WWL Wawel Giełda Papierów Wartościowych w Warszawie · quarterly · publ. April 29, 2026

Q1 2026 report

Marża brutto wzrosła do 38,5% (30,1%) dzięki spadkowi cen ziarna kakaowego o ok. 43% w I kw. 2026, przy spadku przychodów o 11,2% do 163,4 mln zł.

Sentiment

Cautious No guidance change

Website

WWL Q1 2026 report

Revenue

163.38 m PLN

— YoY

Net income

22.86 m PLN

— YoY

EBITDA

32.43 m PLN

— YoY

Gross margin

38.5%

— YoY

Summary

Investment thesis

Zysk netto +28,2% do 22,9 mln zł, EPS 17,69 zł; wynik wspiera saldo finansowe +6,3 mln zł.
Bilans bez zadłużenia finansowego, ok. 292 mln zł gotówki i lokat, kapitał własny 820,3 mln zł (87% aktywów).
Jeronimo Martins Polska wypowiedział umowę (31.03.2026); w 2025 r. odpowiadał za 19,9% przychodów (739,4 mln zł łącznie).
Dywidenda 35 zł/akcję (45,2 mln zł) uchwalona 28.04.2026, wypłata 16.06.2026; CFO 69,2 mln zł (w dużej części sezonowe uwolnienie kapitału obrotowego).

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Financials

BETA

Q1 2026

WWL · Q1 2026

Metric	Q1 2026	Q1 2025	Δ YoY	Value type	Segment	Conf.

Revenue	163,380	—	—	reported	—	1.00
Gross profit	62,900	—	—	reported	—	1.00
EBITDA	32,425	—	—	adjusted	—	1.00
EBIT	25,528	—	—	reported	—	1.00
EBT	31,797	—	—	reported	—	1.00
Net income	22,855	—	—	reported	—	1.00
EPS (basic) (PLN)	17.69	—	—	reported	—	1.00
EPS (diluted) (PLN)	17.69	—	—	reported	—	1.00
D&A	6,897	—	—	reported	—	1.00
Income tax	8,942	—	—	reported	—	1.00
Shares (basic) (units)	1,291,846	—	—	reported	—	1.00

Gross margin	38.5%	—	—	reported	—	0.70
EBITDA margin	19.8%	—	—	reported	—	0.70
EBIT margin	15.6%	—	—	reported	—	0.70
EBT margin	19.5%	—	—	reported	—	0.70
Net margin	14%	—	—	reported	—	0.70
D&A margin	4.2%	—	—	reported	—	0.70

Cash	193,305	—	—	reported	—	1.00
Equity	820,298	—	—	reported	—	1.00
Total assets	941,636	—	—	reported	—	1.00
Working capital (k PLN tys.)	429,922	—	—	reported	—	0.70
Current assets	533,543	—	—	reported	—	1.00
Current liabilities	103,621	—	—	reported	—	1.00
Non-current liabilities	17,717	—	—	reported	—	1.00
Inventory	108,027	—	—	reported	—	1.00
Trade receivables	127,881	—	—	reported	—	1.00
Trade payables	71,223	—	—	reported	—	1.00
Goodwill	32,364	—	—	reported	—	1.00
Tangible equity (k PLN tys.)	787,934	—	—	reported	—	0.70

CFO	69,226	—	—	reported	—	1.00
CapEx	4,857	—	—	reported	—	1.00
FCF	64,369	—	—	derived	—	0.70
FCF conversion	198.5%	—	—	reported	—	0.70
CFO conversion	213.5%	—	—	reported	—	0.70

Current ratio	5.15x	—	—	reported	—	0.70
Quick ratio	4.11x	—	—	reported	—	0.70
Cash ratio	1.87x	—	—	reported	—	0.70

Revenue growth (YoY)	-11.2%	—	—	reported	—	0.70
EBITDA growth (YoY)	28.9%	—	—	reported	—	0.70
EBIT growth (YoY)	38.6%	—	—	reported	—	0.70
Net income growth (YoY)	28.2%	—	—	reported	—	0.70
EPS growth (YoY)	28.2%	—	—	reported	—	0.70
Gross margin Δ (YoY)	8.4 pp	—	—	reported	—	0.70
EBITDA margin Δ (YoY)	6.2 pp	—	—	reported	—	0.70
EBIT margin Δ (YoY)	5.6 pp	—	—	reported	—	0.70
Net margin Δ (YoY)	4.3 pp	—	—	reported	—	0.70

Q1 2026 · Δ YoY

Revenue

163,380 —

Q1 2025: —

Gross profit

62,900 —

Q1 2025: —

EBITDA

32,425 —

Q1 2025: —

EBIT

25,528 —

Q1 2025: —

EBT

31,797 —

Q1 2025: —

Net income

22,855 —

Q1 2025: —

EPS (basic) (PLN)

17.69 —

Q1 2025: —

EPS (diluted) (PLN)

17.69 —

Q1 2025: —

D&A

6,897 —

Q1 2025: —

Income tax

8,942 —

Q1 2025: —

Shares (basic) (units)

1,291,846 —

Q1 2025: —

Gross margin

38.5% —

Q1 2025: —

EBITDA margin

19.8% —

Q1 2025: —

EBIT margin

15.6% —

Q1 2025: —

EBT margin

19.5% —

Q1 2025: —

Net margin

14% —

Q1 2025: —

D&A margin

4.2% —

Q1 2025: —

Cash

193,305 —

Q1 2025: —

Equity

820,298 —

Q1 2025: —

Total assets

941,636 —

Q1 2025: —

Working capital (k PLN tys.)

429,922 —

Q1 2025: —

Current assets

533,543 —

Q1 2025: —

Current liabilities

103,621 —

Q1 2025: —

Non-current liabilities

17,717 —

Q1 2025: —

Inventory

108,027 —

Q1 2025: —

Trade receivables

127,881 —

Q1 2025: —

Trade payables

71,223 —

Q1 2025: —

Goodwill

32,364 —

Q1 2025: —

Tangible equity (k PLN tys.)

787,934 —

Q1 2025: —

CFO

69,226 —

Q1 2025: —

CapEx

4,857 —

Q1 2025: —

FCF

64,369 —

Q1 2025: —

FCF conversion

198.5% —

Q1 2025: —

CFO conversion

213.5% —

Q1 2025: —

Current ratio

5.15x —

Q1 2025: —

Quick ratio

4.11x —

Q1 2025: —

Cash ratio

1.87x —

Q1 2025: —

Revenue growth (YoY)

-11.2% —

Q1 2025: —

EBITDA growth (YoY)

28.9% —

Q1 2025: —

EBIT growth (YoY)

38.6% —

Q1 2025: —

Net income growth (YoY)

28.2% —

Q1 2025: —

EPS growth (YoY)

28.2% —

Q1 2025: —

Gross margin Δ (YoY)

8.4 pp —

Q1 2025: —

EBITDA margin Δ (YoY)

6.2 pp —

Q1 2025: —

EBIT margin Δ (YoY)

5.6 pp —

Q1 2025: —

Net margin Δ (YoY)

4.3 pp —

Q1 2025: —