APL LC Giełda Papierów Wartościowych w Warszawie · annual · publ. April 30, 2026

FY 2025 report

LC S.A. (dawniej AMPLI S.A.) domknęła w IX.2025 r. formalnie 11-letni proces upadłości z układem — czysta karta prawna otwiera (ale nie gwarantuje) dostęp do finansowania bankowego.

Sentiment

Cautious No guidance change

Website

APL FY 2025 report

Revenue

14.19 m PLN

— YoY

Net income

1.05 m PLN

— YoY

EBITDA

1.51 m PLN

— YoY

Gross margin

36.93%

— YoY

Summary

Investment thesis

Przychody rosną dynamicznie (+46% r/r) pod własną marką LCTEC, a marża brutto poprawia się (+3,9 pp) — realny wzrost skali podstawowej działalności dystrybucyjnej.
Wynik na sprzedaży bez zdarzeń jednorazowych wzrósł z 328 do 1 402 tys. zł (+327% r/r) — headline EBIT wygląda słabiej tylko przez wysoką bazę jednorazowego zysku w 2024 r.
Wzrost jest jednak finansowany gotówką: OCF ujemny drugi rok z rzędu, kasa skurczyła się o 83%, a dług netto/EBITDA wzrósł z 0,16x do 0,95x.
Spółka wciąż zależy od faktoringu i pożyczek od osób powiązanych z zarządem (razem ok. 1,1 mln zł) — sygnał, że banki wciąż podchodzą ostrożnie mimo zakończenia układu.

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Financials

BETA

FY 2025

APL · FY 2025

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

Revenue	14.19	—	—	reported	—	1.00
Gross profit	5.24	—	—	reported	—	1.00
EBITDA	1.51	—	—	derived	—	0.90
EBIT	1.43	—	—	reported	—	1.00
EBT	1.29	—	—	reported	—	1.00
Net income	1.05	—	—	reported	—	1.00
EPS (basic) (PLN)	0.32	—	—	reported	—	1.00
EPS (diluted) (PLN)	0.32	—	—	reported	—	1.00
D&A	0.08	—	—	reported	—	1.00
Interest expense	0.14	—	—	reported	—	1.00
Income tax	0.24	—	—	reported	—	1.00
Shares (basic) (m units)	3.28	—	—	reported	—	1.00
Shares (diluted) (m units)	3.28	—	—	reported	—	1.00

Gross margin	36.93%	—	—	derived	—	0.95
EBITDA margin	10.61%	—	—	derived	—	0.90
EBIT margin	10.04%	—	—	derived	—	0.90
EBT margin	9.1%	—	—	derived	—	1.00
Net margin	7.39%	—	—	derived	—	0.90
D&A margin	0.57%	—	—	derived	—	0.90

Cash	0.23	—	—	reported	—	1.00
Total debt	1.67	—	—	derived	—	0.70
Net debt	1.44	—	—	derived	—	0.70
Equity	9.4	—	—	reported	—	1.00
Total assets	11.58	—	—	reported	—	1.00
Working capital (k PLN)	9,671	—	—	derived	—	1.00
Current assets	11.11	—	—	reported	—	1.00
Current liabilities	1.44	—	—	reported	—	1.00
Non-current liabilities	0.64	—	—	reported	—	1.00
Inventory	8.27	—	—	reported	—	1.00
Trade receivables	2.59	—	—	reported	—	1.00
Trade payables	0.07	—	—	derived	—	0.90

CFO	-0.73	—	—	reported	—	1.00
CapEx	0.02	—	—	reported	—	1.00
FCF	-0.74	—	—	derived	—	0.90
FCF conversion	-49.27%	—	—	derived	—	0.85
CFO conversion	-48.14%	—	—	derived	—	0.85

ROE	11.16%	—	—	reported	—	1.00
ROA	9.06%	—	—	reported	—	1.00
ROIC	10.68%	—	—	derived	—	0.65
ROCE	14.06%	—	—	derived	—	0.70

Current ratio	7.7x	—	—	reported	—	1.00
Quick ratio	1.95x	—	—	reported	—	1.00
Cash ratio	0.16x	—	—	reported	—	1.00
Interest coverage	10.18x	—	—	derived	—	0.90

Net debt / EBITDA	0.95x	—	—	derived	—	0.70
Debt / equity	0.18x	—	—	derived	—	0.70
Debt / assets	0.14x	—	—	derived	—	0.50
Net debt / equity	0.15x	—	—	derived	—	0.70

Revenue growth (YoY)	46.09%	—	—	derived	—	0.95
EBITDA growth (YoY)	-0.4%	—	—	derived	—	0.85
EBIT growth (YoY)	-1.59%	—	—	derived	—	0.85
Net income growth (YoY)	-9.18%	—	—	derived	—	0.90
EPS growth (YoY)	-8.57%	—	—	derived	—	0.90
FCF growth (YoY)	57.55%	—	—	derived	—	0.85
Gross margin Δ (YoY)	3.91 pp	—	—	derived	—	0.90
EBITDA margin Δ (YoY)	-4.95 pp	—	—	derived	—	0.85
EBIT margin Δ (YoY)	-4.86 pp	—	—	derived	—	0.85
Net margin Δ (YoY)	-4.5 pp	—	—	derived	—	0.90

FY 2025 · Δ YoY

Revenue

14.19 —

FY 2024: —

Gross profit

5.24 —

FY 2024: —

EBITDA

1.51 —

FY 2024: —

EBIT

1.43 —

FY 2024: —

EBT

1.29 —

FY 2024: —

Net income

1.05 —

FY 2024: —

EPS (basic) (PLN)

0.32 —

FY 2024: —

EPS (diluted) (PLN)

0.32 —

FY 2024: —

D&A

0.08 —

FY 2024: —

Interest expense

0.14 —

FY 2024: —

Income tax

0.24 —

FY 2024: —

Shares (basic) (m units)

3.28 —

FY 2024: —

Shares (diluted) (m units)

3.28 —

FY 2024: —

Gross margin

36.93% —

FY 2024: —

EBITDA margin

10.61% —

FY 2024: —

EBIT margin

10.04% —

FY 2024: —

EBT margin

9.1% —

FY 2024: —

Net margin

7.39% —

FY 2024: —

D&A margin

0.57% —

FY 2024: —

Cash

0.23 —

FY 2024: —

Total debt

1.67 —

FY 2024: —

Net debt

1.44 —

FY 2024: —

Equity

9.4 —

FY 2024: —

Total assets

11.58 —

FY 2024: —

Working capital (k PLN)

9,671 —

FY 2024: —

Current assets

11.11 —

FY 2024: —

Current liabilities

1.44 —

FY 2024: —

Non-current liabilities

0.64 —

FY 2024: —

Inventory

8.27 —

FY 2024: —

Trade receivables

2.59 —

FY 2024: —

Trade payables

0.07 —

FY 2024: —

CFO

-0.73 —

FY 2024: —

CapEx

0.02 —

FY 2024: —

FCF

-0.74 —

FY 2024: —

FCF conversion

-49.27% —

FY 2024: —

CFO conversion

-48.14% —

FY 2024: —

ROE

11.16% —

FY 2024: —

ROA

9.06% —

FY 2024: —

ROIC

10.68% —

FY 2024: —

ROCE

14.06% —

FY 2024: —

Current ratio

7.7x —

FY 2024: —

Quick ratio

1.95x —

FY 2024: —

Cash ratio

0.16x —

FY 2024: —

Interest coverage

10.18x —

FY 2024: —

Net debt / EBITDA

0.95x —

FY 2024: —

Debt / equity

0.18x —

FY 2024: —

Debt / assets

0.14x —

FY 2024: —

Net debt / equity

0.15x —

FY 2024: —

Revenue growth (YoY)

46.09% —

FY 2024: —

EBITDA growth (YoY)

-0.4% —

FY 2024: —

EBIT growth (YoY)

-1.59% —

FY 2024: —

Net income growth (YoY)

-9.18% —

FY 2024: —

EPS growth (YoY)

-8.57% —

FY 2024: —

FCF growth (YoY)

57.55% —

FY 2024: —

Gross margin Δ (YoY)

3.91 pp —

FY 2024: —

EBITDA margin Δ (YoY)

-4.95 pp —

FY 2024: —

EBIT margin Δ (YoY)

-4.86 pp —

FY 2024: —

Net margin Δ (YoY)

-4.5 pp —

FY 2024: —