FY 2026 report
Przychody wzrosły nieznacznie (+2,6% r/r do 190,1 mln zł), ale wzrost e-commerce (+10,6%) i LFL (+3,4%) nie rekompensuje spadku marży brutto (28,1% z 31,4%) ani pogłębienia straty EBITDA.
Sentiment
Cautious
No guidance change
IPO
FY 2026 report
Revenue
190.13 m PLN
— YoY
Net income
-43.59 m PLN
— YoY
EBITDA
-13.45 m PLN
— YoY
Gross margin
28.06%
— YoY
Summary
Investment thesis
- Spółka wciąż generuje stratę netto (-43,6 mln zł), a skumulowana strata sięgnęła -138,5 mln zł przy ujemnych kapitałach własnych (-36,2 mln zł) i ujemnym kapitale obrotowym (-116,5 mln zł).
- Biegły rewident zwrócił uwagę na istotną niepewność co do kontynuacji działalności — Zarząd opiera założenie kontynuacji na dokapitalizowaniu przez głównych akcjonariuszy i porozumieniach z dostawcami o odroczeniu płatności.
- Po dniu bilansowym: zgoda WZA na zbycie zorganizowanej części przedsiębiorstwa oraz zmiana Prezesa Zarządu — sygnały trwającej, pogłębiającej się restrukturyzacji bez ujawnionych szczegółów.
- Sieć sklepów została zredukowana do 21 lokalizacji (18 043 m²); spółka koncentruje się na e-commerce i wynikach LFL jako głównych miarach postępu transformacji, przy minimalnym CAPEX (2,7 mln zł).
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Financials
BETA
IPO · FY 2026
| Metric | FY 2026 | FY 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 190.13 | — | — | reported | — | 1.00 |
| Gross profit | 53.35 | — | — | reported | — | 1.00 |
| EBITDA | -13.45 | — | — | adjusted | — | 1.00 |
| EBIT | -38.89 | — | — | reported | — | 1.00 |
| EBT | -43.28 | — | — | reported | — | 1.00 |
| Net income | -43.59 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.28 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.25 | — | — | reported | — | 1.00 |
| D&A | 23.31 | — | — | reported | — | 1.00 |
| Interest expense | 4.03 | — | — | reported | — | 1.00 |
| Income tax | 0.31 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 154.53 | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 174.62 | — | — | reported | — | 1.00 |
| Gross margin | 28.06% | — | — | derived | — | 0.70 |
| EBITDA margin | -7.07% | — | — | derived | — | 0.70 |
| EBIT margin | -20.45% | — | — | derived | — | 0.70 |
| EBT margin | -22.77% | — | — | derived | — | 0.70 |
| Net margin | -22.93% | — | — | derived | — | 0.70 |
| D&A margin | 12.26% | — | — | derived | — | 0.70 |
| Cash | 1.05 | — | — | reported | — | 1.00 |
| Total debt | 46.4 | — | — | reported | — | 1.00 |
| Net debt | 45.35 | — | — | derived | — | 0.70 |
| Equity | -36.24 | — | — | reported | — | 1.00 |
| Total assets | 152.56 | — | — | reported | — | 1.00 |
| Working capital | -116.49 | — | — | derived | — | 0.70 |
| Current assets | 50.71 | — | — | reported | — | 1.00 |
| Current liabilities | 167.2 | — | — | reported | — | 1.00 |
| Non-current liabilities | 21.6 | — | — | reported | — | 1.00 |
| Inventory | 46.3 | — | — | reported | — | 1.00 |
| Trade receivables | 1.14 | — | — | reported | — | 1.00 |
| Trade payables | 94.19 | — | — | reported | — | 1.00 |
| Goodwill | 3.97 | — | — | reported | — | 1.00 |
| Tangible equity | -40.2 | — | — | derived | — | 0.70 |
| CFO | -1.75 | — | — | reported | — | 1.00 |
| CapEx | 2.67 | — | — | reported | — | 1.00 |
| FCF | -4.42 | — | — | derived | — | 0.70 |
| FCF conversion | 32.86% | — | — | derived | — | 0.50 |
| CFO conversion | 12.99% | — | — | derived | — | 0.50 |
| ROE | 162.96% | — | — | derived | — | 0.50 |
| ROA | -27.39% | — | — | derived | — | 0.70 |
| ROIC | -345.5% | — | — | derived | — | 0.30 |
| ROCE | 265.6% | — | — | derived | — | 0.30 |
| Current ratio | 0.3x | — | — | derived | — | 0.70 |
| Quick ratio | 0.03x | — | — | derived | — | 0.70 |
| Cash ratio | 0.01x | — | — | derived | — | 0.70 |
| Interest coverage | -9.66x | — | — | derived | — | 0.70 |
| Net debt / EBITDA | -3.37x | — | — | derived | — | 0.30 |
| Debt / equity | -1.28x | — | — | derived | — | 0.30 |
| Debt / assets | 0.3x | — | — | derived | — | 0.70 |
| Net debt / equity | -1.25x | — | — | derived | — | 0.30 |
| Revenue growth (YoY) | 2.65% | — | — | derived | — | 0.70 |
| EBITDA growth (YoY) | -45.27% | — | — | derived | — | 0.70 |
| EBIT growth (YoY) | 1.66% | — | — | derived | — | 0.70 |
| Net income growth (YoY) | 12.75% | — | — | derived | — | 0.70 |
| EPS growth (YoY) | 31.71% | — | — | derived | — | 0.70 |
| FCF growth (YoY) | -305.2% | — | — | derived | — | 0.50 |
| Gross margin Δ (YoY) | -3.33 pp | — | — | derived | — | 0.70 |
| EBITDA margin Δ (YoY) | -2.08 pp | — | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | 0.9 pp | — | — | derived | — | 0.70 |
| Net margin Δ (YoY) | 4.04 pp | — | — | derived | — | 0.70 |
FY 2026 · Δ YoY
Revenue
190.13
—
190.13
—
- FY 2025
- —
Gross profit
53.35
—
53.35
—
- FY 2025
- —
EBITDA
-13.45
—
-13.45
—
- FY 2025
- —
EBIT
-38.89
—
-38.89
—
- FY 2025
- —
EBT
-43.28
—
-43.28
—
- FY 2025
- —
Net income
-43.59
—
-43.59
—
- FY 2025
- —
EPS (basic)
(PLN)
-0.28
—
-0.28
—
- FY 2025
- —
EPS (diluted)
(PLN)
-0.25
—
-0.25
—
- FY 2025
- —
D&A
23.31
—
23.31
—
- FY 2025
- —
Interest expense
4.03
—
4.03
—
- FY 2025
- —
Income tax
0.31
—
0.31
—
- FY 2025
- —
Shares (basic)
(m units)
154.53
—
154.53
—
- FY 2025
- —
Shares (diluted)
(m units)
174.62
—
174.62
—
- FY 2025
- —
Gross margin
28.06%
—
28.06%
—
- FY 2025
- —
EBITDA margin
-7.07%
—
-7.07%
—
- FY 2025
- —
EBIT margin
-20.45%
—
-20.45%
—
- FY 2025
- —
EBT margin
-22.77%
—
-22.77%
—
- FY 2025
- —
Net margin
-22.93%
—
-22.93%
—
- FY 2025
- —
D&A margin
12.26%
—
12.26%
—
- FY 2025
- —
Cash
1.05
—
1.05
—
- FY 2025
- —
Total debt
46.4
—
46.4
—
- FY 2025
- —
Net debt
45.35
—
45.35
—
- FY 2025
- —
Equity
-36.24
—
-36.24
—
- FY 2025
- —
Total assets
152.56
—
152.56
—
- FY 2025
- —
Working capital
-116.49
—
-116.49
—
- FY 2025
- —
Current assets
50.71
—
50.71
—
- FY 2025
- —
Current liabilities
167.2
—
167.2
—
- FY 2025
- —
Non-current liabilities
21.6
—
21.6
—
- FY 2025
- —
Inventory
46.3
—
46.3
—
- FY 2025
- —
Trade receivables
1.14
—
1.14
—
- FY 2025
- —
Trade payables
94.19
—
94.19
—
- FY 2025
- —
Goodwill
3.97
—
3.97
—
- FY 2025
- —
Tangible equity
-40.2
—
-40.2
—
- FY 2025
- —
CFO
-1.75
—
-1.75
—
- FY 2025
- —
CapEx
2.67
—
2.67
—
- FY 2025
- —
FCF
-4.42
—
-4.42
—
- FY 2025
- —
FCF conversion
32.86%
—
32.86%
—
- FY 2025
- —
CFO conversion
12.99%
—
12.99%
—
- FY 2025
- —
ROE
162.96%
—
162.96%
—
- FY 2025
- —
ROA
-27.39%
—
-27.39%
—
- FY 2025
- —
ROIC
-345.5%
—
-345.5%
—
- FY 2025
- —
ROCE
265.6%
—
265.6%
—
- FY 2025
- —
Current ratio
0.3x
—
0.3x
—
- FY 2025
- —
Quick ratio
0.03x
—
0.03x
—
- FY 2025
- —
Cash ratio
0.01x
—
0.01x
—
- FY 2025
- —
Interest coverage
-9.66x
—
-9.66x
—
- FY 2025
- —
Net debt / EBITDA
-3.37x
—
-3.37x
—
- FY 2025
- —
Debt / equity
-1.28x
—
-1.28x
—
- FY 2025
- —
Debt / assets
0.3x
—
0.3x
—
- FY 2025
- —
Net debt / equity
-1.25x
—
-1.25x
—
- FY 2025
- —
Revenue growth (YoY)
2.65%
—
2.65%
—
- FY 2025
- —
EBITDA growth (YoY)
-45.27%
—
-45.27%
—
- FY 2025
- —
EBIT growth (YoY)
1.66%
—
1.66%
—
- FY 2025
- —
Net income growth (YoY)
12.75%
—
12.75%
—
- FY 2025
- —
EPS growth (YoY)
31.71%
—
31.71%
—
- FY 2025
- —
FCF growth (YoY)
-305.2%
—
-305.2%
—
- FY 2025
- —
Gross margin Δ (YoY)
-3.33 pp
—
-3.33 pp
—
- FY 2025
- —
EBITDA margin Δ (YoY)
-2.08 pp
—
-2.08 pp
—
- FY 2025
- —
EBIT margin Δ (YoY)
0.9 pp
—
0.9 pp
—
- FY 2025
- —
Net margin Δ (YoY)
4.04 pp
—
4.04 pp
—
- FY 2025
- —