ABS
ASSECO BUSINESS SOLUTIONS
Giełda Papierów Wartościowych w Warszawie · quarterly · publ. April 30, 2026
Q1 2026 report
Przychody +20,6% r/r przy jednoczesnej ekspansji marży brutto, EBITDA, EBIT i netto — wzrost napędzany licencjami i usługami własnymi, nie odsprzedażą sprzętu.
Sentiment
Positive
No guidance change
ABS
Q1 2026 report
Revenue
108.08 m PLN
— YoY
Net income
28.41 m PLN
— YoY
EBITDA
40.02 m PLN
— YoY
Gross margin
42.1%
— YoY
Summary
Investment thesis
- Gotówka operacyjna (44,9 mln PLN) przewyższa zysk netto (43,0 mln PLN) — wysoka jakość zysku, brak sygnałów agresywnej rachunkowości przychodowej.
- Zerowe zadłużenie bankowe, pozycja gotówki netto ujemna (net cash), wskaźnik płynności bieżącej 2,06 — bilans bardzo bezpieczny.
- Rekomendowana dywidenda za 2025 rok wzrasta o 13,6% (3,75 PLN/akcję vs 3,30 PLN/akcję za 2024 rok), przy jednoczesnym aktywnym skupie akcji własnych (31,1 mln PLN w kwartale) na program motywacyjny.
- Efektywna stopa podatkowa spadła do 8,6% bez wyjaśnienia w raporcie, a spółka raportuje wyniki w jednym zbiorczym segmencie mimo wielomarkowego portfolio produktów — ograniczona przejrzystość co do źródeł wzrostu.
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Financials
BETA
ABS · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 108.08 | — | — | reported | — | 1.00 |
| Gross profit | 45.55 | — | — | reported | — | 1.00 |
| EBITDA | 40.02 | — | — | reported | — | 1.00 |
| EBIT | 30.24 | — | — | reported | — | 1.00 |
| EBT | 46.93 | — | — | reported | — | 1.00 |
| Net income | 28.41 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.87 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 1.3 | — | — | reported | — | 1.00 |
| D&A | 11.1 | — | — | reported | — | 0.90 |
| Interest expense | 0.34 | — | — | reported | — | 0.90 |
| Income tax | 4.04 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 32.98 | — | — | reported | — | 1.00 |
| Gross margin | 42.1% | — | — | derived | — | 0.95 |
| EBITDA margin | 37% | — | — | derived | — | 0.95 |
| EBIT margin | 28% | — | — | derived | — | 0.95 |
| Net margin | 26.3% | — | — | derived | — | 0.95 |
| D&A margin | 8.5% | — | — | derived | — | 0.85 |
| Cash | 85.29 | — | — | reported | — | 1.00 |
| Total debt | 41.92 | — | — | reported | — | 0.90 |
| Net debt | -43.37 | — | — | derived | — | 0.90 |
| Equity | 440.42 | — | — | reported | — | 1.00 |
| Total assets | 557.48 | — | — | reported | — | 1.00 |
| Current assets | 169.72 | — | — | reported | — | 1.00 |
| Current liabilities | 82.31 | — | — | reported | — | 1.00 |
| Non-current liabilities | 34.75 | — | — | reported | — | 1.00 |
| Inventory | 0.23 | — | — | reported | — | 1.00 |
| Trade receivables | 72.69 | — | — | reported | — | 1.00 |
| Trade payables | 5.55 | — | — | reported | — | 1.00 |
| Goodwill | 303.57 | — | — | reported | — | 1.00 |
| Tangible equity | 136.85 | — | — | derived | — | 0.90 |
| CFO | 34.3 | — | — | reported | — | 1.00 |
| CapEx | 8.17 | — | — | reported | — | 1.00 |
| FCF | 26.12 | — | — | derived | — | 0.90 |
| FCF conversion | 66% | — | — | derived | — | 0.90 |
| CFO conversion | 77.7% | — | — | derived | — | 0.90 |
| Current ratio | 2.06x | — | — | derived | — | 0.95 |
| Quick ratio | 2.06x | — | — | derived | — | 0.90 |
| Cash ratio | 1.04x | — | — | derived | — | 0.90 |
| Interest coverage | 138x | — | — | derived | — | 0.85 |
| Debt / equity | 0.1x | — | — | derived | — | 0.85 |
| Debt / assets | 0.08x | — | — | derived | — | 0.85 |
| Net debt / equity | -0.1x | — | — | derived | — | 0.85 |
| Revenue growth (YoY) | 20.6% | — | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 44.3% | — | — | derived | — | 0.95 |
| EBIT growth (YoY) | 54.2% | — | — | derived | — | 0.95 |
| Net income growth (YoY) | 51.4% | — | — | derived | — | 0.95 |
| EPS growth (YoY) | 49.4% | — | — | derived | — | 0.90 |
| FCF growth (YoY) | 45.9% | — | — | derived | — | 0.85 |
| Gross margin Δ (YoY) | 5.9 pp | — | — | derived | — | 0.95 |
| EBITDA margin Δ (YoY) | 7.3 pp | — | — | derived | — | 0.95 |
| EBIT margin Δ (YoY) | 7.8 pp | — | — | derived | — | 0.95 |
| Net margin Δ (YoY) | 6.7 pp | — | — | derived | — | 0.95 |
Q1 2026 · Δ YoY
Revenue
108.08
—
108.08
—
- Q1 2025
- —
Gross profit
45.55
—
45.55
—
- Q1 2025
- —
EBITDA
40.02
—
40.02
—
- Q1 2025
- —
EBIT
30.24
—
30.24
—
- Q1 2025
- —
EBT
46.93
—
46.93
—
- Q1 2025
- —
Net income
28.41
—
28.41
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.87
—
0.87
—
- Q1 2025
- —
EPS (diluted)
(PLN)
1.3
—
1.3
—
- Q1 2025
- —
D&A
11.1
—
11.1
—
- Q1 2025
- —
Interest expense
0.34
—
0.34
—
- Q1 2025
- —
Income tax
4.04
—
4.04
—
- Q1 2025
- —
Shares (basic)
(m units)
32.98
—
32.98
—
- Q1 2025
- —
Gross margin
42.1%
—
42.1%
—
- Q1 2025
- —
EBITDA margin
37%
—
37%
—
- Q1 2025
- —
EBIT margin
28%
—
28%
—
- Q1 2025
- —
Net margin
26.3%
—
26.3%
—
- Q1 2025
- —
D&A margin
8.5%
—
8.5%
—
- Q1 2025
- —
Cash
85.29
—
85.29
—
- Q1 2025
- —
Total debt
41.92
—
41.92
—
- Q1 2025
- —
Net debt
-43.37
—
-43.37
—
- Q1 2025
- —
Equity
440.42
—
440.42
—
- Q1 2025
- —
Total assets
557.48
—
557.48
—
- Q1 2025
- —
Current assets
169.72
—
169.72
—
- Q1 2025
- —
Current liabilities
82.31
—
82.31
—
- Q1 2025
- —
Non-current liabilities
34.75
—
34.75
—
- Q1 2025
- —
Inventory
0.23
—
0.23
—
- Q1 2025
- —
Trade receivables
72.69
—
72.69
—
- Q1 2025
- —
Trade payables
5.55
—
5.55
—
- Q1 2025
- —
Goodwill
303.57
—
303.57
—
- Q1 2025
- —
Tangible equity
136.85
—
136.85
—
- Q1 2025
- —
CFO
34.3
—
34.3
—
- Q1 2025
- —
CapEx
8.17
—
8.17
—
- Q1 2025
- —
FCF
26.12
—
26.12
—
- Q1 2025
- —
FCF conversion
66%
—
66%
—
- Q1 2025
- —
CFO conversion
77.7%
—
77.7%
—
- Q1 2025
- —
Current ratio
2.06x
—
2.06x
—
- Q1 2025
- —
Quick ratio
2.06x
—
2.06x
—
- Q1 2025
- —
Cash ratio
1.04x
—
1.04x
—
- Q1 2025
- —
Interest coverage
138x
—
138x
—
- Q1 2025
- —
Debt / equity
0.1x
—
0.1x
—
- Q1 2025
- —
Debt / assets
0.08x
—
0.08x
—
- Q1 2025
- —
Net debt / equity
-0.1x
—
-0.1x
—
- Q1 2025
- —
Revenue growth (YoY)
20.6%
—
20.6%
—
- Q1 2025
- —
EBITDA growth (YoY)
44.3%
—
44.3%
—
- Q1 2025
- —
EBIT growth (YoY)
54.2%
—
54.2%
—
- Q1 2025
- —
Net income growth (YoY)
51.4%
—
51.4%
—
- Q1 2025
- —
EPS growth (YoY)
49.4%
—
49.4%
—
- Q1 2025
- —
FCF growth (YoY)
45.9%
—
45.9%
—
- Q1 2025
- —
Gross margin Δ (YoY)
5.9 pp
—
5.9 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
7.3 pp
—
7.3 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
7.8 pp
—
7.8 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
6.7 pp
—
6.7 pp
—
- Q1 2025
- —