Q1 2026 report
Wzrost organiczny w dojrzałych segmentach (cyber_Folks +11% przychodów/+19% EBITDA, Vercom +11%/+21%) wspierany akwizycyjnym skokiem w e-commerce (+107% przychodów) po finalizacji przejęcia PrestaShop/Sylius/BitBag.
Sentiment
Positive
No guidance change
CBF
Q1 2026 report
Revenue
245.25 m PLN
— YoY
Net income
22.86 m PLN
— YoY
EBITDA
83.1 m PLN
— YoY
Net debt / EBITDA
1.77x
— YoY
Summary
Investment thesis
- Wysoka konwersja skorygowanej EBITDA na gotówkę operacyjną (ok. 77%) — CFO 64,3 mln PLN wobec skorygowanej EBITDA 83,1 mln PLN.
- Rekordowa dywidenda 38,2 mln PLN (2,50 PLN/akcję, CAGR ~46%) potwierdza siłę bilansu mimo aktywnej polityki akwizycyjnej.
- Dług netto/EBITDA wzrósł do 1,77x po sfinansowaniu PrestaShop, ale pozostaje bezpiecznie poniżej progów ostrzegawczych (3x), a wszystkie kowenanty są spełnione.
- Goodwill i wartości niematerialne stanowią już ok. 80% aktywów ogółem po serii przejęć — kluczowym ryzykiem jest skuteczność integracji, nie fundamenty operacyjne.
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Financials
BETA
CBF · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 245.25 | — | — | reported | — | 1.00 |
| EBITDA | 83.1 | — | — | adjusted | — | 1.00 |
| EBIT | 62.91 | — | — | reported | — | 1.00 |
| EBT | 50.67 | — | — | reported | — | 1.00 |
| Net income | 22.86 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.5 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 1.5 | — | — | reported | — | 1.00 |
| D&A | 16.37 | — | — | reported | — | 1.00 |
| Interest expense | 12.48 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 15.24 | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 15.26 | — | — | reported | — | 1.00 |
| EBITDA margin | 33.88% | — | — | reported | — | 0.95 |
| EBIT margin | 25.65% | — | — | reported | — | 0.95 |
| EBT margin | 20.66% | — | — | reported | — | 0.95 |
| Net margin | 9.32% | — | — | reported | — | 0.95 |
| D&A margin | 6.67% | — | — | reported | — | 0.95 |
| Cash | 146.54 | — | — | reported | — | 1.00 |
| Total debt | 703.12 | — | — | derived | — | 1.00 |
| Net debt | 556.59 | — | — | derived | — | 1.00 |
| Equity | 541.65 | — | — | reported | — | 1.00 |
| Total assets | 1,948.44 | — | — | reported | — | 1.00 |
| Working capital | -147.16 | — | — | derived | — | 1.00 |
| Current assets | 242.43 | — | — | reported | — | 1.00 |
| Current liabilities | 389.6 | — | — | reported | — | 1.00 |
| Goodwill | 1,552.59 | — | — | reported | — | 1.00 |
| Tangible equity | -1,010.94 | — | — | derived | — | 0.90 |
| CFO | 64.28 | — | — | reported | — | 1.00 |
| CapEx | 12.89 | — | — | reported | — | 1.00 |
| FCF | 51.39 | — | — | derived | — | 0.90 |
| FCF conversion | 61.84% | — | — | reported | — | 0.90 |
| CFO conversion | 77.35% | — | — | reported | — | 0.95 |
| Dividends paid | 38.16 | — | — | reported | — | 1.00 |
| Current ratio | 0.62x | — | — | reported | — | 0.95 |
| Quick ratio | 0.62x | — | — | reported | — | 0.70 |
| Cash ratio | 0.38x | — | — | reported | — | 0.95 |
| Interest coverage | 5.04x | — | — | reported | — | 0.95 |
| Net debt / EBITDA | 1.77x | — | — | reported | — | 1.00 |
| Debt / equity | 1.3x | — | — | reported | — | 0.90 |
| Debt / assets | 0.36x | — | — | reported | — | 0.90 |
| Net debt / equity | 1.03x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 28.73% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 34.47% | — | — | reported | — | 0.95 |
| EBIT growth (YoY) | 46.75% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 71.27% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | 59.57% | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
245.25
—
245.25
—
- Q1 2025
- —
EBITDA
83.1
—
83.1
—
- Q1 2025
- —
EBIT
62.91
—
62.91
—
- Q1 2025
- —
EBT
50.67
—
50.67
—
- Q1 2025
- —
Net income
22.86
—
22.86
—
- Q1 2025
- —
EPS (basic)
(PLN)
1.5
—
1.5
—
- Q1 2025
- —
EPS (diluted)
(PLN)
1.5
—
1.5
—
- Q1 2025
- —
D&A
16.37
—
16.37
—
- Q1 2025
- —
Interest expense
12.48
—
12.48
—
- Q1 2025
- —
Shares (basic)
(m units)
15.24
—
15.24
—
- Q1 2025
- —
Shares (diluted)
(m units)
15.26
—
15.26
—
- Q1 2025
- —
EBITDA margin
33.88%
—
33.88%
—
- Q1 2025
- —
EBIT margin
25.65%
—
25.65%
—
- Q1 2025
- —
EBT margin
20.66%
—
20.66%
—
- Q1 2025
- —
Net margin
9.32%
—
9.32%
—
- Q1 2025
- —
D&A margin
6.67%
—
6.67%
—
- Q1 2025
- —
Cash
146.54
—
146.54
—
- Q1 2025
- —
Total debt
703.12
—
703.12
—
- Q1 2025
- —
Net debt
556.59
—
556.59
—
- Q1 2025
- —
Equity
541.65
—
541.65
—
- Q1 2025
- —
Total assets
1,948.44
—
1,948.44
—
- Q1 2025
- —
Working capital
-147.16
—
-147.16
—
- Q1 2025
- —
Current assets
242.43
—
242.43
—
- Q1 2025
- —
Current liabilities
389.6
—
389.6
—
- Q1 2025
- —
Goodwill
1,552.59
—
1,552.59
—
- Q1 2025
- —
Tangible equity
-1,010.94
—
-1,010.94
—
- Q1 2025
- —
CFO
64.28
—
64.28
—
- Q1 2025
- —
CapEx
12.89
—
12.89
—
- Q1 2025
- —
FCF
51.39
—
51.39
—
- Q1 2025
- —
FCF conversion
61.84%
—
61.84%
—
- Q1 2025
- —
CFO conversion
77.35%
—
77.35%
—
- Q1 2025
- —
Dividends paid
38.16
—
38.16
—
- Q1 2025
- —
Current ratio
0.62x
—
0.62x
—
- Q1 2025
- —
Quick ratio
0.62x
—
0.62x
—
- Q1 2025
- —
Cash ratio
0.38x
—
0.38x
—
- Q1 2025
- —
Interest coverage
5.04x
—
5.04x
—
- Q1 2025
- —
Net debt / EBITDA
1.77x
—
1.77x
—
- Q1 2025
- —
Debt / equity
1.3x
—
1.3x
—
- Q1 2025
- —
Debt / assets
0.36x
—
0.36x
—
- Q1 2025
- —
Net debt / equity
1.03x
—
1.03x
—
- Q1 2025
- —
Revenue growth (YoY)
28.73%
—
28.73%
—
- Q1 2025
- —
EBITDA growth (YoY)
34.47%
—
34.47%
—
- Q1 2025
- —
EBIT growth (YoY)
46.75%
—
46.75%
—
- Q1 2025
- —
Net income growth (YoY)
71.27%
—
71.27%
—
- Q1 2025
- —
EPS growth (YoY)
59.57%
—
59.57%
—
- Q1 2025
- —