MLS ML SYSTEM Giełda Papierów Wartościowych w Warszawie · Quarterly · publ. May 29, 2026

Q1 2026 report

Producent szkla fotowoltaicznego BIPV z realnym popytem eksportowym premium (Niemcy, Szwajcaria, Norwegia) i regulacyjnym tailwindem UE (dyrektywa EPBD, Solarpflicht)

Sentiment

Cautious No guidance change

Website

MLS Q1 2026 report

Revenue

34,817 k PLN

— YoY

Net income

-6,401 k PLN

— YoY

EBITDA

154 k PLN

— YoY

Gross margin

-12.09%

— YoY

Summary

Investment thesis

Po kryzysie plynnosciowym z 2025 r. spolka odbudowuje przychody (+89,9% r/r) i po raz pierwszy od dawna pokazala dodatnia EBITDA w ujeciu kwartalnym
Redukcja kosztow ogolnego zarzadu o 67% r/r pokazuje realne efekty planu naprawczego z konca 2024 r.
Kluczowe ryzyko: zarzad sam wskazuje na istotna niepewnosc co do kontynuacji dzialalnosci, a niemal cale krotkoterminowe finansowanie bankowe wygasa 30 czerwca 2026 r., miesiac po dacie raportu
Poprawa wyniku ksiegowego nie jest jeszcze poparta gotowka - OCF w kwartale byl gleboko ujemny (-6,4 mln zl) mimo skurczenia straty netto o 63%

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Financials

BETA

Q1 2026

MLS · Q1 2026

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

Revenue	34,817	—	—	reported	—	1.00
Revenue Fotowoltaika	27,369	—	—	reported	Fotowoltaika	1.00
Revenue Produkty nowej ery kwantowej i szklo powlokowe	7,435	—	—	reported	Produkty nowej ery kwantowej i szklo powlokowe	1.00
Gross profit	-4,209	—	—	reported	—	1.00
EBITDA	154	—	—	reported	—	1.00
EBIT	-5,153	—	—	reported	—	1.00
EBT	-6,401	—	—	reported	—	1.00
Net income	-6,401	—	—	reported	—	1.00
Net income Fotowoltaika	-9,121	—	—	reported	Fotowoltaika	1.00
Net income Produkty nowej ery kwantowej i szklo powlokowe	2,987	—	—	reported	Produkty nowej ery kwantowej i szklo powlokowe	1.00
EPS (basic) (PLN)	-0.87	—	—	reported	—	1.00
EPS (diluted) (PLN)	-0.87	—	—	reported	—	1.00
D&A	5,307	—	—	reported	—	1.00
Interest expense	654	—	—	reported	—	0.90
Shares (basic) (m units)	7.38	—	—	reported	—	1.00
Shares (diluted) (m units)	7.38	—	—	reported	—	1.00

Gross margin	-12.09%	—	—	reported	—	1.00
EBITDA margin	0.44%	—	—	reported	—	1.00
EBIT margin	-14.8%	—	—	reported	—	1.00
EBT margin	-18.39%	—	—	reported	—	1.00
Net margin	-18.39%	—	—	reported	—	1.00
D&A margin	15.24%	—	—	reported	—	1.00

Cash	4,222	—	—	reported	—	1.00
Total debt	156,990	—	—	derived	—	0.75
Net debt	152,768	—	—	reported	—	1.00
Equity	97,187	—	—	reported	—	1.00
Total assets	496,091	—	—	reported	—	1.00
Working capital	-110,686	—	—	derived	—	1.00
Current assets	93,254	—	—	reported	—	1.00
Current liabilities	203,940	—	—	reported	—	1.00
Goodwill	38,084	—	—	derived	—	0.95
Tangible equity	59,103	—	—	derived	—	0.90

CFO	-6,448	—	—	reported	—	1.00
CapEx	1,559	—	—	reported	—	1.00
FCF	-8,007	—	—	derived	—	1.00
Dividends paid	0	—	—	reported	—	1.00

ROE	-31.36%	—	—	reported	—	0.50

Current ratio	0.46x	—	—	reported	—	1.00
Quick ratio	0.36x	—	—	reported	—	0.95
Cash ratio	0.02x	—	—	reported	—	1.00
Interest coverage	-7.88x	—	—	reported	—	0.90

Net debt / EBITDA	226x	—	—	reported	—	0.20
Debt / equity	1.62x	—	—	reported	—	0.75
Debt / assets	0.32x	—	—	reported	—	0.75
Net debt / equity	1.57x	—	—	reported	—	1.00

Revenue growth (YoY)	89.94%	—	—	reported	—	1.00
EBITDA growth (YoY)	101.93%	—	—	reported	—	0.60
EBIT growth (YoY)	61.83%	—	—	reported	—	1.00
Net income growth (YoY)	63.11%	—	—	reported	—	1.00
EPS growth (YoY)	62.98%	—	—	reported	—	1.00
Gross margin Δ (YoY)	16.15 pp	—	—	reported	—	1.00
EBITDA margin Δ (YoY)	43.9 pp	—	—	reported	—	0.60
EBIT margin Δ (YoY)	58.85 pp	—	—	reported	—	1.00
Net margin Δ (YoY)	76.28 pp	—	—	reported	—	1.00

Q1 2026 · Δ YoY

Revenue

34,817 —

Q1 2025: —

Revenue

Fotowoltaika

27,369 —

Q1 2025: —

Revenue

Produkty nowej ery kwantowej i szklo powlokowe

7,435 —

Q1 2025: —

Gross profit

-4,209 —

Q1 2025: —

EBITDA

154 —

Q1 2025: —

EBIT

-5,153 —

Q1 2025: —

EBT

-6,401 —

Q1 2025: —

Net income

-6,401 —

Q1 2025: —

Net income

Fotowoltaika

-9,121 —

Q1 2025: —

Net income

Produkty nowej ery kwantowej i szklo powlokowe

2,987 —

Q1 2025: —

EPS (basic) (PLN)

-0.87 —

Q1 2025: —

EPS (diluted) (PLN)

-0.87 —

Q1 2025: —

D&A

5,307 —

Q1 2025: —

Interest expense

654 —

Q1 2025: —

Shares (basic) (m units)

7.38 —

Q1 2025: —

Shares (diluted) (m units)

7.38 —

Q1 2025: —

Gross margin

-12.09% —

Q1 2025: —

EBITDA margin

0.44% —

Q1 2025: —

EBIT margin

-14.8% —

Q1 2025: —

EBT margin

-18.39% —

Q1 2025: —

Net margin

-18.39% —

Q1 2025: —

D&A margin

15.24% —

Q1 2025: —

Cash

4,222 —

Q1 2025: —

Total debt

156,990 —

Q1 2025: —

Net debt

152,768 —

Q1 2025: —

Equity

97,187 —

Q1 2025: —

Total assets

496,091 —

Q1 2025: —

Working capital

-110,686 —

Q1 2025: —

Current assets

93,254 —

Q1 2025: —

Current liabilities

203,940 —

Q1 2025: —

Goodwill

38,084 —

Q1 2025: —

Tangible equity

59,103 —

Q1 2025: —

CFO

-6,448 —

Q1 2025: —

CapEx

1,559 —

Q1 2025: —

FCF

-8,007 —

Q1 2025: —

Dividends paid

0 —

Q1 2025: —

ROE

-31.36% —

Q1 2025: —

Current ratio

0.46x —

Q1 2025: —

Quick ratio

0.36x —

Q1 2025: —

Cash ratio

0.02x —

Q1 2025: —

Interest coverage

-7.88x —

Q1 2025: —

Net debt / EBITDA

226x —

Q1 2025: —

Debt / equity

1.62x —

Q1 2025: —

Debt / assets

0.32x —

Q1 2025: —

Net debt / equity

1.57x —

Q1 2025: —

Revenue growth (YoY)

89.94% —

Q1 2025: —

EBITDA growth (YoY)

101.93% —

Q1 2025: —

EBIT growth (YoY)

61.83% —

Q1 2025: —

Net income growth (YoY)

63.11% —

Q1 2025: —

EPS growth (YoY)

62.98% —

Q1 2025: —

Gross margin Δ (YoY)

16.15 pp —

Q1 2025: —

EBITDA margin Δ (YoY)

43.9 pp —

Q1 2025: —

EBIT margin Δ (YoY)

58.85 pp —

Q1 2025: —

Net margin Δ (YoY)

76.28 pp —

Q1 2025: —