Q1 2026 report
Marża brutto poszerzyła się o 3,9 p.p. r/r do 56,8% dzięki lepszemu miksowi klientów (mniejszy udział niskomarżowego ruchu od największego klienta), nie tylko wzrostowi wolumenu.
Sentiment
Positive
Guidance maintained
VRC
Q1 2026 report
Revenue
122,928 k PLN
— YoY
Net income
24,177 k PLN
— YoY
EBITDA
33,582 k PLN
— YoY
Gross margin
56.77%
— YoY
Summary
Investment thesis
- Baza płacących klientów rośnie o 34% r/r do 131,2 tys. przy NER ~118% — ekspansja istniejących kont napędza wzrost równolegle z akwizycją nowych klientów.
- Bilans z ujemnym długiem netto (-21,8 mln zł) i spełnionymi kowenantami daje przestrzeń do akwizycji (deklarowana zdolność finansowa >600 mln zł) przy jednoczesnej rekordowej dywidendzie (2,73 zł/akcję, +34% r/r).
- Konwersja EBITDA na gotówkę operacyjną wyraźnie się poprawiła (z ok. 63% do ok. 89% r/r), ale w I kw. 2026 r. nadwyżka gotówkowa trafiła w dużej mierze do 26,4 mln zł pożyczki dla większościowego akcjonariusza, a nie pozostała w pełni płynna.
- Zysk netto (+6% r/r) rósł wyraźnie wolniej niż zysk operacyjny (+21% r/r) z powodu spadku przychodów finansowych (mniej korzystne różnice kursowe) i wzrostu efektywnej stopy podatkowej z 10,9% do 15,3%.
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Financials
BETA
VRC · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 122,928 | — | — | reported | — | 1.00 |
| Gross profit | 69,794 | — | — | reported | — | 1.00 |
| EBITDA | 33,582 | — | — | reported | — | 1.00 |
| EBIT | 29,968 | — | — | reported | — | 1.00 |
| EBT | 28,549 | — | — | reported | — | 1.00 |
| Net income | 24,177 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.09 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 1.09 | — | — | reported | — | 1.00 |
| D&A | 3,614 | — | — | reported | — | 1.00 |
| Interest expense | 1,768 | — | — | reported | — | 0.90 |
| Shares (basic) (m units) | 21.97 | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 22.07 | — | — | reported | — | 1.00 |
| Gross margin | 56.77% | — | — | reported | — | 1.00 |
| EBITDA margin | 27.32% | — | — | reported | — | 1.00 |
| EBIT margin | 24.38% | — | — | reported | — | 1.00 |
| Net margin | 19.67% | — | — | reported | — | 1.00 |
| Cash | 100,376 | — | — | reported | — | 1.00 |
| Total debt | 69,905 | — | — | reported | — | 1.00 |
| Net debt | -21,828 | — | — | reported | — | 1.00 |
| Equity | 439,466 | — | — | reported | — | 1.00 |
| Total assets | 622,406 | — | — | reported | — | 1.00 |
| Current assets | 174,811 | — | — | reported | — | 1.00 |
| Current liabilities | 112,335 | — | — | reported | — | 1.00 |
| Goodwill | 421,739 | — | — | reported | — | 1.00 |
| CFO | 29,729 | — | — | reported | — | 1.00 |
| CapEx | 4,491 | — | — | reported | — | 1.00 |
| FCF | 25,238 | — | — | derived | — | 1.00 |
| FCF conversion | 75.16% | — | — | reported | — | 1.00 |
| CFO conversion | 88.53% | — | — | reported | — | 1.00 |
| Dividends paid | 60,100 | — | — | reported | — | 0.80 |
| Current ratio | 1.56x | — | — | reported | — | 1.00 |
| Cash ratio | 0.89x | — | — | reported | — | 1.00 |
| Debt / equity | 0.16x | — | — | reported | — | 1.00 |
| Net debt / equity | -0.05x | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | 10.99% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 16.78% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 20.82% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 6.47% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | 6.86% | — | — | reported | — | 1.00 |
| FCF growth (YoY) | 79.85% | — | — | reported | — | 1.00 |
| Gross margin Δ (YoY) | 3.89 pp | — | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 1.35 pp | — | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | 1.98 pp | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -0.84 pp | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
122,928
—
122,928
—
- Q1 2025
- —
Gross profit
69,794
—
69,794
—
- Q1 2025
- —
EBITDA
33,582
—
33,582
—
- Q1 2025
- —
EBIT
29,968
—
29,968
—
- Q1 2025
- —
EBT
28,549
—
28,549
—
- Q1 2025
- —
Net income
24,177
—
24,177
—
- Q1 2025
- —
EPS (basic)
(PLN)
1.09
—
1.09
—
- Q1 2025
- —
EPS (diluted)
(PLN)
1.09
—
1.09
—
- Q1 2025
- —
D&A
3,614
—
3,614
—
- Q1 2025
- —
Interest expense
1,768
—
1,768
—
- Q1 2025
- —
Shares (basic)
(m units)
21.97
—
21.97
—
- Q1 2025
- —
Shares (diluted)
(m units)
22.07
—
22.07
—
- Q1 2025
- —
Gross margin
56.77%
—
56.77%
—
- Q1 2025
- —
EBITDA margin
27.32%
—
27.32%
—
- Q1 2025
- —
EBIT margin
24.38%
—
24.38%
—
- Q1 2025
- —
Net margin
19.67%
—
19.67%
—
- Q1 2025
- —
Cash
100,376
—
100,376
—
- Q1 2025
- —
Total debt
69,905
—
69,905
—
- Q1 2025
- —
Net debt
-21,828
—
-21,828
—
- Q1 2025
- —
Equity
439,466
—
439,466
—
- Q1 2025
- —
Total assets
622,406
—
622,406
—
- Q1 2025
- —
Current assets
174,811
—
174,811
—
- Q1 2025
- —
Current liabilities
112,335
—
112,335
—
- Q1 2025
- —
Goodwill
421,739
—
421,739
—
- Q1 2025
- —
CFO
29,729
—
29,729
—
- Q1 2025
- —
CapEx
4,491
—
4,491
—
- Q1 2025
- —
FCF
25,238
—
25,238
—
- Q1 2025
- —
FCF conversion
75.16%
—
75.16%
—
- Q1 2025
- —
CFO conversion
88.53%
—
88.53%
—
- Q1 2025
- —
Dividends paid
60,100
—
60,100
—
- Q1 2025
- —
Current ratio
1.56x
—
1.56x
—
- Q1 2025
- —
Cash ratio
0.89x
—
0.89x
—
- Q1 2025
- —
Debt / equity
0.16x
—
0.16x
—
- Q1 2025
- —
Net debt / equity
-0.05x
—
-0.05x
—
- Q1 2025
- —
Revenue growth (YoY)
10.99%
—
10.99%
—
- Q1 2025
- —
EBITDA growth (YoY)
16.78%
—
16.78%
—
- Q1 2025
- —
EBIT growth (YoY)
20.82%
—
20.82%
—
- Q1 2025
- —
Net income growth (YoY)
6.47%
—
6.47%
—
- Q1 2025
- —
EPS growth (YoY)
6.86%
—
6.86%
—
- Q1 2025
- —
FCF growth (YoY)
79.85%
—
79.85%
—
- Q1 2025
- —
Gross margin Δ (YoY)
3.89 pp
—
3.89 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
1.35 pp
—
1.35 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
1.98 pp
—
1.98 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-0.84 pp
—
-0.84 pp
—
- Q1 2025
- —