SHO SHOPER Giełda Papierów Wartościowych w Warszawie · Annual · publ. May 21, 2026

FY 2025 report

Lider polskiego rynku platform e-commerce w modelu SaaS, notowany na GPW, kontrolowany przez strategicznego inwestora cyber_Folks S.A. (49,9% akcji).

Sentiment

Positive No guidance change

Website

SHO FY 2025 report

Revenue

217.97 m PLN

— YoY

Net income

43.08 m PLN

— YoY

EBITDA

75.22 m PLN

— YoY

Net debt / EBITDA

-0.35x

— YoY

Summary

Investment thesis

W 2025 roku przychody wzrosły o 13,3% r/r do 218,0 mln zł, a EBITDA o 23,4% do 75,2 mln zł, z ekspansją marż (marża EBITDA +2,8 p.p.).
Segment „Rozwiązania” (usługi dodatkowe: reklama, płatności, logistyka, finanse) generuje już 79% przychodów i rośnie szybciej niż „Abonamenty”, choć przy niższej marży segmentowej.
Bardzo silny bilans: pozycja gotówkowa netto (ok. −26 mln zł długu netto), doskonała konwersja zysku na gotówkę (FCF/EBITDA ~80%) oraz wypłacona dywidenda (1,03 zł/akcję).
Kluczowe obszary do wyjaśnienia: rotacja w Zarządzie w trakcie roku, spadający take rate w szybko rosnącym kanale Omnichannel oraz drobna niespójność w opisie odpisu wartości firmy Selium.

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Financials

BETA

FY 2025

SHO · FY 2025

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

Revenue	217.97	—	—	reported	—	1.00
EBITDA	75.22	—	—	reported	—	0.95
EBIT	54.21	—	—	reported	—	1.00
EBT	53.26	—	—	reported	—	1.00
Net income	43.08	—	—	reported	—	1.00
EPS (basic) (PLN)	1.54	—	—	reported	—	1.00
EPS (diluted) (PLN)	1.54	—	—	reported	—	1.00
D&A	21.01	—	—	reported	—	1.00
Interest expense	0.66	—	—	reported	—	0.85
Shares (basic) (m units)	28.06	—	—	reported	—	1.00

EBITDA margin	34.51%	—	—	reported	—	0.95
EBIT margin	24.87%	—	—	reported	—	0.95
EBT margin	24.44%	—	—	reported	—	0.95
Net margin	19.77%	—	—	reported	—	0.95
D&A margin	9.64%	—	—	reported	—	0.90

Cash	47.78	—	—	reported	—	1.00
Total debt	21.75	—	—	derived	—	0.85
Net debt	-26.03	—	—	derived	—	0.85
Equity	89.38	—	—	reported	—	1.00
Total assets	166.92	—	—	reported	—	1.00
Working capital	7.76	—	—	derived	—	0.85
Current assets	63.19	—	—	reported	—	1.00
Current liabilities	55.43	—	—	reported	—	1.00
Goodwill	78.22	—	—	reported	—	0.90

CFO	75.75	—	—	reported	—	1.00
CapEx	15.44	—	—	reported	—	0.90
FCF	60.32	—	—	derived	—	0.90
FCF conversion	80.19%	—	—	reported	—	0.85
CFO conversion	100.71%	—	—	reported	—	0.85
Dividends paid	28.98	—	—	reported	—	1.00
Net acquisitions	15.3	—	—	reported	—	0.95

ROE	53.12%	—	—	reported	—	0.80
ROIC	69.22%	—	—	reported	—	0.55
ROCE	48.62%	—	—	reported	—	0.80

Current ratio	1.14x	—	—	reported	—	0.90
Cash ratio	0.86x	—	—	reported	—	0.90
Interest coverage	82.5x	—	—	reported	—	0.70

Net debt / EBITDA	-0.35x	—	—	reported	—	0.85
Debt / equity	0.24x	—	—	reported	—	0.85
Net debt / equity	-0.29x	—	—	reported	—	0.85

Revenue growth (YoY)	13.32%	—	—	reported	—	0.95
EBITDA growth (YoY)	23.39%	—	—	reported	—	0.95
EBIT growth (YoY)	21.6%	—	—	reported	—	0.95
Net income growth (YoY)	15.82%	—	—	reported	—	0.95
EPS growth (YoY)	16.67%	—	—	reported	—	0.90
EBITDA margin Δ (YoY)	2.82 pp	—	—	reported	—	0.90
EBIT margin Δ (YoY)	1.69 pp	—	—	reported	—	0.90
Net margin Δ (YoY)	0.43 pp	—	—	reported	—	0.90

FY 2025 · Δ YoY

Revenue

217.97 —

FY 2024: —

EBITDA

75.22 —

FY 2024: —

EBIT

54.21 —

FY 2024: —

EBT

53.26 —

FY 2024: —

Net income

43.08 —

FY 2024: —

EPS (basic) (PLN)

1.54 —

FY 2024: —

EPS (diluted) (PLN)

1.54 —

FY 2024: —

D&A

21.01 —

FY 2024: —

Interest expense

0.66 —

FY 2024: —

Shares (basic) (m units)

28.06 —

FY 2024: —

EBITDA margin

34.51% —

FY 2024: —

EBIT margin

24.87% —

FY 2024: —

EBT margin

24.44% —

FY 2024: —

Net margin

19.77% —

FY 2024: —

D&A margin

9.64% —

FY 2024: —

Cash

47.78 —

FY 2024: —

Total debt

21.75 —

FY 2024: —

Net debt

-26.03 —

FY 2024: —

Equity

89.38 —

FY 2024: —

Total assets

166.92 —

FY 2024: —

Working capital

7.76 —

FY 2024: —

Current assets

63.19 —

FY 2024: —

Current liabilities

55.43 —

FY 2024: —

Goodwill

78.22 —

FY 2024: —

CFO

75.75 —

FY 2024: —

CapEx

15.44 —

FY 2024: —

FCF

60.32 —

FY 2024: —

FCF conversion

80.19% —

FY 2024: —

CFO conversion

100.71% —

FY 2024: —

Dividends paid

28.98 —

FY 2024: —

Net acquisitions

15.3 —

FY 2024: —

ROE

53.12% —

FY 2024: —

ROIC

69.22% —

FY 2024: —

ROCE

48.62% —

FY 2024: —

Current ratio

1.14x —

FY 2024: —

Cash ratio

0.86x —

FY 2024: —

Interest coverage

82.5x —

FY 2024: —

Net debt / EBITDA

-0.35x —

FY 2024: —

Debt / equity

0.24x —

FY 2024: —

Net debt / equity

-0.29x —

FY 2024: —

Revenue growth (YoY)

13.32% —

FY 2024: —

EBITDA growth (YoY)

23.39% —

FY 2024: —

EBIT growth (YoY)

21.6% —

FY 2024: —

Net income growth (YoY)

15.82% —

FY 2024: —

EPS growth (YoY)

16.67% —

FY 2024: —

EBITDA margin Δ (YoY)

2.82 pp —

FY 2024: —

EBIT margin Δ (YoY)

1.69 pp —

FY 2024: —

Net margin Δ (YoY)

0.43 pp —

FY 2024: —