Q1 2026 report
Przychody Grupy INTROL wzrosły o 22,8% r/r do 162,4 mln zł, głównie dzięki segmentowi usług AKPiA/elektrycznych/instalacyjnych (+47,3% r/r), którego udział w sprzedaży wzrósł do 45%.
Sentiment
Neutral
No guidance change
INL
Q1 2026 report
Revenue
162,416 k PLN
— YoY
Net income
3,705 k PLN
— YoY
EBITDA
9,692 k PLN
— YoY
Gross margin
18.68%
— YoY
Summary
Investment thesis
- Zysk netto podwoił się r/r (3,7 mln zł vs 1,8 mln zł), ale EBITDA rosła znacznie wolniej (+11,7%), a marża EBITDA spadła o 0,6 p.p. do 6,0% — poprawa wyniku netto to głównie efekt niższych kosztów finansowych, nie operacyjnej dźwigni.
- Bilans pozostaje bezpieczny: dług netto/EBITDA 0,81x, wskaźnik płynności bieżącej 1,34, spółka dysponuje niewykorzystanymi limitami kredytowymi i faktoringowymi rzędu ~85 mln zł.
- OCF spadł o 23,1% r/r do 7,3 mln zł mimo wyższego zysku netto — spółka „zjadła” część korzystnej zmiany kapitału obrotowego z zeszłego roku (rok temu jednorazowo silny spływ należności).
- Akcjonariat wysoce skoncentrowany — dwaj główni akcjonariusze (Kapral/WEKA i Bodziony/Svanser) kontrolują łącznie ok. 81% głosów, free float ograniczony do ~19%.
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Financials
BETA
INL · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 162,416 | — | — | reported | — | 1.00 |
| Gross profit | 30,329 | — | — | reported | — | 1.00 |
| EBITDA | 9,692 | — | — | reported | — | 0.95 |
| EBIT | 5,172 | — | — | reported | — | 1.00 |
| EBT | 4,320 | — | — | reported | — | 1.00 |
| Net income | 3,705 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.11 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.11 | — | — | reported | — | 1.00 |
| D&A | 4,520 | — | — | reported | — | 1.00 |
| Interest expense | 1,623 | — | — | reported | — | 0.90 |
| Shares (basic) (units) | 25,704,018 | — | — | reported | — | 1.00 |
| Shares (diluted) (units) | 25,704,018 | — | — | reported | — | 1.00 |
| Gross margin | 18.68% | — | — | reported | — | 0.95 |
| EBITDA margin | 5.97% | — | — | reported | — | 0.90 |
| EBIT margin | 3.18% | — | — | reported | — | 0.95 |
| Net margin | 2.28% | — | — | reported | — | 0.95 |
| Cash | 48,859 | — | — | reported | — | 1.00 |
| Total debt | 93,532 | — | — | reported | — | 0.90 |
| Net debt | 44,673 | — | — | reported | — | 0.95 |
| Equity | 190,354 | — | — | reported | — | 1.00 |
| Total assets | 471,512 | — | — | reported | — | 1.00 |
| Current assets | 288,430 | — | — | reported | — | 1.00 |
| Current liabilities | 214,702 | — | — | reported | — | 1.00 |
| CFO | 7,275 | — | — | reported | — | 1.00 |
| CapEx | 1,383 | — | — | reported | — | 1.00 |
| FCF (k PLN thousands) | 5,892 | — | — | reported | — | 0.90 |
| ROE | 13.6% | — | — | reported | — | 0.90 |
| ROA | 5.5% | — | — | reported | — | 0.90 |
| Current ratio | 1.34x | — | — | reported | — | 0.95 |
| Quick ratio | 1.08x | — | — | reported | — | 0.95 |
| Net debt / EBITDA | 0.81x | — | — | reported | — | 0.95 |
| Debt / equity | 0.49x | — | — | reported | — | 0.75 |
| Revenue growth (YoY) | 22.8% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | 11.7% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | 21.6% | — | — | reported | — | 0.95 |
| Net income growth (YoY) | 105.9% | — | — | reported | — | 0.95 |
| EPS growth (YoY) | 120% | — | — | reported | — | 0.90 |
| Gross margin Δ (YoY) | -0.1 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | -0.6 pp | — | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | 0 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | 0.9 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
162,416
—
162,416
—
- Q1 2025
- —
Gross profit
30,329
—
30,329
—
- Q1 2025
- —
EBITDA
9,692
—
9,692
—
- Q1 2025
- —
EBIT
5,172
—
5,172
—
- Q1 2025
- —
EBT
4,320
—
4,320
—
- Q1 2025
- —
Net income
3,705
—
3,705
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.11
—
0.11
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.11
—
0.11
—
- Q1 2025
- —
D&A
4,520
—
4,520
—
- Q1 2025
- —
Interest expense
1,623
—
1,623
—
- Q1 2025
- —
Shares (basic)
(units)
25,704,018
—
25,704,018
—
- Q1 2025
- —
Shares (diluted)
(units)
25,704,018
—
25,704,018
—
- Q1 2025
- —
Gross margin
18.68%
—
18.68%
—
- Q1 2025
- —
EBITDA margin
5.97%
—
5.97%
—
- Q1 2025
- —
EBIT margin
3.18%
—
3.18%
—
- Q1 2025
- —
Net margin
2.28%
—
2.28%
—
- Q1 2025
- —
Cash
48,859
—
48,859
—
- Q1 2025
- —
Total debt
93,532
—
93,532
—
- Q1 2025
- —
Net debt
44,673
—
44,673
—
- Q1 2025
- —
Equity
190,354
—
190,354
—
- Q1 2025
- —
Total assets
471,512
—
471,512
—
- Q1 2025
- —
Current assets
288,430
—
288,430
—
- Q1 2025
- —
Current liabilities
214,702
—
214,702
—
- Q1 2025
- —
CFO
7,275
—
7,275
—
- Q1 2025
- —
CapEx
1,383
—
1,383
—
- Q1 2025
- —
FCF
(k PLN thousands)
5,892
—
5,892
—
- Q1 2025
- —
ROE
13.6%
—
13.6%
—
- Q1 2025
- —
ROA
5.5%
—
5.5%
—
- Q1 2025
- —
Current ratio
1.34x
—
1.34x
—
- Q1 2025
- —
Quick ratio
1.08x
—
1.08x
—
- Q1 2025
- —
Net debt / EBITDA
0.81x
—
0.81x
—
- Q1 2025
- —
Debt / equity
0.49x
—
0.49x
—
- Q1 2025
- —
Revenue growth (YoY)
22.8%
—
22.8%
—
- Q1 2025
- —
EBITDA growth (YoY)
11.7%
—
11.7%
—
- Q1 2025
- —
EBIT growth (YoY)
21.6%
—
21.6%
—
- Q1 2025
- —
Net income growth (YoY)
105.9%
—
105.9%
—
- Q1 2025
- —
EPS growth (YoY)
120%
—
120%
—
- Q1 2025
- —
Gross margin Δ (YoY)
-0.1 pp
—
-0.1 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-0.6 pp
—
-0.6 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
0 pp
—
0 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
0.9 pp
—
0.9 pp
—
- Q1 2025
- —