VOX VOXEL Giełda Papierów Wartościowych w Warszawie · Quarterly · publ. May 28, 2026

Q1 2026 report

Organiczny wzrost wolumenów badań (+11% r/r łącznie w spółkach diagnostycznych) i poprawa struktury/wycen podnoszą marże (EBIT +6,2 pp, EBITDA +7,2 pp r/r) mimo płaskich przychodów headline (-0,4% r/r).

Sentiment

Neutral No guidance change

Website

VOX Q1 2026 report

Revenue

157.19 m PLN

— YoY

Net income

31.9 m PLN

— YoY

EBITDA

57.2 m PLN

— YoY

Gross margin

26.28%

— YoY

Summary

Investment thesis

Segment Diagnostyka (75% przychodów zewnętrznych) wchodzi w 2Q26 w nowy reżim finansowania nadwykonań TK/MR przez NFZ (50% wartości) — to największa niewiadoma najbliższych kwartałów, nieujęta jeszcze w wynikach 1Q26.
Jakość zysku poprawiła się wyraźnie r/r — OCF pokrywa już większość zysku brutto (konwersja 74% vs 28% rok wcześniej), choć część poprawy to efekt bazy podatkowej z 1Q25.
FCF pozostaje ujemny mimo mocnego OCF, bo CAPEX (budowa cyklotronu, nieruchomość w Krakowie) jest 2,5-krotnie wyższy od amortyzacji; dług netto/EBITDA wzrósł r/r z 0,68x do 0,90x.
Segment IT & infrastruktura (Alteris/Radpoint) pokazuje spadek przychodów headline (-38% w Alteris), ale to efekt wysokiej bazy sprzedaży sprzętu do leasingu w 1Q25 — sprzedaż bez tego efektu rosła (+31% r/r), a backlog na 2026 rok rośnie r/r w obu spółkach.

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Financials

BETA

Q1 2026

VOX · Q1 2026

Metric	Q1 2026	Q1 2025	Δ YoY	Value type	Segment	Conf.

Revenue	157.19	—	—	reported	—	1.00
Revenue Diagnostyka	118.35	—	—	reported	Diagnostyka	1.00
Revenue Terapia	4.1	—	—	reported	Terapia	1.00
Revenue IT & infrastruktura	34.75	—	—	reported	IT & infrastruktura	1.00
Gross profit	50.24	—	—	reported	—	1.00
EBITDA	57.2	—	—	reported	—	1.00
EBITDA Diagnostyka	53.62	—	—	reported	Diagnostyka	1.00
EBITDA Terapia	2.3	—	—	reported	Terapia	1.00
EBITDA IT & infrastruktura	8.94	—	—	reported	IT & infrastruktura	1.00
EBIT	42.5	—	—	reported	—	1.00
EBT	40.27	—	—	reported	—	1.00
Net income	31.9	—	—	reported	—	1.00
EPS (basic) (PLN)	3.04	—	—	reported	—	1.00
EPS (diluted) (PLN)	3.04	—	—	reported	—	1.00
D&A	14.69	—	—	reported	—	1.00
Interest expense	2.3	—	—	reported	—	0.80
Shares (basic) (m units)	10.5	—	—	reported	—	1.00

Gross margin	26.28%	—	—	reported	—	1.00
EBITDA margin	29.21%	—	—	reported	—	1.00
EBIT margin	20.8%	—	—	reported	—	1.00
Net margin	15.38%	—	—	reported	—	1.00
D&A margin	9.35%	—	—	reported	—	0.90

Cash	16.95	—	—	reported	—	1.00
Total debt	196.37	—	—	reported	—	1.00
Net debt	179.42	—	—	derived	—	0.90
Equity	448.06	—	—	reported	—	1.00
Total assets	746.13	—	—	reported	—	1.00
Working capital	91.59	—	—	derived	—	0.90
Current assets	231.59	—	—	reported	—	1.00
Current liabilities	140	—	—	reported	—	1.00
Goodwill	129.77	—	—	derived	—	0.90

CFO	29.74	—	—	reported	—	1.00
CapEx	37.33	—	—	reported	—	1.00
FCF	-7.59	—	—	derived	—	0.90
FCF conversion	-13.27%	—	—	reported	—	0.90
CFO conversion	52%	—	—	reported	—	0.90
Dividends paid	0	—	—	reported	—	1.00

Current ratio	1.65x	—	—	reported	—	1.00
Quick ratio	1.48x	—	—	reported	—	1.00
Interest coverage	18.5x	—	—	reported	—	0.70

Net debt / EBITDA	0.9x	—	—	reported	—	0.90
Debt / equity	0.44x	—	—	reported	—	0.90
Debt / assets	0.26x	—	—	reported	—	0.90
Net debt / equity	0.4x	—	—	reported	—	0.90

Revenue growth (YoY)	-0.41%	—	—	reported	—	1.00
EBITDA growth (YoY)	24.07%	—	—	reported	—	1.00
EBIT growth (YoY)	29.49%	—	—	reported	—	1.00
Net income growth (YoY)	31.46%	—	—	reported	—	1.00
EPS growth (YoY)	31.6%	—	—	reported	—	1.00
FCF growth (YoY)	27.4%	—	—	reported	—	0.80
Gross margin Δ (YoY)	5.67 pp	—	—	reported	—	1.00
EBITDA margin Δ (YoY)	7.18 pp	—	—	reported	—	1.00
EBIT margin Δ (YoY)	6.24 pp	—	—	reported	—	1.00
Net margin Δ (YoY)	4.92 pp	—	—	reported	—	1.00

Q1 2026 · Δ YoY

Revenue

157.19 —

Q1 2025: —

Revenue

Diagnostyka

118.35 —

Q1 2025: —

Revenue

Terapia

4.1 —

Q1 2025: —

Revenue

IT & infrastruktura

34.75 —

Q1 2025: —

Gross profit

50.24 —

Q1 2025: —

EBITDA

57.2 —

Q1 2025: —

EBITDA

Diagnostyka

53.62 —

Q1 2025: —

EBITDA

Terapia

2.3 —

Q1 2025: —

EBITDA

IT & infrastruktura

8.94 —

Q1 2025: —

EBIT

42.5 —

Q1 2025: —

EBT

40.27 —

Q1 2025: —

Net income

31.9 —

Q1 2025: —

EPS (basic) (PLN)

3.04 —

Q1 2025: —

EPS (diluted) (PLN)

3.04 —

Q1 2025: —

D&A

14.69 —

Q1 2025: —

Interest expense

2.3 —

Q1 2025: —

Shares (basic) (m units)

10.5 —

Q1 2025: —

Gross margin

26.28% —

Q1 2025: —

EBITDA margin

29.21% —

Q1 2025: —

EBIT margin

20.8% —

Q1 2025: —

Net margin

15.38% —

Q1 2025: —

D&A margin

9.35% —

Q1 2025: —

Cash

16.95 —

Q1 2025: —

Total debt

196.37 —

Q1 2025: —

Net debt

179.42 —

Q1 2025: —

Equity

448.06 —

Q1 2025: —

Total assets

746.13 —

Q1 2025: —

Working capital

91.59 —

Q1 2025: —

Current assets

231.59 —

Q1 2025: —

Current liabilities

140 —

Q1 2025: —

Goodwill

129.77 —

Q1 2025: —

CFO

29.74 —

Q1 2025: —

CapEx

37.33 —

Q1 2025: —

FCF

-7.59 —

Q1 2025: —

FCF conversion

-13.27% —

Q1 2025: —

CFO conversion

52% —

Q1 2025: —

Dividends paid

0 —

Q1 2025: —

Current ratio

1.65x —

Q1 2025: —

Quick ratio

1.48x —

Q1 2025: —

Interest coverage

18.5x —

Q1 2025: —

Net debt / EBITDA

0.9x —

Q1 2025: —

Debt / equity

0.44x —

Q1 2025: —

Debt / assets

0.26x —

Q1 2025: —

Net debt / equity

0.4x —

Q1 2025: —

Revenue growth (YoY)

-0.41% —

Q1 2025: —

EBITDA growth (YoY)

24.07% —

Q1 2025: —

EBIT growth (YoY)

29.49% —

Q1 2025: —

Net income growth (YoY)

31.46% —

Q1 2025: —

EPS growth (YoY)

31.6% —

Q1 2025: —

FCF growth (YoY)

27.4% —

Q1 2025: —

Gross margin Δ (YoY)

5.67 pp —

Q1 2025: —

EBITDA margin Δ (YoY)

7.18 pp —

Q1 2025: —

EBIT margin Δ (YoY)

6.24 pp —

Q1 2025: —

Net margin Δ (YoY)

4.92 pp —

Q1 2025: —