Q1 2026 report
Przychody grupy rosną mocno (+32% r/r) dzięki dużym kontraktom eksportowym w Niderlandach i Niemczech (przemysł chemiczny/petrochemiczny), ale rentowność się kurczy — marża EBIT spadła z 4,9% do 3,0%
Sentiment
Neutral
No guidance change
MSZ
Q1 2026 report
Revenue
315.98 m PLN
— YoY
Net income
11.06 m PLN
— YoY
EBITDA
15.18 m PLN
— YoY
Gross margin
10.5%
— YoY
Summary
Investment thesis
- Ujemny OCF (-34,3 mln zł) to efekt cyklu kontraktowego (wzrost należności o 91 mln zł), a nie utraty rentowności gotówkowej — typowe dla budowlanki przy rosnącym portfelu zamówień
- Bilans bezpieczny: pozycja gotówki netto (-80,9 mln zł długu netto, czyli nadwyżka gotówki), płynność bieżąca 1,15x
- Segment chemiczny (Polwax) i produkcja mechaniczna (MZKP) pozostają stratne na poziomie operacyjnym trzeci kwartał z rzędu — ciągną wynik grupy w dół mimo dobrego segmentu realizacji przemysłowych i budownictwa
- Skup akcji własnych (691 tys. akcji, 1,01% kapitału) rozliczony w kwietniu 2026 — sygnał zaufania zarządu, ale kosztem gotówki w okresie osłabionego OCF
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Financials
BETA
MSZ · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 315.98 | — | — | reported | — | 1.00 |
| Gross profit | 33.08 | — | — | reported | — | 1.00 |
| EBITDA | 15.18 | — | — | reported | — | 1.00 |
| EBIT | 9.57 | — | — | reported | — | 1.00 |
| EBT | 15.52 | — | — | reported | — | 1.00 |
| Net income | 11.06 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.16 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.16 | — | — | reported | — | 1.00 |
| D&A | 5.61 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 68.66 | — | — | reported | — | 1.00 |
| Gross margin | 10.5% | — | — | derived | — | 1.00 |
| EBITDA margin | 4.8% | — | — | derived | — | 1.00 |
| EBIT margin | 3% | — | — | derived | — | 1.00 |
| Net margin | 2.6% | — | — | derived | — | 1.00 |
| Cash | 154.65 | — | — | reported | — | 1.00 |
| Total debt | 73.75 | — | — | derived | — | 0.90 |
| Net debt | -80.89 | — | — | derived | — | 0.90 |
| Equity | 413.97 | — | — | reported | — | 1.00 |
| Total assets | 1,112.78 | — | — | reported | — | 1.00 |
| Working capital | 93.52 | — | — | reported | — | 1.00 |
| Current assets | 684.42 | — | — | reported | — | 1.00 |
| Current liabilities | 590.9 | — | — | reported | — | 1.00 |
| Goodwill | 5.13 | — | — | derived | — | 0.90 |
| Tangible equity | 408.84 | — | — | derived | — | 0.85 |
| CFO | -34.26 | — | — | reported | — | 1.00 |
| CapEx | 2.42 | — | — | reported | — | 1.00 |
| FCF | -36.68 | — | — | derived | — | 0.90 |
| FCF conversion | -241.7% | — | — | derived | — | 0.70 |
| CFO conversion | -225.7% | — | — | derived | — | 0.70 |
| Current ratio | 1.15x | — | — | reported | — | 1.00 |
| Quick ratio | 1x | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | 32.2% | — | — | derived | — | 1.00 |
| EBITDA growth (YoY) | -9.4% | — | — | derived | — | 0.95 |
| EBIT growth (YoY) | -17.5% | — | — | derived | — | 0.95 |
| Net income growth (YoY) | 20.4% | — | — | derived | — | 0.95 |
| EPS growth (YoY) | 23.1% | — | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | -2.3 pp | — | — | derived | — | 0.95 |
| EBITDA margin Δ (YoY) | -2.2 pp | — | — | derived | — | 0.95 |
| EBIT margin Δ (YoY) | -1.8 pp | — | — | derived | — | 0.95 |
| Net margin Δ (YoY) | -0.9 pp | — | — | derived | — | 0.95 |
Q1 2026 · Δ YoY
Revenue
315.98
—
315.98
—
- Q1 2025
- —
Gross profit
33.08
—
33.08
—
- Q1 2025
- —
EBITDA
15.18
—
15.18
—
- Q1 2025
- —
EBIT
9.57
—
9.57
—
- Q1 2025
- —
EBT
15.52
—
15.52
—
- Q1 2025
- —
Net income
11.06
—
11.06
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.16
—
0.16
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.16
—
0.16
—
- Q1 2025
- —
D&A
5.61
—
5.61
—
- Q1 2025
- —
Shares (basic)
(m units)
68.66
—
68.66
—
- Q1 2025
- —
Gross margin
10.5%
—
10.5%
—
- Q1 2025
- —
EBITDA margin
4.8%
—
4.8%
—
- Q1 2025
- —
EBIT margin
3%
—
3%
—
- Q1 2025
- —
Net margin
2.6%
—
2.6%
—
- Q1 2025
- —
Cash
154.65
—
154.65
—
- Q1 2025
- —
Total debt
73.75
—
73.75
—
- Q1 2025
- —
Net debt
-80.89
—
-80.89
—
- Q1 2025
- —
Equity
413.97
—
413.97
—
- Q1 2025
- —
Total assets
1,112.78
—
1,112.78
—
- Q1 2025
- —
Working capital
93.52
—
93.52
—
- Q1 2025
- —
Current assets
684.42
—
684.42
—
- Q1 2025
- —
Current liabilities
590.9
—
590.9
—
- Q1 2025
- —
Goodwill
5.13
—
5.13
—
- Q1 2025
- —
Tangible equity
408.84
—
408.84
—
- Q1 2025
- —
CFO
-34.26
—
-34.26
—
- Q1 2025
- —
CapEx
2.42
—
2.42
—
- Q1 2025
- —
FCF
-36.68
—
-36.68
—
- Q1 2025
- —
FCF conversion
-241.7%
—
-241.7%
—
- Q1 2025
- —
CFO conversion
-225.7%
—
-225.7%
—
- Q1 2025
- —
Current ratio
1.15x
—
1.15x
—
- Q1 2025
- —
Quick ratio
1x
—
1x
—
- Q1 2025
- —
Revenue growth (YoY)
32.2%
—
32.2%
—
- Q1 2025
- —
EBITDA growth (YoY)
-9.4%
—
-9.4%
—
- Q1 2025
- —
EBIT growth (YoY)
-17.5%
—
-17.5%
—
- Q1 2025
- —
Net income growth (YoY)
20.4%
—
20.4%
—
- Q1 2025
- —
EPS growth (YoY)
23.1%
—
23.1%
—
- Q1 2025
- —
Gross margin Δ (YoY)
-2.3 pp
—
-2.3 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-2.2 pp
—
-2.2 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-1.8 pp
—
-1.8 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-0.9 pp
—
-0.9 pp
—
- Q1 2025
- —