Q1 2026 report
Lider sektora (#3 wg przychodów, #1 wg zysku netto grupy wśród touroperatorów w Polsce za 2025 r.) z rosnącą przedsprzedażą sezonu Lato 2026 (+9,1% r/r).
Sentiment
Neutral
No guidance change
RBW
Q1 2026 report
Revenue
884.32 m PLN
— YoY
Net income
43.56 m PLN
— YoY
EBITDA
63.59 m PLN
— YoY
Gross margin
16.68%
— YoY
Summary
Investment thesis
- I kw. 2026 obciążony jednorazowymi kosztami konfliktu USA/Izrael-Iran (~8 mln zł) oraz sezonową stratą rozbudowywanego segmentu hoteli własnych White Olive.
- Głęboko ujemny OCF (-143,8 mln zł) to najpewniej efekt sezonowego przedpłacania pojemności na sezon letni, ale wymaga potwierdzenia w Q2/Q3.
- Bilans pozostaje bezpieczny — pozycja gotówki netto mimo istotnego wzrostu krótkoterminowego zadłużenia użytego do finansowania kapitału obrotowego.
- Rekomendacja dywidendy 8,60 zł/akcję za 2025 r. (ok. 53% zysku jednostkowego) — sygnał kontynuacji polityki dywidendowej, ostateczna decyzja na WZA.
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Financials
BETA
RBW · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 884.32 | — | — | reported | — | 1.00 |
| Gross profit | 147.54 | — | — | reported | — | 1.00 |
| EBITDA | 63.59 | — | — | reported | — | 0.90 |
| EBIT | 55.7 | — | — | reported | — | 1.00 |
| EBT | 56.56 | — | — | reported | — | 1.00 |
| Net income | 43.56 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 2.99 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 2.99 | — | — | reported | — | 1.00 |
| D&A | 7.9 | — | — | reported | — | 1.00 |
| Interest expense | 3.21 | — | — | reported | — | 0.70 |
| Shares (basic) (m units) | 14.55 | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 14.55 | — | — | reported | — | 1.00 |
| Gross margin | 16.68% | — | — | reported | — | 1.00 |
| EBITDA margin | 7.19% | — | — | reported | — | 0.90 |
| EBIT margin | 6.3% | — | — | reported | — | 1.00 |
| EBT margin | 6.4% | — | — | reported | — | 1.00 |
| Net margin | 4.93% | — | — | reported | — | 1.00 |
| Cash | 409.94 | — | — | reported | — | 1.00 |
| Total debt | 176.74 | — | — | reported | — | 1.00 |
| Net debt | -233.2 | — | — | reported | — | 1.00 |
| Equity | 652.24 | — | — | reported | — | 1.00 |
| Total assets | 1,620.35 | — | — | reported | — | 1.00 |
| Current assets | 1,162.53 | — | — | reported | — | 1.00 |
| Current liabilities | 880.62 | — | — | reported | — | 1.00 |
| Goodwill | 44.06 | — | — | reported | — | 1.00 |
| CFO | -143.77 | — | — | reported | — | 1.00 |
| CapEx | 1.82 | — | — | reported | — | 1.00 |
| FCF | -145.59 | — | — | reported | — | 1.00 |
| FCF conversion | -228.94% | — | — | reported | — | 0.60 |
| CFO conversion | -226.09% | — | — | reported | — | 0.60 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| Current ratio | 1.32x | — | — | reported | — | 1.00 |
| Cash ratio | 0.47x | — | — | reported | — | 1.00 |
| Debt / equity | 0.27x | — | — | reported | — | 1.00 |
| Net debt / equity | -0.36x | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | 1.67% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -15.93% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | -20.17% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | -24.52% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | -24.69% | — | — | reported | — | 1.00 |
| Gross margin Δ (YoY) | -0.68 pp | — | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | -1.72 pp | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -1.71 pp | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
884.32
—
884.32
—
- Q1 2025
- —
Gross profit
147.54
—
147.54
—
- Q1 2025
- —
EBITDA
63.59
—
63.59
—
- Q1 2025
- —
EBIT
55.7
—
55.7
—
- Q1 2025
- —
EBT
56.56
—
56.56
—
- Q1 2025
- —
Net income
43.56
—
43.56
—
- Q1 2025
- —
EPS (basic)
(PLN)
2.99
—
2.99
—
- Q1 2025
- —
EPS (diluted)
(PLN)
2.99
—
2.99
—
- Q1 2025
- —
D&A
7.9
—
7.9
—
- Q1 2025
- —
Interest expense
3.21
—
3.21
—
- Q1 2025
- —
Shares (basic)
(m units)
14.55
—
14.55
—
- Q1 2025
- —
Shares (diluted)
(m units)
14.55
—
14.55
—
- Q1 2025
- —
Gross margin
16.68%
—
16.68%
—
- Q1 2025
- —
EBITDA margin
7.19%
—
7.19%
—
- Q1 2025
- —
EBIT margin
6.3%
—
6.3%
—
- Q1 2025
- —
EBT margin
6.4%
—
6.4%
—
- Q1 2025
- —
Net margin
4.93%
—
4.93%
—
- Q1 2025
- —
Cash
409.94
—
409.94
—
- Q1 2025
- —
Total debt
176.74
—
176.74
—
- Q1 2025
- —
Net debt
-233.2
—
-233.2
—
- Q1 2025
- —
Equity
652.24
—
652.24
—
- Q1 2025
- —
Total assets
1,620.35
—
1,620.35
—
- Q1 2025
- —
Current assets
1,162.53
—
1,162.53
—
- Q1 2025
- —
Current liabilities
880.62
—
880.62
—
- Q1 2025
- —
Goodwill
44.06
—
44.06
—
- Q1 2025
- —
CFO
-143.77
—
-143.77
—
- Q1 2025
- —
CapEx
1.82
—
1.82
—
- Q1 2025
- —
FCF
-145.59
—
-145.59
—
- Q1 2025
- —
FCF conversion
-228.94%
—
-228.94%
—
- Q1 2025
- —
CFO conversion
-226.09%
—
-226.09%
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Current ratio
1.32x
—
1.32x
—
- Q1 2025
- —
Cash ratio
0.47x
—
0.47x
—
- Q1 2025
- —
Debt / equity
0.27x
—
0.27x
—
- Q1 2025
- —
Net debt / equity
-0.36x
—
-0.36x
—
- Q1 2025
- —
Revenue growth (YoY)
1.67%
—
1.67%
—
- Q1 2025
- —
EBITDA growth (YoY)
-15.93%
—
-15.93%
—
- Q1 2025
- —
EBIT growth (YoY)
-20.17%
—
-20.17%
—
- Q1 2025
- —
Net income growth (YoY)
-24.52%
—
-24.52%
—
- Q1 2025
- —
EPS growth (YoY)
-24.69%
—
-24.69%
—
- Q1 2025
- —
Gross margin Δ (YoY)
-0.68 pp
—
-0.68 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-1.72 pp
—
-1.72 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-1.71 pp
—
-1.71 pp
—
- Q1 2025
- —