WOOD Flash - Primoco UAV: 2025 strong cash generation; 70% of our 2026E deliveries already covered
Yesterday (27 April), Primoco UAV published its 2025 annual results. While the quarterly results are volatile, the company delivered a 4Q25 beat on EBITDA, but a slight miss at the net profit line. For FY25, the results were broadly in line with our initiation estimates. We rate the results positively, driven by the material FCFF beat and the improvement in cash to almost CZK 0.5bn (+111% yoy). In our view, this provides a sufficient liquidity buffer to fund the upcoming capex cycle for the new production hall without taking on debt.Management has not yet provided its 2026E guidance. However, the company has already delivered two UAVs in 1Q26 and has a backlog of 26 UAVs for delivery in 2026E, covering c.70% of our assumed deliveries. If executed, 2026E could be the best financial year in the company’s history, in our view. On our 2026E estimates, the stock trades at 14.4x P/E and 10.2x EV/EBITDA.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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