Q1 2026 report
Wzrost przychodów +8,8% r/r przy jednoczesnej poprawie marż na każdym poziomie P&L (brutto, EBITDA, EBIT, netto) w I kw. 2026 r.
Sentiment
Positive
No guidance change
ACP
Q1 2026 report
Revenue
4,043.8 m PLN
— YoY
Net income
350.1 m PLN
— YoY
EBITDA
569.8 m PLN
— YoY
Gross margin
21.33%
— YoY
Summary
Investment thesis
- Silna, rosnąca pozycja gotówkowa netto (~3,76 mld PLN nadwyżki gotówki nad zadłużeniem odsetkowym), bez naruszeń kowenantów bankowych.
- Ponad 50% skonsolidowanego zysku netto przypada udziałowcom niekontrolującym — wynik przypadający akcjonariuszom Asseco Poland (228,4 mln PLN) rośnie szybciej (+67,7% r/r) niż wynik skonsolidowany ogółem (+32,9% r/r).
- Ujemny OCF kwartału (-187,3 mln PLN) to efekt sezonowego wzrostu kapitału pracującego i jednorazowego odpływu z działalności zaniechanej — wskaźnik konwersji gotówki w ujęciu 12-miesięcznym (112%) pozostaje bezpieczny.
- Ekspozycja geograficzna segmentu Formula Systems (61% przychodów Grupy) na Izrael/Bliski Wschód to zewnętrzne ryzyko geopolityczne poza kontrolą Zarządu, oceniane obecnie jako nieistotne dla ciągłości działania.
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Financials
BETA
ACP · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 4,043.8 | — | — | reported | — | 1.00 |
| Gross profit | 862.4 | — | — | reported | — | 1.00 |
| EBITDA | 569.8 | — | — | derived | — | 0.90 |
| EBIT | 386.3 | — | — | reported | — | 1.00 |
| EBT | 505.6 | — | — | reported | — | 1.00 |
| Net income | 350.1 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 2 | — | — | reported | — | 1.00 |
| D&A | 182 | — | — | reported | — | 1.00 |
| Gross margin | 21.33% | — | — | reported | — | 0.95 |
| EBITDA margin | 14.09% | — | — | reported | — | 0.90 |
| EBIT margin | 9.55% | — | — | reported | — | 0.95 |
| Net margin | 8.66% | — | — | reported | — | 0.95 |
| Cash | 7,246 | — | — | reported | — | 1.00 |
| Total debt | 2,462.6 | — | — | reported | — | 1.00 |
| Net debt | -3,762.4 | — | — | derived | — | 0.90 |
| Equity | 12,869.1 | — | — | reported | — | 1.00 |
| Total assets | 24,050.1 | — | — | reported | — | 1.00 |
| Current assets | 13,096.8 | — | — | reported | — | 0.90 |
| Current liabilities | 7,341.8 | — | — | reported | — | 1.00 |
| Goodwill | 7,286.6 | — | — | reported | — | 0.90 |
| CFO | 417.3 | — | — | reported | — | 1.00 |
| CapEx | 74.9 | — | — | reported | — | 1.00 |
| FCF | 342.4 | — | — | derived | — | 0.85 |
| Current ratio | 1.75x | — | — | reported | — | 0.85 |
| Quick ratio | 1.74x | — | — | reported | — | 0.85 |
| Cash ratio | 0.9x | — | — | reported | — | 0.85 |
| Debt / equity | 0.19x | — | — | reported | — | 0.85 |
| Net debt / equity | -0.28x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | 8.8% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | 21.9% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | 32.67% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | 32.93% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | 42% | — | — | reported | — | 0.90 |
| FCF growth (YoY) | -173.6% | — | — | reported | — | 0.60 |
| Gross margin Δ (YoY) | 1.81 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | 1.7 pp | — | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | 2.1 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | 1.92 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
4,043.8
—
4,043.8
—
- Q1 2025
- —
Gross profit
862.4
—
862.4
—
- Q1 2025
- —
EBITDA
569.8
—
569.8
—
- Q1 2025
- —
EBIT
386.3
—
386.3
—
- Q1 2025
- —
EBT
505.6
—
505.6
—
- Q1 2025
- —
Net income
350.1
—
350.1
—
- Q1 2025
- —
EPS (basic)
(PLN)
2
—
2
—
- Q1 2025
- —
D&A
182
—
182
—
- Q1 2025
- —
Gross margin
21.33%
—
21.33%
—
- Q1 2025
- —
EBITDA margin
14.09%
—
14.09%
—
- Q1 2025
- —
EBIT margin
9.55%
—
9.55%
—
- Q1 2025
- —
Net margin
8.66%
—
8.66%
—
- Q1 2025
- —
Cash
7,246
—
7,246
—
- Q1 2025
- —
Total debt
2,462.6
—
2,462.6
—
- Q1 2025
- —
Net debt
-3,762.4
—
-3,762.4
—
- Q1 2025
- —
Equity
12,869.1
—
12,869.1
—
- Q1 2025
- —
Total assets
24,050.1
—
24,050.1
—
- Q1 2025
- —
Current assets
13,096.8
—
13,096.8
—
- Q1 2025
- —
Current liabilities
7,341.8
—
7,341.8
—
- Q1 2025
- —
Goodwill
7,286.6
—
7,286.6
—
- Q1 2025
- —
CFO
417.3
—
417.3
—
- Q1 2025
- —
CapEx
74.9
—
74.9
—
- Q1 2025
- —
FCF
342.4
—
342.4
—
- Q1 2025
- —
Current ratio
1.75x
—
1.75x
—
- Q1 2025
- —
Quick ratio
1.74x
—
1.74x
—
- Q1 2025
- —
Cash ratio
0.9x
—
0.9x
—
- Q1 2025
- —
Debt / equity
0.19x
—
0.19x
—
- Q1 2025
- —
Net debt / equity
-0.28x
—
-0.28x
—
- Q1 2025
- —
Revenue growth (YoY)
8.8%
—
8.8%
—
- Q1 2025
- —
EBITDA growth (YoY)
21.9%
—
21.9%
—
- Q1 2025
- —
EBIT growth (YoY)
32.67%
—
32.67%
—
- Q1 2025
- —
Net income growth (YoY)
32.93%
—
32.93%
—
- Q1 2025
- —
EPS growth (YoY)
42%
—
42%
—
- Q1 2025
- —
FCF growth (YoY)
-173.6%
—
-173.6%
—
- Q1 2025
- —
Gross margin Δ (YoY)
1.81 pp
—
1.81 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
1.7 pp
—
1.7 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
2.1 pp
—
2.1 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
1.92 pp
—
1.92 pp
—
- Q1 2025
- —