Q1 2026 report
Deweloper mieszkaniowy bez zadłużenia bankowego i z pozycją netto gotówkową (~-5,6 mln zł net debt) — bardzo bezpieczny bilans jak na branżę.
Sentiment
Neutral
No guidance change
TRI
Q1 2026 report
Revenue
14,632 k PLN
— YoY
Net income
409 k PLN
— YoY
Gross margin
25.34%
— YoY
Net debt / EBITDA
-0.61x
— YoY
Summary
Investment thesis
- Przychody grupy +53% r/r w I kw. 2026, ale wynik księgowy silnie zależy od momentu przenoszenia własności (akt notarialny) — część sprzedaży w TRITON COUNTRY i KAMPINOS jeszcze nie w pełni w RZiS.
- OCF ujemny (-2,6 mln zł) w kwartale mimo dodatniego wyniku netto — typowe dla dewelopera w fazie budowy, wymaga monitorowania w pełnym cyklu.
- Transakcje wewnątrzgrupowe (pożyczki, sprzedaż udziałów w nieruchomości wspólnej) na dużą skalę — normalne dla struktury holdingowej, ale wymagają uważnej lektury not.
- Silna koncentracja akcjonariatu w porozumieniu (86,9% kapitału, 91,2% głosów dzięki akcjom uprzywilejowanym) — niska płynność dla drobnych inwestorów, ale i stabilność strategiczna.
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Financials
BETA
TRI · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 14,632 | — | — | reported | — | 1.00 |
| Gross profit | 3,707 | — | — | reported | — | 1.00 |
| EBIT | 1,023 | — | — | derived | — | 0.80 |
| EBT | 911 | — | — | reported | — | 1.00 |
| Net income | 409 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.06 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.06 | — | — | reported | — | 1.00 |
| D&A | 460 | — | — | reported | — | 1.00 |
| Interest expense | 116 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 6.36 | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 6.36 | — | — | reported | — | 1.00 |
| Gross margin | 25.34% | — | — | reported | — | 0.95 |
| EBIT margin | 6.99% | — | — | reported | — | 0.75 |
| Net margin | 2.8% | — | — | reported | — | 0.95 |
| Cash | 10,108 | — | — | reported | — | 1.00 |
| Total debt | 4,468 | — | — | derived | — | 0.90 |
| Net debt | -5,640 | — | — | derived | — | 0.90 |
| Equity | 82,890 | — | — | reported | — | 1.00 |
| Total assets | 117,736 | — | — | reported | — | 1.00 |
| Working capital | 64,882 | — | — | derived | — | 0.90 |
| Current assets | 96,475 | — | — | reported | — | 1.00 |
| Current liabilities | 31,593 | — | — | reported | — | 1.00 |
| Goodwill | 0 | — | — | reported | — | 1.00 |
| CFO | -2,609 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 0.90 |
| FCF | -2,609 | — | — | derived | — | 0.90 |
| ROE | 6.28% | — | — | reported | — | 0.50 |
| Current ratio | 3.05x | — | — | reported | — | 0.90 |
| Cash ratio | 0.32x | — | — | reported | — | 0.90 |
| Net debt / EBITDA | -0.61x | — | — | reported | — | 0.50 |
| Debt / equity | 0.05x | — | — | reported | — | 0.85 |
| Net debt / equity | -0.07x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | 53.35% | — | — | reported | — | 0.95 |
| EBIT growth (YoY) | 276.68% | — | — | reported | — | 0.60 |
| Net income growth (YoY) | 152.24% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | 150% | — | — | reported | — | 0.90 |
| Gross margin Δ (YoY) | 5.68 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
14,632
—
14,632
—
- Q1 2025
- —
Gross profit
3,707
—
3,707
—
- Q1 2025
- —
EBIT
1,023
—
1,023
—
- Q1 2025
- —
EBT
911
—
911
—
- Q1 2025
- —
Net income
409
—
409
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.06
—
0.06
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.06
—
0.06
—
- Q1 2025
- —
D&A
460
—
460
—
- Q1 2025
- —
Interest expense
116
—
116
—
- Q1 2025
- —
Shares (basic)
(m units)
6.36
—
6.36
—
- Q1 2025
- —
Shares (diluted)
(m units)
6.36
—
6.36
—
- Q1 2025
- —
Gross margin
25.34%
—
25.34%
—
- Q1 2025
- —
EBIT margin
6.99%
—
6.99%
—
- Q1 2025
- —
Net margin
2.8%
—
2.8%
—
- Q1 2025
- —
Cash
10,108
—
10,108
—
- Q1 2025
- —
Total debt
4,468
—
4,468
—
- Q1 2025
- —
Net debt
-5,640
—
-5,640
—
- Q1 2025
- —
Equity
82,890
—
82,890
—
- Q1 2025
- —
Total assets
117,736
—
117,736
—
- Q1 2025
- —
Working capital
64,882
—
64,882
—
- Q1 2025
- —
Current assets
96,475
—
96,475
—
- Q1 2025
- —
Current liabilities
31,593
—
31,593
—
- Q1 2025
- —
Goodwill
0
—
0
—
- Q1 2025
- —
CFO
-2,609
—
-2,609
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
-2,609
—
-2,609
—
- Q1 2025
- —
ROE
6.28%
—
6.28%
—
- Q1 2025
- —
Current ratio
3.05x
—
3.05x
—
- Q1 2025
- —
Cash ratio
0.32x
—
0.32x
—
- Q1 2025
- —
Net debt / EBITDA
-0.61x
—
-0.61x
—
- Q1 2025
- —
Debt / equity
0.05x
—
0.05x
—
- Q1 2025
- —
Net debt / equity
-0.07x
—
-0.07x
—
- Q1 2025
- —
Revenue growth (YoY)
53.35%
—
53.35%
—
- Q1 2025
- —
EBIT growth (YoY)
276.68%
—
276.68%
—
- Q1 2025
- —
Net income growth (YoY)
152.24%
—
152.24%
—
- Q1 2025
- —
EPS growth (YoY)
150%
—
150%
—
- Q1 2025
- —
Gross margin Δ (YoY)
5.68 pp
—
5.68 pp
—
- Q1 2025
- —