FY 2025 report
Wynik jednostkowy 2025 zdominowany przez 591,4 mln zł odpisu na pożyczki wewnątrzgrupowe (głównie Grupa Azoty POLYOLEFINS w restrukturyzacji) — jednorazowe, ale bardzo duże zdarzenie.
Sentiment
Cautious
No guidance change
ATT
FY 2025 report
Revenue
2.18 bn PLN
— YoY
Net income
-386.71 m PLN
— YoY
EBITDA
-158.57 m PLN
— YoY
Gross margin
5.41%
— YoY
Summary
Investment thesis
- Podstawowa działalność operacyjna pogarsza się niezależnie od odpisu: przychody -4,6% r/r, marża brutto spada (4,0% z 5,4%), strata operacyjna pogłębia się o 31,4% r/r.
- Biegły rewident zgłasza istotną niepewność dotyczącą kontynuacji działalności; całe zadłużenie kredytowe (4 775,0 mln zł) sklasyfikowane jako krótkoterminowe w wyniku wieloletnich naruszeń kowenantów.
- Operacyjny cash flow wciąż dodatni (1 302,1 mln zł), ale w istotnej części napędzany wzrostem zobowiązań handlowych powiązanym ze spłatą faktoringu odwrotnego.
- Postępowanie restrukturyzacyjne POLYOLEFINS i niewiążąca oferta ORLEN na zakup tej spółki mogą, jeśli sfinalizowane, uwolnić Grupę od najbardziej problematycznego aktywa.
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Financials
BETA
ATT · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 2,179.51 | — | — | reported | — | 1.00 |
| Gross profit | 117.91 | — | — | reported | — | 1.00 |
| EBITDA | -158.57 | — | — | derived | — | 0.80 |
| EBIT | -313.46 | — | — | reported | — | 1.00 |
| EBT | -391.17 | — | — | reported | — | 1.00 |
| Net income | -386.71 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -3.9 | — | — | reported | — | 1.00 |
| D&A | 154.89 | — | — | reported | — | 1.00 |
| Income tax | -2.36 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 99.2 | — | — | reported | — | 1.00 |
| Gross margin | 5.41% | — | — | derived | — | 0.90 |
| EBITDA margin | -7.28% | — | — | derived | — | 0.80 |
| EBIT margin | -14.38% | — | — | derived | — | 0.90 |
| Net margin | -17.74% | — | — | derived | — | 0.90 |
| D&A margin | 7.59% | — | — | derived | — | 0.90 |
| Cash | 1,242.39 | — | — | reported | — | 1.00 |
| Total debt | 4,713.36 | — | — | reported | — | 0.90 |
| Net debt | 3,796.24 | — | — | derived | — | 0.85 |
| Equity | 3,525.77 | — | — | reported | — | 1.00 |
| Total assets | 9,839.04 | — | — | reported | — | 1.00 |
| Working capital | -4,467.72 | — | — | derived | — | 0.90 |
| Current assets | 2,412.68 | — | — | reported | — | 1.00 |
| Current liabilities | 5,961.35 | — | — | reported | — | 1.00 |
| Non-current liabilities | 351.92 | — | — | reported | — | 1.00 |
| Inventory | 260.82 | — | — | reported | — | 1.00 |
| Trade receivables | 238.9 | — | — | reported | — | 0.80 |
| Trade payables | 861.69 | — | — | reported | — | 0.80 |
| CFO | 1,388.48 | — | — | reported | — | 1.00 |
| CapEx | 208.95 | — | — | reported | — | 1.00 |
| FCF | 1,179.52 | — | — | derived | — | 0.90 |
| Current ratio | 0.28x | — | — | derived | — | 0.90 |
| Quick ratio | 0.24x | — | — | derived | — | 0.90 |
| Cash ratio | 0.16x | — | — | derived | — | 0.90 |
| Interest coverage | -1.33x | — | — | derived | — | 0.75 |
| Debt / equity | 1.87x | — | — | derived | — | 0.85 |
| Debt / assets | 0.52x | — | — | derived | — | 0.85 |
| Net debt / equity | 1.49x | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | -4.56% | — | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -60.08% | — | — | derived | — | 0.75 |
| EBIT growth (YoY) | -31.37% | — | — | derived | — | 0.90 |
| Net income growth (YoY) | -158.86% | — | — | derived | — | 0.90 |
| EPS growth (YoY) | -158.72% | — | — | derived | — | 0.90 |
| FCF growth (YoY) | -4.1% | — | — | derived | — | 0.85 |
FY 2025 · Δ YoY
Revenue
2,179.51
—
2,179.51
—
- FY 2024
- —
Gross profit
117.91
—
117.91
—
- FY 2024
- —
EBITDA
-158.57
—
-158.57
—
- FY 2024
- —
EBIT
-313.46
—
-313.46
—
- FY 2024
- —
EBT
-391.17
—
-391.17
—
- FY 2024
- —
Net income
-386.71
—
-386.71
—
- FY 2024
- —
EPS (basic)
(PLN)
-3.9
—
-3.9
—
- FY 2024
- —
D&A
154.89
—
154.89
—
- FY 2024
- —
Income tax
-2.36
—
-2.36
—
- FY 2024
- —
Shares (basic)
(m units)
99.2
—
99.2
—
- FY 2024
- —
Gross margin
5.41%
—
5.41%
—
- FY 2024
- —
EBITDA margin
-7.28%
—
-7.28%
—
- FY 2024
- —
EBIT margin
-14.38%
—
-14.38%
—
- FY 2024
- —
Net margin
-17.74%
—
-17.74%
—
- FY 2024
- —
D&A margin
7.59%
—
7.59%
—
- FY 2024
- —
Cash
1,242.39
—
1,242.39
—
- FY 2024
- —
Total debt
4,713.36
—
4,713.36
—
- FY 2024
- —
Net debt
3,796.24
—
3,796.24
—
- FY 2024
- —
Equity
3,525.77
—
3,525.77
—
- FY 2024
- —
Total assets
9,839.04
—
9,839.04
—
- FY 2024
- —
Working capital
-4,467.72
—
-4,467.72
—
- FY 2024
- —
Current assets
2,412.68
—
2,412.68
—
- FY 2024
- —
Current liabilities
5,961.35
—
5,961.35
—
- FY 2024
- —
Non-current liabilities
351.92
—
351.92
—
- FY 2024
- —
Inventory
260.82
—
260.82
—
- FY 2024
- —
Trade receivables
238.9
—
238.9
—
- FY 2024
- —
Trade payables
861.69
—
861.69
—
- FY 2024
- —
CFO
1,388.48
—
1,388.48
—
- FY 2024
- —
CapEx
208.95
—
208.95
—
- FY 2024
- —
FCF
1,179.52
—
1,179.52
—
- FY 2024
- —
Current ratio
0.28x
—
0.28x
—
- FY 2024
- —
Quick ratio
0.24x
—
0.24x
—
- FY 2024
- —
Cash ratio
0.16x
—
0.16x
—
- FY 2024
- —
Interest coverage
-1.33x
—
-1.33x
—
- FY 2024
- —
Debt / equity
1.87x
—
1.87x
—
- FY 2024
- —
Debt / assets
0.52x
—
0.52x
—
- FY 2024
- —
Net debt / equity
1.49x
—
1.49x
—
- FY 2024
- —
Revenue growth (YoY)
-4.56%
—
-4.56%
—
- FY 2024
- —
EBITDA growth (YoY)
-60.08%
—
-60.08%
—
- FY 2024
- —
EBIT growth (YoY)
-31.37%
—
-31.37%
—
- FY 2024
- —
Net income growth (YoY)
-158.86%
—
-158.86%
—
- FY 2024
- —
EPS growth (YoY)
-158.72%
—
-158.72%
—
- FY 2024
- —
FCF growth (YoY)
-4.1%
—
-4.1%
—
- FY 2024
- —