Q1 2026 report
Larq to spółka inwestycyjna (wg MSSF 10) wyceniająca w wartości godziwej udziały w Larq Fund Management, którego głównym aktywem jest 59,9% pakiet w Youlead (SaaS sales & marketing automation).
Sentiment
Neutral
No guidance change
LRQ
Q1 2026 report
Revenue
0.11 m PLN
— YoY
Net income
2.29 m PLN
— YoY
EBITDA
0.96 m PLN
— YoY
FCF
-0.11 m PLN
— YoY
Summary
Investment thesis
- Wynik finansowy Larq jest w praktyce pochodną wyceny jednego głównego aktywa portfelowego — wysoka koncentracja i zmienność wyniku.
- Kapitał własny rośnie systematycznie (r/r +18%), ale tempo przyrostu jest nierówne między kwartałami, zależne od wyceny certyfikatów FIZ.
- Zadłużenie umiarkowane (D/E ok. 0,20x), ale płynność bieżąca ekstremalnie niska ze względu na strukturę bilansu typową dla holdingu inwestycyjnego.
- Brak formalnych prognoz finansowych i brak dywidendy — inwestor kupuje ekspozycję na wycenę Youlead i ewentualne nowe inwestycje portfelowe Funduszu.
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Financials
BETA
LRQ · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 0.11 | — | — | reported | — | 1.00 |
| EBITDA | 0.96 | — | — | reported | — | 0.90 |
| EBIT | 3.07 | — | — | reported | — | 1.00 |
| EBT | 0.8 | — | — | reported | — | 1.00 |
| Net income | 2.29 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.04 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.04 | — | — | reported | — | 1.00 |
| D&A | 0.03 | — | — | reported | — | 1.00 |
| Interest expense | 0.13 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 13.48 | — | — | reported | — | 1.00 |
| EBITDA margin | 825.72% | — | — | reported | — | 0.50 |
| EBIT margin | 797.32% | — | — | reported | — | 0.50 |
| Net margin | 510.02% | — | — | reported | — | 0.50 |
| Cash | 0.02 | — | — | reported | — | 1.00 |
| Total debt | 12.75 | — | — | derived | — | 1.00 |
| Net debt | 12.73 | — | — | derived | — | 1.00 |
| Equity | 63.04 | — | — | reported | — | 1.00 |
| Total assets | 76.21 | — | — | reported | — | 1.00 |
| Current assets | 0.23 | — | — | reported | — | 1.00 |
| Current liabilities | 5.74 | — | — | reported | — | 1.00 |
| CFO | -0.11 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | -0.11 | — | — | derived | — | 0.90 |
| Current ratio | 0.04x | — | — | reported | — | 1.00 |
| Quick ratio | 0.04x | — | — | reported | — | 1.00 |
| Cash ratio | 0x | — | — | reported | — | 1.00 |
| Debt / equity | 0.2x | — | — | reported | — | 1.00 |
| Debt / assets | 0.17x | — | — | reported | — | 1.00 |
| Net debt / equity | 0.2x | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | 6.12% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | -69.79% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | -74.18% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | -76.47% | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
0.11
—
0.11
—
- Q1 2025
- —
EBITDA
0.96
—
0.96
—
- Q1 2025
- —
EBIT
3.07
—
3.07
—
- Q1 2025
- —
EBT
0.8
—
0.8
—
- Q1 2025
- —
Net income
2.29
—
2.29
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.04
—
0.04
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.04
—
0.04
—
- Q1 2025
- —
D&A
0.03
—
0.03
—
- Q1 2025
- —
Interest expense
0.13
—
0.13
—
- Q1 2025
- —
Shares (basic)
(m units)
13.48
—
13.48
—
- Q1 2025
- —
EBITDA margin
825.72%
—
825.72%
—
- Q1 2025
- —
EBIT margin
797.32%
—
797.32%
—
- Q1 2025
- —
Net margin
510.02%
—
510.02%
—
- Q1 2025
- —
Cash
0.02
—
0.02
—
- Q1 2025
- —
Total debt
12.75
—
12.75
—
- Q1 2025
- —
Net debt
12.73
—
12.73
—
- Q1 2025
- —
Equity
63.04
—
63.04
—
- Q1 2025
- —
Total assets
76.21
—
76.21
—
- Q1 2025
- —
Current assets
0.23
—
0.23
—
- Q1 2025
- —
Current liabilities
5.74
—
5.74
—
- Q1 2025
- —
CFO
-0.11
—
-0.11
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
-0.11
—
-0.11
—
- Q1 2025
- —
Current ratio
0.04x
—
0.04x
—
- Q1 2025
- —
Quick ratio
0.04x
—
0.04x
—
- Q1 2025
- —
Cash ratio
0x
—
0x
—
- Q1 2025
- —
Debt / equity
0.2x
—
0.2x
—
- Q1 2025
- —
Debt / assets
0.17x
—
0.17x
—
- Q1 2025
- —
Net debt / equity
0.2x
—
0.2x
—
- Q1 2025
- —
Revenue growth (YoY)
6.12%
—
6.12%
—
- Q1 2025
- —
EBIT growth (YoY)
-69.79%
—
-69.79%
—
- Q1 2025
- —
Net income growth (YoY)
-74.18%
—
-74.18%
—
- Q1 2025
- —
EPS growth (YoY)
-76.47%
—
-76.47%
—
- Q1 2025
- —