Q1 2026 report
Internity łączy stabilny biznes dystrybucyjny materiałów wykończeniowych premium/lux z rosnącą ekspozycją na działalność deweloperską (projekt T17 w Łodzi) i inwestycje w nieruchomości (Całowanie, centrum logistyczne).
Sentiment
Positive
No guidance change
INT
Q1 2026 report
Revenue
44.51 m PLN
— YoY
Net income
0.65 m PLN
— YoY
EBITDA
2.11 m PLN
— YoY
Net debt / EBITDA
0.35x
— YoY
Summary
Investment thesis
- I kwartał 2026 r. przyniósł spadek przychodów o 1,22% r/r, ale wyraźną poprawę rentowności operacyjnej (EBIT +53,0%, EBITDA +21,4% r/r) dzięki lepszemu miksowi kanałów sprzedaży.
- Dług netto pozostaje bardzo niski względem TTM EBITDA (ok. 0,35x), ale płynność szybka jest napięta (quick ratio 0,33x) - bilans jest mocno obciążony zapasami, w tym produkcją w toku T17.
- 18 marca 2026 r. upadł generalny wykonawca T17 (Anna-Bud) - to świeże, materialne ryzyko dla kluczowego projektu deweloperskiego (szacowany przychód 85-95 mln zł), wymagające bieżącego monitorowania.
- Znacząca część poprawy operacyjnego cash flow w kwartale pochodzi z rosnących zaliczek klientów na T17, a nie z organicznej konwersji zysku w segmencie dystrybucji - warto rozdzielić te dwa efekty w kolejnych kwartałach.
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Financials
BETA
INT · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 44.51 | — | — | reported | — | 1.00 |
| EBITDA | 14.2 | — | — | reported | — | 0.85 |
| EBIT | 1.36 | — | — | reported | — | 1.00 |
| EBT | 1.02 | — | — | reported | — | 1.00 |
| Net income | 0.65 | — | — | reported | — | 1.00 |
| D&A | 0.75 | — | — | reported | — | 1.00 |
| Interest expense | 0.25 | — | — | reported | — | 1.00 |
| EBITDA margin | 4.75% | — | — | reported | — | 0.90 |
| EBIT margin | 3.06% | — | — | reported | — | 0.95 |
| EBT margin | 2.29% | — | — | reported | — | 0.95 |
| Net margin | 1.47% | — | — | reported | — | 0.95 |
| D&A margin | 1.69% | — | — | reported | — | 0.90 |
| Cash | 14.94 | — | — | reported | — | 1.00 |
| Total debt | 19.91 | — | — | reported | — | 0.85 |
| Net debt | 4.97 | — | — | derived | — | 0.85 |
| Equity | 30.11 | — | — | reported | — | 1.00 |
| Total assets | 114.18 | — | — | reported | — | 1.00 |
| Working capital | 7.45 | — | — | reported | — | 0.95 |
| Current assets | 77.18 | — | — | reported | — | 1.00 |
| Current liabilities | 69.72 | — | — | reported | — | 1.00 |
| Goodwill | 0.39 | — | — | reported | — | 1.00 |
| Tangible equity | 29.71 | — | — | reported | — | 0.90 |
| CFO | 5.05 | — | — | reported | — | 1.00 |
| CapEx | 0.12 | — | — | reported | — | 1.00 |
| FCF | 4.94 | — | — | derived | — | 0.95 |
| FCF conversion | 233.6% | — | — | reported | — | 0.75 |
| CFO conversion | 239.1% | — | — | reported | — | 0.75 |
| Dividends paid | 4.02 | — | — | reported | — | 1.00 |
| Buybacks | 0 | — | — | reported | — | 1.00 |
| ROE | 2.17% | — | — | reported | — | 0.60 |
| ROA | 0.57% | — | — | reported | — | 0.60 |
| Current ratio | 1.11x | — | — | reported | — | 0.95 |
| Quick ratio | 0.33x | — | — | reported | — | 0.90 |
| Cash ratio | 0.21x | — | — | reported | — | 0.90 |
| Interest coverage | 5.51x | — | — | reported | — | 0.90 |
| Net debt / EBITDA | 0.35x | — | — | reported | — | 0.75 |
| Debt / equity | 0.66x | — | — | reported | — | 0.80 |
| Debt / assets | 0.17x | — | — | reported | — | 0.80 |
| Net debt / equity | 0.17x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | -1.22% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 21.4% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | 53.03% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 536.9% | — | — | reported | — | 0.90 |
| FCF growth (YoY) | 51.36% | — | — | reported | — | 0.85 |
| EBITDA margin Δ (YoY) | 0.89 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | 1.09 pp | — | — | reported | — | 0.95 |
| Net margin Δ (YoY) | 1.24 pp | — | — | reported | — | 0.95 |
Q1 2026 · Δ YoY
Revenue
44.51
—
44.51
—
- Q1 2025
- —
EBITDA
14.2
—
14.2
—
- Q1 2025
- —
EBIT
1.36
—
1.36
—
- Q1 2025
- —
EBT
1.02
—
1.02
—
- Q1 2025
- —
Net income
0.65
—
0.65
—
- Q1 2025
- —
D&A
0.75
—
0.75
—
- Q1 2025
- —
Interest expense
0.25
—
0.25
—
- Q1 2025
- —
EBITDA margin
4.75%
—
4.75%
—
- Q1 2025
- —
EBIT margin
3.06%
—
3.06%
—
- Q1 2025
- —
EBT margin
2.29%
—
2.29%
—
- Q1 2025
- —
Net margin
1.47%
—
1.47%
—
- Q1 2025
- —
D&A margin
1.69%
—
1.69%
—
- Q1 2025
- —
Cash
14.94
—
14.94
—
- Q1 2025
- —
Total debt
19.91
—
19.91
—
- Q1 2025
- —
Net debt
4.97
—
4.97
—
- Q1 2025
- —
Equity
30.11
—
30.11
—
- Q1 2025
- —
Total assets
114.18
—
114.18
—
- Q1 2025
- —
Working capital
7.45
—
7.45
—
- Q1 2025
- —
Current assets
77.18
—
77.18
—
- Q1 2025
- —
Current liabilities
69.72
—
69.72
—
- Q1 2025
- —
Goodwill
0.39
—
0.39
—
- Q1 2025
- —
Tangible equity
29.71
—
29.71
—
- Q1 2025
- —
CFO
5.05
—
5.05
—
- Q1 2025
- —
CapEx
0.12
—
0.12
—
- Q1 2025
- —
FCF
4.94
—
4.94
—
- Q1 2025
- —
FCF conversion
233.6%
—
233.6%
—
- Q1 2025
- —
CFO conversion
239.1%
—
239.1%
—
- Q1 2025
- —
Dividends paid
4.02
—
4.02
—
- Q1 2025
- —
Buybacks
0
—
0
—
- Q1 2025
- —
ROE
2.17%
—
2.17%
—
- Q1 2025
- —
ROA
0.57%
—
0.57%
—
- Q1 2025
- —
Current ratio
1.11x
—
1.11x
—
- Q1 2025
- —
Quick ratio
0.33x
—
0.33x
—
- Q1 2025
- —
Cash ratio
0.21x
—
0.21x
—
- Q1 2025
- —
Interest coverage
5.51x
—
5.51x
—
- Q1 2025
- —
Net debt / EBITDA
0.35x
—
0.35x
—
- Q1 2025
- —
Debt / equity
0.66x
—
0.66x
—
- Q1 2025
- —
Debt / assets
0.17x
—
0.17x
—
- Q1 2025
- —
Net debt / equity
0.17x
—
0.17x
—
- Q1 2025
- —
Revenue growth (YoY)
-1.22%
—
-1.22%
—
- Q1 2025
- —
EBITDA growth (YoY)
21.4%
—
21.4%
—
- Q1 2025
- —
EBIT growth (YoY)
53.03%
—
53.03%
—
- Q1 2025
- —
Net income growth (YoY)
536.9%
—
536.9%
—
- Q1 2025
- —
FCF growth (YoY)
51.36%
—
51.36%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
0.89 pp
—
0.89 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
1.09 pp
—
1.09 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
1.24 pp
—
1.24 pp
—
- Q1 2025
- —