Q1 2026 report
Wzrost przychodów ze sprzedaży danych o 23,7% r/r (37% w USD) przy stabilnie wysokiej marży EBITDA na poziomie 43,9%.
Sentiment
Positive
Guidance maintained
CLD
Q1 2026 report
Revenue
12.56 m PLN
— YoY
Net income
1.7 m PLN
— YoY
EBITDA
5.52 m PLN
— YoY
FCF
4.68 m PLN
— YoY
Summary
Investment thesis
- Zysk netto wzrósł do 1,7 mln PLN z niemal zerowego poziomu rok wcześniej, głównie dzięki niższym kosztom finansowym i osłabieniu ujemnych różnic kursowych.
- Grupa utrzymuje ujemny dług netto i solidną płynność (gotówka 9,3 mln PLN), co daje przestrzeń na dalsze akwizycje i wypłatę dywidendy.
- Nowy produkt Data Curation odnotowuje dynamiczny wzrost udziału w sprzedaży (z ok. 3% w marcu do ok. 15% w kwietniu wg wstępnych danych), co może być istotnym motorem wzrostu.
- Warto obserwować wyraźny wzrost udziału należności przeterminowanych (61–120 dni) w strukturze wiekowania na koniec kwartału — sygnał wymagający wyjaśnienia w kolejnych okresach.
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Financials
BETA
CLD · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 12.56 | — | — | reported | — | 1.00 |
| EBITDA | 5.52 | — | — | adjusted | — | 1.00 |
| EBIT | 2.78 | — | — | reported | — | 1.00 |
| EBT | 2.53 | — | — | reported | — | 1.00 |
| Net income | 1.7 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.34 | — | — | reported | — | 1.00 |
| D&A | 2.74 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 5 | — | — | reported | — | 1.00 |
| EBITDA margin | 43.9% | — | — | reported | — | 0.95 |
| EBIT margin | 22.1% | — | — | reported | — | 0.95 |
| EBT margin | 20.1% | — | — | reported | — | 0.95 |
| Net margin | 13.5% | — | — | reported | — | 0.95 |
| D&A margin | 21.8% | — | — | reported | — | 0.95 |
| Cash | 9.29 | — | — | reported | — | 1.00 |
| Total debt | 5.96 | — | — | reported | — | 1.00 |
| Net debt | -3.33 | — | — | reported | — | 0.95 |
| Equity | 81.38 | — | — | reported | — | 1.00 |
| Total assets | 90.91 | — | — | reported | — | 1.00 |
| Working capital | 27.56 | — | — | reported | — | 0.95 |
| Current assets | 33 | — | — | reported | — | 1.00 |
| Current liabilities | 5.44 | — | — | reported | — | 1.00 |
| Goodwill | 43.03 | — | — | reported | — | 0.95 |
| Tangible equity | 38.34 | — | — | reported | — | 0.90 |
| CFO | 5.63 | — | — | reported | — | 1.00 |
| CapEx | 0.95 | — | — | derived | — | 0.90 |
| FCF | 4.68 | — | — | reported | — | 0.90 |
| FCF conversion | 84.8% | — | — | reported | — | 0.85 |
| CFO conversion | 102% | — | — | reported | — | 0.90 |
| Current ratio | 6.07x | — | — | reported | — | 0.95 |
| Cash ratio | 1.71x | — | — | reported | — | 0.95 |
| Debt / equity | 0.07x | — | — | reported | — | 0.90 |
| Net debt / equity | -0.04x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 17.2% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 29.5% | — | — | reported | — | 0.95 |
| EBIT growth (YoY) | 155.7% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | 2461% | — | — | reported | — | 0.50 |
| FCF growth (YoY) | 94.9% | — | — | reported | — | 0.80 |
| EBITDA margin Δ (YoY) | 4.2 pp | — | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | 12 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | 12.9 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
12.56
—
12.56
—
- Q1 2025
- —
EBITDA
5.52
—
5.52
—
- Q1 2025
- —
EBIT
2.78
—
2.78
—
- Q1 2025
- —
EBT
2.53
—
2.53
—
- Q1 2025
- —
Net income
1.7
—
1.7
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.34
—
0.34
—
- Q1 2025
- —
D&A
2.74
—
2.74
—
- Q1 2025
- —
Shares (basic)
(m units)
5
—
5
—
- Q1 2025
- —
EBITDA margin
43.9%
—
43.9%
—
- Q1 2025
- —
EBIT margin
22.1%
—
22.1%
—
- Q1 2025
- —
EBT margin
20.1%
—
20.1%
—
- Q1 2025
- —
Net margin
13.5%
—
13.5%
—
- Q1 2025
- —
D&A margin
21.8%
—
21.8%
—
- Q1 2025
- —
Cash
9.29
—
9.29
—
- Q1 2025
- —
Total debt
5.96
—
5.96
—
- Q1 2025
- —
Net debt
-3.33
—
-3.33
—
- Q1 2025
- —
Equity
81.38
—
81.38
—
- Q1 2025
- —
Total assets
90.91
—
90.91
—
- Q1 2025
- —
Working capital
27.56
—
27.56
—
- Q1 2025
- —
Current assets
33
—
33
—
- Q1 2025
- —
Current liabilities
5.44
—
5.44
—
- Q1 2025
- —
Goodwill
43.03
—
43.03
—
- Q1 2025
- —
Tangible equity
38.34
—
38.34
—
- Q1 2025
- —
CFO
5.63
—
5.63
—
- Q1 2025
- —
CapEx
0.95
—
0.95
—
- Q1 2025
- —
FCF
4.68
—
4.68
—
- Q1 2025
- —
FCF conversion
84.8%
—
84.8%
—
- Q1 2025
- —
CFO conversion
102%
—
102%
—
- Q1 2025
- —
Current ratio
6.07x
—
6.07x
—
- Q1 2025
- —
Cash ratio
1.71x
—
1.71x
—
- Q1 2025
- —
Debt / equity
0.07x
—
0.07x
—
- Q1 2025
- —
Net debt / equity
-0.04x
—
-0.04x
—
- Q1 2025
- —
Revenue growth (YoY)
17.2%
—
17.2%
—
- Q1 2025
- —
EBITDA growth (YoY)
29.5%
—
29.5%
—
- Q1 2025
- —
EBIT growth (YoY)
155.7%
—
155.7%
—
- Q1 2025
- —
Net income growth (YoY)
2461%
—
2461%
—
- Q1 2025
- —
FCF growth (YoY)
94.9%
—
94.9%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
4.2 pp
—
4.2 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
12 pp
—
12 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
12.9 pp
—
12.9 pp
—
- Q1 2025
- —