FY 2025 report
Mała, zyskowna spółka dystrybucyjno-serwisowa dla HoReCa: przychody wzrosły o 27,3% do 12,4 mln zł, a wynik netto wrócił do +0,40 mln zł z −0,57 mln zł rok wcześniej.
Sentiment
Neutral
No guidance change
IBC
FY 2025 report
Revenue
12.37 m PLN
— YoY
Net income
0.41 m PLN
— YoY
EBITDA
0.63 m PLN
— YoY
Net debt / EBITDA
-1.5x
— YoY
Summary
Investment thesis
- Dźwignia operacyjna zadziałała: koszty działalności operacyjnej urosły o 16,8%, przychody o 27,3%, więc EBIT przeszedł z −0,56 mln zł na +0,44 mln zł (marża 3,6%).
- Bilans bez długu: gotówka 0,88 mln zł (wzrost z 0,32 mln zł), brak kredytów i leasingu, płynność bieżąca 1,9x, kapitał własny 4,5 mln zł (65% sumy bilansowej).
- Jakość wzrostu jest przeciętna: ok. 75% sprzedaży to towary (handel), zapasy urosły o 44,6% (do 2,05 mln zł), a o wzroście decydują kontrakty sieciowe (AmRest/KFC) i IMBERA — wysoka koncentracja odbiorców.
- Własność silnie skoncentrowana: dwaj założyciele kontrolują łącznie ok. 90,7% głosów (po dniu bilansowym A. Plak zwiększył udział w kapitale do 45,81%); płynność akcji ograniczona (free float 12,7% kapitału).
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Financials
BETA
IBC · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
|
Revenue
standalone
|
10.92 | — | — | reported | standalone | 1.00 |
| Revenue | 12.37 | — | — | reported | — | 1.00 |
|
EBITDA
standalone
|
0.58 | — | — | reported | standalone | 1.00 |
| EBITDA | 0.63 | — | — | reported | — | 0.95 |
|
EBIT
standalone
|
0.45 | — | — | reported | standalone | 1.00 |
| EBIT | 0.44 | — | — | reported | — | 1.00 |
|
EBT
standalone
|
0.49 | — | — | reported | standalone | 1.00 |
| EBT | 0.47 | — | — | reported | — | 1.00 |
|
Net income
standalone
|
0.42 | — | — | reported | standalone | 1.00 |
| Net income | 0.41 | — | — | reported | — | 1.00 |
| EPS (basic) | 0.14 | — | — | derived | — | 0.60 |
| D&A | 0.18 | — | — | reported | — | 1.00 |
|
D&A
standalone
|
0.13 | — | — | reported | standalone | 1.00 |
|
Interest expense
standalone
|
0 | — | — | reported | standalone | 0.80 |
| Interest expense | 0 | — | — | reported | — | 0.80 |
| Income tax | 0.07 | — | — | reported | — | 1.00 |
|
Shares (basic)
(m units)
standalone
|
3.01 | — | — | reported | standalone | 0.60 |
| Shares (basic) (m units) | 3.01 | — | — | reported | — | 0.80 |
| EBITDA margin | 5.08% | — | — | derived | — | 0.90 |
| EBIT margin | 3.59% | — | — | derived | — | 0.90 |
| EBT margin | 3.8% | — | — | derived | — | 0.90 |
| Net margin | 3.27% | — | — | derived | — | 0.90 |
| D&A margin | 1.17% | — | — | derived | — | 0.95 |
| Cash | 0.88 | — | — | reported | — | 1.00 |
|
Cash
standalone
|
0.87 | — | — | reported | standalone | 1.00 |
|
Total debt
standalone
|
0 | — | — | reported | standalone | 1.00 |
| Total debt | 0 | — | — | reported | — | 1.00 |
|
Net debt
standalone
|
-0.87 | — | — | derived | standalone | 1.00 |
| Net debt | -0.88 | — | — | derived | — | 0.90 |
|
Equity
standalone
|
4.68 | — | — | reported | standalone | 1.00 |
| Equity | 4.45 | — | — | reported | — | 1.00 |
|
Total assets
standalone
|
6.93 | — | — | reported | standalone | 1.00 |
| Total assets | 6.81 | — | — | reported | — | 1.00 |
| Working capital | 2.02 | — | — | derived | — | 0.90 |
| Current assets | 4.26 | — | — | reported | — | 1.00 |
|
Current assets
standalone
|
3.92 | — | — | reported | standalone | 1.00 |
|
Current liabilities
standalone
|
2.23 | — | — | reported | standalone | 1.00 |
| Current liabilities | 2.25 | — | — | reported | — | 1.00 |
| Inventory | 2.05 | — | — | reported | — | 1.00 |
| Trade receivables | 1.15 | — | — | reported | — | 1.00 |
| Trade payables | 1.87 | — | — | reported | — | 0.70 |
|
Goodwill
standalone
|
0.01 | — | — | reported | standalone | 0.80 |
| Goodwill | 0 | — | — | reported | — | 1.00 |
|
CFO
standalone
|
0.63 | — | — | reported | standalone | 1.00 |
| CFO | 0.62 | — | — | reported | — | 1.00 |
|
CapEx
standalone
|
0.05 | — | — | reported | standalone | 0.90 |
| CapEx | 0.05 | — | — | reported | — | 1.00 |
|
FCF
standalone
|
0.57 | — | — | derived | standalone | 0.95 |
| FCF | 0.57 | — | — | derived | — | 0.90 |
| FCF conversion | 90.09% | — | — | derived | — | 0.90 |
| CFO conversion | 98.65% | — | — | derived | — | 0.90 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
|
Dividends paid
standalone
|
0 | — | — | reported | standalone | 1.00 |
| Buybacks | 0 | — | — | reported | — | 1.00 |
|
Buybacks
standalone
|
0 | — | — | reported | standalone | 1.00 |
| Net acquisitions | 0 | — | — | reported | — | 1.00 |
| ROE | 9.52% | — | — | derived | — | 0.90 |
| ROA | 6.29% | — | — | derived | — | 0.90 |
| ROIC | 10.24% | — | — | derived | — | 0.75 |
| ROCE | 9.73% | — | — | derived | — | 0.90 |
| Current ratio | 1.9x | — | — | derived | — | 0.90 |
| Quick ratio | 0.98x | — | — | derived | — | 0.90 |
| Cash ratio | 0.39x | — | — | derived | — | 0.90 |
| Interest coverage | 1577.6x | — | — | derived | — | 0.60 |
| Net debt / EBITDA | -1.5x | — | — | derived | — | 0.90 |
| Debt / equity | 0x | — | — | derived | — | 0.80 |
| Debt / assets | 0x | — | — | derived | — | 0.80 |
| Net debt / equity | -0.2x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 27.3% | — | — | derived | — | 0.90 |
| EBITDA growth (YoY) | 270.38% | — | — | derived | — | 0.90 |
| EBIT growth (YoY) | 179.19% | — | — | derived | — | 0.90 |
| Net income growth (YoY) | 170.88% | — | — | derived | — | 0.90 |
| EPS growth (YoY) | 217.19% | — | — | derived | — | 0.60 |
| FCF growth (YoY) | 4869.1% | — | — | derived | — | 0.30 |
| EBITDA margin Δ (YoY) | 8.87 pp | — | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 9.37 pp | — | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 9.15 pp | — | — | derived | — | 0.90 |
FY 2025 · Δ YoY
Revenue
standalone
10.92
—
standalone
10.92
—
- FY 2024
- —
Revenue
12.37
—
12.37
—
- FY 2024
- —
EBITDA
standalone
0.58
—
standalone
0.58
—
- FY 2024
- —
EBITDA
0.63
—
0.63
—
- FY 2024
- —
EBIT
standalone
0.45
—
standalone
0.45
—
- FY 2024
- —
EBIT
0.44
—
0.44
—
- FY 2024
- —
EBT
standalone
0.49
—
standalone
0.49
—
- FY 2024
- —
EBT
0.47
—
0.47
—
- FY 2024
- —
Net income
standalone
0.42
—
standalone
0.42
—
- FY 2024
- —
Net income
0.41
—
0.41
—
- FY 2024
- —
EPS (basic)
0.14
—
0.14
—
- FY 2024
- —
D&A
0.18
—
0.18
—
- FY 2024
- —
D&A
standalone
0.13
—
standalone
0.13
—
- FY 2024
- —
Interest expense
standalone
0
—
standalone
0
—
- FY 2024
- —
Interest expense
0
—
0
—
- FY 2024
- —
Income tax
0.07
—
0.07
—
- FY 2024
- —
Shares (basic)
(m units)
standalone
3.01
—
standalone
3.01
—
- FY 2024
- —
Shares (basic)
(m units)
3.01
—
3.01
—
- FY 2024
- —
EBITDA margin
5.08%
—
5.08%
—
- FY 2024
- —
EBIT margin
3.59%
—
3.59%
—
- FY 2024
- —
EBT margin
3.8%
—
3.8%
—
- FY 2024
- —
Net margin
3.27%
—
3.27%
—
- FY 2024
- —
D&A margin
1.17%
—
1.17%
—
- FY 2024
- —
Cash
0.88
—
0.88
—
- FY 2024
- —
Cash
standalone
0.87
—
standalone
0.87
—
- FY 2024
- —
Total debt
standalone
0
—
standalone
0
—
- FY 2024
- —
Total debt
0
—
0
—
- FY 2024
- —
Net debt
standalone
-0.87
—
standalone
-0.87
—
- FY 2024
- —
Net debt
-0.88
—
-0.88
—
- FY 2024
- —
Equity
standalone
4.68
—
standalone
4.68
—
- FY 2024
- —
Equity
4.45
—
4.45
—
- FY 2024
- —
Total assets
standalone
6.93
—
standalone
6.93
—
- FY 2024
- —
Total assets
6.81
—
6.81
—
- FY 2024
- —
Working capital
2.02
—
2.02
—
- FY 2024
- —
Current assets
4.26
—
4.26
—
- FY 2024
- —
Current assets
standalone
3.92
—
standalone
3.92
—
- FY 2024
- —
Current liabilities
standalone
2.23
—
standalone
2.23
—
- FY 2024
- —
Current liabilities
2.25
—
2.25
—
- FY 2024
- —
Inventory
2.05
—
2.05
—
- FY 2024
- —
Trade receivables
1.15
—
1.15
—
- FY 2024
- —
Trade payables
1.87
—
1.87
—
- FY 2024
- —
Goodwill
standalone
0.01
—
standalone
0.01
—
- FY 2024
- —
Goodwill
0
—
0
—
- FY 2024
- —
CFO
standalone
0.63
—
standalone
0.63
—
- FY 2024
- —
CFO
0.62
—
0.62
—
- FY 2024
- —
CapEx
standalone
0.05
—
standalone
0.05
—
- FY 2024
- —
CapEx
0.05
—
0.05
—
- FY 2024
- —
FCF
standalone
0.57
—
standalone
0.57
—
- FY 2024
- —
FCF
0.57
—
0.57
—
- FY 2024
- —
FCF conversion
90.09%
—
90.09%
—
- FY 2024
- —
CFO conversion
98.65%
—
98.65%
—
- FY 2024
- —
Dividends paid
0
—
0
—
- FY 2024
- —
Dividends paid
standalone
0
—
standalone
0
—
- FY 2024
- —
Buybacks
0
—
0
—
- FY 2024
- —
Buybacks
standalone
0
—
standalone
0
—
- FY 2024
- —
Net acquisitions
0
—
0
—
- FY 2024
- —
ROE
9.52%
—
9.52%
—
- FY 2024
- —
ROA
6.29%
—
6.29%
—
- FY 2024
- —
ROIC
10.24%
—
10.24%
—
- FY 2024
- —
ROCE
9.73%
—
9.73%
—
- FY 2024
- —
Current ratio
1.9x
—
1.9x
—
- FY 2024
- —
Quick ratio
0.98x
—
0.98x
—
- FY 2024
- —
Cash ratio
0.39x
—
0.39x
—
- FY 2024
- —
Interest coverage
1577.6x
—
1577.6x
—
- FY 2024
- —
Net debt / EBITDA
-1.5x
—
-1.5x
—
- FY 2024
- —
Debt / equity
0x
—
0x
—
- FY 2024
- —
Debt / assets
0x
—
0x
—
- FY 2024
- —
Net debt / equity
-0.2x
—
-0.2x
—
- FY 2024
- —
Revenue growth (YoY)
27.3%
—
27.3%
—
- FY 2024
- —
EBITDA growth (YoY)
270.38%
—
270.38%
—
- FY 2024
- —
EBIT growth (YoY)
179.19%
—
179.19%
—
- FY 2024
- —
Net income growth (YoY)
170.88%
—
170.88%
—
- FY 2024
- —
EPS growth (YoY)
217.19%
—
217.19%
—
- FY 2024
- —
FCF growth (YoY)
4869.1%
—
4869.1%
—
- FY 2024
- —
EBITDA margin Δ (YoY)
8.87 pp
—
8.87 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
9.37 pp
—
9.37 pp
—
- FY 2024
- —
Net margin Δ (YoY)
9.15 pp
—
9.15 pp
—
- FY 2024
- —