Q1 2026 report
Grupa budowlano-energetyczna z dywersyfikacją geograficzną Polska/Uzbekistan/Estonia, co ogranicza wpływ lokalnej sezonowości i koniunktury.
Sentiment
Neutral
No guidance change
EQU
Q1 2026 report
Revenue
22,524 k PLN
— YoY
Net income
-157 k PLN
— YoY
EBITDA
4,972 k PLN
— YoY
FCF
-24,605 k PLN
— YoY
Summary
Investment thesis
- Przychody rosną dwucyfrowo r/r dzięki segmentowi uzbeckiemu, mimo spowolnienia polskiego budownictwa o ok. 7% r/r (GUS).
- Duży kontrakt modernizacji sieci energetycznej w Uzbekistanie zabezpieczony zaliczką 55 mln zł — widoczność przychodów na kolejne kwartały.
- Niski poziom zadłużenia finansowego względem kapitału własnego (dług/equity ~0,09x), ale operacyjny cash flow w tym kwartale głęboko ujemny.
- Koncentracja wyniku i podatku odroczonego w jednej zagranicznej spółce zależnej (EQQ) niesie ryzyko jurysdykcyjne i walutowe.
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Financials
BETA
EQU · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 22,524 | — | — | reported | — | 1.00 |
| EBITDA | 4,972 | — | — | reported | — | 0.90 |
| EBIT | 2,722 | — | — | reported | — | 1.00 |
| EBT | 1,114 | — | — | reported | — | 1.00 |
| Net income | -157 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0 | — | — | reported | — | 0.80 |
| EPS (diluted) (PLN) | 0 | — | — | reported | — | 0.80 |
| D&A | 2,250 | — | — | reported | — | 1.00 |
| Interest expense | 279 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 315.49 | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 315.49 | — | — | reported | — | 0.70 |
| EBITDA margin | 22.07% | — | — | reported | — | 0.90 |
| EBIT margin | 12.08% | — | — | reported | — | 1.00 |
| EBT margin | 4.95% | — | — | reported | — | 1.00 |
| Net margin | -0.7% | — | — | reported | — | 0.80 |
| D&A margin | 9.99% | — | — | reported | — | 0.90 |
| Cash | 12,258 | — | — | reported | — | 1.00 |
| Total debt | 27,719 | — | — | derived | — | 0.90 |
| Net debt | 15,461 | — | — | derived | — | 0.90 |
| Equity | 320,545 | — | — | reported | — | 1.00 |
| Total assets | 494,313 | — | — | reported | — | 1.00 |
| Working capital | 24,351 | — | — | reported | — | 1.00 |
| Current assets | 129,065 | — | — | reported | — | 1.00 |
| Current liabilities | 104,714 | — | — | reported | — | 1.00 |
| Goodwill | 2,329 | — | — | reported | — | 1.00 |
| CFO | -20,853 | — | — | reported | — | 1.00 |
| CapEx | 3,752 | — | — | reported | — | 1.00 |
| FCF | -24,605 | — | — | reported | — | 0.90 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| Current ratio | 1.23x | — | — | reported | — | 1.00 |
| Quick ratio | 1.04x | — | — | reported | — | 0.90 |
| Cash ratio | 0.12x | — | — | reported | — | 1.00 |
| Interest coverage | 9.76x | — | — | reported | — | 0.80 |
| Debt / equity | 0.09x | — | — | reported | — | 0.90 |
| Net debt / equity | 0.05x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 10.55% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | -1.05% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | -110.54% | — | — | reported | — | 0.70 |
| EPS growth (YoY) | -74.12% | — | — | reported | — | 0.70 |
Q1 2026 · Δ YoY
Revenue
22,524
—
22,524
—
- Q1 2025
- —
EBITDA
4,972
—
4,972
—
- Q1 2025
- —
EBIT
2,722
—
2,722
—
- Q1 2025
- —
EBT
1,114
—
1,114
—
- Q1 2025
- —
Net income
-157
—
-157
—
- Q1 2025
- —
EPS (basic)
(PLN)
0
—
0
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0
—
0
—
- Q1 2025
- —
D&A
2,250
—
2,250
—
- Q1 2025
- —
Interest expense
279
—
279
—
- Q1 2025
- —
Shares (basic)
(m units)
315.49
—
315.49
—
- Q1 2025
- —
Shares (diluted)
(m units)
315.49
—
315.49
—
- Q1 2025
- —
EBITDA margin
22.07%
—
22.07%
—
- Q1 2025
- —
EBIT margin
12.08%
—
12.08%
—
- Q1 2025
- —
EBT margin
4.95%
—
4.95%
—
- Q1 2025
- —
Net margin
-0.7%
—
-0.7%
—
- Q1 2025
- —
D&A margin
9.99%
—
9.99%
—
- Q1 2025
- —
Cash
12,258
—
12,258
—
- Q1 2025
- —
Total debt
27,719
—
27,719
—
- Q1 2025
- —
Net debt
15,461
—
15,461
—
- Q1 2025
- —
Equity
320,545
—
320,545
—
- Q1 2025
- —
Total assets
494,313
—
494,313
—
- Q1 2025
- —
Working capital
24,351
—
24,351
—
- Q1 2025
- —
Current assets
129,065
—
129,065
—
- Q1 2025
- —
Current liabilities
104,714
—
104,714
—
- Q1 2025
- —
Goodwill
2,329
—
2,329
—
- Q1 2025
- —
CFO
-20,853
—
-20,853
—
- Q1 2025
- —
CapEx
3,752
—
3,752
—
- Q1 2025
- —
FCF
-24,605
—
-24,605
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Current ratio
1.23x
—
1.23x
—
- Q1 2025
- —
Quick ratio
1.04x
—
1.04x
—
- Q1 2025
- —
Cash ratio
0.12x
—
0.12x
—
- Q1 2025
- —
Interest coverage
9.76x
—
9.76x
—
- Q1 2025
- —
Debt / equity
0.09x
—
0.09x
—
- Q1 2025
- —
Net debt / equity
0.05x
—
0.05x
—
- Q1 2025
- —
Revenue growth (YoY)
10.55%
—
10.55%
—
- Q1 2025
- —
EBIT growth (YoY)
-1.05%
—
-1.05%
—
- Q1 2025
- —
Net income growth (YoY)
-110.54%
—
-110.54%
—
- Q1 2025
- —
EPS growth (YoY)
-74.12%
—
-74.12%
—
- Q1 2025
- —