Q1 2026 report
Przychody wzrosły o 4,3% r/r do 29,05 mln zł, ale zysk operacyjny podskoczył o 41%, a zysk netto o 65% — dzięki wyraźnej redukcji kosztów usług obcych (marketing) po korekcie strategii z 2025 roku.
Sentiment
Positive
No guidance change
4MS
Q1 2026 report
Revenue
27.87 m PLN
— YoY
Net income
3.79 m PLN
— YoY
EBITDA
4.15 m PLN
— YoY
FCF
3.28 m PLN
— YoY
Summary
Investment thesis
- Spółka utrzymuje bardzo silną pozycję gotówkową (17,53 mln zł, wzrost o 140% r/r) i weszła w pozycję gotówki netto (ok. -11,3 mln zł), wobec długu netto rok wcześniej.
- Segment private label (28% przychodów, głównie Jeronimo Martins Polska S.A.) oraz sprzedaż hurtowa (62%) pozostają filarem modelu biznesowego — koncentracja na kilku dużych odbiorcach to jednocześnie zależność.
- Wynagrodzenia trzech członków zarządu wypłacane przez ich własne spółki doradcze sięgnęły w kwartale 2,17 mln zł brutto — to ok. 57% zysku netto kwartału, warte obserwacji jako sygnał ładu korporacyjnego.
- Spółka nie publikuje prognoz finansowych, co ogranicza możliwość oceny wiarygodności zarządu względem wcześniej deklarowanych celów.
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
4MS · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 27.87 | — | — | reported | — | 1.00 |
| EBITDA | 4.15 | — | — | derived | — | 0.95 |
| EBIT | 4.47 | — | — | reported | — | 1.00 |
| EBT | 4.2 | — | — | reported | — | 1.00 |
| Net income | 3.79 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.16 | — | — | reported | — | 1.00 |
| D&A | 0.99 | — | — | reported | — | 1.00 |
| Interest expense | 0.12 | — | — | reported | — | 1.00 |
| Income tax | 0.41 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 24.01 | — | — | reported | — | 1.00 |
| EBITDA margin | 14.89% | — | — | derived | — | 0.95 |
| EBIT margin | 11.38% | — | — | derived | — | 0.95 |
| EBT margin | 14.45% | — | — | derived | — | 0.95 |
| Net margin | 8.25% | — | — | derived | — | 0.95 |
| D&A margin | 3.39% | — | — | derived | — | 0.95 |
| Cash | 17.53 | — | — | reported | — | 1.00 |
| Total debt | 6.2 | — | — | derived | — | 0.95 |
| Net debt | -11.33 | — | — | derived | — | 0.95 |
| Equity | 86.21 | — | — | reported | — | 1.00 |
| Total assets | 107.55 | — | — | reported | — | 1.00 |
| Working capital | 53.12 | — | — | derived | — | 0.95 |
| Current assets | 64.73 | — | — | reported | — | 1.00 |
| Current liabilities | 11.61 | — | — | reported | — | 1.00 |
| Non-current liabilities | 5.27 | — | — | reported | — | 1.00 |
| Inventory | 38.29 | — | — | reported | — | 1.00 |
| Trade receivables | 6.92 | — | — | reported | — | 1.00 |
| Trade payables | 4.8 | — | — | reported | — | 1.00 |
| Goodwill | 0.89 | — | — | reported | — | 1.00 |
| Tangible equity | 85.33 | — | — | derived | — | 0.95 |
| CFO | 3.58 | — | — | reported | — | 1.00 |
| CapEx | 0.31 | — | — | reported | — | 1.00 |
| FCF | 3.28 | — | — | derived | — | 0.95 |
| FCF conversion | 60.06% | — | — | derived | — | 0.90 |
| CFO conversion | 65.68% | — | — | derived | — | 0.90 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| Buybacks | 1.47 | — | — | reported | — | 1.00 |
| ROE | 14.83% | — | — | derived | — | 0.60 |
| ROA | 11.66% | — | — | derived | — | 0.60 |
| Current ratio | 5.57x | — | — | derived | — | 0.95 |
| Quick ratio | 2.28x | — | — | derived | — | 0.95 |
| Cash ratio | 1.51x | — | — | derived | — | 0.95 |
| Interest coverage | 36.93x | — | — | derived | — | 0.90 |
| Debt / equity | 0.07x | — | — | derived | — | 0.90 |
| Debt / assets | 0.06x | — | — | derived | — | 0.90 |
| Net debt / equity | -0.13x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 4.27% | — | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 31.51% | — | — | derived | — | 0.90 |
| EBIT growth (YoY) | 40.95% | — | — | derived | — | 0.95 |
| Net income growth (YoY) | 64.78% | — | — | derived | — | 0.95 |
| EPS growth (YoY) | 60% | — | — | derived | — | 0.80 |
| EBITDA margin Δ (YoY) | 3.9 pp | — | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 4.01 pp | — | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 4.79 pp | — | — | derived | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
27.87
—
27.87
—
- Q1 2025
- —
EBITDA
4.15
—
4.15
—
- Q1 2025
- —
EBIT
4.47
—
4.47
—
- Q1 2025
- —
EBT
4.2
—
4.2
—
- Q1 2025
- —
Net income
3.79
—
3.79
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.16
—
0.16
—
- Q1 2025
- —
D&A
0.99
—
0.99
—
- Q1 2025
- —
Interest expense
0.12
—
0.12
—
- Q1 2025
- —
Income tax
0.41
—
0.41
—
- Q1 2025
- —
Shares (basic)
(m units)
24.01
—
24.01
—
- Q1 2025
- —
EBITDA margin
14.89%
—
14.89%
—
- Q1 2025
- —
EBIT margin
11.38%
—
11.38%
—
- Q1 2025
- —
EBT margin
14.45%
—
14.45%
—
- Q1 2025
- —
Net margin
8.25%
—
8.25%
—
- Q1 2025
- —
D&A margin
3.39%
—
3.39%
—
- Q1 2025
- —
Cash
17.53
—
17.53
—
- Q1 2025
- —
Total debt
6.2
—
6.2
—
- Q1 2025
- —
Net debt
-11.33
—
-11.33
—
- Q1 2025
- —
Equity
86.21
—
86.21
—
- Q1 2025
- —
Total assets
107.55
—
107.55
—
- Q1 2025
- —
Working capital
53.12
—
53.12
—
- Q1 2025
- —
Current assets
64.73
—
64.73
—
- Q1 2025
- —
Current liabilities
11.61
—
11.61
—
- Q1 2025
- —
Non-current liabilities
5.27
—
5.27
—
- Q1 2025
- —
Inventory
38.29
—
38.29
—
- Q1 2025
- —
Trade receivables
6.92
—
6.92
—
- Q1 2025
- —
Trade payables
4.8
—
4.8
—
- Q1 2025
- —
Goodwill
0.89
—
0.89
—
- Q1 2025
- —
Tangible equity
85.33
—
85.33
—
- Q1 2025
- —
CFO
3.58
—
3.58
—
- Q1 2025
- —
CapEx
0.31
—
0.31
—
- Q1 2025
- —
FCF
3.28
—
3.28
—
- Q1 2025
- —
FCF conversion
60.06%
—
60.06%
—
- Q1 2025
- —
CFO conversion
65.68%
—
65.68%
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Buybacks
1.47
—
1.47
—
- Q1 2025
- —
ROE
14.83%
—
14.83%
—
- Q1 2025
- —
ROA
11.66%
—
11.66%
—
- Q1 2025
- —
Current ratio
5.57x
—
5.57x
—
- Q1 2025
- —
Quick ratio
2.28x
—
2.28x
—
- Q1 2025
- —
Cash ratio
1.51x
—
1.51x
—
- Q1 2025
- —
Interest coverage
36.93x
—
36.93x
—
- Q1 2025
- —
Debt / equity
0.07x
—
0.07x
—
- Q1 2025
- —
Debt / assets
0.06x
—
0.06x
—
- Q1 2025
- —
Net debt / equity
-0.13x
—
-0.13x
—
- Q1 2025
- —
Revenue growth (YoY)
4.27%
—
4.27%
—
- Q1 2025
- —
EBITDA growth (YoY)
31.51%
—
31.51%
—
- Q1 2025
- —
EBIT growth (YoY)
40.95%
—
40.95%
—
- Q1 2025
- —
Net income growth (YoY)
64.78%
—
64.78%
—
- Q1 2025
- —
EPS growth (YoY)
60%
—
60%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
3.9 pp
—
3.9 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
4.01 pp
—
4.01 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
4.79 pp
—
4.79 pp
—
- Q1 2025
- —