JRC JRC GROUP NewConnect · annual · publ. July 14, 2026

FY 2025 report

Pierwszy rok konsolidacji po akwizycji 70% udziałów w austriackiej Vienna Acoustics (V.A. Lautsprechermanufaktur GmbH) — wejście w segment audio premium i nowe rynki

Sentiment

Positive No guidance change

Website

JRC FY 2025 report

Revenue

15.66 m PLN

— YoY

Net income

-1.23 m PLN

— YoY

EBITDA

1.63 m PLN

— YoY

Net debt / EBITDA

0.7x

— YoY

Summary

Investment thesis

Wzrost przychodów jednostkowych +14,0% r/r, ponad 95% ze sprzedaży produktów własnej produkcji, rosnący udział eksportu (46,5%→54,8%)
Strata netto pogłębiła się (jednostkowo -1,03 mln zł, skonsolidowanie -1,23 mln zł), ale spółka utrzymuje dodatnią EBITDA (metryka własnej konstrukcji, niezdefiniowana ustawowo)
Opinia biegłego rewidenta z zastrzeżeniem do zapasów świeżo przejętej spółki zależnej (audytor nie uczestniczył w spisie z natury) — ryzyko jakości danych w pierwszym roku integracji
CFO ujemny drugi rok z rzędu mimo deklarowanej dodatniej EBITDA — spółka finansuje się głównie długiem i dotacjami UE, nie generuje jeszcze gotówki z operacji

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Financials

BETA

FY 2025

JRC · FY 2025

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

Revenue standalone	14.57	—	—	reported	standalone	1.00
Revenue	15.66	—	—	reported	—	1.00
EBITDA standalone	1.81	—	—	reported	standalone	0.90
EBITDA	1.63	—	—	reported	—	0.90
EBIT standalone	-0.73	—	—	reported	standalone	1.00
EBIT	-0.95	—	—	reported	—	0.70
Net income standalone	-1.03	—	—	reported	standalone	1.00
Net income	-1.23	—	—	reported	—	0.70
EPS (basic) (PLN)	-0.1	—	—	derived	—	0.70
EPS (basic) (PLN) standalone	-0.08	—	—	derived	standalone	0.70
D&A	1.75	—	—	reported	—	1.00
Interest expense	0.24	—	—	reported	—	1.00
Shares (basic) (m units)	12.82	—	—	reported	—	1.00

EBITDA margin standalone	12.2%	—	—	reported	standalone	0.90
EBITDA margin	10%	—	—	derived	—	0.70
EBIT margin standalone	-5.02%	—	—	derived	standalone	0.90
EBIT margin	-6.06%	—	—	derived	—	0.65
Net margin standalone	-7.06%	—	—	derived	standalone	0.90
Net margin	-7.6%	—	—	derived	—	0.70

Cash	1.65	—	—	reported	—	1.00
Total debt	2.78	—	—	derived	—	0.90
Total debt JRC Group S.A. (jednostkowo, dane dla Grupy nieujawnione)	2.78	—	—	reported	JRC Group S.A. (jednostkowo, dane dla Grupy nieujawnione)	0.70
Net debt	1.13	—	—	reported	—	0.90
Equity standalone	16.26	—	—	reported	standalone	1.00
Equity	16.46	—	—	reported	—	1.00
Total assets standalone	26.27	—	—	reported	standalone	1.00
Total assets	26.77	—	—	reported	—	1.00
Working capital standalone	2.55	—	—	reported	standalone	0.90
Current assets	9.09	—	—	reported	—	1.00
Goodwill	4.61	—	—	reported	—	0.90

CFO standalone	-1.27	—	—	reported	standalone	1.00
CFO	-1.38	—	—	reported	—	1.00
CapEx	1.66	—	—	reported	—	1.00
FCF	-3.04	—	—	reported	—	0.90
FCF standalone	-3.56	—	—	derived	standalone	0.60
Net acquisitions	1.36	—	—	reported	—	0.90

ROE standalone	-5.9%	—	—	reported	standalone	0.90
ROE	-7.1%	—	—	derived	—	0.60
ROA standalone	-3.9%	—	—	reported	standalone	0.90

Current ratio standalone	1.46x	—	—	reported	standalone	0.90
Current ratio JRC Group S.A. (jednostkowo)	1.46x	—	—	derived	JRC Group S.A. (jednostkowo)	1.00
Quick ratio standalone	0.7x	—	—	reported	standalone	0.90
Quick ratio	0.7x	—	—	derived	—	1.00

Net debt / EBITDA	0.7x	—	—	reported	—	0.80
Debt / equity	0.17x	—	—	derived	—	0.80

Revenue growth (YoY)	22.51%	—	—	derived	—	0.50
Revenue growth (YoY) JRC Group S.A. (jednostkowo)	13.97%	—	—	derived	JRC Group S.A. (jednostkowo)	1.00
EBITDA growth (YoY)	-34.47%	—	—	derived	—	0.50
Net income growth (YoY)	-86.06%	—	—	derived	—	0.50

FY 2025 · Δ YoY

Revenue

standalone

14.57 —

FY 2024: —

Revenue

15.66 —

FY 2024: —

EBITDA

standalone

1.81 —

FY 2024: —

EBITDA

1.63 —

FY 2024: —

EBIT

standalone

-0.73 —

FY 2024: —

EBIT

-0.95 —

FY 2024: —

Net income

standalone

-1.03 —

FY 2024: —

Net income

-1.23 —

FY 2024: —

EPS (basic) (PLN)

-0.1 —

FY 2024: —

EPS (basic) (PLN)

standalone

-0.08 —

FY 2024: —

D&A

1.75 —

FY 2024: —

Interest expense

0.24 —

FY 2024: —

Shares (basic) (m units)

12.82 —

FY 2024: —

EBITDA margin

standalone

12.2% —

FY 2024: —

EBITDA margin

10% —

FY 2024: —

EBIT margin

standalone

-5.02% —

FY 2024: —

EBIT margin

-6.06% —

FY 2024: —

Net margin

standalone

-7.06% —

FY 2024: —

Net margin

-7.6% —

FY 2024: —

Cash

1.65 —

FY 2024: —

Total debt

2.78 —

FY 2024: —

Total debt

JRC Group S.A. (jednostkowo, dane dla Grupy nieujawnione)

2.78 —

FY 2024: —

Net debt

1.13 —

FY 2024: —

Equity

standalone

16.26 —

FY 2024: —

Equity

16.46 —

FY 2024: —

Total assets

standalone

26.27 —

FY 2024: —

Total assets

26.77 —

FY 2024: —

Working capital

standalone

2.55 —

FY 2024: —

Current assets

9.09 —

FY 2024: —

Goodwill

4.61 —

FY 2024: —

CFO

standalone

-1.27 —

FY 2024: —

CFO

-1.38 —

FY 2024: —

CapEx

1.66 —

FY 2024: —

FCF

-3.04 —

FY 2024: —

FCF

standalone

-3.56 —

FY 2024: —

Net acquisitions

1.36 —

FY 2024: —

ROE

standalone

-5.9% —

FY 2024: —

ROE

-7.1% —

FY 2024: —

ROA

standalone

-3.9% —

FY 2024: —

Current ratio

standalone

1.46x —

FY 2024: —

Current ratio

JRC Group S.A. (jednostkowo)

1.46x —

FY 2024: —

Quick ratio

standalone

0.7x —

FY 2024: —

Quick ratio

0.7x —

FY 2024: —

Net debt / EBITDA

0.7x —

FY 2024: —

Debt / equity

0.17x —

FY 2024: —

Revenue growth (YoY)

22.51% —

FY 2024: —

Revenue growth (YoY)

JRC Group S.A. (jednostkowo)

13.97% —

FY 2024: —

EBITDA growth (YoY)

-34.47% —

FY 2024: —

Net income growth (YoY)

-86.06% —

FY 2024: —