ASE
ASSECO SOUTH EASTERN EUROPE
Giełda Papierów Wartościowych w Warszawie · quarterly · publ. April 27, 2026
Q1 2026 report
Solidny start 2026: przychody +8,5% r/r do 434,5 mln zł, EBIT +17,6% do 57,7 mln zł, zysk netto dla akcjonariuszy +32,5% do 47,5 mln zł.
Sentiment
Neutral
No guidance change
ASE
Q1 2026 report
Revenue
434.54 m PLN
— YoY
Net income
47.51 m PLN
— YoY
EBITDA
84.81 m PLN
— YoY
Gross margin
26.48%
— YoY
Summary
Investment thesis
- Motorem wyniku jest segment Rozwiązania dla bankowości (EBIT +34%, marża operacyjna ok. 28%) napędzany powtarzalnymi przychodami SaaS i utrzymania.
- Jakość zysku jest dobra na poziomie gotówki: CFO 87,2 mln zł (103% EBITDA), a FCF 70,4 mln zł, choć część wzrostu CFO to jednorazowe uwolnienie kapitału pracującego.
- Zysk netto zawyża hiperinflacja (MSR 29): po jej wyłączeniu zysk wzrósł tylko o 5% (39,8 vs 38,1 mln zł), a ETR to 22,8%, nie 20,4%.
- Bilans jest bezpieczny (gotówka 352 mln zł > dług odsetkowy 207 mln zł), ale wartość firmy 922 mln zł to 71% kapitału własnego, a segment Rozwiązania płatnicze stoi w miejscu.
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Financials
BETA
ASE · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 434.54 | — | — | reported | — | 1.00 |
| Gross profit | 115.09 | — | — | reported | — | 1.00 |
| EBITDA | 84.81 | — | — | adjusted | — | 0.90 |
| EBIT | 57.74 | — | — | reported | — | 1.00 |
| EBT | 59.19 | — | — | reported | — | 1.00 |
| Net income | 47.51 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.92 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.92 | — | — | reported | — | 1.00 |
| D&A | 27.07 | — | — | reported | — | 1.00 |
| Income tax | 12.08 | — | — | reported | — | 1.00 |
| Gross margin | 26.48% | — | — | derived | — | 0.70 |
| EBITDA margin | 19.52% | — | — | derived | — | 0.70 |
| EBIT margin | 13.29% | — | — | derived | — | 0.70 |
| Net margin | 10.93% | — | — | derived | — | 0.70 |
| Cash | 351.83 | — | — | reported | — | 1.00 |
| Total debt | 206.6 | — | — | reported | — | 0.90 |
| Net debt | -145.23 | — | — | derived | — | 0.90 |
| Equity | 1,291.55 | — | — | reported | — | 1.00 |
| Total assets | 2,294.69 | — | — | reported | — | 1.00 |
| Working capital | 274.82 | — | — | derived | — | 1.00 |
| Current assets | 1,013.85 | — | — | reported | — | 1.00 |
| Current liabilities | 739.03 | — | — | reported | — | 1.00 |
| Non-current liabilities | 264.1 | — | — | reported | — | 1.00 |
| Inventory | 67.5 | — | — | reported | — | 1.00 |
| Trade receivables | 290.51 | — | — | reported | — | 1.00 |
| Trade payables | 151.36 | — | — | reported | — | 1.00 |
| Goodwill | 978.2 | — | — | reported | — | 1.00 |
| Tangible equity | 313.36 | — | — | derived | — | 0.70 |
| CFO | 87.18 | — | — | reported | — | 1.00 |
| CapEx | 16.82 | — | — | reported | — | 1.00 |
| FCF | 70.36 | — | — | derived | — | 0.90 |
| FCF conversion | 82.96% | — | — | derived | — | 0.70 |
| CFO conversion | 102.79% | — | — | derived | — | 0.70 |
| Dividends paid | 11.84 | — | — | reported | — | 1.00 |
| Current ratio | 1.37x | — | — | derived | — | 0.70 |
| Quick ratio | 1.28x | — | — | derived | — | 0.70 |
| Cash ratio | 0.48x | — | — | derived | — | 0.70 |
| Debt / equity | 0.16x | — | — | derived | — | 0.70 |
| Debt / assets | 0.09x | — | — | derived | — | 0.70 |
| Net debt / equity | -0.11x | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 8.55% | — | — | derived | — | 0.70 |
| EBITDA growth (YoY) | 13.39% | — | — | derived | — | 0.70 |
| EBIT growth (YoY) | 17.57% | — | — | derived | — | 0.70 |
| Net income growth (YoY) | 32.54% | — | — | derived | — | 0.70 |
| EPS growth (YoY) | 33.33% | — | — | derived | — | 0.70 |
| FCF growth (YoY) | 58.38% | — | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | 0.81 pp | — | — | derived | — | 0.70 |
| EBITDA margin Δ (YoY) | 0.83 pp | — | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | 1.02 pp | — | — | derived | — | 0.70 |
| Net margin Δ (YoY) | 1.98 pp | — | — | derived | — | 0.70 |
Q1 2026 · Δ YoY
Revenue
434.54
—
434.54
—
- Q1 2025
- —
Gross profit
115.09
—
115.09
—
- Q1 2025
- —
EBITDA
84.81
—
84.81
—
- Q1 2025
- —
EBIT
57.74
—
57.74
—
- Q1 2025
- —
EBT
59.19
—
59.19
—
- Q1 2025
- —
Net income
47.51
—
47.51
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.92
—
0.92
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.92
—
0.92
—
- Q1 2025
- —
D&A
27.07
—
27.07
—
- Q1 2025
- —
Income tax
12.08
—
12.08
—
- Q1 2025
- —
Gross margin
26.48%
—
26.48%
—
- Q1 2025
- —
EBITDA margin
19.52%
—
19.52%
—
- Q1 2025
- —
EBIT margin
13.29%
—
13.29%
—
- Q1 2025
- —
Net margin
10.93%
—
10.93%
—
- Q1 2025
- —
Cash
351.83
—
351.83
—
- Q1 2025
- —
Total debt
206.6
—
206.6
—
- Q1 2025
- —
Net debt
-145.23
—
-145.23
—
- Q1 2025
- —
Equity
1,291.55
—
1,291.55
—
- Q1 2025
- —
Total assets
2,294.69
—
2,294.69
—
- Q1 2025
- —
Working capital
274.82
—
274.82
—
- Q1 2025
- —
Current assets
1,013.85
—
1,013.85
—
- Q1 2025
- —
Current liabilities
739.03
—
739.03
—
- Q1 2025
- —
Non-current liabilities
264.1
—
264.1
—
- Q1 2025
- —
Inventory
67.5
—
67.5
—
- Q1 2025
- —
Trade receivables
290.51
—
290.51
—
- Q1 2025
- —
Trade payables
151.36
—
151.36
—
- Q1 2025
- —
Goodwill
978.2
—
978.2
—
- Q1 2025
- —
Tangible equity
313.36
—
313.36
—
- Q1 2025
- —
CFO
87.18
—
87.18
—
- Q1 2025
- —
CapEx
16.82
—
16.82
—
- Q1 2025
- —
FCF
70.36
—
70.36
—
- Q1 2025
- —
FCF conversion
82.96%
—
82.96%
—
- Q1 2025
- —
CFO conversion
102.79%
—
102.79%
—
- Q1 2025
- —
Dividends paid
11.84
—
11.84
—
- Q1 2025
- —
Current ratio
1.37x
—
1.37x
—
- Q1 2025
- —
Quick ratio
1.28x
—
1.28x
—
- Q1 2025
- —
Cash ratio
0.48x
—
0.48x
—
- Q1 2025
- —
Debt / equity
0.16x
—
0.16x
—
- Q1 2025
- —
Debt / assets
0.09x
—
0.09x
—
- Q1 2025
- —
Net debt / equity
-0.11x
—
-0.11x
—
- Q1 2025
- —
Revenue growth (YoY)
8.55%
—
8.55%
—
- Q1 2025
- —
EBITDA growth (YoY)
13.39%
—
13.39%
—
- Q1 2025
- —
EBIT growth (YoY)
17.57%
—
17.57%
—
- Q1 2025
- —
Net income growth (YoY)
32.54%
—
32.54%
—
- Q1 2025
- —
EPS growth (YoY)
33.33%
—
33.33%
—
- Q1 2025
- —
FCF growth (YoY)
58.38%
—
58.38%
—
- Q1 2025
- —
Gross margin Δ (YoY)
0.81 pp
—
0.81 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
0.83 pp
—
0.83 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
1.02 pp
—
1.02 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
1.98 pp
—
1.98 pp
—
- Q1 2025
- —