FRB FORBUILD NewConnect · Annual · publ. May 15, 2026

FY 2025 report

Przychody praktycznie płaskie r/r (+0,2%, 103,7 mln zł), ale zysk netto niższy o 44,7% (2,76 mln zł vs 4,99 mln zł) - erozja marży, nie wolumenu.

Sentiment

Neutral No guidance change

Website

FRB FY 2025 report

Revenue

103,506,240 PLN

— YoY

Net income

4,992,015 PLN

— YoY

EBITDA

10,208,477 PLN

— YoY

Net debt / EBITDA

— YoY

Summary

Investment thesis

Bilans pozostaje bezpieczny: płynność bieżąca ok. 4,5x, pozycja gotówki netto praktycznie zerowa, brak koncentracji odbiorców/dostawców powyżej 10% obrotu.
Zapasy rosną szybciej niż sprzedaż (+13,6% r/r), rotacja wydłuża się z 91 do 106 dni - sygnał do obserwacji, czy to zatowarowanie czy spowolnienie popytu.
Opinia biegłego rewidenta z zastrzeżeniem (wycena know-how i nieruchomości z akwizycji Stalmax z 2014 r.) oraz retrospektywna korekta błędu w kapitale własnym (-1,585 mln zł) to nierozwiązane od lat kwestie ładu sprawozdawczego.
Dywidenda (3,96 mln zł) przekroczyła zysk netto roku - przy malejącej rentowności to polityka wypłat, którą trzeba obserwować, choć wciąż pokryta przez FCF.

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

FY 2025

FRB · FY 2025

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

Revenue	103,506,240	—	—	reported	—	1.00
EBITDA	10,208,477	—	—	reported	—	0.90
EBIT	6,822,950	—	—	reported	—	1.00
EBT	3,924,105	—	—	reported	—	1.00
Net income	4,992,015	—	—	reported	—	1.00
EPS (basic)	0.26	—	—	reported	—	1.00
D&A	3,385,527	—	—	reported	—	1.00
Interest expense	458,969	—	—	reported	—	1.00
Shares (basic) (m units)	12	—	—	reported	—	1.00

EBITDA margin	9.86%	—	—	reported	—	0.90
EBIT margin	6.59%	—	—	reported	—	0.90
EBT margin	4.62%	—	—	reported	—	1.00
Net margin	4.82%	—	—	reported	—	0.90
D&A margin	3.22%	—	—	reported	—	1.00

Cash	7,128,247	—	—	reported	—	1.00
Total debt	7,092,259	—	—	derived	—	0.90
Net debt	-35,988	—	—	derived	—	0.90
Equity	61,145,017	—	—	reported	—	1.00
Total assets	83,295,014	—	—	reported	—	1.00
Working capital (PLN)	27.62	—	—	reported	—	1.00
Current assets	51,303,126	—	—	reported	—	1.00
Current liabilities	11,338,659	—	—	reported	—	1.00
Goodwill (m PLN)	0	—	—	reported	—	1.00

CFO	8,062,779	—	—	reported	—	1.00
CapEx	1,440,861	—	—	reported	—	1.00
FCF	4,272,474	—	—	derived	—	0.90
FCF conversion	53.8%	—	—	reported	—	0.85
CFO conversion	71.94%	—	—	reported	—	0.85
Dividends paid	3,960,000	—	—	reported	—	1.00

ROE	4.48%	—	—	reported	—	0.90
ROA	3.33%	—	—	reported	—	0.90
ROIC	5.69%	—	—	reported	—	0.80
ROCE	6.3%	—	—	reported	—	0.85

Current ratio	4.53x	—	—	reported	—	0.90
Quick ratio	1.85x	—	—	reported	—	0.90
Cash ratio	0.66x	—	—	reported	—	1.00
Interest coverage	9.32x	—	—	reported	—	0.90

Net debt / EBITDA	0x	—	—	reported	—	0.85
Debt / equity	0.12x	—	—	reported	—	0.85
Debt / assets	0.09x	—	—	reported	—	0.90
Net debt / equity	-0.01x	—	—	reported	—	0.85

Revenue growth (YoY)	0.23%	—	—	reported	—	0.95
EBITDA growth (YoY)	-22.21%	—	—	reported	—	0.90
EBIT growth (YoY)	-37.32%	—	—	reported	—	0.95
Net income growth (YoY)	-44.65%	—	—	reported	—	0.95
EPS growth (YoY)	-31.58%	—	—	reported	—	1.00
FCF growth (YoY)	-37.2%	—	—	reported	—	0.85
EBITDA margin Δ (YoY)	-2.21 pp	—	—	reported	—	0.90
EBIT margin Δ (YoY)	-2.47 pp	—	—	reported	—	0.90
Net margin Δ (YoY)	-2.16 pp	—	—	reported	—	0.90

FY 2025 · Δ YoY

Revenue

103,506,240 —

FY 2024: —

EBITDA

10,208,477 —

FY 2024: —

EBIT

6,822,950 —

FY 2024: —

EBT

3,924,105 —

FY 2024: —

Net income

4,992,015 —

FY 2024: —

EPS (basic)

0.26 —

FY 2024: —

D&A

3,385,527 —

FY 2024: —

Interest expense

458,969 —

FY 2024: —

Shares (basic) (m units)

12 —

FY 2024: —

EBITDA margin

9.86% —

FY 2024: —

EBIT margin

6.59% —

FY 2024: —

EBT margin

4.62% —

FY 2024: —

Net margin

4.82% —

FY 2024: —

D&A margin

3.22% —

FY 2024: —

Cash

7,128,247 —

FY 2024: —

Total debt

7,092,259 —

FY 2024: —

Net debt

-35,988 —

FY 2024: —

Equity

61,145,017 —

FY 2024: —

Total assets

83,295,014 —

FY 2024: —

Working capital (PLN)

27.62 —

FY 2024: —

Current assets

51,303,126 —

FY 2024: —

Current liabilities

11,338,659 —

FY 2024: —

Goodwill (m PLN)

0 —

FY 2024: —

CFO

8,062,779 —

FY 2024: —

CapEx

1,440,861 —

FY 2024: —

FCF

4,272,474 —

FY 2024: —

FCF conversion

53.8% —

FY 2024: —

CFO conversion

71.94% —

FY 2024: —

Dividends paid

3,960,000 —

FY 2024: —

ROE

4.48% —

FY 2024: —

ROA

3.33% —

FY 2024: —

ROIC

5.69% —

FY 2024: —

ROCE

6.3% —

FY 2024: —

Current ratio

4.53x —

FY 2024: —

Quick ratio

1.85x —

FY 2024: —

Cash ratio

0.66x —

FY 2024: —

Interest coverage

9.32x —

FY 2024: —

Net debt / EBITDA

0x —

FY 2024: —

Debt / equity

0.12x —

FY 2024: —

Debt / assets

0.09x —

FY 2024: —

Net debt / equity

-0.01x —

FY 2024: —

Revenue growth (YoY)

0.23% —

FY 2024: —

EBITDA growth (YoY)

-22.21% —

FY 2024: —

EBIT growth (YoY)

-37.32% —

FY 2024: —

Net income growth (YoY)

-44.65% —

FY 2024: —

EPS growth (YoY)

-31.58% —

FY 2024: —

FCF growth (YoY)

-37.2% —

FY 2024: —

EBITDA margin Δ (YoY)

-2.21 pp —

FY 2024: —

EBIT margin Δ (YoY)

-2.47 pp —

FY 2024: —

Net margin Δ (YoY)

-2.16 pp —

FY 2024: —