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

FY 2025 report

Spółka wraca do rentowności po stracie 2024 r. — przychody +33,8% r/r, zysk netto 645,6 tys. PLN.

Sentiment

Neutral No guidance change

Website

RDG FY 2025 report

Revenue

8,316,005 PLN

— YoY

Net income

645,631 PLN

— YoY

EBITDA

1,245,743 PLN

— YoY

Net debt / EBITDA

4.98x

— YoY

Summary

Investment thesis

Jakość zysku jest niska — operacyjne przepływy pieniężne ujemne (-158,5 tys. PLN) mimo dodatniego zysku netto, głównie przez narastające należności.
Wysoka zależność od podmiotów powiązanych — 32,5% przychodów 2025 r. pochodzi od jednostek powiązanych, z rosnącymi należnościami od nich.
Efektywna stopa podatkowa (2,77%) jest anomalnie niska wobec stawki ustawowej i niewyjaśniona w dostępnych materiałach.
Wskaźnik dług netto/EBITDA (~4,98x) jest w strefie ryzyka zgodnie z przyjętymi progami analizy zadłużenia.

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Financials

BETA

FY 2025

RDG · FY 2025

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

Revenue	8,316,005	—	—	reported	—	1.00
EBITDA	1,245,743	—	—	derived	—	0.90
EBIT	901,103	—	—	reported	—	1.00
EBT	664,051	—	—	reported	—	1.00
Net income	645,631	—	—	reported	—	1.00
EPS (basic)	-0.09	—	—	derived	—	0.70
D&A	344,640	—	—	reported	—	1.00
Interest expense	330,789	—	—	reported	—	1.00
Shares (basic) (m units)	11.79	—	—	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	716,805	—	—	reported	—	1.00
Total debt	6,925,162	—	—	reported	—	0.60
Net debt	6,208,357	—	—	reported	—	0.60
Equity	2,154,799	—	—	reported	—	1.00
Total assets	13,450,125	—	—	reported	—	1.00
Working capital	6,875,929	—	—	reported	—	0.95
Current assets	7,886,316	—	—	reported	—	1.00
Current liabilities	1,010,387	—	—	reported	—	1.00
Goodwill (m PLN)	0	—	—	reported	—	1.00

CFO (PLN)	-158,475	—	—	reported	—	1.00
CapEx	0.34	—	—	reported	—	1.00
FCF (PLN)	-0.45	—	—	reported	—	0.90
FCF conversion	-56.18%	—	—	reported	—	0.70
CFO conversion	-24.55%	—	—	reported	—	0.90
Dividends paid	0	—	—	reported	—	1.00

ROE	29.96%	—	—	reported	—	0.80
ROA	4.8%	—	—	reported	—	0.90

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

8,316,005 —

FY 2024: —

EBITDA

1,245,743 —

FY 2024: —

EBIT

901,103 —

FY 2024: —

EBT

664,051 —

FY 2024: —

Net income

645,631 —

FY 2024: —

EPS (basic)

-0.09 —

FY 2024: —

D&A

344,640 —

FY 2024: —

Interest expense

330,789 —

FY 2024: —

Shares (basic) (m units)

11.79 —

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

716,805 —

FY 2024: —

Total debt

6,925,162 —

FY 2024: —

Net debt

6,208,357 —

FY 2024: —

Equity

2,154,799 —

FY 2024: —

Total assets

13,450,125 —

FY 2024: —

Working capital

6,875,929 —

FY 2024: —

Current assets

7,886,316 —

FY 2024: —

Current liabilities

1,010,387 —

FY 2024: —

Goodwill (m PLN)

0 —

FY 2024: —

CFO (PLN)

-158,475 —

FY 2024: —

CapEx

0.34 —

FY 2024: —

FCF (PLN)

-0.45 —

FY 2024: —

FCF conversion

-56.18% —

FY 2024: —

CFO conversion

-24.55% —

FY 2024: —

Dividends paid

0 —

FY 2024: —

ROE

29.96% —

FY 2024: —

ROA

4.8% —

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: —