DIG DIGITAL NETWORK Giełda Papierów Wartościowych w Warszawie · Quarterly · publ. May 27, 2026

Q1 2026 report

Pierwszy pełny kwartał konsolidacji Braughman Group Media Outdoor (przejęcie 131,5 mln zł, X.2025) - przychody i EBITDA rosną skokowo (+179%/+165% r/r), ale to efekt M&A, nie organiki

Sentiment

Positive No guidance change

Website

DIG Q1 2026 report

Revenue

42.92 m PLN

— YoY

Net income

6.71 m PLN

— YoY

EBITDA

22.63 m PLN

— YoY

Gross margin

43.29%

— YoY

Summary

Investment thesis

Marże skurczyły się na każdym poziomie (netto -16 p.p. do 16%) z uwagi na niższą rentowność Premium Outdoor i skokowy wzrost kosztów finansowania akwizycji
Dług netto (z leasingiem MSSF16) wzrósł do ok. 2,2x EBITDA TTM - umiarkowany, ale wyraźny wzrost lewarowania po akwizycji
Mimo to zarząd rekomenduje dywidendę 4,46 zł/akcję i już spłacił po dniu bilansowym 30,5 mln zł zadłużenia związanego z akwizycją - realne delewarowanie
Przedłużona na wyłączność umowa z Polsat Media (do 2030) daje dobrą widoczność przychodów na kolejne lata

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Financials

BETA

Q1 2026

DIG · Q1 2026

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

Revenue	42.92	—	—	reported	—	1.00
Gross profit	18.58	—	—	reported	—	1.00
EBITDA	22.63	—	—	reported	—	1.00
EBIT	13.04	—	—	reported	—	1.00
EBT	9.33	—	—	reported	—	1.00
Net income	6.71	—	—	reported	—	1.00
EPS (basic) (PLN)	1.61	—	—	reported	—	1.00
EPS (diluted) (PLN)	1.49	—	—	reported	—	1.00
D&A	9.59	—	—	reported	—	1.00
Interest expense	3.94	—	—	reported	—	0.85
Shares (basic) (m units)	4.17	—	—	reported	—	1.00
Shares (diluted) (m units)	4.49	—	—	reported	—	1.00

Gross margin	43.29%	—	—	derived	—	1.00
EBITDA margin	52.75%	—	—	derived	—	1.00
EBIT margin	30.38%	—	—	derived	—	1.00
Net margin	16.36%	—	—	derived	—	1.00

Cash	22.73	—	—	reported	—	1.00
Total debt	201.2	—	—	derived	—	0.80
Net debt	178.47	—	—	derived	—	0.80
Equity	114.06	—	—	reported	—	1.00
Total assets	355.69	—	—	reported	—	1.00
Working capital	-7.38	—	—	derived	—	1.00
Current assets	72.63	—	—	reported	—	1.00
Current liabilities	80	—	—	reported	—	1.00
Goodwill	126.23	—	—	reported	—	1.00
Tangible equity	-12.17	—	—	derived	—	0.90

CFO	16.27	—	—	reported	—	1.00
CapEx	6.99	—	—	reported	—	1.00
FCF	9.28	—	—	derived	—	0.90
FCF conversion	41%	—	—	reported	—	0.90
CFO conversion	71.9%	—	—	reported	—	0.90
Dividends paid	0.37	—	—	reported	—	1.00

ROE	49.68%	—	—	derived	—	0.55

Current ratio	0.91x	—	—	derived	—	1.00
Quick ratio	0.91x	—	—	derived	—	1.00
Cash ratio	0.28x	—	—	derived	—	1.00
Interest coverage	3.31x	—	—	derived	—	0.85

Net debt / EBITDA	2.2x	—	—	derived	—	0.60
Debt / equity	1.76x	—	—	derived	—	0.80
Net debt / equity	1.56x	—	—	derived	—	0.80

Revenue growth (YoY)	178.76%	—	—	derived	—	1.00
EBITDA growth (YoY)	164.55%	—	—	derived	—	1.00
EBIT growth (YoY)	136.72%	—	—	derived	—	1.00
Net income growth (YoY)	39.96%	—	—	derived	—	1.00
EPS growth (YoY)	43.75%	—	—	derived	—	1.00
Gross margin Δ (YoY)	-7.26 pp	—	—	derived	—	1.00
EBITDA margin Δ (YoY)	-2.86 pp	—	—	derived	—	1.00
EBIT margin Δ (YoY)	-5.4 pp	—	—	derived	—	1.00
Net margin Δ (YoY)	-16.23 pp	—	—	derived	—	1.00

Q1 2026 · Δ YoY

Revenue

42.92 —

Q1 2025: —

Gross profit

18.58 —

Q1 2025: —

EBITDA

22.63 —

Q1 2025: —

EBIT

13.04 —

Q1 2025: —

EBT

9.33 —

Q1 2025: —

Net income

6.71 —

Q1 2025: —

EPS (basic) (PLN)

1.61 —

Q1 2025: —

EPS (diluted) (PLN)

1.49 —

Q1 2025: —

D&A

9.59 —

Q1 2025: —

Interest expense

3.94 —

Q1 2025: —

Shares (basic) (m units)

4.17 —

Q1 2025: —

Shares (diluted) (m units)

4.49 —

Q1 2025: —

Gross margin

43.29% —

Q1 2025: —

EBITDA margin

52.75% —

Q1 2025: —

EBIT margin

30.38% —

Q1 2025: —

Net margin

16.36% —

Q1 2025: —

Cash

22.73 —

Q1 2025: —

Total debt

201.2 —

Q1 2025: —

Net debt

178.47 —

Q1 2025: —

Equity

114.06 —

Q1 2025: —

Total assets

355.69 —

Q1 2025: —

Working capital

-7.38 —

Q1 2025: —

Current assets

72.63 —

Q1 2025: —

Current liabilities

80 —

Q1 2025: —

Goodwill

126.23 —

Q1 2025: —

Tangible equity

-12.17 —

Q1 2025: —

CFO

16.27 —

Q1 2025: —

CapEx

6.99 —

Q1 2025: —

FCF

9.28 —

Q1 2025: —

FCF conversion

41% —

Q1 2025: —

CFO conversion

71.9% —

Q1 2025: —

Dividends paid

0.37 —

Q1 2025: —

ROE

49.68% —

Q1 2025: —

Current ratio

0.91x —

Q1 2025: —

Quick ratio

0.91x —

Q1 2025: —

Cash ratio

0.28x —

Q1 2025: —

Interest coverage

3.31x —

Q1 2025: —

Net debt / EBITDA

2.2x —

Q1 2025: —

Debt / equity

1.76x —

Q1 2025: —

Net debt / equity

1.56x —

Q1 2025: —

Revenue growth (YoY)

178.76% —

Q1 2025: —

EBITDA growth (YoY)

164.55% —

Q1 2025: —

EBIT growth (YoY)

136.72% —

Q1 2025: —

Net income growth (YoY)

39.96% —

Q1 2025: —

EPS growth (YoY)

43.75% —

Q1 2025: —

Gross margin Δ (YoY)

-7.26 pp —

Q1 2025: —

EBITDA margin Δ (YoY)

-2.86 pp —

Q1 2025: —

EBIT margin Δ (YoY)

-5.4 pp —

Q1 2025: —

Net margin Δ (YoY)

-16.23 pp —

Q1 2025: —