Q1 2026 report
Wynik operacyjny wyraźnie się poprawia (EBIT +38% r/r, marża EBIT ok. 53%), głównie dzięki redukcji kosztów usług obcych i wynagrodzeń, a nie przyspieszeniu sprzedaży.
Sentiment
Cautious
No guidance change
MMS
Q1 2026 report
Revenue
533,747 PLN
— YoY
Net income
290,141 PLN
— YoY
EBITDA
300,042 PLN
— YoY
FCF
781,056 PLN
— YoY
Summary
Investment thesis
- Mimo dodatniego OCF (781,1 tys. zł) i spłaty 600 tys. zł kredytu w kwartale, zarząd sam przyznaje, że spółka wciąż dąży do poprawy płynności — poprawa księgowa nie przełożyła się jeszcze na komfort gotówkowy.
- Przychody nadal opierają się na dwóch wieloletnich tytułach (Nymphomaniac: Sex Addict, Succubus wraz z DLC) — w raporcie brak wzmianki o nowych produkcjach w pipeline.
- Akcjonariat zdominowany przez PlayWay SA (52,4% głosów) — silny akcjonariusz branżowy, ale też strategiczna zależność od jednego podmiotu.
- Wzrost zadłużenia oprocentowanego (z 2,9 tys. do 666 tys. zł r/r) nie ma odzwierciedlenia we wpływach finansowych w RPP — wymaga wyjaśnienia, możliwa konwersja zobowiązań wobec podmiotów powiązanych.
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Financials
BETA
MMS · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 533,747 | — | — | reported | — | 1.00 |
| EBITDA | 300,042 | — | — | derived | — | 0.85 |
| EBIT | 281,100 | — | — | reported | — | 1.00 |
| EBT | 290,141 | — | — | reported | — | 1.00 |
| Net income | 290,141 | — | — | reported | — | 1.00 |
| D&A | 18,943 | — | — | reported | — | 1.00 |
| Interest expense | 0.05 | — | — | reported | — | 0.90 |
| EBITDA margin | 56.22% | — | — | reported | — | 0.85 |
| EBIT margin | 52.66% | — | — | reported | — | 0.90 |
| Net margin | 54.36% | — | — | reported | — | 0.90 |
| Cash | 107,434 | — | — | reported | — | 1.00 |
| Total debt | 666,000 | — | — | reported | — | 1.00 |
| Net debt | 558,566 | — | — | derived | — | 0.90 |
| Equity | 6,540,874 | — | — | reported | — | 1.00 |
| Total assets | 8,384,056 | — | — | reported | — | 1.00 |
| Working capital | 6,397,253 | — | — | derived | — | 0.85 |
| Current assets | 8,240,435 | — | — | reported | — | 1.00 |
| Current liabilities | 1,843,182 | — | — | derived | — | 0.85 |
| CFO | 781,056 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | 781,056 | — | — | derived | — | 0.95 |
| FCF conversion | 260.32% | — | — | reported | — | 0.75 |
| CFO conversion | 260.32% | — | — | reported | — | 0.75 |
| Dividends paid | 0 | — | — | reported | — | 0.90 |
| Current ratio | 4.47x | — | — | reported | — | 0.85 |
| Quick ratio | 0.87x | — | — | reported | — | 0.85 |
| Cash ratio | 0.06x | — | — | reported | — | 0.90 |
| Debt / equity | 0.1x | — | — | reported | — | 0.90 |
| Debt / assets | 0.08x | — | — | reported | — | 0.90 |
| Net debt / equity | 0.09x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | 13.57% | — | — | reported | — | 0.90 |
| EBITDA growth (YoY) | 35% | — | — | reported | — | 0.75 |
| EBIT growth (YoY) | 38.26% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | 69.71% | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | 8.93 pp | — | — | reported | — | 0.75 |
| EBIT margin Δ (YoY) | 9.4 pp | — | — | reported | — | 0.85 |
| Net margin Δ (YoY) | 17.98 pp | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
533,747
—
533,747
—
- Q1 2025
- —
EBITDA
300,042
—
300,042
—
- Q1 2025
- —
EBIT
281,100
—
281,100
—
- Q1 2025
- —
EBT
290,141
—
290,141
—
- Q1 2025
- —
Net income
290,141
—
290,141
—
- Q1 2025
- —
D&A
18,943
—
18,943
—
- Q1 2025
- —
Interest expense
0.05
—
0.05
—
- Q1 2025
- —
EBITDA margin
56.22%
—
56.22%
—
- Q1 2025
- —
EBIT margin
52.66%
—
52.66%
—
- Q1 2025
- —
Net margin
54.36%
—
54.36%
—
- Q1 2025
- —
Cash
107,434
—
107,434
—
- Q1 2025
- —
Total debt
666,000
—
666,000
—
- Q1 2025
- —
Net debt
558,566
—
558,566
—
- Q1 2025
- —
Equity
6,540,874
—
6,540,874
—
- Q1 2025
- —
Total assets
8,384,056
—
8,384,056
—
- Q1 2025
- —
Working capital
6,397,253
—
6,397,253
—
- Q1 2025
- —
Current assets
8,240,435
—
8,240,435
—
- Q1 2025
- —
Current liabilities
1,843,182
—
1,843,182
—
- Q1 2025
- —
CFO
781,056
—
781,056
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
781,056
—
781,056
—
- Q1 2025
- —
FCF conversion
260.32%
—
260.32%
—
- Q1 2025
- —
CFO conversion
260.32%
—
260.32%
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Current ratio
4.47x
—
4.47x
—
- Q1 2025
- —
Quick ratio
0.87x
—
0.87x
—
- Q1 2025
- —
Cash ratio
0.06x
—
0.06x
—
- Q1 2025
- —
Debt / equity
0.1x
—
0.1x
—
- Q1 2025
- —
Debt / assets
0.08x
—
0.08x
—
- Q1 2025
- —
Net debt / equity
0.09x
—
0.09x
—
- Q1 2025
- —
Revenue growth (YoY)
13.57%
—
13.57%
—
- Q1 2025
- —
EBITDA growth (YoY)
35%
—
35%
—
- Q1 2025
- —
EBIT growth (YoY)
38.26%
—
38.26%
—
- Q1 2025
- —
Net income growth (YoY)
69.71%
—
69.71%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
8.93 pp
—
8.93 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
9.4 pp
—
9.4 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
17.98 pp
—
17.98 pp
—
- Q1 2025
- —