BIO BIOTON Giełda Papierów Wartościowych w Warszawie · Quarterly · publ. May 29, 2026

Q1 2026 report

Spadek przychodów o 25% r/r jest w dużej mierze efektem timingu przetargu malezyjskiego (2025→2026), nie strukturalnej utraty popytu

Sentiment

Neutral No guidance change

Website

BIO Q1 2026 report

Revenue

49.12 m PLN

— YoY

Net income

-5.15 m PLN

— YoY

EBITDA

2.4 m PLN

— YoY

Gross margin

29.49%

— YoY

Summary

Investment thesis

Marża brutto poprawia się mimo słabszej sprzedaży (+8,5 p.p. r/r) dzięki lepszemu miksowi geograficzno-produktowemu
Nowy kontrakt na produkcję insuliny glargine na rynek UE (rynek >1 mld EUR) to potencjalny driver wzrostu od 2027 r.
Płynność jest napięta — gotówka spadła do 2,6 mln PLN wobec 32,5 mln PLN krótkoterminowego zadłużenia finansowego wymagalnego w IV kw. 2026 r.
Spółka wciąż operuje na ujemnych skumulowanych zyskach zatrzymanych (-1 099 mln PLN) i nigdy nie wypłacała dywidendy

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Financials

BETA

Q1 2026

BIO · Q1 2026

Metric	Q1 2026	Q1 2025	Δ YoY	Value type	Segment	Conf.

Revenue	49.12	—	—	reported	—	1.00
Gross profit	14.49	—	—	reported	—	1.00
EBITDA	2.4	—	—	reported	—	0.85
EBIT	-4.04	—	—	reported	—	1.00
EBT	-5.12	—	—	reported	—	1.00
Net income	-5.15	—	—	reported	—	1.00
EPS (basic) (PLN)	-0.06	—	—	reported	—	1.00
EPS (diluted) (PLN)	-0.06	—	—	reported	—	1.00
D&A	9.84	—	—	reported	—	0.95
Interest expense	1.46	—	—	reported	—	1.00
Shares (basic) (m units)	85.86	—	—	reported	—	1.00

Gross margin	29.49%	—	—	reported	—	1.00
EBITDA margin	4.88%	—	—	reported	—	0.85
EBIT margin	-8.23%	—	—	reported	—	1.00
Net margin	-10.49%	—	—	reported	—	1.00

Cash	2.61	—	—	reported	—	1.00
Total debt	39.13	—	—	reported	—	0.90
Net debt	36.52	—	—	derived	—	0.90
Equity	588.77	—	—	reported	—	1.00
Total assets	768.53	—	—	reported	—	1.00
Working capital	39.83	—	—	derived	—	1.00
Current assets	152.3	—	—	reported	—	1.00
Current liabilities	112.47	—	—	reported	—	1.00
Goodwill	323.49	—	—	reported	—	0.60
Tangible equity	265.29	—	—	derived	—	0.60

CFO	1.32	—	—	reported	—	1.00
CapEx	3.54	—	—	reported	—	1.00
FCF	-2.22	—	—	derived	—	1.00
Dividends paid	0	—	—	reported	—	1.00

Current ratio	1.35x	—	—	reported	—	1.00
Quick ratio	0.42x	—	—	reported	—	0.90
Cash ratio	0.02x	—	—	reported	—	1.00
Interest coverage	-2.78x	—	—	reported	—	1.00

Debt / equity	0.07x	—	—	reported	—	0.90
Debt / assets	0.05x	—	—	reported	—	0.90
Net debt / equity	0.06x	—	—	reported	—	0.90

Revenue growth (YoY)	-25.14%	—	—	reported	—	1.00
EBITDA growth (YoY)	-63.78%	—	—	reported	—	0.85
EBIT growth (YoY)	2.32%	—	—	reported	—	1.00
Net income growth (YoY)	11.31%	—	—	reported	—	1.00
EPS growth (YoY)	11.24%	—	—	reported	—	1.00
FCF growth (YoY)	-247.73%	—	—	reported	—	1.00
Gross margin Δ (YoY)	8.53 pp	—	—	reported	—	1.00
EBITDA margin Δ (YoY)	-5.21 pp	—	—	reported	—	0.85
EBIT margin Δ (YoY)	-1.93 pp	—	—	reported	—	1.00
Net margin Δ (YoY)	-1.64 pp	—	—	reported	—	1.00

Q1 2026 · Δ YoY

Revenue

49.12 —

Q1 2025: —

Gross profit

14.49 —

Q1 2025: —

EBITDA

2.4 —

Q1 2025: —

EBIT

-4.04 —

Q1 2025: —

EBT

-5.12 —

Q1 2025: —

Net income

-5.15 —

Q1 2025: —

EPS (basic) (PLN)

-0.06 —

Q1 2025: —

EPS (diluted) (PLN)

-0.06 —

Q1 2025: —

D&A

9.84 —

Q1 2025: —

Interest expense

1.46 —

Q1 2025: —

Shares (basic) (m units)

85.86 —

Q1 2025: —

Gross margin

29.49% —

Q1 2025: —

EBITDA margin

4.88% —

Q1 2025: —

EBIT margin

-8.23% —

Q1 2025: —

Net margin

-10.49% —

Q1 2025: —

Cash

2.61 —

Q1 2025: —

Total debt

39.13 —

Q1 2025: —

Net debt

36.52 —

Q1 2025: —

Equity

588.77 —

Q1 2025: —

Total assets

768.53 —

Q1 2025: —

Working capital

39.83 —

Q1 2025: —

Current assets

152.3 —

Q1 2025: —

Current liabilities

112.47 —

Q1 2025: —

Goodwill

323.49 —

Q1 2025: —

Tangible equity

265.29 —

Q1 2025: —

CFO

1.32 —

Q1 2025: —

CapEx

3.54 —

Q1 2025: —

FCF

-2.22 —

Q1 2025: —

Dividends paid

0 —

Q1 2025: —

Current ratio

1.35x —

Q1 2025: —

Quick ratio

0.42x —

Q1 2025: —

Cash ratio

0.02x —

Q1 2025: —

Interest coverage

-2.78x —

Q1 2025: —

Debt / equity

0.07x —

Q1 2025: —

Debt / assets

0.05x —

Q1 2025: —

Net debt / equity

0.06x —

Q1 2025: —

Revenue growth (YoY)

-25.14% —

Q1 2025: —

EBITDA growth (YoY)

-63.78% —

Q1 2025: —

EBIT growth (YoY)

2.32% —

Q1 2025: —

Net income growth (YoY)

11.31% —

Q1 2025: —

EPS growth (YoY)

11.24% —

Q1 2025: —

FCF growth (YoY)

-247.73% —

Q1 2025: —

Gross margin Δ (YoY)

8.53 pp —

Q1 2025: —

EBITDA margin Δ (YoY)

-5.21 pp —

Q1 2025: —

EBIT margin Δ (YoY)

-1.93 pp —

Q1 2025: —

Net margin Δ (YoY)

-1.64 pp —

Q1 2025: —