ATG ATM GRUPA Giełda Papierów Wartościowych w Warszawie · Quarterly · publ. May 28, 2026

Q1 2026 report

Rdzen biznesu (produkcja telewizyjna i filmowa, 75% przychodow) rosnie organicznie 17,3% r/r z poprawiajaca sie marza operacyjna (11,0% vs 8,7%).

Sentiment

Neutral No guidance change

Website

ATG Q1 2026 report

Revenue

73,304 k PLN

— YoY

Net income

6,406 k PLN

— YoY

EBITDA

12,560 k PLN

— YoY

Gross margin

14.57%

— YoY

Summary

Investment thesis

Zysk netto do akcjonariuszy jednostki dominujacej wzrost o 94,7% r/r, ale to w duzej mierze efekt segmentu deweloperskiego (jednorazowa sprzedaz mieszkan) oraz dodatniego wyniku z inwestycji w jednostkach stowarzyszonych (BoomBit) wobec ujemnego rok wczesniej.
Jakosc zysku jest slaba w tym kwartale: przeplywy operacyjne -14,5 mln zl przy dodatnim zysku netto, glownie przez wzrost naleznosci handlowych zwiazany z rozliczaniem kontraktow metoda procentowego zaawansowania kosztow.
Dlug netto wzrost z niemal zera do 25,5 mln zl w jeden kwartal (nowy kredyt w rachunku biezacym), choc bilans pozostaje bezpieczny (current ratio 2,58x, niski dlug netto/kapital wlasny).
Dwa dlugotrwale spory sadowe (koncesja nadawcza ATM Rozrywka TV, spor z PAIH o Pawilon Polski EXPO Dubaj) pozostaja nierozstrzygniete i generuja niepewnosc co do przyszlych przeplywow/kosztow.

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Financials

BETA

Q1 2026

ATG · Q1 2026

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

Revenue	73,304	—	—	reported	—	1.00
Gross profit	10,679	—	—	reported	—	0.90
EBITDA	12,560	—	—	reported	—	0.85
EBIT	7,022	—	—	reported	—	1.00
EBT	7,808	—	—	reported	—	1.00
Net income	6,406	—	—	reported	—	1.00
EPS (basic) (PLN)	0.08	—	—	reported	—	1.00
EPS (diluted) (PLN)	0.08	—	—	reported	—	1.00
D&A	5,538	—	—	reported	—	1.00
Interest expense	427	—	—	reported	—	0.80
Shares (basic) (k units)	84,300	—	—	reported	—	0.90

Gross margin	14.57%	—	—	reported	—	0.90
EBITDA margin	17.14%	—	—	reported	—	0.80
EBIT margin	9.58%	—	—	reported	—	0.95
EBT margin	10.65%	—	—	reported	—	0.95
Net margin	8.74%	—	—	reported	—	0.95
D&A margin	7.56%	—	—	reported	—	0.95

Cash	9,721	—	—	reported	—	1.00
Total debt	35,249	—	—	derived	—	0.90
Net debt	25,528	—	—	reported	—	0.90
Equity	338,367	—	—	reported	—	1.00
Total assets	459,196	—	—	reported	—	1.00
Working capital	105,561	—	—	reported	—	0.95
Current assets	172,197	—	—	reported	—	1.00
Current liabilities	66,636	—	—	reported	—	1.00
Goodwill	1,641	—	—	derived	—	0.90
Tangible equity	336,726	—	—	reported	—	0.90

CFO	-14,490	—	—	reported	—	1.00
CapEx	11,230	—	—	reported	—	1.00
FCF	-25,720	—	—	reported	—	0.95
FCF conversion	-204.78%	—	—	reported	—	0.75
CFO conversion	-115.37%	—	—	reported	—	0.75

Current ratio	2.58x	—	—	reported	—	0.95
Quick ratio	2.21x	—	—	reported	—	0.90
Cash ratio	0.15x	—	—	reported	—	0.95
Interest coverage	16.45x	—	—	reported	—	0.80

Debt / equity	0.1x	—	—	reported	—	0.85
Debt / assets	0.08x	—	—	reported	—	0.85
Net debt / equity	0.08x	—	—	reported	—	0.85

Revenue growth (YoY)	21.25%	—	—	reported	—	0.95
EBITDA growth (YoY)	-8.42%	—	—	reported	—	0.80
EBIT growth (YoY)	23.15%	—	—	reported	—	0.95
Net income growth (YoY)	94.68%	—	—	reported	—	0.95
EPS growth (YoY)	100%	—	—	reported	—	0.90
FCF growth (YoY)	-539.4%	—	—	reported	—	0.75
Gross margin Δ (YoY)	0.58 pp	—	—	reported	—	0.85
EBITDA margin Δ (YoY)	-5.54 pp	—	—	reported	—	0.80
EBIT margin Δ (YoY)	0.15 pp	—	—	reported	—	0.90
Net margin Δ (YoY)	3.3 pp	—	—	reported	—	0.90

Q1 2026 · Δ YoY

Revenue

73,304 —

Q1 2025: —

Gross profit

10,679 —

Q1 2025: —

EBITDA

12,560 —

Q1 2025: —

EBIT

7,022 —

Q1 2025: —

EBT

7,808 —

Q1 2025: —

Net income

6,406 —

Q1 2025: —

EPS (basic) (PLN)

0.08 —

Q1 2025: —

EPS (diluted) (PLN)

0.08 —

Q1 2025: —

D&A

5,538 —

Q1 2025: —

Interest expense

427 —

Q1 2025: —

Shares (basic) (k units)

84,300 —

Q1 2025: —

Gross margin

14.57% —

Q1 2025: —

EBITDA margin

17.14% —

Q1 2025: —

EBIT margin

9.58% —

Q1 2025: —

EBT margin

10.65% —

Q1 2025: —

Net margin

8.74% —

Q1 2025: —

D&A margin

7.56% —

Q1 2025: —

Cash

9,721 —

Q1 2025: —

Total debt

35,249 —

Q1 2025: —

Net debt

25,528 —

Q1 2025: —

Equity

338,367 —

Q1 2025: —

Total assets

459,196 —

Q1 2025: —

Working capital

105,561 —

Q1 2025: —

Current assets

172,197 —

Q1 2025: —

Current liabilities

66,636 —

Q1 2025: —

Goodwill

1,641 —

Q1 2025: —

Tangible equity

336,726 —

Q1 2025: —

CFO

-14,490 —

Q1 2025: —

CapEx

11,230 —

Q1 2025: —

FCF

-25,720 —

Q1 2025: —

FCF conversion

-204.78% —

Q1 2025: —

CFO conversion

-115.37% —

Q1 2025: —

Current ratio

2.58x —

Q1 2025: —

Quick ratio

2.21x —

Q1 2025: —

Cash ratio

0.15x —

Q1 2025: —

Interest coverage

16.45x —

Q1 2025: —

Debt / equity

0.1x —

Q1 2025: —

Debt / assets

0.08x —

Q1 2025: —

Net debt / equity

0.08x —

Q1 2025: —

Revenue growth (YoY)

21.25% —

Q1 2025: —

EBITDA growth (YoY)

-8.42% —

Q1 2025: —

EBIT growth (YoY)

23.15% —

Q1 2025: —

Net income growth (YoY)

94.68% —

Q1 2025: —

EPS growth (YoY)

100% —

Q1 2025: —

FCF growth (YoY)

-539.4% —

Q1 2025: —

Gross margin Δ (YoY)

0.58 pp —

Q1 2025: —

EBITDA margin Δ (YoY)

-5.54 pp —

Q1 2025: —

EBIT margin Δ (YoY)

0.15 pp —

Q1 2025: —

Net margin Δ (YoY)

3.3 pp —

Q1 2025: —