Q1 2026 report
Model portfelowy: ok. 30 spółek zależnych i 14 stowarzyszonych studiów gier, PlayWay zbiera ekonomię wydawniczą/licencyjną przy ograniczonym ryzyku bilansowym pojedynczego tytułu.
Sentiment
Neutral
No guidance change
PLW
Q1 2026 report
Revenue
72.3 m PLN
— YoY
Net income
35.64 m PLN
— YoY
EBITDA
51.17 m PLN
— YoY
FCF
45.74 m PLN
— YoY
Summary
Investment thesis
- Bardzo silna konwersja zysku na gotówkę: OCF 57,3 mln PLN przy zysku netto na akcjonariuszy dominujących 35,6 mln PLN; spółka praktycznie bez długu (interest coverage >200x).
- Wzrost przychodów w I kw. umiarkowany (+5,5% r/r), ale zysk netto +18-24% r/r — efekt głównie pozaoperacyjny (przychody finansowe, udział w zyskach jednostek stowarzyszonych, niższe koszty finansowe), nie poprawy marż operacyjnych.
- Aktywna rotacja portfela inwestycji: w I kw. 2026 Emitent wyszedł całkowicie z trzech jednostek stowarzyszonych (Iron Wolf Studio, Atomic Jelly, Play2Chill), uwalniając kapitał.
- Hojny zwrot kapitału: rekomendacja dywidendy 17,39 zł/akcję (115,9 mln PLN, ~99,9% jednostkowego zysku netto za 2025) z wypłatą w lipcu 2026.
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Financials
BETA
PLW · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 72.3 | — | — | reported | — | 1.00 |
| EBITDA | 51.17 | — | — | reported | — | 1.00 |
| EBIT | 42.33 | — | — | reported | — | 1.00 |
| EBT | 48.6 | — | — | reported | — | 1.00 |
| Net income | 35.64 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 5.35 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 5.35 | — | — | reported | — | 1.00 |
| D&A | 8.84 | — | — | reported | — | 1.00 |
| Interest expense | 0.19 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 6.67 | — | — | reported | — | 1.00 |
| EBITDA margin | 70.76% | — | — | reported | — | 0.95 |
| EBIT margin | 58.54% | — | — | reported | — | 0.95 |
| Net margin | 49.29% | — | — | reported | — | 0.95 |
| Cash | 126.09 | — | — | reported | — | 1.00 |
| Total debt | 6.96 | — | — | derived | — | 0.90 |
| Equity | 389.14 | — | — | reported | — | 1.00 |
| Total assets | 517.07 | — | — | reported | — | 1.00 |
| Current assets | 333.05 | — | — | reported | — | 1.00 |
| Current liabilities | 17.75 | — | — | reported | — | 1.00 |
| Goodwill | 135.27 | — | — | derived | — | 0.90 |
| CFO | 57.31 | — | — | reported | — | 1.00 |
| CapEx | 11.57 | — | — | reported | — | 1.00 |
| FCF | 45.74 | — | — | derived | — | 0.90 |
| FCF conversion | 89.4% | — | — | reported | — | 0.85 |
| CFO conversion | 112.04% | — | — | reported | — | 0.90 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| Current ratio | 18.76x | — | — | reported | — | 0.90 |
| Cash ratio | 7.1x | — | — | reported | — | 0.90 |
| Interest coverage | 226.35x | — | — | reported | — | 0.85 |
| Debt / equity | 0.02x | — | — | reported | — | 0.85 |
| Debt / assets | 0.01x | — | — | reported | — | 0.85 |
| Net debt / equity | -0.31x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | 5.46% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | 7.18% | — | — | reported | — | 0.95 |
| EBIT growth (YoY) | 4.81% | — | — | reported | — | 0.95 |
| Net income growth (YoY) | 18.41% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | 17.32% | — | — | reported | — | 0.95 |
| FCF growth (YoY) | 34.53% | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
72.3
—
72.3
—
- Q1 2025
- —
EBITDA
51.17
—
51.17
—
- Q1 2025
- —
EBIT
42.33
—
42.33
—
- Q1 2025
- —
EBT
48.6
—
48.6
—
- Q1 2025
- —
Net income
35.64
—
35.64
—
- Q1 2025
- —
EPS (basic)
(PLN)
5.35
—
5.35
—
- Q1 2025
- —
EPS (diluted)
(PLN)
5.35
—
5.35
—
- Q1 2025
- —
D&A
8.84
—
8.84
—
- Q1 2025
- —
Interest expense
0.19
—
0.19
—
- Q1 2025
- —
Shares (basic)
(m units)
6.67
—
6.67
—
- Q1 2025
- —
EBITDA margin
70.76%
—
70.76%
—
- Q1 2025
- —
EBIT margin
58.54%
—
58.54%
—
- Q1 2025
- —
Net margin
49.29%
—
49.29%
—
- Q1 2025
- —
Cash
126.09
—
126.09
—
- Q1 2025
- —
Total debt
6.96
—
6.96
—
- Q1 2025
- —
Equity
389.14
—
389.14
—
- Q1 2025
- —
Total assets
517.07
—
517.07
—
- Q1 2025
- —
Current assets
333.05
—
333.05
—
- Q1 2025
- —
Current liabilities
17.75
—
17.75
—
- Q1 2025
- —
Goodwill
135.27
—
135.27
—
- Q1 2025
- —
CFO
57.31
—
57.31
—
- Q1 2025
- —
CapEx
11.57
—
11.57
—
- Q1 2025
- —
FCF
45.74
—
45.74
—
- Q1 2025
- —
FCF conversion
89.4%
—
89.4%
—
- Q1 2025
- —
CFO conversion
112.04%
—
112.04%
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Current ratio
18.76x
—
18.76x
—
- Q1 2025
- —
Cash ratio
7.1x
—
7.1x
—
- Q1 2025
- —
Interest coverage
226.35x
—
226.35x
—
- Q1 2025
- —
Debt / equity
0.02x
—
0.02x
—
- Q1 2025
- —
Debt / assets
0.01x
—
0.01x
—
- Q1 2025
- —
Net debt / equity
-0.31x
—
-0.31x
—
- Q1 2025
- —
Revenue growth (YoY)
5.46%
—
5.46%
—
- Q1 2025
- —
EBITDA growth (YoY)
7.18%
—
7.18%
—
- Q1 2025
- —
EBIT growth (YoY)
4.81%
—
4.81%
—
- Q1 2025
- —
Net income growth (YoY)
18.41%
—
18.41%
—
- Q1 2025
- —
EPS growth (YoY)
17.32%
—
17.32%
—
- Q1 2025
- —
FCF growth (YoY)
34.53%
—
34.53%
—
- Q1 2025
- —