Q1 2026 report
Zysk netto wzrósł o 183% r/r wyłącznie dzięki niegotówkowej wycenie aktywów finansowych (+2,38 mln zł) w segmencie pożyczkowym, nie dzięki poprawie działalności operacyjnej.
Sentiment
Neutral
No guidance change
IBS
Q1 2026 report
Revenue
2,873 k PLN
— YoY
Net income
3,193 k PLN
— YoY
EBITDA
577 k PLN
— YoY
FCF
122 k PLN
— YoY
Summary
Investment thesis
- Podstawowy segment CFM ma stabilną, ale niewielką skalę (~2,3 mln zł przychodu ze sprzedaży usług kwartalnie) i EBIT niepokrywający kosztów odsetkowych całej spółki.
- 92,5% sumy aktywów to pożyczki udzielone „pozostałym podmiotom” bez ujawnienia struktury kontrahentów — kluczowe ryzyko koncentracji i przejrzystości.
- Reklasyfikacja niemal całego portfela pożyczkowego z zapadalności <1 rok na 1–2 lata zawęziła aktywa obrotowe do 8,4 mln zł wobec 64,4 mln zł zobowiązań krótkoterminowych.
- Nierozstrzygnięty spór z Getin Noble Bank S.A. (kredyt CHF 27,4 mln zł, roszczenie zwrotu ~14,5 mln zł + 905 tys. CHF) oraz rezerwa podatkowa 1,3 mln zł to istotne, wciąż otwarte ryzyka prawne.
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Financials
BETA
IBS · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 2,873 | — | — | reported | — | 1.00 |
| EBITDA | 577 | — | — | reported | — | 0.90 |
| EBIT | 225 | — | — | reported | — | 1.00 |
| EBT | 3,193 | — | — | reported | — | 1.00 |
| Net income | 3,193 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 8.26 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 8.26 | — | — | reported | — | 1.00 |
| D&A | 352 | — | — | reported | — | 1.00 |
| Interest expense | 470 | — | — | reported | — | 1.00 |
| Shares (basic) (units) | 386,774 | — | — | reported | — | 1.00 |
| EBITDA margin | 20.08% | — | — | reported | — | 0.90 |
| EBIT margin | 7.83% | — | — | reported | — | 0.90 |
| Net margin | 111.14% | — | — | reported | — | 0.90 |
| Cash | 627 | — | — | reported | — | 1.00 |
| Total debt | 60,098 | — | — | reported | — | 1.00 |
| Net debt | 59,471 | — | — | reported | — | 0.85 |
| Equity | 38,654 | — | — | reported | — | 1.00 |
| Total assets | 110,621 | — | — | reported | — | 1.00 |
| Working capital | -56,019 | — | — | reported | — | 0.90 |
| Current assets | 8,388 | — | — | reported | — | 1.00 |
| Current liabilities | 64,407 | — | — | reported | — | 1.00 |
| CFO | 129 | — | — | reported | — | 1.00 |
| CapEx | 7 | — | — | reported | — | 1.00 |
| FCF | 122 | — | — | reported | — | 0.90 |
| FCF conversion | 21.14% | — | — | reported | — | 0.80 |
| CFO conversion | 22.36% | — | — | reported | — | 0.80 |
| Current ratio | 0.13x | — | — | reported | — | 0.90 |
| Quick ratio | 0.13x | — | — | reported | — | 0.85 |
| Cash ratio | 0.01x | — | — | reported | — | 0.90 |
| Interest coverage | 0.48x | — | — | reported | — | 0.90 |
| Debt / equity | 1.55x | — | — | reported | — | 0.90 |
| Debt / assets | 0.54x | — | — | reported | — | 0.90 |
| Net debt / equity | 1.54x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | -71.53% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -19.3% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | -23.47% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 182.57% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | 182.88% | — | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | 4.92 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | 99.94 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
2,873
—
2,873
—
- Q1 2025
- —
EBITDA
577
—
577
—
- Q1 2025
- —
EBIT
225
—
225
—
- Q1 2025
- —
EBT
3,193
—
3,193
—
- Q1 2025
- —
Net income
3,193
—
3,193
—
- Q1 2025
- —
EPS (basic)
(PLN)
8.26
—
8.26
—
- Q1 2025
- —
EPS (diluted)
(PLN)
8.26
—
8.26
—
- Q1 2025
- —
D&A
352
—
352
—
- Q1 2025
- —
Interest expense
470
—
470
—
- Q1 2025
- —
Shares (basic)
(units)
386,774
—
386,774
—
- Q1 2025
- —
EBITDA margin
20.08%
—
20.08%
—
- Q1 2025
- —
EBIT margin
7.83%
—
7.83%
—
- Q1 2025
- —
Net margin
111.14%
—
111.14%
—
- Q1 2025
- —
Cash
627
—
627
—
- Q1 2025
- —
Total debt
60,098
—
60,098
—
- Q1 2025
- —
Net debt
59,471
—
59,471
—
- Q1 2025
- —
Equity
38,654
—
38,654
—
- Q1 2025
- —
Total assets
110,621
—
110,621
—
- Q1 2025
- —
Working capital
-56,019
—
-56,019
—
- Q1 2025
- —
Current assets
8,388
—
8,388
—
- Q1 2025
- —
Current liabilities
64,407
—
64,407
—
- Q1 2025
- —
CFO
129
—
129
—
- Q1 2025
- —
CapEx
7
—
7
—
- Q1 2025
- —
FCF
122
—
122
—
- Q1 2025
- —
FCF conversion
21.14%
—
21.14%
—
- Q1 2025
- —
CFO conversion
22.36%
—
22.36%
—
- Q1 2025
- —
Current ratio
0.13x
—
0.13x
—
- Q1 2025
- —
Quick ratio
0.13x
—
0.13x
—
- Q1 2025
- —
Cash ratio
0.01x
—
0.01x
—
- Q1 2025
- —
Interest coverage
0.48x
—
0.48x
—
- Q1 2025
- —
Debt / equity
1.55x
—
1.55x
—
- Q1 2025
- —
Debt / assets
0.54x
—
0.54x
—
- Q1 2025
- —
Net debt / equity
1.54x
—
1.54x
—
- Q1 2025
- —
Revenue growth (YoY)
-71.53%
—
-71.53%
—
- Q1 2025
- —
EBITDA growth (YoY)
-19.3%
—
-19.3%
—
- Q1 2025
- —
EBIT growth (YoY)
-23.47%
—
-23.47%
—
- Q1 2025
- —
Net income growth (YoY)
182.57%
—
182.57%
—
- Q1 2025
- —
EPS growth (YoY)
182.88%
—
182.88%
—
- Q1 2025
- —
EBIT margin Δ (YoY)
4.92 pp
—
4.92 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
99.94 pp
—
99.94 pp
—
- Q1 2025
- —