TLS TELESTRADA NewConnect · annual · publ. June 01, 2026

FY 2025 report

Przychody grupy wzrosły o 5,5% r/r do 57,1 mln zł, głównie dzięki segmentowi telefonii w zakładach karnych (+25,3% r/r) i usługom inteligentnym/wirtualnym centralom (+20,5% r/r).

Sentiment

Neutral No guidance change

Website

TLS FY 2025 report

Revenue

54.17 m PLN

— YoY

Net income

8.27 m PLN

— YoY

EBITDA

10.14 m PLN

— YoY

Gross margin

59.84%

— YoY

Summary

Investment thesis

Wynik operacyjny poprawił się (+4,7% r/r, EBIT 9,58 mln zł), ale zysk netto spadł o 6,5% r/r do 7,74 mln zł wyłącznie z powodu przeceny akcji Cyfrowego Polsatu w portfelu inwestycyjnym.
Bilans bardzo bezpieczny — kapitał własny 33,7 mln zł, zadłużenie odsetkowe tylko 3,7 mln zł krótkoterminowego kredytu, pozycja net cash (net debt/EBITDA ok. -0,12x).
Przepływy operacyjne skokowo wzrosły do 9,5 mln zł (z 1,2 mln zł rok wcześniej — głównie efekt jednorazowej korekty rezerw w 2024 r.), ale FCF pozostaje ujemny (-1,4 mln zł) z powodu dużych nakładów na budowę budynku biurowego.
Czysta opinia biegłego rewidenta (bez zastrzeżeń) z objaśnieniem dot. podziału przez wyodrębnienie działalności penitencjarnej do spółki zależnej Telemit.

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Financials

BETA

FY 2025

TLS · FY 2025

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

Revenue	54.17	—	—	reported	—	1.00
Gross profit	32.42	—	—	reported	—	1.00
EBITDA	10.14	—	—	derived	—	0.90
EBIT	9.15	—	—	reported	—	1.00
EBT	9.88	—	—	reported	—	1.00
Net income	8.27	—	—	reported	—	1.00
EPS (basic) (PLN)	4.08	—	—	reported	—	1.00
D&A	0.99	—	—	reported	—	1.00
Interest expense	0.01	—	—	reported	—	1.00
Income tax	1.61	—	—	reported	—	1.00
Shares (basic) (m units)	2.03	—	—	reported	—	1.00

Gross margin	59.84%	—	—	derived	—	0.90
EBITDA margin	18.72%	—	—	derived	—	0.90
EBIT margin	16.89%	—	—	derived	—	0.90
Net margin	15.27%	—	—	derived	—	0.90

Cash	2.5	—	—	reported	—	1.00
Total debt	0.8	—	—	reported	—	1.00
Net debt	-1.7	—	—	derived	—	1.00
Equity	25.92	—	—	reported	—	1.00
Total assets	30.26	—	—	reported	—	1.00
Working capital	5.56	—	—	derived	—	1.00
Current assets	9.85	—	—	reported	—	1.00
Current liabilities	4.29	—	—	reported	—	1.00
Non-current liabilities	0	—	—	reported	—	1.00
Inventory	0.2	—	—	reported	—	1.00
Trade receivables	1.33	—	—	reported	—	1.00
Trade payables	2.28	—	—	reported	—	1.00
Goodwill	2.02	—	—	reported	—	1.00
Tangible equity	31.65	—	—	derived	—	0.90

CFO	1.17	—	—	reported	—	1.00
CapEx	6.55	—	—	reported	—	1.00
FCF	-5.38	—	—	derived	—	0.90
FCF conversion	-12.83%	—	—	derived	—	0.90
CFO conversion	89.77%	—	—	derived	—	0.90
Dividends paid	0	—	—	reported	—	1.00
Buybacks	4.03	—	—	reported	—	1.00

ROE	25.99%	—	—	derived	—	0.85
ROA	21.26%	—	—	derived	—	0.85
ROIC	25.45%	—	—	derived	—	0.70
ROCE	28.42%	—	—	derived	—	0.85

Current ratio	1.43x	—	—	derived	—	0.90
Quick ratio	1.41x	—	—	derived	—	0.90
Cash ratio	0.56x	—	—	derived	—	0.90
Interest coverage	64.07x	—	—	derived	—	0.90

Net debt / EBITDA	-0.12x	—	—	derived	—	0.90
Debt / equity	0.11x	—	—	derived	—	0.90
Debt / assets	0.09x	—	—	derived	—	0.90
Net debt / equity	-0.04x	—	—	derived	—	0.90

Revenue growth (YoY)	5.48%	—	—	derived	—	0.95
EBITDA growth (YoY)	4.61%	—	—	derived	—	0.90
EBIT growth (YoY)	4.72%	—	—	derived	—	0.95
Net income growth (YoY)	-6.45%	—	—	derived	—	0.95
EPS growth (YoY)	-6.62%	—	—	derived	—	0.95
FCF growth (YoY)	74.71%	—	—	derived	—	0.80
Gross margin Δ (YoY)	0.39 pp	—	—	derived	—	0.90
EBITDA margin Δ (YoY)	-0.15 pp	—	—	derived	—	0.90
EBIT margin Δ (YoY)	-0.12 pp	—	—	derived	—	0.90
Net margin Δ (YoY)	-1.72 pp	—	—	derived	—	0.90

FY 2025 · Δ YoY

Revenue

54.17 —

FY 2024: —

Gross profit

32.42 —

FY 2024: —

EBITDA

10.14 —

FY 2024: —

EBIT

9.15 —

FY 2024: —

EBT

9.88 —

FY 2024: —

Net income

8.27 —

FY 2024: —

EPS (basic) (PLN)

4.08 —

FY 2024: —

D&A

0.99 —

FY 2024: —

Interest expense

0.01 —

FY 2024: —

Income tax

1.61 —

FY 2024: —

Shares (basic) (m units)

2.03 —

FY 2024: —

Gross margin

59.84% —

FY 2024: —

EBITDA margin

18.72% —

FY 2024: —

EBIT margin

16.89% —

FY 2024: —

Net margin

15.27% —

FY 2024: —

Cash

2.5 —

FY 2024: —

Total debt

0.8 —

FY 2024: —

Net debt

-1.7 —

FY 2024: —

Equity

25.92 —

FY 2024: —

Total assets

30.26 —

FY 2024: —

Working capital

5.56 —

FY 2024: —

Current assets

9.85 —

FY 2024: —

Current liabilities

4.29 —

FY 2024: —

Non-current liabilities

0 —

FY 2024: —

Inventory

0.2 —

FY 2024: —

Trade receivables

1.33 —

FY 2024: —

Trade payables

2.28 —

FY 2024: —

Goodwill

2.02 —

FY 2024: —

Tangible equity

31.65 —

FY 2024: —

CFO

1.17 —

FY 2024: —

CapEx

6.55 —

FY 2024: —

FCF

-5.38 —

FY 2024: —

FCF conversion

-12.83% —

FY 2024: —

CFO conversion

89.77% —

FY 2024: —

Dividends paid

0 —

FY 2024: —

Buybacks

4.03 —

FY 2024: —

ROE

25.99% —

FY 2024: —

ROA

21.26% —

FY 2024: —

ROIC

25.45% —

FY 2024: —

ROCE

28.42% —

FY 2024: —

Current ratio

1.43x —

FY 2024: —

Quick ratio

1.41x —

FY 2024: —

Cash ratio

0.56x —

FY 2024: —

Interest coverage

64.07x —

FY 2024: —

Net debt / EBITDA

-0.12x —

FY 2024: —

Debt / equity

0.11x —

FY 2024: —

Debt / assets

0.09x —

FY 2024: —

Net debt / equity

-0.04x —

FY 2024: —

Revenue growth (YoY)

5.48% —

FY 2024: —

EBITDA growth (YoY)

4.61% —

FY 2024: —

EBIT growth (YoY)

4.72% —

FY 2024: —

Net income growth (YoY)

-6.45% —

FY 2024: —

EPS growth (YoY)

-6.62% —

FY 2024: —

FCF growth (YoY)

74.71% —

FY 2024: —

Gross margin Δ (YoY)

0.39 pp —

FY 2024: —

EBITDA margin Δ (YoY)

-0.15 pp —

FY 2024: —

EBIT margin Δ (YoY)

-0.12 pp —

FY 2024: —

Net margin Δ (YoY)

-1.72 pp —

FY 2024: —