Q1 2026 report
Przychody spadły o 51% r/r wyłącznie z powodu zakończenia dużego kontraktu FSRU dla Gaz-System S.A. w IV kw. 2025 - to efekt bazy, nie strukturalne pogorszenie popytu.
Sentiment
Neutral
No guidance change
IZS
Q1 2026 report
Revenue
162,673 k PLN
— YoY
Net income
16,137 k PLN
— YoY
EBITDA
7,941 k PLN
— YoY
Gross margin
10.67%
— YoY
Summary
Investment thesis
- Zysk netto (+396% r/r) jest silnie zniekształcony przez jednorazowy, niegotówkowy zysk na okazyjnym nabyciu Proma Sp. z o.o. w kwocie 13,1 mln zł - bez tej pozycji dynamika zysku byłaby ujemna, zbliżona do EBIT.
- Marża brutto na sprzedaży poprawiła się mimo niższych wolumenów (10,7% vs 8,3% r/r), co sugeruje korzystniejszy miks kontraktowy poza megaprojektem Gaz-System.
- Bilans pozostaje bezpieczny: current ratio 1,35x, dług netto/kapitał własny ok. 0,27x, spółka spłaciła netto 59,3 mln zł kredytów bankowych w kwartale.
- Portfel zamówień ok. 215 mln zł na najbliższe 6 miesięcy oraz sprzyjające otoczenie regulacyjne (CBAM, planowane cło na stal spoza UE) wspierają perspektywy przychodowe, ale bez gwarancji utrzymania skali kontraktów Gaz-System.
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Financials
BETA
IZS · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 162,673 | — | — | reported | — | 1.00 |
| Gross profit | 17,357 | — | — | reported | — | 1.00 |
| EBITDA | 7,941 | — | — | derived | — | 0.90 |
| EBIT | 4,132 | — | — | reported | — | 1.00 |
| EBT | 16,604 | — | — | reported | — | 1.00 |
| Net income | 16,137 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.49 | — | — | reported | — | 1.00 |
| D&A | 3,809 | — | — | reported | — | 0.95 |
| Interest expense | 1,335 | — | — | reported | — | 0.85 |
| Gross margin | 10.67% | — | — | reported | — | 0.95 |
| EBITDA margin | 4.88% | — | — | reported | — | 0.85 |
| EBIT margin | 2.54% | — | — | reported | — | 0.95 |
| Net margin | 9.92% | — | — | reported | — | 0.90 |
| Cash | 20,084 | — | — | reported | — | 1.00 |
| Total debt | 100,830 | — | — | derived | — | 0.75 |
| Net debt | 80,746 | — | — | derived | — | 0.70 |
| Equity | 294,169 | — | — | reported | — | 1.00 |
| Total assets | 600,409 | — | — | reported | — | 1.00 |
| Current assets | 367,458 | — | — | reported | — | 1.00 |
| Current liabilities | 272,199 | — | — | reported | — | 1.00 |
| Goodwill | 17,257 | — | — | reported | — | 0.90 |
| CFO | 63,719 | — | — | reported | — | 1.00 |
| CapEx | 244 | — | — | reported | — | 1.00 |
| FCF | 63,475 | — | — | derived | — | 0.85 |
| FCF conversion | 799.5% | — | — | reported | — | 0.60 |
| CFO conversion | 802.4% | — | — | reported | — | 0.60 |
| Current ratio | 1.35x | — | — | reported | — | 0.95 |
| Quick ratio | 0.82x | — | — | reported | — | 0.90 |
| Cash ratio | 0.07x | — | — | reported | — | 0.90 |
| Interest coverage | 3.1x | — | — | reported | — | 0.75 |
| Debt / equity | 0.34x | — | — | reported | — | 0.70 |
| Debt / assets | 0.17x | — | — | reported | — | 0.70 |
| Net debt / equity | 0.27x | — | — | reported | — | 0.65 |
| Revenue growth (YoY) | -50.65% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | -36.04% | — | — | reported | — | 0.80 |
| EBIT growth (YoY) | -55.5% | — | — | reported | — | 0.95 |
| Net income growth (YoY) | 396.4% | — | — | reported | — | 0.85 |
| EPS growth (YoY) | 390% | — | — | reported | — | 0.85 |
| Gross margin Δ (YoY) | 2.34 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | 1.11 pp | — | — | reported | — | 0.75 |
| EBIT margin Δ (YoY) | -0.28 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | 8.94 pp | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
162,673
—
162,673
—
- Q1 2025
- —
Gross profit
17,357
—
17,357
—
- Q1 2025
- —
EBITDA
7,941
—
7,941
—
- Q1 2025
- —
EBIT
4,132
—
4,132
—
- Q1 2025
- —
EBT
16,604
—
16,604
—
- Q1 2025
- —
Net income
16,137
—
16,137
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.49
—
0.49
—
- Q1 2025
- —
D&A
3,809
—
3,809
—
- Q1 2025
- —
Interest expense
1,335
—
1,335
—
- Q1 2025
- —
Gross margin
10.67%
—
10.67%
—
- Q1 2025
- —
EBITDA margin
4.88%
—
4.88%
—
- Q1 2025
- —
EBIT margin
2.54%
—
2.54%
—
- Q1 2025
- —
Net margin
9.92%
—
9.92%
—
- Q1 2025
- —
Cash
20,084
—
20,084
—
- Q1 2025
- —
Total debt
100,830
—
100,830
—
- Q1 2025
- —
Net debt
80,746
—
80,746
—
- Q1 2025
- —
Equity
294,169
—
294,169
—
- Q1 2025
- —
Total assets
600,409
—
600,409
—
- Q1 2025
- —
Current assets
367,458
—
367,458
—
- Q1 2025
- —
Current liabilities
272,199
—
272,199
—
- Q1 2025
- —
Goodwill
17,257
—
17,257
—
- Q1 2025
- —
CFO
63,719
—
63,719
—
- Q1 2025
- —
CapEx
244
—
244
—
- Q1 2025
- —
FCF
63,475
—
63,475
—
- Q1 2025
- —
FCF conversion
799.5%
—
799.5%
—
- Q1 2025
- —
CFO conversion
802.4%
—
802.4%
—
- Q1 2025
- —
Current ratio
1.35x
—
1.35x
—
- Q1 2025
- —
Quick ratio
0.82x
—
0.82x
—
- Q1 2025
- —
Cash ratio
0.07x
—
0.07x
—
- Q1 2025
- —
Interest coverage
3.1x
—
3.1x
—
- Q1 2025
- —
Debt / equity
0.34x
—
0.34x
—
- Q1 2025
- —
Debt / assets
0.17x
—
0.17x
—
- Q1 2025
- —
Net debt / equity
0.27x
—
0.27x
—
- Q1 2025
- —
Revenue growth (YoY)
-50.65%
—
-50.65%
—
- Q1 2025
- —
EBITDA growth (YoY)
-36.04%
—
-36.04%
—
- Q1 2025
- —
EBIT growth (YoY)
-55.5%
—
-55.5%
—
- Q1 2025
- —
Net income growth (YoY)
396.4%
—
396.4%
—
- Q1 2025
- —
EPS growth (YoY)
390%
—
390%
—
- Q1 2025
- —
Gross margin Δ (YoY)
2.34 pp
—
2.34 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
1.11 pp
—
1.11 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-0.28 pp
—
-0.28 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
8.94 pp
—
8.94 pp
—
- Q1 2025
- —