FY 2025 report
Przychody wzrosły ledwie o 3,2% r/r, ale zysk netto o 41%, a EBIT o 44% — efekt zmiany miksu kosztowego (więcej prac własnych, mniej podwykonawstwa) i poprawy marż (EBITDA margin +3,6 p.p. do 14,7%).
Sentiment
Positive
No guidance change
EBX
FY 2025 report
Revenue
47.63 m PLN
— YoY
Net income
4.32 m PLN
— YoY
EBITDA
5.32 m PLN
— YoY
Net debt / EBITDA
-0.07x
— YoY
Summary
Investment thesis
- Kluczowy sygnał ostrzegawczy: OCF spadł o 24% r/r, a FCF o 74%, mimo wyższego zysku — napędza to gwałtowny wzrost należności handlowych (+265% r/r, DSO ~158 dni).
- Bardzo bogaty portfel nowo podpisanych kontraktów w 2025 roku z PGE Dystrybucja, TAURON Dystrybucja i ENEA Operator — łącznie ponad 70 mln zł wartości brutto, czyli więcej niż roczny przychód spółki.
- Struktura akcjonariatu jest silnie skoncentrowana: Fundacja Rodzinna Ad Bonum Familiae kontroluje 63,49% akcji i 69,46% głosów (akcje uprzywilejowane), z powiązaniami rodzinnymi w zarządzie i radzie nadzorczej.
- Opinia biegłego rewidenta bez zastrzeżeń, brak zagrożenia kontynuacji działalności, ale audytor wskazał podatek dochodowy i wycenę należności jako kluczowe sprawy badania — spójnie z obserwowanym wzrostem należności i podwyższoną efektywną stopą podatkową.
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Financials
BETA
EBX · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 47.63 | — | — | reported | — | 1.00 |
| EBITDA | 5.32 | — | — | derived | — | 0.95 |
| EBIT | 5.99 | — | — | reported | — | 1.00 |
| EBT | 5.94 | — | — | reported | — | 1.00 |
| Net income | 4.32 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.1 | — | — | derived | — | 0.60 |
| D&A | 1.25 | — | — | reported | — | 1.00 |
| Interest expense | 0.41 | — | — | reported | — | 1.00 |
| Income tax | 1.62 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 44.13 | — | — | reported | — | 1.00 |
| EBITDA margin | 11.17% | — | — | derived | — | 0.95 |
| EBIT margin | 8.73% | — | — | derived | — | 0.95 |
| EBT margin | 12.08% | — | — | derived | — | 0.95 |
| Net margin | 6.42% | — | — | derived | — | 0.95 |
| D&A margin | 2.54% | — | — | derived | — | 0.95 |
| Cash | 4.63 | — | — | reported | — | 1.00 |
| Total debt | 4.12 | — | — | derived | — | 0.95 |
| Net debt | -0.51 | — | — | derived | — | 0.95 |
| Equity | 21.33 | — | — | reported | — | 1.00 |
| Total assets | 40.37 | — | — | reported | — | 1.00 |
| Working capital | 18.18 | — | — | derived | — | 0.95 |
| Current assets | 33.14 | — | — | reported | — | 1.00 |
| Current liabilities | 14.96 | — | — | reported | — | 1.00 |
| Non-current liabilities | 4.08 | — | — | reported | — | 1.00 |
| Inventory | 4.02 | — | — | reported | — | 1.00 |
| Trade receivables | 21.22 | — | — | reported | — | 1.00 |
| Trade payables | 8.08 | — | — | reported | — | 1.00 |
| CFO | 6.65 | — | — | reported | — | 1.00 |
| CapEx | 4.64 | — | — | reported | — | 1.00 |
| FCF | 7.84 | — | — | derived | — | 0.95 |
| FCF conversion | 27.85% | — | — | derived | — | 0.90 |
| CFO conversion | 91.9% | — | — | derived | — | 0.90 |
| Dividends paid | 1.32 | — | — | reported | — | 1.00 |
| ROE | 21.77% | — | — | derived | — | 0.85 |
| ROA | 13.14% | — | — | derived | — | 0.85 |
| ROIC | 20.93% | — | — | derived | — | 0.70 |
| ROCE | 23.56% | — | — | derived | — | 0.85 |
| Current ratio | 2.21x | — | — | derived | — | 0.95 |
| Quick ratio | 1.95x | — | — | derived | — | 0.95 |
| Cash ratio | 0.31x | — | — | derived | — | 0.95 |
| Interest coverage | 14.68x | — | — | derived | — | 0.90 |
| Net debt / EBITDA | -0.07x | — | — | derived | — | 0.85 |
| Debt / equity | 0.19x | — | — | derived | — | 0.90 |
| Debt / assets | 0.1x | — | — | derived | — | 0.90 |
| Net debt / equity | -0.02x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 3.2% | — | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 36.03% | — | — | derived | — | 0.90 |
| EBIT growth (YoY) | 43.94% | — | — | derived | — | 0.95 |
| Net income growth (YoY) | 41.19% | — | — | derived | — | 0.95 |
| EPS growth (YoY) | 41.19% | — | — | derived | — | 0.50 |
| FCF growth (YoY) | -74.3% | — | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | 3.55 pp | — | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 3.45 pp | — | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 2.36 pp | — | — | derived | — | 0.90 |
FY 2025 · Δ YoY
Revenue
47.63
—
47.63
—
- FY 2024
- —
EBITDA
5.32
—
5.32
—
- FY 2024
- —
EBIT
5.99
—
5.99
—
- FY 2024
- —
EBT
5.94
—
5.94
—
- FY 2024
- —
Net income
4.32
—
4.32
—
- FY 2024
- —
EPS (basic)
(PLN)
0.1
—
0.1
—
- FY 2024
- —
D&A
1.25
—
1.25
—
- FY 2024
- —
Interest expense
0.41
—
0.41
—
- FY 2024
- —
Income tax
1.62
—
1.62
—
- FY 2024
- —
Shares (basic)
(m units)
44.13
—
44.13
—
- FY 2024
- —
EBITDA margin
11.17%
—
11.17%
—
- FY 2024
- —
EBIT margin
8.73%
—
8.73%
—
- FY 2024
- —
EBT margin
12.08%
—
12.08%
—
- FY 2024
- —
Net margin
6.42%
—
6.42%
—
- FY 2024
- —
D&A margin
2.54%
—
2.54%
—
- FY 2024
- —
Cash
4.63
—
4.63
—
- FY 2024
- —
Total debt
4.12
—
4.12
—
- FY 2024
- —
Net debt
-0.51
—
-0.51
—
- FY 2024
- —
Equity
21.33
—
21.33
—
- FY 2024
- —
Total assets
40.37
—
40.37
—
- FY 2024
- —
Working capital
18.18
—
18.18
—
- FY 2024
- —
Current assets
33.14
—
33.14
—
- FY 2024
- —
Current liabilities
14.96
—
14.96
—
- FY 2024
- —
Non-current liabilities
4.08
—
4.08
—
- FY 2024
- —
Inventory
4.02
—
4.02
—
- FY 2024
- —
Trade receivables
21.22
—
21.22
—
- FY 2024
- —
Trade payables
8.08
—
8.08
—
- FY 2024
- —
CFO
6.65
—
6.65
—
- FY 2024
- —
CapEx
4.64
—
4.64
—
- FY 2024
- —
FCF
7.84
—
7.84
—
- FY 2024
- —
FCF conversion
27.85%
—
27.85%
—
- FY 2024
- —
CFO conversion
91.9%
—
91.9%
—
- FY 2024
- —
Dividends paid
1.32
—
1.32
—
- FY 2024
- —
ROE
21.77%
—
21.77%
—
- FY 2024
- —
ROA
13.14%
—
13.14%
—
- FY 2024
- —
ROIC
20.93%
—
20.93%
—
- FY 2024
- —
ROCE
23.56%
—
23.56%
—
- FY 2024
- —
Current ratio
2.21x
—
2.21x
—
- FY 2024
- —
Quick ratio
1.95x
—
1.95x
—
- FY 2024
- —
Cash ratio
0.31x
—
0.31x
—
- FY 2024
- —
Interest coverage
14.68x
—
14.68x
—
- FY 2024
- —
Net debt / EBITDA
-0.07x
—
-0.07x
—
- FY 2024
- —
Debt / equity
0.19x
—
0.19x
—
- FY 2024
- —
Debt / assets
0.1x
—
0.1x
—
- FY 2024
- —
Net debt / equity
-0.02x
—
-0.02x
—
- FY 2024
- —
Revenue growth (YoY)
3.2%
—
3.2%
—
- FY 2024
- —
EBITDA growth (YoY)
36.03%
—
36.03%
—
- FY 2024
- —
EBIT growth (YoY)
43.94%
—
43.94%
—
- FY 2024
- —
Net income growth (YoY)
41.19%
—
41.19%
—
- FY 2024
- —
EPS growth (YoY)
41.19%
—
41.19%
—
- FY 2024
- —
FCF growth (YoY)
-74.3%
—
-74.3%
—
- FY 2024
- —
EBITDA margin Δ (YoY)
3.55 pp
—
3.55 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
3.45 pp
—
3.45 pp
—
- FY 2024
- —
Net margin Δ (YoY)
2.36 pp
—
2.36 pp
—
- FY 2024
- —