FY 2025 report
Lider rynku usług pogrzebowych w Polsce realizujący agresywną, konsekwentną strategię konsolidacji (roll-up) — 9 spółek zależnych skonsolidowanych + 1 niekonsolidowana, działalność w 6 aglomeracjach plus transport międzynarodowy
Sentiment
Neutral
No guidance change
KLE
FY 2025 report
Revenue
57,570,799 PLN
— YoY
Net income
1,856,456 PLN
— YoY
EBITDA
-1.06 m PLN
— YoY
FCF
-6,245,096 PLN
— YoY
Summary
Investment thesis
- Przychody wzrosły o 17,1% r/r (49,2 → 57,6 mln zł), ale zysk netto spadł o 70% (6,2 → 1,9 mln zł) — wzrost napędzany akwizycjami nie przełożył się na rentowność w 2025 r.
- Opinia audytora bez zastrzeżeń (BDO) po rozwiązaniu spornej kwestii wyceny wartości firmy, która w 2024 r. skutkowała opinią z zastrzeżeniem innego audytora
- FCF ujemny drugi rok z rzędu (-6,2 mln zł w 2025, -18,5 mln zł w 2024), choć z wyraźną poprawą — model wzrostu przez przejęcia nie samofinansuje się jeszcze
- Po dniu bilansowym: nowe przejęcie (Glob sp. z o.o., marzec 2026) finansowane nowym kredytem inwestycyjnym PKO BP 7 mln zł zabezpieczonym hipoteką na nieruchomości spółki zależnej
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Financials
BETA
KLE · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue (PLN) | 57,570,799 | — | — | reported | — | 1.00 |
| EBITDA | -1.06 | — | — | derived | — | 0.98 |
| EBIT | -1.24 | — | — | reported | — | 1.00 |
| EBT | 4.27 | — | — | reported | — | 1.00 |
| Net income (PLN) | 1,856,456 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.19 | — | — | derived | — | 0.95 |
| D&A | 0.18 | — | — | reported | — | 1.00 |
| Interest expense | 0.14 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 23.86 | — | — | reported | — | 1.00 |
| EBITDA margin | 0.16x | — | — | reported | — | 1.00 |
| EBIT margin | -821.1% | — | — | reported | — | 0.20 |
| Net margin | 0.03x | — | — | reported | — | 1.00 |
| Cash | 3,891,654 | — | — | reported | — | 1.00 |
| Total debt | 13,508,152 | — | — | reported | — | 0.90 |
| Net debt | 9,616,498 | — | — | reported | — | 0.90 |
| Equity | 84,094,739 | — | — | reported | — | 1.00 |
| Total assets | 114,168,670 | — | — | reported | — | 1.00 |
| Current assets | 10,082,594 | — | — | reported | — | 1.00 |
| Current liabilities (m PLN) | 3.54 | — | — | reported | — | 0.95 |
| Goodwill (m PLN) | 1.37 | — | — | reported | — | 0.85 |
| Tangible equity (m PLN) | 79.29 | — | — | derived | — | 0.98 |
| CFO | 4,418,140 | — | — | reported | — | 1.00 |
| CapEx | 10,663,236 | — | — | reported | — | 1.00 |
| FCF | -6,245,096 | — | — | reported | — | 1.00 |
| Net acquisitions (m PLN) | 2.47 | — | — | reported | — | 0.90 |
| ROE | 0.02x | — | — | reported | — | 1.00 |
| ROA | 0.02x | — | — | reported | — | 1.00 |
| Current ratio | 3.94x | — | — | reported | — | 0.95 |
| Quick ratio | 3.94x | — | — | reported | — | 0.95 |
| Cash ratio | 0.2x | — | — | reported | — | 0.95 |
| Interest coverage | -8.88x | — | — | reported | — | 0.80 |
| Debt / equity | 0.04x | — | — | reported | — | 0.85 |
| Net debt / equity | 0.04x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | -8.79% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 18.52% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 16.27% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 598.74% | — | — | reported | — | 0.95 |
| EPS growth (YoY) | 598.74% | — | — | reported | — | 0.90 |
FY 2025 · Δ YoY
Revenue
(PLN)
57,570,799
—
57,570,799
—
- FY 2024
- —
EBITDA
-1.06
—
-1.06
—
- FY 2024
- —
EBIT
-1.24
—
-1.24
—
- FY 2024
- —
EBT
4.27
—
4.27
—
- FY 2024
- —
Net income
(PLN)
1,856,456
—
1,856,456
—
- FY 2024
- —
EPS (basic)
(PLN)
0.19
—
0.19
—
- FY 2024
- —
D&A
0.18
—
0.18
—
- FY 2024
- —
Interest expense
0.14
—
0.14
—
- FY 2024
- —
Shares (basic)
(m units)
23.86
—
23.86
—
- FY 2024
- —
EBITDA margin
0.16x
—
0.16x
—
- FY 2024
- —
EBIT margin
-821.1%
—
-821.1%
—
- FY 2024
- —
Net margin
0.03x
—
0.03x
—
- FY 2024
- —
Cash
3,891,654
—
3,891,654
—
- FY 2024
- —
Total debt
13,508,152
—
13,508,152
—
- FY 2024
- —
Net debt
9,616,498
—
9,616,498
—
- FY 2024
- —
Equity
84,094,739
—
84,094,739
—
- FY 2024
- —
Total assets
114,168,670
—
114,168,670
—
- FY 2024
- —
Current assets
10,082,594
—
10,082,594
—
- FY 2024
- —
Current liabilities
(m PLN)
3.54
—
3.54
—
- FY 2024
- —
Goodwill
(m PLN)
1.37
—
1.37
—
- FY 2024
- —
Tangible equity
(m PLN)
79.29
—
79.29
—
- FY 2024
- —
CFO
4,418,140
—
4,418,140
—
- FY 2024
- —
CapEx
10,663,236
—
10,663,236
—
- FY 2024
- —
FCF
-6,245,096
—
-6,245,096
—
- FY 2024
- —
Net acquisitions
(m PLN)
2.47
—
2.47
—
- FY 2024
- —
ROE
0.02x
—
0.02x
—
- FY 2024
- —
ROA
0.02x
—
0.02x
—
- FY 2024
- —
Current ratio
3.94x
—
3.94x
—
- FY 2024
- —
Quick ratio
3.94x
—
3.94x
—
- FY 2024
- —
Cash ratio
0.2x
—
0.2x
—
- FY 2024
- —
Interest coverage
-8.88x
—
-8.88x
—
- FY 2024
- —
Debt / equity
0.04x
—
0.04x
—
- FY 2024
- —
Net debt / equity
0.04x
—
0.04x
—
- FY 2024
- —
Revenue growth (YoY)
-8.79%
—
-8.79%
—
- FY 2024
- —
EBITDA growth (YoY)
18.52%
—
18.52%
—
- FY 2024
- —
EBIT growth (YoY)
16.27%
—
16.27%
—
- FY 2024
- —
Net income growth (YoY)
598.74%
—
598.74%
—
- FY 2024
- —
EPS growth (YoY)
598.74%
—
598.74%
—
- FY 2024
- —