FY 2026 report
Betacom kurczy się skalą (przychody -23% r/r, do 146,7 mln zł), ale poprawia jakość sprzedaży — marża brutto wzrosła z 14,0% do 17,5% dzięki mniejszemu udziałowi niżej marżowego handlu sprzętem.
Sentiment
Neutral
No guidance change
BCM
FY 2026 report
Revenue
146.74 m PLN
— YoY
Net income
1.36 m PLN
— YoY
Gross margin
17.5%
— YoY
ROE
7.1%
— YoY
Summary
Investment thesis
- Wynik operacyjny utrzymał się na stabilnym poziomie (1,9 mln zł) mimo dużego spadku wolumenu, co sugeruje elastyczną strukturę kosztową i zmianę miksu w stronę usług/subskrypcji.
- Bilans jest bardzo lekki i płynny: pozycja gotówkowa netto (dług netto ok. -3,2 mln zł), kapitał własny stanowi 33,9% pasywów.
- Spółka zależna CSS (logistyka, 75,5% udziałów) ograniczyła stratę o ok. 87% r/r — poprawa rentowności drugiego filaru Grupy.
- Strategia koncentruje się na Agentic AI, hiperautomatyzacji (RPA) i infrastrukturze Data Center dedykowanej AI — kierunek zgodny z rynkowymi trendami, ale efekty finansowe tej zmiany dopiero się materializują.
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Financials
BETA
BCM · FY 2026
| Metric | FY 2026 | FY 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 146.74 | — | — | reported | — | 1.00 |
| Gross profit | 25.68 | — | — | reported | — | 1.00 |
| EBIT | 1.9 | — | — | reported | — | 1.00 |
| EBT | 1.67 | — | — | reported | — | 1.00 |
| Net income | 1.36 | — | — | reported | — | 1.00 |
| Income tax | 0.31 | — | — | reported | — | 1.00 |
| Gross margin | 17.5% | — | — | derived | — | 1.00 |
| EBIT margin | 1.3% | — | — | derived | — | 1.00 |
| EBT margin | 1.1% | — | — | derived | — | 1.00 |
| Net margin | 0.9% | — | — | derived | — | 1.00 |
| Cash | 7.12 | — | — | reported | — | 1.00 |
| Total debt | 3.93 | — | — | reported | — | 0.90 |
| Net debt | -3.19 | — | — | derived | — | 0.90 |
| Equity | 20.41 | — | — | reported | — | 1.00 |
| Total assets | 60.25 | — | — | reported | — | 1.00 |
| Working capital | 7.2 | — | — | derived | — | 1.00 |
| Current assets | 40.41 | — | — | reported | — | 1.00 |
| Current liabilities | 33.22 | — | — | reported | — | 1.00 |
| Non-current liabilities | 6.62 | — | — | reported | — | 1.00 |
| Inventory | 3.79 | — | — | reported | — | 1.00 |
| Trade receivables | 23.45 | — | — | reported | — | 0.80 |
| Trade payables | 26.53 | — | — | reported | — | 0.80 |
| Goodwill | 11.72 | — | — | reported | — | 1.00 |
| ROE | 7.1% | — | — | reported | — | 0.90 |
| ROA | 2.38% | — | — | reported | — | 0.90 |
| Current ratio | 1.22x | — | — | derived | — | 1.00 |
| Quick ratio | 1.1x | — | — | derived | — | 1.00 |
| Cash ratio | 0.21x | — | — | derived | — | 1.00 |
| Debt / equity | 0.19x | — | — | derived | — | 0.80 |
| Debt / assets | 0.07x | — | — | derived | — | 0.80 |
| Net debt / equity | -0.16x | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | -23% | — | — | derived | — | 1.00 |
| EBIT growth (YoY) | -1.6% | — | — | derived | — | 1.00 |
| Net income growth (YoY) | -13% | — | — | derived | — | 1.00 |
| Gross margin Δ (YoY) | 3.5 pp | — | — | derived | — | 1.00 |
| EBIT margin Δ (YoY) | 0.3 pp | — | — | derived | — | 1.00 |
| Net margin Δ (YoY) | 0.1 pp | — | — | derived | — | 1.00 |
FY 2026 · Δ YoY
Revenue
146.74
—
146.74
—
- FY 2025
- —
Gross profit
25.68
—
25.68
—
- FY 2025
- —
EBIT
1.9
—
1.9
—
- FY 2025
- —
EBT
1.67
—
1.67
—
- FY 2025
- —
Net income
1.36
—
1.36
—
- FY 2025
- —
Income tax
0.31
—
0.31
—
- FY 2025
- —
Gross margin
17.5%
—
17.5%
—
- FY 2025
- —
EBIT margin
1.3%
—
1.3%
—
- FY 2025
- —
EBT margin
1.1%
—
1.1%
—
- FY 2025
- —
Net margin
0.9%
—
0.9%
—
- FY 2025
- —
Cash
7.12
—
7.12
—
- FY 2025
- —
Total debt
3.93
—
3.93
—
- FY 2025
- —
Net debt
-3.19
—
-3.19
—
- FY 2025
- —
Equity
20.41
—
20.41
—
- FY 2025
- —
Total assets
60.25
—
60.25
—
- FY 2025
- —
Working capital
7.2
—
7.2
—
- FY 2025
- —
Current assets
40.41
—
40.41
—
- FY 2025
- —
Current liabilities
33.22
—
33.22
—
- FY 2025
- —
Non-current liabilities
6.62
—
6.62
—
- FY 2025
- —
Inventory
3.79
—
3.79
—
- FY 2025
- —
Trade receivables
23.45
—
23.45
—
- FY 2025
- —
Trade payables
26.53
—
26.53
—
- FY 2025
- —
Goodwill
11.72
—
11.72
—
- FY 2025
- —
ROE
7.1%
—
7.1%
—
- FY 2025
- —
ROA
2.38%
—
2.38%
—
- FY 2025
- —
Current ratio
1.22x
—
1.22x
—
- FY 2025
- —
Quick ratio
1.1x
—
1.1x
—
- FY 2025
- —
Cash ratio
0.21x
—
0.21x
—
- FY 2025
- —
Debt / equity
0.19x
—
0.19x
—
- FY 2025
- —
Debt / assets
0.07x
—
0.07x
—
- FY 2025
- —
Net debt / equity
-0.16x
—
-0.16x
—
- FY 2025
- —
Revenue growth (YoY)
-23%
—
-23%
—
- FY 2025
- —
EBIT growth (YoY)
-1.6%
—
-1.6%
—
- FY 2025
- —
Net income growth (YoY)
-13%
—
-13%
—
- FY 2025
- —
Gross margin Δ (YoY)
3.5 pp
—
3.5 pp
—
- FY 2025
- —
EBIT margin Δ (YoY)
0.3 pp
—
0.3 pp
—
- FY 2025
- —
Net margin Δ (YoY)
0.1 pp
—
0.1 pp
—
- FY 2025
- —