ONC ONICO NewConnect · Annual · publ. June 01, 2026

FY 2025 report

Turnaround wykonany: zysk netto +10,7 mln PLN wobec straty -12,6 mln PLN rok wcześniej; 62% długu układowego spłacone

Sentiment

Cautious No guidance change

Website

ONC FY 2025 report

Revenue

23.33 m PLN

— YoY

Net income

10.67 m PLN

— YoY

EBITDA

6.19 m PLN

— YoY

Gross margin

21.1%

— YoY

Summary

Investment thesis

Model przeorientowany na wysokomarżowy handel LPG (marża brutto 21,1%) zamiast wolumenowego (<5%); EBIT 5,5 mln PLN powtarzalny
Eliminacja kluczowych ryzyk prawnych: ugoda Shell, umorzenie postępowania URE, oddalenie wniosku o upadłość (post-period)
Terminal Alpetrol (Gdynia) jako infrastrukturalna bariera wejścia — dzierżawa do min. 01.06.2028
Ryzyko: deficyt equity -178 mln PLN, gotówka 1,23 mln PLN, 12 rat do 2032 — going concern emphasis aktywny

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Financials

BETA

FY 2025

ONC · FY 2025

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

Revenue	23.33	—	—	reported	—	0.95
Gross profit	4.92	—	—	reported	—	0.90
EBITDA	6.19	—	—	derived	—	0.85
EBIT	5.51	—	—	reported	—	0.90
EBT	11.32	—	—	reported	—	0.90
Net income	10.67	—	—	reported	—	0.95
D&A	0.69	—	—	reported	—	0.85

Gross margin	21.1%	—	—	reported	—	0.90
EBITDA margin	26.6%	—	—	reported	—	0.80
EBIT margin	23.6%	—	—	reported	—	0.90
Net margin	45.7%	—	—	reported	—	0.80

Cash	1.23	—	—	reported	—	0.95
Equity	-178.43	—	—	reported	—	0.90
Current liabilities	29.11	—	—	reported	—	0.85
Goodwill	11.25	—	—	reported	—	0.80

Revenue growth (YoY)	-50.2%	—	—	reported	—	0.95
Net income growth (YoY)	184.7%	—	—	reported	—	0.50

FY 2025 · Δ YoY

Revenue

23.33 —

FY 2024: —

Gross profit

4.92 —

FY 2024: —

EBITDA

6.19 —

FY 2024: —

EBIT

5.51 —

FY 2024: —

EBT

11.32 —

FY 2024: —

Net income

10.67 —

FY 2024: —

D&A

0.69 —

FY 2024: —

Gross margin

21.1% —

FY 2024: —

EBITDA margin

26.6% —

FY 2024: —

EBIT margin

23.6% —

FY 2024: —

Net margin

45.7% —

FY 2024: —

Cash

1.23 —

FY 2024: —

Equity

-178.43 —

FY 2024: —

Current liabilities

29.11 —

FY 2024: —

Goodwill

11.25 —

FY 2024: —

Revenue growth (YoY)

-50.2% —

FY 2024: —

Net income growth (YoY)

184.7% —

FY 2024: —