XDD MENTZEN NewConnect · quarterly · publ. April 27, 2026

Q1 2026 report

Przychody grupy spadły o 28,4% r/r (4,44 mln zł wobec 6,20 mln zł), a zysk netto o 60,3% – to wyraźne tąpnięcie po rekordowym I kwartale 2025.

Sentiment

Cautious No guidance change

Website

XDD Q1 2026 report

Revenue

4,443,249 PLN

— YoY

Net income

510,840 PLN

— YoY

EBITDA

928,425 PLN

— YoY

CFO

776,488 PLN

— YoY

Summary

Investment thesis

Główną przyczyną jest erozja bazy klientów: subskrybentów ubyło 444 (z 2 143 do 1 699 w marcu r/r), a łączna liczba klientów spadła z 2 432 do 1 959.
Bilans jest bardzo płynny: 5,32 mln zł gotówki przy zadłużeniu 0,77 mln zł (dług netto ujemny), wskaźnik bieżącej płynności 5,8x.
Rentowność operacyjna nadal wysoka jak na usługi doradcze (EBIT 18,4%), lecz o 13,7 pp niższa niż rok wcześniej – koszty spadły wolniej (−13,8%) niż przychody.
Zysk netto zawiera 149,7 tys. zł niegotówkowego odpisu ujemnej wartości firmy, a wskaźniki subskrypcji (MRR/ARR) spadły między styczniem a marcem o ok. 25%.

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

Q1 2026

XDD · Q1 2026

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

Revenue	4,443,249	—	—	reported	—	1.00
EBITDA	928,425	—	—	derived	—	0.70
EBIT	817,481	—	—	reported	—	1.00
EBT	955,932	—	—	reported	—	0.90
Net income	510,840	—	—	reported	—	1.00
D&A	110,945	—	—	reported	—	1.00
Interest expense	10,235	—	—	reported	—	1.00
Income tax	185,639	—	—	reported	—	1.00

EBITDA margin	20.89%	—	—	derived	—	0.90
EBIT margin	18.4%	—	—	derived	—	0.90
Net margin	11.5%	—	—	derived	—	0.90

Cash	5,317,254	—	—	reported	—	1.00
Total debt	773,801	—	—	derived	—	0.90
Net debt	-4,543,453	—	—	derived	—	0.90
Equity	5,900,413	—	—	derived	—	0.90
Total assets	15,526,007	—	—	reported	—	1.00
Working capital	5,441,759	—	—	derived	—	0.90
Current assets	6,578,844	—	—	reported	—	1.00
Current liabilities	1,137,085	—	—	reported	—	0.90
Trade receivables	1,083,702	—	—	reported	—	1.00
Trade payables	609,008	—	—	reported	—	1.00
Goodwill	8,025,186	—	—	reported	—	1.00
Tangible equity	-2,124,773	—	—	derived	—	0.90

CFO	776,488	—	—	reported	—	1.00
CFO conversion	83.63%	—	—	derived	—	0.90

Current ratio	5.79x	—	—	derived	—	0.90
Quick ratio	5.78x	—	—	derived	—	0.90
Cash ratio	4.68x	—	—	derived	—	0.90
Interest coverage	79.87x	—	—	derived	—	0.90

Debt / equity	0.13x	—	—	derived	—	0.90
Debt / assets	0.05x	—	—	derived	—	0.90
Net debt / equity	-0.77x	—	—	derived	—	0.90

Revenue growth (YoY)	-28.39%	—	—	derived	—	0.90
EBITDA growth (YoY)	-55.86%	—	—	derived	—	0.90
EBIT growth (YoY)	-58.93%	—	—	derived	—	0.90
Net income growth (YoY)	-60.34%	—	—	derived	—	0.90
EBITDA margin Δ (YoY)	-13.01 pp	—	—	derived	—	0.90
EBIT margin Δ (YoY)	-13.68 pp	—	—	derived	—	0.90
Net margin Δ (YoY)	-9.26 pp	—	—	derived	—	0.90

Q1 2026 · Δ YoY

Revenue

4,443,249 —

Q1 2025: —

EBITDA

928,425 —

Q1 2025: —

EBIT

817,481 —

Q1 2025: —

EBT

955,932 —

Q1 2025: —

Net income

510,840 —

Q1 2025: —

D&A

110,945 —

Q1 2025: —

Interest expense

10,235 —

Q1 2025: —

Income tax

185,639 —

Q1 2025: —

EBITDA margin

20.89% —

Q1 2025: —

EBIT margin

18.4% —

Q1 2025: —

Net margin

11.5% —

Q1 2025: —

Cash

5,317,254 —

Q1 2025: —

Total debt

773,801 —

Q1 2025: —

Net debt

-4,543,453 —

Q1 2025: —

Equity

5,900,413 —

Q1 2025: —

Total assets

15,526,007 —

Q1 2025: —

Working capital

5,441,759 —

Q1 2025: —

Current assets

6,578,844 —

Q1 2025: —

Current liabilities

1,137,085 —

Q1 2025: —

Trade receivables

1,083,702 —

Q1 2025: —

Trade payables

609,008 —

Q1 2025: —

Goodwill

8,025,186 —

Q1 2025: —

Tangible equity

-2,124,773 —

Q1 2025: —

CFO

776,488 —

Q1 2025: —

CFO conversion

83.63% —

Q1 2025: —

Current ratio

5.79x —

Q1 2025: —

Quick ratio

5.78x —

Q1 2025: —

Cash ratio

4.68x —

Q1 2025: —

Interest coverage

79.87x —

Q1 2025: —

Debt / equity

0.13x —

Q1 2025: —

Debt / assets

0.05x —

Q1 2025: —

Net debt / equity

-0.77x —

Q1 2025: —

Revenue growth (YoY)

-28.39% —

Q1 2025: —

EBITDA growth (YoY)

-55.86% —

Q1 2025: —

EBIT growth (YoY)

-58.93% —

Q1 2025: —

Net income growth (YoY)

-60.34% —

Q1 2025: —

EBITDA margin Δ (YoY)

-13.01 pp —

Q1 2025: —

EBIT margin Δ (YoY)

-13.68 pp —

Q1 2025: —

Net margin Δ (YoY)

-9.26 pp —

Q1 2025: —