Q1 2026 report
Przychody rosną +134,5% r/r niemal wyłącznie dzięki przejęciu Grupy Nijman/Zeetank (zamkniętemu 30.09.2025) — biznes organiczny Trans Polonii jest praktycznie płaski (51,8 mln zł vs 52,7 mln zł rok wcześniej).
Sentiment
Neutral
No guidance change
TRN
Q1 2026 report
Revenue
123.67 m PLN
— YoY
Net income
-3.71 m PLN
— YoY
EBITDA
11.44 m PLN
— YoY
Gross margin
11.33%
— YoY
Summary
Investment thesis
- Strata netto -3,71 mln zł to w dużej mierze efekt niegotówkowej wyceny walutowej (EUR) zadłużenia akwizycyjnego, nie erozji działalności operacyjnej — OCF (5,8 mln zł) i EBITDA (11,4 mln zł) rosną.
- Dźwignia finansowa skokowo wzrosła po akwizycji (dług/kapitał ~1,83x), z dużą koncentracją w EUR — to główne źródło ryzyka na kolejne kwartały przy zmienności kursu.
- Nowy 5-letni kontrakt Orlen Paliwa – Nijman/Zeetank (ok. 250 mln zł, 2027-2032) to konkretny, policzalny katalizator przychodowy w horyzoncie średnioterminowym.
- Integracja operacyjna dwóch grup dopiero się zaczyna — synergie kosztowe (trasy, flota, IT) są deklarowane przez zarząd jako cel, ale jeszcze niewidoczne w marżach.
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Financials
BETA
TRN · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 123.67 | — | — | reported | — | 1.00 |
| Gross profit | 14.01 | — | — | reported | — | 1.00 |
| EBITDA | 11.44 | — | — | reported | — | 1.00 |
| EBIT | 0.62 | — | — | reported | — | 1.00 |
| EBT | -4.85 | — | — | reported | — | 1.00 |
| Net income | -3.71 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.2 | — | — | reported | — | 1.00 |
| D&A | 10.82 | — | — | reported | — | 1.00 |
| Interest expense | 3.02 | — | — | reported | — | 0.90 |
| Gross margin | 11.33% | — | — | reported | — | 0.95 |
| EBITDA margin | 9.25% | — | — | reported | — | 0.95 |
| EBIT margin | 0.5% | — | — | reported | — | 0.95 |
| Net margin | -3% | — | — | reported | — | 0.95 |
| Cash | 49.93 | — | — | reported | — | 1.00 |
| Total debt | 248.36 | — | — | reported | — | 0.95 |
| Net debt | 198.43 | — | — | reported | — | 0.90 |
| Equity | 136.12 | — | — | reported | — | 1.00 |
| Total assets | 531.38 | — | — | reported | — | 1.00 |
| Working capital | 41.83 | — | — | reported | — | 0.95 |
| Current assets | 191.22 | — | — | reported | — | 1.00 |
| Current liabilities | 149.39 | — | — | reported | — | 1.00 |
| Goodwill | 15.73 | — | — | reported | — | 0.95 |
| CFO | 5.82 | — | — | reported | — | 1.00 |
| CapEx | 0.39 | — | — | reported | — | 0.90 |
| FCF | 5.43 | — | — | reported | — | 0.90 |
| FCF conversion | 47.5% | — | — | reported | — | 0.85 |
| CFO conversion | 50.9% | — | — | reported | — | 0.90 |
| Net acquisitions | 2.16 | — | — | reported | — | 0.90 |
| Current ratio | 1.28x | — | — | reported | — | 0.95 |
| Cash ratio | 0.33x | — | — | reported | — | 0.95 |
| Interest coverage | 0.21x | — | — | reported | — | 0.85 |
| Debt / equity | 1.83x | — | — | reported | — | 0.90 |
| Net debt / equity | 1.46x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 134.5% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 126.8% | — | — | reported | — | 0.95 |
| EBIT growth (YoY) | 42.7% | — | — | reported | — | 0.95 |
| Net income growth (YoY) | -513.6% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | -500% | — | — | reported | — | 0.90 |
| Gross margin Δ (YoY) | 3.61 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | -0.31 pp | — | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | -0.33 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -4.7 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
123.67
—
123.67
—
- Q1 2025
- —
Gross profit
14.01
—
14.01
—
- Q1 2025
- —
EBITDA
11.44
—
11.44
—
- Q1 2025
- —
EBIT
0.62
—
0.62
—
- Q1 2025
- —
EBT
-4.85
—
-4.85
—
- Q1 2025
- —
Net income
-3.71
—
-3.71
—
- Q1 2025
- —
EPS (basic)
(PLN)
-0.2
—
-0.2
—
- Q1 2025
- —
D&A
10.82
—
10.82
—
- Q1 2025
- —
Interest expense
3.02
—
3.02
—
- Q1 2025
- —
Gross margin
11.33%
—
11.33%
—
- Q1 2025
- —
EBITDA margin
9.25%
—
9.25%
—
- Q1 2025
- —
EBIT margin
0.5%
—
0.5%
—
- Q1 2025
- —
Net margin
-3%
—
-3%
—
- Q1 2025
- —
Cash
49.93
—
49.93
—
- Q1 2025
- —
Total debt
248.36
—
248.36
—
- Q1 2025
- —
Net debt
198.43
—
198.43
—
- Q1 2025
- —
Equity
136.12
—
136.12
—
- Q1 2025
- —
Total assets
531.38
—
531.38
—
- Q1 2025
- —
Working capital
41.83
—
41.83
—
- Q1 2025
- —
Current assets
191.22
—
191.22
—
- Q1 2025
- —
Current liabilities
149.39
—
149.39
—
- Q1 2025
- —
Goodwill
15.73
—
15.73
—
- Q1 2025
- —
CFO
5.82
—
5.82
—
- Q1 2025
- —
CapEx
0.39
—
0.39
—
- Q1 2025
- —
FCF
5.43
—
5.43
—
- Q1 2025
- —
FCF conversion
47.5%
—
47.5%
—
- Q1 2025
- —
CFO conversion
50.9%
—
50.9%
—
- Q1 2025
- —
Net acquisitions
2.16
—
2.16
—
- Q1 2025
- —
Current ratio
1.28x
—
1.28x
—
- Q1 2025
- —
Cash ratio
0.33x
—
0.33x
—
- Q1 2025
- —
Interest coverage
0.21x
—
0.21x
—
- Q1 2025
- —
Debt / equity
1.83x
—
1.83x
—
- Q1 2025
- —
Net debt / equity
1.46x
—
1.46x
—
- Q1 2025
- —
Revenue growth (YoY)
134.5%
—
134.5%
—
- Q1 2025
- —
EBITDA growth (YoY)
126.8%
—
126.8%
—
- Q1 2025
- —
EBIT growth (YoY)
42.7%
—
42.7%
—
- Q1 2025
- —
Net income growth (YoY)
-513.6%
—
-513.6%
—
- Q1 2025
- —
EPS growth (YoY)
-500%
—
-500%
—
- Q1 2025
- —
Gross margin Δ (YoY)
3.61 pp
—
3.61 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-0.31 pp
—
-0.31 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-0.33 pp
—
-0.33 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-4.7 pp
—
-4.7 pp
—
- Q1 2025
- —