Q1 2026 report
Przychody Grupy wzrosły o 14,4% r/r (288,4 mln zł), napędzane głównie ok. 16% wzrostem sprzedaży na rynku polskim i rozwojem marek własnych (HIRO, NTT Book).
Sentiment
Positive
No guidance change
NTT
Q1 2026 report
Revenue
252,138 k PLN
— YoY
Net income
5,803 k PLN
— YoY
EBITDA
6,468 k PLN
— YoY
Gross margin
8.76%
— YoY
Summary
Investment thesis
- Marża EBIT poprawiła się do 4,03% z 2,49% r/r mimo lekkiej kompresji marży brutto (8,39% vs 8,76%) — poprawę wyniku operacyjnego wspomogły pozostałe przychody operacyjne.
- Przepływy operacyjne załamały się do 1,7 mln zł z 60,6 mln zł rok wcześniej — potężne wahania sald należności i zobowiązań na przełomie roku (efekt wahadła) maskują realną konwersję zysku na gotówkę.
- Spółka zwiększa zależność od finansowania faktoringowego: limit faktoringu z PKO Faktoring podniesiony do 70 mln zł, a po dniu bilansowym podpisano nową umowę faktoringu odwrotnego z Pekao na 40 mln zł.
- Brak formalnych prognoz finansowych; zarząd komunikuje optymizm co do II połowy 2026 r. (KPO, cykl wymiany sprzętu napędzany przez AI), ale sygnalizuje presję kosztową komponentów i ryzyka w logistyce morskiej (Bliski Wschód).
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Financials
BETA
NTT · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 1,389,220 | — | — | reported | — | 1.00 |
| Gross profit | 22,080 | — | — | reported | — | 1.00 |
| EBITDA | 6,468 | — | — | derived | — | 0.85 |
| EBIT | 46,882 | — | — | reported | — | 1.00 |
| EBT | 7,191 | — | — | reported | — | 1.00 |
| Net income | 33,922 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.43 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.52 | — | — | reported | — | 1.00 |
| D&A | 291 | — | — | reported | — | 1.00 |
| Interest expense | 3,516 | — | — | reported | — | 0.90 |
| Shares (basic) (units) | 13,547,768 | — | — | reported | — | 1.00 |
| Gross margin | 8.76% | — | — | derived | — | 0.90 |
| EBITDA margin | 4.13% | — | — | derived | — | 0.85 |
| EBIT margin | 2.49% | — | — | derived | — | 0.90 |
| Net margin | 2.3% | — | — | derived | — | 0.90 |
| Cash | 31,597 | — | — | reported | — | 1.00 |
| Total debt | 42,571 | — | — | reported | — | 1.00 |
| Net debt | 10,974 | — | — | derived | — | 0.90 |
| Equity | 255,335 | — | — | reported | — | 1.00 |
| Total assets | 485,068 | — | — | reported | — | 1.00 |
| Working capital | 196,815 | — | — | derived | — | 0.90 |
| Current assets | 426,115 | — | — | reported | — | 1.00 |
| Current liabilities | 229,300 | — | — | reported | — | 1.00 |
| Goodwill | 32,918 | — | — | reported | — | 0.90 |
| CFO | 60,554 | — | — | reported | — | 1.00 |
| CapEx | 287 | — | — | reported | — | 1.00 |
| FCF | 1,391 | — | — | derived | — | 0.90 |
| FCF conversion | 11.69% | — | — | derived | — | 0.75 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| Current ratio | 1.86x | — | — | derived | — | 0.90 |
| Quick ratio | 0.83x | — | — | derived | — | 0.90 |
| Cash ratio | 0.14x | — | — | derived | — | 0.90 |
| Interest coverage | 3.3x | — | — | derived | — | 0.85 |
| Debt / equity | 0.17x | — | — | derived | — | 0.90 |
| Debt / assets | 0.09x | — | — | derived | — | 0.90 |
| Net debt / equity | 0.04x | — | — | derived | — | 0.85 |
| Revenue growth (YoY) | 14.38% | — | — | reported | — | 0.90 |
| EBITDA growth (YoY) | 84.1% | — | — | reported | — | 0.75 |
| EBIT growth (YoY) | 85.38% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | 21.37% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | 20.93% | — | — | reported | — | 0.90 |
| Gross margin Δ (YoY) | -0.37 pp | — | — | reported | — | 0.85 |
| EBITDA margin Δ (YoY) | 1.56 pp | — | — | reported | — | 0.70 |
| EBIT margin Δ (YoY) | 1.54 pp | — | — | reported | — | 0.85 |
| Net margin Δ (YoY) | 0.14 pp | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
1,389,220
—
1,389,220
—
- Q1 2025
- —
Gross profit
22,080
—
22,080
—
- Q1 2025
- —
EBITDA
6,468
—
6,468
—
- Q1 2025
- —
EBIT
46,882
—
46,882
—
- Q1 2025
- —
EBT
7,191
—
7,191
—
- Q1 2025
- —
Net income
33,922
—
33,922
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.43
—
0.43
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.52
—
0.52
—
- Q1 2025
- —
D&A
291
—
291
—
- Q1 2025
- —
Interest expense
3,516
—
3,516
—
- Q1 2025
- —
Shares (basic)
(units)
13,547,768
—
13,547,768
—
- Q1 2025
- —
Gross margin
8.76%
—
8.76%
—
- Q1 2025
- —
EBITDA margin
4.13%
—
4.13%
—
- Q1 2025
- —
EBIT margin
2.49%
—
2.49%
—
- Q1 2025
- —
Net margin
2.3%
—
2.3%
—
- Q1 2025
- —
Cash
31,597
—
31,597
—
- Q1 2025
- —
Total debt
42,571
—
42,571
—
- Q1 2025
- —
Net debt
10,974
—
10,974
—
- Q1 2025
- —
Equity
255,335
—
255,335
—
- Q1 2025
- —
Total assets
485,068
—
485,068
—
- Q1 2025
- —
Working capital
196,815
—
196,815
—
- Q1 2025
- —
Current assets
426,115
—
426,115
—
- Q1 2025
- —
Current liabilities
229,300
—
229,300
—
- Q1 2025
- —
Goodwill
32,918
—
32,918
—
- Q1 2025
- —
CFO
60,554
—
60,554
—
- Q1 2025
- —
CapEx
287
—
287
—
- Q1 2025
- —
FCF
1,391
—
1,391
—
- Q1 2025
- —
FCF conversion
11.69%
—
11.69%
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Current ratio
1.86x
—
1.86x
—
- Q1 2025
- —
Quick ratio
0.83x
—
0.83x
—
- Q1 2025
- —
Cash ratio
0.14x
—
0.14x
—
- Q1 2025
- —
Interest coverage
3.3x
—
3.3x
—
- Q1 2025
- —
Debt / equity
0.17x
—
0.17x
—
- Q1 2025
- —
Debt / assets
0.09x
—
0.09x
—
- Q1 2025
- —
Net debt / equity
0.04x
—
0.04x
—
- Q1 2025
- —
Revenue growth (YoY)
14.38%
—
14.38%
—
- Q1 2025
- —
EBITDA growth (YoY)
84.1%
—
84.1%
—
- Q1 2025
- —
EBIT growth (YoY)
85.38%
—
85.38%
—
- Q1 2025
- —
Net income growth (YoY)
21.37%
—
21.37%
—
- Q1 2025
- —
EPS growth (YoY)
20.93%
—
20.93%
—
- Q1 2025
- —
Gross margin Δ (YoY)
-0.37 pp
—
-0.37 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
1.56 pp
—
1.56 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
1.54 pp
—
1.54 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
0.14 pp
—
0.14 pp
—
- Q1 2025
- —