Q1 2026 report
Przychody i zysk netto spadły odpowiednio o 56,9% i 68,4% r/r, ale to głównie efekt niższego wolumenu przekazanych lokali w kwartale, nie słabnącego popytu
Sentiment
Neutral
No guidance change
MUR
Q1 2026 report
Revenue
330.55 m PLN
— YoY
Net income
68.61 m PLN
— YoY
EBITDA
86.44 m PLN
— YoY
Gross margin
30.22%
— YoY
Summary
Investment thesis
- Zobowiązania z tytułu umów z klientami (zaliczki od nabywców) wzrosły o 21,7% od początku roku, a przyszłe przychody z podpisanych umów sprzedaży lokali wzrosły do 1,358 mld zł (+18% od 31.12.2025) — silny backlog przedsprzedaży
- OCF ujemny w kwartale (-10,0 mln zł) to efekt dużego wzrostu zapasów (inwestycji w budowę) finansowanego zaliczkami klientów, nie oznaka problemów operacyjnych
- Dług netto do kapitału własnego na poziomie ok. 0,72x — podwyższona, ale typowa dla dużego dewelopera z rozbudowanym portfelem projektów dźwignia
- Warunkowe zobowiązanie sporne o wartości 191,6 mln zł (pozew z lutego 2025) pozostaje nieobjęte rezerwą — czynnik ryzyka do monitorowania
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Financials
BETA
MUR · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 330.55 | — | — | reported | — | 1.00 |
| Gross profit | 113.47 | — | — | reported | — | 1.00 |
| EBITDA | 86.44 | — | — | derived | — | 0.90 |
| EBIT | 85 | — | — | reported | — | 1.00 |
| EBT | 26.76 | — | — | reported | — | 1.00 |
| Net income | 68.61 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.68 | — | — | reported | — | 1.00 |
| D&A | 1.26 | — | — | reported | — | 1.00 |
| Interest expense | 1.31 | — | — | reported | — | 0.90 |
| Shares (basic) (m units) | 40.8 | — | — | reported | — | 1.00 |
| Gross margin | 30.22% | — | — | reported | — | 0.90 |
| EBITDA margin | 16.48% | — | — | reported | — | 0.85 |
| EBIT margin | 15.6% | — | — | reported | — | 0.90 |
| Net margin | 15.21% | — | — | reported | — | 0.90 |
| Cash | 241.68 | — | — | reported | — | 1.00 |
| Total debt | 895.13 | — | — | reported | — | 1.00 |
| Net debt | 480.17 | — | — | derived | — | 0.85 |
| Equity | 662.35 | — | — | reported | — | 1.00 |
| Total assets | 2,565.57 | — | — | reported | — | 1.00 |
| Working capital | 1,278.05 | — | — | derived | — | 0.90 |
| Current assets | 2,470.57 | — | — | reported | — | 1.00 |
| Current liabilities | 1,192.52 | — | — | reported | — | 1.00 |
| Goodwill | 2.41 | — | — | reported | — | 0.80 |
| CFO | 16.54 | — | — | reported | — | 1.00 |
| CapEx | 0.19 | — | — | reported | — | 1.00 |
| FCF | 16.35 | — | — | derived | — | 0.90 |
| FCF conversion | -43.19% | — | — | reported | — | 0.70 |
| CFO conversion | -42.78% | — | — | reported | — | 0.70 |
| Dividends paid | 0 | — | — | reported | — | 0.90 |
| Current ratio | 2.07x | — | — | reported | — | 0.90 |
| Quick ratio | 0.4x | — | — | reported | — | 0.85 |
| Cash ratio | 0.2x | — | — | reported | — | 0.90 |
| Interest coverage | 16.97x | — | — | reported | — | 0.70 |
| Debt / equity | 1.09x | — | — | reported | — | 0.85 |
| Debt / assets | 0.28x | — | — | reported | — | 0.85 |
| Net debt / equity | 0.72x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | -56.95% | — | — | reported | — | 0.90 |
| EBITDA growth (YoY) | -72.87% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | -73.89% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -68.45% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | -68.45% | — | — | reported | — | 0.90 |
| FCF growth (YoY) | -161.95% | — | — | reported | — | 0.60 |
| Gross margin Δ (YoY) | -4.12 pp | — | — | reported | — | 0.85 |
| EBITDA margin Δ (YoY) | -9.68 pp | — | — | reported | — | 0.80 |
| EBIT margin Δ (YoY) | -10.12 pp | — | — | reported | — | 0.85 |
| Net margin Δ (YoY) | -5.55 pp | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
330.55
—
330.55
—
- Q1 2025
- —
Gross profit
113.47
—
113.47
—
- Q1 2025
- —
EBITDA
86.44
—
86.44
—
- Q1 2025
- —
EBIT
85
—
85
—
- Q1 2025
- —
EBT
26.76
—
26.76
—
- Q1 2025
- —
Net income
68.61
—
68.61
—
- Q1 2025
- —
EPS (basic)
(PLN)
1.68
—
1.68
—
- Q1 2025
- —
D&A
1.26
—
1.26
—
- Q1 2025
- —
Interest expense
1.31
—
1.31
—
- Q1 2025
- —
Shares (basic)
(m units)
40.8
—
40.8
—
- Q1 2025
- —
Gross margin
30.22%
—
30.22%
—
- Q1 2025
- —
EBITDA margin
16.48%
—
16.48%
—
- Q1 2025
- —
EBIT margin
15.6%
—
15.6%
—
- Q1 2025
- —
Net margin
15.21%
—
15.21%
—
- Q1 2025
- —
Cash
241.68
—
241.68
—
- Q1 2025
- —
Total debt
895.13
—
895.13
—
- Q1 2025
- —
Net debt
480.17
—
480.17
—
- Q1 2025
- —
Equity
662.35
—
662.35
—
- Q1 2025
- —
Total assets
2,565.57
—
2,565.57
—
- Q1 2025
- —
Working capital
1,278.05
—
1,278.05
—
- Q1 2025
- —
Current assets
2,470.57
—
2,470.57
—
- Q1 2025
- —
Current liabilities
1,192.52
—
1,192.52
—
- Q1 2025
- —
Goodwill
2.41
—
2.41
—
- Q1 2025
- —
CFO
16.54
—
16.54
—
- Q1 2025
- —
CapEx
0.19
—
0.19
—
- Q1 2025
- —
FCF
16.35
—
16.35
—
- Q1 2025
- —
FCF conversion
-43.19%
—
-43.19%
—
- Q1 2025
- —
CFO conversion
-42.78%
—
-42.78%
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Current ratio
2.07x
—
2.07x
—
- Q1 2025
- —
Quick ratio
0.4x
—
0.4x
—
- Q1 2025
- —
Cash ratio
0.2x
—
0.2x
—
- Q1 2025
- —
Interest coverage
16.97x
—
16.97x
—
- Q1 2025
- —
Debt / equity
1.09x
—
1.09x
—
- Q1 2025
- —
Debt / assets
0.28x
—
0.28x
—
- Q1 2025
- —
Net debt / equity
0.72x
—
0.72x
—
- Q1 2025
- —
Revenue growth (YoY)
-56.95%
—
-56.95%
—
- Q1 2025
- —
EBITDA growth (YoY)
-72.87%
—
-72.87%
—
- Q1 2025
- —
EBIT growth (YoY)
-73.89%
—
-73.89%
—
- Q1 2025
- —
Net income growth (YoY)
-68.45%
—
-68.45%
—
- Q1 2025
- —
EPS growth (YoY)
-68.45%
—
-68.45%
—
- Q1 2025
- —
FCF growth (YoY)
-161.95%
—
-161.95%
—
- Q1 2025
- —
Gross margin Δ (YoY)
-4.12 pp
—
-4.12 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-9.68 pp
—
-9.68 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-10.12 pp
—
-10.12 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-5.55 pp
—
-5.55 pp
—
- Q1 2025
- —