RDG READ-GENE NewConnect · annual · publ. June 01, 2026

FY 2025 report

Grupa przeszła ze straty (−1,11 mln zł) na symboliczny zysk netto 0,10 mln zł przy przychodach +17,9% do 15,6 mln zł; poprawa wynika głównie z lewaru operacyjnego, a nie z trwałego wzrostu marż.

Sentiment

Positive No guidance change

Website

RDG FY 2025 report

Revenue

15,603,377 PLN

— YoY

Net income

96,839 PLN

— YoY

EBITDA

805,825 PLN

— YoY

Net debt / EBITDA

4.98x

— YoY

Summary

Investment thesis

Wzrost napędzają oznaczenia pierwiastków (w spółce dominującej 3,0 mln zł wobec 0,4 mln zł rok wcześniej) i programy NFZ (4,4 mln zł); przychody są mocno zależne od płatnika publicznego.
Wynik netto 97 tys. zł to zaledwie 0,6% przychodów, a nadwyżka operacyjna nie pokrywa odsetek: pokrycie odsetek 1,07x.
Jakość zysku jest słaba: przepływy operacyjne −0,12 mln zł, należności rosną dwa razy szybciej niż sprzedaż, a CAPEX 0,33 mln zł daje ujemne FCF −0,45 mln zł.
Bilans spina się dzięki 5,2 mln zł płynnych aktywów, ale strukturę dominuje 6,9 mln zł pożyczek od akcjonariuszy z odsetkami naliczanymi, lecz niewypłacanymi, z terminami spłaty głównie powyżej 5 lat.

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Financials

BETA

FY 2025

RDG · FY 2025

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

Revenue	15,603,377	—	—	reported	—	1.00
EBITDA	805,825	—	—	derived	—	0.70
EBIT	352,312	—	—	reported	—	1.00
EBT	115,259	—	—	reported	—	1.00
Net income	96,839	—	—	reported	—	1.00
EPS (basic)	0.01	—	—	derived	—	0.70
D&A	453,513	—	—	reported	—	1.00
Interest expense	330,789	—	—	reported	—	1.00
Income tax	18,420	—	—	reported	—	1.00
Shares (basic) (units)	11,790,010	—	—	reported	—	1.00

EBITDA margin	14.98%	—	—	reported	—	0.90
EBIT margin	10.84%	—	—	reported	—	0.95
EBT margin	7.99%	—	—	reported	—	0.95
Net margin	7.76%	—	—	reported	—	0.95
D&A margin	4.14%	—	—	reported	—	0.95

Cash	2,373,245	—	—	reported	—	1.00
Total debt	6,925,162	—	—	reported	—	0.90
Net debt	6,208,357	—	—	reported	—	0.60
Equity	3,112,188	—	—	reported	—	1.00
Total assets	15,253,572	—	—	reported	—	1.00
Working capital	6,875,929	—	—	reported	—	0.95
Current assets	9,559,647	—	—	reported	—	1.00
Current liabilities	1,856,446	—	—	reported	—	1.00
Non-current liabilities	8,299,879	—	—	reported	—	1.00
Inventory	77,023	—	—	reported	—	1.00
Trade receivables	3,687,974	—	—	reported	—	1.00
Trade payables	1,569,509	—	—	reported	—	1.00
Goodwill (m PLN)	0	—	—	reported	—	1.00

CFO	-123,491	—	—	reported	—	1.00
CapEx	329,206	—	—	reported	—	1.00
FCF	-452,696	—	—	derived	—	0.70
FCF conversion	-56.18%	—	—	reported	—	0.70
CFO conversion	-24.55%	—	—	reported	—	0.90
Dividends paid (m PLN)	0	—	—	reported	—	1.00

ROE	29.96%	—	—	reported	—	0.80
ROA	4.8%	—	—	reported	—	0.90
ROCE	2.63%	—	—	derived	—	0.70

Current ratio	7.81x	—	—	reported	—	0.95
Quick ratio	7.73x	—	—	reported	—	0.90
Cash ratio	0.71x	—	—	reported	—	0.95
Interest coverage	2.73x	—	—	reported	—	0.90

Net debt / EBITDA	4.98x	—	—	reported	—	0.60
Debt / equity	3.21x	—	—	reported	—	0.60
Debt / assets	0.51x	—	—	reported	—	0.60
Net debt / equity	2.88x	—	—	reported	—	0.60

Revenue growth (YoY)	33.79%	—	—	reported	—	1.00
EBITDA growth (YoY)	780.4%	—	—	reported	—	0.50
EBIT growth (YoY)	190.16%	—	—	reported	—	0.50
Net income growth (YoY)	108.72%	—	—	reported	—	0.60
EPS growth (YoY)	108.72%	—	—	reported	—	0.60
EBITDA margin Δ (YoY)	17.71%	—	—	reported	—	0.85
EBIT margin Δ (YoY)	19.58%	—	—	reported	—	0.90
Net margin Δ (YoY)	27.76%	—	—	reported	—	0.90

FY 2025 · Δ YoY

Revenue

15,603,377 —

FY 2024: —

EBITDA

805,825 —

FY 2024: —

EBIT

352,312 —

FY 2024: —

EBT

115,259 —

FY 2024: —

Net income

96,839 —

FY 2024: —

EPS (basic)

0.01 —

FY 2024: —

D&A

453,513 —

FY 2024: —

Interest expense

330,789 —

FY 2024: —

Income tax

18,420 —

FY 2024: —

Shares (basic) (units)

11,790,010 —

FY 2024: —

EBITDA margin

14.98% —

FY 2024: —

EBIT margin

10.84% —

FY 2024: —

EBT margin

7.99% —

FY 2024: —

Net margin

7.76% —

FY 2024: —

D&A margin

4.14% —

FY 2024: —

Cash

2,373,245 —

FY 2024: —

Total debt

6,925,162 —

FY 2024: —

Net debt

6,208,357 —

FY 2024: —

Equity

3,112,188 —

FY 2024: —

Total assets

15,253,572 —

FY 2024: —

Working capital

6,875,929 —

FY 2024: —

Current assets

9,559,647 —

FY 2024: —

Current liabilities

1,856,446 —

FY 2024: —

Non-current liabilities

8,299,879 —

FY 2024: —

Inventory

77,023 —

FY 2024: —

Trade receivables

3,687,974 —

FY 2024: —

Trade payables

1,569,509 —

FY 2024: —

Goodwill (m PLN)

0 —

FY 2024: —

CFO

-123,491 —

FY 2024: —

CapEx

329,206 —

FY 2024: —

FCF

-452,696 —

FY 2024: —

FCF conversion

-56.18% —

FY 2024: —

CFO conversion

-24.55% —

FY 2024: —

Dividends paid (m PLN)

0 —

FY 2024: —

ROE

29.96% —

FY 2024: —

ROA

4.8% —

FY 2024: —

ROCE

2.63% —

FY 2024: —

Current ratio

7.81x —

FY 2024: —

Quick ratio

7.73x —

FY 2024: —

Cash ratio

0.71x —

FY 2024: —

Interest coverage

2.73x —

FY 2024: —

Net debt / EBITDA

4.98x —

FY 2024: —

Debt / equity

3.21x —

FY 2024: —

Debt / assets

0.51x —

FY 2024: —

Net debt / equity

2.88x —

FY 2024: —

Revenue growth (YoY)

33.79% —

FY 2024: —

EBITDA growth (YoY)

780.4% —

FY 2024: —

EBIT growth (YoY)

190.16% —

FY 2024: —

Net income growth (YoY)

108.72% —

FY 2024: —

EPS growth (YoY)

108.72% —

FY 2024: —

EBITDA margin Δ (YoY)

17.71% —

FY 2024: —

EBIT margin Δ (YoY)

19.58% —

FY 2024: —

Net margin Δ (YoY)

27.76% —

FY 2024: —