IZS IZOSTAL Giełda Papierów Wartościowych w Warszawie · annual · publ. May 21, 2026

FY 2025 report

2025 to rok rozliczenia największego w historii Izostala kontraktu FSRU (250 km rur DN1000) — przychody +59,8%, EBITDA rekordowa 43,7 mln zł.

Sentiment

Neutral No guidance change

Website

IZS FY 2025 report

Revenue

1,233.51 m PLN

— YoY

Net income

12.79 m PLN

— YoY

EBITDA

43.71 m PLN

— YoY

Gross margin

9.15%

— YoY

Summary

Investment thesis

OCF +94,8 mln zł jest efektem unwindu KON, nie organicznej poprawy konwersji gotówkowej — czysty OCF ~38 mln zł.
Marża netto spadła z 1,31% do 1,04% — biznes operuje na bardzo wąskim marginie i jest wrażliwy na koszty logistyki, stopy procentowe i CBAM.
Net Debt/EBITDA poprawiło się z 6,5x do 3,4x, ale cash ratio 0,048x i kredyty obrotowe 151 mln zł pozostają strukturalnym ryzykiem płynnościowym.
Przejęcie Promy (powłoki cementowe/szklane) i nowelizacja PZP + CBAM od 2026 są pozytywami strategicznymi, ale wymagają potwierdzenia w wynikach 2026.

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Financials

BETA

FY 2025

IZS · FY 2025

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

Revenue	1,233.51	—	—	reported	—	1.00
Gross profit	112.92	—	—	reported	—	1.00
EBITDA	43.71	—	—	derived	—	1.00
EBIT	31.23	—	—	reported	—	1.00
EBT	16.26	—	—	reported	—	1.00
Net income	12.79	—	—	reported	—	1.00
EPS (basic) (PLN)	0.39	—	—	reported	—	1.00
EPS (diluted) (PLN)	0.39	—	—	reported	—	1.00
D&A	12.49	—	—	reported	—	1.00
Interest expense	14.91	—	—	reported	—	1.00
Shares (basic) (m units)	32.74	—	—	reported	—	1.00

Gross margin	9.15%	—	—	derived	—	1.00
EBITDA margin	3.54%	—	—	derived	—	1.00
EBIT margin	2.53%	—	—	derived	—	1.00
EBT margin	1.32%	—	—	derived	—	1.00
Net margin	1.04%	—	—	derived	—	1.00

Cash	11.72	—	—	reported	—	1.00
Total debt	159.56	—	—	derived	—	0.90
Net debt	147.84	—	—	derived	—	0.90
Equity	268.71	—	—	reported	—	1.00
Total assets	543.48	—	—	reported	—	1.00
Working capital	84.62	—	—	derived	—	1.00
Current assets	329.77	—	—	reported	—	1.00
Current liabilities	245.15	—	—	reported	—	1.00
Goodwill	16.37	—	—	reported	—	1.00
Tangible equity	252.35	—	—	derived	—	1.00

CFO	94.8	—	—	reported	—	1.00
CapEx	3.66	—	—	reported	—	1.00
FCF	91.14	—	—	derived	—	1.00
FCF conversion	208.5%	—	—	derived	—	0.80
CFO conversion	216.9%	—	—	derived	—	0.80
Dividends paid	2.95	—	—	reported	—	1.00
Net acquisitions	8.68	—	—	reported	—	1.00

ROE	4.85%	—	—	derived	—	1.00
ROA	1.94%	—	—	derived	—	1.00
ROIC	5.9%	—	—	derived	—	0.90
ROCE	10.47%	—	—	derived	—	1.00

Current ratio	1.35x	—	—	derived	—	1.00
Quick ratio	0.89x	—	—	derived	—	1.00
Cash ratio	0.05x	—	—	derived	—	1.00
Interest coverage	2.09x	—	—	derived	—	1.00

Net debt / EBITDA	3.38x	—	—	derived	—	0.90
Debt / equity	0.59x	—	—	derived	—	0.90
Debt / assets	0.29x	—	—	derived	—	0.90
Net debt / equity	0.55x	—	—	derived	—	0.90

Revenue growth (YoY)	59.85%	—	—	derived	—	1.00
EBITDA growth (YoY)	33.36%	—	—	derived	—	1.00
EBIT growth (YoY)	51.48%	—	—	derived	—	1.00
Net income growth (YoY)	26.17%	—	—	derived	—	1.00
EPS growth (YoY)	25.81%	—	—	derived	—	1.00
FCF growth (YoY)	250.4%	—	—	derived	—	0.70
Gross margin Δ (YoY)	0.78 pp	—	—	derived	—	1.00
EBITDA margin Δ (YoY)	-0.71 pp	—	—	derived	—	1.00
EBIT margin Δ (YoY)	-0.14 pp	—	—	derived	—	1.00
Net margin Δ (YoY)	-0.27 pp	—	—	derived	—	1.00

FY 2025 · Δ YoY

Revenue

1,233.51 —

FY 2024: —

Gross profit

112.92 —

FY 2024: —

EBITDA

43.71 —

FY 2024: —

EBIT

31.23 —

FY 2024: —

EBT

16.26 —

FY 2024: —

Net income

12.79 —

FY 2024: —

EPS (basic) (PLN)

0.39 —

FY 2024: —

EPS (diluted) (PLN)

0.39 —

FY 2024: —

D&A

12.49 —

FY 2024: —

Interest expense

14.91 —

FY 2024: —

Shares (basic) (m units)

32.74 —

FY 2024: —

Gross margin

9.15% —

FY 2024: —

EBITDA margin

3.54% —

FY 2024: —

EBIT margin

2.53% —

FY 2024: —

EBT margin

1.32% —

FY 2024: —

Net margin

1.04% —

FY 2024: —

Cash

11.72 —

FY 2024: —

Total debt

159.56 —

FY 2024: —

Net debt

147.84 —

FY 2024: —

Equity

268.71 —

FY 2024: —

Total assets

543.48 —

FY 2024: —

Working capital

84.62 —

FY 2024: —

Current assets

329.77 —

FY 2024: —

Current liabilities

245.15 —

FY 2024: —

Goodwill

16.37 —

FY 2024: —

Tangible equity

252.35 —

FY 2024: —

CFO

94.8 —

FY 2024: —

CapEx

3.66 —

FY 2024: —

FCF

91.14 —

FY 2024: —

FCF conversion

208.5% —

FY 2024: —

CFO conversion

216.9% —

FY 2024: —

Dividends paid

2.95 —

FY 2024: —

Net acquisitions

8.68 —

FY 2024: —

ROE

4.85% —

FY 2024: —

ROA

1.94% —

FY 2024: —

ROIC

5.9% —

FY 2024: —

ROCE

10.47% —

FY 2024: —

Current ratio

1.35x —

FY 2024: —

Quick ratio

0.89x —

FY 2024: —

Cash ratio

0.05x —

FY 2024: —

Interest coverage

2.09x —

FY 2024: —

Net debt / EBITDA

3.38x —

FY 2024: —

Debt / equity

0.59x —

FY 2024: —

Debt / assets

0.29x —

FY 2024: —

Net debt / equity

0.55x —

FY 2024: —

Revenue growth (YoY)

59.85% —

FY 2024: —

EBITDA growth (YoY)

33.36% —

FY 2024: —

EBIT growth (YoY)

51.48% —

FY 2024: —

Net income growth (YoY)

26.17% —

FY 2024: —

EPS growth (YoY)

25.81% —

FY 2024: —

FCF growth (YoY)

250.4% —

FY 2024: —

Gross margin Δ (YoY)

0.78 pp —

FY 2024: —

EBITDA margin Δ (YoY)

-0.71 pp —

FY 2024: —

EBIT margin Δ (YoY)

-0.14 pp —

FY 2024: —

Net margin Δ (YoY)

-0.27 pp —

FY 2024: —