ACT ACTION Giełda Papierów Wartościowych w Warszawie · annual · publ. April 28, 2026

FY 2025 report

Dystrybutor z cienką marżą (EBIT ok. 1,9%) zamienia wzrost obrotów o 18% w wzrost EBIT o 25% — lewar operacyjny działa, ale margines błędu pozostaje minimalny.

Sentiment

Positive No guidance change

Website

ACT FY 2025 report

Revenue

2.99 bn PLN

— YoY

Net income

45.72 m PLN

— YoY

EBITDA

60.49 m PLN

— YoY

Gross margin

8.65%

— YoY

Summary

Investment thesis

Wzrost napędza IT/komponenty (+42% r/r do 1,49 mld zł, niemal połowa przychodów), co spółka wiąże z popytem na infrastrukturę pod AI — to segment o niskiej marży i wysokiej cykliczności.
Zysk netto rośnie wolniej (+11%) niż EBIT (+25%), a EPS rośnie szybciej (+24%) dzięki skupowi akcji — średnia liczba akcji spadła o ok. 11%.
Gotówka z działalności operacyjnej (36,7 mln zł) jest niższa niż zysk netto (45,7 mln zł), a płynność natychmiastowa spadła z 0,25 do 0,08 — wzrost obrotów pochłonął kapitał obrotowy.
Otwarte ryzyko regulacyjne: postępowanie wyjaśniające UOKiK (przeszukania w 2025 r.) bez utworzonej rezerwy; kara mogłaby sięgnąć 10% obrotu.

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Financials

BETA

FY 2025

ACT · FY 2025

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

Revenue	2,994,449	—	—	reported	—	1.00
Gross profit	259,030	—	—	reported	—	1.00
EBITDA	60,488	—	—	derived	—	0.60
EBIT	58,052	—	—	reported	—	1.00
Net income	45,719	—	—	reported	—	1.00
EPS (basic) (PLN)	2.91	—	—	reported	—	1.00
D&A	2,437	—	—	derived	—	0.60
Shares (basic) (m units)	15.69	—	—	reported	—	1.00

Gross margin	8.65%	—	—	derived	—	0.95
EBITDA margin	2.02%	—	—	derived	—	0.95
EBIT margin	1.94%	—	—	derived	—	0.70
EBT margin	1.91%	—	—	derived	—	1.00
Net margin	1.53%	—	—	derived	—	0.95

Equity	410,057	—	—	reported	—	0.85
Total assets	721,070	—	—	reported	—	1.00
Current liabilities	276,641	—	—	reported	—	1.00
Non-current liabilities	33,732	—	—	reported	—	1.00

CFO	36,719	—	—	reported	—	1.00
CFO conversion	60.7%	—	—	derived	—	0.70

ROE	11.15%	—	—	reported	—	1.00
ROA	6.26%	—	—	reported	—	0.70
ROCE	13.06%	—	—	derived	—	0.90

Current ratio	1.98x	—	—	reported	—	1.00
Quick ratio	0.64x	—	—	reported	—	0.90
Cash ratio	0.08x	—	—	reported	—	1.00

Debt / equity	0.78x	—	—	derived	—	0.50

Revenue growth (YoY)	18.17%	—	—	derived	—	1.00
EBITDA growth (YoY)	9%	—	—	derived	—	0.70
EBIT growth (YoY)	25.31%	—	—	derived	—	0.70
Net income growth (YoY)	11.05%	—	—	derived	—	0.70
EPS growth (YoY)	24.36%	—	—	derived	—	0.70
Gross margin Δ (YoY)	0.14 pp	—	—	derived	—	0.95
EBITDA margin Δ (YoY)	-0.17 pp	—	—	derived	—	0.90
EBIT margin Δ (YoY)	0.11 pp	—	—	derived	—	0.70
Net margin Δ (YoY)	-0.09 pp	—	—	derived	—	0.95

FY 2025 · Δ YoY

Revenue

2,994,449 —

FY 2024: —

Gross profit

259,030 —

FY 2024: —

EBITDA

60,488 —

FY 2024: —

EBIT

58,052 —

FY 2024: —

Net income

45,719 —

FY 2024: —

EPS (basic) (PLN)

2.91 —

FY 2024: —

D&A

2,437 —

FY 2024: —

Shares (basic) (m units)

15.69 —

FY 2024: —

Gross margin

8.65% —

FY 2024: —

EBITDA margin

2.02% —

FY 2024: —

EBIT margin

1.94% —

FY 2024: —

EBT margin

1.91% —

FY 2024: —

Net margin

1.53% —

FY 2024: —

Equity

410,057 —

FY 2024: —

Total assets

721,070 —

FY 2024: —

Current liabilities

276,641 —

FY 2024: —

Non-current liabilities

33,732 —

FY 2024: —

CFO

36,719 —

FY 2024: —

CFO conversion

60.7% —

FY 2024: —

ROE

11.15% —

FY 2024: —

ROA

6.26% —

FY 2024: —

ROCE

13.06% —

FY 2024: —

Current ratio

1.98x —

FY 2024: —

Quick ratio

0.64x —

FY 2024: —

Cash ratio

0.08x —

FY 2024: —

Debt / equity

0.78x —

FY 2024: —

Revenue growth (YoY)

18.17% —

FY 2024: —

EBITDA growth (YoY)

9% —

FY 2024: —

EBIT growth (YoY)

25.31% —

FY 2024: —

Net income growth (YoY)

11.05% —

FY 2024: —

EPS growth (YoY)

24.36% —

FY 2024: —

Gross margin Δ (YoY)

0.14 pp —

FY 2024: —

EBITDA margin Δ (YoY)

-0.17 pp —

FY 2024: —

EBIT margin Δ (YoY)

0.11 pp —

FY 2024: —

Net margin Δ (YoY)

-0.09 pp —

FY 2024: —