Q1 2026 report
Model franczyzowy podnosi marże (EBITDA margin 27,0% wobec 14,0% rok wcześniej) i redukuje CAPEX niemal do zera (42 tys. zł w kwartale), ale kurczy przychody księgowe (-26,0% r/r) mimo wzrostu sprzedaży systemowej sieci (+1,9% r/r).
Sentiment
Cautious
No guidance change
SFS
Q1 2026 report
Revenue
9.46 m PLN
— YoY
Net income
-1.27 m PLN
— YoY
EBITDA
2.56 m PLN
— YoY
Gross margin
64.05%
— YoY
Summary
Investment thesis
- Kapitał własny Grupy jest głęboko ujemny ((84 351) tys. zł) i wciąż się pogłębia, a spółka nie spełnia kowenantów kredytu w BOŚ S.A. na dzień bilansowy.
- Losy spółki są w dużej mierze uzależnione od sprzedaży zorganizowanej części przedsiębiorstwa Sphinx (98% przychodów gastronomicznych) - oferta od funduszu z Malty jest na razie niewiążąca, z harmonogramem zamknięcia do końca 2026 r.
- Dodatnie przepływy operacyjne (1 791 tys. zł) częściowo maskują fakt, że saldo kredytu BOŚ rośnie, bo spłacane raty są niższe niż naliczane odsetki wg efektywnej stopy procentowej.
- Zarząd otwarcie komunikuje ryzyka (naruszenie kowenantów, zaległości wobec ARP) i przedstawia projekcje wskazujące na wystarczającą płynność na 12 miesięcy, ale te projekcje zależą od decyzji podmiotów zewnętrznych (ministerstwo, inwestor).
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Financials
BETA
SFS · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 9.46 | — | — | reported | — | 1.00 |
| Gross profit | 6.06 | — | — | reported | — | 1.00 |
| EBITDA | 2.56 | — | — | adjusted | — | 1.00 |
| EBIT | 1.44 | — | — | reported | — | 1.00 |
| EBT | -1.02 | — | — | reported | — | 1.00 |
| Net income | -1.27 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.03 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.03 | — | — | reported | — | 1.00 |
| D&A | 1.09 | — | — | reported | — | 1.00 |
| Interest expense | 2.45 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 37.94 | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 37.94 | — | — | reported | — | 1.00 |
| Gross margin | 64.05% | — | — | reported | — | 1.00 |
| EBITDA margin | 27.02% | — | — | reported | — | 1.00 |
| EBIT margin | 15.22% | — | — | reported | — | 1.00 |
| Net margin | -13.45% | — | — | reported | — | 1.00 |
| Cash | 0.19 | — | — | reported | — | 1.00 |
| Total debt | 121.18 | — | — | derived | — | 0.90 |
| Net debt | 121 | — | — | derived | — | 0.90 |
| Equity | -84.35 | — | — | reported | — | 1.00 |
| Total assets | 58.49 | — | — | reported | — | 1.00 |
| Working capital | -18.37 | — | — | derived | — | 1.00 |
| Current assets | 13.58 | — | — | reported | — | 1.00 |
| Current liabilities | 31.94 | — | — | reported | — | 1.00 |
| Goodwill | 4.94 | — | — | reported | — | 0.85 |
| Tangible equity | -89.29 | — | — | derived | — | 0.80 |
| CFO | 1.79 | — | — | reported | — | 1.00 |
| CapEx | 0.04 | — | — | reported | — | 1.00 |
| FCF | 1.75 | — | — | derived | — | 1.00 |
| FCF conversion | 68.46% | — | — | reported | — | 1.00 |
| CFO conversion | 70.1% | — | — | reported | — | 1.00 |
| Current ratio | 0.43x | — | — | reported | — | 1.00 |
| Quick ratio | 0.41x | — | — | reported | — | 1.00 |
| Cash ratio | 0.01x | — | — | reported | — | 1.00 |
| Interest coverage | 0.59x | — | — | reported | — | 1.00 |
| Debt / assets | 2.07x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | -26.02% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 43.21% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 1554.02% | — | — | reported | — | 0.50 |
| Net income growth (YoY) | 37% | — | — | reported | — | 1.00 |
| Gross margin Δ (YoY) | 17.12 pp | — | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 13.06 pp | — | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | 14.54 pp | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 2.35 pp | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
9.46
—
9.46
—
- Q1 2025
- —
Gross profit
6.06
—
6.06
—
- Q1 2025
- —
EBITDA
2.56
—
2.56
—
- Q1 2025
- —
EBIT
1.44
—
1.44
—
- Q1 2025
- —
EBT
-1.02
—
-1.02
—
- Q1 2025
- —
Net income
-1.27
—
-1.27
—
- Q1 2025
- —
EPS (basic)
(PLN)
-0.03
—
-0.03
—
- Q1 2025
- —
EPS (diluted)
(PLN)
-0.03
—
-0.03
—
- Q1 2025
- —
D&A
1.09
—
1.09
—
- Q1 2025
- —
Interest expense
2.45
—
2.45
—
- Q1 2025
- —
Shares (basic)
(m units)
37.94
—
37.94
—
- Q1 2025
- —
Shares (diluted)
(m units)
37.94
—
37.94
—
- Q1 2025
- —
Gross margin
64.05%
—
64.05%
—
- Q1 2025
- —
EBITDA margin
27.02%
—
27.02%
—
- Q1 2025
- —
EBIT margin
15.22%
—
15.22%
—
- Q1 2025
- —
Net margin
-13.45%
—
-13.45%
—
- Q1 2025
- —
Cash
0.19
—
0.19
—
- Q1 2025
- —
Total debt
121.18
—
121.18
—
- Q1 2025
- —
Net debt
121
—
121
—
- Q1 2025
- —
Equity
-84.35
—
-84.35
—
- Q1 2025
- —
Total assets
58.49
—
58.49
—
- Q1 2025
- —
Working capital
-18.37
—
-18.37
—
- Q1 2025
- —
Current assets
13.58
—
13.58
—
- Q1 2025
- —
Current liabilities
31.94
—
31.94
—
- Q1 2025
- —
Goodwill
4.94
—
4.94
—
- Q1 2025
- —
Tangible equity
-89.29
—
-89.29
—
- Q1 2025
- —
CFO
1.79
—
1.79
—
- Q1 2025
- —
CapEx
0.04
—
0.04
—
- Q1 2025
- —
FCF
1.75
—
1.75
—
- Q1 2025
- —
FCF conversion
68.46%
—
68.46%
—
- Q1 2025
- —
CFO conversion
70.1%
—
70.1%
—
- Q1 2025
- —
Current ratio
0.43x
—
0.43x
—
- Q1 2025
- —
Quick ratio
0.41x
—
0.41x
—
- Q1 2025
- —
Cash ratio
0.01x
—
0.01x
—
- Q1 2025
- —
Interest coverage
0.59x
—
0.59x
—
- Q1 2025
- —
Debt / assets
2.07x
—
2.07x
—
- Q1 2025
- —
Revenue growth (YoY)
-26.02%
—
-26.02%
—
- Q1 2025
- —
EBITDA growth (YoY)
43.21%
—
43.21%
—
- Q1 2025
- —
EBIT growth (YoY)
1554.02%
—
1554.02%
—
- Q1 2025
- —
Net income growth (YoY)
37%
—
37%
—
- Q1 2025
- —
Gross margin Δ (YoY)
17.12 pp
—
17.12 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
13.06 pp
—
13.06 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
14.54 pp
—
14.54 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
2.35 pp
—
2.35 pp
—
- Q1 2025
- —