Q1 2026 report
Grupa IT/FinTech z dominującym segmentem Technology Services (Software Mind, 88% przychodów) świadczącym usługi nearshoringowe dla klientów z USA, UK i Europy Zachodniej oraz mniejszym segmentem FinTech (LiveBank, systemy bankowości)
Sentiment
Neutral
No guidance change
ALL
Q1 2026 report
Revenue
140,714 k PLN
— YoY
Net income
13,865 k PLN
— YoY
EBITDA
19,035 k PLN
— YoY
Gross margin
24.19%
— YoY
Summary
Investment thesis
- Rekordowy zysk netto kwartału (+205% r/r) to w przeważającej mierze efekt księgowy — odwrócenie jednorazowej, niegotówkowej straty kursowej na pożyczkach wewnątrzgrupowych sprzed roku, a nie poprawa operacyjna
- Pod spodem wyniku netto: przychody (-2,2% r/r), marża brutto (-2,15 pp r/r) i EBIT (-11,4% r/r) się skurczyły
- Kluczowe wydarzenie kwartału: proces sprzedaży 100% akcji Software Mind funduszowi Tailwind Capital (rozpoczęty listopad 2025, zgoda UOKiK uzyskana) został wstrzymany 7.04.2026 r. z powodu 'niekorzystnej sytuacji rynkowej' — przyszły kształt grupy pozostaje niepewny
- Bilans i generacja gotówki solidne — dług netto spada, OCF realnie rośnie (+92% r/r), płynność bieżąca komfortowa (ok. 1,9x)
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Financials
BETA
ALL · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 140,714 | — | — | reported | — | 1.00 |
| Gross profit | 34,034 | — | — | reported | — | 1.00 |
| EBITDA | 19,035 | — | — | reported | — | 0.95 |
| EBIT | 13,381 | — | — | reported | — | 1.00 |
| EBT | 14,557 | — | — | reported | — | 1.00 |
| Net income | 13,865 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.49 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.48 | — | — | reported | — | 1.00 |
| D&A | 5,846 | — | — | reported | — | 1.00 |
| Interest expense | 2,787 | — | — | reported | — | 0.90 |
| Shares (basic) (m units) | 12.36 | — | — | reported | — | 1.00 |
| Gross margin | 24.19% | — | — | reported | — | 0.95 |
| EBITDA margin | 13.53% | — | — | reported | — | 0.90 |
| EBIT margin | 9.51% | — | — | reported | — | 0.95 |
| Net margin | 9.85% | — | — | reported | — | 0.95 |
| Cash | 99,447 | — | — | reported | — | 1.00 |
| Total debt | 228,837 | — | — | derived | — | 0.90 |
| Net debt | 129,390 | — | — | reported | — | 0.85 |
| Equity | 328,788 | — | — | reported | — | 1.00 |
| Total assets | 628,729 | — | — | reported | — | 1.00 |
| Current assets | 226,990 | — | — | reported | — | 1.00 |
| Current liabilities | 117,411 | — | — | reported | — | 1.00 |
| Goodwill | 336,128 | — | — | reported | — | 0.90 |
| CFO | 12,053 | — | — | reported | — | 1.00 |
| CapEx | 1,485 | — | — | reported | — | 0.95 |
| FCF | 10,568 | — | — | derived | — | 0.90 |
| CFO conversion | 63.32% | — | — | reported | — | 0.85 |
| Net acquisitions | 0 | — | — | reported | — | 0.90 |
| Current ratio | 1.93x | — | — | reported | — | 0.90 |
| Quick ratio | 1.93x | — | — | reported | — | 0.90 |
| Cash ratio | 0.85x | — | — | reported | — | 0.90 |
| Interest coverage | 4.8x | — | — | reported | — | 0.85 |
| Debt / equity | 0.7x | — | — | reported | — | 0.85 |
| Net debt / equity | 0.39x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | -2.17% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | -7.72% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | -11.41% | — | — | reported | — | 0.95 |
| Net income growth (YoY) | 204.94% | — | — | reported | — | 0.95 |
| EPS growth (YoY) | 880% | — | — | reported | — | 0.90 |
| FCF growth (YoY) | 76.85% | — | — | reported | — | 0.80 |
| Gross margin Δ (YoY) | -2.15 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | -0.81 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | -0.99 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | 6.69 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
140,714
—
140,714
—
- Q1 2025
- —
Gross profit
34,034
—
34,034
—
- Q1 2025
- —
EBITDA
19,035
—
19,035
—
- Q1 2025
- —
EBIT
13,381
—
13,381
—
- Q1 2025
- —
EBT
14,557
—
14,557
—
- Q1 2025
- —
Net income
13,865
—
13,865
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.49
—
0.49
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.48
—
0.48
—
- Q1 2025
- —
D&A
5,846
—
5,846
—
- Q1 2025
- —
Interest expense
2,787
—
2,787
—
- Q1 2025
- —
Shares (basic)
(m units)
12.36
—
12.36
—
- Q1 2025
- —
Gross margin
24.19%
—
24.19%
—
- Q1 2025
- —
EBITDA margin
13.53%
—
13.53%
—
- Q1 2025
- —
EBIT margin
9.51%
—
9.51%
—
- Q1 2025
- —
Net margin
9.85%
—
9.85%
—
- Q1 2025
- —
Cash
99,447
—
99,447
—
- Q1 2025
- —
Total debt
228,837
—
228,837
—
- Q1 2025
- —
Net debt
129,390
—
129,390
—
- Q1 2025
- —
Equity
328,788
—
328,788
—
- Q1 2025
- —
Total assets
628,729
—
628,729
—
- Q1 2025
- —
Current assets
226,990
—
226,990
—
- Q1 2025
- —
Current liabilities
117,411
—
117,411
—
- Q1 2025
- —
Goodwill
336,128
—
336,128
—
- Q1 2025
- —
CFO
12,053
—
12,053
—
- Q1 2025
- —
CapEx
1,485
—
1,485
—
- Q1 2025
- —
FCF
10,568
—
10,568
—
- Q1 2025
- —
CFO conversion
63.32%
—
63.32%
—
- Q1 2025
- —
Net acquisitions
0
—
0
—
- Q1 2025
- —
Current ratio
1.93x
—
1.93x
—
- Q1 2025
- —
Quick ratio
1.93x
—
1.93x
—
- Q1 2025
- —
Cash ratio
0.85x
—
0.85x
—
- Q1 2025
- —
Interest coverage
4.8x
—
4.8x
—
- Q1 2025
- —
Debt / equity
0.7x
—
0.7x
—
- Q1 2025
- —
Net debt / equity
0.39x
—
0.39x
—
- Q1 2025
- —
Revenue growth (YoY)
-2.17%
—
-2.17%
—
- Q1 2025
- —
EBITDA growth (YoY)
-7.72%
—
-7.72%
—
- Q1 2025
- —
EBIT growth (YoY)
-11.41%
—
-11.41%
—
- Q1 2025
- —
Net income growth (YoY)
204.94%
—
204.94%
—
- Q1 2025
- —
EPS growth (YoY)
880%
—
880%
—
- Q1 2025
- —
FCF growth (YoY)
76.85%
—
76.85%
—
- Q1 2025
- —
Gross margin Δ (YoY)
-2.15 pp
—
-2.15 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-0.81 pp
—
-0.81 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-0.99 pp
—
-0.99 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
6.69 pp
—
6.69 pp
—
- Q1 2025
- —