TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
2
Contents
Consolidated statement of financial position ............................................................................................................... 4
Consolidated statement of profit or loss ...................................................................................................................... 5
Consolidated statement of comprehensive income ...................................................................................................... 6
Consolidated statement of changes in equity ............................................................................................................... 7
Consolidated cash flow statement ................................................................................................................................ 8
Accounting policy and other explanatory notes ............................................................................................................ 9
1. General information ............................................................................................................................................... 9
2. Capital group structure ......................................................................................................................................... 10
3. Summary of significant accounting policies ......................................................................................................... 11
3.1. Basis for preparation ................................................................................................................................... 11
3.2. Effect of new or amended standards and interpretations on the Group’s consolidated financial
statements ................................................................................................................................................................ 11
3.3. Consolidation .............................................................................................................................................. 15
3.4. Segment reporting ...................................................................................................................................... 15
3.5. Valuation of items denominated in foreign currencies .............................................................................. 15
3.6. Property, plant and equipment .................................................................................................................. 16
3.7. Leases .......................................................................................................................................................... 17
3.8. Intangible assets ......................................................................................................................................... 18
3.9. Goodwill ...................................................................................................................................................... 18
3.10. Impairment of non-financial non-current assets ........................................................................................ 18
3.11. Borrowing costs .......................................................................................................................................... 19
3.12. Financial assets ........................................................................................................................................... 19
3.13. Impairment of financial assets .................................................................................................................... 20
3.14. Inventory ..................................................................................................................................................... 20
3.15. Cash and cash equivalents .......................................................................................................................... 21
3.16. Equity .......................................................................................................................................................... 21
3.17. Bank loan liabilities ..................................................................................................................................... 21
3.18. Trade and other payables ........................................................................................................................... 21
3.19. Deferred revenue ........................................................................................................................................ 22
3.20. Current and deferred income tax ............................................................................................................... 22
3.21. Liabilities from employee benefits .............................................................................................................. 23
3.22. Provisions .................................................................................................................................................... 23
3.23. Recognition of revenue ............................................................................................................................... 24
3.24. Other operating income and expenses ....................................................................................................... 24
3.25. Financial income and expenses .................................................................................................................. 24
3.26. Dividends .................................................................................................................................................... 25
4. Foreign currencies used in preparation of these financial statements ................................................................. 25
5. Material accounting estimates and judgements .................................................................................................. 25
6. Financial risk management .................................................................................................................................. 27
6.1. Market risk .................................................................................................................................................. 27
6.2. Credit risk .................................................................................................................................................... 29
6.3. Liquidity risk ................................................................................................................................................ 30
6.4. Capital management ................................................................................................................................... 33
7. Financial instruments ........................................................................................................................................... 33
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
3
8. Property, plant and equipment ............................................................................................................................ 34
9. Intangible assets ................................................................................................................................................... 36
10. Right-of-use assets ........................................................................................................................................... 37
11. Goodwill ........................................................................................................................................................... 38
12. Inventory .......................................................................................................................................................... 39
13. Trade and other short-term receivables .......................................................................................................... 39
14. Cash and cash equivalents ............................................................................................................................... 41
15. Additional explanation to the cash flow statement ......................................................................................... 42
16. Share capital .................................................................................................................................................... 43
17. Own shares ...................................................................................................................................................... 43
18. Reserve capital ................................................................................................................................................. 43
19. Retained earnings and dividend per share ...................................................................................................... 44
20. Loans and borrowings liabilities ...................................................................................................................... 44
21. Trade and other payables ................................................................................................................................ 47
22. Liabilities from employee benefits ................................................................................................................... 47
23. Lease liabilities ................................................................................................................................................. 49
24. Provisions ......................................................................................................................................................... 50
25. Operating segments ........................................................................................................................................ 50
26. Sales revenue ................................................................................................................................................... 52
27. Costs by type and cost of goods for resale sold ............................................................................................... 53
28. Cost of employee benefits ................................................................................................................................ 53
29. Other operating revenue and expenses ........................................................................................................... 54
30. Financial revenue and expenses ...................................................................................................................... 54
31. Income tax ....................................................................................................................................................... 55
32. Earnings per share ........................................................................................................................................... 58
33. Financial guarantees granted and received ..................................................................................................... 58
34. Transactions with related entities ................................................................................................................... 59
35. Material events subsequent to the end of reporting period ............................................................................ 60
35.1. Impact of the Middle East conflict .............................................................................................................. 60
35.2. Annex to the overdraft agreement ............................................................................................................. 60
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
4
Consolidated statement of financial position
31 December
2025
31 December
2024
AKTYWA
Note
Property, plant and equipment
8
63 524
70 621
Intangible assets
9
3 435
4 156
Right-of-use assets
10
24 201
31 995
Goodwill
11
674
735
Other receivables
46
48
Deferred income tax assets
31
6 078
5 700
Total non-current assets
97 958
113 255
Inventory
12
458 885
497 101
Trade and other receivables
13
128 008
137 671
Cash and cash equivalents
14
63 406
39 128
Total current assets
650 299
673 900
Total assets
748 257
787 155
EQUITY AND LIABILITIES
Share capital
16
7 504
7 504
Share premium
35 677
35 677
Own shares
17
(8 090)
-
Reserve capital (*)
18
92 239
100 329
Exchange differences from translating foreign entities
(19 596)
(6 980)
Other capitals
(177)
(89)
Retained earnings
19
448 736
353 450
Equity attributable to shareholders of the Parent Company
556 293
489 891
Total equity
556 293
489 891
Lease liabilities
23
12 252
19 791
Deferred income tax liability
31
48
252
Liabilities from employee benefits
22
971
756
Other long-term liabilities
30
23
Total long-term liabilities
13 301
20 822
Trade and other payables
126 027
212 088
Liabilities from employee benefits
22
17 838
14 165
Liabilities from loans
20
15 508
33 840
Lease liabilities
21
10 055
10 120
Liabilities from current income tax
31
6 826
4 230
Other provisions
24
2 409
1 999
Total short-term liabilities
178 663
276 442
Total liabilities
191 964
297 264
Total equity and liabilities
748 257
787 155
(*) Under the “reserve capital” item, a change in presentation was made compared to the data published in the annual report for 2024, whereby the
amount of PLN 100,000 thousand resulting from the reserve capital established for the repurchase of the Company’s own shares was reclassified from
the “retained earnings” item to the “reserve capital” item.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
5
Consolidated statement of profit or loss
Note
12 months ended
31 December
2025
Revenue from sales of goods
25, 26
907 705
Cost of goods and materials sold
25, 27
(599 185)
Gross sales profit
308 520
Selling costs
27
(148 569)
Administrative expenses
27
(55 739)
Expected credit losses
13
(55)
Other operating income
29
6 885
Other operating expenses
29
(592)
Operating profit
110 450
Financial income
30
894
Financial expenses
30
(2 239)
Profit before tax
109 105
Income tax
31
(21 909)
Profit from continuing operations
87 196
Net profit
87 196
Net profit for the year attributable to:
Shareholders of the Parent Company
87 196
Non-controlling interests
-
Earnings per share
12 months ended
31 December
12 months ended
31 December
2025
2024
Basic earnings per share in PLN
32
1,16
0,91
- from continuing operations
1,16
0,91
- from discontinued operations
-
-
Diluted earnings per share in PLN
32
1,16
0,91
- from continuing operations
1,16
0,91
- from discontinued operations
-
-
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
6
Consolidated statement of comprehensive income
Note
12 months ended
31 December
2025
Net profit
87 196
Other comprehensive income that may be reclassified to profit or loss
(12 616)
Foreign operations currency translation differences
(12 616)
Other comprehensive income that will not be reclassified to profit or loss
(109)
Actuarial gains or losses
22
(109)
Other gross comprehensive income
(12 725)
Income tax on other comprehensive income, that will not be reclassified to profit
or loss
21
Other net comprehensive income
(12 704)
Total net comprehensive income for the financial year
74 492
Net comprehensive income for the year attributable to:
Shareholders of the Parent Company
74 492
Non-controlling interests
-
Other comprehensive income attributable to:
Shareholders of the Parent Company
(12 704)
Non-controlling interests
-
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
7
Consolidated statement of changes in equity
Share capital
Share premium
Own shares
Reserve capital
(*)
Exchange differences
from translating foreign
entities
Other capitals
Retained
earnings
Attributable to
shareholders of
the Parent
Company
Total equity
As at 1 January 2025
7 504
35 677
-
100 329
(6 980)
(89)
353 450
489 891
489 891
Comprehensive income
Net profit
-
-
-
-
-
-
87 196
87 196
87 196
Other comprehensive income
-
-
-
-
(12 616)
(88)
-
(12 704)
(12 704)
Total comprehensive income
-
-
-
-
(12 616)
(88)
87 196
74 492
74 492
Repurchase of own shares
-
-
(8 090)
-
-
-
-
(8 090)
(8 090)
Settlement of the reserve capital
created for the repurchase of own
shares in accordance with Article 363
§ 6 of the Polish Commercial
Companies Code
-
-
-
(8 090)
-
-
8 090
-
-
Total changes in equity
-
-
(8 090)
(8 090)
(12 616)
(88)
95 286
66 402
66 402
As at 31 December 2025
7 504
35 677
(8 090)
92 239
(19 596)
(177)
448 736
556 293
556 293
Share capital
Share premium
Own shares
Reserve capital
(*)
Exchange differences
from translating foreign
entities
Other capitals
Retained
earnings
Attributable to
shareholders of
the Parent
Company
Total equity
As at 1 January 2024
7 504
35 677
-
329
(8 487)
(104)
385 032
419 951
419 951
Comprehensive income
Net profit
-
-
-
-
-
-
68 418
68 418
68 418
Other comprehensive income
-
-
-
-
1 507
15
-
1 522
1 522
Total comprehensive income
-
-
-
-
1 507
15
68 418
69 940
69 940
Repurchase of own shares
-
-
-
-
-
-
-
-
-
Settlement of the reserve capital
created for the repurchase of own
shares
-
-
-
100 000
-
-
(100 000)
-
-
Total changes in equity
-
-
-
100 000
1 507
15
(31 582)
69 940
69 940
As at 31 December 2024
7 504
35 677
-
100 329
(6 980)
(89)
353 450
489 891
489 891
(*) Under the “reserve capital” item, a change in presentation was made compared to the data published in the annual report for 2024, whereby the amount of PLN 100,000 thousand resulting from the reserve capital
established for the repurchase of the Company’s own shares was reclassified from the “retained earnings” item to the “reserve capital” item.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
8
Consolidated cash flow statement
Note
12 months ended
31 December
12 months ended
31 December
2025
2024
Cash flows from operating activities
Profit before tax
109 105
85 883
Adjustments for:
(21 525)
(108 498)
Amortization and depreciation
27
20 137
19 432
Net interest
30
514
1 484
Profit/Loss on investing activities
29
(734)
(1 334)
Foreign exchange gains/losses
401
(241)
Other adjustments
(44)
35
Changes in balance sheet items:
Change in trade and other receivables
15
(6 461)
(47 024)
Change in inventories
15
27 042
(208 885)
Change in provisions
15
438
411
Change in trade and other payables
15
(66 967)
125 718
Change in employee benefit liabilities
15
4 149
1 906
Cash from activities
87 580
(22 615)
Income tax paid
(19 778)
(17 469)
Net cash from operating activities
67 802
(40 084)
Cash flows from investing activities
Sale of property, plant and equipment
1 849
2 400
Purchases of property, plant and equipment and intangible assets
(6 844)
(17 659)
Interest received
915
1 094
Net cash from investing activities
(4 080)
(14 165)
Cash flows from financing activities
Proceeds from loans
30 917
65 318
Repayments of loans
(46 648)
(31 971)
Repayment of lease liabilities
(10 774)
(8 055)
Interest paid on loans
(330)
(652)
Interests paid on leases
(1 546)
(1 925)
Payments for the repurchase of own shares
(8 090)
-
Net cash from financing activities
(36 471)
22 715
Change in cash before exchange rate differences
27 251
(31 534)
Effect of translation of cash and cash equivalents
(2 973)
735
Net change in cash
24 278
(30 799)
Cash and cash equivalents at the beginning of the period
14
39 128
69 927
Cash and cash equivalents at the end of the period
14
63 406
39 128
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
9
Accounting policy and other explanatory notes
1. General information
TOYA S.A. (the “Company” or the “Parent Company”) is a joint stock company established under the Commercial
Companies Code. Basic information about the Company is presented below:
Name of the reporting entity TOYA S.A.
Legal form of the entity Joint-stock company
Entity’s registered office address Ul. Sołtysowicka 13/15, 51-168 Wrocław
Entity’s headquarters Poland
Country of registration Poland
Primary location of entity’s operations Ul. Sołtysowicka 13/15, 51-168 Wrocław
Name of the Parent Company Not applicable
Name of the ultimate parent of the group Not applicable
The Company is a successor of the civil law partnership “TOYA IMPORT-EKSPORT” with its registered office in Wrocław,
whose partners, given the scale of the business and its rapid development, resolved to transfer the business in 1999
to a newly established joint stock company TOYA S.A. with its registered office in Wrocław.
The Company was incorporated by virtue of a Notarial Deed of 17 November 1999 drawn up by Notary Public Jolanta
Ołpińska in the Notarial Office in Wrocław (Rep. A No 5945/99). Subsequently, pursuant to a court decision
of 3 December 1999, the Company was entered into the Commercial Register maintained by the District Court for
Wrocław-Fabryczna, 6
th
Commercial Division, under entry No RHB 9053. By virtue of a decision of 5 December 2001,
the District Court for Wrocław-Fabryczna, 6
th
Commercial Division of the National Court Register, entered the Company
into the Register of Entrepreneurs under entry No KRS 0000066712.
As at 31 December 2025, TOYA S.A. operates one branch – in Nadarzyn.
The Company’s Statistical Identification Number (REGON) is 932093253, the Nadarzyn Branch has been assigned the
Statistical Identification Number (REGON): 932093253-00031.
The core business activities of TOYA S.A. include import and distribution of industrial goods, including
primarily hand and power tools for professional and DIY use. The Company distributes goods manufactured and
supplied mainly by companies located in China. For many years, the Company has been implementing its strategy of
expanding into international markets. It focuses primarily on Central, Southern, and Eastern Europe. In 2003,
a subsidiary, TOYA Romania S.A., was established, which business includes sales of hand and power tools in Romania.
This company offers the same products and brands as those offered by the Company in Poland. In 2013, the company
Yato Tools (Shanghai) Co. Ltd., located in China was included in the group of entities subject to full consolidation. The
entity deals in the distribution of YATO brand tools and power tools in China and in certain other foreign markets not
supported by the Parent Company. In 2019, the company Yato Tools (Jiaxing) Co. Ltd. was founded, with its registered
office in Baibu Town, China, which main business is also distribution of tools and power tools. The major part of the
activities of Yato Tools (Shanghai) and Yato Tools (Jiaxing) is supply chain management to companies in Poland and
Romania.
The duration of the Parent Company and the group entities is unlimited.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
10
In period from 1 January to 31 December 2025 and until the date of approval of these financial statements for
publication, the Management Board was composed of the following members:
• Grzegorz Pinkosz President of the Management Board;
• Maciej Lubnauer Vice-President of the Management Board;
• Robert Borys Vice-President of the Management Board;
• Jan Jakub Szmidt Vice-President of the Management Board.
In the period from 1 January to 31 December 2025 and until the date of approval of these financial statements for
publication, the Supervisory Board was composed of the following members:
• Piotr Mondalski President of the Management Board;
• Jan Szmidt Vice-President of the Management Board;
• Dariusz Górka Member of the Supervisory Board;
• Grzegorz Maciąg Member of the Supervisory Board;
• Wojciech Bartłomiej Papierak Member of the Supervisory Board;
• Beata Szmidt Member of the Supervisory Board;
• Zenon Beker Member of the Supervisory Board.
These consolidated financial statements of the Group cover the year ended on 31 December 2025. Comparative data
is presented:
• as at 31 December 2024 - for the consolidated statement of financial position;
• for the period from 1 January 2024 to 31 December 2024 - for the consolidated statement of profit or loss
and other comprehensive income, the consolidated statement of cash flows and the consolidated statement
of changes in equity.
These consolidated financial statements of the Group for the year ended 31 December 2024 were approved for
publication by the Management Board on 26 March 2026.
2. Capital group structure
As at 31 December 2025, the Group comprised the following entities:
Entity name
Registered
office
Business profile
Type of equity link
% of shares and
votes held
Date of assuming
control
Method of
consolidation
as at the end of the
reporting period
TOYA S.A.
Wrocław,
Poland
Distribution of hand
and power tools
Parent Company
Not applicable
Not applicable
Not applicable –
Group’s Parent
Company
Toya Romania S.A.
Bucharest,
Romania
Distribution of hand
and power tools
Subsidiary
99.99
November
2003
Full consolidation
method
Yato Tools
(Shanghai) Co., Ltd.
Shanghai,
China
Distribution of hand
and power tools
Subsidiary
100.00
January 2013
Full consolidation
method
Yato Tools (Jiaxing)
Co., Ltd.
Baibu Town,
China
Distribution of hand
and power tools
Subsidiary
100.00
December 2019
Full consolidation
method
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
11
3. Summary of significant accounting policies
The most significant accounting principles applied in the preparation of these consolidated financial statements have
been presented below. Those principles were applied in all periods presented in a continuous way, unless stated
otherwise.
3.1. Basis for preparation
These consolidated financial statements of the Group for the financial year ended 31 December 2025 have been
prepared in accordance with the International Financial Reporting Standards (“IFRS”) and interpretations issued by the
International Accounting Standards Board, as adopted by the European Union (“EU”).
These consolidated financial statements have been prepared in accordance with IFRS and Interpretations of the
International Financial Reporting Interpretations Committee (“IFRIC”) which were issued and in effect as at the
reporting date, i.e. 31 December 2025.
Certain entities of the Group maintain their accounting books in accordance with accounting policies specified in other
accounting standards. The consolidated financial statements include a number of adjustments not included in the
books of account of those entities of the group, which were made to reconcile the financial statements of those
companies to be in compliance with IFRS.
The policies described below have been consistently applied to all the periods presented, except for changes resulting
from the application of new or amended standards from 1 January 2025, which were described below.
These consolidated financial statements have been prepared in accordance with the historical cost convention.
The preparation of the consolidated financial statements in compliance with IFRS requires the use of significant
accounting estimates. It also requires the Management Board of the Parent Company to exercise judgement in the
process of applying the accounting policies adopted by the Group. The areas involving a higher degree of judgement
or complexity, or areas where assumptions and estimates are material from the point of view of the consolidated
financial statements are disclosed in note 5.
These consolidated financial statements have been prepared on the assumption that the Group companies will
continue as going concerns in the foreseeable future.
3.2. Effect of new or amended standards and interpretations on the Group’s consolidated
financial statements
These consolidated financial statements have been prepared on the basis of the EU IFRS issued and effective as at the
reporting date, i.e. 31 December 2025.
The EU IFRS comprise all International Accounting Standards, International Financial Reporting Standards and related
Interpretations, excluding Standards and Interpretations listed below, which are awaiting approval by the European
Union.
a) New standards, interpretations and amendments to existing standards effective in 2025
• Amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates”
The amendment clarifies how an entity should assess whether a currency is exchangeable and how to determine the
exchange rate in the absence of exchangeability. It also requires disclosures that enable users of financial statements
to understand the impact of a lack of currency exchangeability.
This amendment had no impact on the Group’s financial statements.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
12
b) New standards, interpretations and amendments, which are not yet effective and have not been applied early by the Group
Standards/Interpretations
Effective date
Description of changes to the standard/interpretation
Possible impact on the financial statements
Amendments to IFRS 9
“Financial Instruments” and
IFRS 7 “Financial Instruments:
Disclosures” regarding
classification and
measurement of financial
instruments
annual periods beginning on 1
January 2026
amendments endorsed by the
European Commission
The amendments to IFRS 9 introduce a choice of accounting policy regarding the
timing of derecognition of a financial liability when payment is made via an
electronic payment system (if certain conditions are met).
The amendments to IFRS 9 regarding the SPPI test provide guidance to help assess
whether the cash flows arising from a contract are consistent with a basic lending
arrangement. In addition, the amendments introduce a clearer definition of the
“non-recourse” feature.
The amendments to IFRS 9 also provide additional guidance on the characteristics
of contractually linked instruments.
• regarding investments in equity instruments designated as measured at
fair value through other comprehensive income,
• for each class of financial assets measured at amortized cost or at fair
value through other comprehensive income, as well as for financial
liabilities measured at amortized cost.
The changes are not expected to have a significant
impact on the Group's financial statements.
Amendments to IFRS 9
“Financial Instruments” and
IFRS 7 “Financial Instruments:
Disclosures” regarding PPAs
(Contracts Referencing
Nature-dependent Electricity)
annual periods beginning on 1
January 2026
amendments endorsed by the
European Commission
The amendments to IFRS 9 include information on which PPAs can be used for hedge
accounting and what specific terms are permitted in such hedging relationships.
The amendments to IFRS 7 introduce new disclosure requirements for PPAs as
defined in the amendments to IFRS 9.
The changes are not expected to have a significant
impact on the Group's financial statements.
Amendments to IFRS 1, IFRS 7,
IFRS 9, IFRS 10, IAS 7
annual periods beginning on 1
January 2026
amendments endorsed by the
European Commission
Annual Improvements – only formal/organizational changes in the standards.
The changes are not expected to have a significant
impact on the Group's financial statements.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
13
Standards/Interpretations
Effective date
Description of changes to the standard/interpretation
Possible impact on the financial statements
New IFRS 18 "Presentation
and Disclosures in Financial
Statements"
annual periods beginning on 1
January 2027
amendments endorsed by the
European Commission
The new standard will replace IAS 1 "Presentation of Financial Statements". IFRS 18
introduces, among others:
• a new structure of the profit and loss statement,
• increased requirements for data aggregation and disaggregation,
• requirements for disclosure of management-defined performance
measures.
The application of IFRS 18 will result in a
reclassification of certain items of finance income
and finance costs between the investing and
financing categories. In particular, this will apply to
interest income from bank deposits, which under
the new structure of the statement of profit or loss
will be presented within the investing category, as
well as to the presentation of foreign exchange
differences, which will be presented in the same
category as the item to which they are economically
related. In addition, the Group plans to present
management performance measures (MPMs) in the
financial statements. These changes will be
presentation-related only and will not affect the
Group’s total net profit or its financial position.
New IFRS 19 “Subsidiaries
without public accountability:
Disclosures”
annual periods beginning on 1
January 2027
amendments endorsed by the
European Commission
The standard applies to subsidiaries without public accountability for which their
parent prepares consolidated financial statements in accordance with IFRS. The
new IFRS 19 exempts from the disclosures required by other standards and
introduces a new list in their place.
The standard does not apply to the Group’s
operations; therefore, it is not expected to have any
impact on the Group’s consolidated financial
statements.
Amendments to IFRS 19
“Subsidiaries without Public
Accountability: Disclosures”
annual periods beginning on 1
January 2027
amendments endorsed by the
European Commission
IFRS 19 allows subsidiaries without public accountability to apply IFRS with reduced
disclosure requirements. It limits disclosure requirements relating to other
standards and amendments issued up to February 2021. The newly issued
amendments to IFRS 19 allow subsidiaries to reduce disclosure requirements for
standards and amendments published in the period from February 2021 to May
2024, in particular: IFRS 18, amendments to IAS 7 and IFRS 7, amendments to IAS
12, amendments to IAS 21, and amendments to IFRS 9 and IFRS 7. As a result of
these amendments, IFRS 19 reflects changes to IFRS standards effective until 1
January 2027, i.e. until the date from which IFRS 19 will become applicable.
The standard does not apply to the Group’s
operations; therefore, it is not expected to have any
impact on the Group’s consolidated financial
statements.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
14
Standards/Interpretations
Effective date
Description of changes to the standard/interpretation
Possible impact on the financial statements
Amendments to IAS 21 “The
Effects of Changes in Foreign
Exchange Rates”
annual periods beginning on 1
January 2027
amendments endorsed by the
European Commission
The amendments to IAS 21 clarify foreign currency translation principles in specific
situations. When an entity translates amounts from the functional currency of a
non-hyperinflationary economy into the presentation currency of a
hyperinflationary economy, it uses the closing rate as at the date of the most
recent statement of financial position, applying it also to comparative information.
Conversely, when the presentation currency ceases to be the currency of a
hyperinflationary economy while the functional currency remains that of a non-
hyperinflationary economy, the entity applies the requirements of IAS 21
prospectively, without restating comparative information. In addition, it has been
clarified that when both the functional and presentation currencies belong to a
hyperinflationary economy, an entity translating comparative information of a
foreign operation in a non-hyperinflationary economy applies a general price index
in accordance with IAS 29. The amendments also introduce additional disclosure
requirements related to the above changes.
The amendments are not expected to have a material
impact on the Group’s consolidated financial
statements.
As of the date these consolidated financial statements were approved for publication, the Management Board had not yet completed its assessment of the impact of the
introduction of these standards and amendments to these standards on the accounting policies applied by the Group, with respect to the companies' operations or their
financial results. The expected impact, based on information known as of the date these consolidated financial statements were approved, is presented in the table above.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
15
3.3. Consolidation
Subsidiaries
Subsidiaries comprise all entities with respect to which the Group is authorised to govern the financial and operating
policies, which generally accompanies the control of the majority of the overall voting rights in their decision-making
bodies. The existence and effect of potential voting rights that are currently exercisable or convertible are considered
when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which
the control is transferred to the Group. They are no longer consolidated once the control ceases.
Acquisition of subsidiaries by the Group is accounted for using the acquisition method.
The cost of an acquisition is measured as the fair value of the assets transferred, financial instruments issued and
liabilities incurred or assumed at the date of exchange, plus liabilities resulting from a contingent consideration
arrangement. Acquisition-related costs are recognised in the consolidated profit or loss as incurred. Identifiable assets
acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair
values at the acquisition date. For each acquisition, the Group recognises non-controlling interests in the acquiree at
their fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets.
Any excess of the consideration transferred, the value of non-controlling interests in the acquiree and the fair value of
any previously held equity interest in the acquiree as at the acquisition date over the fair value of net identifiable assets
acquired is recorded as goodwill. If that amount is lower than the fair value of net assets of the acquiree, the difference
is recognised directly in consolidated profit or loss.
Revenue and costs, balances and unrealised gains on transactions between the Group companies are eliminated.
Where necessary, the accounting policies of subsidiaries were changed to ensure consistency with the accounting
policies applied by the Group.
3.4. Segment reporting
Information on operating segments is presented on the same basis as that used for internal reporting to the Parent
Company's Management Board, which is responsible for the allocation of resources and assessment of the segments'
results. Amounts presented in the internal reporting process are measured using the same policies as those followed
in these consolidated financial statements prepared in accordance with the EU IFRS.
3.5. Valuation of items denominated in foreign currencies
Functional currency
Items included in the financial statements of individual Group companies are measured in the currency of the primary
economic environment in which a given company operates (the “functional currency”).
The consolidated financial statements are presented in the Polish zloty, which is the functional currency of the Parent
Company and the presentation currency of the Group. Amounts are expressed in PLN thousand, unless specified
otherwise.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
16
Transactions and balances
Transactions expressed in foreign currencies are translated into the functional currency according to the exchange rate
applicable on the transaction date. Any currency exchange gains or losses arising on settlement of such transactions
or on accounting measurement of monetary assets and liabilities denominated in foreign currencies are recognised in
profit or loss and presented on net basis in other operating income or expenses.
Monetary assets and liabilities expressed in foreign currencies are translated as at the reporting period end date using
the average market rate effective for the given currency for that date.
Non-monetary assets and liabilities carried at historical cost in a foreign currency are translated using the average
market rate effective for the transaction date. Non-monetary items of the statement of financial position expressed in
foreign currencies which are carried at fair values are translated using the average market exchange rate effective for
the fair value measurement date.
Translation of the Group companies' data
Financial results and items of the statement of financial position of all entities, none of which conducts operations in a
hyperinflationary economy, whose functional currencies differ from the currency of presentation, are translated into
the presentation currency in the following manner:
• in each presented statement of financial position, assets and liabilities are translated using the average market
exchange rate quoted by the National Bank of Poland for the last day in the reporting period;
• revenue and expenses are translated using exchange rate determined as the arithmetic average
of the average market exchange rates effective for the last day in each month of the financial year; and
• any currency exchange differences resulting from such translation are recognised in other comprehensive
income.
Goodwill and fair value adjustments arising from the acquisition of a foreign entity are treated as assets and liabilities
of the foreign entity and translated at the closing rate on the final day of the reporting period.
3.6. Property, plant and equipment
Property, plant and equipment are stated at acquisition or production cost less accumulated depreciation and potential
accumulated impairment.
Acquisition cost comprises the price for which a given asset was purchased, public charges (in the case of imports) and
expenditure directly attributable to the acquisition of the asset and its adaptation for its intended use, including the
costs of transport, loading and unloading. Rebates, discounts as well as other similar concessions and recoveries
decrease the asset acquisition cost.
Production cost of a tangible fixed asset or a tangible fixed asset under construction includes all the expenses incurred
by the Group during its construction, assembly, adaptation or improvement, incurred until the date on which the asset
became available for use, including any non-deductible VAT and excise duties.
Any subsequent expenditure on replacement of parts of items of property, plant and equipment is capitalised if it can
be measured reliably and it is probable that the Group will derive economic benefits associated with the replaced
items. Repair and maintenance costs are charged to profit or loss as incurred.
Except for land and tangible non-current assets under construction, all items of property, plant and equipment are
depreciated over their estimated useful lives using the straight-line method, taking into account the residual value, if
material. The following groups are depreciated using the following depreciation rates:
• Buildings and structures from 10 to 40 years;
• Plant and equipment from 2 to 10 years;
• Vehicles from 2 to 10 years;
• Other tangible fixed assets from 2 to 20 years.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
17
Leasehold improvements (in relation to rented space) are depreciated over a period which is linked to the duration of
the rental agreement.
Correctness of the applied useful lives, depreciation methods and residual values (except where insignificant) is
reviewed by the Group on an annual basis. Any changes are presented as changes in accounting estimates and their
effect is taken to profit or loss in the period when the estimate changes and in subsequent periods.
Significant components of property, plant and equipment are depreciated based on their estimated useful lives.
Any gains or losses on the disposal or liquidation of items of property, plant and equipment are determined as the
difference between the revenue from the sale and the carrying amount of the items, and recognised in profit or loss.
Tangible fixed assets under construction are stated at cost or at the amount of the aggregate expenses directly
associated with their production, less impairment. The cost of borrowings contracted to finance tangible fixed assets
under construction increases their value.
3.7. Leases
a) Right-of-use assets
The Group recognizes right-of-use assets on the lease commencement date (i.e. on the day when the underlying asset
is available for use). Right-of-use assets are measured at cost, less total depreciation and impairment losses, adjusted
for any revaluation of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized,
initial direct costs incurred and any lease payments paid on or before the lease start date, less any incentives received.
Unless the Group is sufficiently certain that it will obtain the ownership title to the leased asset at the end of the lease
period, the recognized right-of-use assets are amortized using the straight-line method, over the shorter of the two
periods: estimated useful life of the leased asset or lease period.
Right-of-use assets are subject to impairment.
Right-of-use assets are presented in the statement of financial position as a separate line item.
b) Lease liability
At the lease commencement date, the Group measures the lease liabilities at the amount of the current value of the
future lease payments, remaining to be paid on that date. Lease payment include fixed fees (essentially fixed lease
payments) less any lease incentives due, variable fees that depend on the index or rate, and amounts expected to be
paid under the guaranteed residual value. Lease payments include also the price of the call option (if it can be assumed
with sufficient certainty that the Group will exercise it) and the payment of fines for termination of the lease (if the
lease provides for the option of terminating the lease by the Group). Variable lease payments that do not depend on
an index or rate are recognized as costs in the period in which the event or condition giving rise to the payment occurs.
When calculating the current value of future lease payments, the Group uses the lessee's marginal interest rate
determined on the day the lease starts. After the start date, the amount of the lease liability is increased to reflect
interest and reduced by the lease payments made. In addition, the carrying amount of lease liabilities is remeasured
in the event of a change in the lease period or a change in the principal fixed lease payments.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
18
c) Short-term lease and lease of low-value assets
The Group applies the exemption from recognizing short-term leases to its short-term lease contracts (i.e. contracts
for which lease period is 12 months or less from the commencement date and does not contain purchase option). The
Group also applies an exemption regarding the recognition of leases of low-value assets in relation to its low-value
leases. Lease payments for short-term leases and leases of low-value assets are recognized as costs, using the straight-
line method, over the duration of the lease contract.
3.8. Intangible assets
Intangible assets are stated at acquisition or production cost less accumulated amortisation and impairment.
Any subsequent expenditure on existing intangible assets is capitalised only when it increases the future economic
benefits to be generated by the asset. Other expenditures are taken to profit or loss as incurred.
The period and method of amortisation of intangible assets are reviewed at the end of each financial year. Any changes
are recognised as changes in accounting estimates, and their effect is charged to profit or loss in the period in which
the amortisation rates are changed and in subsequent periods.
Amortisation is calculated over the estimated useful life of intangible assets, using the straight-line method. The
amortisation rates applied to intangible assets are as follows:
• Trademarks 10 years;
• Licences and software from 1 to 20 years.
3.9. Goodwill
Goodwill is not amortised, but it is tested for impairment annually or more frequently if there is any indication of
impairment.
As at the acquisition date, the acquired goodwill is allocated to each of the cash-generating units that will benefit from
the synergies of the business combination, not larger than an operating segment. The accounting policies applicable
to goodwill impairment testing are presented in note 11. Goodwill is expressed in functional currency of the cash-
generating unit and is translated into the functional currency of the Parent Company according to the exchange rate
effective at the reporting period end date.
3.10. Impairment of non-financial non-current assets
As at the end of each reporting period, the Group assesses whether there is any evidence that any of its non-financial
non-current assets may be impaired. If the Group finds that there is such evidence, or if the Group is required to
perform annual impairment tests (in the case of goodwill), the Group estimates the recoverable amount of the given
asset or cash-generating unit to which the asset belongs.
The recoverable amount of an asset or cash-generating unit (“CGU”) is equal to the higher of the asset’s or cash-
generating unit’s fair value less costs to dispose or its value in use. The recoverable amount is determined for individual
assets unless a given asset does not generate separate cash inflows largely independent from those generated by other
assets or asset groups. If the carrying amount of an asset is higher than its recoverable amount, the asset is impaired
and an impairment loss is recognised up to the established recoverable amount. The impairment loss is allocated in
the following order: first, the carrying amount of goodwill is reduced, and then the carrying amounts of other assets of
the cash-generating unit are reduced pro rata. Impairment losses related to assets are disclosed under the cost
categories corresponding to the function of the asset with respect to which impairment has been identified.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
19
As at the end of each reporting period, the Group assesses whether there is evidence that any impairment loss
recognised in the previous periods with respect to a given asset (other than goodwill) or CGU is no longer necessary or
should be reduced. If such evidence exists, the Group measures the recoverable amount of the given asset or CGU.
3.11. Borrowing costs
Borrowing costs that are directly attributable to acquisition or production of assets which take a substantial period of
time to become available for their intended use, are capitalised (unless immaterial) as part of the cost of tangible
non-current assets or intangible assets, as appropriate, until such assets become available for their intended use.
3.12. Financial assets
Upon initial recognition, financial assets are measured at fair value of the consideration given plus transaction costs,
with the exception of financial assets at fair value through profit or loss in the case of which the transaction costs are
charged to profit or loss. Purchases and sales of financial instruments are recognised as at the date of the transaction.
Trade receivable without a significant financing element is initially measured at the transaction price at the date of the
transaction.
Financial assets are derecognised when the rights to receive cash flows from these assets have expired or have been
transferred and substantially all risks and rewards incidental to ownership of such assets have been transferred. If
there has been no transfer of substantially all the risks and rewards of the asset, the asset is derecognised when the
Group loses control over the asset.
The Group classifies its financial assets to the following categories:
a) measured at amortized cost;
b) measured ad fair value through profit or loss;
c) measured at fair value through other comprehensive income.
The classification depends on the Group's business model objective for its financial assets as well as the characteristics
of contractual cash flow from those instruments. For financial assets, reclassification is performed, if and only if the
entity's business model objective for its financial assets has changed.
a) Financial assets measured at amortized cost
Financial assets held to receive contractual cash flows, which include only repayment of principal amount and interest,
are measured at amortised cost. The Group classifies trade receivables and cash and cash equivalents into this category
of financial assets. Interest revenue (for receivables with a deadline for repayment of over one year) are determined
using effective interest rate method and recognized as “interest income” in statement of profit or loss. Impairment
losses on trade receivables are recognised in line with the accounting policy described in note 3.13 and are recognized
in cost of sales.
As of 31 December 2025 and 2024 the Group did not hold any assets qualified within the remaining two categories,
i.e. (b) measured at fair value through profit or loss, and (c) measured at fair value through other comprehensive
income.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
20
3.13. Impairment of financial assets
The Group performs individual and group analysis of impairment of trade receivables.
Receivables are analysed individually when there is an objective evidence of impairment that may have a negative
effect on the amount of future cash flows. Significant objective conditions include, for example, taking legal action
against a debtor, serious financial problems of the debtor, significant overdue payments.
In the case of short-term trade receivables analysed in groups, which do not have a significant financing element, the
Group applies the simplified approach required in IFRS 9 and measures impairment losses in the amount of credit
losses expected throughout the lifetime of the receivable from its initial recognition. The Group utilizes provision matrix
where a fixed provision rate applies depending on the number of days that a trade receivable is outstanding.
For the purpose of estimation of the expected credit losses, trade receivables are grouped on the basis of credit risk
characteristics (separate groups were determined for certain distribution channels – receivables from export
customers, network customers, wholesale customers and individual customers). For each Group entity, customers
credit non-performance analysis was performed for the last 3 years, to determine the general non-performance ratios.
These ratios are determined for the following ranges:
• not yet due;
• past due under 30 days;
• past due from 30 to 60 days;
• past due from 60 to 90 days;
• past due over 90 days.
Historical data on receivables referred to court and written down as well as information about share of amounts
received in each time range indicated above, are used in determination of non-performance ratio for each time range.
Other factors, such as insurance of receivable or expected impact of future events, are also taken into consideration.
Impairment write-down is estimated considering non-performance ratios, adjusted for expected impact of future
events and based on balance of outstanding receivables as of the balance sheet date, for each of the time ranges
indicated above.
3.14. Inventory
Inventory includes goods for resale and assets for expected returns.
Goods for resale are measured at the costs of acquisition not higher than net realisable value.
Net realisable value is equal to the estimated selling price of an item of inventory less any costs of completion and
costs necessary to make the sale.
Inventory decrease is measured based on average prices, i.e. determined as weighted average prices of individual
goods for resale.
The assets for expected returns, (i.e. value of goods which are expected to be returned by customers in accordance
with the right provided to customers in the agreement or under the binding laws and regulations - please refer to
revenue recognition policy in note 3.23) are estimated based on historical data, including ratio of returns from
customers to revenue from sales for the period of last 3 years. Estimated value of these assets offsets the costs of
goods sold.
The amount of an impairment loss is calculated based on rotation of individual items of goods for resale and it depends
on the ratio of inventory level and the quantity of goods sold over the last 12 months. Items for which inventory level
exceeds sales expected for the 2-years period are written off, but the impairment write-off never amounts to 100%.
Inventory impairment is recognised in relation to goods which are in the permanent offer of the Group due to the need
to obtain reliable historical data in terms of actual data over a longer period of time. New products are excluded from
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
21
the calculation of impairment loss, due to the period required to place the new product on the market and lack of
sufficient historical data for further analysis.
Impairment losses on inventory are recognised in cost of sales.
3.15. Cash and cash equivalents
Cash and cash equivalents disclosed in the statement of financial position include cash at bank and in hand as well as
highly liquid current financial assets whose original maturity does not exceed three months, and which are readily
convertible into specific cash amounts and subject to insignificant risk of fluctuation in fair value.
3.16. Equity
Equity is disclosed in the accounting records divided into categories, in accordance with the rules set forth in applicable
laws and the provisions of the Company's Articles of Association.
The particular categories of equity are:
• share capital of the Company – stated at its par value as specified in the Company's Articles of Association and
entered in the court register,
• share premium is stated in the proceeds from the issue of shares in the amount exceeding the par value of
shares, less transactions costs associated with the public share issue,
• own shares,
• reserve capital for buyback of own shares is created based on the resolution of General Shareholders’ Meeting,
• foreign operations currency translation differences,
• other capitals include actuarial profits and losses arising from the actuarial valuation of provisions for pensions
and related benefits,
• retained earnings – comprising profit/(loss) distributions, undistributed profit/(loss), and net profit/(loss) for
the reporting period to which given financial statements relate.
Transaction cost related to the public share issue is taken to equity and reduces the share premium account as at the
share issue date.
3.17. Bank loan liabilities
Bank loans are initially recognised at fair value less transaction cost. Following initial recognition, bank loans are
measured at amortized cost, using the effective interest method.
3.18. Trade and other payables
Trade payables are initially recognised at fair value, and subsequently, where the discount effect is material, they are
measured at amortised cost using the effective interest method.
Other liabilities include liabilities arising from returns of goods from customers (in accordance with the right provided
to customers in the agreement or under the existing laws and regulations - please refer to revenue recognition policy
in note 3.23). Value of these liabilities is estimated based on historical data, including ratio of returns from customers
to revenue from sales for the period of last 3 years. At the same time, the Group recognizes in inventories the asset
for goods which the customers are expected to return, with the offsetting entry to cost of goods sold (see note 3.14).
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
22
Based on the provisions of the European Parliament and applicable laws, e.g. on waste electrical and electronic
equipment The Company, as an entity that places electrical and electronic equipment, batteries and accumulators,
packaging and products, i.e. oils or tires, on the market, is subject to the extended producer responsibility system,
under which the producer's responsibility for the product applies at the stage of the product's life cycle when it
becomes waste. The Parent Entity is obliged to finance a system for collecting and recycling waste generated from
products and packaging introduced by it. These obligations are fulfilled by concluding an agreement with Recovery
Organizations. Costs arising from these contracts are recognized throughout the period and settled at the end of the
financial year after receipt of the final invoice.
3.19. Deferred revenue
Deferred income includes mainly:
• the equivalent of funds received or due from contractors for services to be performed in the next reporting
periods;
• cash (including government subsidies) received to finance the purchase or production of fixed assets under
construction, settled in parallel to the depreciation write-offs of fixed assets financed from these sources.
Deferred income is presented in the consolidated statement of financial position in liabilities in the line "trade and
other liabilities".
3.20. Current and deferred income tax
Mandatory decreases of profit include current and deferred income tax.
• Current tax
Current tax expense is calculated based on the taxable profit for the given reporting period. Tax expense is calculated
based on tax rates applicable during the fiscal year in question.
• Deferred tax
Deferred tax assets and liabilities are determined based on temporary differences between the accounting and tax
values of assets and liabilities.
Deferred tax assets are recognised only if it is probable that the Group will have future taxable profits allowing for
utilisation of the temporary differences and deduction of the tax losses. Deferred tax assets are determined as the
amount of income tax recoverable in the future in respect of deductible temporary differences which will reduce future
income tax base and any deductible tax loss, determined in accordance with the prudence principle.
The amount of deferred tax assets and liabilities is determined using income tax rates which will be effective when a
deferred tax asset is utilised or a deferred tax liability arises.
Deferred tax assets and liabilities have been offset at the level of individual Group members, as at this level the criteria
of IAS 12 “Income taxes” with respect to offsetting deferred tax assets against deferred tax liabilities were met.
A deferred tax liability is recognised for temporary differences associated with investments in subsidiaries
and jointly controlled entities, except where the Group controls the reversal of such temporary differences and it is
probable that such differences will not reverse in the foreseeable future.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
23
3.21. Liabilities from employee benefits
• Post-employment benefit plan – the defined contribution plan
The Parent Company participates in the state post-employment benefit plan by paying an appropriate percentage of
an employee’s gross pay as a contribution to the Social Insurance Institution (ZUS). This plan is a defined contribution
plan. The contributions are expensed as paid.
From 2019, the Parent Company participates also in the Employee Capital Plans program by paying the appropriate
percentage of gross pay as a contribution. This program is a defined contribution program and the contributions paid
are recognized as an expense when incurred.
Subsidiaries also participate in state post-employment benefit plans by paying contributions to the equivalents of ZUS
in the countries where they are based (Romania, China). These plans are also defined contribution plans. The premiums
paid are recognized as an expense when incurred.
• Post-employment benefit plan - the defined benefit plan (retirement severance pays) and other
benefits
In accordance with the Labour Code and applicable remuneration systems and rules, employees of the Group
companies are entitled to death benefits and retirement severance pays. Death benefits are one-off benefits paid to
the family of an employee, following the employee's death. Retirement severance pays are one-off benefits paid when
an employee retires. The plan is fully financed by the Group. The amount of a retirement severance pay or death
benefit depends on the length of employment and average remuneration of a given employee. The Group accrues for
future retirement severance pay and death benefit obligations in order to attribute costs to the periods to which they
relate.
The present value of such obligations is determined by an independent actuary using the projected unit credit method.
Accrued liabilities are equal to the discounted future payments, taking into account the employee turnover, and relate
to the period until the end of the reporting period. Demographic information and information on staff turnover are
based on historical information. Actuarial gains and losses are recognised in profit or loss, except for actuarial gains
and losses recognised in other comprehensive income.
In countries where the subsidiaries are based, there are no requirements for the payment of retirement benefits similar
to the Labour Code in Poland, and there are no internal regulations that would grant employees the right to such
payments.
3.22. Provisions
Provisions are created when the Group has an obligation (legal or customarily expected) resulting from past events
and when it is probable that the discharge of this obligation will result in an outflow of economic benefits, and the
obligation can be measured reliably.
A provision is recognised as a reliable estimate of the amount required to settle the existing obligation, made as at the
end of the reporting period taking into account the risks and uncertainties associated with the obligation.
In particular, a provision is created for the expected returns and complaints. The provision for returns is estimated
based on the actual quantity of goods sold over the last 12 months period and taking into consideration the defined
failure ratio and average cost of servicing customer complaints. Parameters required for calculation of this provision,
for the period of previous 3 years, are updated on an annual basis.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
24
3.23. Recognition of revenue
Revenue is recognised at fair value of consideration received or receivable, net of VAT, returns, rebates and discounts.
The Group recognizes revenue from contracts with customers when all of the following five criteria are met:
• the contract has been approved (in writing, orally, or in accordance with other customary business
practices) and the parties are committed to perform their obligations in the contract
• each party’s rights regarding the goods or services to be transferred can be identified
• the payment terms for the goods or services to be transferred can be identified
• the contract has commercial substance (i.e. the risk, timing or amount of the vendor’s future cash flows
is expected to change as a result of the contract)
• it is probable that the consideration for the exchange of the goods or services that the vendor is entitled
to will be collected.
In particular, revenue from sales of goods is recognized in accordance with rules described above. The sales agreement
with customer contains only one performance obligation – obligation to deliver goods to customer, therefore revenue
is recognized at the specified point in time. The entity recognizes revenue when the goods are transferred to the
customer. The transfer of control over the asset takes place at the time specified under Incoterms or in accordance
with agreements concluded with customers.
Revenue from sales of goods include transportation services, provided by external parties, costs of which are incurred
by the customers, in case the Group is responsible for organizing the transportation and bears the risks during the
transport.
Some contracts with customers contain elements of variable consideration, arising from rebates granted to customers,
including these tied to achieving a set level of turnover. In accordance with requirements of IFRS 15, the group
estimates amounts of rebates owned to customers and recognizes these rebates as an offsetting entry to revenues
from sales and as a trade liability.
Some contracts with customers contain right to return goods. In accordance with the applicable laws and regulations,
the customer has a right to withdraw from the purchase agreement within 14 days from the date of delivery of goods.
This right applies to customers who purchase goods at internet store toya24.pl and other shopping portals. In addition,
the Group extends the right of return of purchased goods, within limited period of time, to some of its customers. The
Group estimates the potential liability arising from these rebates and if the estimated liability is material, the Group
recognizes this amount as an offset to revenues from sales and as a liability due to expected returns in “trade liabilities”
line (note 3.18). At the same time, the group recognizes the estimated amount of inventories to be returned by the
customers and recognizes this amount as inventory and offset to costs of goods for resale sold (note 3.14).
3.24. Other operating income and expenses
Other operating income and expenses include income and expenses arising from activities that are not the Company's
core operating activities, e.g. profits or losses on the sale or liquidation of tangible fixed assets, written-off receivables,
penalties and fines, donations.
3.25. Financial income and expenses
Financial income and expenses are related to the financing of the Company’s operations and include, in particular,
interest and commissions.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
25
3.26. Dividends
The obligation to pay dividends is recognised when the shareholders’ right to receive such dividends is approved.
4. Foreign currencies used in preparation of these financial statements
Foreign currency items of the statement of financial position were translated using the following exchange rates:
Currency
31 December 2025 (*)
31 December 2024
1 EUR
4,2267
4,2730
1 USD
3,6016
4,1012
1 CNY
0,5153
0,5621
(*) in accordance with NBP table No. 251/A/NBP/2025 of 31.12.2025
The following exchange rates were used to translate items from the statements of financial position of subsidiaries
from the functional currency to the presentation currency, representing the arithmetic average of the current average
exchange rates announced by the National Bank of Poland on the last day of each month in the period from January
to December 2025 and 2024, respectively.
Currency
31 December
2025
31 December
2024
1 RON
0,8291
0,8589
1 CNY
0,5153
0,5621
The following exchange rates were used to translate the financial results of subsidiaries and the statement of cash
flows from the functional currency to the presentation currency, representing the arithmetic mean of the current
average exchange rates announced by the National Bank of Poland on the last day of each month in the period from
January to December 2025 and 2024, respectively:
12 months ended on 31
December
12 months ended on 31
December
Currency
2025
2024
1 RON
0,8397
0,8652
1 CNY
0,5225
0,5539
5. Material accounting estimates and judgements
Estimates and judgements are verified on an ongoing basis. Estimates and judgements used during the preparation of
the consolidated financial statements are based on historical experience as well as analyses and expectations of future
events which, to the best knowledge of the Management Board of the Parent Company, are believed to be reasonable
under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by
definition, rarely equal the actual results. The estimates and assumptions that involve a significant risk of the necessity
to make a material adjustment to the carrying amounts of assets and liabilities during the current or following financial
year are outlined below.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
26
• Revenue recognition – variable consideration and returns
Some contracts with customers contain elements of variable consideration, arising from rebates granted to customers,
including these tied to achieving a set level of turnover.
In accordance with IFRS 15, where a contract contains elements of variable consideration, the entity will estimate the
amount of variable consideration to which it will be entitled under the contract in exchange for transferring promised
goods or services to the customer. Variable consideration is only included in the transaction price if, and to the extent
that, it is highly probable that its inclusion will not result in a significant revenue reversal in the future when the
uncertainty has been subsequently resolved.
The Group estimates the potential liability arising from rebates granted to customers, and if the estimated liability is
material, the Group recognizes this liability as an offset to revenues from sales and as a trade liability. At the end of
the financial year, the rebates were largely settled.
• Useful lives and depreciation rates for property, plant and equipment
The Group’s Management Board determines estimated useful lives and depreciation rates for property, plant and
equipment. The estimates are based on the projected useful lives for individual assets. The estimates may change
materially as a result of new technological solutions emerging on the market, plans of the Parent Company’s
Management Board, or intensity of use. The Management Board increases or decreases a depreciation rate for a given
asset if its useful life proves shorter or longer, respectively, than expected, and revalues technologically obsolete
assets, and assets which are not of strategic importance and whose use has been discontinued. Property, plant and
equipment value and depreciation are described in note 8.
If the actual useful lives of property, plant and equipment had been shorter by 10% than the Management Board's
estimates, the depreciation of property, plant and equipment would have been higher by PLN 929 thousand as at
31 December 2025, and PLN 1,166 thousand as at 31 December 2024.
• Lease period for contracts concluded for an unspecified period of time
The Group is a party to contracts with an indefinite term. When determining the lease period, the Group determines
the period of contract enforceability. Leasing ceases to be enforceable when both the lessee and the lessor have the
right to terminate the contract without having to obtain permission from the other party without incurring more than
insignificant penalties. The Group assesses the significance of broadly understood penalties, meaning that apart from
contractual or financial matters, it also takes into account all other significant economic factors discouraging the
termination of the contract (e.g. significant investments in leased asset, availability of alternative solutions, relocation
costs). If neither the Company as the lessee nor the lessor incurs a significant penalty for termination (broadly
understood), leasing ceases to be enforceable and its period is a termination notice period.
• Lessee’s marginal interest rate
The Group is not able to easily determine the interest rate for some lease contracts, which is why it uses the lessee's
marginal interest rate when measuring the lease liability. This is the interest rate that the Group would have to pay to
borrow (for a similar period, in the same currency and with similar collateral) the funds necessary to purchase an asset
with a similar value as the right-of-use asset in a similar economic environment.
• Provisions
N As at each end of a reporting period, the Management Board of the Parent Company makes material estimates of
provisions:
‐ provisions for guarantees and complaints – estimated level of the ratio used to perform calculations in
accordance with the policy described in note 3.22; This ratio was determined on the basis of historical
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
27
costs and claims and is verified on a regular basis through reference with actually incurred costs; for
details on the amount of the provision, see note 24;
‐ other provisions arising from claims raised against the Group – the assessment involves estimating the
probability of an obligation to make a payment and the amount of the potential claim. In 2025, the Parent
Company received three demands for payment of additional remuneration from an unrelated party in
connection with services rendered, with a total gross value of PLN 5,170 thousand. The contract
governing the relationship between the parties expired at the end of the first quarter of 2025. The
Management Board considers that there are no factual or legal grounds for such a claim and that the
probability of any payment obligation is low. In the Company’s view, all liabilities for services rendered
during the term of the above-mentioned contract have been fully settled. Therefore, no provision was
recognised in the 2025 financial statements in respect of this matter.
• Write-downs of inventories to net realizable value
When determining the amount of the inventory write-down, the Group analyses the rotation of goods. The estimated
average period during which the product is sold, and beyond which a write-down is created in accordance with the
policy described in note 3.14; for details on the amount of the write-down, see note 12.
• Expected credit losses
The Group utilizes provision matrix to estimate expected credit losses in relation to trade receivables. For the purpose
of estimation of the expected credit losses, trade receivables are grouped on the basis of credit risk characteristics.
Historical data regarding credit losses, adjusted for expected impact of future events, is used by the Group in estimation
of the expected credit losses, in accordance with the policy described in note 3.13; for details on the amount of the
write-down, see note 13.
In case of individual analysis, the quality of the premises on the basis of which the decision is made to write-down a
given receivable is assessed. Important objective reasons for write-down include overdue payments, which, in
accordance with the concluded insurance contract, make it necessary to transfer such a claim for recovery. The reason
for including the client in an individual analysis may also be learning about the debtor's serious financial problems.
6. Financial risk management
The Group’s business activities expose it to a number of various financial risks, such as market risk (including foreign
exchange risk and the risk of fair value or cash flow changes as a result of interest rate movements), credit risk and
liquidity risk. The Group’s overall risk management programme is designed to mitigate the potential effect of risk on
the Group’s financial performance. The Group does not use derivatives to hedge against those risks.
The Management Board defines overall risk management rules as well as the policy for specific areas such as credit risk
or investing liquidity surpluses.
6.1. Market risk
Foreign exchange risk
The Group purchases significant amounts of goods from foreign suppliers, located primarily in China, at prices
denominated in foreign currencies, particularly in CNY and USD. As at 31 December 2025, trade payables in USD
represented 4% of the total trade payables and trade payables in CNY represented 85% of total trade payables (as at
31 December 2024 – payables in USD represented 4% of that balance and payables in CNY represented 88% of that
balance). CNY is the functional currency for subsidiaries in China.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
28
As of 31 December 2025, the Group has a bank loan obligation denominated in CNY. The loan was taken out by a
subsidiary for which CNY is the functional currency, hence this obligation does not generate exchange rate differences
affecting the Group's result. As at 31 December 2024, the Group similarly had a liability under a bank loan denominated
in CNY.
As at 31 December 2025, cash in foreign currencies (USD and EUR) represented 11% of the total cash, cash in CNY
represented 7% of total cash and cash in RON represented 5% of total cash (as at 31 December 2024 – cash in USD and
EUR represented 15% of the total balance, cash in CNY represented 61% of the total balance and cash in RON
represented 4% of the total balance). Cash balances in CNY and RON currencies occur in companies for which these
currencies are functional currencies.
35% of the Group’s revenue is generated from exports (sales outside markets where the Group has its entities) and
13% of the Group’s revenue is generated in local markets in China and Romania, at prices denominated in foreign
currencies — in USD, EUR, CNY and RON. As at 31 December 2025, trade receivables in USD represented 25% of the
total trade receivables (23% as at 31 December 2023) and trade receivables in EUR represented 6% of the total trade
receivables (4% as at 31 December 2024). Moreover, as at 31 December 2025, 12% of trade receivables are
denominated in CNY, due to sales on the local market in China (14% as at 31 December 2024) and 14% of trade
receivables are denominated in RON due to sales in the local market in Romania (14% as at 31 December 2024). CNY
and RON are functional currencies for subsidiaries in China and Romania.
There is a risk that future fluctuations of exchange rates may have a negative or positive effect on the Group's financial
performance. Recent changes in global economy could have had and still can have negative impact on exchange rates.
So far, the Group has not used derivative financial instruments to hedge against the results of future changes in
exchange rates.
The sensitivity of the gross profit to an increase in exchange rates at the end of the current and previous financial year
is presented below. The sensitivity is determined as a result of the conversion of the impact of the higher / lower
exchange rate on the revaluation of balances of trade and other receivables and trade and other payables expressed
in currencies that are not functional currencies for individual entities, with other conditions unchanged.
10% currency rate increase as of
31 December 2025
USD
EUR
CNY
TOTAL
Trade and other receivables
3 206
593
183
3 982
Trade and other payables
(1 412)
6
(1 628)
(3 034)
TOTAL impact on the 2025 result
1 794
599
(1 445)
948
10% currency rate increase as of
31 December 2024
USD
EUR
CNY
TOTAL
Trade and other receivables
5 312
419
-
5 731
Trade and other payables
(4 272)
(3)
(4 526)
(8 801)
TOTAL impact on the 2024 result
1 040
416
(4 526)
(3 070)
Risk of interest rate changes affecting cash flows and fair values
As at 31 December 2025 and 31 December 2024 the Group held cash at bank accounts with a variable interest rate
(short-term bank deposits), which exposes the Group to the risk of interest rate changes affecting cash flows, however
taking into consideration the amount of interest, the risk is insignificant. The group held no other interest-bearing
assets.
The Group’s policy envisages the use of bank loans bearing interest at variable rates. This exposes the Group to the
risk of interest rate changes affecting its cash flows. As of 31 December 2025 and 2024, the bank loan liability bears
interest at a variable interest rate.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
29
The Group monitors its exposure to the risk of interest rate changes affecting its cash flows and fair values. The Group
runs simulations of various scenarios, taking into consideration refinancing, roll-over of the existing positions, and
alternative financing. The Group uses these scenarios to assess the impact of a change in interest rates on its financial
performance. Simulations are run for bank deposits and liabilities, which represent the largest items exposed to
interest rate risk.
The below sensitivity analysis of the Group’s cash flows to interest rate risk was prepared for financial instruments
based on variable interest rates. The bank loans held by the Group were linked to WIBOR rates. The impact of changes
in market interest rates on the financial result was calculated as the product of the liability balances as at 31 December
2025 and 2024 and the assumed deviation for the base rate, which was assumed to be 50 basis points (0.5%).
+50 basis points
-50 basis points
Effect on profit before income tax
Effect on profit before income tax
Financial assets
Cash in bank accounts
216
(216)
Financial liabilities
Variable interest rate loans
(117)
117
Total for 2025
99
(99)
+50 basis points
-50 basis points
Effect on profit before income tax
Effect on profit before income tax
Financial assets
Cash in bank accounts
271
(271)
Financial liabilities
Variable interest rate loans
(67)
67
Total for 2024
204
(204)
The Group does not use derivatives to hedge against the risk of interest rate changes affecting its cash flows and fair
values.
6.2. Credit risk
Credit risk arises from cash deposited in bank accounts as well as credit exposures to customers, which also includes
unsettled trade receivables.
Credit risk relating to bank deposits is considered by the Management Board as low because the Group cooperates
with renowned financial institutions which enjoy premium credit ratings (Bank Handlowy w Warszawie S.A., mBank
S.A., BNP Paribas Bank Polska S.A. and Santander Bank Polska S.A.) in Poland, Citi Bank, Agricultural Bank, Industrial
and Commercial Bank of China and Bank of Ningbo in China and BRD Groupe Societe Generale and Banca Transilvania
in Romania).
In the opinion of the Management Board, with respect to credit exposures with the Group's clients, the concentration
of credit risk is not significant. The turnover is realized by two main groups of customers: retail chains and wholesale
customers (including wholesalers and distributors). The Group sells its goods in Poland and to foreign markets - mainly
China, the countries of Central, Southern and Eastern Europe (Romania, Hungary, the Czech Republic, the Balkan
countries, Russia, Ukraine, Belarus, Moldova), as well as in Arab countries, Africa, Asia and South America.
The table below presents the Group's sales structure by customer group and market:
2025
2024
Local markets – wholesale market (*)
44%
44%
Export sales
35%
34%
Local markets – chains (*)
13%
12%
Retail sales
8%
10%
Total
100%
100%
(*) local markets mean sales in countries where the Group has its entities, i.e. in Poland, Romania and China
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
30
In regard to retail chains channel, the Group sells its products to the largest chains in Poland and Romania. Credit
exposures in this customer group are not evenly distributed as 2 key retail chains in Poland jointly account for
approximately 66% of sales made through this particular channel. Credit risk exposure to retail chains is considered by
the Company as low as most of them are reliable and financially transparent customers with an established market
position and a sound payment history.
In the area of wholesale distribution, the Group has established cooperation with a few dozen authorised distributors,
a few dozen wholesalers across the country and authorised retail stores, as well as with wholesalers in Romania and
China. In 2025, 75% of sales in this group was executed to approx. 90 customers (72 customers in 2024). The Group
pursues a policy of reducing credit exposures to wholesale customers with the use of a credit limit mechanism. The
limits are set for each customer based on a detailed assessment of its financial performance, market position, payment
discipline and the overall situation in the sector. The utilisation of credit limits is monitored on a regular basis.
A transaction exceeding the credit limit may only be executed upon authorisation by authorised persons in accordance
with an internal credit policy.
The Group mitigates its credit risk by having trade receivables insured in a renowned insurance company. The insurance
covers mainly receivables from the customers of the Parent Company. As at 31 December 2025, 51% of the short-term
trade receivables were insured (69% as at 31 December 2024). This applies to customers who have been granted an
individual limit and customers covered by the so-called automatic limit, up to the amount specified in the insurance
contract. Under the insurance contract, the deductible is typical for such contracts.
The Group also mitigates credit risk through the implementation in its Parent Company of an effective risk management
system integrated with SAP, supporting the maintenance of proper payment discipline of the Company’s customers.
It should be stressed that sales for the customers who are not in a stable and predictable financial condition is realised
based on advance payments.
The maturity structure of receivables and details on past due receivables are presented in note 13.
The credit quality of financial assets not being either past due or impaired can be estimated by reference to external
credit ratings or to historical information on the counterparty’s defaults. The Parent Company’s cash is held in banks
with A+, A- and BBB- ratings (Fitch agency), and the cash of subsidiaries — in banks with Fitch BBB+ and BBB- rating
(Romania) and Fitch A, BBB+ and BBB (China).
With respect to trade receivables, the Group does not have external ratings, but it monitors counterparties’ payment
delays ongoing basis.
The maximum credit risk exposure is approximately equal to the book value of trade receivables,
net of receivables insured and cash and cash equivalents. As at 31 December 2025, the maximum exposure to credit
risk amounts to PLN 106,435 thousand (which includes PLN 63,405 thousand in cash and PLN 43,030 thousand in trade
receivables). As at 31 December 2024, the maximum exposure amounted to PLN 64,318 thousand (including PLN
39,318 thousand in cash and PLN 25,190 thousand in trade receivables).
6.3. Liquidity risk
The Management Board of the Parent Company believes that the Group’s liquidity is secured for the foreseeable
future. The Group follows a prudent liquidity risk management policy, which focuses on maintaining an adequate level
of cash and securing the ability to use the credit facilities. The management monitors the level of current liabilities and
current assets, as well as current cash flows of the Group. A significant increase in the value of inventories is in line
with the adopted liquidity management policy and enables the continuity of sales in the event of delays in the supply
chains.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
31
Key items analysed for the purpose of monitoring of the liquidity risk are as follows:
31 December
2025
31 December
2024
Current assets
650 299
673 900
Current liabilities
178 663
276 442
2025
2024
Cash flow from operating activities
67 802
(40 084)
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
32
The table below presents financial liabilities of the Group by maturities, which are determined based on contractual future payment dates, uniform for each group of liabilities.
The figures presented below represent undiscounted contractual cash flows.
Due date:
up to 3 months
4-6 months
7-12 months
2-3 years
4-5 years
More than 5
years
Total
Carrying
value
Loans
-
15 508
-
-
-
-
15 508
15 508
Trade and other payables
98 784
11 308
7 173
-
-
-
117 265
117 265
Lease liabilities
2 871
2 793
5 374
8 331
3 334
3 816
26 519
22 307
Warranty liability (*)
486
-
-
-
-
-
486
18
As at 31 December 2025
102 141
29 609
12 547
8 331
3 334
3 816
159 778
155 098
Loans
33 840
-
-
-
-
-
33 840
33 840
Trade and other payables
180 803
38 246
376
-
-
-
219 425
219 425
Lease liabilities
3 201
3 207
6 424
12 049
4 959
4 511
34 351
29 911
Warranty liability (*)
40 963
-
-
-
-
-
40 963
62
As at 31 December 2024
258 807
41 453
6 800
12 049
4 959
4 511
328 579
283 238
(*) The liabilities arising from the guarantee issued represent the maximum amount that can be used (gross value of the guarantee) and are assigned to the earliest period
in which the guarantee can be used.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
33
6.4. Capital management
The Management Board of the Parent Company defines capital as the Group’s equity. The equity held by the Parent
Company meets the requirements provided for in the Polish Commercial Companies Code. There are no other capital
requirements imposed by external regulations.
The Group’s capital management activities are aimed at protecting the Group’s ability to continue its operations so as to
ensure a return on investment for the shareholders and benefits for other interested parties, as well as maintenance of
the optimum capital structure to lower the cost of capital. The Group also follows a rule that non-current assets are to
be fully financed by equity.
31 December 2025
31 December 2024
Non-current assets
97 958
113 255
Equity
556 293
489 891
In accordance with the concluded loan agreements with the banks, the Parent Company is required to maintain the equity
ratio (the ratio of equity to total assets) at a fixed level.
31 December 2025
31 December 2024
Equity
556 293
489 891
Total assets
748 257
787 155
Equity ratio
74%
62%
In the period covered by these consolidated financial statements, the Group implemented the above objective.
7. Financial instruments
As at 31 December 2025
Financial assets
Financial liabilities
Measured
at amortised cost
Measured
at amortised cost
Measured
at amortised cost
Trade receivables
91 644
-
-
Cash
63 406
-
-
Trade and other payables
-
114 216
18
Loans
-
15 508
-
Lease liabilities
-
22 307
-
TOTAL
155 050
152 031
18
As at 31 December 2024
Financial assets
Financial liabilities
Measured
at amortised cost
Measured
at amortised cost
Measured
at amortised cost
Trade receivables
88 059
-
-
Cash
39 128
-
-
Trade and other payables
-
199 708
62
Loans
-
33 840
-
Lease liabilities
-
29 911
-
TOTAL
127 187
263 459
62
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
34
Revenue and expenses relating to financial assets or financial liabilities not measured at fair value through profit or loss:
12 months ended 31 December 2025
Financial assets
Financial liabilities
Interest income
849
-
Interest expenses
-
(2 239)
Profits on foreign exchange differences
1 237
11 189
Losses on foreign exchange differences
(2 919)
(3 983)
Establishment of impairment write-downs
(87)
-
Reversal of impairment write-downs
32
-
Total net profit / (loss)
(888)
4 967
12 months ended 31 December 2024
Financial assets
Financial liabilities
Interest income
1 093
-
Interest expenses
-
(2 577)
Profits on foreign exchange differences
3 153
7 256
Losses on foreign exchange differences
(1 221)
(5 674)
Establishment of impairment write-downs
(275)
-
Reversal of impairment write-downs
5
-
Total net profit / (loss)
2 755
(995)
In the Group's opinion, the fair value of financial assets and liabilities does not differ from their carrying amount, mainly
due to their short maturity. In case of long-term financial liabilities measured at amortized cost, the Group uses market
interest rates. Therefore the Group estimates that the carrying value of these liabilities also does not differ significantly
from their fair value.
8. Property, plant and equipment
31 December 2025
31 December 2024
Land
2 907
2 907
Buildings and structures
42 087
42 706
Plant and equipment
4 188
3 983
Vehicles
1 432
3 220
Other
11 671
14 966
Total
62 285
67 782
Property, plant and equipment not transferred for use
1 239
2 839
Total property, plant and equipment
63 524
70 621
Apart from the property, plant and equipment serving as security in respect of working capital facilities (note 18), there
are no restrictions on the use of property, plant and equipment held by the Group.
In 2025 and 2024, the Group did not capitalise borrowing costs due to the insignificancy of these amounts.
As at 31 December 2025, the Group had commitments to incur expenses for property, plant and equipment in the amount
of PLN 77 thousand.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
35
Changes in property, plant and equipment by type
Land
Buildings and
structures
Technical equipment and
machinery
Vehicles
Other
Property, plant and equipment
not transferred for use
Total
Initial value
As at 1 January 2025
2 907
53 131
16 344
8 726
29 097
2 839
113 044
Purchase
-
646
227
-
1 518
4 157
6 548
Liquidation / sale
-
-
(101)
(2 767)
(197)
-
(3 065)
Reclassification
-
3 799
1 640
1 715
288
(5 750)
1 692
Currency translation differences
-
(3 241)
(246)
(208)
(381)
(7)
(5 083)
As at 31 December 2025
2 907
54 335
17 864
7 466
29 325
1 239
113 136
As at 1 January 2024
2 907
47 852
15 180
5 190
23 483
2 907
97 519
Purchase
-
505
474
511
4 312
11 144
16 946
Liquidation / sale
-
-
(304)
(3 402)
(374)
(275)
(4 355)
Reclassification
-
4 205
1 010
6 390
1 596
(10 932)
2 269
Currency translation differences
-
569
(16)
37
80
(5)
665
As at 31 December 2024
2 907
53 131
16 344
8 726
29 097
2 839
113 044
Accumulated depreciation
As at 1 January 2025
-
10 425
12 361
5 506
14 131
-
42 423
Depreciation for the financial year
-
2 121
1 613
634
4 296
-
8 664
Liquidation
-
-
(101)
(1 651)
(197)
-
(1 949)
Reclassification
-
-
-
1 687
-
-
1 687
Currency translation differences
-
(298)
(197)
(142)
(576)
-
(1 213)
As at 31 December 2025
-
12 248
13 676
6 034
17 654
-
49 612
As at 1 January 2024
-
8 441
11 124
3 455
10 749
-
33 769
Depreciation for the financial year
-
1 945
1 551
2 398
3 764
-
9 658
Liquidation
-
-
(296)
(2 619)
(374)
-
(3 289)
Reclassification
-
-
-
2 246
-
-
2 246
Currency translation differences
-
39
(18)
26
(8)
-
39
As at 31 December 2024
-
10 425
12 361
5 506
14 131
-
42 423
Carrying amount
As at 31 December 2025
2 907
42 087
4 188
1 432
11 671
1 239
63 524
As at 31 December 2024
2 907
42 706
3 983
3 220
14 966
2 839
70 621
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
36
9. Intangible assets
31 December
2025
31 December
2024
Licences, concessions and patents, including:
2 925
2 695
- software
2 925
2 695
Other - trademarks and industrial designs
322
370
Total
3 247
3 065
Intangible assets under development
188
1 091
Total intangible assets
3 435
4 156
There are no material intangible assets produced internally by the Group.
No security interests on the intangible assets have been created.
Intangible assets under development include licences and software that is being implemented. No impairment was
reported for these assets.
Changes in intangible assets
Software
Other
Intangible assets under
development
Total
Initial value
As at 1 January 2025
8 544
845
1 091
10 480
Purchase
5
-
307
312
Reclassification
1 197
20
(1 210)
7
Currency translation differences
(139)
-
-
(139)
As at 31 December 2025
9 607
865
188
10 660
As at 1 January 2024
8 053
791
916
9 760
Purchase
497
43
175
715
Reclassification
(11)
11
-
-
Currency translation differences
5
-
-
5
As at 31 December 2024
8 544
845
1 091
10 480
Accumulated amortization
As at 1 January 2025
5 849
475
-
6 324
Amortization for the financial year
914
68
-
982
Currency translation differences
(81)
-
-
(81)
As at 31 December 2025
6 682
543
-
7 225
As at 1 January 2024
5 008
404
-
5 412
Amortization for the financial year
842
71
-
913
Currency translation differences
(1)
-
-
(1)
As at 31 December 2024
5 849
475
-
6 324
Carrying amount
As at 31 December 2025
2 925
322
188
3 435
As at 31 December 2024
2 695
370
1 091
4 156
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
37
10. Right-of-use assets
31 December
2025
31 December
2024
Land
5 435
5 890
Buildings and structures
16 799
22 140
Plant and equipment
697
951
Vehicles
1 270
3 014
Total
24 201
31 995
Land
Buildings and
structures
Technical
equipment and
machinery
Vehicles
Total
Initial value
As at 1 January 2025
6 481
52 359
1 775
6 745
67 360
New lease contracts
-
2 977
-
-
2 977
Modification of lease contracts
-
487
-
(115)
372
Termination of lease contracts
-
(2 370)
-
-
(2 370)
Reclassification
-
-
-
(1 715)
(1 715)
Currency translation differences
(383)
(815)
-
(37)
(1 235)
As at 31 December 2025
6 098
52 638
1 775
4 878
65 389
As at 1 January 2024
6 411
48 753
1 775
6 432
63 371
New lease contracts
-
3 450
-
2 395
5 845
Modification of lease contracts
-
382
-
204
586
Reclassification
-
-
-
(2 269)
(2 269)
Currency translation differences
70
(226)
-
(17)
(173)
As at 31 December 2024
6 481
52 359
1 775
6 745
67 360
Accumulated depreciation
As at 1 January 2025
591
30 219
824
3 731
35 365
Depreciation
110
8 448
254
1 679
10 491
Termination of lease contracts
-
(2 370)
-
-
(2 370)
Reclassification
-
-
-
(1 687)
(1 687)
Currency translation differences
(38)
(458)
-
(115)
(611)
As at 31 December 2025
663
35 839
1 078
3 608
41 188
As at 1 January 2024
469
23 230
571
4 577
28 847
Depreciation
115
7 081
253
1 412
8 861
Reclassification
-
-
-
(2 246)
(2 246)
Currency translation differences
7
(92)
-
(12)
(97)
As at 31 December 2024
591
30 219
824
3 731
35 365
Carrying amount
As at 31 December 2025
5 435
16 799
697
1 270
24 201
As at 31 December 2024
5 890
22 140
951
3 014
31 995
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
38
In 2025, the Parent Company did not enter into any new lease agreements. The subsidiary entered into a warehouse
lease agreement, which increased the right-of-use assets by PLN 2,977 thousand. The following modifications were
made:
- warehouse lease agreements – as a result of the indexation of rent rates provided for in the agreement, the right-of-
use assets and the lease liability increased by PLN 487 thousand,
- car lease agreements – as a result of amendments to the concluded agreements, the right-of-use assets and the lease
liability decreased by PLN 27 thousand.
In 2025, the Parent Company's forklift lease agreement expired, and in accordance with the terms of the agreement, the
Company decided to purchase them. Consequently, these assets were reclassified to fixed assets. As a result of this
transaction, the right-of-use assets decreased by PLN 1,715 thousand. PLN at initial value (PLN 28 thousand at book value
on the redemption date).
Lease liabilities are presented in note 21.
11. Goodwill
Goodwill amounting to PLN 830 thousand includes only the goodwill resulting from the acquisitions of Yato Tools
(Shanghai) Co. Ltd. in 2013.
2025
2024
As at 1 January
735
723
Foreign exchange differences
(61)
12
As at 31 December
674
735
Impairment test for goodwill
The Management Board reviews the business performance by geographic areas (locations of subsidiaries) and
distribution channels. The main geographic areas identified include Poland and European countries (except Romania),
Romania (subsidiary in Romania), as well as China and non-European foreign markets (subsidiaries in China). In all these
areas, the Group conducts activities in various distribution channels. Goodwill is analysed by the Management Board at
the geographic areas level. The above goodwill is allocated to subsidiaries located in China, i.e. Yato Tools (Shanghai) Co.
Ltd. and Yato Tools Jiaxing Co. Ltd.
The recoverable amount of the cash-generating unit has been determined based on value-in-use calculations for each
operating segment separately. These calculations use pre-tax cash flow projections based on financial budgets covering
a five-year period. Cash flows beyond the five-year period are extrapolated using the estimated growth rates stated
below. The growth rate does not exceed the long-term average growth rate for the tool industry in which the cash-
generating unit operates.
The key assumptions used for value-in-use calculations are as follows:
31 December
2025
31 December
2024
compound annual rate of growth of sales revenue
4%
4%
rate of growth after the forecast period
2%
2%
weighted average cost of capital (discount rate)
6,8%
5,0%
The annual rate of growth of sales revenue was used as the key assumption. The volume of sales in each period is the
main driver for revenue and costs. The compound annual rate of growth of sales revenue is based on past performance.
The long term growth rates used were estimated on a very conservative level. The discount rates used are pre-tax and
reflect specific risks relating to that market.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
39
The recoverable amount calculated on the basis of value in use, using the above assumptions, constitutes approximately
195% of the book value for all segments (166% in 2024). The following changes in key assumptions would remove this
excess in at least one segment (the impact of each assumption was estimated under the assumption that other
assumptions remain unchanged):
• decrease in forecasted revenue growth rate in the next 5 years by 7.6 percentage point (2024: decrease by 3.3
percentage points);
• increase in the discount rate by 2.7 percentage point (2024: increase by 1.3 percentage points).
12. Inventory
31 December
2025
31 December
2024
Goods for resale at warehouse and in transit
458 655
496 534
Asset for expected returns from customers
230
567
Total inventories (carrying amount)
458 885
497 101
Revaluation write-down for goods for resale at warehouse to net recoverable amount
6 735
6 781
Total inventories (gross)
465 620
503 882
The table below presents changes in revaluation write-downs to net realizable value on inventory:
2025
2024
As at 1 January
6 781
6 337
Increase
382
700
Reversal/utilisation
(166)
(272)
Currency translation differences
(262)
16
As at 31 December
6 735
6 781
Utilisation and reversal of inventory write-downs made in the current year as well as write-downs made in previous years
were recorded in the financial result and presented as cost of goods for resale sold. Reversal of write-offs resulted from
a decrease in the value of these inventories, which, in accordance with the policy adopted by the Group, should be
written down.
For collaterals established on inventories, please refer to note 20.
13. Trade and other short-term receivables
31 December
2025
31 December
2024
Trade receivables from related parties
1
2
Trade receivables from third parties
95 053
91 492
Total trade receivables
95 054
91 494
Taxes, custom duties and social security receivables
23 097
32 306
Other receivables from third parties
1 557
2 765
Advances for deliveries of goods for resale
9 011
12 281
Prepayments and deferred costs
2 699
2 296
Total gross receivables
131 418
141 142
Impairment write-downs of doubtful trade receivables
(3 410)
(3 435)
Impairment write-downs of other receivables
-
(36)
Total net receivables
128 008
137 671
The average repayment period of receivables is 51 days. For collaterals established on receivables, please refer to note
20.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
40
Changes in gross trade receivables are summarized in table below.
Receivables analysed
in group
Receivables analysed
individually
Total
As at 1 January 2025
88 593
2 901
91 494
Increase due to sales
1 051 654
84
1 051 738
Receivables written-off
-
(81)
(81)
Receivables classified individually as irrecoverable
(232)
232
-
Collected receivables
(1 035 197)
-
(1 035 197)
Compensated receivables
(1 199)
-
(1 199)
Other changes, including currency translation differences
(11 639)
(62)
(11 701)
As at 31 December 2025
91 980
3 074
95 054
The Group applies a simplified approach and measures the allowance in an amount equal to the expected credit losses
throughout the life cycle using the provision matrix, described in the accounting policies descried in Note 3.13. The
impact of creation and reversal of impairment write-down of trade and other receivables has been included in line
"Expected credit losses". Changes in the write-downs of trade and other receivables are presented in the table below:
2025
2024
As at 1 January
3 435
3 171
Increase
87
275
Reversal
(32)
(5)
Currency translation differences
(80)
(6)
As at 31 December
3 410
3 435
The table below presents the ageing structure of receivables, including average expected credit loss ratio for each
overdue period.
31 December 2025
Total
Not overdue
0-30 days
31-60 days
61-90 days
over 90 days
Gross trade receivables
95 054
76 765
12 033
849
949
4 458
Group analysis
Gross value of trade receivables analysed
on grouped level
91 980
76 765
12 033
849
949
1 384
Expected credit loss ratio
0,01%-0,05%
0,1-5%
0,7%-25%
0,8%-50%
0,9%-100%
Expected credit losses (impairment loss for
customers analysed at groups level)
(515)
(352)
(83)
(22)
(13)
(45)
Individual analysis
Gross value of trade receivables analysed
on individual level
3 074
-
-
-
-
3 074
Impairment loss on individual customers
(2 894)
-
-
-
-
(2 894)
Total expected credit losses
(3 410)
(352)
(83)
(22)
(13)
(2 940)
Total net trade receivables
91 645
76 413
11 950
827
936
1 519
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2025
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
41
31 December 2024
Total
Not overdue
0-30 days
31-60 days
61-90 days
over 90 days
Gross trade receivables
91 494
76 184
9 202
986
576
4 546
Group analysis
Gross value of trade receivables analysed
on grouped level
88 593
76 184
9 202
986
496
1 725
Expected credit loss ratio
0,01%-0,05%
0,1-5%
0,7%-25%
0,8%-50%
0,9%-100%
Expected credit losses (impairment loss for
customers analysed at groups level)
(540)
(363)
(64)
(27)
(11)
(75)
Individual analysis
Gross value of trade receivables analysed
on individual level
2 901
-
-
-
80
2 821
Impairment loss on individual customers
(2 895)
-
-
-
(80)
(2 815)
Total expected credit losses
(3 435)
(363)
(64)
(27)
(91)
(2 890)
Total net trade receivables
88 059
75 821
9 138
959
485
1 656
The individual analysis is carried out in relation to customers for which indicators described in the policy in note 3.13
have been identified, i.e. most often overdue for over 90 days, which results in the customer being transferred for debt
collection. The allowance for expected credit losses for this group of customers is determined taking into account the
terms and conditions of insurance, provided that the customer is subject to insurance, i.e. the allowance includes the
own contribution in accordance with the concluded agreement. In relation to receivables analysed individually, the part
not covered by the write-down relates to the insured receivables.
In relation to the remaining customers, analysed in groups with the use of the provisions matrix, expected credit loss
ratios are determined separately for insured receivables (lower range limits shown in the table above) and uninsured
receivables (main range limits). Expected credit loss ratios are determined separately for each company in the Group.
14. Cash and cash equivalents
31 December
2025
31 December
2024
Cash in hand and at bank
63 406
39 128
Total cash and cash equivalents
63 406
39 128
Apart from cash disclosed in the statement on financial position, the Parent Company has a separate bank account for
the funds of the Company Social Benefits Fund (ZFŚS) which are presented under other receivables in their net amount
together with liabilities towards the ZFŚS and receivables under loans granted. As at 31 December 2025, these funds
amounted to PLN 119 thousand and as at 31 December 2024 - PLN 64 thousand. The Company may use these funds only
in the manner provided for by the law with regard to the ZFŚS funds.
As a result of implementation of VAT split payment mechanism, the Parent Company has dedicated VAT bank accounts,
where VAT amounts from invoices settled by the vendors of TOYA S.A. will be transferred. Funds collected in these VAT
accounts may only be used for VAT settlements concerning invoices received and settlements of tax liabilities. As at 31
December 2025, the cash balance in these VAT accounts totalled PLN 713 thousand (31 December 2024: PLN 986
thousand). In line with the Management Board's judgment, restrictions on the disposition of these funds resulting from
tax regulations do not affect their classification as cash and cash equivalents, as the Company uses them on an ongoing
basis to settle short-term tax liabilities.
Apart from the ZFŚS funds, as at 31 December 2025 and 31 December 2024, the Group did not have any cash of limited
disposability.