MSM MASSMEDICA NewConnect · Quarterly · publ. May 15, 2026

Q1 2026 report

Grupa Massmedica poprawiła rentowność we wszystkich kluczowych liniach mimo spadku przychodów o 3,5% r/r — EBITDA wzrosła o 82% r/r, a zysk netto ponad dwukrotnie.

Sentiment

Positive No guidance change

Website

MSM Q1 2026 report

Revenue

7,652,046 PLN

-3.5% YoY

Net income

430,270 PLN

+131.3% YoY

EBITDA

836,646 PLN

+81.9% YoY

Gross margin

42.5%

+5.2 pp YoY

Summary

Investment thesis

Redukcja zapasów (-17% od szczytu z 2025 roku) i poprawa pozycji gotówkowej sygnalizują świadome zarządzanie kapitałem obrotowym, a nie przypadkową poprawę wyniku.
Otoczenie rynkowe pozostaje trudne — ograniczenia budżetowe szpitali publicznych i luka finansowa NFZ szacowana na ponad 20 mld zł w 2026 roku bezpośrednio wpływają na terminowość płatności od głównych klientów segmentu Recon.
Segment Anti-Aging (nowy produkt Exosmart) i rozwój OpenCast w kanale prywatnym to świadoma dywersyfikacja w kierunku klientów o krótszych terminach płatności i wyższej marżowości, zmniejszająca zależność od finansowania publicznego.
Projekt robota chirurgicznego URSA (spółka zależna Massmedica Technologie) zakończył etap prototypu i zmierza do prezentacji zwalidowanego systemu w III kw. 2026 — potencjalny długoterminowy katalizator, ale bez wpływu na wynik w krótkim terminie.

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Financials

BETA

Q1 2026

MSM · Q1 2026

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

Revenue	7,652,046	7,932,000	−3.5%	reported	—	1.00
Gross profit (m PLN)	3.25	2.96	—	derived	—	0.90
EBITDA	836,646	460,000	+81.9%	derived	—	0.95
EBIT	716,134	324,000	+121%	reported	—	1.00
EBT	551,093	230,000	+139.6%	reported	—	1.00
Net income	430,270	186,000	+131.3%	reported	—	1.00
EPS (basic)	0.18	—	—	derived	—	0.70
D&A	120,513	136,000	−11.4%	reported	—	1.00
Interest expense	103,197	108,000	−4.4%	reported	—	1.00
Shares (basic) (units)	2,414,899	—	—	reported	—	1.00

Gross margin	42.5%	37.27%	+5.2 pp	reported	—	0.90
EBITDA margin	10.93%	5.8%	+5.1 pp	reported	—	1.00
EBIT margin	9.36%	4.08%	+5.3 pp	reported	—	1.00
Net margin	5.62%	2.35%	+3.3 pp	reported	—	1.00

Cash	481,609	1,011,000	−52.4%	reported	—	1.00
Total debt	9,100,000	9,914,000	−8.2%	derived	—	0.85
Net debt	8,618,391	8,903,000	−3.2%	derived	—	0.85
Equity	6,189,705	5,545,000	+11.6%	reported	—	1.00
Total assets	26,122,508	23,611,000	+10.6%	reported	—	1.00
Working capital	5,310,892	6,477,000	−18%	derived	—	0.90
Current assets	23,002,617	20,838,000	+10.4%	reported	—	1.00
Current liabilities	17,691,724	14,361,000	+23.2%	reported	—	1.00

CFO	216,715	314,000	−31%	reported	—	1.00
CapEx	606,470	33,000	+1737.8%	reported	—	1.00
FCF	-389,755	281,000	−238.7%	derived	—	0.90
FCF conversion	-46.59%	60.99%	−107.6 pp	reported	—	0.90
CFO conversion	25.93%	68.22%	−42.3 pp	reported	—	1.00

Current ratio	1.3x	1.45x	−0.15x	reported	—	1.00
Quick ratio	0.54x	0.42x	+0.12x	reported	—	1.00
Cash ratio	0.03x	0.07x	−0.04x	reported	—	1.00
Interest coverage	6.94x	3.01x	+3.93x	reported	—	1.00

Net debt / EBITDA	3.73x	—	—	reported	—	0.85
Debt / equity	1.47x	1.79x	−0.32x	reported	—	1.00
Debt / assets	0.35x	—	—	reported	—	1.00
Net debt / equity	1.39x	1.61x	−0.22x	derived	—	0.80

Revenue growth (YoY)	-3.53%	-1.75%	—	reported	—	1.00
EBITDA growth (YoY)	81.8%	-1.21%	—	reported	—	0.95
EBIT growth (YoY)	121.21%	-6.81%	—	reported	—	1.00
Net income growth (YoY)	131.28%	-10.86%	—	reported	—	1.00
EBITDA margin Δ (YoY)	5.13 pp	—	—	reported	—	1.00
EBIT margin Δ (YoY)	5.28 pp	-0.22 pp	—	reported	—	1.00
Net margin Δ (YoY)	3.27 pp	—	—	reported	—	1.00

Q1 2026 · Δ YoY

Revenue

7,652,046 −3.5%

Q1 2025: 7,932,000

Gross profit (m PLN)

3.25 —

Q1 2025: 2.96

EBITDA

836,646 +81.9%

Q1 2025: 460,000

EBIT

716,134 +121%

Q1 2025: 324,000

EBT

551,093 +139.6%

Q1 2025: 230,000

Net income

430,270 +131.3%

Q1 2025: 186,000

EPS (basic)

0.18 —

Q1 2025: —

D&A

120,513 −11.4%

Q1 2025: 136,000

Interest expense

103,197 −4.4%

Q1 2025: 108,000

Shares (basic) (units)

2,414,899 —

Q1 2025: —

Gross margin

42.5% +5.2 pp

Q1 2025: 37.27%

EBITDA margin

10.93% +5.1 pp

Q1 2025: 5.8%

EBIT margin

9.36% +5.3 pp

Q1 2025: 4.08%

Net margin

5.62% +3.3 pp

Q1 2025: 2.35%

Cash

481,609 −52.4%

Q1 2025: 1,011,000

Total debt

9,100,000 −8.2%

Q1 2025: 9,914,000

Net debt

8,618,391 −3.2%

Q1 2025: 8,903,000

Equity

6,189,705 +11.6%

Q1 2025: 5,545,000

Total assets

26,122,508 +10.6%

Q1 2025: 23,611,000

Working capital

5,310,892 −18%

Q1 2025: 6,477,000

Current assets

23,002,617 +10.4%

Q1 2025: 20,838,000

Current liabilities

17,691,724 +23.2%

Q1 2025: 14,361,000

CFO

216,715 −31%

Q1 2025: 314,000

CapEx

606,470 +1737.8%

Q1 2025: 33,000

FCF

-389,755 −238.7%

Q1 2025: 281,000

FCF conversion

-46.59% −107.6 pp

Q1 2025: 60.99%

CFO conversion

25.93% −42.3 pp

Q1 2025: 68.22%

Current ratio

1.3x −0.15x

Q1 2025: 1.45x

Quick ratio

0.54x +0.12x

Q1 2025: 0.42x

Cash ratio

0.03x −0.04x

Q1 2025: 0.07x

Interest coverage

6.94x +3.93x

Q1 2025: 3.01x

Net debt / EBITDA

3.73x —

Q1 2025: —

Debt / equity

1.47x −0.32x

Q1 2025: 1.79x

Debt / assets

0.35x —

Q1 2025: —

Net debt / equity

1.39x −0.22x

Q1 2025: 1.61x

Revenue growth (YoY)

-3.53% —

Q1 2025: -1.75%

EBITDA growth (YoY)

81.8% —

Q1 2025: -1.21%

EBIT growth (YoY)

121.21% —

Q1 2025: -6.81%

Net income growth (YoY)

131.28% —

Q1 2025: -10.86%

EBITDA margin Δ (YoY)

5.13 pp —

Q1 2025: —

EBIT margin Δ (YoY)

5.28 pp —

Q1 2025: -0.22 pp

Net margin Δ (YoY)

3.27 pp —

Q1 2025: —