EGH EKOPOL GÓRNOŚLĄSKI HOLDING NewConnect · annual · publ. May 28, 2026

FY 2025 report

Dystrybutor paliw płynnych (mikrostacje + hurt) o bardzo cienkiej marży, dywersyfikujący się w 2025 r. w kierunku IT (Mikrostacje.pl, integracja z ORLEN/BP/MOYA) i deweloperki mieszkaniowej (51% w Ekopol Górnośląski Domy).

Sentiment

Positive No guidance change

Website

EGH FY 2025 report

Revenue

265.96 m PLN

— YoY

Net income

1.83 m PLN

— YoY

EBITDA

2.98 m PLN

— YoY

Gross margin

22.23%

— YoY

Summary

Investment thesis

Przychody rosną solidnie (+15,2% r/r), a zysk netto o 54% r/r, ale baza marżowa jest śladowa (netto 0,69%, EBIT 0,72%) — każde zaburzenie kosztowe (akcyza, hurt, WIBOR) potrafi zjeść cały wynik.
Bilans jest mocną stroną: pozycja gotówkowa netto (−5,67 mln zł długu netto), niski i malejący wskaźnik zadłużenia ogólnego, bezpieczna płynność bieżąca (1,72).
Przejrzystość zarządcza budzi wątpliwości: sprawozdanie z działalności myli EBIT z EBITDA, brak podziału segmentowego mimo wielosegmentowości, a ton listu Zarządu jest mocno promocyjny i nie adresuje słabej marżowości.
Nowy segment deweloperski to główny driver optionality na kolejne lata, ale skonsolidowany dopiero od ~2 miesięcy 2025 r. — jego rzeczywisty wpływ na wynik i ryzyko zobaczymy dopiero w kolejnych raportach.

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Financials

BETA

FY 2025

EGH · FY 2025

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

Revenue	265.96	—	—	reported	—	1.00
Gross profit	59.13	—	—	reported	—	0.70
EBITDA	2.98	—	—	derived	—	0.95
EBIT	1.92	—	—	reported	—	1.00
EBT	2.12	—	—	reported	—	1.00
Net income	1.83	—	—	reported	—	1.00
EPS (basic) (PLN)	0.73	—	—	reported	—	1.00
D&A	1.06	—	—	reported	—	1.00
Interest expense	0.2	—	—	reported	—	1.00
Income tax	0.29	—	—	reported	—	1.00
Shares (basic) (m units)	2.51	—	—	reported	—	0.80
Shares (diluted) (m units)	2.51	—	—	reported	—	1.00

Gross margin	22.23%	—	—	reported	—	0.75
EBITDA margin	1.12%	—	—	reported	—	0.85
EBIT margin	0.72%	—	—	reported	—	0.95
EBT margin	0.8%	—	—	reported	—	0.95
Net margin	0.69%	—	—	reported	—	0.95
D&A margin	0.4%	—	—	reported	—	0.90

Cash	10.28	—	—	reported	—	1.00
Total debt	4.6	—	—	derived	—	0.85
Net debt	-5.67	—	—	derived	—	0.85
Equity	20.19	—	—	reported	—	1.00
Total assets	35.61	—	—	reported	—	1.00
Working capital (PLN)	10,426,125	—	—	derived	—	0.90
Current assets	21.62	—	—	reported	—	1.00
Current liabilities	12.6	—	—	reported	—	1.00
Non-current liabilities	2.01	—	—	reported	—	1.00
Inventory	6.27	—	—	reported	—	1.00
Trade receivables	4.13	—	—	reported	—	1.00
Trade payables	4.5	—	—	reported	—	1.00
Goodwill	3.32	—	—	reported	—	1.00

CFO	6.17	—	—	reported	—	1.00
CapEx	3.61	—	—	reported	—	1.00
FCF	2.57	—	—	derived	—	0.90
FCF conversion	85.98%	—	—	reported	—	0.75
CFO conversion	206.94%	—	—	reported	—	0.70
Dividends paid	0.75	—	—	reported	—	1.00

ROE	9.55%	—	—	reported	—	0.80
ROA	5.3%	—	—	reported	—	0.80
ROIC	11.72%	—	—	reported	—	0.60
ROCE	8.34%	—	—	reported	—	0.80

Current ratio	1.72x	—	—	reported	—	0.95
Quick ratio	1.22x	—	—	reported	—	0.85
Cash ratio	0.82x	—	—	reported	—	0.90
Interest coverage	9.61x	—	—	reported	—	0.85

Net debt / EBITDA	-1.9x	—	—	reported	—	0.70
Debt / equity	0.23x	—	—	reported	—	0.75
Debt / assets	0.13x	—	—	reported	—	0.75
Net debt / equity	-0.29x	—	—	reported	—	0.70

Revenue growth (YoY)	15.21%	—	—	reported	—	1.00
EBITDA growth (YoY)	29.68%	—	—	reported	—	0.80
EBIT growth (YoY)	47.21%	—	—	reported	—	0.95
Net income growth (YoY)	53.99%	—	—	reported	—	1.00
EPS growth (YoY)	53.98%	—	—	reported	—	1.00
FCF growth (YoY)	-55.53%	—	—	reported	—	0.85
Gross margin Δ (YoY)	4.24 pp	—	—	reported	—	0.75
EBITDA margin Δ (YoY)	0.12 pp	—	—	reported	—	0.80
EBIT margin Δ (YoY)	0.16 pp	—	—	reported	—	0.90
Net margin Δ (YoY)	0.17 pp	—	—	reported	—	0.90

FY 2025 · Δ YoY

Revenue

265.96 —

FY 2024: —

Gross profit

59.13 —

FY 2024: —

EBITDA

2.98 —

FY 2024: —

EBIT

1.92 —

FY 2024: —

EBT

2.12 —

FY 2024: —

Net income

1.83 —

FY 2024: —

EPS (basic) (PLN)

0.73 —

FY 2024: —

D&A

1.06 —

FY 2024: —

Interest expense

0.2 —

FY 2024: —

Income tax

0.29 —

FY 2024: —

Shares (basic) (m units)

2.51 —

FY 2024: —

Shares (diluted) (m units)

2.51 —

FY 2024: —

Gross margin

22.23% —

FY 2024: —

EBITDA margin

1.12% —

FY 2024: —

EBIT margin

0.72% —

FY 2024: —

EBT margin

0.8% —

FY 2024: —

Net margin

0.69% —

FY 2024: —

D&A margin

0.4% —

FY 2024: —

Cash

10.28 —

FY 2024: —

Total debt

4.6 —

FY 2024: —

Net debt

-5.67 —

FY 2024: —

Equity

20.19 —

FY 2024: —

Total assets

35.61 —

FY 2024: —

Working capital (PLN)

10,426,125 —

FY 2024: —

Current assets

21.62 —

FY 2024: —

Current liabilities

12.6 —

FY 2024: —

Non-current liabilities

2.01 —

FY 2024: —

Inventory

6.27 —

FY 2024: —

Trade receivables

4.13 —

FY 2024: —

Trade payables

4.5 —

FY 2024: —

Goodwill

3.32 —

FY 2024: —

CFO

6.17 —

FY 2024: —

CapEx

3.61 —

FY 2024: —

FCF

2.57 —

FY 2024: —

FCF conversion

85.98% —

FY 2024: —

CFO conversion

206.94% —

FY 2024: —

Dividends paid

0.75 —

FY 2024: —

ROE

9.55% —

FY 2024: —

ROA

5.3% —

FY 2024: —

ROIC

11.72% —

FY 2024: —

ROCE

8.34% —

FY 2024: —

Current ratio

1.72x —

FY 2024: —

Quick ratio

1.22x —

FY 2024: —

Cash ratio

0.82x —

FY 2024: —

Interest coverage

9.61x —

FY 2024: —

Net debt / EBITDA

-1.9x —

FY 2024: —

Debt / equity

0.23x —

FY 2024: —

Debt / assets

0.13x —

FY 2024: —

Net debt / equity

-0.29x —

FY 2024: —

Revenue growth (YoY)

15.21% —

FY 2024: —

EBITDA growth (YoY)

29.68% —

FY 2024: —

EBIT growth (YoY)

47.21% —

FY 2024: —

Net income growth (YoY)

53.99% —

FY 2024: —

EPS growth (YoY)

53.98% —

FY 2024: —

FCF growth (YoY)

-55.53% —

FY 2024: —

Gross margin Δ (YoY)

4.24 pp —

FY 2024: —

EBITDA margin Δ (YoY)

0.12 pp —

FY 2024: —

EBIT margin Δ (YoY)

0.16 pp —

FY 2024: —

Net margin Δ (YoY)

0.17 pp —

FY 2024: —