Q1 2026 report
Wyraźne odbicie rentowności r/r (EBIT +491%, zysk netto +1295%) po bardzo słabym I kw. 2025 — baza porównawcza była niska, więc procentowe wzrosty są spektakularne, ale skala biznesu wciąż mała (~10 mln zł przychodu kwartalnie).
Sentiment
Neutral
No guidance change
MZA
Q1 2026 report
Revenue
9.16 m PLN
— YoY
Net income
0.04 m PLN
— YoY
EBITDA
2.18 m PLN
— YoY
Gross margin
40%
— YoY
Summary
Investment thesis
- Zero długu bankowego i wysoka konwersja gotówkowa — OCF (3,27 mln zł) sześciokrotnie przewyższa zysk netto, FCF pokrywa ponad 100% EBITDA.
- Koncentracja przychodów: trzej najwięksi odbiorcy (Empik, Ateneum + inni) generują ok. 65% sprzedaży Grupy — realne ryzyko kredytowe/biznesowe.
- Segment hotelarski (PDK Hotele) w I kw. 2026 na minusie (strata brutto -149 tys. zł) mimo wzrostu przychodów segmentu — brak wyjaśnienia planu dojścia do rentowności.
- Efektywna stopa podatkowa (~27%) wyraźnie powyżej ustawowych 19% bez wyjaśnienia w skróconym raporcie kwartalnym.
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
MZA · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 9.16 | — | — | reported | — | 1.00 |
| Gross profit | 4.04 | — | — | reported | — | 1.00 |
| EBITDA | 2.18 | — | — | reported | — | 0.90 |
| EBIT | 0.13 | — | — | reported | — | 1.00 |
| EBT | 0.72 | — | — | reported | — | 1.00 |
| Net income | 0.04 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.17 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.17 | — | — | reported | — | 1.00 |
| D&A | 1.42 | — | — | reported | — | 1.00 |
| Interest expense | 0.07 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 3.27 | — | — | reported | — | 1.00 |
| Gross margin | 40% | — | — | reported | — | 0.90 |
| EBIT margin | 7.55% | — | — | reported | — | 0.90 |
| Net margin | 5.66% | — | — | reported | — | 0.90 |
| Cash | 8.86 | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | reported | — | 1.00 |
| Net debt | -8.86 | — | — | reported | — | 0.70 |
| Equity | 47.15 | — | — | reported | — | 1.00 |
| Total assets | 66.44 | — | — | reported | — | 1.00 |
| Current assets | 33.03 | — | — | reported | — | 1.00 |
| Current liabilities | 13.58 | — | — | reported | — | 1.00 |
| Goodwill | 13.61 | — | — | reported | — | 0.80 |
| CFO | 2.67 | — | — | reported | — | 1.00 |
| CapEx | 0.86 | — | — | reported | — | 1.00 |
| FCF | 2.42 | — | — | reported | — | 0.90 |
| FCF conversion | 110.8% | — | — | reported | — | 0.80 |
| Current ratio | 2.43x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 10.28% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | 490.7% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | 1295.1% | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
9.16
—
9.16
—
- Q1 2025
- —
Gross profit
4.04
—
4.04
—
- Q1 2025
- —
EBITDA
2.18
—
2.18
—
- Q1 2025
- —
EBIT
0.13
—
0.13
—
- Q1 2025
- —
EBT
0.72
—
0.72
—
- Q1 2025
- —
Net income
0.04
—
0.04
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.17
—
0.17
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.17
—
0.17
—
- Q1 2025
- —
D&A
1.42
—
1.42
—
- Q1 2025
- —
Interest expense
0.07
—
0.07
—
- Q1 2025
- —
Shares (basic)
(m units)
3.27
—
3.27
—
- Q1 2025
- —
Gross margin
40%
—
40%
—
- Q1 2025
- —
EBIT margin
7.55%
—
7.55%
—
- Q1 2025
- —
Net margin
5.66%
—
5.66%
—
- Q1 2025
- —
Cash
8.86
—
8.86
—
- Q1 2025
- —
Total debt
0
—
0
—
- Q1 2025
- —
Net debt
-8.86
—
-8.86
—
- Q1 2025
- —
Equity
47.15
—
47.15
—
- Q1 2025
- —
Total assets
66.44
—
66.44
—
- Q1 2025
- —
Current assets
33.03
—
33.03
—
- Q1 2025
- —
Current liabilities
13.58
—
13.58
—
- Q1 2025
- —
Goodwill
13.61
—
13.61
—
- Q1 2025
- —
CFO
2.67
—
2.67
—
- Q1 2025
- —
CapEx
0.86
—
0.86
—
- Q1 2025
- —
FCF
2.42
—
2.42
—
- Q1 2025
- —
FCF conversion
110.8%
—
110.8%
—
- Q1 2025
- —
Current ratio
2.43x
—
2.43x
—
- Q1 2025
- —
Revenue growth (YoY)
10.28%
—
10.28%
—
- Q1 2025
- —
EBIT growth (YoY)
490.7%
—
490.7%
—
- Q1 2025
- —
Net income growth (YoY)
1295.1%
—
1295.1%
—
- Q1 2025
- —