PCX PCC EXOL Giełda Papierów Wartościowych w Warszawie · quarterly · publ. May 20, 2026

Q1 2026 report

Przychody praktycznie płaskie r/r (-1,9%), ale koszty sprzedaży (+14,8%) i SG&A (+2,3%) rosną szybciej, ścinając marżę brutto z 17,3% do 15,3%

Sentiment

Cautious No guidance change

Website

PCX Q1 2026 report

Revenue

284,397 k PLN

— YoY

Net income

7,048 k PLN

— YoY

EBITDA

17,794 k PLN

— YoY

Gross margin

15.34%

— YoY

Summary

Investment thesis

Dług netto/EBITDA wzrósł do 3,4x z 3,1x na koniec 2025 r., wciąż w granicach kowenantu 4,0x, ale z mniejszym zapasem
Jakość zysku jest wysoka — OCF (20,6 mln zł) solidnie przewyższa EBITDA, konwersja gotówkowa ok. 116%
Duży odpływ inwestycyjny (20,6 mln zł) to w większości (19 mln zł) dokapitalizowanie budowy nowego zakładu PCC BD w Brzegu Dolnym, nie bieżący CAPEX
Presja kosztowa na surowce petrochemiczne narasta od marca 2026 w związku z wojną na Bliskim Wschodzie — pełny efekt widoczny dopiero w II kwartale

Read the full analysis

Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.

Financials

BETA

Q1 2026

PCX · Q1 2026

Metric	Q1 2026	Q1 2025	Δ YoY	Value type	Segment	Conf.

Revenue	284,397	—	—	reported	—	1.00
Gross profit	43,620	—	—	reported	—	1.00
EBITDA	17,794	—	—	reported	—	1.00
EBIT	12,237	—	—	reported	—	1.00
EBT	7,744	—	—	reported	—	1.00
Net income	7,048	—	—	reported	—	1.00
EPS (basic) (PLN)	0.04	—	—	reported	—	1.00
D&A	5,557	—	—	reported	—	1.00
Interest expense	4,633	—	—	reported	—	0.90
Shares (basic) (m units)	174.14	—	—	reported	—	1.00

Gross margin	15.34%	—	—	reported	—	0.95
EBITDA margin	6.26%	—	—	reported	—	0.95
EBIT margin	4.3%	—	—	reported	—	0.95
Net margin	2.48%	—	—	reported	—	0.95

Cash	18,299	—	—	reported	—	1.00
Total debt	281,063	—	—	derived	—	0.95
Net debt	262,764	—	—	reported	—	1.00
Equity	514,575	—	—	reported	—	1.00
Total assets	1,014,363	—	—	reported	—	1.00
Working capital	55,780	—	—	derived	—	0.95
Current assets	322,376	—	—	reported	—	1.00
Current liabilities	266,596	—	—	reported	—	1.00
Goodwill	205,259	—	—	reported	—	0.85

CFO	20,633	—	—	reported	—	1.00
CapEx	1,796	—	—	reported	—	0.90
FCF	18,837	—	—	derived	—	0.85
FCF conversion	105.86%	—	—	reported	—	0.80
CFO conversion	115.96%	—	—	reported	—	0.90

Current ratio	1.21x	—	—	reported	—	0.95
Quick ratio	0.79x	—	—	reported	—	0.90
Cash ratio	0.07x	—	—	reported	—	0.90

Net debt / EBITDA	3.4x	—	—	reported	—	1.00
Debt / equity	0.55x	—	—	reported	—	0.90
Net debt / equity	0.51x	—	—	reported	—	0.90

Revenue growth (YoY)	-1.93%	—	—	reported	—	0.95
EBITDA growth (YoY)	-22.8%	—	—	reported	—	0.95
EBIT growth (YoY)	-34.46%	—	—	reported	—	0.95
Net income growth (YoY)	-38.31%	—	—	reported	—	0.95
EPS growth (YoY)	-38.31%	—	—	reported	—	0.85
Gross margin Δ (YoY)	-1.94 pp	—	—	reported	—	0.90
EBITDA margin Δ (YoY)	-1.69 pp	—	—	reported	—	0.90
EBIT margin Δ (YoY)	-2.13 pp	—	—	reported	—	0.90
Net margin Δ (YoY)	-1.46 pp	—	—	reported	—	0.90

Q1 2026 · Δ YoY

Revenue

284,397 —

Q1 2025: —

Gross profit

43,620 —

Q1 2025: —

EBITDA

17,794 —

Q1 2025: —

EBIT

12,237 —

Q1 2025: —

EBT

7,744 —

Q1 2025: —

Net income

7,048 —

Q1 2025: —

EPS (basic) (PLN)

0.04 —

Q1 2025: —

D&A

5,557 —

Q1 2025: —

Interest expense

4,633 —

Q1 2025: —

Shares (basic) (m units)

174.14 —

Q1 2025: —

Gross margin

15.34% —

Q1 2025: —

EBITDA margin

6.26% —

Q1 2025: —

EBIT margin

4.3% —

Q1 2025: —

Net margin

2.48% —

Q1 2025: —

Cash

18,299 —

Q1 2025: —

Total debt

281,063 —

Q1 2025: —

Net debt

262,764 —

Q1 2025: —

Equity

514,575 —

Q1 2025: —

Total assets

1,014,363 —

Q1 2025: —

Working capital

55,780 —

Q1 2025: —

Current assets

322,376 —

Q1 2025: —

Current liabilities

266,596 —

Q1 2025: —

Goodwill

205,259 —

Q1 2025: —

CFO

20,633 —

Q1 2025: —

CapEx

1,796 —

Q1 2025: —

FCF

18,837 —

Q1 2025: —

FCF conversion

105.86% —

Q1 2025: —

CFO conversion

115.96% —

Q1 2025: —

Current ratio

1.21x —

Q1 2025: —

Quick ratio

0.79x —

Q1 2025: —

Cash ratio

0.07x —

Q1 2025: —

Net debt / EBITDA

3.4x —

Q1 2025: —

Debt / equity

0.55x —

Q1 2025: —

Net debt / equity

0.51x —

Q1 2025: —

Revenue growth (YoY)

-1.93% —

Q1 2025: —

EBITDA growth (YoY)

-22.8% —

Q1 2025: —

EBIT growth (YoY)

-34.46% —

Q1 2025: —

Net income growth (YoY)

-38.31% —

Q1 2025: —

EPS growth (YoY)

-38.31% —

Q1 2025: —

Gross margin Δ (YoY)

-1.94 pp —

Q1 2025: —

EBITDA margin Δ (YoY)

-1.69 pp —

Q1 2025: —

EBIT margin Δ (YoY)

-2.13 pp —

Q1 2025: —

Net margin Δ (YoY)

-1.46 pp —

Q1 2025: —