IMC IMC Giełda Papierów Wartościowych w Warszawie · annual · publ. May 04, 2026

FY 2025 report

Wzrost zysku netto o 23,8% r/r do 67,9 mln USD napędzany głównie wyższymi cenami realizacji kukurydzy i słonecznika, nie wzrostem wolumenu.

Sentiment

Cautious No guidance change

Website

IMC FY 2025 report

Revenue

190.48 m USD

— YoY

Net income

67.94 m USD

— YoY

EBITDA

95.76 m USD

— YoY

Gross margin

54.1%

— YoY

Summary

Investment thesis

Pozycja net cash pogłębia się (-27,6 mln USD), dług odsetkowy spadł z 23,3 do 17,9 mln USD, płynność bieżąca 4,6x — bilans bardzo bezpieczny.
Gotówka operacyjna spadła o 21% r/r mimo wzrostu zysku — jakość zysku obniżona przez niegotówkową wycenę aktywów biologicznych i wzrost zapasów.
Trwająca wojna w Ukrainie pozostaje głównym czynnikiem ryzyka — biegły rewident podtrzymuje paragraf o istotnej niepewności co do kontynuacji działalności.
Spółka wypłaciła w 2025 r. dwie transze dywidendy zaliczkowej łącznie ok. 34,8 mln EUR mimo warunków wojennych — sygnał pewności zarządu co do płynności.

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Financials

BETA

FY 2025

IMC · FY 2025

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

Revenue	190.48	—	—	reported	—	1.00
Gross profit	103.05	—	—	reported	—	1.00
EBITDA	95.76	—	—	adjusted	—	0.90
EBIT	75.62	—	—	reported	—	1.00
EBT	69.46	—	—	reported	—	1.00
Net income	67.94	—	—	reported	—	1.00
EPS (basic) (USD)	1.91	—	—	reported	—	1.00
EPS (diluted) (USD)	1.91	—	—	reported	—	1.00
D&A	20.09	—	—	reported	—	1.00
Interest expense	1.41	—	—	reported	—	0.70
Income tax	1.94	—	—	reported	—	1.00
Shares (basic) (m units)	35.5	—	—	reported	—	1.00
Shares (diluted) (m units)	35.5	—	—	reported	—	1.00

Gross margin	54.1%	—	—	reported	—	0.95
EBITDA margin	50.28%	—	—	reported	—	0.90
EBIT margin	39.7%	—	—	reported	—	0.95
EBT margin	36.46%	—	—	reported	—	0.95
Net margin	35.67%	—	—	reported	—	0.95
D&A margin	10.55%	—	—	reported	—	0.90

Cash	45.49	—	—	reported	—	1.00
Total debt	17.86	—	—	reported	—	0.95
Net debt	-27.63	—	—	derived	—	0.95
Equity	207.93	—	—	reported	—	1.00
Total assets	354.16	—	—	reported	—	1.00
Working capital	125.13	—	—	derived	—	0.95
Current assets	160.23	—	—	reported	—	1.00
Current liabilities	35.1	—	—	reported	—	1.00
Non-current liabilities	111.13	—	—	reported	—	1.00
Inventory	84.31	—	—	reported	—	1.00
Trade receivables	3.59	—	—	reported	—	1.00
Trade payables	1.3	—	—	reported	—	1.00

CFO	72.16	—	—	reported	—	1.00
CapEx	11.81	—	—	reported	—	1.00
FCF	60.35	—	—	derived	—	0.95
FCF conversion	63.03%	—	—	reported	—	0.85
CFO conversion	75.36%	—	—	reported	—	0.90
Dividends paid	39.7	—	—	reported	—	1.00

ROE	34.68%	—	—	reported	—	0.85
ROA	19.96%	—	—	reported	—	0.85
ROIC	40.77%	—	—	reported	—	0.60
ROCE	23.7%	—	—	reported	—	0.85

Current ratio	4.57x	—	—	reported	—	0.95
Quick ratio	2.16x	—	—	reported	—	0.85
Cash ratio	1.3x	—	—	reported	—	0.90
Interest coverage	65.42x	—	—	reported	—	0.75

Net debt / EBITDA	-0.29x	—	—	reported	—	0.90
Debt / equity	0.09x	—	—	reported	—	0.90
Debt / assets	0.05x	—	—	reported	—	0.90
Net debt / equity	-0.13x	—	—	reported	—	0.90

Revenue growth (YoY)	-9.85%	—	—	reported	—	1.00
EBITDA growth (YoY)	11.21%	—	—	reported	—	0.95
EBIT growth (YoY)	11.52%	—	—	reported	—	1.00
Net income growth (YoY)	23.77%	—	—	reported	—	1.00
EPS growth (YoY)	23.23%	—	—	reported	—	1.00
FCF growth (YoY)	-11.21%	—	—	reported	—	0.85
Gross margin Δ (YoY)	2.47 pp	—	—	reported	—	0.90
EBITDA margin Δ (YoY)	9.52 pp	—	—	reported	—	0.85
EBIT margin Δ (YoY)	7.61 pp	—	—	reported	—	0.90
Net margin Δ (YoY)	9.69 pp	—	—	reported	—	0.90

FY 2025 · Δ YoY

Revenue

190.48 —

FY 2024: —

Gross profit

103.05 —

FY 2024: —

EBITDA

95.76 —

FY 2024: —

EBIT

75.62 —

FY 2024: —

EBT

69.46 —

FY 2024: —

Net income

67.94 —

FY 2024: —

EPS (basic) (USD)

1.91 —

FY 2024: —

EPS (diluted) (USD)

1.91 —

FY 2024: —

D&A

20.09 —

FY 2024: —

Interest expense

1.41 —

FY 2024: —

Income tax

1.94 —

FY 2024: —

Shares (basic) (m units)

35.5 —

FY 2024: —

Shares (diluted) (m units)

35.5 —

FY 2024: —

Gross margin

54.1% —

FY 2024: —

EBITDA margin

50.28% —

FY 2024: —

EBIT margin

39.7% —

FY 2024: —

EBT margin

36.46% —

FY 2024: —

Net margin

35.67% —

FY 2024: —

D&A margin

10.55% —

FY 2024: —

Cash

45.49 —

FY 2024: —

Total debt

17.86 —

FY 2024: —

Net debt

-27.63 —

FY 2024: —

Equity

207.93 —

FY 2024: —

Total assets

354.16 —

FY 2024: —

Working capital

125.13 —

FY 2024: —

Current assets

160.23 —

FY 2024: —

Current liabilities

35.1 —

FY 2024: —

Non-current liabilities

111.13 —

FY 2024: —

Inventory

84.31 —

FY 2024: —

Trade receivables

3.59 —

FY 2024: —

Trade payables

1.3 —

FY 2024: —

CFO

72.16 —

FY 2024: —

CapEx

11.81 —

FY 2024: —

FCF

60.35 —

FY 2024: —

FCF conversion

63.03% —

FY 2024: —

CFO conversion

75.36% —

FY 2024: —

Dividends paid

39.7 —

FY 2024: —

ROE

34.68% —

FY 2024: —

ROA

19.96% —

FY 2024: —

ROIC

40.77% —

FY 2024: —

ROCE

23.7% —

FY 2024: —

Current ratio

4.57x —

FY 2024: —

Quick ratio

2.16x —

FY 2024: —

Cash ratio

1.3x —

FY 2024: —

Interest coverage

65.42x —

FY 2024: —

Net debt / EBITDA

-0.29x —

FY 2024: —

Debt / equity

0.09x —

FY 2024: —

Debt / assets

0.05x —

FY 2024: —

Net debt / equity

-0.13x —

FY 2024: —

Revenue growth (YoY)

-9.85% —

FY 2024: —

EBITDA growth (YoY)

11.21% —

FY 2024: —

EBIT growth (YoY)

11.52% —

FY 2024: —

Net income growth (YoY)

23.77% —

FY 2024: —

EPS growth (YoY)

23.23% —

FY 2024: —

FCF growth (YoY)

-11.21% —

FY 2024: —

Gross margin Δ (YoY)

2.47 pp —

FY 2024: —

EBITDA margin Δ (YoY)

9.52 pp —

FY 2024: —

EBIT margin Δ (YoY)

7.61 pp —

FY 2024: —

Net margin Δ (YoY)

9.69 pp —

FY 2024: —