Q1 2026 report
Przychody skonsolidowane wzrosly 32% r/r, a EBITDA wrocila na plus (1,16 mln zl vs -0,53 mln zl rok wczesniej)
Sentiment
Positive
No guidance change
CPL
Q1 2026 report
Revenue
19.18 m PLN
— YoY
Net income
0.18 m PLN
— YoY
EBITDA
1.16 m PLN
— YoY
Net debt / EBITDA
-0.37x
— YoY
Summary
Investment thesis
- Cala poprawa wyniku stoi na segmencie reklamy efektywnosciowej (EBITDA 2,38 mln zl), ktory ciagnie skonsolidowany wynik mimo strat Comfino
- Segment e-commerce (Comfino) rosnie najszybciej procentowo (+63% r/r), ale EBITDA pogarsza sie nominalnie (-1,49 mln zl) w fazie inwestycji
- Bilans bez istotnego zadluzenia bankowego, pozycja gotowki netto, OCF dodatni i wyzszy niz zysk netto
- Nowy kontrakt z Grupa OLX (Otomoto.pl) do 13 mln zl netto to istotny katalizator, ale sama spolka sygnalizuje ryzyko nierentownosci jego realizacji
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
CPL · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 19.18 | — | — | reported | — | 1.00 |
|
Revenue
reklama efektywnosciowa
|
12.06 | — | — | reported | reklama efektywnosciowa | 1.00 |
|
Revenue
dystrybucja ubezpieczen
|
4.34 | — | — | reported | dystrybucja ubezpieczen | 1.00 |
|
Revenue
e-commerce
|
2.78 | — | — | reported | e-commerce | 1.00 |
| EBITDA | 1.16 | — | — | reported | — | 1.00 |
|
EBITDA
reklama efektywnosciowa
|
2.38 | — | — | reported | reklama efektywnosciowa | 1.00 |
|
EBITDA
dystrybucja ubezpieczen
|
0.26 | — | — | reported | dystrybucja ubezpieczen | 1.00 |
|
EBITDA
e-commerce
|
-1.49 | — | — | reported | e-commerce | 1.00 |
| EBIT | 0.39 | — | — | reported | — | 1.00 |
| EBT | 0.32 | — | — | reported | — | 1.00 |
| Net income | 0.18 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.06 | — | — | reported | — | 1.00 |
| D&A | 0.77 | — | — | reported | — | 1.00 |
| Interest expense | 0.07 | — | — | reported | — | 0.90 |
| Shares (basic) (m units) | 3.15 | — | — | reported | — | 1.00 |
| EBITDA margin | 6.03% | — | — | reported | — | 0.90 |
| EBIT margin | 2.02% | — | — | reported | — | 0.90 |
| EBT margin | 1.65% | — | — | reported | — | 0.90 |
| Net margin | 0.95% | — | — | reported | — | 0.90 |
| D&A margin | 4.01% | — | — | reported | — | 0.85 |
| Cash | 2.75 | — | — | reported | — | 1.00 |
| Total debt | 0.88 | — | — | reported | — | 0.85 |
| Net debt | -1.88 | — | — | derived | — | 0.85 |
| Equity | 16.14 | — | — | reported | — | 1.00 |
| Total assets | 30.2 | — | — | reported | — | 1.00 |
| Working capital | 1.92 | — | — | derived | — | 0.90 |
| Current assets | 15.57 | — | — | reported | — | 1.00 |
| Current liabilities | 13.65 | — | — | reported | — | 1.00 |
| CFO | 1.12 | — | — | reported | — | 1.00 |
| CapEx | 0.71 | — | — | reported | — | 1.00 |
| FCF | 0.41 | — | — | derived | — | 0.90 |
| FCF conversion | 35.4% | — | — | reported | — | 0.80 |
| CFO conversion | 96.5% | — | — | reported | — | 0.85 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| Current ratio | 1.14x | — | — | reported | — | 0.90 |
| Cash ratio | 0.2x | — | — | reported | — | 0.90 |
| Interest coverage | 5.32x | — | — | reported | — | 0.70 |
| Net debt / EBITDA | -0.37x | — | — | reported | — | 0.60 |
| Debt / equity | 0.05x | — | — | reported | — | 0.85 |
| Net debt / equity | -0.12x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | 31.9% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 317.9% | — | — | reported | — | 0.70 |
| EBIT growth (YoY) | 128.6% | — | — | reported | — | 0.85 |
| Net income growth (YoY) | 111.6% | — | — | reported | — | 0.85 |
| EPS growth (YoY) | 113.6% | — | — | reported | — | 0.85 |
| EBITDA margin Δ (YoY) | 9.68 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | 11.36 pp | — | — | reported | — | 0.85 |
| Net margin Δ (YoY) | 11.73 pp | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
19.18
—
19.18
—
- Q1 2025
- —
Revenue
reklama efektywnosciowa
12.06
—
reklama efektywnosciowa
12.06
—
- Q1 2025
- —
Revenue
dystrybucja ubezpieczen
4.34
—
dystrybucja ubezpieczen
4.34
—
- Q1 2025
- —
Revenue
e-commerce
2.78
—
e-commerce
2.78
—
- Q1 2025
- —
EBITDA
1.16
—
1.16
—
- Q1 2025
- —
EBITDA
reklama efektywnosciowa
2.38
—
reklama efektywnosciowa
2.38
—
- Q1 2025
- —
EBITDA
dystrybucja ubezpieczen
0.26
—
dystrybucja ubezpieczen
0.26
—
- Q1 2025
- —
EBITDA
e-commerce
-1.49
—
e-commerce
-1.49
—
- Q1 2025
- —
EBIT
0.39
—
0.39
—
- Q1 2025
- —
EBT
0.32
—
0.32
—
- Q1 2025
- —
Net income
0.18
—
0.18
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.06
—
0.06
—
- Q1 2025
- —
D&A
0.77
—
0.77
—
- Q1 2025
- —
Interest expense
0.07
—
0.07
—
- Q1 2025
- —
Shares (basic)
(m units)
3.15
—
3.15
—
- Q1 2025
- —
EBITDA margin
6.03%
—
6.03%
—
- Q1 2025
- —
EBIT margin
2.02%
—
2.02%
—
- Q1 2025
- —
EBT margin
1.65%
—
1.65%
—
- Q1 2025
- —
Net margin
0.95%
—
0.95%
—
- Q1 2025
- —
D&A margin
4.01%
—
4.01%
—
- Q1 2025
- —
Cash
2.75
—
2.75
—
- Q1 2025
- —
Total debt
0.88
—
0.88
—
- Q1 2025
- —
Net debt
-1.88
—
-1.88
—
- Q1 2025
- —
Equity
16.14
—
16.14
—
- Q1 2025
- —
Total assets
30.2
—
30.2
—
- Q1 2025
- —
Working capital
1.92
—
1.92
—
- Q1 2025
- —
Current assets
15.57
—
15.57
—
- Q1 2025
- —
Current liabilities
13.65
—
13.65
—
- Q1 2025
- —
CFO
1.12
—
1.12
—
- Q1 2025
- —
CapEx
0.71
—
0.71
—
- Q1 2025
- —
FCF
0.41
—
0.41
—
- Q1 2025
- —
FCF conversion
35.4%
—
35.4%
—
- Q1 2025
- —
CFO conversion
96.5%
—
96.5%
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Current ratio
1.14x
—
1.14x
—
- Q1 2025
- —
Cash ratio
0.2x
—
0.2x
—
- Q1 2025
- —
Interest coverage
5.32x
—
5.32x
—
- Q1 2025
- —
Net debt / EBITDA
-0.37x
—
-0.37x
—
- Q1 2025
- —
Debt / equity
0.05x
—
0.05x
—
- Q1 2025
- —
Net debt / equity
-0.12x
—
-0.12x
—
- Q1 2025
- —
Revenue growth (YoY)
31.9%
—
31.9%
—
- Q1 2025
- —
EBITDA growth (YoY)
317.9%
—
317.9%
—
- Q1 2025
- —
EBIT growth (YoY)
128.6%
—
128.6%
—
- Q1 2025
- —
Net income growth (YoY)
111.6%
—
111.6%
—
- Q1 2025
- —
EPS growth (YoY)
113.6%
—
113.6%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
9.68 pp
—
9.68 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
11.36 pp
—
11.36 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
11.73 pp
—
11.73 pp
—
- Q1 2025
- —