Q1 2026 report
Grupa restauracyjna rosnąca dwucyfrowo (przychody +14,0% r/r) mimo że I kwartał jest sezonowo najsłabszym okresem w roku
Sentiment
Neutral
No guidance change
MEX
Q1 2026 report
Revenue
29.54 m PLN
— YoY
Net income
-0.84 m PLN
— YoY
EBITDA
2.95 m PLN
— YoY
Gross margin
9.17%
— YoY
Summary
Investment thesis
- Strata operacyjna zmniejszyła się o 84,1% r/r, a EBITDA wzrosła o 31,6% r/r – wyraźna poprawa rentowności bazowej działalności
- Bilans mocno obciążony zobowiązaniami leasingowymi (MSSF 16) – dług netto/EBITDA liczony przez bank z wyłączeniem MSSF 16, co utrudnia porównanie z surowym wskaźnikiem
- Ujemny kapitał obrotowy (11,8 mln zł aktywów obrotowych vs 26,4 mln zł zobowiązań krótkoterminowych) – typowe dla modelu restauracyjnego, ale wymaga monitorowania płynności
- Zarząd potwierdził refinansowanie linii wielocelowej BNP Paribas (do 9 mln zł) oraz nowy kredyt odnawialny 5 mln zł na rozwój sieci; kowenanty: dług netto/EBITDA ≤2,5x (bez MSSF16) i limit dywidendy 30% zysku netto bez zgody banku
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Financials
BETA
MEX · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 29.54 | — | — | reported | — | 1.00 |
| Gross profit | 2.71 | — | — | reported | — | 1.00 |
| EBITDA | 2.95 | — | — | reported | — | 1.00 |
| EBIT | -0.12 | — | — | reported | — | 1.00 |
| EBT | -1.21 | — | — | reported | — | 1.00 |
| Net income | -0.84 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.11 | — | — | reported | — | 1.00 |
| D&A | 3.07 | — | — | reported | — | 1.00 |
| Interest expense | 0.95 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 7.67 | — | — | reported | — | 1.00 |
| Gross margin | 9.17% | — | — | reported | — | 0.90 |
| EBITDA margin | 9.98% | — | — | reported | — | 0.90 |
| EBIT margin | -0.4% | — | — | reported | — | 0.90 |
| EBT margin | -4.08% | — | — | reported | — | 0.90 |
| Net margin | -2.85% | — | — | reported | — | 0.90 |
| D&A margin | 10.38% | — | — | reported | — | 0.90 |
| Cash | 4.73 | — | — | reported | — | 1.00 |
| Total debt | 57.04 | — | — | derived | — | 0.80 |
| Net debt | 52.31 | — | — | derived | — | 0.80 |
| Equity | 14.84 | — | — | reported | — | 1.00 |
| Total assets | 85.83 | — | — | reported | — | 1.00 |
| Working capital | -14.6 | — | — | reported | — | 0.90 |
| Current assets | 11.84 | — | — | reported | — | 1.00 |
| Current liabilities | 26.44 | — | — | reported | — | 1.00 |
| Goodwill | 8.59 | — | — | derived | — | 0.90 |
| Tangible equity | 6.25 | — | — | reported | — | 0.85 |
| CFO | 1.26 | — | — | reported | — | 1.00 |
| CapEx | 1.11 | — | — | reported | — | 1.00 |
| FCF | 0.15 | — | — | reported | — | 0.90 |
| FCF conversion | 4.99% | — | — | reported | — | 0.85 |
| CFO conversion | 42.69% | — | — | reported | — | 0.85 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| Buybacks | 0 | — | — | reported | — | 1.00 |
| Current ratio | 0.45x | — | — | reported | — | 0.90 |
| Quick ratio | 0.38x | — | — | reported | — | 0.85 |
| Cash ratio | 0.18x | — | — | reported | — | 0.90 |
| Debt / equity | 3.84x | — | — | reported | — | 0.80 |
| Debt / assets | 0.66x | — | — | reported | — | 0.80 |
| Net debt / equity | 3.53x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | 14% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | 31.6% | — | — | reported | — | 0.95 |
| EBIT growth (YoY) | 84.1% | — | — | reported | — | 0.95 |
| Net income growth (YoY) | 16.2% | — | — | reported | — | 0.90 |
| Gross margin Δ (YoY) | 1.75 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | 1.34 pp | — | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | 2.45 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | 1.03 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
29.54
—
29.54
—
- Q1 2025
- —
Gross profit
2.71
—
2.71
—
- Q1 2025
- —
EBITDA
2.95
—
2.95
—
- Q1 2025
- —
EBIT
-0.12
—
-0.12
—
- Q1 2025
- —
EBT
-1.21
—
-1.21
—
- Q1 2025
- —
Net income
-0.84
—
-0.84
—
- Q1 2025
- —
EPS (basic)
(PLN)
-0.11
—
-0.11
—
- Q1 2025
- —
D&A
3.07
—
3.07
—
- Q1 2025
- —
Interest expense
0.95
—
0.95
—
- Q1 2025
- —
Shares (basic)
(m units)
7.67
—
7.67
—
- Q1 2025
- —
Gross margin
9.17%
—
9.17%
—
- Q1 2025
- —
EBITDA margin
9.98%
—
9.98%
—
- Q1 2025
- —
EBIT margin
-0.4%
—
-0.4%
—
- Q1 2025
- —
EBT margin
-4.08%
—
-4.08%
—
- Q1 2025
- —
Net margin
-2.85%
—
-2.85%
—
- Q1 2025
- —
D&A margin
10.38%
—
10.38%
—
- Q1 2025
- —
Cash
4.73
—
4.73
—
- Q1 2025
- —
Total debt
57.04
—
57.04
—
- Q1 2025
- —
Net debt
52.31
—
52.31
—
- Q1 2025
- —
Equity
14.84
—
14.84
—
- Q1 2025
- —
Total assets
85.83
—
85.83
—
- Q1 2025
- —
Working capital
-14.6
—
-14.6
—
- Q1 2025
- —
Current assets
11.84
—
11.84
—
- Q1 2025
- —
Current liabilities
26.44
—
26.44
—
- Q1 2025
- —
Goodwill
8.59
—
8.59
—
- Q1 2025
- —
Tangible equity
6.25
—
6.25
—
- Q1 2025
- —
CFO
1.26
—
1.26
—
- Q1 2025
- —
CapEx
1.11
—
1.11
—
- Q1 2025
- —
FCF
0.15
—
0.15
—
- Q1 2025
- —
FCF conversion
4.99%
—
4.99%
—
- Q1 2025
- —
CFO conversion
42.69%
—
42.69%
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Buybacks
0
—
0
—
- Q1 2025
- —
Current ratio
0.45x
—
0.45x
—
- Q1 2025
- —
Quick ratio
0.38x
—
0.38x
—
- Q1 2025
- —
Cash ratio
0.18x
—
0.18x
—
- Q1 2025
- —
Debt / equity
3.84x
—
3.84x
—
- Q1 2025
- —
Debt / assets
0.66x
—
0.66x
—
- Q1 2025
- —
Net debt / equity
3.53x
—
3.53x
—
- Q1 2025
- —
Revenue growth (YoY)
14%
—
14%
—
- Q1 2025
- —
EBITDA growth (YoY)
31.6%
—
31.6%
—
- Q1 2025
- —
EBIT growth (YoY)
84.1%
—
84.1%
—
- Q1 2025
- —
Net income growth (YoY)
16.2%
—
16.2%
—
- Q1 2025
- —
Gross margin Δ (YoY)
1.75 pp
—
1.75 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
1.34 pp
—
1.34 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
2.45 pp
—
2.45 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
1.03 pp
—
1.03 pp
—
- Q1 2025
- —