Q1 2026 report
Kontynuacja odbudowy po restrukturyzacji: skonsolidowane przychody +9,8% r/r napędzane silnym wzrostem w kanale B2C (detal +25,9%), przy jednoczesnej poprawie marż (brutto +0,6 p.p., EBIT +0,24 p.p.).
Sentiment
Neutral
No guidance change
ACT
Q1 2026 report
Revenue
728,329 k PLN
— YoY
Net income
12,670 k PLN
— YoY
EBITDA
15,773 k PLN
— YoY
Gross margin
9.24%
— YoY
Summary
Investment thesis
- Bilans z pozycją gotówki netto i konserwatywnym zadłużeniem (dług netto/kapitał własny ≈ -0,13x); Grupa terminowo obsługuje układ restrukturyzacyjny z 2020 r. (pozostało ok. 33,1 mln zł do 2028 r.).
- Agresywny zwrot kapitału poprzez dwa zakończone programy skupu akcji własnych (łącznie ok. 119,6 mln zł) zredukował liczbę akcji z 16,54 mln do 14,10 mln (-14,7%), podbijając EPS obok wzrostu zysków.
- Operacyjne przepływy pieniężne (56,7 mln zł) wyraźnie przewyższyły zysk netto w tym kwartale, ale w dużej mierze to uwolnienie kapitału obrotowego (spadek zapasów i należności), a nie strukturalna poprawa - wymaga oceny w pełnym cyklu sezonowym.
- Otwarte postępowanie wyjaśniające UOKiK w branży RTV/AGD/elektronika (przeszukania w IV kw. 2025) i duże, nieujęte w rezerwach roszczenie odszkodowawcze wobec banku (174,4 mln zł, Spółka jako powód) to nierozstrzygnięte pozycje warte monitorowania.
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Financials
BETA
ACT · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 728,329 | — | — | reported | — | 1.00 |
| Gross profit | 67,333 | — | — | reported | — | 1.00 |
| EBITDA | 15,773 | — | — | reported | — | 0.90 |
| EBIT | 13,197 | — | — | reported | — | 1.00 |
| EBT | 15,791 | — | — | reported | — | 1.00 |
| Net income | 12,670 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.9 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.9 | — | — | reported | — | 1.00 |
| D&A | 2,576 | — | — | reported | — | 1.00 |
| Interest expense | 938 | — | — | reported | — | 0.70 |
| Shares (basic) (m units) | 14.1 | — | — | reported | — | 1.00 |
| Gross margin | 9.24% | — | — | reported | — | 1.00 |
| EBITDA margin | 2.17% | — | — | reported | — | 0.90 |
| EBIT margin | 1.81% | — | — | reported | — | 1.00 |
| Net margin | 1.74% | — | — | reported | — | 1.00 |
| Cash | 57,085 | — | — | reported | — | 1.00 |
| Total debt | 5,683 | — | — | reported | — | 0.90 |
| Net debt | -51,402 | — | — | derived | — | 0.90 |
| Equity | 387,635 | — | — | reported | — | 1.00 |
| Total assets | 710,805 | — | — | reported | — | 1.00 |
| Current assets | 545,439 | — | — | reported | — | 1.00 |
| Current liabilities | 289,421 | — | — | reported | — | 1.00 |
| Goodwill | 28,134 | — | — | derived | — | 0.90 |
| Tangible equity | 359,501 | — | — | derived | — | 0.90 |
| CFO | 56,670 | — | — | reported | — | 1.00 |
| CapEx | 4,743 | — | — | reported | — | 1.00 |
| FCF | 51,927 | — | — | derived | — | 0.90 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| Buybacks | 35,090 | — | — | reported | — | 1.00 |
| Current ratio | 1.88x | — | — | reported | — | 1.00 |
| Quick ratio | 0.65x | — | — | reported | — | 0.90 |
| Cash ratio | 0.2x | — | — | reported | — | 0.90 |
| Interest coverage | 14.07x | — | — | reported | — | 0.70 |
| Debt / equity | 0.02x | — | — | reported | — | 0.90 |
| Debt / assets | 0.01x | — | — | reported | — | 0.90 |
| Net debt / equity | -0.13x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 9.76% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 23.87% | — | — | reported | — | 0.80 |
| EBIT growth (YoY) | 26.68% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 64.32% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | 91.49% | — | — | reported | — | 1.00 |
| FCF growth (YoY) | 729.7% | — | — | reported | — | 0.50 |
| Gross margin Δ (YoY) | 0.61 pp | — | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 0.25 pp | — | — | reported | — | 0.80 |
| EBIT margin Δ (YoY) | 0.24 pp | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 0.58 pp | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
728,329
—
728,329
—
- Q1 2025
- —
Gross profit
67,333
—
67,333
—
- Q1 2025
- —
EBITDA
15,773
—
15,773
—
- Q1 2025
- —
EBIT
13,197
—
13,197
—
- Q1 2025
- —
EBT
15,791
—
15,791
—
- Q1 2025
- —
Net income
12,670
—
12,670
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.9
—
0.9
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.9
—
0.9
—
- Q1 2025
- —
D&A
2,576
—
2,576
—
- Q1 2025
- —
Interest expense
938
—
938
—
- Q1 2025
- —
Shares (basic)
(m units)
14.1
—
14.1
—
- Q1 2025
- —
Gross margin
9.24%
—
9.24%
—
- Q1 2025
- —
EBITDA margin
2.17%
—
2.17%
—
- Q1 2025
- —
EBIT margin
1.81%
—
1.81%
—
- Q1 2025
- —
Net margin
1.74%
—
1.74%
—
- Q1 2025
- —
Cash
57,085
—
57,085
—
- Q1 2025
- —
Total debt
5,683
—
5,683
—
- Q1 2025
- —
Net debt
-51,402
—
-51,402
—
- Q1 2025
- —
Equity
387,635
—
387,635
—
- Q1 2025
- —
Total assets
710,805
—
710,805
—
- Q1 2025
- —
Current assets
545,439
—
545,439
—
- Q1 2025
- —
Current liabilities
289,421
—
289,421
—
- Q1 2025
- —
Goodwill
28,134
—
28,134
—
- Q1 2025
- —
Tangible equity
359,501
—
359,501
—
- Q1 2025
- —
CFO
56,670
—
56,670
—
- Q1 2025
- —
CapEx
4,743
—
4,743
—
- Q1 2025
- —
FCF
51,927
—
51,927
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Buybacks
35,090
—
35,090
—
- Q1 2025
- —
Current ratio
1.88x
—
1.88x
—
- Q1 2025
- —
Quick ratio
0.65x
—
0.65x
—
- Q1 2025
- —
Cash ratio
0.2x
—
0.2x
—
- Q1 2025
- —
Interest coverage
14.07x
—
14.07x
—
- Q1 2025
- —
Debt / equity
0.02x
—
0.02x
—
- Q1 2025
- —
Debt / assets
0.01x
—
0.01x
—
- Q1 2025
- —
Net debt / equity
-0.13x
—
-0.13x
—
- Q1 2025
- —
Revenue growth (YoY)
9.76%
—
9.76%
—
- Q1 2025
- —
EBITDA growth (YoY)
23.87%
—
23.87%
—
- Q1 2025
- —
EBIT growth (YoY)
26.68%
—
26.68%
—
- Q1 2025
- —
Net income growth (YoY)
64.32%
—
64.32%
—
- Q1 2025
- —
EPS growth (YoY)
91.49%
—
91.49%
—
- Q1 2025
- —
FCF growth (YoY)
729.7%
—
729.7%
—
- Q1 2025
- —
Gross margin Δ (YoY)
0.61 pp
—
0.61 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
0.25 pp
—
0.25 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
0.24 pp
—
0.24 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
0.58 pp
—
0.58 pp
—
- Q1 2025
- —