Q1 2026 report
Spolka dominujaca dziala pod nadzorem realizacji sadownie zatwierdzonego ukladu z wierzycielami (sierpien 2025) - zdyskontowane zobowiazania ukladowe 25,9 mln zl
Sentiment
Cautious
No guidance change
HRS
Q1 2026 report
Revenue
20.92 m PLN
— YoY
Net income
-1.64 m PLN
— YoY
EBITDA
2.89 m PLN
— YoY
FCF
4.8 m PLN
— YoY
Summary
Investment thesis
- Strata netto zmniejszyla sie r/r (-1,64 mln zl vs -2,40 mln zl) mimo spadku przychodow (-2%), dzieki dyscyplinie kosztowej - EBITDA +48% r/r
- Plynnosc biezaca ponizej 1x (0,77x), ujemny kapital obrotowy ok. -14,1 mln zl - waski margines bezpieczenstwa
- OCF dodatni (4,92 mln zl) i przewyzsza strate netto - dobra konwersja gotowkowa mimo straty ksiegowej
- Powiazana (niekonsolidowana) spolka Herkules Infrastruktura Sp. z o.o. jest w odrebnym postepowaniu sanacyjnym - uklad przyjety przez wierzycieli, oczekuje na zatwierdzenie sadu
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Financials
BETA
HRS · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 20.92 | — | — | reported | — | 1.00 |
| EBITDA | 2.89 | — | — | reported | — | 1.00 |
| EBIT | -1.04 | — | — | reported | — | 1.00 |
| Net income | -1.64 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.05 | — | — | reported | — | 1.00 |
| D&A | 3.94 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 34.12 | — | — | reported | — | 1.00 |
| EBITDA margin | 13.82% | — | — | reported | — | 1.00 |
| EBIT margin | -4.99% | — | — | reported | — | 1.00 |
| Net margin | -7.81% | — | — | reported | — | 1.00 |
| Cash | 16.32 | — | — | reported | — | 1.00 |
| Total debt | 30.2 | — | — | reported | — | 0.90 |
| Net debt | 13.88 | — | — | reported | — | 0.90 |
| Equity | 115.35 | — | — | reported | — | 1.00 |
| Total assets | 216.43 | — | — | reported | — | 1.00 |
| Working capital | -14.1 | — | — | reported | — | 1.00 |
| Current assets | 46 | — | — | reported | — | 1.00 |
| Current liabilities | 60.1 | — | — | reported | — | 1.00 |
| CFO | 4.92 | — | — | reported | — | 1.00 |
| CapEx | 0.12 | — | — | reported | — | 1.00 |
| FCF | 4.8 | — | — | reported | — | 0.90 |
| Current ratio | 0.77x | — | — | reported | — | 1.00 |
| Debt / equity | 0.26x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | -2.31% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 48.16% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 56.74% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | 31.9% | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
20.92
—
20.92
—
- Q1 2025
- —
EBITDA
2.89
—
2.89
—
- Q1 2025
- —
EBIT
-1.04
—
-1.04
—
- Q1 2025
- —
Net income
-1.64
—
-1.64
—
- Q1 2025
- —
EPS (basic)
(PLN)
-0.05
—
-0.05
—
- Q1 2025
- —
D&A
3.94
—
3.94
—
- Q1 2025
- —
Shares (basic)
(m units)
34.12
—
34.12
—
- Q1 2025
- —
EBITDA margin
13.82%
—
13.82%
—
- Q1 2025
- —
EBIT margin
-4.99%
—
-4.99%
—
- Q1 2025
- —
Net margin
-7.81%
—
-7.81%
—
- Q1 2025
- —
Cash
16.32
—
16.32
—
- Q1 2025
- —
Total debt
30.2
—
30.2
—
- Q1 2025
- —
Net debt
13.88
—
13.88
—
- Q1 2025
- —
Equity
115.35
—
115.35
—
- Q1 2025
- —
Total assets
216.43
—
216.43
—
- Q1 2025
- —
Working capital
-14.1
—
-14.1
—
- Q1 2025
- —
Current assets
46
—
46
—
- Q1 2025
- —
Current liabilities
60.1
—
60.1
—
- Q1 2025
- —
CFO
4.92
—
4.92
—
- Q1 2025
- —
CapEx
0.12
—
0.12
—
- Q1 2025
- —
FCF
4.8
—
4.8
—
- Q1 2025
- —
Current ratio
0.77x
—
0.77x
—
- Q1 2025
- —
Debt / equity
0.26x
—
0.26x
—
- Q1 2025
- —
Revenue growth (YoY)
-2.31%
—
-2.31%
—
- Q1 2025
- —
EBITDA growth (YoY)
48.16%
—
48.16%
—
- Q1 2025
- —
EBIT growth (YoY)
56.74%
—
56.74%
—
- Q1 2025
- —
Net income growth (YoY)
31.9%
—
31.9%
—
- Q1 2025
- —