ZUK
ZAKŁADY URZĄDZEŃ KOTŁOWYCH STĄPORKÓW
Giełda Papierów Wartościowych w Warszawie · Quarterly · publ. May 29, 2026
Q1 2026 report
Zysk netto niemal wyparowal (-95% r/r do 38 tys. zl) mimo stabilnej marzy brutto (~21%) - problem lezy w kosztach ogolnego zarzadu (+32% r/r)
Sentiment
Neutral
No guidance change
ZUK
Q1 2026 report
Revenue
11.85 m PLN
— YoY
Net income
0.04 m PLN
— YoY
EBITDA
0.46 m PLN
— YoY
Gross margin
20.91%
— YoY
Summary
Investment thesis
- Segment energetyki rosnie dynamicznie (+89% r/r) i zwieksza dywersyfikacje przychodow poza dominujace konstrukcje stalowe
- Dominujacy segment konstrukcji stalowych (64,9% przychodow) kurczy sie (-14% r/r) w warunkach slabej koniunktury branzy metalowej (PMI ponizej 50 pkt)
- Pokrycie kosztow finansowych zyskiem operacyjnym jest bardzo waskie (~1,2x) - ograniczony bufor na kolejny slaby kwartal
- Brak w dostarczonym dokumencie pelnego bilansu i rachunku przeplywow pienieznych ogranicza pelna ocene jakosci wyniku i zadluzenia
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Financials
BETA
ZUK · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 11.85 | — | — | reported | — | 1.00 |
| Gross profit | 2.48 | — | — | reported | — | 1.00 |
| EBITDA | 0.46 | — | — | reported | — | 0.90 |
| EBIT | 0.17 | — | — | reported | — | 1.00 |
| EBT | 0.04 | — | — | reported | — | 1.00 |
| Net income | 0.04 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.01 | — | — | reported | — | 1.00 |
| Interest expense | 0.14 | — | — | reported | — | 0.70 |
| Shares (basic) (m units) | 6.5 | — | — | reported | — | 1.00 |
| Gross margin | 20.91% | — | — | reported | — | 0.95 |
| EBITDA margin | 3.87% | — | — | reported | — | 0.85 |
| EBIT margin | 1.43% | — | — | reported | — | 0.90 |
| Net margin | 0.32% | — | — | reported | — | 0.90 |
| Cash | 0.47 | — | — | reported | — | 1.00 |
| Total debt | 5.54 | — | — | derived | — | 0.75 |
| Net debt | 5.08 | — | — | derived | — | 0.70 |
| Current assets | 18.16 | — | — | reported | — | 1.00 |
| Current liabilities | 15.41 | — | — | reported | — | 1.00 |
| ROE | 0.18% | — | — | reported | — | 0.60 |
| Current ratio | 1.18x | — | — | reported | — | 0.95 |
| Interest coverage | 1.2x | — | — | reported | — | 0.70 |
| Debt / equity | 3.87x | — | — | reported | — | 0.50 |
| Revenue growth (YoY) | -10.09% | — | — | reported | — | 0.95 |
| EBIT growth (YoY) | -80.94% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -94.68% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | -90.91% | — | — | reported | — | 0.90 |
| Gross margin Δ (YoY) | 0.79 pp | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
11.85
—
11.85
—
- Q1 2025
- —
Gross profit
2.48
—
2.48
—
- Q1 2025
- —
EBITDA
0.46
—
0.46
—
- Q1 2025
- —
EBIT
0.17
—
0.17
—
- Q1 2025
- —
EBT
0.04
—
0.04
—
- Q1 2025
- —
Net income
0.04
—
0.04
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.01
—
0.01
—
- Q1 2025
- —
Interest expense
0.14
—
0.14
—
- Q1 2025
- —
Shares (basic)
(m units)
6.5
—
6.5
—
- Q1 2025
- —
Gross margin
20.91%
—
20.91%
—
- Q1 2025
- —
EBITDA margin
3.87%
—
3.87%
—
- Q1 2025
- —
EBIT margin
1.43%
—
1.43%
—
- Q1 2025
- —
Net margin
0.32%
—
0.32%
—
- Q1 2025
- —
Cash
0.47
—
0.47
—
- Q1 2025
- —
Total debt
5.54
—
5.54
—
- Q1 2025
- —
Net debt
5.08
—
5.08
—
- Q1 2025
- —
Current assets
18.16
—
18.16
—
- Q1 2025
- —
Current liabilities
15.41
—
15.41
—
- Q1 2025
- —
ROE
0.18%
—
0.18%
—
- Q1 2025
- —
Current ratio
1.18x
—
1.18x
—
- Q1 2025
- —
Interest coverage
1.2x
—
1.2x
—
- Q1 2025
- —
Debt / equity
3.87x
—
3.87x
—
- Q1 2025
- —
Revenue growth (YoY)
-10.09%
—
-10.09%
—
- Q1 2025
- —
EBIT growth (YoY)
-80.94%
—
-80.94%
—
- Q1 2025
- —
Net income growth (YoY)
-94.68%
—
-94.68%
—
- Q1 2025
- —
EPS growth (YoY)
-90.91%
—
-90.91%
—
- Q1 2025
- —
Gross margin Δ (YoY)
0.79 pp
—
0.79 pp
—
- Q1 2025
- —