Q1 2026 report
Rekordowa marza brutto 58,5% (+4,5 pp r/r) wsparta korzystnym kursem USD/PLN i nizszymi stawkami frachtowymi, w duzej mierze efekt zewnetrzny i przejsciowy.
Sentiment
Neutral
Guidance maintained
LPP
Q1 2026 report
Revenue
5,472 m PLN
— YoY
Net income
475 m PLN
— YoY
EBITDA
1,282 m PLN
— YoY
Gross margin
58.5%
— YoY
Summary
Investment thesis
- Wzrost przychodow o 10,5% r/r napedzany glownie ekspansja sieci (121 nowych sklepow w kwartale), przy ujemnej sprzedazy porownywalnej (LFL -2,8%).
- Dobra konwersja zysku na gotowke (OCF 907 mln PLN vs zysk netto 475 mln PLN), ale z zastrzezeniem co do rosnacej skali faktoringu odwrotnego (3,2 z 8 mld PLN limitu) i niewyjasnionej rozbieznosci kasowej w RPP.
- Bilans pozostaje bezpieczny - dlug netto/EBITDA stabilny na 1,2x - mimo skokowego wzrostu kredytow dlugoterminowych (+878,8% r/r) po uruchomieniu kredytu konsorcjalnego 1,4 mld PLN.
- Silny start II kwartalu (+20% r/r w walutach stalych, 1 maja-9 czerwca 2026) i jasno zakomunikowana wieloletnia strategia do 2029 roku (Investor Days, maj 2026) wspieraja realizacje celu rocznego 26-27 mld PLN przychodow.
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
LPP · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 5,472 | — | — | reported | — | 1.00 |
|
Revenue
Sinsay
|
3,134 | — | — | reported | Sinsay | 0.95 |
|
Revenue
Reserved
|
1,518 | — | — | reported | Reserved | 0.95 |
|
Revenue
Cropp
|
234 | — | — | reported | Cropp | 0.95 |
|
Revenue
House
|
297 | — | — | reported | House | 0.95 |
|
Revenue
Mohito
|
279 | — | — | reported | Mohito | 0.95 |
|
Revenue
Polska
|
2,363 | — | — | reported | Polska | 0.95 |
|
Revenue
Europa Zachodnia
|
352 | — | — | reported | Europa Zachodnia | 0.95 |
|
Revenue
Europa Srodkowo-Wschodnia
|
711 | — | — | reported | Europa Srodkowo-Wschodnia | 0.95 |
|
Revenue
Europa Poludniowo-Wschodnia
|
1,280 | — | — | reported | Europa Poludniowo-Wschodnia | 0.95 |
|
Revenue
Kraje regionu Morza Baltyckiego
|
213 | — | — | reported | Kraje regionu Morza Baltyckiego | 0.95 |
|
Revenue
Pozostale geograficzne
|
553 | — | — | reported | Pozostale geograficzne | 0.95 |
| Gross profit | 3,200 | — | — | reported | — | 1.00 |
| EBITDA | 1,282 | — | — | reported | — | 0.95 |
| EBIT | 688 | — | — | reported | — | 1.00 |
|
EBIT
Polska
|
508 | — | — | reported | Polska | 0.90 |
|
EBIT
Europa Zachodnia
|
-8 | — | — | reported | Europa Zachodnia | 0.90 |
|
EBIT
Europa Srodkowo-Wschodnia
|
44 | — | — | reported | Europa Srodkowo-Wschodnia | 0.90 |
|
EBIT
Europa Poludniowo-Wschodnia
|
79 | — | — | reported | Europa Poludniowo-Wschodnia | 0.90 |
|
EBIT
Kraje regionu Morza Baltyckiego
|
21 | — | — | reported | Kraje regionu Morza Baltyckiego | 0.90 |
|
EBIT
Pozostale geograficzne
|
44 | — | — | reported | Pozostale geograficzne | 0.90 |
| EBT | 636 | — | — | reported | — | 1.00 |
| Net income | 475 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 256 | — | — | reported | — | 1.00 |
| D&A | 594 | — | — | reported | — | 0.90 |
| Interest expense | 96 | — | — | reported | — | 0.85 |
| Shares (basic) (m units) | 1.86 | — | — | reported | — | 1.00 |
| Gross margin | 58.5% | — | — | reported | — | 0.95 |
| EBITDA margin | 23.4% | — | — | reported | — | 0.90 |
| EBIT margin | 12.6% | — | — | reported | — | 0.95 |
| Net margin | 8.7% | — | — | reported | — | 0.95 |
| Cash | 564 | — | — | reported | — | 1.00 |
| Total debt | 8,251 | — | — | derived | — | 0.90 |
| Net debt | 7,067 | — | — | reported | — | 0.95 |
| Equity | 6,093 | — | — | reported | — | 1.00 |
| Total assets | 20,076 | — | — | reported | — | 1.00 |
| Working capital | -810 | — | — | reported | — | 0.85 |
| Current assets | 7,137 | — | — | reported | — | 1.00 |
| Current liabilities | 7,947 | — | — | reported | — | 1.00 |
| Goodwill | 754 | — | — | derived | — | 0.85 |
| Tangible equity | 5,339 | — | — | reported | — | 0.80 |
| CFO | 907 | — | — | reported | — | 1.00 |
| CapEx | 562 | — | — | reported | — | 0.95 |
| FCF | 345 | — | — | reported | — | 0.85 |
| FCF conversion | 26.9% | — | — | reported | — | 0.80 |
| CFO conversion | 70.7% | — | — | reported | — | 0.85 |
| Dividends paid | 743 | — | — | reported | — | 0.95 |
| Current ratio | 0.9x | — | — | reported | — | 0.85 |
| Quick ratio | 0.34x | — | — | reported | — | 0.80 |
| Cash ratio | 0.07x | — | — | reported | — | 0.80 |
| Interest coverage | 7.17x | — | — | reported | — | 0.75 |
| Net debt / EBITDA | 1.2x | — | — | reported | — | 0.90 |
| Debt / equity | 1.35x | — | — | reported | — | 0.80 |
| Debt / assets | 0.41x | — | — | reported | — | 0.80 |
| Net debt / equity | 1.16x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | 10.5% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | 36.1% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | 47% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | 41.8% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | 42.1% | — | — | reported | — | 0.80 |
| Gross margin Δ (YoY) | 4.5 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | 4.4 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | 3.1 pp | — | — | reported | — | 0.85 |
| Net margin Δ (YoY) | 1.9 pp | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
5,472
—
5,472
—
- Q1 2025
- —
Revenue
Sinsay
3,134
—
Sinsay
3,134
—
- Q1 2025
- —
Revenue
Reserved
1,518
—
Reserved
1,518
—
- Q1 2025
- —
Revenue
Cropp
234
—
Cropp
234
—
- Q1 2025
- —
Revenue
House
297
—
House
297
—
- Q1 2025
- —
Revenue
Mohito
279
—
Mohito
279
—
- Q1 2025
- —
Revenue
Polska
2,363
—
Polska
2,363
—
- Q1 2025
- —
Revenue
Europa Zachodnia
352
—
Europa Zachodnia
352
—
- Q1 2025
- —
Revenue
Europa Srodkowo-Wschodnia
711
—
Europa Srodkowo-Wschodnia
711
—
- Q1 2025
- —
Revenue
Europa Poludniowo-Wschodnia
1,280
—
Europa Poludniowo-Wschodnia
1,280
—
- Q1 2025
- —
Revenue
Kraje regionu Morza Baltyckiego
213
—
Kraje regionu Morza Baltyckiego
213
—
- Q1 2025
- —
Revenue
Pozostale geograficzne
553
—
Pozostale geograficzne
553
—
- Q1 2025
- —
Gross profit
3,200
—
3,200
—
- Q1 2025
- —
EBITDA
1,282
—
1,282
—
- Q1 2025
- —
EBIT
688
—
688
—
- Q1 2025
- —
EBIT
Polska
508
—
Polska
508
—
- Q1 2025
- —
EBIT
Europa Zachodnia
-8
—
Europa Zachodnia
-8
—
- Q1 2025
- —
EBIT
Europa Srodkowo-Wschodnia
44
—
Europa Srodkowo-Wschodnia
44
—
- Q1 2025
- —
EBIT
Europa Poludniowo-Wschodnia
79
—
Europa Poludniowo-Wschodnia
79
—
- Q1 2025
- —
EBIT
Kraje regionu Morza Baltyckiego
21
—
Kraje regionu Morza Baltyckiego
21
—
- Q1 2025
- —
EBIT
Pozostale geograficzne
44
—
Pozostale geograficzne
44
—
- Q1 2025
- —
EBT
636
—
636
—
- Q1 2025
- —
Net income
475
—
475
—
- Q1 2025
- —
EPS (basic)
(PLN)
256
—
256
—
- Q1 2025
- —
D&A
594
—
594
—
- Q1 2025
- —
Interest expense
96
—
96
—
- Q1 2025
- —
Shares (basic)
(m units)
1.86
—
1.86
—
- Q1 2025
- —
Gross margin
58.5%
—
58.5%
—
- Q1 2025
- —
EBITDA margin
23.4%
—
23.4%
—
- Q1 2025
- —
EBIT margin
12.6%
—
12.6%
—
- Q1 2025
- —
Net margin
8.7%
—
8.7%
—
- Q1 2025
- —
Cash
564
—
564
—
- Q1 2025
- —
Total debt
8,251
—
8,251
—
- Q1 2025
- —
Net debt
7,067
—
7,067
—
- Q1 2025
- —
Equity
6,093
—
6,093
—
- Q1 2025
- —
Total assets
20,076
—
20,076
—
- Q1 2025
- —
Working capital
-810
—
-810
—
- Q1 2025
- —
Current assets
7,137
—
7,137
—
- Q1 2025
- —
Current liabilities
7,947
—
7,947
—
- Q1 2025
- —
Goodwill
754
—
754
—
- Q1 2025
- —
Tangible equity
5,339
—
5,339
—
- Q1 2025
- —
CFO
907
—
907
—
- Q1 2025
- —
CapEx
562
—
562
—
- Q1 2025
- —
FCF
345
—
345
—
- Q1 2025
- —
FCF conversion
26.9%
—
26.9%
—
- Q1 2025
- —
CFO conversion
70.7%
—
70.7%
—
- Q1 2025
- —
Dividends paid
743
—
743
—
- Q1 2025
- —
Current ratio
0.9x
—
0.9x
—
- Q1 2025
- —
Quick ratio
0.34x
—
0.34x
—
- Q1 2025
- —
Cash ratio
0.07x
—
0.07x
—
- Q1 2025
- —
Interest coverage
7.17x
—
7.17x
—
- Q1 2025
- —
Net debt / EBITDA
1.2x
—
1.2x
—
- Q1 2025
- —
Debt / equity
1.35x
—
1.35x
—
- Q1 2025
- —
Debt / assets
0.41x
—
0.41x
—
- Q1 2025
- —
Net debt / equity
1.16x
—
1.16x
—
- Q1 2025
- —
Revenue growth (YoY)
10.5%
—
10.5%
—
- Q1 2025
- —
EBITDA growth (YoY)
36.1%
—
36.1%
—
- Q1 2025
- —
EBIT growth (YoY)
47%
—
47%
—
- Q1 2025
- —
Net income growth (YoY)
41.8%
—
41.8%
—
- Q1 2025
- —
EPS growth (YoY)
42.1%
—
42.1%
—
- Q1 2025
- —
Gross margin Δ (YoY)
4.5 pp
—
4.5 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
4.4 pp
—
4.4 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
3.1 pp
—
3.1 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
1.9 pp
—
1.9 pp
—
- Q1 2025
- —