Q1 2026 report
Segment produkcyjny (Sanwil Polska) wrócił do rentowności operacyjnej — EBIT Grupy 197 tys. zł wobec straty 325 tys. zł rok wcześniej, głównie dzięki poprawie marży brutto (21,9%→28,8%) i wzrostowi eksportu o 30% r/r.
Sentiment
Cautious
No guidance change
SNW
Q1 2026 report
Revenue
6.95 m PLN
— YoY
Net income
0.81 m PLN
— YoY
EBITDA
0.42 m PLN
— YoY
Gross margin
28.8%
— YoY
Summary
Investment thesis
- Zysk netto spadł o 42,6% r/r (805 vs 1 403 tys. zł) mimo lepszego wyniku operacyjnego — spadek napędzany niższą wyceną portfela papierów wartościowych Holdingu (aktualizacja wartości: 371 vs 1 796 tys. zł), a nie pogorszeniem biznesu.
- Bilans jest bardzo mocny: gotówka 15,95 mln zł plus portfel inwestycyjny 20,65 mln zł wobec zadłużenia odsetkowego rzędu 2,1 mln zł — spółka finansuje się sama i nie ma ryzyka płynności.
- Od sierpnia 2023 r. trwa nierozstrzygnięty przegląd opcji strategicznych (w tym możliwa sprzedaż Sanwil Polska) — kluczowa niewiadoma dla przyszłego kształtu Grupy, bez wskazanego harmonogramu.
- Jakość zysku w tym kwartale jest słaba — operacyjny cash flow ujemny (-227 tys. zł) mimo dodatniego zysku netto, ciągnięty w dół przez wzrost należności (+1 418 tys. zł) i zapasów (+1 053 tys. zł).
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Financials
BETA
SNW · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 6.95 | — | — | reported | — | 1.00 |
| Gross profit | 2 | — | — | reported | — | 1.00 |
| EBITDA | 0.42 | — | — | derived | — | 0.90 |
| EBIT | 0.2 | — | — | reported | — | 1.00 |
|
EBIT
Wyroby powlekane
|
0.35 | — | — | reported | Wyroby powlekane | 1.00 |
|
EBIT
Działalność holdingów
|
-0.16 | — | — | reported | Działalność holdingów | 1.00 |
| EBT | 0.93 | — | — | reported | — | 1.00 |
| Net income | 0.81 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.05 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.05 | — | — | reported | — | 1.00 |
| D&A | 0.23 | — | — | reported | — | 1.00 |
| Interest expense | 0.08 | — | — | reported | — | 0.85 |
| Shares (basic) (m units) | 16 | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 16 | — | — | reported | — | 1.00 |
| Gross margin | 28.8% | — | — | reported | — | 0.90 |
| EBITDA margin | 6.09% | — | — | reported | — | 0.85 |
| EBIT margin | 2.84% | — | — | reported | — | 0.90 |
| EBT margin | 13.4% | — | — | reported | — | 0.90 |
| Net margin | 11.59% | — | — | reported | — | 0.90 |
| D&A margin | 3.25% | — | — | reported | — | 0.90 |
| Cash | 15.95 | — | — | reported | — | 1.00 |
| Total debt | 2.13 | — | — | derived | — | 0.85 |
| Net debt | -13.82 | — | — | derived | — | 0.85 |
| Equity | 63.39 | — | — | reported | — | 1.00 |
| Total assets | 80.2 | — | — | reported | — | 1.00 |
| Working capital | 47.37 | — | — | derived | — | 0.90 |
| Current assets | 58.23 | — | — | reported | — | 1.00 |
| Current liabilities | 10.86 | — | — | reported | — | 1.00 |
| CFO | -0.23 | — | — | reported | — | 1.00 |
| CapEx | 0.01 | — | — | reported | — | 1.00 |
| FCF | -0.24 | — | — | derived | — | 0.90 |
| FCF conversion | -55.56% | — | — | reported | — | 0.60 |
| CFO conversion | -53.66% | — | — | reported | — | 0.60 |
| Current ratio | 5.36x | — | — | reported | — | 0.90 |
| Quick ratio | 4.4x | — | — | reported | — | 0.85 |
| Cash ratio | 1.47x | — | — | reported | — | 0.90 |
| Interest coverage | 2.56x | — | — | reported | — | 0.75 |
| Debt / equity | 0.03x | — | — | reported | — | 0.80 |
| Debt / assets | 0.03x | — | — | reported | — | 0.80 |
| Net debt / equity | -0.22x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | 8.41% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | 580.68% | — | — | reported | — | 0.50 |
| EBIT growth (YoY) | 160.62% | — | — | reported | — | 0.85 |
| Net income growth (YoY) | -42.62% | — | — | reported | — | 0.95 |
| EPS growth (YoY) | -42.62% | — | — | reported | — | 0.90 |
| FCF growth (YoY) | 72.8% | — | — | reported | — | 0.60 |
| Gross margin Δ (YoY) | 6.86 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | 7.46 pp | — | — | reported | — | 0.80 |
| EBIT margin Δ (YoY) | 7.91 pp | — | — | reported | — | 0.85 |
| Net margin Δ (YoY) | -10.31 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
6.95
—
6.95
—
- Q1 2025
- —
Gross profit
2
—
2
—
- Q1 2025
- —
EBITDA
0.42
—
0.42
—
- Q1 2025
- —
EBIT
0.2
—
0.2
—
- Q1 2025
- —
EBIT
Wyroby powlekane
0.35
—
Wyroby powlekane
0.35
—
- Q1 2025
- —
EBIT
Działalność holdingów
-0.16
—
Działalność holdingów
-0.16
—
- Q1 2025
- —
EBT
0.93
—
0.93
—
- Q1 2025
- —
Net income
0.81
—
0.81
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.05
—
0.05
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.05
—
0.05
—
- Q1 2025
- —
D&A
0.23
—
0.23
—
- Q1 2025
- —
Interest expense
0.08
—
0.08
—
- Q1 2025
- —
Shares (basic)
(m units)
16
—
16
—
- Q1 2025
- —
Shares (diluted)
(m units)
16
—
16
—
- Q1 2025
- —
Gross margin
28.8%
—
28.8%
—
- Q1 2025
- —
EBITDA margin
6.09%
—
6.09%
—
- Q1 2025
- —
EBIT margin
2.84%
—
2.84%
—
- Q1 2025
- —
EBT margin
13.4%
—
13.4%
—
- Q1 2025
- —
Net margin
11.59%
—
11.59%
—
- Q1 2025
- —
D&A margin
3.25%
—
3.25%
—
- Q1 2025
- —
Cash
15.95
—
15.95
—
- Q1 2025
- —
Total debt
2.13
—
2.13
—
- Q1 2025
- —
Net debt
-13.82
—
-13.82
—
- Q1 2025
- —
Equity
63.39
—
63.39
—
- Q1 2025
- —
Total assets
80.2
—
80.2
—
- Q1 2025
- —
Working capital
47.37
—
47.37
—
- Q1 2025
- —
Current assets
58.23
—
58.23
—
- Q1 2025
- —
Current liabilities
10.86
—
10.86
—
- Q1 2025
- —
CFO
-0.23
—
-0.23
—
- Q1 2025
- —
CapEx
0.01
—
0.01
—
- Q1 2025
- —
FCF
-0.24
—
-0.24
—
- Q1 2025
- —
FCF conversion
-55.56%
—
-55.56%
—
- Q1 2025
- —
CFO conversion
-53.66%
—
-53.66%
—
- Q1 2025
- —
Current ratio
5.36x
—
5.36x
—
- Q1 2025
- —
Quick ratio
4.4x
—
4.4x
—
- Q1 2025
- —
Cash ratio
1.47x
—
1.47x
—
- Q1 2025
- —
Interest coverage
2.56x
—
2.56x
—
- Q1 2025
- —
Debt / equity
0.03x
—
0.03x
—
- Q1 2025
- —
Debt / assets
0.03x
—
0.03x
—
- Q1 2025
- —
Net debt / equity
-0.22x
—
-0.22x
—
- Q1 2025
- —
Revenue growth (YoY)
8.41%
—
8.41%
—
- Q1 2025
- —
EBITDA growth (YoY)
580.68%
—
580.68%
—
- Q1 2025
- —
EBIT growth (YoY)
160.62%
—
160.62%
—
- Q1 2025
- —
Net income growth (YoY)
-42.62%
—
-42.62%
—
- Q1 2025
- —
EPS growth (YoY)
-42.62%
—
-42.62%
—
- Q1 2025
- —
FCF growth (YoY)
72.8%
—
72.8%
—
- Q1 2025
- —
Gross margin Δ (YoY)
6.86 pp
—
6.86 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
7.46 pp
—
7.46 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
7.91 pp
—
7.91 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-10.31 pp
—
-10.31 pp
—
- Q1 2025
- —