FY 2025 report
Rozdźwięk między wynikiem księgowym a operacyjnym - zysk netto spadł (-10,4% dla akcjonariuszy jednostki dominującej), ale 'czysta' EBITDA LIFO bez odpisów urosła o 10,7%, a OCF aż o 28,9% - biznes operacyjnie radzi sobie lepiej, niż sugeruje sam rachunek wyników.
Sentiment
Neutral
No guidance change
PKN
FY 2025 report
Revenue
267,827 m PLN
— YoY
Net income
2,531 m PLN
— YoY
EBITDA
24,200 m PLN
— YoY
Net debt / EBITDA
-0.06x
— YoY
Summary
Investment thesis
- Ok. 16,3 mld PLN odpisów aktualizujących netto (głównie Downstream) to główna przyczyna spadku zysku księgowego - wynika z aktualizacji założeń makro w Strategii 2035 i przeglądu kluczowych projektów (Nowa Chemia, Hydrokraking Litwa, Spolana, rynek PVC).
- Silne umocnienie bilansu - przejście z długu netto (7,0 mld PLN) do pozycji gotówkowej netto (-1,4 mld PLN), cel strategiczny dług netto/EBITDA<2,0x do 2030 r. już dziś spełniony.
- Segmentowo zróżnicowany obraz: Energy (+15,3% EBITDA LIFO ex-odpisy) i Consumers and Products (+76,2%) rosną wyraźnie, Downstream odbudowuje się (+36,7%) ale wciąż raportuje ujemny EBIT, a Upstream and Supply słabnie (-12,0%) na niższych cenach gazu.
- Dywidenda 6,00 PLN/akcję (6,97 mld PLN) wypłacona mimo roku obciążonego odpisami - sygnał zaufania zarządu do generowanej gotówki, ale przewyższa zysk netto okresu przypadający akcjonariuszom.
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
PKN · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 267,827 | — | — | reported | — | 1.00 |
| EBITDA | 24,200 | — | — | reported | — | 1.00 |
| EBIT | 9,957 | — | — | reported | — | 1.00 |
| EBT | 9,013 | — | — | reported | — | 1.00 |
| Net income | 2,531 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 2.18 | — | — | reported | — | 1.00 |
| D&A | 14,243 | — | — | reported | — | 0.85 |
| Interest expense | 1,469 | — | — | reported | — | 0.70 |
| EBITDA margin | 9.04% | — | — | reported | — | 1.00 |
| EBIT margin | 3.72% | — | — | reported | — | 1.00 |
| EBT margin | 3.37% | — | — | reported | — | 1.00 |
| Net margin | 0.94% | — | — | reported | — | 1.00 |
| D&A margin | 5.32% | — | — | reported | — | 0.85 |
| Cash | 26,445 | — | — | reported | — | 0.90 |
| Total debt | 25,164 | — | — | reported | — | 0.90 |
| Net debt | -1,411 | — | — | reported | — | 0.95 |
| Equity | 143,617 | — | — | reported | — | 1.00 |
| Total assets | 265,048 | — | — | reported | — | 1.00 |
| Working capital | 20,169 | — | — | derived | — | 0.80 |
| Current assets | 80,341 | — | — | reported | — | 1.00 |
| Current liabilities | 60,172 | — | — | reported | — | 1.00 |
| CFO | 47,220 | — | — | reported | — | 1.00 |
| CapEx | 26,931 | — | — | reported | — | 0.85 |
| FCF | 20,289 | — | — | derived | — | 0.85 |
| Dividends paid | 6,967 | — | — | reported | — | 1.00 |
| ROE | 1.8% | — | — | reported | — | 1.00 |
| ROA | 1% | — | — | reported | — | 1.00 |
| ROIC | 2.06% | — | — | reported | — | 0.50 |
| ROCE | 4.86% | — | — | reported | — | 0.80 |
| Current ratio | 1.3x | — | — | reported | — | 1.00 |
| Quick ratio | 1x | — | — | reported | — | 1.00 |
| Cash ratio | 0.44x | — | — | reported | — | 0.85 |
| Interest coverage | 6.78x | — | — | reported | — | 0.50 |
| Net debt / EBITDA | -0.06x | — | — | reported | — | 1.00 |
| Debt / equity | 0.18x | — | — | reported | — | 0.90 |
| Debt / assets | 0.09x | — | — | reported | — | 0.90 |
| Net debt / equity | -0.01x | — | — | reported | — | 0.95 |
| Revenue growth (YoY) | -9.18% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 2.02% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 2.58% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | -10.44% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | -10.29% | — | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 0.99 pp | — | — | reported | — | 0.95 |
| EBIT margin Δ (YoY) | 0.42 pp | — | — | reported | — | 0.95 |
| Net margin Δ (YoY) | -0.01 pp | — | — | reported | — | 0.90 |
FY 2025 · Δ YoY
Revenue
267,827
—
267,827
—
- FY 2024
- —
EBITDA
24,200
—
24,200
—
- FY 2024
- —
EBIT
9,957
—
9,957
—
- FY 2024
- —
EBT
9,013
—
9,013
—
- FY 2024
- —
Net income
2,531
—
2,531
—
- FY 2024
- —
EPS (basic)
(PLN)
2.18
—
2.18
—
- FY 2024
- —
D&A
14,243
—
14,243
—
- FY 2024
- —
Interest expense
1,469
—
1,469
—
- FY 2024
- —
EBITDA margin
9.04%
—
9.04%
—
- FY 2024
- —
EBIT margin
3.72%
—
3.72%
—
- FY 2024
- —
EBT margin
3.37%
—
3.37%
—
- FY 2024
- —
Net margin
0.94%
—
0.94%
—
- FY 2024
- —
D&A margin
5.32%
—
5.32%
—
- FY 2024
- —
Cash
26,445
—
26,445
—
- FY 2024
- —
Total debt
25,164
—
25,164
—
- FY 2024
- —
Net debt
-1,411
—
-1,411
—
- FY 2024
- —
Equity
143,617
—
143,617
—
- FY 2024
- —
Total assets
265,048
—
265,048
—
- FY 2024
- —
Working capital
20,169
—
20,169
—
- FY 2024
- —
Current assets
80,341
—
80,341
—
- FY 2024
- —
Current liabilities
60,172
—
60,172
—
- FY 2024
- —
CFO
47,220
—
47,220
—
- FY 2024
- —
CapEx
26,931
—
26,931
—
- FY 2024
- —
FCF
20,289
—
20,289
—
- FY 2024
- —
Dividends paid
6,967
—
6,967
—
- FY 2024
- —
ROE
1.8%
—
1.8%
—
- FY 2024
- —
ROA
1%
—
1%
—
- FY 2024
- —
ROIC
2.06%
—
2.06%
—
- FY 2024
- —
ROCE
4.86%
—
4.86%
—
- FY 2024
- —
Current ratio
1.3x
—
1.3x
—
- FY 2024
- —
Quick ratio
1x
—
1x
—
- FY 2024
- —
Cash ratio
0.44x
—
0.44x
—
- FY 2024
- —
Interest coverage
6.78x
—
6.78x
—
- FY 2024
- —
Net debt / EBITDA
-0.06x
—
-0.06x
—
- FY 2024
- —
Debt / equity
0.18x
—
0.18x
—
- FY 2024
- —
Debt / assets
0.09x
—
0.09x
—
- FY 2024
- —
Net debt / equity
-0.01x
—
-0.01x
—
- FY 2024
- —
Revenue growth (YoY)
-9.18%
—
-9.18%
—
- FY 2024
- —
EBITDA growth (YoY)
2.02%
—
2.02%
—
- FY 2024
- —
EBIT growth (YoY)
2.58%
—
2.58%
—
- FY 2024
- —
Net income growth (YoY)
-10.44%
—
-10.44%
—
- FY 2024
- —
EPS growth (YoY)
-10.29%
—
-10.29%
—
- FY 2024
- —
EBITDA margin Δ (YoY)
0.99 pp
—
0.99 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
0.42 pp
—
0.42 pp
—
- FY 2024
- —
Net margin Δ (YoY)
-0.01 pp
—
-0.01 pp
—
- FY 2024
- —