ENT ENTER AIR Giełda Papierów Wartościowych w Warszawie · annual · publ. April 29, 2026

FY 2025 report

Enter Air to lider polskich przewozów czarterowych z kontraktacją na sezony Lato 2025 i Zima 2025/26 powyżej 2 mld zł; przychody 2 952 mln zł (+0,9%) przy 3,4% większej liczbie operacji.

Sentiment

Positive No guidance change

Website

ENT FY 2025 report

Revenue

2.95 bn PLN

— YoY

Net income

222.63 m PLN

— YoY

EBITDA

566.66 m PLN

— YoY

Gross margin

99.99%

— YoY

Summary

Investment thesis

Rekordowy zysk netto 222,6 mln zł wynika głównie z niegotówkowych dodatnich różnic kursowych 211,5 mln zł na zobowiązaniach leasingowych w USD; bez nich zysk przed opodatkowaniem wynosiłby ok. 31 mln zł.
Zysk brutto na sprzedaży spadł o 18,7% do 228,3 mln zł, a EBIT wyniósł 141,9 mln zł — presja inflacyjna i słabszy dolar przy kosztach stałych (amortyzacja 424,7 mln zł, +31%) w złotych.
Bilans jest mocno zadłużony leasingowo: dług odsetkowy 2,07 mld zł (4,1× kapitału własnego), dług netto/EBITDA ok. 3,2, płynność bieżąca 0,67; kredyty bankowe zmniejszono o 66 mln zł.
Koncentracja klientów (pięciu touroperatorów 79% przychodów z usług) oraz wrażliwość na kurs USD i cenę paliwa pozostają głównymi ryzykami; dywidenda 2,5 zł na akcję rekomendowana.

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Financials

BETA

FY 2025

ENT · FY 2025

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

Revenue	2,952,236	—	—	reported	—	1.00
Gross profit	228,275	—	—	reported	—	1.00
EBITDA	566,660	—	—	derived	—	0.90
EBIT	141,911	—	—	reported	—	1.00
EBT	242,612	—	—	derived	—	0.70
Net income	222,629	—	—	reported	—	1.00
EPS (basic) (PLN)	3.07	—	—	reported	—	1.00
EPS (diluted) (PLN)	3.07	—	—	reported	—	1.00
D&A	424,749	—	—	reported	—	1.00
Interest expense	110,773	—	—	reported	—	0.90
Income tax	19,866	—	—	derived	—	0.60
Shares (basic) (m units)	17.54	—	—	reported	—	1.00

Gross margin	99.99%	—	—	reported	—	0.70
EBITDA margin	97.08%	—	—	reported	—	0.70
EBIT margin	96.96%	—	—	reported	—	0.70
EBT margin	100.88%	—	—	reported	—	0.70
Net margin	81.65%	—	—	reported	—	0.70
D&A margin	0.12%	—	—	reported	—	0.70

Cash	245,662	—	—	reported	—	1.00
Total debt	2,069,256	—	—	reported	—	1.00
Net debt	1,823,594	—	—	derived	—	0.90
Equity	499,676	—	—	reported	—	1.00
Total assets	2,950,006	—	—	reported	—	1.00
Working capital	-231,957	—	—	derived	—	0.95
Current assets	476,902	—	—	reported	—	1.00
Current liabilities	708,859	—	—	reported	—	1.00
Non-current liabilities	1,741,471	—	—	reported	—	1.00
Inventory	11,131	—	—	reported	—	1.00
Trade receivables	126,782	—	—	reported	—	1.00
Trade payables (m PLN)	0.04	—	—	reported	—	1.00

CFO	39.59	—	—	reported	—	1.00
CapEx	0.03	—	—	reported	—	1.00
FCF	39.57	—	—	derived	—	0.70
FCF conversion	61.75%	—	—	reported	—	0.70
CFO conversion	61.79%	—	—	reported	—	0.70
Dividends paid (k PLN)	52,631	—	—	reported	—	0.90

ROE	26.91%	—	—	reported	—	0.70
ROA	20.39%	—	—	reported	—	0.70
ROCE	29.85%	—	—	reported	—	0.70

Current ratio	2.95x	—	—	reported	—	0.70
Quick ratio	2.95x	—	—	reported	—	0.70
Cash ratio	0.36x	—	—	reported	—	0.70
Interest coverage	36.16x	—	—	reported	—	0.70

Net debt / EBITDA	0.41x	—	—	reported	—	0.70
Debt / equity	0.2x	—	—	reported	—	0.70
Debt / assets	0.16x	—	—	reported	—	0.70
Net debt / equity	0.13x	—	—	reported	—	0.70

Revenue growth (YoY)	3.13%	—	—	reported	—	1.00
EBITDA growth (YoY)	1.52%	—	—	reported	—	0.70
EBIT growth (YoY)	1.52%	—	—	reported	—	1.00
Net income growth (YoY)	4.16%	—	—	reported	—	1.00
EPS growth (YoY)	4.07%	—	—	reported	—	1.00
Gross margin Δ (YoY)	-1.86 pp	—	—	derived	—	0.95
EBIT margin Δ (YoY)	-1.53 pp	—	—	reported	—	0.70
Net margin Δ (YoY)	0.81 pp	—	—	reported	—	0.70

FY 2025 · Δ YoY

Revenue

2,952,236 —

FY 2024: —

Gross profit

228,275 —

FY 2024: —

EBITDA

566,660 —

FY 2024: —

EBIT

141,911 —

FY 2024: —

EBT

242,612 —

FY 2024: —

Net income

222,629 —

FY 2024: —

EPS (basic) (PLN)

3.07 —

FY 2024: —

EPS (diluted) (PLN)

3.07 —

FY 2024: —

D&A

424,749 —

FY 2024: —

Interest expense

110,773 —

FY 2024: —

Income tax

19,866 —

FY 2024: —

Shares (basic) (m units)

17.54 —

FY 2024: —

Gross margin

99.99% —

FY 2024: —

EBITDA margin

97.08% —

FY 2024: —

EBIT margin

96.96% —

FY 2024: —

EBT margin

100.88% —

FY 2024: —

Net margin

81.65% —

FY 2024: —

D&A margin

0.12% —

FY 2024: —

Cash

245,662 —

FY 2024: —

Total debt

2,069,256 —

FY 2024: —

Net debt

1,823,594 —

FY 2024: —

Equity

499,676 —

FY 2024: —

Total assets

2,950,006 —

FY 2024: —

Working capital

-231,957 —

FY 2024: —

Current assets

476,902 —

FY 2024: —

Current liabilities

708,859 —

FY 2024: —

Non-current liabilities

1,741,471 —

FY 2024: —

Inventory

11,131 —

FY 2024: —

Trade receivables

126,782 —

FY 2024: —

Trade payables (m PLN)

0.04 —

FY 2024: —

CFO

39.59 —

FY 2024: —

CapEx

0.03 —

FY 2024: —

FCF

39.57 —

FY 2024: —

FCF conversion

61.75% —

FY 2024: —

CFO conversion

61.79% —

FY 2024: —

Dividends paid (k PLN)

52,631 —

FY 2024: —

ROE

26.91% —

FY 2024: —

ROA

20.39% —

FY 2024: —

ROCE

29.85% —

FY 2024: —

Current ratio

2.95x —

FY 2024: —

Quick ratio

2.95x —

FY 2024: —

Cash ratio

0.36x —

FY 2024: —

Interest coverage

36.16x —

FY 2024: —

Net debt / EBITDA

0.41x —

FY 2024: —

Debt / equity

0.2x —

FY 2024: —

Debt / assets

0.16x —

FY 2024: —

Net debt / equity

0.13x —

FY 2024: —

Revenue growth (YoY)

3.13% —

FY 2024: —

EBITDA growth (YoY)

1.52% —

FY 2024: —

EBIT growth (YoY)

1.52% —

FY 2024: —

Net income growth (YoY)

4.16% —

FY 2024: —

EPS growth (YoY)

4.07% —

FY 2024: —

Gross margin Δ (YoY)

-1.86 pp —

FY 2024: —

EBIT margin Δ (YoY)

-1.53 pp —

FY 2024: —

Net margin Δ (YoY)

0.81 pp —

FY 2024: —