PXM POLIMEX MOSTOSTAL Giełda Papierów Wartościowych w Warszawie · annual · publ. April 27, 2026

FY 2025 report

Rok zwrotu: po stracie netto 349 mln zł w 2024 grupa wypracowała zysk netto 134 mln zł przy przychodach wyższych o 44,6% (4,13 mld zł).

Sentiment

Positive No guidance change

Website

PXM FY 2025 report

Revenue

4.13 bn PLN

— YoY

Net income

134.31 m PLN

— YoY

EBITDA

242.7 m PLN

— YoY

Gross margin

8.13%

— YoY

Summary

Investment thesis

Rekordowy portfel zamówień ok. 10,07 mld zł (ok. 2,4x rocznych przychodów) daje wysoką widoczność przychodów, z dominacją energetyki (5,5 mld zł) i segmentu nafta-gaz-chemia (2,96 mld zł).
Marże pozostają cienkie: marża brutto 8,1%, EBIT 4,6%, netto 3,3% – niewielki błąd w budżecie kontraktu potrafi wyzerować wynik, co pokazał 2024 rok.
Bilans jest płynny w liczbach bezwzględnych (gotówka 813 mln zł, dług finansowy 120 mln zł), lecz zobowiązania krótkoterminowe (2,15 mld zł) przewyższają aktywa obrotowe, a część gotówki to zaliczki klientów (wycena kontraktów).
Największe ryzyko to spory sądowe: pozew zamawiającego bloku BW100 (Puławy) na 489,3 mln zł; zobowiązania warunkowe z tytułu spraw sądowych wzrosły z 81 mln zł do 466 mln zł.

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Financials

BETA

FY 2025

PXM · FY 2025

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

Revenue	4,130,489	—	—	reported	—	1.00
Gross profit	335,997	—	—	reported	—	1.00
EBITDA	242,698	—	—	reported	—	1.00
EBIT	187,895	—	—	reported	—	1.00
EBT	177,579	—	—	reported	—	1.00
Net income	134,312	—	—	reported	—	1.00
EPS (basic) (PLN)	0.54	—	—	reported	—	1.00
D&A	54,803	—	—	reported	—	1.00
Interest expense	24,841	—	—	reported	—	0.60
Income tax	43,267	—	—	reported	—	1.00

Gross margin	8.13%	—	—	reported	—	1.00
EBITDA margin	5.88%	—	—	reported	—	1.00
EBIT margin	4.55%	—	—	reported	—	1.00
EBT margin	4.3%	—	—	reported	—	1.00
Net margin	3.25%	—	—	reported	—	1.00
D&A margin	1.33%	—	—	reported	—	1.00

Cash	813,142	—	—	reported	—	1.00
Total debt	119,801	—	—	derived	—	0.80
Net debt	-693,341	—	—	derived	—	0.80
Equity	731,491	—	—	reported	—	1.00
Total assets	3,051,505	—	—	reported	—	1.00
Working capital	-14,881	—	—	derived	—	0.90
Current assets	2,140,020	—	—	reported	—	1.00
Current liabilities	2,154,901	—	—	reported	—	1.00
Non-current liabilities	165,113	—	—	reported	—	1.00
Inventory	173,740	—	—	reported	—	1.00
Trade receivables	750,207	—	—	reported	—	1.00
Trade payables	823,414	—	—	reported	—	1.00
Goodwill	95,889	—	—	derived	—	0.90
Tangible equity	635,602	—	—	derived	—	0.90

CFO	267,467	—	—	reported	—	1.00
CapEx	38,679	—	—	reported	—	0.90
FCF	228,788	—	—	derived	—	0.90
CFO conversion	110.2%	—	—	derived	—	0.90

ROE	20.35%	—	—	reported	—	0.90
ROA	4.7%	—	—	reported	—	0.85
ROCE	20.96%	—	—	reported	—	0.85

Current ratio	0.99x	—	—	reported	—	1.00
Quick ratio	0.9x	—	—	reported	—	1.00
Cash ratio	0.38x	—	—	reported	—	0.90
Interest coverage	7.56x	—	—	reported	—	0.60

Net debt / EBITDA	-2.86x	—	—	reported	—	0.90
Debt / equity	0.16x	—	—	reported	—	0.90
Debt / assets	0.04x	—	—	reported	—	0.90
Net debt / equity	-0.95x	—	—	reported	—	0.90

Revenue growth (YoY)	44.64%	—	—	reported	—	1.00
EBITDA growth (YoY)	169.24%	—	—	reported	—	0.90
EBIT growth (YoY)	147.06%	—	—	reported	—	0.90
Net income growth (YoY)	138.53%	—	—	reported	—	0.90
EPS growth (YoY)	137.66%	—	—	reported	—	0.90
FCF growth (YoY)	0.02%	—	—	reported	—	0.85
Gross margin Δ (YoY)	17.21 pp	—	—	reported	—	0.90
EBITDA margin Δ (YoY)	18.16 pp	—	—	reported	—	0.90
EBIT margin Δ (YoY)	18.53 pp	—	—	reported	—	0.90
Net margin Δ (YoY)	15.46 pp	—	—	reported	—	0.90

FY 2025 · Δ YoY

Revenue

4,130,489 —

FY 2024: —

Gross profit

335,997 —

FY 2024: —

EBITDA

242,698 —

FY 2024: —

EBIT

187,895 —

FY 2024: —

EBT

177,579 —

FY 2024: —

Net income

134,312 —

FY 2024: —

EPS (basic) (PLN)

0.54 —

FY 2024: —

D&A

54,803 —

FY 2024: —

Interest expense

24,841 —

FY 2024: —

Income tax

43,267 —

FY 2024: —

Gross margin

8.13% —

FY 2024: —

EBITDA margin

5.88% —

FY 2024: —

EBIT margin

4.55% —

FY 2024: —

EBT margin

4.3% —

FY 2024: —

Net margin

3.25% —

FY 2024: —

D&A margin

1.33% —

FY 2024: —

Cash

813,142 —

FY 2024: —

Total debt

119,801 —

FY 2024: —

Net debt

-693,341 —

FY 2024: —

Equity

731,491 —

FY 2024: —

Total assets

3,051,505 —

FY 2024: —

Working capital

-14,881 —

FY 2024: —

Current assets

2,140,020 —

FY 2024: —

Current liabilities

2,154,901 —

FY 2024: —

Non-current liabilities

165,113 —

FY 2024: —

Inventory

173,740 —

FY 2024: —

Trade receivables

750,207 —

FY 2024: —

Trade payables

823,414 —

FY 2024: —

Goodwill

95,889 —

FY 2024: —

Tangible equity

635,602 —

FY 2024: —

CFO

267,467 —

FY 2024: —

CapEx

38,679 —

FY 2024: —

FCF

228,788 —

FY 2024: —

CFO conversion

110.2% —

FY 2024: —

ROE

20.35% —

FY 2024: —

ROA

4.7% —

FY 2024: —

ROCE

20.96% —

FY 2024: —

Current ratio

0.99x —

FY 2024: —

Quick ratio

0.9x —

FY 2024: —

Cash ratio

0.38x —

FY 2024: —

Interest coverage

7.56x —

FY 2024: —

Net debt / EBITDA

-2.86x —

FY 2024: —

Debt / equity

0.16x —

FY 2024: —

Debt / assets

0.04x —

FY 2024: —

Net debt / equity

-0.95x —

FY 2024: —

Revenue growth (YoY)

44.64% —

FY 2024: —

EBITDA growth (YoY)

169.24% —

FY 2024: —

EBIT growth (YoY)

147.06% —

FY 2024: —

Net income growth (YoY)

138.53% —

FY 2024: —

EPS growth (YoY)

137.66% —

FY 2024: —

FCF growth (YoY)

0.02% —

FY 2024: —

Gross margin Δ (YoY)

17.21 pp —

FY 2024: —

EBITDA margin Δ (YoY)

18.16 pp —

FY 2024: —

EBIT margin Δ (YoY)

18.53 pp —

FY 2024: —

Net margin Δ (YoY)

15.46 pp —

FY 2024: —