ABE AB Giełda Papierów Wartościowych w Warszawie · Quarterly · publ. August 26, 2026

9M 2026 report

Grupa AB umacnia pozycję największego dystrybutora IT w Polsce i regionie CEE (5. miejsce w Europie wg Contextu), z przychodami 9M rosnącymi o 18% r/r do 13,56 mld zł.

Sentiment

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Website

ABE 9M 2026 report

Revenue

13,560.51 m PLN

— YoY

Net income

191.12 m PLN

— YoY

EBITDA

305.6 m PLN

— YoY

Gross margin

3.97%

— YoY

Summary

Investment thesis

Q3 przyniósł rekordowy wzrost sprzedaży (+44% r/r) napędzany dostawami w ramach prawdopodobnie największego w historii przetargu publicznego w Polsce (laboratoria AI LAB dla szkół).
Poprawa rentowności narastająco: marża EBITDA 9M wzrosła do 2,25% (z 1,94%), zysk netto +41% r/r do 191 mln zł.
Jednorazowy koszt tego sukcesu to silnie ujemny operacyjny cash flow (-333 mln zł w 9M, wobec +114 mln zł rok wcześniej) i skokowy wzrost zadłużenia odsetkowego do 553 mln zł, sfinansowany m.in. nową emisją obligacji o niższej marży.
Spółka utrzymuje bezpieczne wskaźniki płynności (1,45x) i zadłużenia, kontynuuje wypłatę rosnącej dywidendy (101 mln zł, +113% r/r) oraz skup akcji własnych.

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Financials

BETA

9M 2026

ABE · 9M 2026

Metric	9M 2026	9M 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	4,584.42	—	—	13,560.51	—	reported	—	1.00
Gross profit	172.06	—	—	538.21	—	reported	—	1.00
EBITDA	305.6	—	—	305.6	—	reported	—	1.00
EBIT	90.74	—	—	289.47	—	reported	—	1.00
EBT	70	—	—	241.98	—	reported	—	1.00
Net income	55.85	—	—	191.12	—	reported	—	1.00
EPS (basic) (PLN)	12.19	—	—	12.19	—	reported	—	1.00
EPS (diluted) (PLN)	12.19	—	—	12.19	—	reported	—	1.00
D&A	16.13	—	—	16.13	—	reported	—	1.00
Income tax	14.15	—	—	50.86	—	reported	—	1.00
Shares (basic) (m units)	15.67	—	—	15.67	—	reported	—	1.00
Shares (diluted) (m units)	15.67	—	—	15.67	—	reported	—	1.00

Gross margin	3.75%	—	—	3.97%	—	derived	—	0.90
EBITDA margin	2.25%	—	—	2.25%	—	derived	—	0.90
EBIT margin	1.98%	—	—	2.14%	—	derived	—	0.90
Net margin	1.22%	—	—	1.41%	—	derived	—	0.90

Cash	63.08	—	—	—	—	reported	—	1.00
Total debt	552.54	—	—	—	—	reported	—	1.00
Net debt	489.46	—	—	—	—	derived	—	0.90
Equity	1,607.59	—	—	—	—	reported	—	1.00
Total assets	4,766.97	—	—	—	—	reported	—	1.00
Working capital	1,372.85	—	—	—	—	derived	—	0.90
Current assets	4,466.64	—	—	—	—	reported	—	1.00
Current liabilities	3,093.79	—	—	—	—	reported	—	1.00
Non-current liabilities	65.6	—	—	—	—	reported	—	1.00
Inventory	2,412.36	—	—	—	—	reported	—	1.00
Trade receivables	1,966.97	—	—	—	—	reported	—	1.00
Trade payables	2,113.66	—	—	—	—	reported	—	0.70
Goodwill	72.41	—	—	—	—	reported	—	1.00
Tangible equity	1,535.18	—	—	—	—	derived	—	0.90

CFO	-111.25	—	—	-332.72	—	reported	—	1.00
CapEx	4.95	—	—	8.63	—	reported	—	1.00
FCF	-116.19	—	—	-341.35	—	derived	—	0.90
FCF conversion	-111.73%	—	—	-111.73%	—	derived	—	0.80
CFO conversion	-108.89%	—	—	-108.89%	—	derived	—	0.80
Dividends paid	101.02	—	—	101.02	—	reported	—	1.00
Buybacks	5.53	—	—	5.53	—	reported	—	1.00

Current ratio	1.44x	—	—	—	—	derived	—	0.90
Quick ratio	0.66x	—	—	—	—	derived	—	0.90
Cash ratio	0.02x	—	—	—	—	derived	—	0.90

Debt / equity	0.34x	—	—	—	—	derived	—	0.90
Debt / assets	0.12x	—	—	—	—	derived	—	0.90
Net debt / equity	0.31x	—	—	—	—	derived	—	0.90

Revenue growth (YoY)	44.08%	—	—	18.15%	—	derived	—	1.00
EBITDA growth (YoY)	37.37%	—	—	37.37%	—	derived	—	1.00
EBIT growth (YoY)	69.12%	—	—	40.5%	—	derived	—	0.90
Net income growth (YoY)	65.58%	—	—	41.41%	—	derived	—	0.90
EPS growth (YoY)	42.41%	—	—	42.41%	—	derived	—	0.90
FCF growth (YoY)	-376.03%	—	—	-411.28%	—	derived	—	0.80
Gross margin Δ (YoY)	-0.24 pp	—	—	0.12 pp	—	derived	—	0.80
EBITDA margin Δ (YoY)	0.32 pp	—	—	0.32 pp	—	derived	—	0.80
EBIT margin Δ (YoY)	0.29 pp	—	—	0.34 pp	—	derived	—	0.80
Net margin Δ (YoY)	0.16 pp	—	—	0.23 pp	—	derived	—	0.80

9M 2026 · Δ YoY

Revenue

4,584.42 —

9M 2025: —
YTD 2026: 13,560.51
Δ YoY: —

Gross profit

172.06 —

9M 2025: —
YTD 2026: 538.21
Δ YoY: —

EBITDA

305.6 —

9M 2025: —
YTD 2026: 305.6
Δ YoY: —

EBIT

90.74 —

9M 2025: —
YTD 2026: 289.47
Δ YoY: —

EBT

70 —

9M 2025: —
YTD 2026: 241.98
Δ YoY: —

Net income

55.85 —

9M 2025: —
YTD 2026: 191.12
Δ YoY: —

EPS (basic) (PLN)

12.19 —

9M 2025: —
YTD 2026: 12.19
Δ YoY: —

EPS (diluted) (PLN)

12.19 —

9M 2025: —
YTD 2026: 12.19
Δ YoY: —

D&A

16.13 —

9M 2025: —
YTD 2026: 16.13
Δ YoY: —

Income tax

14.15 —

9M 2025: —
YTD 2026: 50.86
Δ YoY: —

Shares (basic) (m units)

15.67 —

9M 2025: —
YTD 2026: 15.67
Δ YoY: —

Shares (diluted) (m units)

15.67 —

9M 2025: —
YTD 2026: 15.67
Δ YoY: —

Gross margin

3.75% —

9M 2025: —
YTD 2026: 3.97%
Δ YoY: —

EBITDA margin

2.25% —

9M 2025: —
YTD 2026: 2.25%
Δ YoY: —

EBIT margin

1.98% —

9M 2025: —
YTD 2026: 2.14%
Δ YoY: —

Net margin

1.22% —

9M 2025: —
YTD 2026: 1.41%
Δ YoY: —

Cash

63.08 —

9M 2025: —
YTD 2026: —
Δ YoY: —

Total debt

552.54 —

9M 2025: —
YTD 2026: —
Δ YoY: —

Net debt

489.46 —

9M 2025: —
YTD 2026: —
Δ YoY: —

Equity

1,607.59 —

9M 2025: —
YTD 2026: —
Δ YoY: —

Total assets

4,766.97 —

9M 2025: —
YTD 2026: —
Δ YoY: —

Working capital

1,372.85 —

9M 2025: —
YTD 2026: —
Δ YoY: —

Current assets

4,466.64 —

9M 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

3,093.79 —

9M 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

65.6 —

9M 2025: —
YTD 2026: —
Δ YoY: —

Inventory

2,412.36 —

9M 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

1,966.97 —

9M 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

2,113.66 —

9M 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

72.41 —

9M 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity

1,535.18 —

9M 2025: —
YTD 2026: —
Δ YoY: —

CFO

-111.25 —

9M 2025: —
YTD 2026: -332.72
Δ YoY: —

CapEx

4.95 —

9M 2025: —
YTD 2026: 8.63
Δ YoY: —

FCF

-116.19 —

9M 2025: —
YTD 2026: -341.35
Δ YoY: —

FCF conversion

-111.73% —

9M 2025: —
YTD 2026: -111.73%
Δ YoY: —

CFO conversion

-108.89% —

9M 2025: —
YTD 2026: -108.89%
Δ YoY: —

Dividends paid

101.02 —

9M 2025: —
YTD 2026: 101.02
Δ YoY: —

Buybacks

5.53 —

9M 2025: —
YTD 2026: 5.53
Δ YoY: —

Current ratio

1.44x —

9M 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

0.66x —

9M 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.02x —

9M 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

0.34x —

9M 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.12x —

9M 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.31x —

9M 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

44.08% —

9M 2025: —
YTD 2026: 18.15%
Δ YoY: —

EBITDA growth (YoY)

37.37% —

9M 2025: —
YTD 2026: 37.37%
Δ YoY: —

EBIT growth (YoY)

69.12% —

9M 2025: —
YTD 2026: 40.5%
Δ YoY: —

Net income growth (YoY)

65.58% —

9M 2025: —
YTD 2026: 41.41%
Δ YoY: —

EPS growth (YoY)

42.41% —

9M 2025: —
YTD 2026: 42.41%
Δ YoY: —

FCF growth (YoY)

-376.03% —

9M 2025: —
YTD 2026: -411.28%
Δ YoY: —

Gross margin Δ (YoY)

-0.24 pp —

9M 2025: —
YTD 2026: 0.12 pp
Δ YoY: —

EBITDA margin Δ (YoY)

0.32 pp —

9M 2025: —
YTD 2026: 0.32 pp
Δ YoY: —

EBIT margin Δ (YoY)

0.29 pp —

9M 2025: —
YTD 2026: 0.34 pp
Δ YoY: —

Net margin Δ (YoY)

0.16 pp —

9M 2025: —
YTD 2026: 0.23 pp
Δ YoY: —