Q1 2026 report
Wynik operacyjny +18,2% r/r (3,45 mln PLN), ale ok. 80% pochodzi z udziału w zyskach jednostek stowarzyszonych (2,77 mln PLN), który sam spadł o 24,8% r/r wraz z rozpoczęciem procesu zbycia Centrum Praskie Koneser.
Sentiment
Neutral
Guidance maintained
BBD
Q1 2026 report
Revenue
6,091 k PLN
— YoY
Net income
1,259 k PLN
— YoY
Gross margin
54.03%
— YoY
FCF
-7,647 k PLN
— YoY
Summary
Investment thesis
- Ostry zwrot w generowaniu gotówki: OCF spadł do -7,4 mln PLN z +5,2 mln PLN rok wcześniej, głównie przez 8,2 mln PLN nowych pożyczek udzielonych podmiotom z Grupy.
- 44,9 mln PLN obligacji przeklasyfikowano z długo- na krótkoterminowe (wykup w ciągu 12 miesięcy), a gotówka na koniec kwartału spadła o 77% k/k do 3,8 mln PLN — kluczowe ryzyko płynności do obserwacji.
- Prawomocne pozwolenie na budowę Roma Tower (luty 2026) to największy krótkoterminowy katalizator — otwiera drogę do wyboru generalnego wykonawcy.
- Rozbudowana sieć transakcji z podmiotami powiązanymi: członkowie zarządu świadczą usługi doradcze/najmu na rzecz kilku spółek z Grupy za łącznie kilkaset tysięcy PLN, deklarowane jako rynkowe.
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Financials
BETA
BBD · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 6,091 | — | — | reported | — | 1.00 |
| Gross profit | 3,291 | — | — | reported | — | 1.00 |
| EBIT | 3,450 | — | — | reported | — | 1.00 |
| EBT | 1,744 | — | — | reported | — | 1.00 |
| Net income | 1,259 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.13 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.13 | — | — | reported | — | 1.00 |
| Interest expense | 2,718 | — | — | reported | — | 0.70 |
| Shares (basic) (k units) | 10,014 | — | — | reported | — | 1.00 |
| Shares (diluted) (k units) | 10,014 | — | — | reported | — | 0.70 |
| Gross margin | 54.03% | — | — | reported | — | 0.90 |
| EBIT margin | 56.64% | — | — | reported | — | 0.90 |
| EBT margin | 28.63% | — | — | reported | — | 0.90 |
| Net margin | 20.67% | — | — | reported | — | 0.90 |
| Cash | 3,761 | — | — | reported | — | 1.00 |
| Total debt | 90,769 | — | — | reported | — | 1.00 |
| Net debt | 87,008 | — | — | reported | — | 0.90 |
| Equity | 155,993 | — | — | reported | — | 1.00 |
| Total assets | 254,366 | — | — | reported | — | 1.00 |
| Working capital | -66,005 | — | — | reported | — | 0.90 |
| Current assets | 26,185 | — | — | reported | — | 1.00 |
| Current liabilities | 92,190 | — | — | reported | — | 1.00 |
| Goodwill | 8,344 | — | — | reported | — | 1.00 |
| CFO | -7,366 | — | — | reported | — | 1.00 |
| CapEx | 281 | — | — | reported | — | 1.00 |
| FCF | -7,647 | — | — | reported | — | 0.90 |
| Current ratio | 0.28x | — | — | reported | — | 0.90 |
| Debt / equity | 0.58x | — | — | reported | — | 0.90 |
| Debt / assets | 0.36x | — | — | reported | — | 0.90 |
| Net debt / equity | 0.56x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 7.41% | — | — | reported | — | 0.95 |
| EBIT growth (YoY) | 18.15% | — | — | reported | — | 0.95 |
| Net income growth (YoY) | 8.72% | — | — | reported | — | 0.95 |
| EPS growth (YoY) | 8.33% | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
6,091
—
6,091
—
- Q1 2025
- —
Gross profit
3,291
—
3,291
—
- Q1 2025
- —
EBIT
3,450
—
3,450
—
- Q1 2025
- —
EBT
1,744
—
1,744
—
- Q1 2025
- —
Net income
1,259
—
1,259
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.13
—
0.13
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.13
—
0.13
—
- Q1 2025
- —
Interest expense
2,718
—
2,718
—
- Q1 2025
- —
Shares (basic)
(k units)
10,014
—
10,014
—
- Q1 2025
- —
Shares (diluted)
(k units)
10,014
—
10,014
—
- Q1 2025
- —
Gross margin
54.03%
—
54.03%
—
- Q1 2025
- —
EBIT margin
56.64%
—
56.64%
—
- Q1 2025
- —
EBT margin
28.63%
—
28.63%
—
- Q1 2025
- —
Net margin
20.67%
—
20.67%
—
- Q1 2025
- —
Cash
3,761
—
3,761
—
- Q1 2025
- —
Total debt
90,769
—
90,769
—
- Q1 2025
- —
Net debt
87,008
—
87,008
—
- Q1 2025
- —
Equity
155,993
—
155,993
—
- Q1 2025
- —
Total assets
254,366
—
254,366
—
- Q1 2025
- —
Working capital
-66,005
—
-66,005
—
- Q1 2025
- —
Current assets
26,185
—
26,185
—
- Q1 2025
- —
Current liabilities
92,190
—
92,190
—
- Q1 2025
- —
Goodwill
8,344
—
8,344
—
- Q1 2025
- —
CFO
-7,366
—
-7,366
—
- Q1 2025
- —
CapEx
281
—
281
—
- Q1 2025
- —
FCF
-7,647
—
-7,647
—
- Q1 2025
- —
Current ratio
0.28x
—
0.28x
—
- Q1 2025
- —
Debt / equity
0.58x
—
0.58x
—
- Q1 2025
- —
Debt / assets
0.36x
—
0.36x
—
- Q1 2025
- —
Net debt / equity
0.56x
—
0.56x
—
- Q1 2025
- —
Revenue growth (YoY)
7.41%
—
7.41%
—
- Q1 2025
- —
EBIT growth (YoY)
18.15%
—
18.15%
—
- Q1 2025
- —
Net income growth (YoY)
8.72%
—
8.72%
—
- Q1 2025
- —
EPS growth (YoY)
8.33%
—
8.33%
—
- Q1 2025
- —