ACG AC Giełda Papierów Wartościowych w Warszawie · Quarterly · publ. May 29, 2026

Q1 2026 report

Core biznes LPG/CNG wyraznie sie kurczy (-20,2% sprzedazy tego segmentu r/r) w warunkach rosnacej hybrydyzacji i konkurencji z Chin

Sentiment

Cautious No guidance change

Website

ACG Q1 2026 report

Revenue

47.78 m PLN

— YoY

Net income

4.62 m PLN

— YoY

EBITDA

7.52 m PLN

— YoY

Gross margin

31.92%

— YoY

Summary

Investment thesis

Jakosc zysku jest wysoka - OCF 8,5 mln zl przewyzsza zysk netto 4,6 mln zl, mimo slabszego kwartalu ksiegowego
Bilans pozostaje bezpieczny - dlug netto 34,3 mln zl, kredyty bankowe to jedynie 15,5% sumy bilansowej, Spolka aktywnie delewaruje
Marza brutto pod presja walutowa (USD) - rosnacy udzial przychodow w USD przy jego oslabieniu strukturalnie obciaza rentownosc
Dywersyfikacja poza core LPG postepuje (wiazki elektryczne/elektronika +33,3% r/r, rozwoj ladowarek EV), ale to wciaz maly udzial przychodow

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Financials

BETA

Q1 2026

ACG · Q1 2026

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

Revenue	47.78	—	—	reported	—	1.00
Gross profit	15.25	—	—	reported	—	1.00
EBITDA	7.52	—	—	derived	—	0.90
EBIT	4.64	—	—	reported	—	1.00
EBT	4.87	—	—	reported	—	1.00
Net income	4.62	—	—	reported	—	1.00
EPS (basic) (PLN)	1.29	—	—	reported	—	1.00
EPS (diluted) (PLN)	1.29	—	—	reported	—	1.00
D&A	2.89	—	—	reported	—	1.00
Interest expense	0.55	—	—	reported	—	1.00
Shares (basic) (m units)	9.2	—	—	reported	—	1.00
Shares (diluted) (m units)	9.2	—	—	reported	—	1.00

Gross margin	31.92%	—	—	reported	—	0.95
EBITDA margin	15.75%	—	—	reported	—	0.90
EBIT margin	9.71%	—	—	reported	—	0.95
Net margin	9.66%	—	—	reported	—	0.95

Cash	2.08	—	—	reported	—	1.00
Total debt	36.36	—	—	reported	—	0.95
Net debt	34.28	—	—	derived	—	0.95
Equity	163.46	—	—	reported	—	1.00
Total assets	234.31	—	—	reported	—	1.00
Current assets	112.82	—	—	reported	—	1.00
Current liabilities	55.49	—	—	reported	—	1.00
Goodwill	6.86	—	—	reported	—	0.80

CFO	8.5	—	—	reported	—	1.00
CapEx	1.2	—	—	reported	—	1.00
FCF	7.3	—	—	derived	—	0.90
FCF conversion	96.99%	—	—	reported	—	0.85
CFO conversion	112.98%	—	—	reported	—	0.85
Dividends paid	0	—	—	reported	—	1.00

Current ratio	2.03x	—	—	reported	—	0.90
Quick ratio	0.84x	—	—	reported	—	0.85
Cash ratio	0.04x	—	—	reported	—	0.90
Interest coverage	8.4x	—	—	reported	—	0.90

Debt / equity	0.22x	—	—	reported	—	0.90
Net debt / equity	0.21x	—	—	reported	—	0.90

Revenue growth (YoY)	-14.19%	—	—	reported	—	0.95
EBITDA growth (YoY)	-32.88%	—	—	reported	—	0.85
EBIT growth (YoY)	-42.87%	—	—	reported	—	0.95
Net income growth (YoY)	-33.18%	—	—	reported	—	0.95
EPS growth (YoY)	-54.26%	—	—	reported	—	0.95
Gross margin Δ (YoY)	-2.63 pp	—	—	reported	—	0.90

Q1 2026 · Δ YoY

Revenue

47.78 —

Q1 2025: —

Gross profit

15.25 —

Q1 2025: —

EBITDA

7.52 —

Q1 2025: —

EBIT

4.64 —

Q1 2025: —

EBT

4.87 —

Q1 2025: —

Net income

4.62 —

Q1 2025: —

EPS (basic) (PLN)

1.29 —

Q1 2025: —

EPS (diluted) (PLN)

1.29 —

Q1 2025: —

D&A

2.89 —

Q1 2025: —

Interest expense

0.55 —

Q1 2025: —

Shares (basic) (m units)

9.2 —

Q1 2025: —

Shares (diluted) (m units)

9.2 —

Q1 2025: —

Gross margin

31.92% —

Q1 2025: —

EBITDA margin

15.75% —

Q1 2025: —

EBIT margin

9.71% —

Q1 2025: —

Net margin

9.66% —

Q1 2025: —

Cash

2.08 —

Q1 2025: —

Total debt

36.36 —

Q1 2025: —

Net debt

34.28 —

Q1 2025: —

Equity

163.46 —

Q1 2025: —

Total assets

234.31 —

Q1 2025: —

Current assets

112.82 —

Q1 2025: —

Current liabilities

55.49 —

Q1 2025: —

Goodwill

6.86 —

Q1 2025: —

CFO

8.5 —

Q1 2025: —

CapEx

1.2 —

Q1 2025: —

FCF

7.3 —

Q1 2025: —

FCF conversion

96.99% —

Q1 2025: —

CFO conversion

112.98% —

Q1 2025: —

Dividends paid

0 —

Q1 2025: —

Current ratio

2.03x —

Q1 2025: —

Quick ratio

0.84x —

Q1 2025: —

Cash ratio

0.04x —

Q1 2025: —

Interest coverage

8.4x —

Q1 2025: —

Debt / equity

0.22x —

Q1 2025: —

Net debt / equity

0.21x —

Q1 2025: —

Revenue growth (YoY)

-14.19% —

Q1 2025: —

EBITDA growth (YoY)

-32.88% —

Q1 2025: —

EBIT growth (YoY)

-42.87% —

Q1 2025: —

Net income growth (YoY)

-33.18% —

Q1 2025: —

EPS growth (YoY)

-54.26% —

Q1 2025: —

Gross margin Δ (YoY)

-2.63 pp —

Q1 2025: —