Q1 2026 report
Przychody pozostają stabilne rok do roku mimo sezonowo najsłabszego kwartału.
Sentiment
Neutral
No guidance change
ZEN
Q1 2026 report
Revenue
1,323,453 PLN
— YoY
Net income
-486,802 PLN
— YoY
EBITDA
-547,484 PLN
— YoY
FCF
-2,235,252 PLN
— YoY
Summary
Investment thesis
- Strata operacyjna i netto pogłębiły się wskutek szybciej rosnących kosztów wynagrodzeń i usług obcych.
- Gotówka spadła z 2,34 mln zł do 121 tys. zł w ciągu kwartału wskutek spłaty zobowiązań i rozliczeń międzyokresowych.
- Bilans niemal wolny od zadłużenia bankowego, z solidnym kapitałem własnym jako buforem bezpieczeństwa.
- Dwie nowo podpisane umowy z Lasami Państwowymi (655,6 tys. zł) tuż przed końcem kwartału mogą sygnalizować odbudowę portfela zamówień.
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Financials
BETA
ZEN · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 1,323,453 | — | — | reported | — | 1.00 |
| EBITDA | -547,484 | — | — | derived | — | 0.90 |
| EBIT | -558,176 | — | — | reported | — | 1.00 |
| EBT | -572,970 | — | — | reported | — | 1.00 |
| Net income | -486,802 | — | — | reported | — | 1.00 |
| D&A | 10,693 | — | — | reported | — | 1.00 |
| Interest expense | 6,874 | — | — | reported | — | 1.00 |
| EBITDA margin | -41.36% | — | — | reported | — | 0.90 |
| EBIT margin | -42.18% | — | — | reported | — | 0.90 |
| Net margin | -36.78% | — | — | reported | — | 0.90 |
| Cash | 121,223 | — | — | reported | — | 1.00 |
| Total debt | 255,813 | — | — | derived | — | 0.90 |
| Net debt | 134,590 | — | — | derived | — | 0.90 |
| Equity | 4,906,173 | — | — | reported | — | 1.00 |
| Total assets | 8,002,224 | — | — | reported | — | 1.00 |
| Current assets | 6,669,240 | — | — | reported | — | 1.00 |
| Current liabilities | 622,379 | — | — | reported | — | 1.00 |
| CFO | -2,235,252 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | -2,235,252 | — | — | derived | — | 1.00 |
| Current ratio | 10.72x | — | — | reported | — | 0.90 |
| Cash ratio | 0.19x | — | — | reported | — | 0.90 |
| Debt / equity | 0.05x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | -2.07% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -43.22% | — | — | reported | — | 0.80 |
| EBIT growth (YoY) | -39.55% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -42.22% | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
1,323,453
—
1,323,453
—
- Q1 2025
- —
EBITDA
-547,484
—
-547,484
—
- Q1 2025
- —
EBIT
-558,176
—
-558,176
—
- Q1 2025
- —
EBT
-572,970
—
-572,970
—
- Q1 2025
- —
Net income
-486,802
—
-486,802
—
- Q1 2025
- —
D&A
10,693
—
10,693
—
- Q1 2025
- —
Interest expense
6,874
—
6,874
—
- Q1 2025
- —
EBITDA margin
-41.36%
—
-41.36%
—
- Q1 2025
- —
EBIT margin
-42.18%
—
-42.18%
—
- Q1 2025
- —
Net margin
-36.78%
—
-36.78%
—
- Q1 2025
- —
Cash
121,223
—
121,223
—
- Q1 2025
- —
Total debt
255,813
—
255,813
—
- Q1 2025
- —
Net debt
134,590
—
134,590
—
- Q1 2025
- —
Equity
4,906,173
—
4,906,173
—
- Q1 2025
- —
Total assets
8,002,224
—
8,002,224
—
- Q1 2025
- —
Current assets
6,669,240
—
6,669,240
—
- Q1 2025
- —
Current liabilities
622,379
—
622,379
—
- Q1 2025
- —
CFO
-2,235,252
—
-2,235,252
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
-2,235,252
—
-2,235,252
—
- Q1 2025
- —
Current ratio
10.72x
—
10.72x
—
- Q1 2025
- —
Cash ratio
0.19x
—
0.19x
—
- Q1 2025
- —
Debt / equity
0.05x
—
0.05x
—
- Q1 2025
- —
Revenue growth (YoY)
-2.07%
—
-2.07%
—
- Q1 2025
- —
EBITDA growth (YoY)
-43.22%
—
-43.22%
—
- Q1 2025
- —
EBIT growth (YoY)
-39.55%
—
-39.55%
—
- Q1 2025
- —
Net income growth (YoY)
-42.22%
—
-42.22%
—
- Q1 2025
- —