NWG NEWAG Giełda Papierów Wartościowych w Warszawie · quarterly · publ. May 29, 2026

Q1 2026 report

Wzrost przychodów +12,7% r/r wspierany rosnącym portfelem zamówień (nowe kontrakty i opcje w I kw. 2026 o łącznej wartości ponad 850 mln zł netto)

Sentiment

Neutral No guidance change

Website

NWG Q1 2026 report

Revenue

422.3 m PLN

— YoY

Net income

58.1 m PLN

— YoY

EBITDA

85.5 m PLN

— YoY

Gross margin

26.5%

— YoY

Summary

Investment thesis

Presja na marżę brutto (-2,2 p.p. r/r) wynikająca ze zmiany miksu sprzedaży (mniej lokomotyw, więcej EZT), a nie z utraty kontroli kosztowej
Bardzo mocny bilans z pozycją gotówki netto (-246,8 mln zł długu netto) i niskim zadłużeniem odsetkowym (136,9 mln zł)
Ujemny operacyjny cash flow (-169,7 mln zł) drugi rok z rzędu w I kw., pogłębiony r/r — napędzany budową zapasów produkcji w toku pod przyszłe dostawy
Brak formalnych prognoz finansowych na 2026 r.; kluczowym drogowskazem pozostaje tempo konwersji portfela zamówień na dostawy i gotówkę w kolejnych kwartałach

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Financials

BETA

Q1 2026

NWG · Q1 2026

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

Revenue	422.3	—	—	reported	—	1.00
Gross profit	111.7	—	—	reported	—	1.00
EBITDA	85.5	—	—	reported	—	1.00
EBIT	71	—	—	reported	—	1.00
EBT	70.1	—	—	reported	—	1.00
Net income	58.1	—	—	reported	—	1.00
EPS (basic) (PLN)	1.29	—	—	reported	—	1.00
EPS (diluted) (PLN)	1.29	—	—	reported	—	1.00
D&A	14.5	—	—	reported	—	1.00
Interest expense	2.6	—	—	reported	—	0.90
Shares (basic) (m units)	45	—	—	reported	—	1.00
Shares (diluted) (m units)	45	—	—	reported	—	0.90

Gross margin	26.5%	—	—	reported	—	0.95
EBITDA margin	20.3%	—	—	reported	—	0.95
EBIT margin	16.8%	—	—	reported	—	0.95
EBT margin	16.6%	—	—	reported	—	0.90
Net margin	13.8%	—	—	reported	—	0.95
D&A margin	3.4%	—	—	reported	—	0.90

Cash	383.8	—	—	reported	—	1.00
Total debt	136.9	—	—	reported	—	0.90
Net debt	-246.8	—	—	derived	—	0.85
Equity	1,205.2	—	—	reported	—	1.00
Total assets	2,103.9	—	—	reported	—	1.00
Working capital	755.5	—	—	derived	—	0.90
Current assets	1,514.7	—	—	reported	—	1.00
Current liabilities	759.2	—	—	reported	—	1.00
Goodwill	32.4	—	—	reported	—	0.90
Tangible equity	1,172.8	—	—	derived	—	0.85

CFO	-169.7	—	—	reported	—	1.00
CapEx	24	—	—	reported	—	1.00
FCF	-193.7	—	—	derived	—	0.85
FCF conversion	-226.6%	—	—	reported	—	0.60
CFO conversion	-198.5%	—	—	reported	—	0.60
Dividends paid	0	—	—	reported	—	1.00

Current ratio	2x	—	—	reported	—	0.95
Quick ratio	0.9x	—	—	reported	—	0.90
Cash ratio	0.51x	—	—	reported	—	0.85
Interest coverage	27.1x	—	—	reported	—	0.80

Debt / equity	0.11x	—	—	reported	—	0.85
Debt / assets	0.07x	—	—	reported	—	0.85
Net debt / equity	-0.2x	—	—	reported	—	0.80

Revenue growth (YoY)	12.7%	—	—	reported	—	0.95
EBITDA growth (YoY)	5.3%	—	—	reported	—	0.95
EBIT growth (YoY)	6%	—	—	reported	—	0.95
Net income growth (YoY)	10.4%	—	—	reported	—	0.95
EPS growth (YoY)	10.3%	—	—	reported	—	0.90
Gross margin Δ (YoY)	-2.2 pp	—	—	reported	—	0.90
EBITDA margin Δ (YoY)	-1.4 pp	—	—	reported	—	0.90
EBIT margin Δ (YoY)	-1.1 pp	—	—	reported	—	0.90
Net margin Δ (YoY)	-0.3 pp	—	—	reported	—	0.85

Q1 2026 · Δ YoY

Revenue

422.3 —

Q1 2025: —

Gross profit

111.7 —

Q1 2025: —

EBITDA

85.5 —

Q1 2025: —

EBIT

71 —

Q1 2025: —

EBT

70.1 —

Q1 2025: —

Net income

58.1 —

Q1 2025: —

EPS (basic) (PLN)

1.29 —

Q1 2025: —

EPS (diluted) (PLN)

1.29 —

Q1 2025: —

D&A

14.5 —

Q1 2025: —

Interest expense

2.6 —

Q1 2025: —

Shares (basic) (m units)

45 —

Q1 2025: —

Shares (diluted) (m units)

45 —

Q1 2025: —

Gross margin

26.5% —

Q1 2025: —

EBITDA margin

20.3% —

Q1 2025: —

EBIT margin

16.8% —

Q1 2025: —

EBT margin

16.6% —

Q1 2025: —

Net margin

13.8% —

Q1 2025: —

D&A margin

3.4% —

Q1 2025: —

Cash

383.8 —

Q1 2025: —

Total debt

136.9 —

Q1 2025: —

Net debt

-246.8 —

Q1 2025: —

Equity

1,205.2 —

Q1 2025: —

Total assets

2,103.9 —

Q1 2025: —

Working capital

755.5 —

Q1 2025: —

Current assets

1,514.7 —

Q1 2025: —

Current liabilities

759.2 —

Q1 2025: —

Goodwill

32.4 —

Q1 2025: —

Tangible equity

1,172.8 —

Q1 2025: —

CFO

-169.7 —

Q1 2025: —

CapEx

24 —

Q1 2025: —

FCF

-193.7 —

Q1 2025: —

FCF conversion

-226.6% —

Q1 2025: —

CFO conversion

-198.5% —

Q1 2025: —

Dividends paid

0 —

Q1 2025: —

Current ratio

2x —

Q1 2025: —

Quick ratio

0.9x —

Q1 2025: —

Cash ratio

0.51x —

Q1 2025: —

Interest coverage

27.1x —

Q1 2025: —

Debt / equity

0.11x —

Q1 2025: —

Debt / assets

0.07x —

Q1 2025: —

Net debt / equity

-0.2x —

Q1 2025: —

Revenue growth (YoY)

12.7% —

Q1 2025: —

EBITDA growth (YoY)

5.3% —

Q1 2025: —

EBIT growth (YoY)

6% —

Q1 2025: —

Net income growth (YoY)

10.4% —

Q1 2025: —

EPS growth (YoY)

10.3% —

Q1 2025: —

Gross margin Δ (YoY)

-2.2 pp —

Q1 2025: —

EBITDA margin Δ (YoY)

-1.4 pp —

Q1 2025: —

EBIT margin Δ (YoY)

-1.1 pp —

Q1 2025: —

Net margin Δ (YoY)

-0.3 pp —

Q1 2025: —