FHB FOODHUB Giełda Papierów Wartościowych w Warszawie · Annual · publ. April 30, 2026

FY 2025 report

Przychody skonsolidowane spadły o 2,6% do 883,7 mln zł, a EBITDA zjechała z 25,8 mln zł do −1,1 mln zł; strata netto wyniosła 52,2 mln zł.

Sentiment

Cautious No guidance change

Website

FHB FY 2025 report

Revenue

883.71 m PLN

— YoY

Net income

-52.16 m PLN

— YoY

EBITDA

-1.06 m PLN

— YoY

Gross margin

18.57%

— YoY

Summary

Investment thesis

Biegły rewident wskazuje kontynuację działalności jako kluczową sprawę badania: ujemny kapitał obrotowy 165 mln zł i 76 mln zł kredytów obrotowych wymagalnych w maju 2026 r.
Płynność bieżąca 0,62, gotówka 6,2 mln zł wobec 437,6 mln zł zobowiązań krótkoterminowych; kapitał obcy to ok. 80% sumy bilansowej.
Spółka dominująca rośnie (przychody jednostkowe +12% do 360,7 mln zł), ale rynek eksportowy grupy kurczy się o 24%.
Po dniu bilansowym pojawiło się wsparcie: pożyczka ARP do 30 mln zł i kontrakty z KOWR, ale skala potrzeb refinansowania jest większa.

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Financials

BETA

FY 2025

FHB · FY 2025

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

Revenue	883,714	—	—	reported	—	1.00
Gross profit	164,088	—	—	reported	—	1.00
EBITDA	-1,058	—	—	reported	—	1.00
EBIT	-31,469	—	—	reported	—	1.00
EBT	-51,056	—	—	reported	—	1.00
Net income	-52,157	—	—	reported	—	1.00
D&A	30,411	—	—	derived	—	0.70
Interest expense	24,840	—	—	reported	—	0.70
Income tax	1,102	—	—	reported	—	1.00

Gross margin	18.57%	—	—	derived	—	0.70
EBITDA margin	-0.12%	—	—	derived	—	0.70
EBIT margin	-3.56%	—	—	derived	—	0.70
Net margin	-5.9%	—	—	derived	—	0.70

Cash	6,201	—	—	reported	—	1.00
Equity	130,246	—	—	reported	—	1.00
Total assets	634,858	—	—	reported	—	0.90
Working capital	-165,192	—	—	derived	—	0.70
Current assets	272,406	—	—	reported	—	1.00
Current liabilities	437,598	—	—	reported	—	1.00
Non-current liabilities	67,014	—	—	reported	—	1.00
Inventory	157,072	—	—	reported	—	1.00
Trade receivables	91,871	—	—	reported	—	0.80

ROE	-32.2%	—	—	derived	—	0.70
ROA	-7.9%	—	—	derived	—	0.70

Current ratio	0.62x	—	—	derived	—	0.70
Quick ratio	0.26x	—	—	derived	—	0.70
Cash ratio	0.01x	—	—	derived	—	0.70

Revenue growth (YoY)	-2.57%	—	—	derived	—	1.00

FY 2025 · Δ YoY

Revenue

883,714 —

FY 2024: —

Gross profit

164,088 —

FY 2024: —

EBITDA

-1,058 —

FY 2024: —

EBIT

-31,469 —

FY 2024: —

EBT

-51,056 —

FY 2024: —

Net income

-52,157 —

FY 2024: —

D&A

30,411 —

FY 2024: —

Interest expense

24,840 —

FY 2024: —

Income tax

1,102 —

FY 2024: —

Gross margin

18.57% —

FY 2024: —

EBITDA margin

-0.12% —

FY 2024: —

EBIT margin

-3.56% —

FY 2024: —

Net margin

-5.9% —

FY 2024: —

Cash

6,201 —

FY 2024: —

Equity

130,246 —

FY 2024: —

Total assets

634,858 —

FY 2024: —

Working capital

-165,192 —

FY 2024: —

Current assets

272,406 —

FY 2024: —

Current liabilities

437,598 —

FY 2024: —

Non-current liabilities

67,014 —

FY 2024: —

Inventory

157,072 —

FY 2024: —

Trade receivables

91,871 —

FY 2024: —

ROE

-32.2% —

FY 2024: —

ROA

-7.9% —

FY 2024: —

Current ratio

0.62x —

FY 2024: —

Quick ratio

0.26x —

FY 2024: —

Cash ratio

0.01x —

FY 2024: —

Revenue growth (YoY)

-2.57% —

FY 2024: —