PXM POLIMEX MOSTOSTAL Giełda Papierów Wartościowych w Warszawie · Annual · publ. May 21, 2026

FY 2025 report

Powrót do rentowności po dwóch trudnych latach - EBITDA 243 mln zł i zysk netto 134 mln zł, po -351 mln zł EBITDA i -349 mln zł straty netto w 2024, dzięki wygaśnięciu obciążeń związanych z kontraktem Puławy i silnemu wzrostowi przychodów (+44,6% r/r).

Sentiment

Positive No guidance change

Website

PXM FY 2025 report

Revenue

4,130,489 k PLN

— YoY

Net income

134,312 k PLN

— YoY

EBITDA

242,698 k PLN

— YoY

Gross margin

8.13%

— YoY

Summary

Investment thesis

Rekordowy portfel zamówień 10,1 mld zł (najwyższy od 10 lat) plus ok. 37 mld zł w toczących się postępowaniach ofertowych daje widoczność przychodów na kilka lat naprzód.
Silna pozycja gotówkowa netto (dług netto ok. -693 mln zł) przy relatywnie niskim zadłużeniu finansowym (119,8 mln zł) - bezpieczny bilans na tle branży budowlanej.
Konwersja zysku na gotówkę wymaga obserwacji - mimo skokowej poprawy wyniku operacyjnego, OCF wzrósł tylko nieznacznie (267,5 mln zł vs 263,4 mln zł), bo należności handlowe urosły o 294 mln zł.
Nierozstrzygnięty spór z Grupą Azoty Puławy (roszczenie ok. 489 mln zł wobec konsorcjum) to główne ryzyko ogonowe - proces sądowy dopiero się rozpoczyna, kolejna rozprawa w sierpniu 2026.

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Financials

BETA

FY 2025

PXM · FY 2025

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

Revenue	4,130,489	—	—	reported	—	1.00
Gross profit	335,997	—	—	reported	—	1.00
EBITDA	242,698	—	—	reported	—	1.00
EBIT	187,895	—	—	reported	—	1.00
EBT	177,579	—	—	reported	—	1.00
Net income	134,312	—	—	reported	—	1.00
EPS (basic) (PLN)	0.54	—	—	reported	—	1.00
D&A	54,803	—	—	reported	—	1.00
Interest expense	24,841	—	—	reported	—	0.60

Gross margin	8.13%	—	—	reported	—	1.00
EBITDA margin	5.88%	—	—	reported	—	1.00
EBIT margin	4.55%	—	—	reported	—	1.00
EBT margin	4.3%	—	—	reported	—	1.00
Net margin	3.25%	—	—	reported	—	1.00
D&A margin	1.33%	—	—	reported	—	1.00

Cash	813,142	—	—	reported	—	1.00
Total debt	119,801	—	—	derived	—	1.00
Net debt	-693,341	—	—	derived	—	0.95
Equity	731,491	—	—	reported	—	1.00
Total assets	3,051,505	—	—	reported	—	1.00
Working capital	-14,881	—	—	derived	—	0.90
Current assets	2,140,020	—	—	reported	—	1.00
Current liabilities	2,154,901	—	—	reported	—	1.00
Goodwill	95,889	—	—	derived	—	0.90
Tangible equity	635,602	—	—	derived	—	0.90

CFO	267,467	—	—	reported	—	1.00
CapEx	38,679	—	—	reported	—	1.00
FCF	228,788	—	—	derived	—	0.95

ROE	20.35%	—	—	reported	—	0.90
ROA	4.7%	—	—	reported	—	0.85
ROCE	20.96%	—	—	reported	—	0.85

Current ratio	0.99x	—	—	reported	—	1.00
Quick ratio	0.9x	—	—	reported	—	1.00
Cash ratio	0.38x	—	—	reported	—	0.90
Interest coverage	7.56x	—	—	reported	—	0.60

Net debt / EBITDA	-2.86x	—	—	reported	—	0.90
Debt / equity	0.16x	—	—	reported	—	0.90
Debt / assets	0.04x	—	—	reported	—	0.90
Net debt / equity	-0.95x	—	—	reported	—	0.90

Revenue growth (YoY)	44.64%	—	—	reported	—	1.00
EBITDA growth (YoY)	169.24%	—	—	reported	—	0.90
EBIT growth (YoY)	147.06%	—	—	reported	—	0.90
Net income growth (YoY)	138.53%	—	—	reported	—	0.90
EPS growth (YoY)	137.66%	—	—	reported	—	0.90
FCF growth (YoY)	0.02%	—	—	reported	—	0.85
Gross margin Δ (YoY)	17.21 pp	—	—	reported	—	0.90
EBITDA margin Δ (YoY)	18.16 pp	—	—	reported	—	0.90
EBIT margin Δ (YoY)	18.53 pp	—	—	reported	—	0.90
Net margin Δ (YoY)	15.46 pp	—	—	reported	—	0.90

FY 2025 · Δ YoY

Revenue

4,130,489 —

FY 2024: —

Gross profit

335,997 —

FY 2024: —

EBITDA

242,698 —

FY 2024: —

EBIT

187,895 —

FY 2024: —

EBT

177,579 —

FY 2024: —

Net income

134,312 —

FY 2024: —

EPS (basic) (PLN)

0.54 —

FY 2024: —

D&A

54,803 —

FY 2024: —

Interest expense

24,841 —

FY 2024: —

Gross margin

8.13% —

FY 2024: —

EBITDA margin

5.88% —

FY 2024: —

EBIT margin

4.55% —

FY 2024: —

EBT margin

4.3% —

FY 2024: —

Net margin

3.25% —

FY 2024: —

D&A margin

1.33% —

FY 2024: —

Cash

813,142 —

FY 2024: —

Total debt

119,801 —

FY 2024: —

Net debt

-693,341 —

FY 2024: —

Equity

731,491 —

FY 2024: —

Total assets

3,051,505 —

FY 2024: —

Working capital

-14,881 —

FY 2024: —

Current assets

2,140,020 —

FY 2024: —

Current liabilities

2,154,901 —

FY 2024: —

Goodwill

95,889 —

FY 2024: —

Tangible equity

635,602 —

FY 2024: —

CFO

267,467 —

FY 2024: —

CapEx

38,679 —

FY 2024: —

FCF

228,788 —

FY 2024: —

ROE

20.35% —

FY 2024: —

ROA

4.7% —

FY 2024: —

ROCE

20.96% —

FY 2024: —

Current ratio

0.99x —

FY 2024: —

Quick ratio

0.9x —

FY 2024: —

Cash ratio

0.38x —

FY 2024: —

Interest coverage

7.56x —

FY 2024: —

Net debt / EBITDA

-2.86x —

FY 2024: —

Debt / equity

0.16x —

FY 2024: —

Debt / assets

0.04x —

FY 2024: —

Net debt / equity

-0.95x —

FY 2024: —

Revenue growth (YoY)

44.64% —

FY 2024: —

EBITDA growth (YoY)

169.24% —

FY 2024: —

EBIT growth (YoY)

147.06% —

FY 2024: —

Net income growth (YoY)

138.53% —

FY 2024: —

EPS growth (YoY)

137.66% —

FY 2024: —

FCF growth (YoY)

0.02% —

FY 2024: —

Gross margin Δ (YoY)

17.21 pp —

FY 2024: —

EBITDA margin Δ (YoY)

18.16 pp —

FY 2024: —

EBIT margin Δ (YoY)

18.53 pp —

FY 2024: —

Net margin Δ (YoY)

15.46 pp —

FY 2024: —