GRC GRUPA RECYKL NewConnect · annual · publ. May 29, 2026

FY 2025 report

Lider recyklingu opon w CEE o rosnących przychodach (145,4 mln zł, +8,7% r/r) i stabilnej, wysokiej marży EBITDA (17,8%) przy mocnej infrastrukturze trzech zakładów.

Sentiment

Positive No guidance change

Website

GRC FY 2025 report

Revenue

145.38 m PLN

— YoY

Net income

9.39 m PLN

— YoY

EBITDA

25.89 m PLN

— YoY

Gross margin

10.8%

— YoY

Summary

Investment thesis

Strategia M&A (Litwa – APG zamknięta, Niemcy – HRV w toku) ma zabezpieczyć surowiec i otworzyć rynki zachodnie, ale finansuje się ją długiem i kosztem krótkoterminowych wyników.
Zysk netto spadł o 13,5% do 9,4 mln zł, bo koszty usług obcych (+42%) i wynagrodzeń (+11%) rosły szybciej niż przychody – segment Recykl O.O. traci rentowność.
Bilans się lewaruje: dług netto ok. 84 mln zł (ok. 3,2x EBITDA wg moich wyliczeń), płynność bieżąca 0,82 – kowenanty i refinansowanie będą kluczowe po zakończeniu inwestycji.
Dodatek asfaltowy SMAPOL® (certyfikaty EPD, ISCC Plus, pierwszy odcinek S6) to opcja wzrostu, jeszcze bez widocznego wkładu w wyniki.

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Financials

BETA

FY 2025

GRC · FY 2025

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

Revenue	145.38	—	—	reported	—	1.00
EBITDA	25.89	—	—	reported	—	1.00
EBIT	16.89	—	—	reported	—	1.00
EBT	10.94	—	—	reported	—	1.00
Net income	9.39	—	—	reported	—	1.00
D&A	9	—	—	reported	—	1.00
Interest expense	4.43	—	—	reported	—	1.00
Income tax	1.55	—	—	reported	—	1.00
Shares (basic) (m units)	1.7	—	—	reported	—	0.70

Gross margin	10.8%	—	—	reported	—	1.00
EBITDA margin	17.8%	—	—	reported	—	1.00
EBIT margin	9.02%	—	—	reported	—	1.00
Net margin	62.53%	—	—	reported	—	1.00

Cash	7.93	—	—	reported	—	1.00
Total debt	92.01	—	—	reported	—	0.80
Net debt	76.68	—	—	reported	—	0.90
Equity	79.25	—	—	reported	—	1.00
Total assets	234.74	—	—	reported	—	1.00
Working capital	-9.25	—	—	derived	—	0.95
Current assets	42.02	—	—	reported	—	1.00
Current liabilities	51.28	—	—	reported	—	1.00
Non-current liabilities	67.35	—	—	reported	—	1.00
Inventory	4.39	—	—	reported	—	1.00
Trade receivables	25.22	—	—	reported	—	0.90
Trade payables	15.59	—	—	reported	—	1.00
Goodwill	13.03	—	—	reported	—	0.90
Tangible equity	66.23	—	—	derived	—	0.80

CFO	25	—	—	reported	—	1.00
CapEx	12.27	—	—	reported	—	1.00
FCF	1.03	—	—	reported	—	0.90
FCF conversion	49.2%	—	—	derived	—	0.90
CFO conversion	96.6%	—	—	derived	—	0.95
Dividends paid	2.88	—	—	reported	—	1.00
Net acquisitions	10.86	—	—	reported	—	0.80

ROE	21.68%	—	—	reported	—	0.90
ROA	4.29%	—	—	derived	—	0.90
ROIC	9.3%	—	—	derived	—	0.75
ROCE	9.21%	—	—	derived	—	0.90

Current ratio	2.14x	—	—	reported	—	1.00
Quick ratio	0.73x	—	—	derived	—	0.95
Cash ratio	0.15x	—	—	derived	—	0.95
Interest coverage	3.82x	—	—	derived	—	0.95

Net debt / EBITDA	2.96x	—	—	reported	—	1.00
Debt / equity	1.57x	—	—	reported	—	0.90
Debt / assets	0.12x	—	—	reported	—	1.00
Net debt / equity	1.06x	—	—	derived	—	0.70

Revenue growth (YoY)	5.42%	—	—	reported	—	1.00
EBITDA growth (YoY)	-3.8%	—	—	reported	—	1.00
EBIT growth (YoY)	57.87%	—	—	reported	—	1.00
Net income growth (YoY)	15.14%	—	—	reported	—	1.00
EBITDA margin Δ (YoY)	-2.31 pp	—	—	derived	—	0.90
EBIT margin Δ (YoY)	-2.01 pp	—	—	derived	—	0.90
Net margin Δ (YoY)	-1.66 pp	—	—	derived	—	0.90

FY 2025 · Δ YoY

Revenue

145.38 —

FY 2024: —

EBITDA

25.89 —

FY 2024: —

EBIT

16.89 —

FY 2024: —

EBT

10.94 —

FY 2024: —

Net income

9.39 —

FY 2024: —

D&A

9 —

FY 2024: —

Interest expense

4.43 —

FY 2024: —

Income tax

1.55 —

FY 2024: —

Shares (basic) (m units)

1.7 —

FY 2024: —

Gross margin

10.8% —

FY 2024: —

EBITDA margin

17.8% —

FY 2024: —

EBIT margin

9.02% —

FY 2024: —

Net margin

62.53% —

FY 2024: —

Cash

7.93 —

FY 2024: —

Total debt

92.01 —

FY 2024: —

Net debt

76.68 —

FY 2024: —

Equity

79.25 —

FY 2024: —

Total assets

234.74 —

FY 2024: —

Working capital

-9.25 —

FY 2024: —

Current assets

42.02 —

FY 2024: —

Current liabilities

51.28 —

FY 2024: —

Non-current liabilities

67.35 —

FY 2024: —

Inventory

4.39 —

FY 2024: —

Trade receivables

25.22 —

FY 2024: —

Trade payables

15.59 —

FY 2024: —

Goodwill

13.03 —

FY 2024: —

Tangible equity

66.23 —

FY 2024: —

CFO

25 —

FY 2024: —

CapEx

12.27 —

FY 2024: —

FCF

1.03 —

FY 2024: —

FCF conversion

49.2% —

FY 2024: —

CFO conversion

96.6% —

FY 2024: —

Dividends paid

2.88 —

FY 2024: —

Net acquisitions

10.86 —

FY 2024: —

ROE

21.68% —

FY 2024: —

ROA

4.29% —

FY 2024: —

ROIC

9.3% —

FY 2024: —

ROCE

9.21% —

FY 2024: —

Current ratio

2.14x —

FY 2024: —

Quick ratio

0.73x —

FY 2024: —

Cash ratio

0.15x —

FY 2024: —

Interest coverage

3.82x —

FY 2024: —

Net debt / EBITDA

2.96x —

FY 2024: —

Debt / equity

1.57x —

FY 2024: —

Debt / assets

0.12x —

FY 2024: —

Net debt / equity

1.06x —

FY 2024: —

Revenue growth (YoY)

5.42% —

FY 2024: —

EBITDA growth (YoY)

-3.8% —

FY 2024: —

EBIT growth (YoY)

57.87% —

FY 2024: —

Net income growth (YoY)

15.14% —

FY 2024: —

EBITDA margin Δ (YoY)

-2.31 pp —

FY 2024: —

EBIT margin Δ (YoY)

-2.01 pp —

FY 2024: —

Net margin Δ (YoY)

-1.66 pp —

FY 2024: —