Q1 2026 report
Megaron to producent materiałów budowlano-wykończeniowych (masy uszczelniające, gładzie, kleje, farby) ze Szczecina, od kilku lat mierzący się ze strukturalnym spadkiem popytu na krajowym rynku nieruchomości.
Sentiment
Cautious
No guidance change
MEG
Q1 2026 report
Revenue
12.03 m PLN
— YoY
Net income
0.44 m PLN
— YoY
EBITDA
1.33 m PLN
— YoY
Gross margin
49.03%
— YoY
Summary
Investment thesis
- Przychody Q1 2026 spadły o 12,6% r/r, kontynuując trend spadkowy trwający od 2022 r., ale marża brutto na sprzedaży pozostaje stabilna (ok. 49%) dzięki dyscyplinie kosztowej.
- Zysk netto w ujęciu rocznym (TTM, zannualizowany) jest bliski zeru (-14 tys. zł wg własnego ujawnienia Spółki) — dodatni Q1 2026 to efekt sezonowości (szczyt sezonu budowlanego), a nie trwałej poprawy.
- Spółka jawnie przyznaje, że nie spełnia niektórych kowenantów bankowych — ryzyko oceniane jako niewielkie przez Zarząd, ale wymaga monitorowania kolejnych kwartałów.
- Zadłużenie oprocentowane jest śladowe (D/E ok. 0,04x), a OCF wyraźnie poprawił się r/r — bilans daje bufor bezpieczeństwa mimo presji na wynik.
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Financials
BETA
MEG · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 12.03 | — | — | reported | — | 1.00 |
| Gross profit | 5.85 | — | — | reported | — | 1.00 |
| EBITDA | 1.33 | — | — | reported | — | 0.90 |
| EBIT | 0.7 | — | — | reported | — | 1.00 |
| EBT | 0.4 | — | — | reported | — | 1.00 |
| Net income | 0.44 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.12 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.12 | — | — | reported | — | 1.00 |
| D&A | 0.39 | — | — | reported | — | 1.00 |
| Interest expense | 0.01 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 2.7 | — | — | reported | — | 1.00 |
| Gross margin | 49.03% | — | — | reported | — | 1.00 |
| EBITDA margin | 7.66% | — | — | reported | — | 0.90 |
| EBIT margin | 3.95% | — | — | reported | — | 1.00 |
| Net margin | 3.06% | — | — | reported | — | 1.00 |
| Cash | 0.58 | — | — | reported | — | 1.00 |
| Total debt | 0.89 | — | — | derived | — | 0.90 |
| Net debt | 0.31 | — | — | derived | — | 0.90 |
| Equity | 21.03 | — | — | reported | — | 1.00 |
| Total assets | 31.3 | — | — | reported | — | 1.00 |
| Current assets | 12.76 | — | — | reported | — | 1.00 |
| Current liabilities | 6.49 | — | — | reported | — | 1.00 |
| CFO | 0.14 | — | — | reported | — | 1.00 |
| CapEx | 0.04 | — | — | reported | — | 1.00 |
| FCF | 0.39 | — | — | derived | — | 0.90 |
| ROE | 0.51% | — | — | reported | — | 0.60 |
| Current ratio | 1.97x | — | — | reported | — | 1.00 |
| Quick ratio | 1.33x | — | — | reported | — | 1.00 |
| Cash ratio | 0.09x | — | — | reported | — | 1.00 |
| Interest coverage | 29.64x | — | — | reported | — | 0.80 |
| Debt / equity | 0.04x | — | — | reported | — | 0.90 |
| Debt / assets | 0.03x | — | — | reported | — | 0.90 |
| Net debt / equity | 0.02x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | -12.61% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -39.25% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | -40.37% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | -27.31% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | -25% | — | — | reported | — | 1.00 |
| Gross margin Δ (YoY) | 0.4 pp | — | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | -3.36 pp | — | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | -1.84 pp | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -0.62 pp | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
12.03
—
12.03
—
- Q1 2025
- —
Gross profit
5.85
—
5.85
—
- Q1 2025
- —
EBITDA
1.33
—
1.33
—
- Q1 2025
- —
EBIT
0.7
—
0.7
—
- Q1 2025
- —
EBT
0.4
—
0.4
—
- Q1 2025
- —
Net income
0.44
—
0.44
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.12
—
0.12
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.12
—
0.12
—
- Q1 2025
- —
D&A
0.39
—
0.39
—
- Q1 2025
- —
Interest expense
0.01
—
0.01
—
- Q1 2025
- —
Shares (basic)
(m units)
2.7
—
2.7
—
- Q1 2025
- —
Gross margin
49.03%
—
49.03%
—
- Q1 2025
- —
EBITDA margin
7.66%
—
7.66%
—
- Q1 2025
- —
EBIT margin
3.95%
—
3.95%
—
- Q1 2025
- —
Net margin
3.06%
—
3.06%
—
- Q1 2025
- —
Cash
0.58
—
0.58
—
- Q1 2025
- —
Total debt
0.89
—
0.89
—
- Q1 2025
- —
Net debt
0.31
—
0.31
—
- Q1 2025
- —
Equity
21.03
—
21.03
—
- Q1 2025
- —
Total assets
31.3
—
31.3
—
- Q1 2025
- —
Current assets
12.76
—
12.76
—
- Q1 2025
- —
Current liabilities
6.49
—
6.49
—
- Q1 2025
- —
CFO
0.14
—
0.14
—
- Q1 2025
- —
CapEx
0.04
—
0.04
—
- Q1 2025
- —
FCF
0.39
—
0.39
—
- Q1 2025
- —
ROE
0.51%
—
0.51%
—
- Q1 2025
- —
Current ratio
1.97x
—
1.97x
—
- Q1 2025
- —
Quick ratio
1.33x
—
1.33x
—
- Q1 2025
- —
Cash ratio
0.09x
—
0.09x
—
- Q1 2025
- —
Interest coverage
29.64x
—
29.64x
—
- Q1 2025
- —
Debt / equity
0.04x
—
0.04x
—
- Q1 2025
- —
Debt / assets
0.03x
—
0.03x
—
- Q1 2025
- —
Net debt / equity
0.02x
—
0.02x
—
- Q1 2025
- —
Revenue growth (YoY)
-12.61%
—
-12.61%
—
- Q1 2025
- —
EBITDA growth (YoY)
-39.25%
—
-39.25%
—
- Q1 2025
- —
EBIT growth (YoY)
-40.37%
—
-40.37%
—
- Q1 2025
- —
Net income growth (YoY)
-27.31%
—
-27.31%
—
- Q1 2025
- —
EPS growth (YoY)
-25%
—
-25%
—
- Q1 2025
- —
Gross margin Δ (YoY)
0.4 pp
—
0.4 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-3.36 pp
—
-3.36 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-1.84 pp
—
-1.84 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-0.62 pp
—
-0.62 pp
—
- Q1 2025
- —