Q1 2026 report
Przychody spadły -14% r/r do 105,6 mln zł głównie z powodu ujemnej korekty wyceny szacunków MSSF 15 w segmencie roszczeń bankowych (-24,7 mln zł vs +6,8 mln zł rok wcześniej) — to zmienność księgowa portfela spraw, nie utrata biznesu.
Sentiment
Positive
No guidance change
VOT
Q1 2026 report
Revenue
123.13 m PLN
— YoY
Net income
43.56 m PLN
— YoY
EBITDA
51.58 m PLN
— YoY
FCF
27.86 m PLN
— YoY
Summary
Investment thesis
- Zysk netto spadł -37% r/r do 28,1 mln zł, ale marża netto pozostaje wysoka (26%), a marża EBIT utrzymana na poziomie 33%.
- Silna generacja gotówki: OCF 32,4 mln zł (konwersja OCF/EBITDA ~89%), spółka utrzymuje pozycję netto gotówkową (dług netto ok. -154 mln zł).
- Segment roszczeń bankowych (85% przychodów zewnętrznych) wchodzi w fazę dojrzewania portfela 'frankowego'; nowy katalizator: wyrok TSUE z 23.04.2026 ws. sankcji kredytu darmowego, odwrót orzecznictwa na korzyść konsumentów.
- Hojna, sformalizowana polityka dywidendowa (min. 5 zł/akcję rocznie na lata 2025-2027) — w maju 2026 r. wypłacono łącznie 60 mln zł (5 zł/akcję) z zysku za 2025 r.
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Financials
BETA
VOT · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 123.13 | — | — | reported | — | 1.00 |
| EBITDA | 51.58 | — | — | derived | — | 0.90 |
| EBIT | 49.93 | — | — | reported | — | 1.00 |
| EBT | 34.99 | — | — | reported | — | 1.00 |
| Net income | 43.56 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 3.69 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 2.34 | — | — | reported | — | 1.00 |
| D&A | 1.7 | — | — | reported | — | 1.00 |
| Interest expense | 0.68 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 12 | — | — | reported | — | 1.00 |
| EBITDA margin | 34.6% | — | — | derived | — | 0.85 |
| EBIT margin | 32.99% | — | — | derived | — | 0.95 |
| Net margin | 26.1% | — | — | derived | — | 0.90 |
| Cash | 182.39 | — | — | reported | — | 1.00 |
| Total debt | 28.25 | — | — | derived | — | 0.90 |
| Net debt | -154.15 | — | — | derived | — | 0.90 |
| Equity | 408.83 | — | — | reported | — | 1.00 |
| Total assets | 694.71 | — | — | reported | — | 1.00 |
| Working capital | 227 | — | — | derived | — | 0.90 |
| Current assets | 388.49 | — | — | reported | — | 1.00 |
| Current liabilities | 161.49 | — | — | reported | — | 1.00 |
| CFO | 44.2 | — | — | reported | — | 1.00 |
| CapEx | 4.51 | — | — | reported | — | 1.00 |
| FCF | 27.86 | — | — | derived | — | 0.90 |
| FCF conversion | 76.27% | — | — | reported | — | 0.80 |
| CFO conversion | 88.61% | — | — | reported | — | 0.80 |
| Current ratio | 2.41x | — | — | derived | — | 0.90 |
| Cash ratio | 1.13x | — | — | derived | — | 0.90 |
| Interest coverage | 50.93x | — | — | derived | — | 0.85 |
| Debt / equity | 0.07x | — | — | derived | — | 0.85 |
| Debt / assets | 0.04x | — | — | derived | — | 0.85 |
| Net debt / equity | -0.38x | — | — | derived | — | 0.85 |
| Revenue growth (YoY) | -14.24% | — | — | derived | — | 0.95 |
| EBITDA growth (YoY) | -29.17% | — | — | derived | — | 0.85 |
| EBIT growth (YoY) | -30.25% | — | — | derived | — | 0.95 |
| Net income growth (YoY) | -36.73% | — | — | derived | — | 0.95 |
| EPS growth (YoY) | -36.59% | — | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -7.29 pp | — | — | derived | — | 0.80 |
| EBIT margin Δ (YoY) | -7.56 pp | — | — | derived | — | 0.85 |
| Net margin Δ (YoY) | -9.28 pp | — | — | derived | — | 0.80 |
Q1 2026 · Δ YoY
Revenue
123.13
—
123.13
—
- Q1 2025
- —
EBITDA
51.58
—
51.58
—
- Q1 2025
- —
EBIT
49.93
—
49.93
—
- Q1 2025
- —
EBT
34.99
—
34.99
—
- Q1 2025
- —
Net income
43.56
—
43.56
—
- Q1 2025
- —
EPS (basic)
(PLN)
3.69
—
3.69
—
- Q1 2025
- —
EPS (diluted)
(PLN)
2.34
—
2.34
—
- Q1 2025
- —
D&A
1.7
—
1.7
—
- Q1 2025
- —
Interest expense
0.68
—
0.68
—
- Q1 2025
- —
Shares (basic)
(m units)
12
—
12
—
- Q1 2025
- —
EBITDA margin
34.6%
—
34.6%
—
- Q1 2025
- —
EBIT margin
32.99%
—
32.99%
—
- Q1 2025
- —
Net margin
26.1%
—
26.1%
—
- Q1 2025
- —
Cash
182.39
—
182.39
—
- Q1 2025
- —
Total debt
28.25
—
28.25
—
- Q1 2025
- —
Net debt
-154.15
—
-154.15
—
- Q1 2025
- —
Equity
408.83
—
408.83
—
- Q1 2025
- —
Total assets
694.71
—
694.71
—
- Q1 2025
- —
Working capital
227
—
227
—
- Q1 2025
- —
Current assets
388.49
—
388.49
—
- Q1 2025
- —
Current liabilities
161.49
—
161.49
—
- Q1 2025
- —
CFO
44.2
—
44.2
—
- Q1 2025
- —
CapEx
4.51
—
4.51
—
- Q1 2025
- —
FCF
27.86
—
27.86
—
- Q1 2025
- —
FCF conversion
76.27%
—
76.27%
—
- Q1 2025
- —
CFO conversion
88.61%
—
88.61%
—
- Q1 2025
- —
Current ratio
2.41x
—
2.41x
—
- Q1 2025
- —
Cash ratio
1.13x
—
1.13x
—
- Q1 2025
- —
Interest coverage
50.93x
—
50.93x
—
- Q1 2025
- —
Debt / equity
0.07x
—
0.07x
—
- Q1 2025
- —
Debt / assets
0.04x
—
0.04x
—
- Q1 2025
- —
Net debt / equity
-0.38x
—
-0.38x
—
- Q1 2025
- —
Revenue growth (YoY)
-14.24%
—
-14.24%
—
- Q1 2025
- —
EBITDA growth (YoY)
-29.17%
—
-29.17%
—
- Q1 2025
- —
EBIT growth (YoY)
-30.25%
—
-30.25%
—
- Q1 2025
- —
Net income growth (YoY)
-36.73%
—
-36.73%
—
- Q1 2025
- —
EPS growth (YoY)
-36.59%
—
-36.59%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-7.29 pp
—
-7.29 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-7.56 pp
—
-7.56 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-9.28 pp
—
-9.28 pp
—
- Q1 2025
- —