Q1 2026 report
Wąsko wyspecjalizowany, dominujący gracz w recyklingu ołowiu z akumulatorów kwasowo-ołowiowych na polskim rynku, z wieloletnimi kontraktami z największymi odbiorcami z branży automotive.
Sentiment
Neutral
No guidance change
OBL
Q1 2026 report
Revenue
154.39 m PLN
— YoY
Net income
27.18 m PLN
— YoY
EBITDA
26.41 m PLN
— YoY
Gross margin
11.31%
— YoY
Summary
Investment thesis
- Wynik I kw. 2026 r. załamał się (EBITDA −60,7% r/r) niemal wyłącznie z powodu umocnienia złotego wobec dolara (~9,3%), a nie z powodu słabszego popytu — sprzedaż ilościowa pozostaje stabilna.
- Bilans wyjątkowo silny: brak długu netto, kapitał własny to 87% aktywów, a spółka utrzymuje portfel obligacji o wartości 472 mln zł (55% aktywów), z limitem podniesionym do 650 mln zł.
- Konwersja zysku na gotówkę pozostaje bardzo dobra (OCF/EBITDA ~135%) mimo słabszego kwartału — spadek wyniku nie pogłębia się dodatkowymi problemami z kapitałem obrotowym.
- Zarząd rekomenduje dywidendę 1,35 zł/akcję z zysku za 2025 r. (ok. 32% zysku jednostkowego), a akcjonariat jest silnie skoncentrowany (89% głosów w rękach dwóch podmiotów).
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Financials
BETA
OBL · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 154.39 | — | — | reported | — | 1.00 |
| Gross profit | 33.7 | — | — | reported | — | 1.00 |
| EBITDA | 26.41 | — | — | reported | — | 1.00 |
| EBIT | 24.08 | — | — | reported | — | 1.00 |
| EBT | 31.46 | — | — | reported | — | 1.00 |
| Net income | 27.18 | — | — | reported | — | 1.00 |
| D&A | 2.43 | — | — | reported | — | 1.00 |
| Interest expense | 1.65 | — | — | reported | — | 0.70 |
| Gross margin | 11.31% | — | — | reported | — | 0.90 |
| EBITDA margin | 6.76% | — | — | reported | — | 0.90 |
| EBIT margin | 5.18% | — | — | reported | — | 0.90 |
| Net margin | 7.07% | — | — | reported | — | 0.90 |
| Cash | 10.87 | — | — | reported | — | 1.00 |
| Total debt | 5.95 | — | — | derived | — | 0.80 |
| Net debt | -4.92 | — | — | reported | — | 0.75 |
| Equity | 741.06 | — | — | reported | — | 1.00 |
| Total assets | 852.89 | — | — | reported | — | 1.00 |
| Current assets | 731.94 | — | — | reported | — | 1.00 |
| Current liabilities | 74.39 | — | — | reported | — | 1.00 |
| Goodwill | 1.33 | — | — | reported | — | 0.90 |
| CFO | 36.68 | — | — | reported | — | 1.00 |
| CapEx | 1.71 | — | — | reported | — | 1.00 |
| FCF | 13.96 | — | — | reported | — | 0.85 |
| FCF conversion | 134.44% | — | — | reported | — | 0.80 |
| CFO conversion | 135.53% | — | — | reported | — | 0.85 |
| Dividends paid | 0 | — | — | reported | — | 0.90 |
| Current ratio | 9.84x | — | — | reported | — | 0.90 |
| Debt / equity | 0.01x | — | — | reported | — | 0.70 |
| Revenue growth (YoY) | -0.53% | — | — | reported | — | 0.90 |
| EBITDA growth (YoY) | -60.66% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | -66.94% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -60.03% | — | — | reported | — | 0.90 |
| FCF growth (YoY) | -60.08% | — | — | reported | — | 0.80 |
| Gross margin Δ (YoY) | -10.52 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | -10.34 pp | — | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | -10.42 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -10.53 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
154.39
—
154.39
—
- Q1 2025
- —
Gross profit
33.7
—
33.7
—
- Q1 2025
- —
EBITDA
26.41
—
26.41
—
- Q1 2025
- —
EBIT
24.08
—
24.08
—
- Q1 2025
- —
EBT
31.46
—
31.46
—
- Q1 2025
- —
Net income
27.18
—
27.18
—
- Q1 2025
- —
D&A
2.43
—
2.43
—
- Q1 2025
- —
Interest expense
1.65
—
1.65
—
- Q1 2025
- —
Gross margin
11.31%
—
11.31%
—
- Q1 2025
- —
EBITDA margin
6.76%
—
6.76%
—
- Q1 2025
- —
EBIT margin
5.18%
—
5.18%
—
- Q1 2025
- —
Net margin
7.07%
—
7.07%
—
- Q1 2025
- —
Cash
10.87
—
10.87
—
- Q1 2025
- —
Total debt
5.95
—
5.95
—
- Q1 2025
- —
Net debt
-4.92
—
-4.92
—
- Q1 2025
- —
Equity
741.06
—
741.06
—
- Q1 2025
- —
Total assets
852.89
—
852.89
—
- Q1 2025
- —
Current assets
731.94
—
731.94
—
- Q1 2025
- —
Current liabilities
74.39
—
74.39
—
- Q1 2025
- —
Goodwill
1.33
—
1.33
—
- Q1 2025
- —
CFO
36.68
—
36.68
—
- Q1 2025
- —
CapEx
1.71
—
1.71
—
- Q1 2025
- —
FCF
13.96
—
13.96
—
- Q1 2025
- —
FCF conversion
134.44%
—
134.44%
—
- Q1 2025
- —
CFO conversion
135.53%
—
135.53%
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Current ratio
9.84x
—
9.84x
—
- Q1 2025
- —
Debt / equity
0.01x
—
0.01x
—
- Q1 2025
- —
Revenue growth (YoY)
-0.53%
—
-0.53%
—
- Q1 2025
- —
EBITDA growth (YoY)
-60.66%
—
-60.66%
—
- Q1 2025
- —
EBIT growth (YoY)
-66.94%
—
-66.94%
—
- Q1 2025
- —
Net income growth (YoY)
-60.03%
—
-60.03%
—
- Q1 2025
- —
FCF growth (YoY)
-60.08%
—
-60.08%
—
- Q1 2025
- —
Gross margin Δ (YoY)
-10.52 pp
—
-10.52 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-10.34 pp
—
-10.34 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-10.42 pp
—
-10.42 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-10.53 pp
—
-10.53 pp
—
- Q1 2025
- —