Q1 2026 report
96,6% przychodów kwartału (23,6 mln PLN) pochodzi od jednego, powiązanego kontrahenta — V-Project S.A. — w ramach porozumienia handlowego wydłużonego w styczniu 2026 r. do 2029 r. (~315 mln PLN wartości)
Sentiment
Neutral
No guidance change
ECB
Q1 2026 report
Revenue
24.45 m PLN
— YoY
Net income
1.25 m PLN
— YoY
EBITDA
1.98 m PLN
— YoY
FCF
5.73 m PLN
— YoY
Summary
Investment thesis
- Przychody i zysk netto spadły r/r (-2,9% i -5,8%) mimo stabilnego wolumenu kontraktowego
- Wzrost OCF (+62% r/r) napędzany głównie wydłużeniem zobowiązań handlowych (+4,7 mln PLN), nie poprawą rentowności
- Bilans bez kredytów bankowych, jedynie leasing (3,3 mln PLN), pozycja gotówki netto ok. -10,1 mln PLN
- Segment energetyka (ECB Czysta Energia) pozostaje bez przychodów; dominujący akcjonariusz (Grupa ALTUM, 47,63% głosów) reprezentowany jest przez Przewodniczącego Rady Nadzorczej
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Financials
BETA
ECB · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 24.45 | — | — | reported | — | 1.00 |
| EBITDA | 1.98 | — | — | derived | — | 0.90 |
| EBIT | 1.5 | — | — | reported | — | 1.00 |
| EBT | 1.5 | — | — | reported | — | 1.00 |
| Net income | 1.25 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.4 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.4 | — | — | reported | — | 1.00 |
| D&A | 0.48 | — | — | reported | — | 1.00 |
| Interest expense | 0.05 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 3.15 | — | — | reported | — | 1.00 |
| EBITDA margin | 8.1% | — | — | reported | — | 0.85 |
| EBIT margin | 6.1% | — | — | reported | — | 0.90 |
| Net margin | 5.1% | — | — | reported | — | 0.90 |
| Cash | 13.4 | — | — | reported | — | 1.00 |
| Total debt | 3.31 | — | — | reported | — | 0.95 |
| Net debt | -10.09 | — | — | derived | — | 0.90 |
| Equity | 23.74 | — | — | reported | — | 1.00 |
| Total assets | 37.06 | — | — | reported | — | 1.00 |
| Working capital | 11.04 | — | — | reported | — | 0.90 |
| Current assets | 21.75 | — | — | reported | — | 1.00 |
| Current liabilities | 10.71 | — | — | reported | — | 1.00 |
| CFO | 5.73 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | 5.73 | — | — | derived | — | 0.95 |
| CFO conversion | 290% | — | — | reported | — | 0.70 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| Current ratio | 2.03x | — | — | reported | — | 0.90 |
| Cash ratio | 1.25x | — | — | reported | — | 0.90 |
| Debt / equity | 0.14x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | -2.9% | — | — | reported | — | 0.95 |
| EBIT growth (YoY) | -5.9% | — | — | reported | — | 0.95 |
| Net income growth (YoY) | -5.8% | — | — | reported | — | 0.95 |
Q1 2026 · Δ YoY
Revenue
24.45
—
24.45
—
- Q1 2025
- —
EBITDA
1.98
—
1.98
—
- Q1 2025
- —
EBIT
1.5
—
1.5
—
- Q1 2025
- —
EBT
1.5
—
1.5
—
- Q1 2025
- —
Net income
1.25
—
1.25
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.4
—
0.4
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.4
—
0.4
—
- Q1 2025
- —
D&A
0.48
—
0.48
—
- Q1 2025
- —
Interest expense
0.05
—
0.05
—
- Q1 2025
- —
Shares (basic)
(m units)
3.15
—
3.15
—
- Q1 2025
- —
EBITDA margin
8.1%
—
8.1%
—
- Q1 2025
- —
EBIT margin
6.1%
—
6.1%
—
- Q1 2025
- —
Net margin
5.1%
—
5.1%
—
- Q1 2025
- —
Cash
13.4
—
13.4
—
- Q1 2025
- —
Total debt
3.31
—
3.31
—
- Q1 2025
- —
Net debt
-10.09
—
-10.09
—
- Q1 2025
- —
Equity
23.74
—
23.74
—
- Q1 2025
- —
Total assets
37.06
—
37.06
—
- Q1 2025
- —
Working capital
11.04
—
11.04
—
- Q1 2025
- —
Current assets
21.75
—
21.75
—
- Q1 2025
- —
Current liabilities
10.71
—
10.71
—
- Q1 2025
- —
CFO
5.73
—
5.73
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
5.73
—
5.73
—
- Q1 2025
- —
CFO conversion
290%
—
290%
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Current ratio
2.03x
—
2.03x
—
- Q1 2025
- —
Cash ratio
1.25x
—
1.25x
—
- Q1 2025
- —
Debt / equity
0.14x
—
0.14x
—
- Q1 2025
- —
Revenue growth (YoY)
-2.9%
—
-2.9%
—
- Q1 2025
- —
EBIT growth (YoY)
-5.9%
—
-5.9%
—
- Q1 2025
- —
Net income growth (YoY)
-5.8%
—
-5.8%
—
- Q1 2025
- —