Q1 2026 report
Consolidated revenue grew 7% YoY to PLN 18.2m in Q1 2026, driven mainly by a 45% jump in the Energetyka i przemysł segment
Sentiment
Cautious
No guidance change
APE
Q1 2026 report
Revenue
18.19 m PLN
— YoY
Net income
6.62 m PLN
— YoY
EBITDA
2.4 m PLN
— YoY
Gross margin
38.25%
— YoY
Summary
Investment thesis
- Reported net income of PLN 6.6m was overwhelmingly driven by a one-off PLN 6.17m gain on the disposal of the loss-making ENAP S.A. subsidiary — underlying operating profit was only PLN 1.8m
- Order backlog exceeds PLN 100m per management commentary, supporting revenue visibility for coming quarters
- Balance sheet strengthened after the ENAP sale: equity rose to PLN 27.7m from PLN 21.1m at YE2025, though finance costs (factoring, shareholder loan interest) are rising fast
- Management secured an expanded mBank credit-line amendment in March 2026 to shore up working-capital financing
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
APE · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 18.19 | — | — | reported | — | 1.00 |
| Gross profit | 6.96 | — | — | reported | — | 1.00 |
| EBITDA | 2.4 | — | — | reported | — | 0.90 |
| EBIT | 1.83 | — | — | reported | — | 1.00 |
| EBT | 6.86 | — | — | reported | — | 1.00 |
| Net income | 6.62 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.23 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.23 | — | — | reported | — | 1.00 |
| D&A | 0.55 | — | — | reported | — | 1.00 |
| Interest expense | 0.55 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 28.19 | — | — | reported | — | 1.00 |
| Gross margin | 38.25% | — | — | reported | — | 0.90 |
| EBITDA margin | 13.19% | — | — | reported | — | 0.85 |
| EBIT margin | 10.07% | — | — | reported | — | 0.90 |
| EBT margin | 37.72% | — | — | reported | — | 0.90 |
| Net margin | 36.36% | — | — | reported | — | 0.90 |
| D&A margin | 3.05% | — | — | reported | — | 0.90 |
| Cash | 4.45 | — | — | reported | — | 1.00 |
| Total debt | 25.94 | — | — | reported | — | 0.90 |
| Net debt | 21.49 | — | — | reported | — | 0.85 |
| Equity | 27.74 | — | — | reported | — | 1.00 |
| Total assets | 90.78 | — | — | reported | — | 1.00 |
| Working capital | 4.79 | — | — | reported | — | 0.90 |
| Current assets | 48.67 | — | — | reported | — | 1.00 |
| Current liabilities | 43.88 | — | — | reported | — | 1.00 |
| Goodwill | 11.36 | — | — | reported | — | 0.90 |
| CFO | 2.47 | — | — | reported | — | 1.00 |
| CapEx | 0.54 | — | — | reported | — | 1.00 |
| FCF | 1.93 | — | — | reported | — | 0.90 |
| FCF conversion | 80.38% | — | — | reported | — | 0.80 |
| CFO conversion | 102.88% | — | — | reported | — | 0.80 |
| Current ratio | 1.11x | — | — | reported | — | 0.90 |
| Quick ratio | 0.43x | — | — | reported | — | 0.85 |
| Cash ratio | 0.1x | — | — | reported | — | 0.90 |
| Interest coverage | 3.34x | — | — | reported | — | 0.85 |
| Debt / equity | 0.94x | — | — | reported | — | 0.85 |
| Debt / assets | 0.29x | — | — | reported | — | 0.85 |
| Net debt / equity | 0.78x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | 6.61% | — | — | reported | — | 0.90 |
| EBITDA growth (YoY) | 25.7% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | 51.4% | — | — | reported | — | 0.85 |
| Net income growth (YoY) | 1064.6% | — | — | reported | — | 0.70 |
| EPS growth (YoY) | 1050% | — | — | reported | — | 0.70 |
| Gross margin Δ (YoY) | 0.71 pp | — | — | reported | — | 0.85 |
| EBITDA margin Δ (YoY) | 2.06 pp | — | — | reported | — | 0.80 |
| EBIT margin Δ (YoY) | 2.98 pp | — | — | reported | — | 0.85 |
| Net margin Δ (YoY) | 33.03 pp | — | — | reported | — | 0.70 |
Q1 2026 · Δ YoY
Revenue
18.19
—
18.19
—
- Q1 2025
- —
Gross profit
6.96
—
6.96
—
- Q1 2025
- —
EBITDA
2.4
—
2.4
—
- Q1 2025
- —
EBIT
1.83
—
1.83
—
- Q1 2025
- —
EBT
6.86
—
6.86
—
- Q1 2025
- —
Net income
6.62
—
6.62
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.23
—
0.23
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.23
—
0.23
—
- Q1 2025
- —
D&A
0.55
—
0.55
—
- Q1 2025
- —
Interest expense
0.55
—
0.55
—
- Q1 2025
- —
Shares (basic)
(m units)
28.19
—
28.19
—
- Q1 2025
- —
Gross margin
38.25%
—
38.25%
—
- Q1 2025
- —
EBITDA margin
13.19%
—
13.19%
—
- Q1 2025
- —
EBIT margin
10.07%
—
10.07%
—
- Q1 2025
- —
EBT margin
37.72%
—
37.72%
—
- Q1 2025
- —
Net margin
36.36%
—
36.36%
—
- Q1 2025
- —
D&A margin
3.05%
—
3.05%
—
- Q1 2025
- —
Cash
4.45
—
4.45
—
- Q1 2025
- —
Total debt
25.94
—
25.94
—
- Q1 2025
- —
Net debt
21.49
—
21.49
—
- Q1 2025
- —
Equity
27.74
—
27.74
—
- Q1 2025
- —
Total assets
90.78
—
90.78
—
- Q1 2025
- —
Working capital
4.79
—
4.79
—
- Q1 2025
- —
Current assets
48.67
—
48.67
—
- Q1 2025
- —
Current liabilities
43.88
—
43.88
—
- Q1 2025
- —
Goodwill
11.36
—
11.36
—
- Q1 2025
- —
CFO
2.47
—
2.47
—
- Q1 2025
- —
CapEx
0.54
—
0.54
—
- Q1 2025
- —
FCF
1.93
—
1.93
—
- Q1 2025
- —
FCF conversion
80.38%
—
80.38%
—
- Q1 2025
- —
CFO conversion
102.88%
—
102.88%
—
- Q1 2025
- —
Current ratio
1.11x
—
1.11x
—
- Q1 2025
- —
Quick ratio
0.43x
—
0.43x
—
- Q1 2025
- —
Cash ratio
0.1x
—
0.1x
—
- Q1 2025
- —
Interest coverage
3.34x
—
3.34x
—
- Q1 2025
- —
Debt / equity
0.94x
—
0.94x
—
- Q1 2025
- —
Debt / assets
0.29x
—
0.29x
—
- Q1 2025
- —
Net debt / equity
0.78x
—
0.78x
—
- Q1 2025
- —
Revenue growth (YoY)
6.61%
—
6.61%
—
- Q1 2025
- —
EBITDA growth (YoY)
25.7%
—
25.7%
—
- Q1 2025
- —
EBIT growth (YoY)
51.4%
—
51.4%
—
- Q1 2025
- —
Net income growth (YoY)
1064.6%
—
1064.6%
—
- Q1 2025
- —
EPS growth (YoY)
1050%
—
1050%
—
- Q1 2025
- —
Gross margin Δ (YoY)
0.71 pp
—
0.71 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
2.06 pp
—
2.06 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
2.98 pp
—
2.98 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
33.03 pp
—
33.03 pp
—
- Q1 2025
- —