FY 2025 report
To raport pożegnalny: Grupa eo Networks za 2025 r. to historyczny kształt sprzed rejestracji odwrotnego połączenia z Euvic S.A. (2 stycznia 2026 r., 33,08 mln nowych akcji serii F) — liczby z tego raportu będą słabym punktem odniesienia dla Euvic S.A. po fuzji.
Sentiment
Cautious
No guidance change
EUV
FY 2025 report
Revenue
66.75 m PLN
— YoY
Net income
-2.82 m PLN
— YoY
EBITDA
-2.24 m PLN
— YoY
Gross margin
11.54%
— YoY
Summary
Investment thesis
- Przychody spadły o 23,5% r/r do 66,7 mln zł, a zysk brutto ze sprzedaży o 48% do 7,0 mln zł (marża 10,5% wobec 15,6%) — wynik operacyjny przeszedł z +3,7 mln zł na −4,0 mln zł.
- Strata netto −2,8 mln zł jest i tak „pomalowana” jednorazowym zyskiem 2,43 mln zł ze zbycia aktywów finansowych; bez niego strata brutto sięgnęłaby ok. −4,9 mln zł.
- Cash flow operacyjny −7,0 mln zł (wobec +4,5 mln zł rok wcześniej) wynika głównie ze spłaty zobowiązań handlowych (−4,3 mln zł zmiany zobowiązań) — spółka „rozliczyła się ze wszystkich historycznych zobowiązań”, ale zapłaciła za to gotówką.
- Bilans pozostaje bezpieczny: gotówka 6,8 mln zł przy zadłużeniu oprocentowanym 2,0 mln zł (dług netto −4,8 mln zł), kapitał własny 28,2 mln zł, płynność bieżąca 3,9x — to bufor, który w nowej strukturze grupowej ma znaczenie.
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Financials
BETA
EUV · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
|
Revenue
standalone
|
55.89 | — | — | reported | standalone | 1.00 |
| Revenue | 66.75 | — | — | reported | — | 1.00 |
|
Gross profit
standalone
|
6.45 | — | — | reported | standalone | 1.00 |
| Gross profit | 7.02 | — | — | reported | — | 1.00 |
| EBITDA | -2.24 | — | — | derived | — | 0.90 |
|
EBITDA
standalone
|
-2.08 | — | — | derived | standalone | 0.90 |
|
EBIT
standalone
|
-3.79 | — | — | reported | standalone | 1.00 |
| EBIT | -3.95 | — | — | reported | — | 1.00 |
|
EBT
standalone
|
-2.04 | — | — | reported | standalone | 1.00 |
| EBT | -2.44 | — | — | reported | — | 1.00 |
|
Net income
standalone
|
-2.41 | — | — | reported | standalone | 1.00 |
| Net income | -2.82 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -1.37 | — | — | derived | — | 0.70 |
|
D&A
standalone
|
1.71 | — | — | reported | standalone | 1.00 |
| D&A | 1.71 | — | — | reported | — | 1.00 |
|
Interest expense
standalone
|
0.26 | — | — | reported | standalone | 1.00 |
| Interest expense | 0.26 | — | — | reported | — | 1.00 |
| Income tax | 0.39 | — | — | reported | — | 1.00 |
| Gross margin | 11.54% | — | — | reported | — | 0.90 |
| EBITDA margin | -3.72% | — | — | reported | — | 0.85 |
| EBIT margin | -6.78% | — | — | reported | — | 0.90 |
| EBT margin | -3.65% | — | — | reported | — | 0.90 |
| Net margin | -4.31% | — | — | reported | — | 0.90 |
| D&A margin | 3.05% | — | — | reported | — | 0.90 |
|
Cash
standalone
|
6.24 | — | — | reported | standalone | 1.00 |
| Cash | 6.81 | — | — | reported | — | 1.00 |
| Total debt | 1.97 | — | — | reported | — | 0.90 |
|
Total debt
standalone
|
1.97 | — | — | derived | standalone | 0.90 |
|
Net debt
standalone
|
-4.27 | — | — | derived | standalone | 0.90 |
| Net debt | -4.84 | — | — | derived | — | 0.90 |
|
Equity
standalone
|
25.63 | — | — | reported | standalone | 1.00 |
| Equity | 28.18 | — | — | reported | — | 1.00 |
| Total assets | 39.04 | — | — | reported | — | 1.00 |
|
Total assets
standalone
|
33.79 | — | — | reported | standalone | 1.00 |
| Working capital | 20.98 | — | — | derived | — | 0.90 |
|
Current assets
standalone
|
21.16 | — | — | reported | standalone | 1.00 |
| Current assets | 28.26 | — | — | reported | — | 1.00 |
|
Current liabilities
standalone
|
7.24 | — | — | derived | standalone | 0.85 |
| Current liabilities | 7.28 | — | — | reported | — | 1.00 |
| Inventory | 2.07 | — | — | reported | — | 1.00 |
| Trade receivables | 12.58 | — | — | reported | — | 1.00 |
| Trade payables | 2.97 | — | — | reported | — | 1.00 |
| Goodwill | 1.23 | — | — | reported | — | 1.00 |
| Tangible equity | 26.95 | — | — | derived | — | 0.90 |
|
CFO
standalone
|
-3.51 | — | — | reported | standalone | 1.00 |
| CFO | -6.97 | — | — | reported | — | 1.00 |
|
CapEx
standalone
|
0.17 | — | — | reported | standalone | 1.00 |
| CapEx | 0.17 | — | — | reported | — | 1.00 |
| FCF | -7.14 | — | — | derived | — | 0.90 |
|
FCF
standalone
|
-3.68 | — | — | derived | standalone | 0.90 |
| ROE | -8.98% | — | — | reported | — | 0.85 |
| ROA | -6.74% | — | — | derived | — | 0.90 |
| ROCE | -12.45% | — | — | derived | — | 0.90 |
| Current ratio | 2.92x | — | — | reported | — | 0.85 |
| Quick ratio | 2.77x | — | — | reported | — | 0.85 |
| Cash ratio | 0.86x | — | — | reported | — | 0.85 |
| Interest coverage | -15.26x | — | — | derived | — | 0.90 |
| Debt / equity | 0.08x | — | — | reported | — | 0.85 |
| Debt / assets | 0.06x | — | — | reported | — | 0.85 |
| Net debt / equity | -0.17x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | -13.06% | — | — | reported | — | 0.90 |
| EBITDA growth (YoY) | -346.66% | — | — | reported | — | 0.80 |
| EBIT growth (YoY) | -300.53% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -29.61% | — | — | reported | — | 0.90 |
| FCF growth (YoY) | -270.51% | — | — | reported | — | 0.85 |
| Gross margin Δ (YoY) | -0.8 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | -5.03 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | -5.3 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -1.42 pp | — | — | reported | — | 0.90 |
FY 2025 · Δ YoY
Revenue
standalone
55.89
—
standalone
55.89
—
- FY 2024
- —
Revenue
66.75
—
66.75
—
- FY 2024
- —
Gross profit
standalone
6.45
—
standalone
6.45
—
- FY 2024
- —
Gross profit
7.02
—
7.02
—
- FY 2024
- —
EBITDA
-2.24
—
-2.24
—
- FY 2024
- —
EBITDA
standalone
-2.08
—
standalone
-2.08
—
- FY 2024
- —
EBIT
standalone
-3.79
—
standalone
-3.79
—
- FY 2024
- —
EBIT
-3.95
—
-3.95
—
- FY 2024
- —
EBT
standalone
-2.04
—
standalone
-2.04
—
- FY 2024
- —
EBT
-2.44
—
-2.44
—
- FY 2024
- —
Net income
standalone
-2.41
—
standalone
-2.41
—
- FY 2024
- —
Net income
-2.82
—
-2.82
—
- FY 2024
- —
EPS (basic)
(PLN)
-1.37
—
-1.37
—
- FY 2024
- —
D&A
standalone
1.71
—
standalone
1.71
—
- FY 2024
- —
D&A
1.71
—
1.71
—
- FY 2024
- —
Interest expense
standalone
0.26
—
standalone
0.26
—
- FY 2024
- —
Interest expense
0.26
—
0.26
—
- FY 2024
- —
Income tax
0.39
—
0.39
—
- FY 2024
- —
Gross margin
11.54%
—
11.54%
—
- FY 2024
- —
EBITDA margin
-3.72%
—
-3.72%
—
- FY 2024
- —
EBIT margin
-6.78%
—
-6.78%
—
- FY 2024
- —
EBT margin
-3.65%
—
-3.65%
—
- FY 2024
- —
Net margin
-4.31%
—
-4.31%
—
- FY 2024
- —
D&A margin
3.05%
—
3.05%
—
- FY 2024
- —
Cash
standalone
6.24
—
standalone
6.24
—
- FY 2024
- —
Cash
6.81
—
6.81
—
- FY 2024
- —
Total debt
1.97
—
1.97
—
- FY 2024
- —
Total debt
standalone
1.97
—
standalone
1.97
—
- FY 2024
- —
Net debt
standalone
-4.27
—
standalone
-4.27
—
- FY 2024
- —
Net debt
-4.84
—
-4.84
—
- FY 2024
- —
Equity
standalone
25.63
—
standalone
25.63
—
- FY 2024
- —
Equity
28.18
—
28.18
—
- FY 2024
- —
Total assets
39.04
—
39.04
—
- FY 2024
- —
Total assets
standalone
33.79
—
standalone
33.79
—
- FY 2024
- —
Working capital
20.98
—
20.98
—
- FY 2024
- —
Current assets
standalone
21.16
—
standalone
21.16
—
- FY 2024
- —
Current assets
28.26
—
28.26
—
- FY 2024
- —
Current liabilities
standalone
7.24
—
standalone
7.24
—
- FY 2024
- —
Current liabilities
7.28
—
7.28
—
- FY 2024
- —
Inventory
2.07
—
2.07
—
- FY 2024
- —
Trade receivables
12.58
—
12.58
—
- FY 2024
- —
Trade payables
2.97
—
2.97
—
- FY 2024
- —
Goodwill
1.23
—
1.23
—
- FY 2024
- —
Tangible equity
26.95
—
26.95
—
- FY 2024
- —
CFO
standalone
-3.51
—
standalone
-3.51
—
- FY 2024
- —
CFO
-6.97
—
-6.97
—
- FY 2024
- —
CapEx
standalone
0.17
—
standalone
0.17
—
- FY 2024
- —
CapEx
0.17
—
0.17
—
- FY 2024
- —
FCF
-7.14
—
-7.14
—
- FY 2024
- —
FCF
standalone
-3.68
—
standalone
-3.68
—
- FY 2024
- —
ROE
-8.98%
—
-8.98%
—
- FY 2024
- —
ROA
-6.74%
—
-6.74%
—
- FY 2024
- —
ROCE
-12.45%
—
-12.45%
—
- FY 2024
- —
Current ratio
2.92x
—
2.92x
—
- FY 2024
- —
Quick ratio
2.77x
—
2.77x
—
- FY 2024
- —
Cash ratio
0.86x
—
0.86x
—
- FY 2024
- —
Interest coverage
-15.26x
—
-15.26x
—
- FY 2024
- —
Debt / equity
0.08x
—
0.08x
—
- FY 2024
- —
Debt / assets
0.06x
—
0.06x
—
- FY 2024
- —
Net debt / equity
-0.17x
—
-0.17x
—
- FY 2024
- —
Revenue growth (YoY)
-13.06%
—
-13.06%
—
- FY 2024
- —
EBITDA growth (YoY)
-346.66%
—
-346.66%
—
- FY 2024
- —
EBIT growth (YoY)
-300.53%
—
-300.53%
—
- FY 2024
- —
Net income growth (YoY)
-29.61%
—
-29.61%
—
- FY 2024
- —
FCF growth (YoY)
-270.51%
—
-270.51%
—
- FY 2024
- —
Gross margin Δ (YoY)
-0.8 pp
—
-0.8 pp
—
- FY 2024
- —
EBITDA margin Δ (YoY)
-5.03 pp
—
-5.03 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
-5.3 pp
—
-5.3 pp
—
- FY 2024
- —
Net margin Δ (YoY)
-1.42 pp
—
-1.42 pp
—
- FY 2024
- —