Q1 2026 report
Wiodąca platforma HR-tech w Polsce (Pracuj.pl) z rosnącym segmentem SaaS (eRecruiter, Kadromierz) i dwucyfrowym wzrostem MRR.
Sentiment
Neutral
No guidance change
GPP
Q1 2026 report
Revenue
209.36 m PLN
— YoY
Net income
62.67 m PLN
— YoY
EBITDA
90.55 m PLN
— YoY
FCF
106.45 m PLN
— YoY
Summary
Investment thesis
- Segment Niemcy (softgarden) pod presją słabszego rynku rekrutacyjnego — EBIT segmentu spadł o ok. 80% r/r, co ciągnie w dół wynik skonsolidowany.
- Bardzo silna pozycja gotówkowa netto (ok. -91 mln PLN długu netto) i wysoka konwersja zysku na gotówkę (OCF istotnie powyżej zysku netto).
- Ekspozycja na Ukrainę (Robota.ua) rośnie mimo wojny — wzrost cen o 49% r/r z nawiązką kompensuje spadek wolumenu, ale ryzyko geopolityczne pozostaje.
- Brak formalnej prognozy finansowej na 2026 rok utrudnia ocenę względem oczekiwań zarządu; bardzo wysoka koncentracja akcjonariatu (CEO ok. 52% głosów).
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Financials
BETA
GPP · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 209.36 | — | — | reported | — | 1.00 |
|
Revenue
Polska
|
152.17 | — | — | reported | Polska | 1.00 |
|
Revenue
Ukraina
|
16.46 | — | — | reported | Ukraina | 1.00 |
|
Revenue
Niemcy
|
41.86 | — | — | reported | Niemcy | 1.00 |
| EBITDA | 90.55 | — | — | reported | — | 1.00 |
| EBIT | 79.75 | — | — | reported | — | 1.00 |
|
EBIT
Polska
|
72.74 | — | — | reported | Polska | 1.00 |
|
EBIT
Ukraina
|
5.46 | — | — | reported | Ukraina | 1.00 |
|
EBIT
Niemcy
|
1.55 | — | — | reported | Niemcy | 1.00 |
| EBT | 81.49 | — | — | reported | — | 1.00 |
| Net income | 62.67 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.91 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.91 | — | — | reported | — | 1.00 |
| D&A | 10.8 | — | — | reported | — | 1.00 |
| Interest expense | 2.06 | — | — | reported | — | 0.90 |
| EBITDA margin | 43.2% | — | — | reported | — | 1.00 |
| EBIT margin | 38.09% | — | — | derived | — | 0.90 |
| Net margin | 29.93% | — | — | derived | — | 0.90 |
| Cash | 272.6 | — | — | reported | — | 1.00 |
| Total debt | 156.5 | — | — | derived | — | 0.90 |
| Net debt | -91.01 | — | — | reported | — | 1.00 |
| Equity | 591.31 | — | — | reported | — | 1.00 |
| Total assets | 1,164.82 | — | — | reported | — | 1.00 |
| Working capital | -12 | — | — | derived | — | 0.90 |
| Current assets | 406.08 | — | — | reported | — | 1.00 |
| Current liabilities | 418.08 | — | — | reported | — | 1.00 |
| Goodwill | 558.62 | — | — | derived | — | 0.90 |
| CFO | 113.78 | — | — | reported | — | 1.00 |
| CapEx | 7.33 | — | — | reported | — | 1.00 |
| FCF | 106.45 | — | — | derived | — | 0.90 |
| FCF conversion | 117.57% | — | — | derived | — | 0.85 |
| CFO conversion | 125.66% | — | — | derived | — | 0.85 |
| Debt / equity | 0.26x | — | — | derived | — | 0.85 |
| Net debt / equity | -0.15x | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | 2.18% | — | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -3.4% | — | — | derived | — | 0.90 |
| EBIT growth (YoY) | -5% | — | — | derived | — | 0.90 |
| Net income growth (YoY) | -3.12% | — | — | derived | — | 0.90 |
| EPS growth (YoY) | -4.21% | — | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -2.5 pp | — | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | -2.88 pp | — | — | derived | — | 0.85 |
| Net margin Δ (YoY) | -1.64 pp | — | — | derived | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
209.36
—
209.36
—
- Q1 2025
- —
Revenue
Polska
152.17
—
Polska
152.17
—
- Q1 2025
- —
Revenue
Ukraina
16.46
—
Ukraina
16.46
—
- Q1 2025
- —
Revenue
Niemcy
41.86
—
Niemcy
41.86
—
- Q1 2025
- —
EBITDA
90.55
—
90.55
—
- Q1 2025
- —
EBIT
79.75
—
79.75
—
- Q1 2025
- —
EBIT
Polska
72.74
—
Polska
72.74
—
- Q1 2025
- —
EBIT
Ukraina
5.46
—
Ukraina
5.46
—
- Q1 2025
- —
EBIT
Niemcy
1.55
—
Niemcy
1.55
—
- Q1 2025
- —
EBT
81.49
—
81.49
—
- Q1 2025
- —
Net income
62.67
—
62.67
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.91
—
0.91
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.91
—
0.91
—
- Q1 2025
- —
D&A
10.8
—
10.8
—
- Q1 2025
- —
Interest expense
2.06
—
2.06
—
- Q1 2025
- —
EBITDA margin
43.2%
—
43.2%
—
- Q1 2025
- —
EBIT margin
38.09%
—
38.09%
—
- Q1 2025
- —
Net margin
29.93%
—
29.93%
—
- Q1 2025
- —
Cash
272.6
—
272.6
—
- Q1 2025
- —
Total debt
156.5
—
156.5
—
- Q1 2025
- —
Net debt
-91.01
—
-91.01
—
- Q1 2025
- —
Equity
591.31
—
591.31
—
- Q1 2025
- —
Total assets
1,164.82
—
1,164.82
—
- Q1 2025
- —
Working capital
-12
—
-12
—
- Q1 2025
- —
Current assets
406.08
—
406.08
—
- Q1 2025
- —
Current liabilities
418.08
—
418.08
—
- Q1 2025
- —
Goodwill
558.62
—
558.62
—
- Q1 2025
- —
CFO
113.78
—
113.78
—
- Q1 2025
- —
CapEx
7.33
—
7.33
—
- Q1 2025
- —
FCF
106.45
—
106.45
—
- Q1 2025
- —
FCF conversion
117.57%
—
117.57%
—
- Q1 2025
- —
CFO conversion
125.66%
—
125.66%
—
- Q1 2025
- —
Debt / equity
0.26x
—
0.26x
—
- Q1 2025
- —
Net debt / equity
-0.15x
—
-0.15x
—
- Q1 2025
- —
Revenue growth (YoY)
2.18%
—
2.18%
—
- Q1 2025
- —
EBITDA growth (YoY)
-3.4%
—
-3.4%
—
- Q1 2025
- —
EBIT growth (YoY)
-5%
—
-5%
—
- Q1 2025
- —
Net income growth (YoY)
-3.12%
—
-3.12%
—
- Q1 2025
- —
EPS growth (YoY)
-4.21%
—
-4.21%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-2.5 pp
—
-2.5 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-2.88 pp
—
-2.88 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-1.64 pp
—
-1.64 pp
—
- Q1 2025
- —