The Apator Group closes the four quarters of 2025 with sales of PLN 1.2 billion
In Q1–Q4 2025, the Apator Group achieved strong operating results, supported by stable domestic demand and intensive sales activities both at home and abroad.
In 2025, the Apator Group maintained revenues close to record levels, achieving higher year-on-year EBITDA and profitability, whilst shifting its product mix towards comprehensive solutions
with an integrative role for ICT. The Group’s development is supported by favourable regulations, the ongoing rollout of LZO, network automation, the development of RES, as well as growing customer interest in ultrasonic technologies for utility metering, meter reading systems and solutions supporting energy and water savings.
The Apator Group’s revenue in 2025 amounted to PLN 1,201.8 million, slightly below the record level of 2024 (-2% y/y). Slightly lower year-on-year sales in the Electricity segment and a decline in revenue in the Gas segment were largely offset by record turnover in Water and Heat. With solid growth in domestic sales of 7% y/y, the Group maintained a diversified geographical revenue structure. The decline in export revenue, mainly in the Gas segment, resulted in a 36% share of foreign sales, whilst the importance of the domestic market increased to 64%. The Apator Group’s adjusted EBITDA for 2025 amounted to PLN 163.3 million (+15% y/y), whilst adjusted net profit stood at PLN 72.9 million (+15% y/y).
- Consolidated sales revenue in 2025 stood at PLN 1,201.8 million (-2% y/y). Slightly lower sales in the Electricity segment (PLN 566.0 million, -2% y/y) and a decline in the Gas segment (PLN 229.4 million, -16% y/y) were partially offset by record turnover in Water and Heat (PLN 406.3 million, +9% y/y).
- Consolidated financial results for Q1–Q4 2025 were as follows: adjusted EBITDA: PLN 163.3 million (+15% y/y compared to 2024 EBITDA), adjusted net profit: PLN 72.9 million (+15% y/y).
- Results for Q4 2025: sales revenue: PLN 335.8 million (+12% y/y), adjusted EBITDA: PLN 45.8 million (+66% y/y), and adjusted net profit: PLN 21.6 million (+85% y/y).
- Revenue growth in the domestic market to PLN 770.5 million (+7% y/y) and an increase in 2025 in the share of revenue generated in Poland to 64% of total sales.
- Strong operating cash flows leading to a significant reduction in financial debt at year-end – the net debt/adjusted LTM EBITDA ratio at the end of 2025 stood at a lower level compared to the end of 2024, i.e. 0.48x (compared to 0.68x at the end of December 2024).
*) EBITDA for Q1–Q4 2025 adjusted for provisions (PLN 20.8 million) recognised in cost of sales for equipment warranty claims, in connection with a settlement reached with a customer (as disclosed by the Issuer in Current Report No. 11/2026) and for the result on the sale of real estate in the EE segment; net profit for Q1–Q4 2025 adjusted additionally for the R&D tax relief in the Gas segment and the zone-based tax relief at Apator SA. Net profit for 2024 adjusted for the written-off negative net asset value of GWi (in connection with the loss of control over the company within the meaning of IFRS 10) and the zone relief at Apator SA.
– We offer a wide range of services and are ready to undertake contracts relating to the modernisation and expansion of power networks. We also anticipate an increase in energy-related investment in industry, as well as systemic support for Polish industry through the involvement of local companies in investment and infrastructure projects – concludes Maciej Wyczesany, Chairman of the Management Board of Apator SA.