Q1 2026 report
Przychody Grupy rosną umiarkowanie (+7,6% r/r), ale EBIT spada (-18,6% r/r) - presja kosztowa (usługi obce, materiały) rośnie szybciej niż sprzedaż
Sentiment
Neutral
No guidance change
CFI
Q1 2026 report
Revenue
62,151 k PLN
— YoY
Net income
2,674 k PLN
— YoY
EBITDA
7,835 k PLN
— YoY
FCF
5,055 k PLN
— YoY
Summary
Investment thesis
- Poprawa zysku netto przypadającego akcjonariuszom dominującym (2 674 vs 2 096 tys. zł) to głównie efekt niższych kosztów finansowych, nie poprawy operacyjnej
- OCF spadł o 43% r/r; cały wzrost gotówki w kwartale (+14 455 tys. zł) pochodzi z jednorazowej sprzedaży aktywów za 35 mln zł w działalności inwestycyjnej
- 13,6% kapitału własnego i wyniku Grupy należy do udziałowców niekontrolujących
- Grupę otacza gęsta sieć wieloletnich sporów sądowych, w tym aktywne śledztwo prokuratorskie z zabezpieczeniem majątkowym na spółce zależnej Central Fund of Immovables
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Financials
BETA
CFI · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 62,151 | — | — | reported | — | 1.00 |
| EBITDA | 7,835 | — | — | derived | — | 0.90 |
| EBIT | 6,896 | — | — | reported | — | 1.00 |
| EBT | 5,079 | — | — | reported | — | 1.00 |
| Net income | 2,674 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0 | — | — | reported | — | 1.00 |
| D&A | 939 | — | — | reported | — | 1.00 |
| Interest expense | 4,796 | — | — | reported | — | 0.90 |
| Shares (basic) (m units) | 2,750.87 | — | — | reported | — | 1.00 |
| EBITDA margin | 12.6% | — | — | derived | — | 0.85 |
| EBIT margin | 11.1% | — | — | derived | — | 0.90 |
| Net margin | 4.3% | — | — | derived | — | 0.90 |
| Cash | 33,761 | — | — | reported | — | 1.00 |
| Total debt | 197,287 | — | — | reported | — | 0.85 |
| Net debt | 163,526 | — | — | derived | — | 0.80 |
| Equity | 896,864 | — | — | reported | — | 1.00 |
| Total assets | 1,599,561 | — | — | reported | — | 1.00 |
| Current assets | 361,112 | — | — | reported | — | 1.00 |
| Current liabilities | 131,418 | — | — | reported | — | 1.00 |
| Goodwill | 0 | — | — | reported | — | 0.80 |
| CFO | 6,993 | — | — | reported | — | 1.00 |
| CapEx | 1,938 | — | — | reported | — | 1.00 |
| FCF | 5,055 | — | — | derived | — | 0.85 |
| FCF conversion | 64.5% | — | — | derived | — | 0.75 |
| CFO conversion | 89.3% | — | — | derived | — | 0.75 |
| Current ratio | 2.75x | — | — | derived | — | 0.90 |
| Quick ratio | 1x | — | — | derived | — | 0.85 |
| Cash ratio | 0.26x | — | — | derived | — | 0.90 |
| Debt / equity | 0.22x | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | 7.6% | — | — | derived | — | 0.90 |
| EBIT growth (YoY) | -18.6% | — | — | derived | — | 0.90 |
| Net income growth (YoY) | 27.6% | — | — | derived | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
62,151
—
62,151
—
- Q1 2025
- —
EBITDA
7,835
—
7,835
—
- Q1 2025
- —
EBIT
6,896
—
6,896
—
- Q1 2025
- —
EBT
5,079
—
5,079
—
- Q1 2025
- —
Net income
2,674
—
2,674
—
- Q1 2025
- —
EPS (basic)
(PLN)
0
—
0
—
- Q1 2025
- —
D&A
939
—
939
—
- Q1 2025
- —
Interest expense
4,796
—
4,796
—
- Q1 2025
- —
Shares (basic)
(m units)
2,750.87
—
2,750.87
—
- Q1 2025
- —
EBITDA margin
12.6%
—
12.6%
—
- Q1 2025
- —
EBIT margin
11.1%
—
11.1%
—
- Q1 2025
- —
Net margin
4.3%
—
4.3%
—
- Q1 2025
- —
Cash
33,761
—
33,761
—
- Q1 2025
- —
Total debt
197,287
—
197,287
—
- Q1 2025
- —
Net debt
163,526
—
163,526
—
- Q1 2025
- —
Equity
896,864
—
896,864
—
- Q1 2025
- —
Total assets
1,599,561
—
1,599,561
—
- Q1 2025
- —
Current assets
361,112
—
361,112
—
- Q1 2025
- —
Current liabilities
131,418
—
131,418
—
- Q1 2025
- —
Goodwill
0
—
0
—
- Q1 2025
- —
CFO
6,993
—
6,993
—
- Q1 2025
- —
CapEx
1,938
—
1,938
—
- Q1 2025
- —
FCF
5,055
—
5,055
—
- Q1 2025
- —
FCF conversion
64.5%
—
64.5%
—
- Q1 2025
- —
CFO conversion
89.3%
—
89.3%
—
- Q1 2025
- —
Current ratio
2.75x
—
2.75x
—
- Q1 2025
- —
Quick ratio
1x
—
1x
—
- Q1 2025
- —
Cash ratio
0.26x
—
0.26x
—
- Q1 2025
- —
Debt / equity
0.22x
—
0.22x
—
- Q1 2025
- —
Revenue growth (YoY)
7.6%
—
7.6%
—
- Q1 2025
- —
EBIT growth (YoY)
-18.6%
—
-18.6%
—
- Q1 2025
- —
Net income growth (YoY)
27.6%
—
27.6%
—
- Q1 2025
- —