Q1 2026 report
Poprawa operacyjna wyraźna: przychody +16,2% r/r, EBITDA dodatnia (3,4 mln PLN vs -16,6 mln PLN rok wcześniej), strata netto zmniejszona o 26,9% (do -38 mln PLN) — ale to wciąż spółka deficytowa.
Sentiment
Cautious
No guidance change
WLT
Q1 2026 report
Revenue
565 m PLN
— YoY
Net income
-38 m PLN
— YoY
EBITDA
3.4 m PLN
— YoY
Gross margin
8.85%
— YoY
Summary
Investment thesis
- Explicit going-concern doubt: Zarząd sam przyznaje istotną niepewność, która może budzić poważne wątpliwości co do zdolności Spółki i Grupy do kontynuowania działalności, w związku z naruszeniem kowenantu dług netto/EBITDA i trwającym refinansowaniem.
- Bilans mocno lewarowany i o słabej płynności: current ratio 0,69 (poniżej 1), cash ratio 0,05, dług netto ok. 697 mln PLN przy kapitale własnym 355 mln PLN (D/E ~2,2x) — EBIT nie pokrywa nawet kosztów odsetkowych.
- Dokapitalizowanie po dniu bilansowym: emisja akcji serii H (30,1 mln PLN od strategicznego akcjonariusza MP Inwestors, zarejestrowana 21.05.2026) wzmacnia kapitał, ale rozwadnia dotychczasowych akcjonariuszy o ok. 7,5%.
- Backlog ~7,2 tys. sztuk i nowe duże zamówienie od klienta e-commerce (~255 mln PLN, zdarzenie po dniu bilansowym) wspierają widoczność przychodów w kolejnych kwartałach.
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Financials
BETA
WLT · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 565 | — | — | reported | — | 1.00 |
| Gross profit | 50 | — | — | reported | — | 1.00 |
| EBITDA | 3.4 | — | — | adjusted | — | 1.00 |
| EBIT | -21 | — | — | reported | — | 1.00 |
| EBT | -40 | — | — | reported | — | 1.00 |
| Net income | -38 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.52 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.52 | — | — | reported | — | 1.00 |
| D&A | 24 | — | — | reported | — | 0.60 |
| Interest expense | 10 | — | — | reported | — | 0.70 |
| Shares (basic) (m units) | 73.85 | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 73.85 | — | — | reported | — | 0.70 |
| Gross margin | 8.85% | — | — | derived | — | 1.00 |
| EBITDA margin | 0.6% | — | — | derived | — | 1.00 |
| EBIT margin | -3.72% | — | — | derived | — | 1.00 |
| EBT margin | -7.08% | — | — | derived | — | 1.00 |
| Net margin | -6.73% | — | — | derived | — | 0.90 |
| D&A margin | 4.25% | — | — | derived | — | 0.60 |
| Cash | 71 | — | — | reported | — | 1.00 |
| Total debt | 768 | — | — | reported | — | 0.90 |
| Net debt | 697 | — | — | derived | — | 0.90 |
| Equity | 355 | — | — | reported | — | 1.00 |
| Total assets | 1,949 | — | — | reported | — | 1.00 |
| Working capital | -431 | — | — | derived | — | 1.00 |
| Current assets | 979 | — | — | reported | — | 1.00 |
| Current liabilities | 1,410 | — | — | reported | — | 1.00 |
| Goodwill | 313 | — | — | reported | — | 1.00 |
| Tangible equity | 42 | — | — | derived | — | 1.00 |
| CFO | -31 | — | — | reported | — | 1.00 |
| CapEx | 14 | — | — | reported | — | 0.90 |
| FCF | -45 | — | — | derived | — | 0.90 |
| Current ratio | 0.69x | — | — | derived | — | 1.00 |
| Quick ratio | 0.39x | — | — | derived | — | 1.00 |
| Cash ratio | 0.05x | — | — | derived | — | 1.00 |
| Interest coverage | -2.1x | — | — | derived | — | 0.70 |
| Debt / equity | 2.16x | — | — | derived | — | 0.90 |
| Debt / assets | 0.39x | — | — | derived | — | 0.90 |
| Net debt / equity | 1.96x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 16.26% | — | — | derived | — | 1.00 |
| EBITDA growth (YoY) | 120.48% | — | — | derived | — | 1.00 |
| EBIT growth (YoY) | 47.5% | — | — | derived | — | 1.00 |
| Net income growth (YoY) | 26.92% | — | — | derived | — | 1.00 |
| EPS growth (YoY) | 40.23% | — | — | derived | — | 1.00 |
| FCF growth (YoY) | 33.82% | — | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | 3.35 pp | — | — | derived | — | 1.00 |
| EBITDA margin Δ (YoY) | 4.01 pp | — | — | derived | — | 1.00 |
| EBIT margin Δ (YoY) | 4.55 pp | — | — | derived | — | 1.00 |
| Net margin Δ (YoY) | 4.17 pp | — | — | derived | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
565
—
565
—
- Q1 2025
- —
Gross profit
50
—
50
—
- Q1 2025
- —
EBITDA
3.4
—
3.4
—
- Q1 2025
- —
EBIT
-21
—
-21
—
- Q1 2025
- —
EBT
-40
—
-40
—
- Q1 2025
- —
Net income
-38
—
-38
—
- Q1 2025
- —
EPS (basic)
(PLN)
-0.52
—
-0.52
—
- Q1 2025
- —
EPS (diluted)
(PLN)
-0.52
—
-0.52
—
- Q1 2025
- —
D&A
24
—
24
—
- Q1 2025
- —
Interest expense
10
—
10
—
- Q1 2025
- —
Shares (basic)
(m units)
73.85
—
73.85
—
- Q1 2025
- —
Shares (diluted)
(m units)
73.85
—
73.85
—
- Q1 2025
- —
Gross margin
8.85%
—
8.85%
—
- Q1 2025
- —
EBITDA margin
0.6%
—
0.6%
—
- Q1 2025
- —
EBIT margin
-3.72%
—
-3.72%
—
- Q1 2025
- —
EBT margin
-7.08%
—
-7.08%
—
- Q1 2025
- —
Net margin
-6.73%
—
-6.73%
—
- Q1 2025
- —
D&A margin
4.25%
—
4.25%
—
- Q1 2025
- —
Cash
71
—
71
—
- Q1 2025
- —
Total debt
768
—
768
—
- Q1 2025
- —
Net debt
697
—
697
—
- Q1 2025
- —
Equity
355
—
355
—
- Q1 2025
- —
Total assets
1,949
—
1,949
—
- Q1 2025
- —
Working capital
-431
—
-431
—
- Q1 2025
- —
Current assets
979
—
979
—
- Q1 2025
- —
Current liabilities
1,410
—
1,410
—
- Q1 2025
- —
Goodwill
313
—
313
—
- Q1 2025
- —
Tangible equity
42
—
42
—
- Q1 2025
- —
CFO
-31
—
-31
—
- Q1 2025
- —
CapEx
14
—
14
—
- Q1 2025
- —
FCF
-45
—
-45
—
- Q1 2025
- —
Current ratio
0.69x
—
0.69x
—
- Q1 2025
- —
Quick ratio
0.39x
—
0.39x
—
- Q1 2025
- —
Cash ratio
0.05x
—
0.05x
—
- Q1 2025
- —
Interest coverage
-2.1x
—
-2.1x
—
- Q1 2025
- —
Debt / equity
2.16x
—
2.16x
—
- Q1 2025
- —
Debt / assets
0.39x
—
0.39x
—
- Q1 2025
- —
Net debt / equity
1.96x
—
1.96x
—
- Q1 2025
- —
Revenue growth (YoY)
16.26%
—
16.26%
—
- Q1 2025
- —
EBITDA growth (YoY)
120.48%
—
120.48%
—
- Q1 2025
- —
EBIT growth (YoY)
47.5%
—
47.5%
—
- Q1 2025
- —
Net income growth (YoY)
26.92%
—
26.92%
—
- Q1 2025
- —
EPS growth (YoY)
40.23%
—
40.23%
—
- Q1 2025
- —
FCF growth (YoY)
33.82%
—
33.82%
—
- Q1 2025
- —
Gross margin Δ (YoY)
3.35 pp
—
3.35 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
4.01 pp
—
4.01 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
4.55 pp
—
4.55 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
4.17 pp
—
4.17 pp
—
- Q1 2025
- —