current ratio 1,84x, umiarkowane zadłużenie netto 6,08 mln zł) — to nie jest kryzys płynnościowy
Brak segmentacji wyniku i niewyjaśniony wzrost pozostałych kosztów operacyjnych ograniczają przejrzystość oceny źródeł pogorszenia

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Financials

BETA

FY 2025

VRB · FY 2025

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

Revenue	45.57	—	—	reported	—	1.00
EBITDA	-0.04	—	—	derived	—	0.90
EBIT	-0.58	—	—	reported	—	1.00
EBT	-0.19	—	—	reported	—	1.00
Net income	-0.33	—	—	reported	—	1.00
EPS (basic) (PLN)	-0.04	—	—	reported	—	1.00
D&A	0.54	—	—	reported	—	1.00
Interest expense	0.49	—	—	reported	—	1.00
Shares (basic) (m units)	8.02	—	—	reported	—	1.00

EBITDA margin	-0.08%	—	—	derived	—	0.90
EBIT margin	-1.28%	—	—	derived	—	0.90
EBT margin	-0.42%	—	—	derived	—	0.90
Net margin	-0.72%	—	—	derived	—	0.90
D&A margin	1.2%	—	—	derived	—	0.90

Cash	1.6	—	—	reported	—	1.00
Total debt	7.67	—	—	derived	—	0.90
Net debt	6.08	—	—	derived	—	0.90
Equity	16.88	—	—	reported	—	1.00
Total assets	36.05	—	—	reported	—	1.00
Working capital	14.47	—	—	derived	—	0.90
Current assets	31.61	—	—	reported	—	1.00
Current liabilities	17.14	—	—	reported	—	1.00
Goodwill	0.37	—	—	derived	—	0.90
Tangible equity	16.51	—	—	derived	—	0.90

CFO	-0.37	—	—	reported	—	1.00
CapEx	0.05	—	—	reported	—	1.00
FCF	-0.41	—	—	derived	—	0.90
Dividends paid	0.08	—	—	reported	—	1.00

ROE	-1.94%	—	—	derived	—	0.85
ROA	-0.87%	—	—	derived	—	0.85

Current ratio	1.84x	—	—	derived	—	0.90
Quick ratio	1.34x	—	—	derived	—	0.90
Cash ratio	0.09x	—	—	derived	—	0.90
Interest coverage	-1.19x	—	—	derived	—	0.90

Debt / equity	0.45x	—	—	derived	—	0.85
Debt / assets	0.21x	—	—	derived	—	0.85
Net debt / equity	0.36x	—	—	derived	—	0.85

Revenue growth (YoY)	4.97%	—	—	derived	—	0.90
EBITDA growth (YoY)	-101.71%	—	—	derived	—	0.90
EBIT growth (YoY)	-135.06%	—	—	derived	—	0.90
Net income growth (YoY)	-157.27%	—	—	derived	—	0.90
EPS growth (YoY)	-157.3%	—	—	derived	—	0.85
FCF growth (YoY)	-111.07%	—	—	derived	—	0.85
EBITDA margin Δ (YoY)	-5.2 pp	—	—	derived	—	0.85
EBIT margin Δ (YoY)	-5.11 pp	—	—	derived	—	0.85
Net margin Δ (YoY)	-2.05 pp	—	—	derived	—	0.85

FY 2025 · Δ YoY

Revenue

45.57 —

FY 2024: —

EBITDA

-0.04 —

FY 2024: —

EBIT

-0.58 —

FY 2024: —

EBT

-0.19 —

FY 2024: —

Net income

-0.33 —

FY 2024: —

EPS (basic) (PLN)

-0.04 —

FY 2024: —

D&A

0.54 —

FY 2024: —

Interest expense

0.49 —

FY 2024: —

Shares (basic) (m units)

8.02 —

FY 2024: —

EBITDA margin

-0.08% —

FY 2024: —

EBIT margin

-1.28% —

FY 2024: —

EBT margin

-0.42% —

FY 2024: —

Net margin

-0.72% —

FY 2024: —

D&A margin

1.2% —

FY 2024: —

Cash

1.6 —

FY 2024: —

Total debt

7.67 —

FY 2024: —

Net debt

6.08 —

FY 2024: —

Equity

16.88 —

FY 2024: —

Total assets

36.05 —

FY 2024: —

Working capital

14.47 —

FY 2024: —

Current assets

31.61 —

FY 2024: —

Current liabilities

17.14 —

FY 2024: —

Goodwill

0.37 —

FY 2024: —

Tangible equity

16.51 —

FY 2024: —

CFO

-0.37 —

FY 2024: —

CapEx

0.05 —

FY 2024: —

FCF

-0.41 —

FY 2024: —

Dividends paid

0.08 —

FY 2024: —

ROE

-1.94% —

FY 2024: —

ROA

-0.87% —

FY 2024: —

Current ratio

1.84x —

FY 2024: —

Quick ratio

1.34x —

FY 2024: —

Cash ratio

0.09x —

FY 2024: —

Interest coverage

-1.19x —

FY 2024: —

Debt / equity

0.45x —

FY 2024: —

Debt / assets

0.21x —

FY 2024: —

Net debt / equity

0.36x —

FY 2024: —

Revenue growth (YoY)

4.97% —

FY 2024: —

EBITDA growth (YoY)

-101.71% —

FY 2024: —

EBIT growth (YoY)

-135.06% —

FY 2024: —

Net income growth (YoY)

-157.27% —

FY 2024: —

EPS growth (YoY)

-157.3% —

FY 2024: —

FCF growth (YoY)

-111.07% —

FY 2024: —

EBITDA margin Δ (YoY)

-5.2 pp —

FY 2024: —

EBIT margin Δ (YoY)

-5.11 pp —

FY 2024: —

Net margin Δ (YoY)

-2.05 pp —

FY 2024: —