Q1 2026 report
SEKO to rodzinna spółka przetwórstwa rybnego (marynaty, dania gotowe) z dodatkowym, stabilizującym segmentem stacji paliw, notująca w I kw. 2026 r. wzrost przychodów +5,0% r/r i zysku netto +51,2% r/r.
Sentiment
Positive
No guidance change
SEK
Q1 2026 report
Revenue
62.74 m PLN
— YoY
Net income
4.51 m PLN
— YoY
EBITDA
7.64 m PLN
— YoY
FCF
11.5 m PLN
— YoY
Summary
Investment thesis
- Poprawa rentowności wynika głównie ze stabilizacji cen surowca rybnego i kontroli kosztów energii dzięki własnej kogeneracji, a nie tylko z wolumenu sprzedaży.
- Część wzrostu przychodów to jednorazowy efekt kalendarzowy (wcześniejszy termin Wielkanocy przesunął przedświąteczny szczyt sprzedaży z II na I kwartał) — Zarząd otwarcie to komunikuje.
- Bilans zdrowieje: zadłużenie finansowe spada (13,3 mln zł, z 16,3 mln na koniec 2025 r.), a nadwyżki gotówkowe lokowane są konserwatywnie w obligacjach skarbowych/korporacyjnych trzymanych do wykupu.
- Zarząd zarekomendował wypłatę dywidendy 0,74 zł/akcję (49,7% zysku za 2025 r.) po dniu bilansowym, do zatwierdzenia przez najbliższe WZ.
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
SEK · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 62.74 | — | — | reported | — | 1.00 |
| EBITDA | 7.64 | — | — | derived | — | 0.90 |
| EBIT | 5.5 | — | — | reported | — | 1.00 |
| EBT | 5.46 | — | — | reported | — | 1.00 |
| Net income | 4.51 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.68 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.68 | — | — | reported | — | 1.00 |
| D&A | 2.14 | — | — | reported | — | 1.00 |
| Interest expense | 0.14 | — | — | reported | — | 0.90 |
| Income tax | 0.95 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 6.65 | — | — | reported | — | 1.00 |
| EBITDA margin | 12.18% | — | — | derived | — | 0.90 |
| EBIT margin | 8.76% | — | — | derived | — | 1.00 |
| EBT margin | 8.7% | — | — | derived | — | 1.00 |
| Net margin | 7.19% | — | — | derived | — | 1.00 |
| D&A margin | 3.42% | — | — | derived | — | 0.90 |
| Cash | 7.9 | — | — | reported | — | 1.00 |
| Total debt | 13.29 | — | — | reported | — | 1.00 |
| Net debt | 5.39 | — | — | derived | — | 0.90 |
| Equity | 104.25 | — | — | reported | — | 1.00 |
| Total assets | 155.96 | — | — | reported | — | 1.00 |
| Current assets | 57.42 | — | — | reported | — | 1.00 |
| Current liabilities | 34.38 | — | — | reported | — | 1.00 |
| Non-current liabilities | 8.71 | — | — | reported | — | 1.00 |
| Inventory | 15.86 | — | — | reported | — | 1.00 |
| Trade receivables | 32.56 | — | — | reported | — | 1.00 |
| CFO | 13.01 | — | — | reported | — | 1.00 |
| CapEx | 1.51 | — | — | reported | — | 1.00 |
| FCF | 11.5 | — | — | derived | — | 1.00 |
| FCF conversion | 150.46% | — | — | derived | — | 0.60 |
| CFO conversion | 170.28% | — | — | derived | — | 0.60 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| Current ratio | 1.67x | — | — | derived | — | 1.00 |
| Quick ratio | 1.21x | — | — | derived | — | 1.00 |
| Cash ratio | 0.23x | — | — | derived | — | 1.00 |
| Interest coverage | 39.54x | — | — | derived | — | 0.80 |
| Debt / equity | 0.13x | — | — | derived | — | 1.00 |
| Debt / assets | 0.09x | — | — | derived | — | 1.00 |
| Net debt / equity | 0.05x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 4.98% | — | — | derived | — | 1.00 |
| EBITDA growth (YoY) | 50.78% | — | — | derived | — | 0.85 |
| EBIT growth (YoY) | 74.42% | — | — | derived | — | 1.00 |
| Net income growth (YoY) | 51.22% | — | — | derived | — | 1.00 |
| EPS growth (YoY) | 51.11% | — | — | derived | — | 1.00 |
| FCF growth (YoY) | 37.33% | — | — | derived | — | 0.85 |
| EBITDA margin Δ (YoY) | 3.7 pp | — | — | derived | — | 0.80 |
| EBIT margin Δ (YoY) | 3.49 pp | — | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 2.2 pp | — | — | derived | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
62.74
—
62.74
—
- Q1 2025
- —
EBITDA
7.64
—
7.64
—
- Q1 2025
- —
EBIT
5.5
—
5.5
—
- Q1 2025
- —
EBT
5.46
—
5.46
—
- Q1 2025
- —
Net income
4.51
—
4.51
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.68
—
0.68
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.68
—
0.68
—
- Q1 2025
- —
D&A
2.14
—
2.14
—
- Q1 2025
- —
Interest expense
0.14
—
0.14
—
- Q1 2025
- —
Income tax
0.95
—
0.95
—
- Q1 2025
- —
Shares (basic)
(m units)
6.65
—
6.65
—
- Q1 2025
- —
EBITDA margin
12.18%
—
12.18%
—
- Q1 2025
- —
EBIT margin
8.76%
—
8.76%
—
- Q1 2025
- —
EBT margin
8.7%
—
8.7%
—
- Q1 2025
- —
Net margin
7.19%
—
7.19%
—
- Q1 2025
- —
D&A margin
3.42%
—
3.42%
—
- Q1 2025
- —
Cash
7.9
—
7.9
—
- Q1 2025
- —
Total debt
13.29
—
13.29
—
- Q1 2025
- —
Net debt
5.39
—
5.39
—
- Q1 2025
- —
Equity
104.25
—
104.25
—
- Q1 2025
- —
Total assets
155.96
—
155.96
—
- Q1 2025
- —
Current assets
57.42
—
57.42
—
- Q1 2025
- —
Current liabilities
34.38
—
34.38
—
- Q1 2025
- —
Non-current liabilities
8.71
—
8.71
—
- Q1 2025
- —
Inventory
15.86
—
15.86
—
- Q1 2025
- —
Trade receivables
32.56
—
32.56
—
- Q1 2025
- —
CFO
13.01
—
13.01
—
- Q1 2025
- —
CapEx
1.51
—
1.51
—
- Q1 2025
- —
FCF
11.5
—
11.5
—
- Q1 2025
- —
FCF conversion
150.46%
—
150.46%
—
- Q1 2025
- —
CFO conversion
170.28%
—
170.28%
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Current ratio
1.67x
—
1.67x
—
- Q1 2025
- —
Quick ratio
1.21x
—
1.21x
—
- Q1 2025
- —
Cash ratio
0.23x
—
0.23x
—
- Q1 2025
- —
Interest coverage
39.54x
—
39.54x
—
- Q1 2025
- —
Debt / equity
0.13x
—
0.13x
—
- Q1 2025
- —
Debt / assets
0.09x
—
0.09x
—
- Q1 2025
- —
Net debt / equity
0.05x
—
0.05x
—
- Q1 2025
- —
Revenue growth (YoY)
4.98%
—
4.98%
—
- Q1 2025
- —
EBITDA growth (YoY)
50.78%
—
50.78%
—
- Q1 2025
- —
EBIT growth (YoY)
74.42%
—
74.42%
—
- Q1 2025
- —
Net income growth (YoY)
51.22%
—
51.22%
—
- Q1 2025
- —
EPS growth (YoY)
51.11%
—
51.11%
—
- Q1 2025
- —
FCF growth (YoY)
37.33%
—
37.33%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
3.7 pp
—
3.7 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
3.49 pp
—
3.49 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
2.2 pp
—
2.2 pp
—
- Q1 2025
- —