MLK
MLK FOODS PUBLIC COMPANY LTD
Giełda Papierów Wartościowych w Warszawie · Half-year · publ. July 27, 2026
H1 2025 report
Przychody grupy wzrosły o 153% r/r do 16,7 mln EUR, niemal wyłącznie dzięki ukraińskiej podgrupie operacyjnej, a EBITDA i marża operacyjna wyszły na plus po ujemnym H1 2024.
Sentiment
Cautious
No guidance change
MLK
H1 2025 report
Revenue
16.72 m EUR
— YoY
Net income
-0.27 m EUR
— YoY
EBITDA
2.82 m EUR
— YoY
Gross margin
23.63%
— YoY
Summary
Investment thesis
- Mimo poprawy operacyjnej wynik przypisany akcjonariuszom jednostki dominującej jest ujemny (-0,27 mln EUR) — winna jest strata z różnic kursowych 1,7 mln EUR rozpoznana na poziomie spółki matki oraz podatek 0,6 mln EUR.
- Przepływy operacyjne pozostają ujemne (-1,4 mln EUR) mimo dodatniej EBITDA — zysk księgowy nie przekłada się na gotówkę, a saldo środków pieniężnych spadło z 5,1 do 3,0 mln EUR w pół roku.
- Zadłużenie netto (78,6 mln EUR) wielokrotnie przewyższa kapitał własny (8,3 mln EUR), a ok. 92% tego długu to zobowiązanie wobec podmiotu powiązanego, który zrzekł się naliczania odsetek na czas stanu wojennego na Ukrainie — bez tej ulgi grupa miałaby poważny problem z obsługą zadłużenia.
- Zarząd sygnalizuje istotną niepewność co do kontynuacji działalności; wartość bilansowa polskiego komponentu (10,9 mln EUR, 20% udziału w Ostrowii) przewyższa cały kapitał własny grupy i jest zagrożona odpisem.
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Financials
BETA
MLK · H1 2025
| Metric | H1 2025 | H1 2024 | Δ YoY | YTD 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16.72 | — | — | 16.72 | — | reported | — | 1.00 |
| Gross profit | 3.95 | — | — | 3.95 | — | reported | — | 1.00 |
| EBITDA | 2.82 | — | — | 2.82 | — | reported | — | 1.00 |
| EBIT | 2.77 | — | — | 2.77 | — | reported | — | 1.00 |
| EBT | 1.21 | — | — | 1.21 | — | reported | — | 1.00 |
| Net income | -0.27 | — | — | -0.27 | — | reported | — | 1.00 |
| EPS (basic) (EUR) | -0.01 | — | — | -0.01 | — | reported | — | 1.00 |
| D&A | 0.05 | — | — | 0.05 | — | reported | — | 1.00 |
| Interest expense | 0 | — | — | 0 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 31.25 | — | — | 31.25 | — | reported | — | 1.00 |
| Gross margin | 23.63% | — | — | 23.63% | — | reported | — | 1.00 |
| EBITDA margin | 16.88% | — | — | 16.88% | — | reported | — | 1.00 |
| EBIT margin | 16.58% | — | — | 16.58% | — | reported | — | 1.00 |
| EBT margin | 7.25% | — | — | 7.25% | — | reported | — | 1.00 |
| Net margin | -1.62% | — | — | -1.62% | — | reported | — | 1.00 |
| D&A margin | 0.29% | — | — | 0.29% | — | reported | — | 1.00 |
| Cash | 3.04 | — | — | 3.04 | — | reported | — | 1.00 |
| Total debt | 81.67 | — | — | 81.67 | — | reported | — | 1.00 |
| Net debt | 78.6 | — | — | 78.6 | — | reported | — | 1.00 |
| Equity | 8.32 | — | — | 8.32 | — | reported | — | 1.00 |
| Total assets | 117.08 | — | — | 117.08 | — | reported | — | 0.80 |
| Working capital | 8.22 | — | — | 8.22 | — | reported | — | 1.00 |
| Current assets | 35.25 | — | — | 35.25 | — | reported | — | 1.00 |
| Current liabilities | 27.03 | — | — | 27.03 | — | reported | — | 1.00 |
| CFO | -1.45 | — | — | -1.45 | — | reported | — | 1.00 |
| CapEx | 0.63 | — | — | 0.63 | — | reported | — | 1.00 |
| FCF | -2.08 | — | — | -2.08 | — | derived | — | 0.90 |
| FCF conversion | -73.71% | — | — | -73.71% | — | reported | — | 0.90 |
| CFO conversion | -51.28% | — | — | -51.28% | — | reported | — | 0.90 |
| Current ratio | 1.3x | — | — | 1.3x | — | reported | — | 1.00 |
| Cash ratio | 0.11x | — | — | 0.11x | — | reported | — | 1.00 |
| Debt / equity | 9.82x | — | — | 9.82x | — | reported | — | 1.00 |
| Debt / assets | 0.7x | — | — | 0.7x | — | reported | — | 0.90 |
| Net debt / equity | 9.45x | — | — | 9.45x | — | reported | — | 1.00 |
| Revenue growth (YoY) | 153.22% | — | — | 153.22% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 1004.5% | — | — | 1004.5% | — | reported | — | 0.50 |
| EBIT growth (YoY) | 913.2% | — | — | 913.2% | — | reported | — | 0.50 |
| Net income growth (YoY) | -130.9% | — | — | -130.9% | — | reported | — | 1.00 |
| EPS growth (YoY) | -130.8% | — | — | -130.8% | — | reported | — | 1.00 |
| Gross margin Δ (YoY) | 12.63 pp | — | — | 12.63 pp | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 21.6 pp | — | — | 21.6 pp | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | 21.75 pp | — | — | 21.75 pp | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -14.83 pp | — | — | -14.83 pp | — | reported | — | 1.00 |
H1 2025 · Δ YoY
Revenue
16.72
—
16.72
—
- H1 2024
- —
- YTD 2025
- 16.72
- Δ YoY
- —
Gross profit
3.95
—
3.95
—
- H1 2024
- —
- YTD 2025
- 3.95
- Δ YoY
- —
EBITDA
2.82
—
2.82
—
- H1 2024
- —
- YTD 2025
- 2.82
- Δ YoY
- —
EBIT
2.77
—
2.77
—
- H1 2024
- —
- YTD 2025
- 2.77
- Δ YoY
- —
EBT
1.21
—
1.21
—
- H1 2024
- —
- YTD 2025
- 1.21
- Δ YoY
- —
Net income
-0.27
—
-0.27
—
- H1 2024
- —
- YTD 2025
- -0.27
- Δ YoY
- —
EPS (basic)
(EUR)
-0.01
—
-0.01
—
- H1 2024
- —
- YTD 2025
- -0.01
- Δ YoY
- —
D&A
0.05
—
0.05
—
- H1 2024
- —
- YTD 2025
- 0.05
- Δ YoY
- —
Interest expense
0
—
0
—
- H1 2024
- —
- YTD 2025
- 0
- Δ YoY
- —
Shares (basic)
(m units)
31.25
—
31.25
—
- H1 2024
- —
- YTD 2025
- 31.25
- Δ YoY
- —
Gross margin
23.63%
—
23.63%
—
- H1 2024
- —
- YTD 2025
- 23.63%
- Δ YoY
- —
EBITDA margin
16.88%
—
16.88%
—
- H1 2024
- —
- YTD 2025
- 16.88%
- Δ YoY
- —
EBIT margin
16.58%
—
16.58%
—
- H1 2024
- —
- YTD 2025
- 16.58%
- Δ YoY
- —
EBT margin
7.25%
—
7.25%
—
- H1 2024
- —
- YTD 2025
- 7.25%
- Δ YoY
- —
Net margin
-1.62%
—
-1.62%
—
- H1 2024
- —
- YTD 2025
- -1.62%
- Δ YoY
- —
D&A margin
0.29%
—
0.29%
—
- H1 2024
- —
- YTD 2025
- 0.29%
- Δ YoY
- —
Cash
3.04
—
3.04
—
- H1 2024
- —
- YTD 2025
- 3.04
- Δ YoY
- —
Total debt
81.67
—
81.67
—
- H1 2024
- —
- YTD 2025
- 81.67
- Δ YoY
- —
Net debt
78.6
—
78.6
—
- H1 2024
- —
- YTD 2025
- 78.6
- Δ YoY
- —
Equity
8.32
—
8.32
—
- H1 2024
- —
- YTD 2025
- 8.32
- Δ YoY
- —
Total assets
117.08
—
117.08
—
- H1 2024
- —
- YTD 2025
- 117.08
- Δ YoY
- —
Working capital
8.22
—
8.22
—
- H1 2024
- —
- YTD 2025
- 8.22
- Δ YoY
- —
Current assets
35.25
—
35.25
—
- H1 2024
- —
- YTD 2025
- 35.25
- Δ YoY
- —
Current liabilities
27.03
—
27.03
—
- H1 2024
- —
- YTD 2025
- 27.03
- Δ YoY
- —
CFO
-1.45
—
-1.45
—
- H1 2024
- —
- YTD 2025
- -1.45
- Δ YoY
- —
CapEx
0.63
—
0.63
—
- H1 2024
- —
- YTD 2025
- 0.63
- Δ YoY
- —
FCF
-2.08
—
-2.08
—
- H1 2024
- —
- YTD 2025
- -2.08
- Δ YoY
- —
FCF conversion
-73.71%
—
-73.71%
—
- H1 2024
- —
- YTD 2025
- -73.71%
- Δ YoY
- —
CFO conversion
-51.28%
—
-51.28%
—
- H1 2024
- —
- YTD 2025
- -51.28%
- Δ YoY
- —
Current ratio
1.3x
—
1.3x
—
- H1 2024
- —
- YTD 2025
- 1.3x
- Δ YoY
- —
Cash ratio
0.11x
—
0.11x
—
- H1 2024
- —
- YTD 2025
- 0.11x
- Δ YoY
- —
Debt / equity
9.82x
—
9.82x
—
- H1 2024
- —
- YTD 2025
- 9.82x
- Δ YoY
- —
Debt / assets
0.7x
—
0.7x
—
- H1 2024
- —
- YTD 2025
- 0.7x
- Δ YoY
- —
Net debt / equity
9.45x
—
9.45x
—
- H1 2024
- —
- YTD 2025
- 9.45x
- Δ YoY
- —
Revenue growth (YoY)
153.22%
—
153.22%
—
- H1 2024
- —
- YTD 2025
- 153.22%
- Δ YoY
- —
EBITDA growth (YoY)
1004.5%
—
1004.5%
—
- H1 2024
- —
- YTD 2025
- 1004.5%
- Δ YoY
- —
EBIT growth (YoY)
913.2%
—
913.2%
—
- H1 2024
- —
- YTD 2025
- 913.2%
- Δ YoY
- —
Net income growth (YoY)
-130.9%
—
-130.9%
—
- H1 2024
- —
- YTD 2025
- -130.9%
- Δ YoY
- —
EPS growth (YoY)
-130.8%
—
-130.8%
—
- H1 2024
- —
- YTD 2025
- -130.8%
- Δ YoY
- —
Gross margin Δ (YoY)
12.63 pp
—
12.63 pp
—
- H1 2024
- —
- YTD 2025
- 12.63 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
21.6 pp
—
21.6 pp
—
- H1 2024
- —
- YTD 2025
- 21.6 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
21.75 pp
—
21.75 pp
—
- H1 2024
- —
- YTD 2025
- 21.75 pp
- Δ YoY
- —
Net margin Δ (YoY)
-14.83 pp
—
-14.83 pp
—
- H1 2024
- —
- YTD 2025
- -14.83 pp
- Δ YoY
- —