FY 2025 report
Spółka po roku przejściowym (zmiana Zarządu w X.2025) z wyraźną poprawą rentowności operacyjnej: marża EBITDA -24,3% vs -37,4% r/r, strata netto mniejsza o 39,9% r/r (-1.620,6 vs -2.698,1 tys. zł)
Sentiment
Cautious
No guidance change
TMP
FY 2025 report
Revenue
5,241.22 k PLN
— YoY
Net income
-1,620.56 k PLN
— YoY
EBITDA
-1,275.55 k PLN
— YoY
Net debt / EBITDA
-0.14x
— YoY
Summary
Investment thesis
- Krytyczna sytuacja płynnościowa na koniec 2025 r. (kapitał własny 156,3 tys. zł, środki pieniężne 76,7 tys. zł, audytor wskazał objaśnienie ze zwróceniem uwagi dot. kontynuacji działalności) - adresowana po dniu bilansowym emisją akcji serii G (6,3 mln akcji, w rejestracji KRS)
- Q1 2026 (już opublikowany) potwierdza trend: przychody +8,8% r/r, koszty operacyjne -14,9% r/r, pierwsza dodatnia EBITDA (+32,1 tys. zł), strata netto zredukowana do -47,4 tys. zł
- Zmiana miksu przychodów w kierunku bardziej powtarzalnej diagnostyki kardiologicznej (+25% r/r, 52% przychodów Grupy vs 41% w 2024) przy spadku mniej przewidywalnych segmentów (sprzedaż urządzeń -34%, projekty publiczne -39%)
- Operacyjny cash flow ujemny drugi rok z rzędu (-987,5 tys. zł) finansowany nowym długiem (+1.030,0 tys. zł) i emisją akcji serii F (+324,0 tys. zł netto) - kapitał własny mniejszy niż goodwill+WNiP (tangible equity ujemny: -12,8 tys. zł)
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Financials
BETA
TMP · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 5,241.22 | — | — | reported | — | 1.00 |
| EBITDA | -1,275.55 | — | — | reported | — | 1.00 |
| EBIT | -1,567.39 | — | — | reported | — | 1.00 |
| EBT | -1,620.56 | — | — | reported | — | 1.00 |
| Net income | -1,620.56 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.12 | — | — | derived | — | 0.50 |
| D&A | 291.84 | — | — | reported | — | 1.00 |
| Interest expense | 37.58 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 13.58 | — | — | reported | — | 0.50 |
| EBITDA margin | -24.34% | — | — | reported | — | 1.00 |
| EBIT margin | -29.91% | — | — | reported | — | 1.00 |
| EBT margin | -30.92% | — | — | reported | — | 1.00 |
| Net margin | -30.92% | — | — | reported | — | 1.00 |
| D&A margin | 5.57% | — | — | reported | — | 1.00 |
| Cash | 76.68 | — | — | reported | — | 1.00 |
| Total debt | 254.34 | — | — | reported | — | 1.00 |
| Net debt | 177.66 | — | — | derived | — | 1.00 |
| Equity | 156.31 | — | — | reported | — | 1.00 |
| Total assets | 1,793.45 | — | — | reported | — | 1.00 |
| Working capital | -135.66 | — | — | derived | — | 1.00 |
| Current assets | 972.71 | — | — | reported | — | 1.00 |
| Current liabilities | 1,108.36 | — | — | reported | — | 1.00 |
| Goodwill | 169.07 | — | — | derived | — | 1.00 |
| Tangible equity | -12.76 | — | — | derived | — | 1.00 |
| CFO | -987.52 | — | — | reported | — | 1.00 |
| CapEx | 63.26 | — | — | reported | — | 1.00 |
| FCF | -1,050.78 | — | — | derived | — | 1.00 |
| ROE | -348.25% | — | — | reported | — | 0.50 |
| ROA | -77.13% | — | — | reported | — | 0.60 |
| ROIC | -469.3% | — | — | reported | — | 0.30 |
| ROCE | -228.78% | — | — | reported | — | 0.40 |
| Current ratio | 0.88x | — | — | reported | — | 1.00 |
| Quick ratio | 0.69x | — | — | reported | — | 0.70 |
| Cash ratio | 0.07x | — | — | reported | — | 1.00 |
| Interest coverage | -41.71x | — | — | reported | — | 1.00 |
| Net debt / EBITDA | -0.14x | — | — | reported | — | 0.30 |
| Debt / equity | 1.63x | — | — | reported | — | 0.80 |
| Debt / assets | 0.14x | — | — | reported | — | 1.00 |
| Net debt / equity | 1.14x | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | -2.33% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 36.49% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 32.28% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 39.93% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | 52.77% | — | — | reported | — | 0.40 |
| EBITDA margin Δ (YoY) | 13.08 pp | — | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | 13.22 pp | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 19.36 pp | — | — | reported | — | 1.00 |
FY 2025 · Δ YoY
Revenue
5,241.22
—
5,241.22
—
- FY 2024
- —
EBITDA
-1,275.55
—
-1,275.55
—
- FY 2024
- —
EBIT
-1,567.39
—
-1,567.39
—
- FY 2024
- —
EBT
-1,620.56
—
-1,620.56
—
- FY 2024
- —
Net income
-1,620.56
—
-1,620.56
—
- FY 2024
- —
EPS (basic)
(PLN)
-0.12
—
-0.12
—
- FY 2024
- —
D&A
291.84
—
291.84
—
- FY 2024
- —
Interest expense
37.58
—
37.58
—
- FY 2024
- —
Shares (basic)
(m units)
13.58
—
13.58
—
- FY 2024
- —
EBITDA margin
-24.34%
—
-24.34%
—
- FY 2024
- —
EBIT margin
-29.91%
—
-29.91%
—
- FY 2024
- —
EBT margin
-30.92%
—
-30.92%
—
- FY 2024
- —
Net margin
-30.92%
—
-30.92%
—
- FY 2024
- —
D&A margin
5.57%
—
5.57%
—
- FY 2024
- —
Cash
76.68
—
76.68
—
- FY 2024
- —
Total debt
254.34
—
254.34
—
- FY 2024
- —
Net debt
177.66
—
177.66
—
- FY 2024
- —
Equity
156.31
—
156.31
—
- FY 2024
- —
Total assets
1,793.45
—
1,793.45
—
- FY 2024
- —
Working capital
-135.66
—
-135.66
—
- FY 2024
- —
Current assets
972.71
—
972.71
—
- FY 2024
- —
Current liabilities
1,108.36
—
1,108.36
—
- FY 2024
- —
Goodwill
169.07
—
169.07
—
- FY 2024
- —
Tangible equity
-12.76
—
-12.76
—
- FY 2024
- —
CFO
-987.52
—
-987.52
—
- FY 2024
- —
CapEx
63.26
—
63.26
—
- FY 2024
- —
FCF
-1,050.78
—
-1,050.78
—
- FY 2024
- —
ROE
-348.25%
—
-348.25%
—
- FY 2024
- —
ROA
-77.13%
—
-77.13%
—
- FY 2024
- —
ROIC
-469.3%
—
-469.3%
—
- FY 2024
- —
ROCE
-228.78%
—
-228.78%
—
- FY 2024
- —
Current ratio
0.88x
—
0.88x
—
- FY 2024
- —
Quick ratio
0.69x
—
0.69x
—
- FY 2024
- —
Cash ratio
0.07x
—
0.07x
—
- FY 2024
- —
Interest coverage
-41.71x
—
-41.71x
—
- FY 2024
- —
Net debt / EBITDA
-0.14x
—
-0.14x
—
- FY 2024
- —
Debt / equity
1.63x
—
1.63x
—
- FY 2024
- —
Debt / assets
0.14x
—
0.14x
—
- FY 2024
- —
Net debt / equity
1.14x
—
1.14x
—
- FY 2024
- —
Revenue growth (YoY)
-2.33%
—
-2.33%
—
- FY 2024
- —
EBITDA growth (YoY)
36.49%
—
36.49%
—
- FY 2024
- —
EBIT growth (YoY)
32.28%
—
32.28%
—
- FY 2024
- —
Net income growth (YoY)
39.93%
—
39.93%
—
- FY 2024
- —
EPS growth (YoY)
52.77%
—
52.77%
—
- FY 2024
- —
EBITDA margin Δ (YoY)
13.08 pp
—
13.08 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
13.22 pp
—
13.22 pp
—
- FY 2024
- —
Net margin Δ (YoY)
19.36 pp
—
19.36 pp
—
- FY 2024
- —