Q4 2026 report
Integrator IT/sieciowy (Cisco) dla dużych klientów B2B i sektora publicznego, z rekordowym rokiem obrotowym 2025/2026: przychody +42,5% r/r, zysk netto ponad 13-krotnie wyższy r/r.
Sentiment
Positive
No guidance change
SEV
Q4 2026 report
Revenue
59.49 m PLN
— YoY
Net income
949.2 k PLN
— YoY
EBITDA
380.7 k PLN
— YoY
FCF
-2.7 m PLN
— YoY
Summary
Investment thesis
- Silny, zdywersyfikowany portfel nowo podpisanych kontraktów w samym IV kwartale (ok. 66 mln zł łącznie) — sektor publiczny, energetyka, górnictwo, ochrona zdrowia, NFZ — ogranicza ryzyko koncentracji na jednym kliencie.
- Jakość zysku budzi wątpliwości: przepływy operacyjne za cały rok obrotowy spadły r/r o 86%, mimo skokowego wzrostu zysku netto — główny powód to szybciej rosnące niż sprzedaż należności.
- Zadłużenie odsetkowe wzrosło ponad 3-krotnie r/r (w tym pierwszy istotny dług długoterminowy), ale Spółka wciąż utrzymuje pozycję gotówki netto.
- Niska marża operacyjna (EBIT 7,3% za rok obrotowy) typowa dla modelu integratorsko-dystrybucyjnego o niskich marżach jednostkowych na sprzęcie.
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Financials
BETA
SEV · Q4 2026
| Metric | Q4 2026 | Q4 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 59,488.7 | — | — | reported | — | 1.00 |
| EBITDA | 380.7 | — | — | derived | — | 0.90 |
| EBIT | -128.8 | — | — | reported | — | 1.00 |
| Net income | 949.2 | — | — | reported | — | 1.00 |
| EPS (basic) | 0 | — | — | derived | — | 0.80 |
| D&A | 509.5 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 10.09 | — | — | reported | — | 0.95 |
| EBITDA margin | 0.64% | — | — | derived | — | 0.85 |
| EBIT margin | -0.22% | — | — | derived | — | 0.90 |
| Net margin | 1.6% | — | — | derived | — | 0.95 |
| Cash | 24,857.1 | — | — | reported | — | 1.00 |
| Total debt | 20,841.9 | — | — | reported | — | 0.85 |
| Net debt | -4,015.2 | — | — | derived | — | 0.85 |
| Equity | 29,790.7 | — | — | reported | — | 1.00 |
| Total assets | 216,365.2 | — | — | reported | — | 1.00 |
| Working capital | 33,338.7 | — | — | derived | — | 0.85 |
| Current assets | 144,706.5 | — | — | reported | — | 1.00 |
| Current liabilities | 111,367.8 | — | — | reported | — | 0.90 |
| Non-current liabilities | 75,206.7 | — | — | reported | — | 0.85 |
| Inventory | 7,759.6 | — | — | reported | — | 1.00 |
| Trade receivables | 48,703.6 | — | — | reported | — | 1.00 |
| Trade payables | 27,087.9 | — | — | reported | — | 0.95 |
| Goodwill | 1,530.3 | — | — | reported | — | 0.90 |
| Tangible equity | 28,260.4 | — | — | derived | — | 0.90 |
| CFO | -2,568.4 | — | — | reported | — | 1.00 |
| CapEx | 133.9 | — | — | reported | — | 0.90 |
| FCF | -2,702.3 | — | — | derived | — | 0.90 |
| FCF conversion | -709.7% | — | — | derived | — | 0.30 |
| CFO conversion | -674.6% | — | — | derived | — | 0.30 |
| Current ratio | 1.3x | — | — | derived | — | 0.85 |
| Quick ratio | 1.23x | — | — | derived | — | 0.85 |
| Cash ratio | 0.22x | — | — | derived | — | 0.85 |
| Debt / equity | 0.7x | — | — | derived | — | 0.80 |
| Debt / assets | 0.1x | — | — | derived | — | 0.80 |
| Net debt / equity | -0.13x | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | 82.42% | — | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 142.09% | — | — | derived | — | 0.60 |
| EBIT growth (YoY) | 90.58% | — | — | derived | — | 0.80 |
| Net income growth (YoY) | 161.16% | — | — | derived | — | 0.85 |
| EPS growth (YoY) | 161.16% | — | — | derived | — | 0.60 |
| EBIT margin Δ (YoY) | 3.97 pp | — | — | derived | — | 0.85 |
| Net margin Δ (YoY) | 3.19 pp | — | — | derived | — | 0.85 |
Q4 2026 · Δ YoY
Revenue
59,488.7
—
59,488.7
—
- Q4 2025
- —
EBITDA
380.7
—
380.7
—
- Q4 2025
- —
EBIT
-128.8
—
-128.8
—
- Q4 2025
- —
Net income
949.2
—
949.2
—
- Q4 2025
- —
EPS (basic)
0
—
0
—
- Q4 2025
- —
D&A
509.5
—
509.5
—
- Q4 2025
- —
Shares (basic)
(m units)
10.09
—
10.09
—
- Q4 2025
- —
EBITDA margin
0.64%
—
0.64%
—
- Q4 2025
- —
EBIT margin
-0.22%
—
-0.22%
—
- Q4 2025
- —
Net margin
1.6%
—
1.6%
—
- Q4 2025
- —
Cash
24,857.1
—
24,857.1
—
- Q4 2025
- —
Total debt
20,841.9
—
20,841.9
—
- Q4 2025
- —
Net debt
-4,015.2
—
-4,015.2
—
- Q4 2025
- —
Equity
29,790.7
—
29,790.7
—
- Q4 2025
- —
Total assets
216,365.2
—
216,365.2
—
- Q4 2025
- —
Working capital
33,338.7
—
33,338.7
—
- Q4 2025
- —
Current assets
144,706.5
—
144,706.5
—
- Q4 2025
- —
Current liabilities
111,367.8
—
111,367.8
—
- Q4 2025
- —
Non-current liabilities
75,206.7
—
75,206.7
—
- Q4 2025
- —
Inventory
7,759.6
—
7,759.6
—
- Q4 2025
- —
Trade receivables
48,703.6
—
48,703.6
—
- Q4 2025
- —
Trade payables
27,087.9
—
27,087.9
—
- Q4 2025
- —
Goodwill
1,530.3
—
1,530.3
—
- Q4 2025
- —
Tangible equity
28,260.4
—
28,260.4
—
- Q4 2025
- —
CFO
-2,568.4
—
-2,568.4
—
- Q4 2025
- —
CapEx
133.9
—
133.9
—
- Q4 2025
- —
FCF
-2,702.3
—
-2,702.3
—
- Q4 2025
- —
FCF conversion
-709.7%
—
-709.7%
—
- Q4 2025
- —
CFO conversion
-674.6%
—
-674.6%
—
- Q4 2025
- —
Current ratio
1.3x
—
1.3x
—
- Q4 2025
- —
Quick ratio
1.23x
—
1.23x
—
- Q4 2025
- —
Cash ratio
0.22x
—
0.22x
—
- Q4 2025
- —
Debt / equity
0.7x
—
0.7x
—
- Q4 2025
- —
Debt / assets
0.1x
—
0.1x
—
- Q4 2025
- —
Net debt / equity
-0.13x
—
-0.13x
—
- Q4 2025
- —
Revenue growth (YoY)
82.42%
—
82.42%
—
- Q4 2025
- —
EBITDA growth (YoY)
142.09%
—
142.09%
—
- Q4 2025
- —
EBIT growth (YoY)
90.58%
—
90.58%
—
- Q4 2025
- —
Net income growth (YoY)
161.16%
—
161.16%
—
- Q4 2025
- —
EPS growth (YoY)
161.16%
—
161.16%
—
- Q4 2025
- —
EBIT margin Δ (YoY)
3.97 pp
—
3.97 pp
—
- Q4 2025
- —
Net margin Δ (YoY)
3.19 pp
—
3.19 pp
—
- Q4 2025
- —