Q1 2026 report
Wzrost przychodów +12,5% r/r do 162,1 mln zł, przy czym po wyłączeniu świeżo skonsolidowanych spółek Carimus i MD Consulting wzrost organiczny to ok. 7,8% r/r.
Sentiment
Positive
No guidance change
SPR
Q1 2026 report
Revenue
162.14 m PLN
— YoY
Net income
10.07 m PLN
— YoY
EBITDA
20.09 m PLN
— YoY
Gross margin
33.72%
— YoY
Summary
Investment thesis
- Wyraźna poprawa rentowności: marża brutto na sprzedaży +2,9 p.p. r/r do 33,7%, marża EBIT +0,9 p.p. do 10,4%, EBITDA +18,6% r/r.
- Bilans bardzo bezpieczny - pozycja gotówki netto (dług netto ok. -50,9 mln zł), płynność bieżąca 2,56x, brak naruszeń kowenantów.
- Jakość zysku budzi wątpliwości w tym kwartale - ujemne przepływy operacyjne (-8,7 mln zł) mimo wzrostu zysku netto, głównie z powodu 28 mln zł wzrostu należności handlowych.
- Rosnący udział akcjonariuszy niekontrolujących w zysku grupy (z 17,6% do 31,9% r/r) oznacza, że coraz większa część wzrostu nie trafia bezpośrednio do akcjonariuszy Spyrosoft S.A.
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Financials
BETA
SPR · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 162.14 | — | — | reported | — | 1.00 |
| Gross profit | 54.68 | — | — | reported | — | 1.00 |
| EBITDA | 20.09 | — | — | reported | — | 1.00 |
| EBIT | 16.86 | — | — | reported | — | 1.00 |
| EBT | 18.41 | — | — | reported | — | 1.00 |
| Net income | 10.07 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 9.21 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 9.21 | — | — | reported | — | 1.00 |
| D&A | 3.23 | — | — | reported | — | 1.00 |
| Interest expense | 0.39 | — | — | reported | — | 0.70 |
| Shares (basic) (m units) | 1.09 | — | — | reported | — | 1.00 |
| Gross margin | 33.72% | — | — | reported | — | 0.95 |
| EBITDA margin | 12.39% | — | — | reported | — | 0.95 |
| EBIT margin | 10.4% | — | — | reported | — | 0.95 |
| EBT margin | 11.35% | — | — | reported | — | 0.90 |
| Net margin | 6.21% | — | — | reported | — | 0.95 |
| D&A margin | 1.99% | — | — | reported | — | 0.90 |
| Cash | 74.8 | — | — | reported | — | 1.00 |
| Total debt | 23.9 | — | — | derived | — | 0.80 |
| Net debt | -50.91 | — | — | derived | — | 0.80 |
| Equity | 227.09 | — | — | reported | — | 1.00 |
| Total assets | 345.44 | — | — | reported | — | 1.00 |
| Working capital | 151.04 | — | — | derived | — | 0.90 |
| Current assets | 247.99 | — | — | reported | — | 1.00 |
| Current liabilities | 96.95 | — | — | reported | — | 1.00 |
| Goodwill | 65.23 | — | — | derived | — | 0.90 |
| Tangible equity | 161.86 | — | — | derived | — | 0.80 |
| CFO | -8.75 | — | — | reported | — | 1.00 |
| CapEx | 1.12 | — | — | reported | — | 1.00 |
| FCF | -9.86 | — | — | derived | — | 0.90 |
| FCF conversion | -49.11% | — | — | reported | — | 0.85 |
| CFO conversion | -43.53% | — | — | reported | — | 0.85 |
| Current ratio | 2.56x | — | — | reported | — | 0.95 |
| Quick ratio | 2.55x | — | — | reported | — | 0.90 |
| Cash ratio | 0.77x | — | — | reported | — | 0.95 |
| Interest coverage | 43.12x | — | — | reported | — | 0.70 |
| Debt / equity | 0.11x | — | — | reported | — | 0.80 |
| Debt / assets | 0.07x | — | — | reported | — | 0.80 |
| Net debt / equity | -0.22x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | 12.45% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | 18.58% | — | — | reported | — | 0.95 |
| EBIT growth (YoY) | 23.23% | — | — | reported | — | 0.95 |
| Net income growth (YoY) | 11.27% | — | — | reported | — | 0.95 |
| EPS growth (YoY) | 11.23% | — | — | reported | — | 0.95 |
| Gross margin Δ (YoY) | 2.94 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | 0.64 pp | — | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | 0.91 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -0.07 pp | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
162.14
—
162.14
—
- Q1 2025
- —
Gross profit
54.68
—
54.68
—
- Q1 2025
- —
EBITDA
20.09
—
20.09
—
- Q1 2025
- —
EBIT
16.86
—
16.86
—
- Q1 2025
- —
EBT
18.41
—
18.41
—
- Q1 2025
- —
Net income
10.07
—
10.07
—
- Q1 2025
- —
EPS (basic)
(PLN)
9.21
—
9.21
—
- Q1 2025
- —
EPS (diluted)
(PLN)
9.21
—
9.21
—
- Q1 2025
- —
D&A
3.23
—
3.23
—
- Q1 2025
- —
Interest expense
0.39
—
0.39
—
- Q1 2025
- —
Shares (basic)
(m units)
1.09
—
1.09
—
- Q1 2025
- —
Gross margin
33.72%
—
33.72%
—
- Q1 2025
- —
EBITDA margin
12.39%
—
12.39%
—
- Q1 2025
- —
EBIT margin
10.4%
—
10.4%
—
- Q1 2025
- —
EBT margin
11.35%
—
11.35%
—
- Q1 2025
- —
Net margin
6.21%
—
6.21%
—
- Q1 2025
- —
D&A margin
1.99%
—
1.99%
—
- Q1 2025
- —
Cash
74.8
—
74.8
—
- Q1 2025
- —
Total debt
23.9
—
23.9
—
- Q1 2025
- —
Net debt
-50.91
—
-50.91
—
- Q1 2025
- —
Equity
227.09
—
227.09
—
- Q1 2025
- —
Total assets
345.44
—
345.44
—
- Q1 2025
- —
Working capital
151.04
—
151.04
—
- Q1 2025
- —
Current assets
247.99
—
247.99
—
- Q1 2025
- —
Current liabilities
96.95
—
96.95
—
- Q1 2025
- —
Goodwill
65.23
—
65.23
—
- Q1 2025
- —
Tangible equity
161.86
—
161.86
—
- Q1 2025
- —
CFO
-8.75
—
-8.75
—
- Q1 2025
- —
CapEx
1.12
—
1.12
—
- Q1 2025
- —
FCF
-9.86
—
-9.86
—
- Q1 2025
- —
FCF conversion
-49.11%
—
-49.11%
—
- Q1 2025
- —
CFO conversion
-43.53%
—
-43.53%
—
- Q1 2025
- —
Current ratio
2.56x
—
2.56x
—
- Q1 2025
- —
Quick ratio
2.55x
—
2.55x
—
- Q1 2025
- —
Cash ratio
0.77x
—
0.77x
—
- Q1 2025
- —
Interest coverage
43.12x
—
43.12x
—
- Q1 2025
- —
Debt / equity
0.11x
—
0.11x
—
- Q1 2025
- —
Debt / assets
0.07x
—
0.07x
—
- Q1 2025
- —
Net debt / equity
-0.22x
—
-0.22x
—
- Q1 2025
- —
Revenue growth (YoY)
12.45%
—
12.45%
—
- Q1 2025
- —
EBITDA growth (YoY)
18.58%
—
18.58%
—
- Q1 2025
- —
EBIT growth (YoY)
23.23%
—
23.23%
—
- Q1 2025
- —
Net income growth (YoY)
11.27%
—
11.27%
—
- Q1 2025
- —
EPS growth (YoY)
11.23%
—
11.23%
—
- Q1 2025
- —
Gross margin Δ (YoY)
2.94 pp
—
2.94 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
0.64 pp
—
0.64 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
0.91 pp
—
0.91 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-0.07 pp
—
-0.07 pp
—
- Q1 2025
- —