Financial ratios – consolidated
| PROFITABILITY RATIOS | 2025 | 2024 | 2023 |
|---|---|---|---|
| Gross profit margin | 21.6% | 21.4% | 20.8% |
| EBITDA margin | 14.0% | 14.4% | 13.8% |
| Operating profit margin | 9.6% | 9.7% | 9.0% |
| Net profit margin | 21.6% | 8.9% | 8.2% |
The above ratios have been computed using the following formulas:
- Gross profit margin = gross profit on sales / sales
- EBITDA margin = (operating profit + amortization) / sales
- Operating profit margin = operating profit / sales
- Net profit margin = net profit / sales
| LIQUIDITY RATIOS | 2025 | 2024 | 2023 |
|---|---|---|---|
| Working capital (mPLN) | 5 326.7 | 2 484.9 | 2 584.6 |
| Current liquidity ratio | 1.7 | 1.4 | 1,.4 |
| Quick liquidity ratio | 1.7 | 1.3 | 1,,3 |
| Absolute liquidity ratio | 1.0 | 0.5 | 0.5 |
| Cash conversion ratio | 122% | 107% | 120% |
The above ratios have been computed using the following formulas:
- Working capital = current assets - current liabilities
- Current liquidity ratio = current assets / current liabilities
- Quick liquidity ratio = (current assets - inventories - deferred expenses) / current liabilities
- Absolute liquidity ratio = (cash and short-term bank deposits) / current liabilities
- Cash conversion ratio = free cash flow / non-IFRS operating profit
| DEBT RATIOS | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Debt ratio | 44% | 53% | 52% | |
| Debt / equity ratio | 26% | 41% | 45% | |
| Debt / (debt + equity) ratio | 20% | 29% | 31% |
The above ratios have been computed using the following formulas:
- Debt ratio = (non-current liabilities + current liabilities) / assets
- Debt / equity ratio = (interest-bearing bank loans + debt securities + lease liabilities) / equity
- Debt / (debt + equity) ratio = (interest-bearing bank loans + debt securities + lease liabilities) / (interest-bearing bank loans + debt securities + lease liabilities + equity)