Q1 2026 report
Poprawa wyniku operacyjnego r/r (12,0 mln zł zysku wobec 7,9 mln zł straty rok temu), głównie dzięki segmentowi HSJ (huta w Stalowej Woli)
Sentiment
Cautious
No guidance change
COG
Q1 2026 report
Revenue
591.26 m PLN
— YoY
Net income
-1.06 m PLN
— YoY
EBITDA
31.83 m PLN
— YoY
Gross margin
6.32%
— YoY
Summary
Investment thesis
- Segment FER, w którym mieści się kluczowa nowa inwestycja — walcownia w Siemianowicach Śląskich (>800 mln zł nakładów) — wciąż generuje stratę operacyjną mimo najwyższych przychodów wśród segmentów
- Grupa łamie kowenanty finansowe jednocześnie u pięciu instytucji finansujących na 31.03.2026 r. — dotychczas wszystkie naruszenia były akceptowane, ale zgody na najnowsze naruszenia są dopiero w toku
- Operacyjny cash flow głęboko ujemny w kwartale (-95,0 mln zł) przez gwałtowny wzrost należności i zapasów szybszy niż wzrost sprzedaży
- Wskaźnik płynności bieżącej spadł poniżej 1,0x (0,92x) po przekwalifikowaniu kredytu inwestycyjnego Banco Santander na krótkoterminowy w związku z naruszeniem kowenantów
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Financials
BETA
COG · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 591.26 | — | — | reported | — | 1.00 |
| Gross profit | 37.37 | — | — | reported | — | 1.00 |
| EBITDA | 31.83 | — | — | derived | — | 0.85 |
| EBIT | 11.99 | — | — | reported | — | 1.00 |
| EBT | -2.1 | — | — | reported | — | 1.00 |
| Net income | -1.06 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0 | — | — | reported | — | 0.90 |
| D&A | 19.84 | — | — | reported | — | 0.95 |
| Interest expense | 19.16 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 231.42 | — | — | reported | — | 1.00 |
| Gross margin | 6.32% | — | — | derived | — | 0.95 |
| EBITDA margin | 5.38% | — | — | derived | — | 0.85 |
| EBIT margin | 2.03% | — | — | derived | — | 0.95 |
| Net margin | -0.18% | — | — | derived | — | 0.95 |
| Cash | 102.02 | — | — | reported | — | 1.00 |
| Total debt | 918.85 | — | — | reported | — | 0.95 |
| Net debt | 816.83 | — | — | derived | — | 0.90 |
| Equity | 1,332.53 | — | — | reported | — | 1.00 |
| Total assets | 2,874.37 | — | — | reported | — | 1.00 |
| Current assets | 1,064.45 | — | — | reported | — | 1.00 |
| Current liabilities | 1,163.26 | — | — | reported | — | 1.00 |
| Goodwill | 16.71 | — | — | reported | — | 0.80 |
| CFO | -95.02 | — | — | reported | — | 1.00 |
| CapEx | 26.38 | — | — | reported | — | 0.95 |
| FCF | -121.4 | — | — | derived | — | 0.90 |
| Current ratio | 0.92x | — | — | derived | — | 0.95 |
| Quick ratio | 0.45x | — | — | derived | — | 0.90 |
| Interest coverage | 0.63x | — | — | derived | — | 0.85 |
| Debt / equity | 0.69x | — | — | derived | — | 0.90 |
| Debt / assets | 0.32x | — | — | derived | — | 0.90 |
| Net debt / equity | 0.61x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 8.83% | — | — | derived | — | 0.95 |
| EBIT growth (YoY) | 251.1% | — | — | derived | — | 0.80 |
| Gross margin Δ (YoY) | 1.89 pp | — | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 3.49 pp | — | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 2.39 pp | — | — | derived | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
591.26
—
591.26
—
- Q1 2025
- —
Gross profit
37.37
—
37.37
—
- Q1 2025
- —
EBITDA
31.83
—
31.83
—
- Q1 2025
- —
EBIT
11.99
—
11.99
—
- Q1 2025
- —
EBT
-2.1
—
-2.1
—
- Q1 2025
- —
Net income
-1.06
—
-1.06
—
- Q1 2025
- —
EPS (basic)
(PLN)
0
—
0
—
- Q1 2025
- —
D&A
19.84
—
19.84
—
- Q1 2025
- —
Interest expense
19.16
—
19.16
—
- Q1 2025
- —
Shares (basic)
(m units)
231.42
—
231.42
—
- Q1 2025
- —
Gross margin
6.32%
—
6.32%
—
- Q1 2025
- —
EBITDA margin
5.38%
—
5.38%
—
- Q1 2025
- —
EBIT margin
2.03%
—
2.03%
—
- Q1 2025
- —
Net margin
-0.18%
—
-0.18%
—
- Q1 2025
- —
Cash
102.02
—
102.02
—
- Q1 2025
- —
Total debt
918.85
—
918.85
—
- Q1 2025
- —
Net debt
816.83
—
816.83
—
- Q1 2025
- —
Equity
1,332.53
—
1,332.53
—
- Q1 2025
- —
Total assets
2,874.37
—
2,874.37
—
- Q1 2025
- —
Current assets
1,064.45
—
1,064.45
—
- Q1 2025
- —
Current liabilities
1,163.26
—
1,163.26
—
- Q1 2025
- —
Goodwill
16.71
—
16.71
—
- Q1 2025
- —
CFO
-95.02
—
-95.02
—
- Q1 2025
- —
CapEx
26.38
—
26.38
—
- Q1 2025
- —
FCF
-121.4
—
-121.4
—
- Q1 2025
- —
Current ratio
0.92x
—
0.92x
—
- Q1 2025
- —
Quick ratio
0.45x
—
0.45x
—
- Q1 2025
- —
Interest coverage
0.63x
—
0.63x
—
- Q1 2025
- —
Debt / equity
0.69x
—
0.69x
—
- Q1 2025
- —
Debt / assets
0.32x
—
0.32x
—
- Q1 2025
- —
Net debt / equity
0.61x
—
0.61x
—
- Q1 2025
- —
Revenue growth (YoY)
8.83%
—
8.83%
—
- Q1 2025
- —
EBIT growth (YoY)
251.1%
—
251.1%
—
- Q1 2025
- —
Gross margin Δ (YoY)
1.89 pp
—
1.89 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
3.49 pp
—
3.49 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
2.39 pp
—
2.39 pp
—
- Q1 2025
- —