Q1 2026 report
Bardzo mała skala biznesu (0,9 mln zł przychodu/kwartał) przy sumie bilansowej 10,2 mln zł - spółka funkcjonuje bliżej wehikułu inwestycyjno-deweloperskiego niż operacyjnej firmy.
Sentiment
Neutral
No guidance change
PBF
Q1 2026 report
Revenue
869 k PLN
— YoY
Net income
-140 k PLN
— YoY
EBITDA
-108 k PLN
— YoY
Gross margin
23.25%
— YoY
Summary
Investment thesis
- Zero zadłużenia odsetkowego i silna płynność (current ratio ~6x) dają duży margines bezpieczeństwa mimo strat operacyjnych.
- Wynik netto silnie zależny od oportunistycznej sprzedaży portfela akcji GPW (P.A. Nova) - niepowtarzalne źródło zysku.
- Większościowy akcjonariusz (65,45%) to syndyk masy upadłości dawnego banku-partnera - nietypowe i niepewne ryzyko właścicielskie.
- Korzystny, lecz nieprawomocny wyrok na 934 tys. zł (spór z Bankiem Nowym S.A.) stanowi potencjalny, niezaksięgowany plus dla bilansu.
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Financials
BETA
PBF · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 869 | — | — | reported | — | 1.00 |
| Gross profit | 202 | — | — | reported | — | 1.00 |
| EBITDA | -108 | — | — | derived | — | 1.00 |
| EBIT | -108 | — | — | reported | — | 1.00 |
| EBT | -140 | — | — | reported | — | 1.00 |
| Net income | -140 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.01 | — | — | reported | — | 1.00 |
| D&A | 0 | — | — | reported | — | 0.90 |
| Interest expense | 44 | — | — | reported | — | 0.70 |
| Shares (basic) (m units) | 10.45 | — | — | reported | — | 1.00 |
| Gross margin | 23.25% | — | — | reported | — | 1.00 |
| EBITDA margin | -12.43% | — | — | reported | — | 1.00 |
| EBIT margin | -12.43% | — | — | reported | — | 1.00 |
| Net margin | -16.11% | — | — | reported | — | 1.00 |
| Cash | 1,982 | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | reported | — | 1.00 |
| Net debt | -1,982 | — | — | derived | — | 1.00 |
| Equity | 8,774 | — | — | reported | — | 1.00 |
| Total assets | 10,187 | — | — | reported | — | 1.00 |
| Working capital | 7,051 | — | — | derived | — | 1.00 |
| Current assets | 8,449 | — | — | reported | — | 1.00 |
| Current liabilities | 1,398 | — | — | reported | — | 1.00 |
| CFO | 39 | — | — | reported | — | 0.80 |
| CapEx | 0 | — | — | reported | — | 0.90 |
| FCF | 39 | — | — | derived | — | 0.80 |
| Current ratio | 6.04x | — | — | reported | — | 1.00 |
| Quick ratio | 2.65x | — | — | reported | — | 1.00 |
| Cash ratio | 1.42x | — | — | reported | — | 1.00 |
| Debt / equity | 0x | — | — | reported | — | 1.00 |
| Debt / assets | 0x | — | — | reported | — | 1.00 |
| Net debt / equity | -0.23x | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | -3.98% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 20.59% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 20.59% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | -15.7% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | -15.7% | — | — | reported | — | 0.80 |
Q1 2026 · Δ YoY
Revenue
869
—
869
—
- Q1 2025
- —
Gross profit
202
—
202
—
- Q1 2025
- —
EBITDA
-108
—
-108
—
- Q1 2025
- —
EBIT
-108
—
-108
—
- Q1 2025
- —
EBT
-140
—
-140
—
- Q1 2025
- —
Net income
-140
—
-140
—
- Q1 2025
- —
EPS (basic)
(PLN)
-0.01
—
-0.01
—
- Q1 2025
- —
D&A
0
—
0
—
- Q1 2025
- —
Interest expense
44
—
44
—
- Q1 2025
- —
Shares (basic)
(m units)
10.45
—
10.45
—
- Q1 2025
- —
Gross margin
23.25%
—
23.25%
—
- Q1 2025
- —
EBITDA margin
-12.43%
—
-12.43%
—
- Q1 2025
- —
EBIT margin
-12.43%
—
-12.43%
—
- Q1 2025
- —
Net margin
-16.11%
—
-16.11%
—
- Q1 2025
- —
Cash
1,982
—
1,982
—
- Q1 2025
- —
Total debt
0
—
0
—
- Q1 2025
- —
Net debt
-1,982
—
-1,982
—
- Q1 2025
- —
Equity
8,774
—
8,774
—
- Q1 2025
- —
Total assets
10,187
—
10,187
—
- Q1 2025
- —
Working capital
7,051
—
7,051
—
- Q1 2025
- —
Current assets
8,449
—
8,449
—
- Q1 2025
- —
Current liabilities
1,398
—
1,398
—
- Q1 2025
- —
CFO
39
—
39
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
39
—
39
—
- Q1 2025
- —
Current ratio
6.04x
—
6.04x
—
- Q1 2025
- —
Quick ratio
2.65x
—
2.65x
—
- Q1 2025
- —
Cash ratio
1.42x
—
1.42x
—
- Q1 2025
- —
Debt / equity
0x
—
0x
—
- Q1 2025
- —
Debt / assets
0x
—
0x
—
- Q1 2025
- —
Net debt / equity
-0.23x
—
-0.23x
—
- Q1 2025
- —
Revenue growth (YoY)
-3.98%
—
-3.98%
—
- Q1 2025
- —
EBITDA growth (YoY)
20.59%
—
20.59%
—
- Q1 2025
- —
EBIT growth (YoY)
20.59%
—
20.59%
—
- Q1 2025
- —
Net income growth (YoY)
-15.7%
—
-15.7%
—
- Q1 2025
- —
EPS growth (YoY)
-15.7%
—
-15.7%
—
- Q1 2025
- —