Q1 2026 report
Przychody Grupy rosną (+8,0% r/r skonsolidowane, +15,4% r/r jednostkowe), a EBIT wrócił na plus zarówno na poziomie jednostkowym, jak i skonsolidowanym, po stracie operacyjnej rok wcześniej.
Sentiment
Neutral
No guidance change
LUK
Q1 2026 report
Revenue
7.34 m PLN
— YoY
Net income
0.02 m PLN
— YoY
EBITDA
0.34 m PLN
— YoY
FCF
-0.79 m PLN
— YoY
Summary
Investment thesis
- Mimo dodatniego zysku netto (16 136,07 zł skonsolidowane), przepływy operacyjne są głęboko ujemne (-788 565,86 zł), a największym pojedynczym czynnikiem jest niewyjaśniona pozycja „inne korekty” (-2 868 817,99 zł) w rachunku przepływów pieniężnych.
- Efektywna stopa podatkowa w I kw. 2026 wynosi ok. 90% na poziomie skonsolidowanym (57 279,00 zł podatku przy 63 560,19 zł zysku brutto) — bez żadnego komentarza w raporcie, co praktycznie zjada cały zysk operacyjny.
- Kapitał własny Grupy skurczył się o 65,2% r/r (do 1 865 163,79 zł), podczas gdy zobowiązania z tytułu podatków i ubezpieczeń społecznych wzrosły sześciokrotnie r/r do 4 683 160,54 zł, a wskaźnik płynności gotówkowej to zaledwie 0,01x.
- Raport kwartalny NC jest pozbawiony wielu standardowych not (transakcje z podmiotami powiązanymi, wynagrodzenia zarządu, zdarzenia po dniu bilansowym, ryzyka finansowe), co ogranicza możliwość pełnej weryfikacji jakości wyniku.
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Financials
BETA
LUK · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 7.34 | — | — | reported | — | 1.00 |
|
Revenue
standalone
|
6.16 | — | — | reported | standalone | 1.00 |
| EBITDA | 0.34 | — | — | derived | — | 0.60 |
|
EBITDA
standalone
|
0.43 | — | — | derived | standalone | 0.70 |
| EBIT | 0.12 | — | — | reported | — | 1.00 |
|
EBIT
standalone
|
0.23 | — | — | reported | standalone | 1.00 |
| EBT | 0.06 | — | — | reported | — | 1.00 |
| Net income | 0.02 | — | — | reported | — | 1.00 |
|
Net income
standalone
|
0.15 | — | — | reported | standalone | 1.00 |
| D&A | 0.23 | — | — | reported | — | 1.00 |
|
D&A
standalone
|
0.19 | — | — | reported | standalone | 1.00 |
| Interest expense | 0.02 | — | — | reported | — | 0.95 |
|
Interest expense
standalone
|
0.01 | — | — | reported | standalone | 0.95 |
| EBITDA margin | 4.7% | — | — | derived | — | 0.60 |
| EBIT margin | 1.63% | — | — | derived | — | 0.95 |
|
EBIT margin
standalone
|
3.81% | — | — | derived | standalone | 0.95 |
| EBT margin | 0.87% | — | — | derived | — | 0.95 |
| Net margin | 0.22% | — | — | derived | — | 0.95 |
|
Net margin
standalone
|
2.41% | — | — | derived | standalone | 0.95 |
| D&A margin | 3.07% | — | — | derived | — | 0.95 |
| Cash | 0.21 | — | — | reported | — | 1.00 |
| Total debt | 3.3 | — | — | derived | — | 0.85 |
| Net debt | 3.1 | — | — | derived | — | 0.85 |
| Equity | 1.87 | — | — | reported | — | 1.00 |
| Total assets | 17.72 | — | — | reported | — | 1.00 |
| Working capital | 2 | — | — | derived | — | 0.85 |
| Current assets | 15.92 | — | — | reported | — | 1.00 |
| Current liabilities | 13.92 | — | — | reported | — | 0.85 |
| Goodwill | 1.04 | — | — | reported | — | 0.85 |
| Tangible equity | 0.83 | — | — | derived | — | 0.80 |
| CFO | -0.79 | — | — | reported | — | 1.00 |
|
CFO
standalone
|
-0.29 | — | — | reported | standalone | 1.00 |
| CapEx | 0 | — | — | reported | — | 0.90 |
| FCF | -0.79 | — | — | derived | — | 0.90 |
|
FCF
standalone
|
-0.29 | — | — | derived | standalone | 0.90 |
| FCF conversion | -228.6% | — | — | derived | — | 0.50 |
| CFO conversion | -228.6% | — | — | derived | — | 0.50 |
| Current ratio | 1.14x | — | — | derived | — | 0.85 |
| Quick ratio | 1.02x | — | — | derived | — | 0.80 |
| Cash ratio | 0.01x | — | — | derived | — | 0.85 |
| Interest coverage | 7.16x | — | — | derived | — | 0.90 |
| Debt / equity | 1.77x | — | — | derived | — | 0.80 |
| Net debt / equity | 1.66x | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | 8.02% | — | — | derived | — | 0.95 |
|
Revenue growth (YoY)
standalone
|
15.43% | — | — | derived | standalone | 0.95 |
| EBITDA growth (YoY) | 134.73% | — | — | derived | — | 0.40 |
| EBIT growth (YoY) | 235.79% | — | — | derived | — | 0.50 |
| Net income growth (YoY) | 104.5% | — | — | derived | — | 0.50 |
Q1 2026 · Δ YoY
Revenue
7.34
—
7.34
—
- Q1 2025
- —
Revenue
standalone
6.16
—
standalone
6.16
—
- Q1 2025
- —
EBITDA
0.34
—
0.34
—
- Q1 2025
- —
EBITDA
standalone
0.43
—
standalone
0.43
—
- Q1 2025
- —
EBIT
0.12
—
0.12
—
- Q1 2025
- —
EBIT
standalone
0.23
—
standalone
0.23
—
- Q1 2025
- —
EBT
0.06
—
0.06
—
- Q1 2025
- —
Net income
0.02
—
0.02
—
- Q1 2025
- —
Net income
standalone
0.15
—
standalone
0.15
—
- Q1 2025
- —
D&A
0.23
—
0.23
—
- Q1 2025
- —
D&A
standalone
0.19
—
standalone
0.19
—
- Q1 2025
- —
Interest expense
0.02
—
0.02
—
- Q1 2025
- —
Interest expense
standalone
0.01
—
standalone
0.01
—
- Q1 2025
- —
EBITDA margin
4.7%
—
4.7%
—
- Q1 2025
- —
EBIT margin
1.63%
—
1.63%
—
- Q1 2025
- —
EBIT margin
standalone
3.81%
—
standalone
3.81%
—
- Q1 2025
- —
EBT margin
0.87%
—
0.87%
—
- Q1 2025
- —
Net margin
0.22%
—
0.22%
—
- Q1 2025
- —
Net margin
standalone
2.41%
—
standalone
2.41%
—
- Q1 2025
- —
D&A margin
3.07%
—
3.07%
—
- Q1 2025
- —
Cash
0.21
—
0.21
—
- Q1 2025
- —
Total debt
3.3
—
3.3
—
- Q1 2025
- —
Net debt
3.1
—
3.1
—
- Q1 2025
- —
Equity
1.87
—
1.87
—
- Q1 2025
- —
Total assets
17.72
—
17.72
—
- Q1 2025
- —
Working capital
2
—
2
—
- Q1 2025
- —
Current assets
15.92
—
15.92
—
- Q1 2025
- —
Current liabilities
13.92
—
13.92
—
- Q1 2025
- —
Goodwill
1.04
—
1.04
—
- Q1 2025
- —
Tangible equity
0.83
—
0.83
—
- Q1 2025
- —
CFO
-0.79
—
-0.79
—
- Q1 2025
- —
CFO
standalone
-0.29
—
standalone
-0.29
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
-0.79
—
-0.79
—
- Q1 2025
- —
FCF
standalone
-0.29
—
standalone
-0.29
—
- Q1 2025
- —
FCF conversion
-228.6%
—
-228.6%
—
- Q1 2025
- —
CFO conversion
-228.6%
—
-228.6%
—
- Q1 2025
- —
Current ratio
1.14x
—
1.14x
—
- Q1 2025
- —
Quick ratio
1.02x
—
1.02x
—
- Q1 2025
- —
Cash ratio
0.01x
—
0.01x
—
- Q1 2025
- —
Interest coverage
7.16x
—
7.16x
—
- Q1 2025
- —
Debt / equity
1.77x
—
1.77x
—
- Q1 2025
- —
Net debt / equity
1.66x
—
1.66x
—
- Q1 2025
- —
Revenue growth (YoY)
8.02%
—
8.02%
—
- Q1 2025
- —
Revenue growth (YoY)
standalone
15.43%
—
standalone
15.43%
—
- Q1 2025
- —
EBITDA growth (YoY)
134.73%
—
134.73%
—
- Q1 2025
- —
EBIT growth (YoY)
235.79%
—
235.79%
—
- Q1 2025
- —
Net income growth (YoY)
104.5%
—
104.5%
—
- Q1 2025
- —