Q1 2026 report
Grupa OZE (kolektory słoneczne, pompy ciepła, montaż PV) w ostrym pogorszeniu rentowności — strata netto -10,20 mln PLN w Q1 2026 wobec -7,24 mln PLN rok wcześniej, EBITDA głęboko ujemna (-6,01 mln PLN).
Sentiment
Cautious
No guidance change
SNX
Q1 2026 report
Revenue
41.43 m PLN
— YoY
Net income
-10.2 m PLN
— YoY
EBITDA
-6.01 m PLN
— YoY
Gross margin
9.72%
— YoY
Summary
Investment thesis
- Płynność na granicy wypłacalności — wskaźnik bieżący (skonsolidowany) 0,79, gotówka 0,73 mln PLN; banki zawiesiły testowanie kowenantów i raty kapitałowe do 12.06.2026, czyli tuż po dacie tego raportu.
- Prezes Zarządu udzielił spółce pożyczki 3,7 mln PLN na wsparcie płynności — sygnał zaangażowania właściciela, ale też sygnał trudności w pozyskaniu finansowania zewnętrznego na rynkowych warunkach.
- Trwa formalny przegląd opcji strategicznych ogłoszony w I kw. 2026 — kierunek (restrukturyzacja, sprzedaż aktywów, nowy inwestor) nieznany na dzień raportu.
- Portfel zamówień rośnie od końca kwartału (nowi duzi odbiorcy zasobników i grup pompowych) — potencjalna poprawa fundamentalna, ale efekty jeszcze niewidoczne w wynikach Q1.
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Financials
BETA
SNX · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 41.43 | — | — | reported | — | 1.00 |
| Gross profit | 4.03 | — | — | reported | — | 1.00 |
| EBITDA | -6.01 | — | — | reported | — | 1.00 |
| EBIT | -8.91 | — | — | reported | — | 1.00 |
| EBT | -10.85 | — | — | reported | — | 1.00 |
| Net income | -10.2 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.46 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.46 | — | — | reported | — | 1.00 |
| D&A | 2.9 | — | — | reported | — | 1.00 |
| Interest expense | 1.43 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 22.29 | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 22.29 | — | — | reported | — | 1.00 |
| Gross margin | 9.72% | — | — | reported | — | 1.00 |
| EBITDA margin | -14.51% | — | — | reported | — | 1.00 |
| EBIT margin | -21.51% | — | — | reported | — | 1.00 |
| EBT margin | -26.18% | — | — | reported | — | 1.00 |
| Net margin | -24.62% | — | — | reported | — | 1.00 |
| D&A margin | 7% | — | — | reported | — | 1.00 |
| Cash | 0.73 | — | — | reported | — | 1.00 |
| Total debt | 127.81 | — | — | derived | — | 1.00 |
| Net debt | 127.09 | — | — | derived | — | 1.00 |
| Equity | 72.11 | — | — | reported | — | 1.00 |
| Total assets | 274.47 | — | — | reported | — | 1.00 |
| Current assets | 101.76 | — | — | reported | — | 1.00 |
| Current liabilities | 128.46 | — | — | reported | — | 1.00 |
| Goodwill | 46.41 | — | — | reported | — | 1.00 |
| CFO | -1.78 | — | — | reported | — | 1.00 |
| CapEx | 1.45 | — | — | reported | — | 1.00 |
| FCF | -3.23 | — | — | derived | — | 1.00 |
| Current ratio | 0.79x | — | — | reported | — | 1.00 |
| Quick ratio | 0.34x | — | — | reported | — | 0.90 |
| Cash ratio | 0.01x | — | — | reported | — | 1.00 |
| Interest coverage | -6.25x | — | — | reported | — | 0.90 |
| Debt / equity | 1.77x | — | — | reported | — | 1.00 |
| Debt / assets | 0.47x | — | — | reported | — | 1.00 |
| Net debt / equity | 1.76x | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | -10.08% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -57.55% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | -16.4% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | -40.87% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | -43.75% | — | — | reported | — | 1.00 |
| Gross margin Δ (YoY) | -2.92 pp | — | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | -6.23 pp | — | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | -4.89 pp | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -8.9 pp | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
41.43
—
41.43
—
- Q1 2025
- —
Gross profit
4.03
—
4.03
—
- Q1 2025
- —
EBITDA
-6.01
—
-6.01
—
- Q1 2025
- —
EBIT
-8.91
—
-8.91
—
- Q1 2025
- —
EBT
-10.85
—
-10.85
—
- Q1 2025
- —
Net income
-10.2
—
-10.2
—
- Q1 2025
- —
EPS (basic)
(PLN)
-0.46
—
-0.46
—
- Q1 2025
- —
EPS (diluted)
(PLN)
-0.46
—
-0.46
—
- Q1 2025
- —
D&A
2.9
—
2.9
—
- Q1 2025
- —
Interest expense
1.43
—
1.43
—
- Q1 2025
- —
Shares (basic)
(m units)
22.29
—
22.29
—
- Q1 2025
- —
Shares (diluted)
(m units)
22.29
—
22.29
—
- Q1 2025
- —
Gross margin
9.72%
—
9.72%
—
- Q1 2025
- —
EBITDA margin
-14.51%
—
-14.51%
—
- Q1 2025
- —
EBIT margin
-21.51%
—
-21.51%
—
- Q1 2025
- —
EBT margin
-26.18%
—
-26.18%
—
- Q1 2025
- —
Net margin
-24.62%
—
-24.62%
—
- Q1 2025
- —
D&A margin
7%
—
7%
—
- Q1 2025
- —
Cash
0.73
—
0.73
—
- Q1 2025
- —
Total debt
127.81
—
127.81
—
- Q1 2025
- —
Net debt
127.09
—
127.09
—
- Q1 2025
- —
Equity
72.11
—
72.11
—
- Q1 2025
- —
Total assets
274.47
—
274.47
—
- Q1 2025
- —
Current assets
101.76
—
101.76
—
- Q1 2025
- —
Current liabilities
128.46
—
128.46
—
- Q1 2025
- —
Goodwill
46.41
—
46.41
—
- Q1 2025
- —
CFO
-1.78
—
-1.78
—
- Q1 2025
- —
CapEx
1.45
—
1.45
—
- Q1 2025
- —
FCF
-3.23
—
-3.23
—
- Q1 2025
- —
Current ratio
0.79x
—
0.79x
—
- Q1 2025
- —
Quick ratio
0.34x
—
0.34x
—
- Q1 2025
- —
Cash ratio
0.01x
—
0.01x
—
- Q1 2025
- —
Interest coverage
-6.25x
—
-6.25x
—
- Q1 2025
- —
Debt / equity
1.77x
—
1.77x
—
- Q1 2025
- —
Debt / assets
0.47x
—
0.47x
—
- Q1 2025
- —
Net debt / equity
1.76x
—
1.76x
—
- Q1 2025
- —
Revenue growth (YoY)
-10.08%
—
-10.08%
—
- Q1 2025
- —
EBITDA growth (YoY)
-57.55%
—
-57.55%
—
- Q1 2025
- —
EBIT growth (YoY)
-16.4%
—
-16.4%
—
- Q1 2025
- —
Net income growth (YoY)
-40.87%
—
-40.87%
—
- Q1 2025
- —
EPS growth (YoY)
-43.75%
—
-43.75%
—
- Q1 2025
- —
Gross margin Δ (YoY)
-2.92 pp
—
-2.92 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-6.23 pp
—
-6.23 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-4.89 pp
—
-4.89 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-8.9 pp
—
-8.9 pp
—
- Q1 2025
- —