Q1 2026 report
Przychody rosną o 44,8% r/r dzięki wysokiemu, zaawansowanemu portfelowi zamówień w segmencie automatyki i elektroenergetyki, ze strukturalnym wiatrem w plecy z tytułu wieloletniego cyklu inwestycyjnego w modernizację sieci WN/SN (plany PSE i OSD).
Sentiment
Neutral
No guidance change
ATR
Q1 2026 report
Revenue
61,760 k PLN
— YoY
Net income
6,355 k PLN
— YoY
EBITDA
8,027 k PLN
— YoY
Gross margin
20.74%
— YoY
Summary
Investment thesis
- Marże na każdym poziomie RZiS nieznacznie się kurczą mimo silnego wzrostu sprzedaży — koszty materiałów i usług obcych rosną szybciej niż przychody.
- Bilans wyraźnie się poprawił — spółka przeszła z niewielkiego długu netto na gotówkę netto (-20,7 mln PLN), bez wykorzystanych kredytów odnawialnych na koniec kwartału.
- Wysoki OCF kwartału (22,9 mln PLN) to w dużej mierze jednorazowy efekt spłynięcia należności z dużych kontraktów, nie trwały poziom konwersji gotówkowej.
- Znacząca koncentracja pożyczek udzielonych (53 mln PLN, 27% aktywów) na większościowym akcjonariuszu GK IMMOBILE S.A. wymaga dodatkowego wyjaśnienia biznesowego.
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Financials
BETA
ATR · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 61,760 | — | — | reported | — | 1.00 |
| Gross profit | 12,811 | — | — | reported | — | 1.00 |
| EBITDA | 8,027 | — | — | reported | — | 1.00 |
| EBIT | 7,323 | — | — | reported | — | 1.00 |
| EBT | 7,959 | — | — | reported | — | 1.00 |
| Net income | 6,355 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.69 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.69 | — | — | reported | — | 1.00 |
| D&A | 704 | — | — | reported | — | 1.00 |
| Interest expense | 519 | — | — | reported | — | 0.80 |
| Gross margin | 20.74% | — | — | reported | — | 0.90 |
| EBITDA margin | 13% | — | — | reported | — | 0.90 |
| EBIT margin | 11.86% | — | — | reported | — | 0.90 |
| EBT margin | 12.89% | — | — | reported | — | 0.90 |
| Net margin | 10.29% | — | — | reported | — | 0.90 |
| D&A margin | 1.14% | — | — | reported | — | 0.90 |
| Cash | 24,468 | — | — | reported | — | 1.00 |
| Total debt | 3,810 | — | — | derived | — | 0.90 |
| Net debt | -20,658 | — | — | derived | — | 0.90 |
| Equity | 79,571 | — | — | reported | — | 1.00 |
| Total assets | 198,426 | — | — | reported | — | 1.00 |
| Working capital | 37,607 | — | — | derived | — | 0.90 |
| Current assets | 146,927 | — | — | reported | — | 1.00 |
| Current liabilities | 109,320 | — | — | reported | — | 1.00 |
| CFO | 22,869 | — | — | reported | — | 1.00 |
| CapEx | 316 | — | — | reported | — | 1.00 |
| FCF | 22,553 | — | — | derived | — | 0.90 |
| FCF conversion | 280.96% | — | — | reported | — | 0.70 |
| CFO conversion | 284.94% | — | — | reported | — | 0.70 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| Current ratio | 1.34x | — | — | reported | — | 0.90 |
| Quick ratio | 1.33x | — | — | reported | — | 0.90 |
| Cash ratio | 0.22x | — | — | reported | — | 0.90 |
| Interest coverage | 14.11x | — | — | reported | — | 0.80 |
| Debt / equity | 0.05x | — | — | reported | — | 0.80 |
| Debt / assets | 0.02x | — | — | reported | — | 0.80 |
| Net debt / equity | -0.26x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | 44.84% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 36.03% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | 38.75% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 28.85% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | 30.19% | — | — | reported | — | 0.90 |
| Gross margin Δ (YoY) | -0.67 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | -0.84 pp | — | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | -0.52 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -1.28 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
61,760
—
61,760
—
- Q1 2025
- —
Gross profit
12,811
—
12,811
—
- Q1 2025
- —
EBITDA
8,027
—
8,027
—
- Q1 2025
- —
EBIT
7,323
—
7,323
—
- Q1 2025
- —
EBT
7,959
—
7,959
—
- Q1 2025
- —
Net income
6,355
—
6,355
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.69
—
0.69
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.69
—
0.69
—
- Q1 2025
- —
D&A
704
—
704
—
- Q1 2025
- —
Interest expense
519
—
519
—
- Q1 2025
- —
Gross margin
20.74%
—
20.74%
—
- Q1 2025
- —
EBITDA margin
13%
—
13%
—
- Q1 2025
- —
EBIT margin
11.86%
—
11.86%
—
- Q1 2025
- —
EBT margin
12.89%
—
12.89%
—
- Q1 2025
- —
Net margin
10.29%
—
10.29%
—
- Q1 2025
- —
D&A margin
1.14%
—
1.14%
—
- Q1 2025
- —
Cash
24,468
—
24,468
—
- Q1 2025
- —
Total debt
3,810
—
3,810
—
- Q1 2025
- —
Net debt
-20,658
—
-20,658
—
- Q1 2025
- —
Equity
79,571
—
79,571
—
- Q1 2025
- —
Total assets
198,426
—
198,426
—
- Q1 2025
- —
Working capital
37,607
—
37,607
—
- Q1 2025
- —
Current assets
146,927
—
146,927
—
- Q1 2025
- —
Current liabilities
109,320
—
109,320
—
- Q1 2025
- —
CFO
22,869
—
22,869
—
- Q1 2025
- —
CapEx
316
—
316
—
- Q1 2025
- —
FCF
22,553
—
22,553
—
- Q1 2025
- —
FCF conversion
280.96%
—
280.96%
—
- Q1 2025
- —
CFO conversion
284.94%
—
284.94%
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Current ratio
1.34x
—
1.34x
—
- Q1 2025
- —
Quick ratio
1.33x
—
1.33x
—
- Q1 2025
- —
Cash ratio
0.22x
—
0.22x
—
- Q1 2025
- —
Interest coverage
14.11x
—
14.11x
—
- Q1 2025
- —
Debt / equity
0.05x
—
0.05x
—
- Q1 2025
- —
Debt / assets
0.02x
—
0.02x
—
- Q1 2025
- —
Net debt / equity
-0.26x
—
-0.26x
—
- Q1 2025
- —
Revenue growth (YoY)
44.84%
—
44.84%
—
- Q1 2025
- —
EBITDA growth (YoY)
36.03%
—
36.03%
—
- Q1 2025
- —
EBIT growth (YoY)
38.75%
—
38.75%
—
- Q1 2025
- —
Net income growth (YoY)
28.85%
—
28.85%
—
- Q1 2025
- —
EPS growth (YoY)
30.19%
—
30.19%
—
- Q1 2025
- —
Gross margin Δ (YoY)
-0.67 pp
—
-0.67 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-0.84 pp
—
-0.84 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-0.52 pp
—
-0.52 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-1.28 pp
—
-1.28 pp
—
- Q1 2025
- —