CSR CASPAR ASSET MANAGEMENT Giełda Papierów Wartościowych w Warszawie · quarterly · publ. May 21, 2026

Q1 2026 report

Przychody skonsolidowane grupy wzrosly 38,5% r/r, zysk netto 36,8% r/r, przy stabilnej rentownosci netto (~6,7%)

Sentiment

Positive No guidance change

Website

CSR Q1 2026 report

Revenue

15.21 m PLN

— YoY

Net income

1.02 m PLN

— YoY

EBITDA

2.02 m PLN

— YoY

FCF

1.45 m PLN

— YoY

Summary

Investment thesis

Wzrost grupy pochodzi glownie ze spolek zaleznych (F-Trust iWealth +44,5% r/r aktywow administrowanych, Caspar TFI +17,5% r/r AUM funduszy) - sam jednostkowy Caspar AM odnotowal spadek przychodow -10,62% r/r
Aktywa indywidualnego asset management skurczyly sie o 81% r/r (433,5 mln do 82,3 mln zl) - zarzad tlumaczy to przenoszeniem srodkow klientow do produktow funduszowych
Bilans bez zadluzenia bankowego, OCF (1,72 mln zl) wyrazniej wyzszy niz zysk netto (1,01 mln zl), niski CAPEX
Po dniu bilansowym naliczono istotna oplate zmienna (success fee) od funduszu Focus FIZ (~1,47 mln zl), nieujeta w wyniku Q1 2026 - materialny czynnik dla Q2

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Financials

BETA

Q1 2026

CSR · Q1 2026

Metric	Q1 2026	Q1 2025	Δ YoY	Value type	Segment	Conf.

Revenue	15.21	—	—	reported	—	1.00
EBITDA	2.02	—	—	reported	—	0.90
EBIT	1.28	—	—	reported	—	1.00
EBT	1.31	—	—	reported	—	1.00
Net income	1.02	—	—	reported	—	1.00
D&A	0.75	—	—	reported	—	1.00
Interest expense	0.1	—	—	reported	—	0.85

EBITDA margin	13.29%	—	—	reported	—	0.85
EBIT margin	8.39%	—	—	reported	—	0.90
EBT margin	8.63%	—	—	reported	—	0.95
Net margin	6.67%	—	—	reported	—	0.95

Cash	15.09	—	—	reported	—	1.00
Equity	35.08	—	—	reported	—	1.00
Total assets	46.19	—	—	reported	—	1.00
Current liabilities	6.58	—	—	reported	—	1.00

CFO	1.72	—	—	reported	—	1.00
CapEx	0.26	—	—	reported	—	0.95
FCF	1.45	—	—	derived	—	0.90
FCF conversion	71.8%	—	—	reported	—	0.80
CFO conversion	84.9%	—	—	reported	—	0.80
Dividends paid	0.99	—	—	reported	—	0.90

Cash ratio	2.29x	—	—	reported	—	0.95

Revenue growth (YoY)	38.5%	—	—	reported	—	1.00
EBITDA growth (YoY)	18.5%	—	—	reported	—	0.80
EBIT growth (YoY)	33.6%	—	—	reported	—	0.90
Net income growth (YoY)	36.8%	—	—	reported	—	0.95
EBITDA margin Δ (YoY)	-2.24 pp	—	—	reported	—	0.80
EBIT margin Δ (YoY)	-0.3 pp	—	—	reported	—	0.85
Net margin Δ (YoY)	-0.08 pp	—	—	reported	—	0.85

Q1 2026 · Δ YoY

Revenue

15.21 —

Q1 2025: —

EBITDA

2.02 —

Q1 2025: —

EBIT

1.28 —

Q1 2025: —

EBT

1.31 —

Q1 2025: —

Net income

1.02 —

Q1 2025: —

D&A

0.75 —

Q1 2025: —

Interest expense

0.1 —

Q1 2025: —

EBITDA margin

13.29% —

Q1 2025: —

EBIT margin

8.39% —

Q1 2025: —

EBT margin

8.63% —

Q1 2025: —

Net margin

6.67% —

Q1 2025: —

Cash

15.09 —

Q1 2025: —

Equity

35.08 —

Q1 2025: —

Total assets

46.19 —

Q1 2025: —

Current liabilities

6.58 —

Q1 2025: —

CFO

1.72 —

Q1 2025: —

CapEx

0.26 —

Q1 2025: —

FCF

1.45 —

Q1 2025: —

FCF conversion

71.8% —

Q1 2025: —

CFO conversion

84.9% —

Q1 2025: —

Dividends paid

0.99 —

Q1 2025: —

Cash ratio

2.29x —

Q1 2025: —

Revenue growth (YoY)

38.5% —

Q1 2025: —

EBITDA growth (YoY)

18.5% —

Q1 2025: —

EBIT growth (YoY)

33.6% —

Q1 2025: —

Net income growth (YoY)

36.8% —

Q1 2025: —

EBITDA margin Δ (YoY)

-2.24 pp —

Q1 2025: —

EBIT margin Δ (YoY)

-0.3 pp —

Q1 2025: —

Net margin Δ (YoY)

-0.08 pp —

Q1 2025: —