Q1 2026 report
Wyniki I kwartału zmieściły się w opublikowanym wcześniej przedziale szacunkowym (przychody 78-82 mln PLN, marża EBITDA 13-16%), ale r/r widać wyraźne pogorszenie: przychody -11% do 81,1 mln PLN, EBITDA -24% (bez programu motywacyjnego) do 11,3 mln PLN.
Sentiment
Neutral
No guidance change
SLV
Q1 2026 report
Revenue
75.96 m PLN
— YoY
Net income
-5.45 m PLN
— YoY
EBITDA
11.21 m PLN
— YoY
FCF
5.24 m PLN
— YoY
Summary
Investment thesis
- Spadek napędza Segment Odkrywania Leków (-18% r/r) — klienci biotechnologiczni wydłużają procesy kontraktacji, a backlog segmentu jest pod presją konkurencji azjatyckiej, szczególnie w chemii.
- Segment Rozwoju Leków rośnie stabilnie (+6% r/r, marża EBITDA 27%), a nieskonsolidowany Ardigen odwrócił trend ze straty do zysku operacyjnego.
- Mimo księgowej straty netto -5,4 mln PLN (w tym ok. -2,5 mln PLN z wyceny FX zobowiązań w EUR) Grupa wygenerowała dodatnie przepływy operacyjne (+9,2 mln PLN) i wolne przepływy pieniężne (+5,2 mln PLN) — jakość zysku/gotówki nie budzi obaw.
- Program optymalizacji kosztowej w Segmencie Odkrywania Leków (docelowo ok. 27 mln PLN oszczędności rocznie) ma narastać w kolejnych kwartałach 2026 r., co powinno wspierać marże w drugiej połowie roku.
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Financials
BETA
SLV · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 75.96 | — | — | reported | — | 1.00 |
| EBITDA | 11.21 | — | — | reported | — | 1.00 |
| EBIT | -1.79 | — | — | reported | — | 1.00 |
| EBT | -5.58 | — | — | reported | — | 1.00 |
| Net income | -5.45 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.3 | — | — | reported | — | 1.00 |
| D&A | 12.99 | — | — | reported | — | 1.00 |
| Interest expense | 2.45 | — | — | derived | — | 0.85 |
| Shares (basic) (m units) | 18.36 | — | — | reported | — | 1.00 |
| EBITDA margin | 14.75% | — | — | reported | — | 0.90 |
| EBIT margin | -2.35% | — | — | reported | — | 0.90 |
| Net margin | -7.17% | — | — | reported | — | 0.90 |
| Cash | 19.89 | — | — | reported | — | 1.00 |
| Total debt | 167.93 | — | — | derived | — | 0.85 |
| Net debt | 148.04 | — | — | derived | — | 0.85 |
| Equity | 317.1 | — | — | reported | — | 1.00 |
| Total assets | 584.11 | — | — | reported | — | 1.00 |
| Working capital | -0.27 | — | — | derived | — | 0.90 |
| Current assets | 120.5 | — | — | reported | — | 1.00 |
| Current liabilities | 120.77 | — | — | reported | — | 1.00 |
| Goodwill | 113.91 | — | — | derived | — | 0.90 |
| Tangible equity | 203.18 | — | — | derived | — | 0.85 |
| CFO | 9.17 | — | — | reported | — | 1.00 |
| CapEx | 3.94 | — | — | reported | — | 1.00 |
| FCF | 5.24 | — | — | derived | — | 0.95 |
| FCF conversion | 46.71% | — | — | reported | — | 0.90 |
| CFO conversion | 81.85% | — | — | reported | — | 0.90 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| ROE | -1.15% | — | — | reported | — | 0.60 |
| Current ratio | 1.12x | — | — | reported | — | 0.90 |
| Quick ratio | 1.03x | — | — | reported | — | 0.90 |
| Cash ratio | 0.16x | — | — | reported | — | 0.90 |
| Interest coverage | -0.73x | — | — | reported | — | 0.75 |
| Debt / equity | 0.53x | — | — | reported | — | 0.80 |
| Debt / assets | 0.29x | — | — | reported | — | 0.80 |
| Net debt / equity | 0.47x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | -15.86% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | -20.67% | — | — | reported | — | 0.95 |
| EBIT growth (YoY) | -744.76% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -452.64% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | -500% | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | -0.9 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | -2.66 pp | — | — | reported | — | 0.85 |
| Net margin Δ (YoY) | -6.08 pp | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
75.96
—
75.96
—
- Q1 2025
- —
EBITDA
11.21
—
11.21
—
- Q1 2025
- —
EBIT
-1.79
—
-1.79
—
- Q1 2025
- —
EBT
-5.58
—
-5.58
—
- Q1 2025
- —
Net income
-5.45
—
-5.45
—
- Q1 2025
- —
EPS (basic)
(PLN)
-0.3
—
-0.3
—
- Q1 2025
- —
D&A
12.99
—
12.99
—
- Q1 2025
- —
Interest expense
2.45
—
2.45
—
- Q1 2025
- —
Shares (basic)
(m units)
18.36
—
18.36
—
- Q1 2025
- —
EBITDA margin
14.75%
—
14.75%
—
- Q1 2025
- —
EBIT margin
-2.35%
—
-2.35%
—
- Q1 2025
- —
Net margin
-7.17%
—
-7.17%
—
- Q1 2025
- —
Cash
19.89
—
19.89
—
- Q1 2025
- —
Total debt
167.93
—
167.93
—
- Q1 2025
- —
Net debt
148.04
—
148.04
—
- Q1 2025
- —
Equity
317.1
—
317.1
—
- Q1 2025
- —
Total assets
584.11
—
584.11
—
- Q1 2025
- —
Working capital
-0.27
—
-0.27
—
- Q1 2025
- —
Current assets
120.5
—
120.5
—
- Q1 2025
- —
Current liabilities
120.77
—
120.77
—
- Q1 2025
- —
Goodwill
113.91
—
113.91
—
- Q1 2025
- —
Tangible equity
203.18
—
203.18
—
- Q1 2025
- —
CFO
9.17
—
9.17
—
- Q1 2025
- —
CapEx
3.94
—
3.94
—
- Q1 2025
- —
FCF
5.24
—
5.24
—
- Q1 2025
- —
FCF conversion
46.71%
—
46.71%
—
- Q1 2025
- —
CFO conversion
81.85%
—
81.85%
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
ROE
-1.15%
—
-1.15%
—
- Q1 2025
- —
Current ratio
1.12x
—
1.12x
—
- Q1 2025
- —
Quick ratio
1.03x
—
1.03x
—
- Q1 2025
- —
Cash ratio
0.16x
—
0.16x
—
- Q1 2025
- —
Interest coverage
-0.73x
—
-0.73x
—
- Q1 2025
- —
Debt / equity
0.53x
—
0.53x
—
- Q1 2025
- —
Debt / assets
0.29x
—
0.29x
—
- Q1 2025
- —
Net debt / equity
0.47x
—
0.47x
—
- Q1 2025
- —
Revenue growth (YoY)
-15.86%
—
-15.86%
—
- Q1 2025
- —
EBITDA growth (YoY)
-20.67%
—
-20.67%
—
- Q1 2025
- —
EBIT growth (YoY)
-744.76%
—
-744.76%
—
- Q1 2025
- —
Net income growth (YoY)
-452.64%
—
-452.64%
—
- Q1 2025
- —
EPS growth (YoY)
-500%
—
-500%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-0.9 pp
—
-0.9 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-2.66 pp
—
-2.66 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-6.08 pp
—
-6.08 pp
—
- Q1 2025
- —