Q1 2026 report
Przychody spadły -6,5% r/r do 254,6 mln zł (eksport -9,5%, 65% sprzedaży), ale marża brutto (Marża I) wzrosła o 4,7 p.p. do 40,3% dzięki niższym kosztom sprzedanych produktów.
Sentiment
Neutral
No guidance change
RWL
Q1 2026 report
Revenue
272.25 m PLN
— YoY
Net income
1.05 m PLN
— YoY
EBITDA
27.58 m PLN
— YoY
Gross margin
40.31%
— YoY
Summary
Investment thesis
- EBITDA wzrosła +18,3% r/r do 32,6 mln zł mimo spadku sprzedaży — poprawa efektywności operacyjnej, nie wzrostu wolumenu.
- Operacyjne przepływy pieniężne ujemne (-19,4 mln zł) mimo dodatniego zysku netto — wzrost należności (+41,6 mln zł, nota 12) i zapasów (+8,6 mln zł) skonsumował gotówkę wygenerowaną operacyjnie.
- Struktura zadłużenia poprawiła się jakościowo: konwersja kredytów krótkoterminowych na długoterminowe (dług długoterminowy +29,7% r/r), wskaźniki płynności wzrosły (bieżąca 1,85 vs 1,50).
- Zarząd zarekomendował przeznaczenie całości zysku za 2025 r. na kapitał zapasowy — brak dywidendy, ostateczna decyzja WZA 19.06.2026.
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Financials
BETA
RWL · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 272.25 | — | — | reported | — | 1.00 |
| Gross profit | 102.62 | — | — | reported | — | 1.00 |
| EBITDA | 27.58 | — | — | reported | — | 1.00 |
| EBIT | 14.18 | — | — | reported | — | 1.00 |
| EBT | 12.94 | — | — | reported | — | 1.00 |
| Net income | 1.05 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.03 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.23 | — | — | reported | — | 1.00 |
| D&A | 13.39 | — | — | reported | — | 1.00 |
| Interest expense | 7.35 | — | — | reported | — | 0.90 |
| Shares (basic) (m units) | 31.06 | — | — | reported | — | 1.00 |
| Gross margin | 40.31% | — | — | derived | — | 0.95 |
| EBITDA margin | 12.82% | — | — | derived | — | 0.95 |
| EBIT margin | 6.19% | — | — | derived | — | 0.95 |
| Net margin | 2.75% | — | — | derived | — | 0.85 |
| Cash | 84.19 | — | — | reported | — | 1.00 |
| Total debt | 565.66 | — | — | reported | — | 1.00 |
| Net debt | 481.47 | — | — | derived | — | 0.90 |
| Equity | 686.68 | — | — | reported | — | 1.00 |
| Total assets | 1,586.73 | — | — | reported | — | 1.00 |
| Working capital | 371.89 | — | — | derived | — | 0.90 |
| Current assets | 810.34 | — | — | reported | — | 1.00 |
| Current liabilities | 438.45 | — | — | reported | — | 1.00 |
| Goodwill | 127.5 | — | — | reported | — | 0.70 |
| Tangible equity | 559.18 | — | — | derived | — | 0.70 |
| CFO | -16.28 | — | — | reported | — | 1.00 |
| CapEx | 3.97 | — | — | reported | — | 1.00 |
| FCF | -23.33 | — | — | derived | — | 0.90 |
| FCF conversion | -71.48% | — | — | reported | — | 0.85 |
| CFO conversion | -59.32% | — | — | reported | — | 0.85 |
| Current ratio | 1.85x | — | — | reported | — | 1.00 |
| Quick ratio | 0.86x | — | — | reported | — | 1.00 |
| Cash ratio | 0.19x | — | — | derived | — | 0.90 |
| Interest coverage | 2.14x | — | — | derived | — | 0.85 |
| Debt / equity | 0.82x | — | — | derived | — | 0.90 |
| Debt / assets | 0.36x | — | — | derived | — | 0.90 |
| Net debt / equity | 0.7x | — | — | derived | — | 0.85 |
| Revenue growth (YoY) | -6.48% | — | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 18.35% | — | — | derived | — | 0.95 |
| EBIT growth (YoY) | 11.18% | — | — | derived | — | 0.95 |
| Net income growth (YoY) | 570.36% | — | — | derived | — | 0.80 |
| EPS growth (YoY) | 666.67% | — | — | derived | — | 0.60 |
| Gross margin Δ (YoY) | 4.72 pp | — | — | derived | — | 0.85 |
| EBITDA margin Δ (YoY) | 2.69 pp | — | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | 0.98 pp | — | — | derived | — | 0.85 |
| Net margin Δ (YoY) | 2.37 pp | — | — | derived | — | 0.80 |
Q1 2026 · Δ YoY
Revenue
272.25
—
272.25
—
- Q1 2025
- —
Gross profit
102.62
—
102.62
—
- Q1 2025
- —
EBITDA
27.58
—
27.58
—
- Q1 2025
- —
EBIT
14.18
—
14.18
—
- Q1 2025
- —
EBT
12.94
—
12.94
—
- Q1 2025
- —
Net income
1.05
—
1.05
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.03
—
0.03
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.23
—
0.23
—
- Q1 2025
- —
D&A
13.39
—
13.39
—
- Q1 2025
- —
Interest expense
7.35
—
7.35
—
- Q1 2025
- —
Shares (basic)
(m units)
31.06
—
31.06
—
- Q1 2025
- —
Gross margin
40.31%
—
40.31%
—
- Q1 2025
- —
EBITDA margin
12.82%
—
12.82%
—
- Q1 2025
- —
EBIT margin
6.19%
—
6.19%
—
- Q1 2025
- —
Net margin
2.75%
—
2.75%
—
- Q1 2025
- —
Cash
84.19
—
84.19
—
- Q1 2025
- —
Total debt
565.66
—
565.66
—
- Q1 2025
- —
Net debt
481.47
—
481.47
—
- Q1 2025
- —
Equity
686.68
—
686.68
—
- Q1 2025
- —
Total assets
1,586.73
—
1,586.73
—
- Q1 2025
- —
Working capital
371.89
—
371.89
—
- Q1 2025
- —
Current assets
810.34
—
810.34
—
- Q1 2025
- —
Current liabilities
438.45
—
438.45
—
- Q1 2025
- —
Goodwill
127.5
—
127.5
—
- Q1 2025
- —
Tangible equity
559.18
—
559.18
—
- Q1 2025
- —
CFO
-16.28
—
-16.28
—
- Q1 2025
- —
CapEx
3.97
—
3.97
—
- Q1 2025
- —
FCF
-23.33
—
-23.33
—
- Q1 2025
- —
FCF conversion
-71.48%
—
-71.48%
—
- Q1 2025
- —
CFO conversion
-59.32%
—
-59.32%
—
- Q1 2025
- —
Current ratio
1.85x
—
1.85x
—
- Q1 2025
- —
Quick ratio
0.86x
—
0.86x
—
- Q1 2025
- —
Cash ratio
0.19x
—
0.19x
—
- Q1 2025
- —
Interest coverage
2.14x
—
2.14x
—
- Q1 2025
- —
Debt / equity
0.82x
—
0.82x
—
- Q1 2025
- —
Debt / assets
0.36x
—
0.36x
—
- Q1 2025
- —
Net debt / equity
0.7x
—
0.7x
—
- Q1 2025
- —
Revenue growth (YoY)
-6.48%
—
-6.48%
—
- Q1 2025
- —
EBITDA growth (YoY)
18.35%
—
18.35%
—
- Q1 2025
- —
EBIT growth (YoY)
11.18%
—
11.18%
—
- Q1 2025
- —
Net income growth (YoY)
570.36%
—
570.36%
—
- Q1 2025
- —
EPS growth (YoY)
666.67%
—
666.67%
—
- Q1 2025
- —
Gross margin Δ (YoY)
4.72 pp
—
4.72 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
2.69 pp
—
2.69 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
0.98 pp
—
0.98 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
2.37 pp
—
2.37 pp
—
- Q1 2025
- —