DMG DR. MIELE COSMED GROUP Giełda Papierów Wartościowych w Warszawie · Quarterly · publ. May 28, 2026

Q1 2026 report

Przychody spadły umiarkowanie (-3,8% r/r), ale rentowność skurczyła się znacznie mocniej — EBITDA -36% r/r, zysk netto -46,5% r/r

Sentiment

Neutral No guidance change

Website

DMG Q1 2026 report

Revenue

118,046 k PLN

— YoY

Net income

3,984 k PLN

— YoY

EBITDA

8,864 k PLN

— YoY

Gross margin

3.76%

— YoY

Summary

Investment thesis

Duża część spadku EBIT to efekt bazy: rok wcześniej korzystna zmiana stanu produktów (+3 970 tys. zł z budowy zapasów) podbiła wynik, w tym kwartale efekt jest bliski zeru
Koszty usług obcych wzrosły 22,4% r/r bez wyjaśnienia w raporcie — presja kosztowa poza materiałami
Płynność bieżąca spadła poniżej 1,0 (0,98), gotówka skurczyła się o 60% w kwartale przy kontynuacji skupu akcji własnych
Zarząd rekomenduje dywidendę 35,5% zysku netto za 2025 mimo ujemnego OCF w Q1 2026 — test dyscypliny kapitałowej

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Financials

BETA

Q1 2026

DMG · Q1 2026

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

Revenue	118,046	—	—	reported	—	1.00
EBITDA	8,864	—	—	reported	—	1.00
EBIT	4,840	—	—	reported	—	1.00
EBT	4,538	—	—	reported	—	1.00
Net income	3,984	—	—	reported	—	1.00
EPS (basic) (PLN)	0.05	—	—	reported	—	1.00
EPS (diluted) (PLN)	0.05	—	—	reported	—	1.00
D&A	4,024	—	—	reported	—	1.00
Interest expense	977	—	—	reported	—	0.70
Shares (basic) (m units)	85.78	—	—	reported	—	1.00

Gross margin	3.76%	—	—	reported	—	0.50
EBITDA margin	7.51%	—	—	reported	—	1.00
EBIT margin	4.1%	—	—	reported	—	1.00
Net margin	3.37%	—	—	reported	—	1.00

Cash	4,698	—	—	reported	—	1.00
Total debt	65,426	—	—	reported	—	0.95
Net debt	60,728	—	—	reported	—	0.95
Equity	274,656	—	—	reported	—	1.00
Total assets	441,252	—	—	reported	—	1.00
Working capital	-2,158	—	—	reported	—	1.00
Current assets	136,677	—	—	reported	—	1.00
Current liabilities	138,835	—	—	reported	—	1.00
Goodwill	124,046	—	—	reported	—	0.90

CFO	-2,697	—	—	reported	—	1.00
CapEx	4,763	—	—	reported	—	1.00
FCF	-7,460	—	—	reported	—	0.90
FCF conversion	-84.17%	—	—	reported	—	0.85
CFO conversion	-30.43%	—	—	reported	—	0.90
Dividends paid	0	—	—	reported	—	1.00
Buybacks	3,724	—	—	reported	—	1.00

Current ratio	0.98x	—	—	reported	—	1.00
Quick ratio	0.53x	—	—	reported	—	1.00
Cash ratio	0.03x	—	—	reported	—	1.00
Interest coverage	4.95x	—	—	reported	—	0.70

Debt / equity	0.24x	—	—	reported	—	0.95
Net debt / equity	0.22x	—	—	reported	—	0.95

Revenue growth (YoY)	-3.79%	—	—	reported	—	1.00
EBITDA growth (YoY)	-36.2%	—	—	reported	—	1.00
EBIT growth (YoY)	-53.63%	—	—	reported	—	1.00
Net income growth (YoY)	-46.49%	—	—	reported	—	1.00
EPS growth (YoY)	-44.44%	—	—	reported	—	1.00
EBITDA margin Δ (YoY)	-3.81 pp	—	—	reported	—	1.00
EBIT margin Δ (YoY)	-4.41 pp	—	—	reported	—	1.00
Net margin Δ (YoY)	-2.7 pp	—	—	reported	—	1.00

Q1 2026 · Δ YoY

Revenue

118,046 —

Q1 2025: —

EBITDA

8,864 —

Q1 2025: —

EBIT

4,840 —

Q1 2025: —

EBT

4,538 —

Q1 2025: —

Net income

3,984 —

Q1 2025: —

EPS (basic) (PLN)

0.05 —

Q1 2025: —

EPS (diluted) (PLN)

0.05 —

Q1 2025: —

D&A

4,024 —

Q1 2025: —

Interest expense

977 —

Q1 2025: —

Shares (basic) (m units)

85.78 —

Q1 2025: —

Gross margin

3.76% —

Q1 2025: —

EBITDA margin

7.51% —

Q1 2025: —

EBIT margin

4.1% —

Q1 2025: —

Net margin

3.37% —

Q1 2025: —

Cash

4,698 —

Q1 2025: —

Total debt

65,426 —

Q1 2025: —

Net debt

60,728 —

Q1 2025: —

Equity

274,656 —

Q1 2025: —

Total assets

441,252 —

Q1 2025: —

Working capital

-2,158 —

Q1 2025: —

Current assets

136,677 —

Q1 2025: —

Current liabilities

138,835 —

Q1 2025: —

Goodwill

124,046 —

Q1 2025: —

CFO

-2,697 —

Q1 2025: —

CapEx

4,763 —

Q1 2025: —

FCF

-7,460 —

Q1 2025: —

FCF conversion

-84.17% —

Q1 2025: —

CFO conversion

-30.43% —

Q1 2025: —

Dividends paid

0 —

Q1 2025: —

Buybacks

3,724 —

Q1 2025: —

Current ratio

0.98x —

Q1 2025: —

Quick ratio

0.53x —

Q1 2025: —

Cash ratio

0.03x —

Q1 2025: —

Interest coverage

4.95x —

Q1 2025: —

Debt / equity

0.24x —

Q1 2025: —

Net debt / equity

0.22x —

Q1 2025: —

Revenue growth (YoY)

-3.79% —

Q1 2025: —

EBITDA growth (YoY)

-36.2% —

Q1 2025: —

EBIT growth (YoY)

-53.63% —

Q1 2025: —

Net income growth (YoY)

-46.49% —

Q1 2025: —

EPS growth (YoY)

-44.44% —

Q1 2025: —

EBITDA margin Δ (YoY)

-3.81 pp —

Q1 2025: —

EBIT margin Δ (YoY)

-4.41 pp —

Q1 2025: —

Net margin Δ (YoY)

-2.7 pp —

Q1 2025: —