LCN LABOCANNA NewConnect · roczny · publ. June 01, 2026

FY 2025 report

Grupa opiera się na dwóch filarach: stabilnej, niemal w pełni skomercjalizowanej (98,92%) galerii handlowej FOXPARK w Koszalinie oraz szybko rosnącej, ale wciąż niedochodowej spółce kosmetycznej CannaBio.

Sentiment

Neutral No guidance change

Website

LCN FY 2025 report

Revenue

2.24 m PLN

— YoY

Net income

-872.55 k PLN

— YoY

EBITDA

-14.71 k PLN

— YoY

FCF

-1.07 m PLN

— YoY

Summary

Investment thesis

Przychody skonsolidowane wzrosły o 121,7% r/r do 2,24 mln zł, głównie dzięki CannaBio, jednak strata netto Grupy pogłębiła się do -0,87 mln zł.
Zadłużenie odsetkowe wzrosło z praktycznie zera do ok. 6,76 mln zł w wyniku czterech pożyczek zaciągniętych w październiku 2025 r. na kapitał obrotowy, oprocentowanych na 14% rocznie plus 6% prowizji.
Kapitał obrotowy netto jest ujemny w obu prezentowanych latach, a przepływy operacyjne pozostają trwale ujemne mimo rosnącej sprzedaży.
Trzeci filar strategii — uprawa i import marihuany medycznej — pozostaje na etapie koncepcyjnym, uzależnionym od znalezienia partnerskiego Instytutu Badawczego.

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Financials

BETA

FY 2025

LCN · FY 2025

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

Revenue	2,242.82	—	—	reported	—	1.00
Revenue cannabio_cosmetics	2,228.42	—	—	reported	cannabio_cosmetics	0.85
Revenue real_estate_foxpark	1,877.1	—	—	reported	real_estate_foxpark	0.80
EBITDA	-14.71	—	—	derived	—	0.80
EBIT	-173.27	—	—	reported	—	1.00
EBT	-608.56	—	—	reported	—	1.00
Net income	-872.55	—	—	reported	—	1.00
EPS (basic) (PLN)	-0.04	—	—	derived	—	0.80
D&A	158.57	—	—	reported	—	0.90
Interest expense	221.32	—	—	reported	—	1.00
Income tax	261.02	—	—	reported	—	1.00
Shares (basic) (m units)	21.2	—	—	reported	—	1.00

EBITDA margin	-0.66%	—	—	derived	—	0.80
EBIT margin	-7.73%	—	—	derived	—	0.80
Net margin	-38.91%	—	—	derived	—	0.85

Cash	379.15	—	—	reported	—	1.00
Total debt	6,762.82	—	—	derived	—	0.75
Net debt	6,383.66	—	—	derived	—	0.75
Equity	5,719.49	—	—	reported	—	1.00
Total assets	13,464.89	—	—	reported	—	1.00
Working capital	-501.14	—	—	derived	—	0.90
Current assets	6,114.63	—	—	reported	—	1.00
Current liabilities	6,615.77	—	—	reported	—	1.00
Non-current liabilities	936.6	—	—	reported	—	1.00
Inventory	70.24	—	—	reported	—	1.00
Trade receivables	282.76	—	—	reported	—	1.00
Trade payables	155.59	—	—	reported	—	0.85
Goodwill (m PLN)	0.02	—	—	reported	—	1.00
Tangible equity (m PLN)	5.68	—	—	derived	—	0.90

CFO	-970.8	—	—	reported	—	1.00
CapEx	96.38	—	—	reported	—	0.90
FCF	-1,067.18	—	—	derived	—	0.85

ROE	-15.26%	—	—	derived	—	0.85
ROA	-6.48%	—	—	derived	—	0.90

Current ratio	0.92x	—	—	derived	—	0.95
Quick ratio	0.91x	—	—	derived	—	0.95
Cash ratio	0.06x	—	—	derived	—	0.95
Interest coverage	-0.78x	—	—	derived	—	0.70

Debt / equity	1.18x	—	—	derived	—	0.70
Debt / assets	0.5x	—	—	derived	—	0.70
Net debt / equity	1.12x	—	—	derived	—	0.70

Revenue growth (YoY)	121.74%	—	—	derived	—	0.95
EBITDA growth (YoY)	-122.96%	—	—	derived	—	0.75
EBIT growth (YoY)	-51.08%	—	—	derived	—	0.85
Net income growth (YoY)	-97.31%	—	—	derived	—	0.90
EPS growth (YoY)	-97.36%	—	—	derived	—	0.70
EBITDA margin Δ (YoY)	-6.99 pp	—	—	derived	—	0.75
EBIT margin Δ (YoY)	3.61 pp	—	—	derived	—	0.80
Net margin Δ (YoY)	4.82 pp	—	—	derived	—	0.80

FY 2025 · Δ YoY

Revenue

2,242.82 —

FY 2024: —

Revenue

cannabio_cosmetics

2,228.42 —

FY 2024: —

Revenue

real_estate_foxpark

1,877.1 —

FY 2024: —

EBITDA

-14.71 —

FY 2024: —

EBIT

-173.27 —

FY 2024: —

EBT

-608.56 —

FY 2024: —

Net income

-872.55 —

FY 2024: —

EPS (basic) (PLN)

-0.04 —

FY 2024: —

D&A

158.57 —

FY 2024: —

Interest expense

221.32 —

FY 2024: —

Income tax

261.02 —

FY 2024: —

Shares (basic) (m units)

21.2 —

FY 2024: —

EBITDA margin

-0.66% —

FY 2024: —

EBIT margin

-7.73% —

FY 2024: —

Net margin

-38.91% —

FY 2024: —

Cash

379.15 —

FY 2024: —

Total debt

6,762.82 —

FY 2024: —

Net debt

6,383.66 —

FY 2024: —

Equity

5,719.49 —

FY 2024: —

Total assets

13,464.89 —

FY 2024: —

Working capital

-501.14 —

FY 2024: —

Current assets

6,114.63 —

FY 2024: —

Current liabilities

6,615.77 —

FY 2024: —

Non-current liabilities

936.6 —

FY 2024: —

Inventory

70.24 —

FY 2024: —

Trade receivables

282.76 —

FY 2024: —

Trade payables

155.59 —

FY 2024: —

Goodwill (m PLN)

0.02 —

FY 2024: —

Tangible equity (m PLN)

5.68 —

FY 2024: —

CFO

-970.8 —

FY 2024: —

CapEx

96.38 —

FY 2024: —

FCF

-1,067.18 —

FY 2024: —

ROE

-15.26% —

FY 2024: —

ROA

-6.48% —

FY 2024: —

Current ratio

0.92x —

FY 2024: —

Quick ratio

0.91x —

FY 2024: —

Cash ratio

0.06x —

FY 2024: —

Interest coverage

-0.78x —

FY 2024: —

Debt / equity

1.18x —

FY 2024: —

Debt / assets

0.5x —

FY 2024: —

Net debt / equity

1.12x —

FY 2024: —

Revenue growth (YoY)

121.74% —

FY 2024: —

EBITDA growth (YoY)

-122.96% —

FY 2024: —

EBIT growth (YoY)

-51.08% —

FY 2024: —

Net income growth (YoY)

-97.31% —

FY 2024: —

EPS growth (YoY)

-97.36% —

FY 2024: —

EBITDA margin Δ (YoY)

-6.99 pp —

FY 2024: —

EBIT margin Δ (YoY)

3.61 pp —

FY 2024: —

Net margin Δ (YoY)

4.82 pp —

FY 2024: —