FY 2025 report
Podstawowy biznes (Pylon Audio, ponad 95% przychodu z produkcji własnej) generuje dodatnią EBITDA i rośnie organicznie o ok. 14% r/r, ale marża EBITDA skurczyła się z 18,7% do 12,2% pod wpływem kosztów B+R i integracji.
Sentiment
Neutral
No guidance change
JRC
FY 2025 report
Revenue
15.66 m PLN
— YoY
Net income
-1.23 m PLN
— YoY
EBITDA
1.63 m PLN
— YoY
Net debt / EBITDA
0.7x
— YoY
Summary
Investment thesis
- Pierwsza zagraniczna akwizycja (70% udziałów w V.A. Lautsprechermanufaktur GmbH, marka Vienna Acoustics) otwiera dostęp do segmentu premium i rynków zachodnioeuropejskich, ale rozmywa porównywalność wyników r/r i niesie ryzyko integracyjne oraz opcyjne zobowiązanie do wykupu pozostałych 30% w 2029 r.
- Strata netto pogłębiła się (-1 231,6 tys. zł skonsolidowanej wobec -661,9 tys. zł rok wcześniej jednostkowo), głównie przez niegotówkowe odpisy oraz nieskompensowany dotacją wkład własny w projekty B+R — jakość zysku wymaga oczyszczenia z jednorazowych pozycji.
- Operacyjny cash flow Grupy jest ujemny (-1 379,5 tys. zł) mimo dodatniej EBITDA, a wolne przepływy pieniężne głęboko ujemne (ok. -3 042,6 tys. zł) — spółka finansuje program inwestycyjny długiem, faktoringiem i dotacjami, nie nadwyżką gotówkową.
- Opinia biegłego rewidenta ze skonsolidowanego sprawozdania jest z zastrzeżeniem (zapasy nowo nabytej spółki zależnej), podczas gdy jednostkowa opinia JRC Group S.A. samodzielnie jest bez zastrzeżeń — a niemal 18-krotny wzrost wynagrodzeń zarządu i kontraktów B2B w roku pogłębiającej się straty to sygnał do bliższej weryfikacji ładu korporacyjnego.
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Financials
BETA
JRC · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 15.66 | — | — | reported | — | 1.00 |
|
Revenue
standalone
|
14.57 | — | — | reported | standalone | 1.00 |
|
EBITDA
standalone
|
1.81 | — | — | reported | standalone | 0.90 |
| EBITDA | 1.63 | — | — | reported | — | 0.90 |
| EBIT | -0.95 | — | — | reported | — | 1.00 |
|
EBIT
standalone
|
-0.73 | — | — | reported | standalone | 1.00 |
| Net income | -1.23 | — | — | reported | — | 0.70 |
|
Net income
standalone
|
-1.03 | — | — | reported | standalone | 1.00 |
| EPS (basic) (PLN) | -0.1 | — | — | derived | — | 0.70 |
|
EPS (basic)
(PLN)
standalone
|
-0.08 | — | — | derived | standalone | 0.70 |
| D&A | 1.75 | — | — | reported | — | 1.00 |
| Interest expense | 0.24 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 12.82 | — | — | reported | — | 1.00 |
| EBITDA margin | 10.38% | — | — | derived | — | 0.90 |
|
EBITDA margin
standalone
|
12.2% | — | — | reported | standalone | 0.90 |
| EBIT margin | -6.06% | — | — | derived | — | 0.90 |
|
EBIT margin
standalone
|
-5.02% | — | — | derived | standalone | 0.90 |
| Net margin | -7.87% | — | — | derived | — | 0.70 |
|
Net margin
standalone
|
-7.06% | — | — | derived | standalone | 0.90 |
| Cash | 1.65 | — | — | reported | — | 1.00 |
| Total debt | 2.78 | — | — | derived | — | 0.90 |
| Net debt | 1.13 | — | — | reported | — | 0.90 |
| Equity | 16.06 | — | — | reported | — | 1.00 |
|
Equity
standalone
|
16.26 | — | — | reported | standalone | 1.00 |
| Total assets | 26.77 | — | — | reported | — | 1.00 |
|
Total assets
standalone
|
26.27 | — | — | reported | standalone | 1.00 |
|
Working capital
standalone
|
2.55 | — | — | reported | standalone | 0.90 |
| Current assets | 9.09 | — | — | reported | — | 1.00 |
| Goodwill | 4.61 | — | — | reported | — | 0.90 |
| CFO | -1.38 | — | — | reported | — | 1.00 |
|
CFO
standalone
|
-1.27 | — | — | reported | standalone | 1.00 |
| CapEx | 1.66 | — | — | reported | — | 1.00 |
| FCF | -3.04 | — | — | reported | — | 0.90 |
|
FCF
standalone
|
-3.56 | — | — | derived | standalone | 0.60 |
| Net acquisitions | 1.36 | — | — | reported | — | 0.90 |
|
ROE
standalone
|
-5.9% | — | — | reported | standalone | 0.90 |
|
ROA
standalone
|
-3.9% | — | — | reported | standalone | 0.90 |
|
Current ratio
standalone
|
1.46x | — | — | reported | standalone | 0.90 |
|
Quick ratio
standalone
|
0.7x | — | — | reported | standalone | 0.90 |
| Net debt / EBITDA | 0.7x | — | — | reported | — | 0.80 |
| Debt / equity | 0.17x | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | 22.51% | — | — | derived | — | 0.50 |
| EBITDA growth (YoY) | -34.47% | — | — | derived | — | 0.50 |
| Net income growth (YoY) | -86.06% | — | — | derived | — | 0.50 |
FY 2025 · Δ YoY
Revenue
15.66
—
15.66
—
- FY 2024
- —
Revenue
standalone
14.57
—
standalone
14.57
—
- FY 2024
- —
EBITDA
standalone
1.81
—
standalone
1.81
—
- FY 2024
- —
EBITDA
1.63
—
1.63
—
- FY 2024
- —
EBIT
-0.95
—
-0.95
—
- FY 2024
- —
EBIT
standalone
-0.73
—
standalone
-0.73
—
- FY 2024
- —
Net income
-1.23
—
-1.23
—
- FY 2024
- —
Net income
standalone
-1.03
—
standalone
-1.03
—
- FY 2024
- —
EPS (basic)
(PLN)
-0.1
—
-0.1
—
- FY 2024
- —
EPS (basic)
(PLN)
standalone
-0.08
—
standalone
-0.08
—
- FY 2024
- —
D&A
1.75
—
1.75
—
- FY 2024
- —
Interest expense
0.24
—
0.24
—
- FY 2024
- —
Shares (basic)
(m units)
12.82
—
12.82
—
- FY 2024
- —
EBITDA margin
10.38%
—
10.38%
—
- FY 2024
- —
EBITDA margin
standalone
12.2%
—
standalone
12.2%
—
- FY 2024
- —
EBIT margin
-6.06%
—
-6.06%
—
- FY 2024
- —
EBIT margin
standalone
-5.02%
—
standalone
-5.02%
—
- FY 2024
- —
Net margin
-7.87%
—
-7.87%
—
- FY 2024
- —
Net margin
standalone
-7.06%
—
standalone
-7.06%
—
- FY 2024
- —
Cash
1.65
—
1.65
—
- FY 2024
- —
Total debt
2.78
—
2.78
—
- FY 2024
- —
Net debt
1.13
—
1.13
—
- FY 2024
- —
Equity
16.06
—
16.06
—
- FY 2024
- —
Equity
standalone
16.26
—
standalone
16.26
—
- FY 2024
- —
Total assets
26.77
—
26.77
—
- FY 2024
- —
Total assets
standalone
26.27
—
standalone
26.27
—
- FY 2024
- —
Working capital
standalone
2.55
—
standalone
2.55
—
- FY 2024
- —
Current assets
9.09
—
9.09
—
- FY 2024
- —
Goodwill
4.61
—
4.61
—
- FY 2024
- —
CFO
-1.38
—
-1.38
—
- FY 2024
- —
CFO
standalone
-1.27
—
standalone
-1.27
—
- FY 2024
- —
CapEx
1.66
—
1.66
—
- FY 2024
- —
FCF
-3.04
—
-3.04
—
- FY 2024
- —
FCF
standalone
-3.56
—
standalone
-3.56
—
- FY 2024
- —
Net acquisitions
1.36
—
1.36
—
- FY 2024
- —
ROE
standalone
-5.9%
—
standalone
-5.9%
—
- FY 2024
- —
ROA
standalone
-3.9%
—
standalone
-3.9%
—
- FY 2024
- —
Current ratio
standalone
1.46x
—
standalone
1.46x
—
- FY 2024
- —
Quick ratio
standalone
0.7x
—
standalone
0.7x
—
- FY 2024
- —
Net debt / EBITDA
0.7x
—
0.7x
—
- FY 2024
- —
Debt / equity
0.17x
—
0.17x
—
- FY 2024
- —
Revenue growth (YoY)
22.51%
—
22.51%
—
- FY 2024
- —
EBITDA growth (YoY)
-34.47%
—
-34.47%
—
- FY 2024
- —
Net income growth (YoY)
-86.06%
—
-86.06%
—
- FY 2024
- —