LBW LUBAWA Giełda Papierów Wartościowych w Warszawie · Annual · publ. April 30, 2026

FY 2025 report

Rekordowy rok 2025: przychody wzrosły o 20,9% do 616,7 mln zł, zysk netto o 25,4% do 126,1 mln zł, marża EBIT 23,7%.

Sentiment

Positive No guidance change

Website

LBW FY 2025 report

Revenue

616.74 m PLN

— YoY

Net income

126.1 m PLN

— YoY

EBITDA

163.02 m PLN

— YoY

Gross margin

41.03%

— YoY

Summary

Investment thesis

Segment tkanin (Miranda) rośnie o 75% do 213 mln zł przychodów zewnętrznych, a wynik segmentu o 48% do 84 mln zł dzięki umowom wieloletnim.
Bilans bez długu: zadłużenie odsetkowe 2,8 mln zł wobec 138 mln zł gotówki i 175 mln zł obligacji korporacyjnych; kapitał własny stanowi 73,7% sumy bilansowej.
Konwersja zysku w gotówkę operacyjną słabsza: OCF 92,3 mln zł (−44% r/r) wobec zysku netto 126,1 mln zł z powodu spadku zobowiązań o 95 mln zł.
ROE 21,4% i ROA 15,8% przy wycenie rynkowej 1,2 mld zł (P/E 9,6) — rynek wycenił już istotną część wzrostu.

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Financials

BETA

FY 2025

LBW · FY 2025

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

Revenue	616,736	—	—	reported	—	1.00
Gross profit	253,041	—	—	reported	—	1.00
EBITDA	163,015	—	—	adjusted	—	0.90
EBIT	146,304	—	—	reported	—	1.00
EBT	153,854	—	—	reported	—	1.00
Net income	126,096	—	—	reported	—	1.00
EPS (basic) (PLN)	0.84	—	—	reported	—	1.00
D&A	17,582	—	—	reported	—	1.00
Interest expense	2,258	—	—	reported	—	0.70
Income tax	27,758	—	—	reported	—	1.00
Shares (basic) (m units)	150.27	—	—	reported	—	0.90

Gross margin	41.03%	—	—	derived	—	0.90
EBITDA margin	26.43%	—	—	derived	—	0.90
EBIT margin	23.72%	—	—	derived	—	0.90
Net margin	20.45%	—	—	derived	—	0.90

Cash	137,994	—	—	reported	—	1.00
Total debt	2,807	—	—	reported	—	0.90
Net debt	-135,187	—	—	derived	—	0.90
Equity	588,542	—	—	reported	—	1.00
Total assets	798,549	—	—	reported	—	1.00
Working capital	359,327	—	—	derived	—	0.90
Current assets	542,810	—	—	reported	—	1.00
Current liabilities	183,483	—	—	reported	—	1.00
Non-current liabilities	26,524	—	—	reported	—	1.00
Inventory	118,066	—	—	reported	—	1.00
Trade receivables	109,648	—	—	reported	—	0.80

CFO	92,322	—	—	reported	—	1.00
CapEx	17,077	—	—	reported	—	0.90
FCF	75,245	—	—	derived	—	0.80
CFO conversion	56.6%	—	—	derived	—	0.90

ROE	21.43%	—	—	derived	—	0.90
ROA	15.79%	—	—	derived	—	0.90

Current ratio	2.96x	—	—	derived	—	0.90
Quick ratio	2.31x	—	—	derived	—	0.90

Net debt / EBITDA	-0.83x	—	—	derived	—	0.90
Debt / equity	0x	—	—	derived	—	0.90

Revenue growth (YoY)	20.87%	—	—	derived	—	0.90
EBIT growth (YoY)	26.09%	—	—	derived	—	0.90
Net income growth (YoY)	25.44%	—	—	derived	—	0.90

FY 2025 · Δ YoY

Revenue

616,736 —

FY 2024: —

Gross profit

253,041 —

FY 2024: —

EBITDA

163,015 —

FY 2024: —

EBIT

146,304 —

FY 2024: —

EBT

153,854 —

FY 2024: —

Net income

126,096 —

FY 2024: —

EPS (basic) (PLN)

0.84 —

FY 2024: —

D&A

17,582 —

FY 2024: —

Interest expense

2,258 —

FY 2024: —

Income tax

27,758 —

FY 2024: —

Shares (basic) (m units)

150.27 —

FY 2024: —

Gross margin

41.03% —

FY 2024: —

EBITDA margin

26.43% —

FY 2024: —

EBIT margin

23.72% —

FY 2024: —

Net margin

20.45% —

FY 2024: —

Cash

137,994 —

FY 2024: —

Total debt

2,807 —

FY 2024: —

Net debt

-135,187 —

FY 2024: —

Equity

588,542 —

FY 2024: —

Total assets

798,549 —

FY 2024: —

Working capital

359,327 —

FY 2024: —

Current assets

542,810 —

FY 2024: —

Current liabilities

183,483 —

FY 2024: —

Non-current liabilities

26,524 —

FY 2024: —

Inventory

118,066 —

FY 2024: —

Trade receivables

109,648 —

FY 2024: —

CFO

92,322 —

FY 2024: —

CapEx

17,077 —

FY 2024: —

FCF

75,245 —

FY 2024: —

CFO conversion

56.6% —

FY 2024: —

ROE

21.43% —

FY 2024: —

ROA

15.79% —

FY 2024: —

Current ratio

2.96x —

FY 2024: —

Quick ratio

2.31x —

FY 2024: —

Net debt / EBITDA

-0.83x —

FY 2024: —

Debt / equity

0x —

FY 2024: —

Revenue growth (YoY)

20.87% —

FY 2024: —

EBIT growth (YoY)

26.09% —

FY 2024: —

Net income growth (YoY)

25.44% —

FY 2024: —