LSI LSI SOFTWARE Giełda Papierów Wartościowych w Warszawie · annual · publ. April 30, 2026

FY 2025 report

Przychody wzrosły o 23,4% do 81,6 mln PLN, a EBIT podwoił się (+112%) dzięki poprawie marży brutto o 5,4 pp — wyraźna dźwignia operacyjna, nie tylko wzrost wolumenu.

Sentiment

Positive No guidance change

Website

LSI FY 2025 report

Revenue

66.14 m PLN

— YoY

Net income

5 m PLN

— YoY

EBITDA

12.34 m PLN

— YoY

Gross margin

31.3%

— YoY

Summary

Investment thesis

Zysk netto (+204% r/r, do 15,2 mln PLN) jest w istotnej części zawyżony przez ujemny podatek dochodowy (-1,9 mln PLN) wynikający z rozpoznania aktywa na ulgi podatkowe — efekt księgowy o niepewnej powtarzalności.
Bilans jest bardzo bezpieczny: pozycja gotówki netto (dług netto ok. -2,3 mln PLN), dług/kapitał własny = 0,10x, pokrycie odsetek ~29x.
Przepływy operacyjne (17,1 mln PLN) solidnie przewyższają zysk przed opodatkowaniem (CFO/EBITDA 86,7%), ale wysoki CAPEX (7,8 mln PLN) ogranicza konwersję na FCF do 47,3% EBITDA.
Rosnące zapotrzebowanie na kapitał obrotowy (DSO 51→56 dni, DIO 109→125 dni) oraz koncentracja >10% przychodów na jednym niewymienionym kliencie to główne obszary do monitorowania.

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Financials

BETA

FY 2025

LSI · FY 2025

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

Revenue	66.14	—	—	reported	—	1.00
Gross profit	20.72	—	—	reported	—	1.00
EBITDA	12.34	—	—	derived	—	0.90
EBIT	6.11	—	—	reported	—	1.00
EBT	5.89	—	—	reported	—	1.00
Net income	5	—	—	reported	—	1.00
EPS (basic) (PLN)	1.53	—	—	reported	—	1.00
EPS (diluted) (PLN)	4.66	—	—	reported	—	1.00
D&A	6.23	—	—	reported	—	1.00
Interest expense	0.27	—	—	reported	—	1.00
Income tax	0.89	—	—	reported	—	1.00
Shares (basic) (m units)	3.26	—	—	reported	—	1.00

Gross margin	31.3%	—	—	derived	—	0.95
EBITDA margin	18.7%	—	—	derived	—	0.90
EBIT margin	9.2%	—	—	derived	—	0.95
Net margin	7.6%	—	—	derived	—	0.95

Cash	4.53	—	—	reported	—	1.00
Total debt	5.78	—	—	derived	—	0.90
Net debt	1.25	—	—	derived	—	0.85
Equity	56.64	—	—	reported	—	1.00
Total assets	74.47	—	—	reported	—	1.00
Working capital	15.44	—	—	derived	—	0.90
Current assets	27.9	—	—	reported	—	1.00
Current liabilities	12.46	—	—	reported	—	1.00
Non-current liabilities	5.1	—	—	reported	—	1.00
Inventory	13.62	—	—	reported	—	1.00
Trade receivables	9.19	—	—	reported	—	1.00
Trade payables	5.82	—	—	reported	—	1.00
Goodwill	22.3	—	—	reported	—	0.80

CFO	3.22	—	—	reported	—	1.00
CapEx	7.88	—	—	reported	—	1.00
FCF	-4.66	—	—	derived	—	0.90
FCF conversion	47.3%	—	—	derived	—	0.80
CFO conversion	86.7%	—	—	derived	—	0.85
Buybacks	2.48	—	—	reported	—	1.00

ROE	24.1%	—	—	derived	—	0.85
ROA	18.1%	—	—	derived	—	0.85

Current ratio	2.24x	—	—	derived	—	0.90
Quick ratio	1.15x	—	—	derived	—	0.90
Cash ratio	0.36x	—	—	derived	—	0.90
Interest coverage	29.12x	—	—	derived	—	0.90

Net debt / EBITDA	-0.12x	—	—	derived	—	0.85
Debt / equity	0.1x	—	—	derived	—	0.90
Debt / assets	0.07x	—	—	derived	—	0.90
Net debt / equity	-0.03x	—	—	derived	—	0.85

Revenue growth (YoY)	23.4%	—	—	derived	—	0.95
EBITDA growth (YoY)	60.3%	—	—	derived	—	0.85
EBIT growth (YoY)	112%	—	—	derived	—	0.90
Net income growth (YoY)	203.5%	—	—	derived	—	0.90
EPS growth (YoY)	204.6%	—	—	derived	—	0.90
FCF growth (YoY)	300.8%	—	—	derived	—	0.70
Gross margin Δ (YoY)	5.4 pp	—	—	derived	—	0.90
EBITDA margin Δ (YoY)	5.5 pp	—	—	derived	—	0.85
EBIT margin Δ (YoY)	6.7 pp	—	—	derived	—	0.90
Net margin Δ (YoY)	11 pp	—	—	derived	—	0.90

FY 2025 · Δ YoY

Revenue

66.14 —

FY 2024: —

Gross profit

20.72 —

FY 2024: —

EBITDA

12.34 —

FY 2024: —

EBIT

6.11 —

FY 2024: —

EBT

5.89 —

FY 2024: —

Net income

5 —

FY 2024: —

EPS (basic) (PLN)

1.53 —

FY 2024: —

EPS (diluted) (PLN)

4.66 —

FY 2024: —

D&A

6.23 —

FY 2024: —

Interest expense

0.27 —

FY 2024: —

Income tax

0.89 —

FY 2024: —

Shares (basic) (m units)

3.26 —

FY 2024: —

Gross margin

31.3% —

FY 2024: —

EBITDA margin

18.7% —

FY 2024: —

EBIT margin

9.2% —

FY 2024: —

Net margin

7.6% —

FY 2024: —

Cash

4.53 —

FY 2024: —

Total debt

5.78 —

FY 2024: —

Net debt

1.25 —

FY 2024: —

Equity

56.64 —

FY 2024: —

Total assets

74.47 —

FY 2024: —

Working capital

15.44 —

FY 2024: —

Current assets

27.9 —

FY 2024: —

Current liabilities

12.46 —

FY 2024: —

Non-current liabilities

5.1 —

FY 2024: —

Inventory

13.62 —

FY 2024: —

Trade receivables

9.19 —

FY 2024: —

Trade payables

5.82 —

FY 2024: —

Goodwill

22.3 —

FY 2024: —

CFO

3.22 —

FY 2024: —

CapEx

7.88 —

FY 2024: —

FCF

-4.66 —

FY 2024: —

FCF conversion

47.3% —

FY 2024: —

CFO conversion

86.7% —

FY 2024: —

Buybacks

2.48 —

FY 2024: —

ROE

24.1% —

FY 2024: —

ROA

18.1% —

FY 2024: —

Current ratio

2.24x —

FY 2024: —

Quick ratio

1.15x —

FY 2024: —

Cash ratio

0.36x —

FY 2024: —

Interest coverage

29.12x —

FY 2024: —

Net debt / EBITDA

-0.12x —

FY 2024: —

Debt / equity

0.1x —

FY 2024: —

Debt / assets

0.07x —

FY 2024: —

Net debt / equity

-0.03x —

FY 2024: —

Revenue growth (YoY)

23.4% —

FY 2024: —

EBITDA growth (YoY)

60.3% —

FY 2024: —

EBIT growth (YoY)

112% —

FY 2024: —

Net income growth (YoY)

203.5% —

FY 2024: —

EPS growth (YoY)

204.6% —

FY 2024: —

FCF growth (YoY)

300.8% —

FY 2024: —

Gross margin Δ (YoY)

5.4 pp —

FY 2024: —

EBITDA margin Δ (YoY)

5.5 pp —

FY 2024: —

EBIT margin Δ (YoY)

6.7 pp —

FY 2024: —

Net margin Δ (YoY)

11 pp —

FY 2024: —