Q1 2026 report
Spadek przychodów (-16,4% r/r) i zysku netto (-38,2% r/r) to głównie efekt niższej liczby przekazań lokali w segmencie deweloperskim, nie erozji marż
Sentiment
Cautious
No guidance change
INK
Q1 2026 report
Revenue
79.16 m PLN
— YoY
Net income
10.94 m PLN
— YoY
EBITDA
14.84 m PLN
— YoY
Gross margin
30.83%
— YoY
Summary
Investment thesis
- Marża brutto na sprzedaży utrzymana/lekko wyższa r/r (30,8% vs 30,6%) mimo spadku wolumenu
- Bilans bardzo mocny: pozycja net cash, current ratio 3,56x, minimalny dług odsetkowy
- Umowy przedwstępne i deweloperskie +112% r/r sygnalizują odbicie popytu na mieszkania po obniżkach stóp
- Segmenty budowlano-montażowy i zagraniczny (Niemcy) mają wg zarządu negatywną perspektywę na kolejne kwartały
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Financials
BETA
INK · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 79.16 | — | — | reported | — | 1.00 |
| Gross profit | 24.19 | — | — | reported | — | 1.00 |
| EBITDA | 14.84 | — | — | derived | — | 0.90 |
| EBIT | 13.51 | — | — | reported | — | 1.00 |
| EBT | 8.71 | — | — | reported | — | 1.00 |
| Net income | 10.94 | — | — | reported | — | 1.00 |
| D&A | 1.24 | — | — | reported | — | 1.00 |
| Interest expense | 0.2 | — | — | reported | — | 1.00 |
| Gross margin | 30.83% | — | — | reported | — | 0.90 |
| EBITDA margin | 15.03% | — | — | reported | — | 0.85 |
| EBIT margin | 13.15% | — | — | reported | — | 0.90 |
| Net margin | 10.23% | — | — | reported | — | 0.90 |
| Cash | 17.09 | — | — | reported | — | 1.00 |
| Total debt | 15.46 | — | — | derived | — | 0.90 |
| Net debt | -1.63 | — | — | derived | — | 0.90 |
| Equity | 404.5 | — | — | reported | — | 1.00 |
| Total assets | 515.77 | — | — | reported | — | 1.00 |
| Working capital | 178.01 | — | — | derived | — | 0.90 |
| Current assets | 247.63 | — | — | reported | — | 1.00 |
| Current liabilities | 69.61 | — | — | reported | — | 1.00 |
| CFO | -17.83 | — | — | reported | — | 1.00 |
| CapEx | 1.19 | — | — | derived | — | 0.90 |
| FCF | -19.02 | — | — | derived | — | 0.85 |
| FCF conversion | 124.5% | — | — | reported | — | 0.70 |
| CFO conversion | 128.2% | — | — | reported | — | 0.75 |
| Current ratio | 3.56x | — | — | reported | — | 0.90 |
| Quick ratio | 1.17x | — | — | reported | — | 0.85 |
| Cash ratio | 0.25x | — | — | reported | — | 0.90 |
| Interest coverage | 42.83x | — | — | reported | — | 0.85 |
| Debt / equity | 0.04x | — | — | reported | — | 0.85 |
| Debt / assets | 0.03x | — | — | reported | — | 0.85 |
| Net debt / equity | 0x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | -16.44% | — | — | reported | — | 0.90 |
| EBITDA growth (YoY) | -33.03% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | -35.64% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -38.19% | — | — | reported | — | 0.90 |
| FCF growth (YoY) | 165.07% | — | — | reported | — | 0.60 |
| EBITDA margin Δ (YoY) | -3.72 pp | — | — | reported | — | 0.80 |
| EBIT margin Δ (YoY) | -3.92 pp | — | — | reported | — | 0.85 |
| Net margin Δ (YoY) | -3.59 pp | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
79.16
—
79.16
—
- Q1 2025
- —
Gross profit
24.19
—
24.19
—
- Q1 2025
- —
EBITDA
14.84
—
14.84
—
- Q1 2025
- —
EBIT
13.51
—
13.51
—
- Q1 2025
- —
EBT
8.71
—
8.71
—
- Q1 2025
- —
Net income
10.94
—
10.94
—
- Q1 2025
- —
D&A
1.24
—
1.24
—
- Q1 2025
- —
Interest expense
0.2
—
0.2
—
- Q1 2025
- —
Gross margin
30.83%
—
30.83%
—
- Q1 2025
- —
EBITDA margin
15.03%
—
15.03%
—
- Q1 2025
- —
EBIT margin
13.15%
—
13.15%
—
- Q1 2025
- —
Net margin
10.23%
—
10.23%
—
- Q1 2025
- —
Cash
17.09
—
17.09
—
- Q1 2025
- —
Total debt
15.46
—
15.46
—
- Q1 2025
- —
Net debt
-1.63
—
-1.63
—
- Q1 2025
- —
Equity
404.5
—
404.5
—
- Q1 2025
- —
Total assets
515.77
—
515.77
—
- Q1 2025
- —
Working capital
178.01
—
178.01
—
- Q1 2025
- —
Current assets
247.63
—
247.63
—
- Q1 2025
- —
Current liabilities
69.61
—
69.61
—
- Q1 2025
- —
CFO
-17.83
—
-17.83
—
- Q1 2025
- —
CapEx
1.19
—
1.19
—
- Q1 2025
- —
FCF
-19.02
—
-19.02
—
- Q1 2025
- —
FCF conversion
124.5%
—
124.5%
—
- Q1 2025
- —
CFO conversion
128.2%
—
128.2%
—
- Q1 2025
- —
Current ratio
3.56x
—
3.56x
—
- Q1 2025
- —
Quick ratio
1.17x
—
1.17x
—
- Q1 2025
- —
Cash ratio
0.25x
—
0.25x
—
- Q1 2025
- —
Interest coverage
42.83x
—
42.83x
—
- Q1 2025
- —
Debt / equity
0.04x
—
0.04x
—
- Q1 2025
- —
Debt / assets
0.03x
—
0.03x
—
- Q1 2025
- —
Net debt / equity
0x
—
0x
—
- Q1 2025
- —
Revenue growth (YoY)
-16.44%
—
-16.44%
—
- Q1 2025
- —
EBITDA growth (YoY)
-33.03%
—
-33.03%
—
- Q1 2025
- —
EBIT growth (YoY)
-35.64%
—
-35.64%
—
- Q1 2025
- —
Net income growth (YoY)
-38.19%
—
-38.19%
—
- Q1 2025
- —
FCF growth (YoY)
165.07%
—
165.07%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-3.72 pp
—
-3.72 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-3.92 pp
—
-3.92 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-3.59 pp
—
-3.59 pp
—
- Q1 2025
- —