FY 2025 report
Operacyjnie grupa stoi w miejscu pod względem sprzedaży (+0,5% r/r), ale poprawia rentowność — EBIT +13,2%, zysk netto +10,6%.
Sentiment
Cautious
No guidance change
CFI
FY 2025 report
Revenue
259.14 m PLN
— YoY
Net income
21.33 m PLN
— YoY
CFO
56.51 m PLN
— YoY
ROE
2.08%
— YoY
Summary
Investment thesis
- Biegły rewident odmówił wydania opinii z badania sprawozdania jednostkowego i skonsolidowanego za 2025 r. — to najostrzejsza możliwa konkluzja audytu.
- Kluczowa spółka zależna (Central Fund of Immovables, ok. 45% aktywów grupy) ma zabezpieczenie majątkowe prokuratury na nieruchomościach o wartości ok. 221 mln zł w związku z postępowaniem karnym wobec byłych członków organów.
- OCF (56,5 mln zł) pokrywa zysk netto ponad dwukrotnie, ale spadł r/r o 2,2% mimo wzrostu EBIT — sygnał wymagający dopytania.
- List do akcjonariuszy pomija całkowicie kwestię odmowy opinii biegłego, mimo że temat jest obszernie adresowany w osobnych dokumentach zarządu i RN — selektywność komunikacji.
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Financials
BETA
CFI · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 259,136 | — | — | reported | — | 1.00 |
| EBIT | 59,502 | — | — | reported | — | 1.00 |
| EBT | 29,863 | — | — | reported | — | 1.00 |
| Net income | 21,325 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.01 | — | — | reported | — | 0.80 |
| Shares (basic) (m units) | 2,750.87 | — | — | reported | — | 1.00 |
| EBIT margin | 22.97% | — | — | derived | — | 1.00 |
| EBT margin | 11.53% | — | — | derived | — | 1.00 |
| Net margin | 8.23% | — | — | derived | — | 1.00 |
| Equity | 1,033,133 | — | — | reported | — | 1.00 |
| Total assets | 1,613,363 | — | — | derived | — | 0.95 |
| Working capital | 223,233 | — | — | derived | — | 1.00 |
| Current assets | 378,690 | — | — | reported | — | 1.00 |
| Current liabilities | 155,457 | — | — | reported | — | 1.00 |
| Non-current liabilities | 424,773 | — | — | reported | — | 1.00 |
| CFO | 56,512 | — | — | reported | — | 1.00 |
| ROE | 2.08% | — | — | derived | — | 0.90 |
| ROA | 1.31% | — | — | derived | — | 0.90 |
| ROCE | 4.08% | — | — | derived | — | 0.90 |
| Current ratio | 2.44x | — | — | derived | — | 1.00 |
| Revenue growth (YoY) | 0.51% | — | — | derived | — | 1.00 |
| EBIT growth (YoY) | 13.2% | — | — | derived | — | 1.00 |
| Net income growth (YoY) | 10.57% | — | — | derived | — | 1.00 |
| EBIT margin Δ (YoY) | 2.58 pp | — | — | derived | — | 1.00 |
| Net margin Δ (YoY) | 0.75 pp | — | — | derived | — | 1.00 |
FY 2025 · Δ YoY
Revenue
259,136
—
259,136
—
- FY 2024
- —
EBIT
59,502
—
59,502
—
- FY 2024
- —
EBT
29,863
—
29,863
—
- FY 2024
- —
Net income
21,325
—
21,325
—
- FY 2024
- —
EPS (basic)
(PLN)
0.01
—
0.01
—
- FY 2024
- —
Shares (basic)
(m units)
2,750.87
—
2,750.87
—
- FY 2024
- —
EBIT margin
22.97%
—
22.97%
—
- FY 2024
- —
EBT margin
11.53%
—
11.53%
—
- FY 2024
- —
Net margin
8.23%
—
8.23%
—
- FY 2024
- —
Equity
1,033,133
—
1,033,133
—
- FY 2024
- —
Total assets
1,613,363
—
1,613,363
—
- FY 2024
- —
Working capital
223,233
—
223,233
—
- FY 2024
- —
Current assets
378,690
—
378,690
—
- FY 2024
- —
Current liabilities
155,457
—
155,457
—
- FY 2024
- —
Non-current liabilities
424,773
—
424,773
—
- FY 2024
- —
CFO
56,512
—
56,512
—
- FY 2024
- —
ROE
2.08%
—
2.08%
—
- FY 2024
- —
ROA
1.31%
—
1.31%
—
- FY 2024
- —
ROCE
4.08%
—
4.08%
—
- FY 2024
- —
Current ratio
2.44x
—
2.44x
—
- FY 2024
- —
Revenue growth (YoY)
0.51%
—
0.51%
—
- FY 2024
- —
EBIT growth (YoY)
13.2%
—
13.2%
—
- FY 2024
- —
Net income growth (YoY)
10.57%
—
10.57%
—
- FY 2024
- —
EBIT margin Δ (YoY)
2.58 pp
—
2.58 pp
—
- FY 2024
- —
Net margin Δ (YoY)
0.75 pp
—
0.75 pp
—
- FY 2024
- —