TSG
Q1 2026 report
Revenue
12.3 m PLN
— YoY
Net income
-4.04 m PLN
— YoY
EBITDA
-1.65 m PLN
— YoY
Gross margin
1.44%
— YoY
Summary
Investment thesis
- Segment obróbki metali (Stal Warsztat) rośnie dwucyfrowo i systematycznie ogranicza stratę dzięki nowym zleceniom
- Segment OZE kurczy się w warunkach niepewności regulacyjnej i silnej konkurencji rynkowej
- Bilans jest bezpieczny — niskie zadłużenie, praktycznie zerowy dług netto, dobra płynność — ale generowanie gotówki w kwartale było wyraźnie ujemne
- Rosnący portfel zamówień (+11% r/r do 69 mln PLN) i nowe kontrakty z GAZ-SYSTEM dają widoczność przychodową na kolejne kwartały/lata
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Financials
BETA
TSG · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 12.3 | — | — | reported | — | 1.00 |
| Gross profit | 0.18 | — | — | reported | — | 1.00 |
| EBITDA | -1.65 | — | — | reported | — | 0.90 |
| EBIT | -2.91 | — | — | reported | — | 1.00 |
| EBT | -2.95 | — | — | reported | — | 1.00 |
| Net income | -4.04 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.36 | — | — | reported | — | 1.00 |
| D&A | 1.26 | — | — | reported | — | 1.00 |
| Gross margin | 1.44% | — | — | reported | — | 1.00 |
| EBITDA margin | -13.44% | — | — | reported | — | 0.90 |
| EBIT margin | -23.69% | — | — | reported | — | 1.00 |
| Net margin | -32.83% | — | — | reported | — | 1.00 |
| Cash | 5.62 | — | — | reported | — | 1.00 |
| Total debt | 6.08 | — | — | reported | — | 0.90 |
| Net debt | 0.46 | — | — | reported | — | 0.90 |
| Equity | 73.43 | — | — | reported | — | 1.00 |
| Total assets | 98.99 | — | — | reported | — | 1.00 |
| Working capital | 26.3 | — | — | reported | — | 1.00 |
| Current assets | 41.92 | — | — | reported | — | 1.00 |
| Current liabilities | 15.62 | — | — | reported | — | 1.00 |
| CFO | -8.27 | — | — | reported | — | 1.00 |
| CapEx | 0.4 | — | — | reported | — | 0.90 |
| FCF | -8.67 | — | — | reported | — | 0.90 |
| Current ratio | 2.66x | — | — | reported | — | 1.00 |
| Quick ratio | 1.15x | — | — | reported | — | 1.00 |
| Debt / equity | 0.08x | — | — | reported | — | 0.90 |
| Net debt / equity | 0.01x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 0.58% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 38.98% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 3.31% | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
12.3
—
12.3
—
- Q1 2025
- —
Gross profit
0.18
—
0.18
—
- Q1 2025
- —
EBITDA
-1.65
—
-1.65
—
- Q1 2025
- —
EBIT
-2.91
—
-2.91
—
- Q1 2025
- —
EBT
-2.95
—
-2.95
—
- Q1 2025
- —
Net income
-4.04
—
-4.04
—
- Q1 2025
- —
EPS (basic)
(PLN)
-0.36
—
-0.36
—
- Q1 2025
- —
D&A
1.26
—
1.26
—
- Q1 2025
- —
Gross margin
1.44%
—
1.44%
—
- Q1 2025
- —
EBITDA margin
-13.44%
—
-13.44%
—
- Q1 2025
- —
EBIT margin
-23.69%
—
-23.69%
—
- Q1 2025
- —
Net margin
-32.83%
—
-32.83%
—
- Q1 2025
- —
Cash
5.62
—
5.62
—
- Q1 2025
- —
Total debt
6.08
—
6.08
—
- Q1 2025
- —
Net debt
0.46
—
0.46
—
- Q1 2025
- —
Equity
73.43
—
73.43
—
- Q1 2025
- —
Total assets
98.99
—
98.99
—
- Q1 2025
- —
Working capital
26.3
—
26.3
—
- Q1 2025
- —
Current assets
41.92
—
41.92
—
- Q1 2025
- —
Current liabilities
15.62
—
15.62
—
- Q1 2025
- —
CFO
-8.27
—
-8.27
—
- Q1 2025
- —
CapEx
0.4
—
0.4
—
- Q1 2025
- —
FCF
-8.67
—
-8.67
—
- Q1 2025
- —
Current ratio
2.66x
—
2.66x
—
- Q1 2025
- —
Quick ratio
1.15x
—
1.15x
—
- Q1 2025
- —
Debt / equity
0.08x
—
0.08x
—
- Q1 2025
- —
Net debt / equity
0.01x
—
0.01x
—
- Q1 2025
- —
Revenue growth (YoY)
0.58%
—
0.58%
—
- Q1 2025
- —
EBIT growth (YoY)
38.98%
—
38.98%
—
- Q1 2025
- —
Net income growth (YoY)
3.31%
—
3.31%
—
- Q1 2025
- —