Q1 2026 report
Nagłówkowy spadek przychodów o 42,7% r/r to w większości efekt księgowy — utrata kontroli nad Foxytech (liczniki energii, klient Tauron Dystrybucja) od lipca 2025 r.; na bazie porównywalnej bez Foxytech przychody spadły jedynie o 2,8% r/r.
Sentiment
Neutral
No guidance change
SON
Q1 2026 report
Revenue
38,312 k PLN
— YoY
Net income
3,111 k PLN
— YoY
EBITDA
7,242 k PLN
— YoY
Gross margin
27.78%
— YoY
Summary
Investment thesis
- Mimo że nieskorygowane dane sugerują poprawę marż, na bazie porównywalnej (pro forma bez Foxytech) marża EBIT spadła z 12,4% do 11,2%, a marża netto przypadająca akcjonariuszom dominującym z 10,6% do 8,1% — realna rentowność się skurczyła.
- Rdzeń biznesu (mierniki elektryczne) rośnie skromnie, ale stabilnie: +5,2% r/r w kraju, +12,8% r/r eksport do UE (baza porównywalna); ciągnie w dół segment usług montażu kontraktowego (-42% r/r).
- Stowarzyszona spółka Foxytech (40% udziałów Sonel) odnotowała w I kw. 2026 r. istotną stratę, obciążając wynik Grupy metodą praw własności kwotą -491 tys. zł, wobec +456 tys. zł zysku rok wcześniej (baza porównywalna).
- Bilans praktycznie bezdłużny (0 zł kredytów bankowych, pozycja gotówki netto -18,4 mln zł), ale OCF w kwartale spadł niemal do zera, a FCF było ujemne — słaba konwersja zysku na gotówkę.
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Financials
BETA
SON · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 38,312 | — | — | reported | — | 1.00 |
| Gross profit | 10,643 | — | — | reported | — | 1.00 |
| EBITDA | 7,242 | — | — | derived | — | 0.85 |
| EBIT | 4,308 | — | — | reported | — | 1.00 |
| EBT | 3,846 | — | — | reported | — | 1.00 |
| Net income | 3,111 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.22 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.22 | — | — | reported | — | 1.00 |
| D&A | 2,934 | — | — | reported | — | 1.00 |
| Interest expense | 179 | — | — | reported | — | 0.90 |
| Shares (basic) (units) | 14,000,000 | — | — | reported | — | 1.00 |
| Shares (diluted) (units) | 14,000,000 | — | — | reported | — | 1.00 |
| Gross margin | 27.78% | — | — | reported | — | 0.95 |
| EBITDA margin | 18.9% | — | — | reported | — | 0.80 |
| EBIT margin | 11.24% | — | — | reported | — | 0.95 |
| Net margin | 8.12% | — | — | reported | — | 0.95 |
| Cash | 19,947 | — | — | reported | — | 1.00 |
| Total debt | 1,519 | — | — | reported | — | 0.90 |
| Net debt | -18,428 | — | — | derived | — | 0.85 |
| Equity | 123,170 | — | — | reported | — | 1.00 |
| Total assets | 152,010 | — | — | reported | — | 1.00 |
| Current assets | 87,300 | — | — | reported | — | 1.00 |
| Current liabilities | 23,939 | — | — | reported | — | 1.00 |
| CFO | 2,792 | — | — | reported | — | 0.95 |
| CapEx | 2,899 | — | — | reported | — | 1.00 |
| FCF (k PLN thousands) | -107 | — | — | reported | — | 0.90 |
| Current ratio | 3.65x | — | — | derived | — | 0.90 |
| Quick ratio | 1.91x | — | — | derived | — | 0.90 |
| Debt / equity | 0.01x | — | — | reported | — | 0.75 |
| Revenue growth (YoY) | -2.8% | — | — | reported | — | 0.80 |
| EBIT growth (YoY) | -12.2% | — | — | reported | — | 0.75 |
| Net income growth (YoY) | -25.3% | — | — | reported | — | 0.75 |
| EPS growth (YoY) | -26.7% | — | — | reported | — | 0.85 |
| Gross margin Δ (YoY) | 0.7 pp | — | — | reported | — | 0.75 |
| EBIT margin Δ (YoY) | -1.2 pp | — | — | reported | — | 0.75 |
| Net margin Δ (YoY) | -2.4 pp | — | — | reported | — | 0.75 |
Q1 2026 · Δ YoY
Revenue
38,312
—
38,312
—
- Q1 2025
- —
Gross profit
10,643
—
10,643
—
- Q1 2025
- —
EBITDA
7,242
—
7,242
—
- Q1 2025
- —
EBIT
4,308
—
4,308
—
- Q1 2025
- —
EBT
3,846
—
3,846
—
- Q1 2025
- —
Net income
3,111
—
3,111
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.22
—
0.22
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.22
—
0.22
—
- Q1 2025
- —
D&A
2,934
—
2,934
—
- Q1 2025
- —
Interest expense
179
—
179
—
- Q1 2025
- —
Shares (basic)
(units)
14,000,000
—
14,000,000
—
- Q1 2025
- —
Shares (diluted)
(units)
14,000,000
—
14,000,000
—
- Q1 2025
- —
Gross margin
27.78%
—
27.78%
—
- Q1 2025
- —
EBITDA margin
18.9%
—
18.9%
—
- Q1 2025
- —
EBIT margin
11.24%
—
11.24%
—
- Q1 2025
- —
Net margin
8.12%
—
8.12%
—
- Q1 2025
- —
Cash
19,947
—
19,947
—
- Q1 2025
- —
Total debt
1,519
—
1,519
—
- Q1 2025
- —
Net debt
-18,428
—
-18,428
—
- Q1 2025
- —
Equity
123,170
—
123,170
—
- Q1 2025
- —
Total assets
152,010
—
152,010
—
- Q1 2025
- —
Current assets
87,300
—
87,300
—
- Q1 2025
- —
Current liabilities
23,939
—
23,939
—
- Q1 2025
- —
CFO
2,792
—
2,792
—
- Q1 2025
- —
CapEx
2,899
—
2,899
—
- Q1 2025
- —
FCF
(k PLN thousands)
-107
—
-107
—
- Q1 2025
- —
Current ratio
3.65x
—
3.65x
—
- Q1 2025
- —
Quick ratio
1.91x
—
1.91x
—
- Q1 2025
- —
Debt / equity
0.01x
—
0.01x
—
- Q1 2025
- —
Revenue growth (YoY)
-2.8%
—
-2.8%
—
- Q1 2025
- —
EBIT growth (YoY)
-12.2%
—
-12.2%
—
- Q1 2025
- —
Net income growth (YoY)
-25.3%
—
-25.3%
—
- Q1 2025
- —
EPS growth (YoY)
-26.7%
—
-26.7%
—
- Q1 2025
- —
Gross margin Δ (YoY)
0.7 pp
—
0.7 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-1.2 pp
—
-1.2 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-2.4 pp
—
-2.4 pp
—
- Q1 2025
- —