Q1 2026 report
Platforma płatnicza IgoriaCard/Trejdoo pokazuje wyraźną poprawę jednostkowej ekonomiki - marża EBIT wzrosła z 14,3% do 35,2% r/r przy wzroście przychodów o 52%
Sentiment
Positive
No guidance change
IGT
Q1 2026 report
Revenue
2.44 m PLN
— YoY
Net income
0.86 m PLN
— YoY
EBITDA
0.88 m PLN
— YoY
FCF
-18.2 m PLN
— YoY
Summary
Investment thesis
- Spółka jest praktycznie wolna od zadłużenia oprocentowanego, a kapitał własny systematycznie rośnie dzięki zatrzymanemu zyskowi
- Kluczowa niewiadoma to gwałtowny, niewyjaśniony spadek salda środków klientów o 18,2 mln zł w jednym kwartale - raport nie precyzuje przyczyny
- Efektywna stopa podatkowa 0% przez trzy kolejne okresy wymaga wyjaśnienia i może nie być trwała
- Licencja Mastercard Principal Member daje realny fundament regulacyjny pod dalszą ekspansję zagraniczną karty wielowalutowej
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Financials
BETA
IGT · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 2.44 | — | — | reported | — | 1.00 |
| EBITDA | 0.88 | — | — | derived | — | 0.90 |
| EBIT | 0.86 | — | — | reported | — | 1.00 |
| EBT | 0.86 | — | — | reported | — | 1.00 |
| Net income | 0.86 | — | — | reported | — | 1.00 |
| D&A | 0.02 | — | — | reported | — | 1.00 |
| Interest expense | 0 | — | — | reported | — | 1.00 |
| EBITDA margin | 35.86% | — | — | derived | — | 0.90 |
| EBIT margin | 35.22% | — | — | derived | — | 0.90 |
| Net margin | 35.1% | — | — | derived | — | 0.90 |
| Cash | 14.83 | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | reported | — | 0.70 |
| Net debt | -14.83 | — | — | derived | — | 0.60 |
| Equity | 8.47 | — | — | reported | — | 1.00 |
| Total assets | 21.79 | — | — | reported | — | 1.00 |
| Working capital | 2.64 | — | — | derived | — | 0.90 |
| Current assets | 15.61 | — | — | reported | — | 1.00 |
| Current liabilities | 12.97 | — | — | reported | — | 1.00 |
| CFO | -18.2 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | -18.2 | — | — | derived | — | 0.60 |
| Revenue growth (YoY) | 52.29% | — | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 258.55% | — | — | derived | — | 0.85 |
| EBIT growth (YoY) | 276.24% | — | — | derived | — | 0.90 |
| Net income growth (YoY) | 290.44% | — | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 20.96 pp | — | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 21.41 pp | — | — | derived | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
2.44
—
2.44
—
- Q1 2025
- —
EBITDA
0.88
—
0.88
—
- Q1 2025
- —
EBIT
0.86
—
0.86
—
- Q1 2025
- —
EBT
0.86
—
0.86
—
- Q1 2025
- —
Net income
0.86
—
0.86
—
- Q1 2025
- —
D&A
0.02
—
0.02
—
- Q1 2025
- —
Interest expense
0
—
0
—
- Q1 2025
- —
EBITDA margin
35.86%
—
35.86%
—
- Q1 2025
- —
EBIT margin
35.22%
—
35.22%
—
- Q1 2025
- —
Net margin
35.1%
—
35.1%
—
- Q1 2025
- —
Cash
14.83
—
14.83
—
- Q1 2025
- —
Total debt
0
—
0
—
- Q1 2025
- —
Net debt
-14.83
—
-14.83
—
- Q1 2025
- —
Equity
8.47
—
8.47
—
- Q1 2025
- —
Total assets
21.79
—
21.79
—
- Q1 2025
- —
Working capital
2.64
—
2.64
—
- Q1 2025
- —
Current assets
15.61
—
15.61
—
- Q1 2025
- —
Current liabilities
12.97
—
12.97
—
- Q1 2025
- —
CFO
-18.2
—
-18.2
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
-18.2
—
-18.2
—
- Q1 2025
- —
Revenue growth (YoY)
52.29%
—
52.29%
—
- Q1 2025
- —
EBITDA growth (YoY)
258.55%
—
258.55%
—
- Q1 2025
- —
EBIT growth (YoY)
276.24%
—
276.24%
—
- Q1 2025
- —
Net income growth (YoY)
290.44%
—
290.44%
—
- Q1 2025
- —
EBIT margin Δ (YoY)
20.96 pp
—
20.96 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
21.41 pp
—
21.41 pp
—
- Q1 2025
- —