FY 2025 report
TREX S.A. (jednostka dominująca, samodzielnie) odnotowała przychody 43,79 mln PLN (+135% r/r) i zysk netto 1,69 mln PLN (+107% r/r) — wzrost przychodów jednostkowych jest nawet szybszy niż skonsolidowany (+120%), ale wzrost zysku wolniejszy, bo poziom jednostkowy nie obejmuje marży detalicznej realizowanej przez niemiecką spółkę zależną Grosner Sport GmbH.
Sentiment
Positive
No guidance change
TRX
FY 2025 report
Revenue
43,787.66 k PLN
— YoY
Net income
1,688.26 k PLN
— YoY
EBITDA
2,821.23 k PLN
— YoY
Gross margin
33.33%
— YoY
Summary
Investment thesis
- Bilans jednostkowy jest całkowicie wolny od długu w obu latach (dług=0 w 2025 i 2024) — w przeciwieństwie do poziomu skonsolidowanego, gdzie w 2024 r. figurowało 213 650,00 PLN kredytu. To potwierdza, że zadłużenie było zaciągnięte wyłącznie na poziomie Grosner Sport GmbH i spłacone w 2025 r. w ramach konsolidacji.
- Sprzedaż wewnątrzgrupowa do Grosner Sport GmbH (6,30 mln PLN, czyli 14,4% przychodów jednostkowych za 2025 r.) jest największą pojedynczą koncentracją odbiorców TREX S.A. — ryzyko kontrahenta jest ograniczone (spółka zależna w 100%), ale wynik jednostkowy częściowo zależy od tempa europejskiej ekspansji własnej spółki-córki.
- Marża brutto na poziomie jednostkowym (33,3%, -7,2 pp r/r) jest wyraźnie niższa niż skonsolidowana (42,4%) mimo niemal identycznego kosztu sprzedanych towarów (29,20 mln vs 29,19 mln PLN) — różnica to marża detaliczna realizowana przez Grosner na rynku niemieckim, widoczna dopiero po konsolidacji.
- Aktywo niematerialne (WNiP) 2,34 mln PLN stanowi aż 43,1% sumy bilansowej jednostkowej (vs 36% skonsolidowanej) — przy braku ujawnienia jego natury jest to centralny element oceny jakości aktywów spółki-matki, z proporcjonalnie większym wpływem ewentualnego odpisu na bilans jednostkowy niż skonsolidowany.
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Financials
BETA
TRX · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
|
Revenue
standalone
|
43,787.66 | — | — | reported | standalone | 1.00 |
|
Gross profit
standalone
|
14,592.52 | — | — | derived | standalone | 0.90 |
|
EBITDA
standalone
|
2,821.23 | — | — | derived | standalone | 0.90 |
|
EBIT
standalone
|
2,154.63 | — | — | reported | standalone | 1.00 |
|
EBT
standalone
|
2,082.8 | — | — | reported | standalone | 1.00 |
|
Net income
standalone
|
1,688.26 | — | — | reported | standalone | 1.00 |
|
EPS (basic)
(PLN)
standalone
|
0.09 | — | — | derived | standalone | 0.70 |
|
D&A
standalone
|
666.6 | — | — | reported | standalone | 1.00 |
|
Interest expense
standalone
|
0.11 | — | — | reported | standalone | 0.90 |
|
Shares (basic)
(m PLN)
standalone
|
18.75 | — | — | reported | standalone | 1.00 |
| Gross margin | 33.33% | — | — | reported | — | 0.85 |
| EBITDA margin | 6.44% | — | — | reported | — | 0.85 |
| EBIT margin | 4.92% | — | — | reported | — | 0.95 |
| EBT margin | 4.76% | — | — | reported | — | 0.95 |
| Net margin | 3.86% | — | — | reported | — | 0.95 |
| D&A margin | 1.52% | — | — | reported | — | 0.95 |
|
Cash
standalone
|
928.85 | — | — | reported | standalone | 1.00 |
|
Total debt
standalone
|
0 | — | — | reported | standalone | 1.00 |
|
Net debt
standalone
|
-928.85 | — | — | derived | standalone | 1.00 |
|
Equity
standalone
|
4,759.69 | — | — | reported | standalone | 1.00 |
|
Total assets
standalone
|
5,421.56 | — | — | reported | standalone | 1.00 |
|
Working capital
standalone
|
2,113.21 | — | — | derived | standalone | 0.95 |
|
Current assets
standalone
|
2,775.07 | — | — | reported | standalone | 1.00 |
|
Current liabilities
standalone
|
661.86 | — | — | reported | standalone | 1.00 |
|
Goodwill
standalone
|
2,336.68 | — | — | derived | standalone | 0.95 |
|
Tangible equity
standalone
|
2,423 | — | — | derived | standalone | 0.90 |
|
CFO
standalone
|
591.76 | — | — | reported | standalone | 1.00 |
|
CapEx
standalone
|
0 | — | — | reported | standalone | 1.00 |
|
FCF
standalone
|
591.76 | — | — | derived | standalone | 1.00 |
| FCF conversion | 20.98% | — | — | reported | — | 0.85 |
| CFO conversion | 20.98% | — | — | reported | — | 0.85 |
|
Dividends paid
standalone
|
0 | — | — | reported | standalone | 1.00 |
|
Buybacks
standalone
|
193.3 | — | — | reported | standalone | 1.00 |
|
Net acquisitions
standalone
|
0 | — | — | reported | standalone | 1.00 |
| ROE | 35.47% | — | — | reported | — | 0.80 |
| ROA | 31.14% | — | — | reported | — | 0.80 |
| Current ratio | 4.19x | — | — | reported | — | 0.95 |
| Quick ratio | 4.19x | — | — | reported | — | 0.95 |
| Cash ratio | 1.4x | — | — | reported | — | 0.95 |
| Interest coverage | 19332.69x | — | — | reported | — | 0.40 |
| Net debt / EBITDA | -0.33x | — | — | reported | — | 0.85 |
| Debt / equity | 0x | — | — | reported | — | 1.00 |
| Debt / assets | 0x | — | — | reported | — | 1.00 |
| Net debt / equity | -0.2x | — | — | reported | — | 0.95 |
| Revenue growth (YoY) | 135.29% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 170.19% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | 133.08% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 107.28% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | 107.28% | — | — | reported | — | 0.70 |
| Gross margin Δ (YoY) | -7.2 pp | — | — | reported | — | 0.85 |
| EBITDA margin Δ (YoY) | 0.83 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | -0.05 pp | — | — | reported | — | 0.95 |
| Net margin Δ (YoY) | -0.52 pp | — | — | reported | — | 0.95 |
FY 2025 · Δ YoY
Revenue
standalone
43,787.66
—
standalone
43,787.66
—
- FY 2024
- —
Gross profit
standalone
14,592.52
—
standalone
14,592.52
—
- FY 2024
- —
EBITDA
standalone
2,821.23
—
standalone
2,821.23
—
- FY 2024
- —
EBIT
standalone
2,154.63
—
standalone
2,154.63
—
- FY 2024
- —
EBT
standalone
2,082.8
—
standalone
2,082.8
—
- FY 2024
- —
Net income
standalone
1,688.26
—
standalone
1,688.26
—
- FY 2024
- —
EPS (basic)
(PLN)
standalone
0.09
—
standalone
0.09
—
- FY 2024
- —
D&A
standalone
666.6
—
standalone
666.6
—
- FY 2024
- —
Interest expense
standalone
0.11
—
standalone
0.11
—
- FY 2024
- —
Shares (basic)
(m PLN)
standalone
18.75
—
standalone
18.75
—
- FY 2024
- —
Gross margin
33.33%
—
33.33%
—
- FY 2024
- —
EBITDA margin
6.44%
—
6.44%
—
- FY 2024
- —
EBIT margin
4.92%
—
4.92%
—
- FY 2024
- —
EBT margin
4.76%
—
4.76%
—
- FY 2024
- —
Net margin
3.86%
—
3.86%
—
- FY 2024
- —
D&A margin
1.52%
—
1.52%
—
- FY 2024
- —
Cash
standalone
928.85
—
standalone
928.85
—
- FY 2024
- —
Total debt
standalone
0
—
standalone
0
—
- FY 2024
- —
Net debt
standalone
-928.85
—
standalone
-928.85
—
- FY 2024
- —
Equity
standalone
4,759.69
—
standalone
4,759.69
—
- FY 2024
- —
Total assets
standalone
5,421.56
—
standalone
5,421.56
—
- FY 2024
- —
Working capital
standalone
2,113.21
—
standalone
2,113.21
—
- FY 2024
- —
Current assets
standalone
2,775.07
—
standalone
2,775.07
—
- FY 2024
- —
Current liabilities
standalone
661.86
—
standalone
661.86
—
- FY 2024
- —
Goodwill
standalone
2,336.68
—
standalone
2,336.68
—
- FY 2024
- —
Tangible equity
standalone
2,423
—
standalone
2,423
—
- FY 2024
- —
CFO
standalone
591.76
—
standalone
591.76
—
- FY 2024
- —
CapEx
standalone
0
—
standalone
0
—
- FY 2024
- —
FCF
standalone
591.76
—
standalone
591.76
—
- FY 2024
- —
FCF conversion
20.98%
—
20.98%
—
- FY 2024
- —
CFO conversion
20.98%
—
20.98%
—
- FY 2024
- —
Dividends paid
standalone
0
—
standalone
0
—
- FY 2024
- —
Buybacks
standalone
193.3
—
standalone
193.3
—
- FY 2024
- —
Net acquisitions
standalone
0
—
standalone
0
—
- FY 2024
- —
ROE
35.47%
—
35.47%
—
- FY 2024
- —
ROA
31.14%
—
31.14%
—
- FY 2024
- —
Current ratio
4.19x
—
4.19x
—
- FY 2024
- —
Quick ratio
4.19x
—
4.19x
—
- FY 2024
- —
Cash ratio
1.4x
—
1.4x
—
- FY 2024
- —
Interest coverage
19332.69x
—
19332.69x
—
- FY 2024
- —
Net debt / EBITDA
-0.33x
—
-0.33x
—
- FY 2024
- —
Debt / equity
0x
—
0x
—
- FY 2024
- —
Debt / assets
0x
—
0x
—
- FY 2024
- —
Net debt / equity
-0.2x
—
-0.2x
—
- FY 2024
- —
Revenue growth (YoY)
135.29%
—
135.29%
—
- FY 2024
- —
EBITDA growth (YoY)
170.19%
—
170.19%
—
- FY 2024
- —
EBIT growth (YoY)
133.08%
—
133.08%
—
- FY 2024
- —
Net income growth (YoY)
107.28%
—
107.28%
—
- FY 2024
- —
EPS growth (YoY)
107.28%
—
107.28%
—
- FY 2024
- —
Gross margin Δ (YoY)
-7.2 pp
—
-7.2 pp
—
- FY 2024
- —
EBITDA margin Δ (YoY)
0.83 pp
—
0.83 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
-0.05 pp
—
-0.05 pp
—
- FY 2024
- —
Net margin Δ (YoY)
-0.52 pp
—
-0.52 pp
—
- FY 2024
- —