Q1 2026 report
Przychody spadły 11% r/r wobec rekordowego I kw. 2025 (sektor publiczny -60% r/r) - efekt bazy porównawczej, nie utraty kontraktów, potwierdzony wzrostem w pozostałych sektorach (telekom +16%, przemysł +27%, energetyka +49%)
Sentiment
Neutral
No guidance change
ATD
Q1 2026 report
Revenue
69.38 m PLN
— YoY
Net income
0.48 m PLN
— YoY
EBITDA
5.08 m PLN
— YoY
Gross margin
25.3%
— YoY
Summary
Investment thesis
- Marża brutto na sprzedaży poprawiła się (25,3% z 22,9%) dzięki korzystniejszemu mixowi produktowemu (wysokomarżowe spółki zależne)
- Efektywna stopa podatkowa skoczyła do ok. 81% (z ok. 18% rok wcześniej) bez wyjaśnienia w raporcie - to główny powód spadku zysku netto o 89%, nie erozja operacyjna
- Bilans praktycznie bez zadłużenia netto (dług z leasingiem ~28,3 mln zł vs gotówka 28,7 mln zł) - silna poduszka bezpieczeństwa
- Rosnący udział przychodów abonamentowych/powtarzalnych (+10% r/r, pokrywa 51% kosztów stałych) poprawia jakość przychodów w czasie
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Financials
BETA
ATD · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 69.38 | — | — | reported | — | 1.00 |
| Gross profit | 17.56 | — | — | reported | — | 1.00 |
| EBITDA | 5.08 | — | — | reported | — | 1.00 |
| EBIT | 1.81 | — | — | reported | — | 1.00 |
| EBT | 1.14 | — | — | reported | — | 1.00 |
| Net income | 0.48 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.01 | — | — | reported | — | 0.90 |
| EPS (diluted) (PLN) | 0.01 | — | — | reported | — | 0.90 |
| D&A | 3.27 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 36.34 | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 36.34 | — | — | reported | — | 0.80 |
| Gross margin | 25.3% | — | — | derived | — | 1.00 |
| EBITDA margin | 7.32% | — | — | derived | — | 1.00 |
| EBIT margin | 2.61% | — | — | derived | — | 1.00 |
| Net margin | 0.7% | — | — | derived | — | 1.00 |
| Cash | 28.71 | — | — | reported | — | 1.00 |
| Total debt | 28.26 | — | — | derived | — | 0.90 |
| Net debt | -0.45 | — | — | derived | — | 0.90 |
| Equity | 60.71 | — | — | reported | — | 1.00 |
| Total assets | 203.4 | — | — | reported | — | 1.00 |
| Working capital | 19.29 | — | — | derived | — | 1.00 |
| Current assets | 124.22 | — | — | reported | — | 1.00 |
| Current liabilities | 104.93 | — | — | reported | — | 1.00 |
| Goodwill | 24.52 | — | — | reported | — | 1.00 |
| Tangible equity | 36.19 | — | — | derived | — | 0.90 |
| CFO | -26.27 | — | — | reported | — | 1.00 |
| CapEx | 2.75 | — | — | reported | — | 1.00 |
| FCF | -29.02 | — | — | derived | — | 0.90 |
| FCF conversion | -571.2% | — | — | reported | — | 0.70 |
| CFO conversion | -517.1% | — | — | reported | — | 0.70 |
| Current ratio | 1.18x | — | — | derived | — | 1.00 |
| Quick ratio | 1.12x | — | — | derived | — | 1.00 |
| Cash ratio | 0.27x | — | — | derived | — | 1.00 |
| Interest coverage | 1.58x | — | — | derived | — | 0.60 |
| Debt / equity | 0.47x | — | — | derived | — | 0.90 |
| Net debt / equity | -0.01x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | -10.75% | — | — | derived | — | 1.00 |
| EBITDA growth (YoY) | -14.13% | — | — | derived | — | 1.00 |
| EBIT growth (YoY) | -37.31% | — | — | derived | — | 1.00 |
| Net income growth (YoY) | -74.71% | — | — | derived | — | 1.00 |
| EPS growth (YoY) | -80% | — | — | derived | — | 0.60 |
| Gross margin Δ (YoY) | 2.43 pp | — | — | derived | — | 1.00 |
| EBITDA margin Δ (YoY) | -0.29 pp | — | — | derived | — | 1.00 |
| EBIT margin Δ (YoY) | -1.11 pp | — | — | derived | — | 1.00 |
| Net margin Δ (YoY) | -1.76 pp | — | — | derived | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
69.38
—
69.38
—
- Q1 2025
- —
Gross profit
17.56
—
17.56
—
- Q1 2025
- —
EBITDA
5.08
—
5.08
—
- Q1 2025
- —
EBIT
1.81
—
1.81
—
- Q1 2025
- —
EBT
1.14
—
1.14
—
- Q1 2025
- —
Net income
0.48
—
0.48
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.01
—
0.01
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.01
—
0.01
—
- Q1 2025
- —
D&A
3.27
—
3.27
—
- Q1 2025
- —
Shares (basic)
(m units)
36.34
—
36.34
—
- Q1 2025
- —
Shares (diluted)
(m units)
36.34
—
36.34
—
- Q1 2025
- —
Gross margin
25.3%
—
25.3%
—
- Q1 2025
- —
EBITDA margin
7.32%
—
7.32%
—
- Q1 2025
- —
EBIT margin
2.61%
—
2.61%
—
- Q1 2025
- —
Net margin
0.7%
—
0.7%
—
- Q1 2025
- —
Cash
28.71
—
28.71
—
- Q1 2025
- —
Total debt
28.26
—
28.26
—
- Q1 2025
- —
Net debt
-0.45
—
-0.45
—
- Q1 2025
- —
Equity
60.71
—
60.71
—
- Q1 2025
- —
Total assets
203.4
—
203.4
—
- Q1 2025
- —
Working capital
19.29
—
19.29
—
- Q1 2025
- —
Current assets
124.22
—
124.22
—
- Q1 2025
- —
Current liabilities
104.93
—
104.93
—
- Q1 2025
- —
Goodwill
24.52
—
24.52
—
- Q1 2025
- —
Tangible equity
36.19
—
36.19
—
- Q1 2025
- —
CFO
-26.27
—
-26.27
—
- Q1 2025
- —
CapEx
2.75
—
2.75
—
- Q1 2025
- —
FCF
-29.02
—
-29.02
—
- Q1 2025
- —
FCF conversion
-571.2%
—
-571.2%
—
- Q1 2025
- —
CFO conversion
-517.1%
—
-517.1%
—
- Q1 2025
- —
Current ratio
1.18x
—
1.18x
—
- Q1 2025
- —
Quick ratio
1.12x
—
1.12x
—
- Q1 2025
- —
Cash ratio
0.27x
—
0.27x
—
- Q1 2025
- —
Interest coverage
1.58x
—
1.58x
—
- Q1 2025
- —
Debt / equity
0.47x
—
0.47x
—
- Q1 2025
- —
Net debt / equity
-0.01x
—
-0.01x
—
- Q1 2025
- —
Revenue growth (YoY)
-10.75%
—
-10.75%
—
- Q1 2025
- —
EBITDA growth (YoY)
-14.13%
—
-14.13%
—
- Q1 2025
- —
EBIT growth (YoY)
-37.31%
—
-37.31%
—
- Q1 2025
- —
Net income growth (YoY)
-74.71%
—
-74.71%
—
- Q1 2025
- —
EPS growth (YoY)
-80%
—
-80%
—
- Q1 2025
- —
Gross margin Δ (YoY)
2.43 pp
—
2.43 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-0.29 pp
—
-0.29 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-1.11 pp
—
-1.11 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-1.76 pp
—
-1.76 pp
—
- Q1 2025
- —