Q3 2026 report
III kwartał roku obrotowego 2025/2026 (kalendarzowo I kw. 2026) przyniósł rekordową marżę EBITDA (44,7% vs 8,1% rok wcześniej), ale przy bardzo niskim przychodzie (3,91 mln zł, -53,9% r/r) - skala biznesu DB Energy w danym kwartale silnie zależy od harmonogramu rozliczania pojedynczych kontraktów ESCO i audytowych.
Sentiment
Neutral
No guidance change
EGY
Q3 2026 report
Revenue
3,907.52 k PLN
— YoY
Net income
-327.63 k PLN
— YoY
EBITDA
1,746.38 k PLN
— YoY
Gross margin
6.55%
— YoY
Summary
Investment thesis
- Mimo dodatniego wyniku operacyjnego (EBIT 1,30 mln zł) Grupa zamknęła kwartał stratą netto (-0,33 mln zł) - różnicę robią koszty finansowe (1,27 mln zł, w tym różnice kursowe 0,31 mln zł) oraz podatek odroczony (0,31 mln zł).
- Narastająco po 9 miesiącach roku obrotowego wynik netto wynosi 1,24 mln zł wobec 0,16 mln zł rok wcześniej - to ponad 7-krotne polepszenie i pokazuje, że pojedynczy słaby kwartał nie psuje obrazu całego roku.
- Środki pieniężne spadły z 1,50 mln zł (30.06.2025) do 0,87 mln zł (31.03.2026), a operacyjny cash flow w samym III kw. był ujemny (-0,42 mln zł) przy CAPEX 0,95 mln zł - płynność jest napięta, choć zarząd twierdzi, że wystarczająca.
- Nowe kontrakty (Żabka Polska - operator PV o wartości ~10 mln zł/rok nakładów, BWI Poland - zarządzanie kogeneracją ~2,75 mln zł/rok, term sheet z Polskim Zielonym Funduszem na projekt do 60 MW z potencjalnym zaangażowaniem do 55 mln zł) budują pipeline na kolejne lata, ale wymagają najpierw sfinansowania nakładów inwestycyjnych.
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Financials
BETA
EGY · Q3 2026
| Metric | Q3 2026 | Q3 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 3,907.52 | — | — | reported | — | 1.00 |
| Gross profit | 255.89 | — | — | reported | — | 1.00 |
| EBITDA | 1,746.38 | — | — | reported | — | 1.00 |
| EBIT | 1,297.05 | — | — | reported | — | 1.00 |
| EBT | -0.34 | — | — | reported | — | 1.00 |
| Net income | -327.63 | — | — | reported | — | 1.00 |
| D&A | 449.33 | — | — | reported | — | 1.00 |
| Interest expense | 1,268.52 | — | — | reported | — | 0.90 |
| Gross margin | 6.55% | — | — | reported | — | 1.00 |
| EBITDA margin | 44.7% | — | — | reported | — | 1.00 |
| EBIT margin | 33.19% | — | — | reported | — | 1.00 |
| EBT margin | -0.01% | — | — | reported | — | 1.00 |
| Net margin | -8.38% | — | — | reported | — | 1.00 |
| D&A margin | 11.5% | — | — | reported | — | 1.00 |
| Cash | 866.23 | — | — | reported | — | 1.00 |
| Total debt | 23,982.38 | — | — | reported | — | 0.95 |
| Net debt | 23,116.15 | — | — | reported | — | 0.95 |
| Equity | 26,774.25 | — | — | reported | — | 1.00 |
| Total assets | 63,708.08 | — | — | reported | — | 1.00 |
| Working capital | 40,907.11 | — | — | reported | — | 1.00 |
| Current assets | 55,700.16 | — | — | reported | — | 1.00 |
| Current liabilities | 14,793.05 | — | — | reported | — | 1.00 |
| Goodwill | 6,993.16 | — | — | reported | — | 1.00 |
| CFO | -415.96 | — | — | reported | — | 1.00 |
| CapEx | 947.58 | — | — | reported | — | 1.00 |
| FCF | -1,363.54 | — | — | reported | — | 1.00 |
| FCF conversion | -78.08% | — | — | reported | — | 0.90 |
| CFO conversion | -23.83% | — | — | reported | — | 0.90 |
| Current ratio | 3.77x | — | — | reported | — | 1.00 |
| Quick ratio | 3.71x | — | — | reported | — | 1.00 |
| Cash ratio | 0.06x | — | — | reported | — | 1.00 |
| Interest coverage | 1.02x | — | — | reported | — | 0.90 |
| Debt / equity | 0.9x | — | — | reported | — | 0.95 |
| Debt / assets | 0.38x | — | — | reported | — | 0.95 |
| Net debt / equity | 0.86x | — | — | reported | — | 0.95 |
| Revenue growth (YoY) | -53.86% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 155.1% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 556.06% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | -377.31% | — | — | reported | — | 1.00 |
| Gross margin Δ (YoY) | 6.71 pp | — | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 36.61 pp | — | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | 30.86 pp | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -9.78 pp | — | — | reported | — | 1.00 |
Q3 2026 · Δ YoY
Revenue
3,907.52
—
3,907.52
—
- Q3 2025
- —
Gross profit
255.89
—
255.89
—
- Q3 2025
- —
EBITDA
1,746.38
—
1,746.38
—
- Q3 2025
- —
EBIT
1,297.05
—
1,297.05
—
- Q3 2025
- —
EBT
-0.34
—
-0.34
—
- Q3 2025
- —
Net income
-327.63
—
-327.63
—
- Q3 2025
- —
D&A
449.33
—
449.33
—
- Q3 2025
- —
Interest expense
1,268.52
—
1,268.52
—
- Q3 2025
- —
Gross margin
6.55%
—
6.55%
—
- Q3 2025
- —
EBITDA margin
44.7%
—
44.7%
—
- Q3 2025
- —
EBIT margin
33.19%
—
33.19%
—
- Q3 2025
- —
EBT margin
-0.01%
—
-0.01%
—
- Q3 2025
- —
Net margin
-8.38%
—
-8.38%
—
- Q3 2025
- —
D&A margin
11.5%
—
11.5%
—
- Q3 2025
- —
Cash
866.23
—
866.23
—
- Q3 2025
- —
Total debt
23,982.38
—
23,982.38
—
- Q3 2025
- —
Net debt
23,116.15
—
23,116.15
—
- Q3 2025
- —
Equity
26,774.25
—
26,774.25
—
- Q3 2025
- —
Total assets
63,708.08
—
63,708.08
—
- Q3 2025
- —
Working capital
40,907.11
—
40,907.11
—
- Q3 2025
- —
Current assets
55,700.16
—
55,700.16
—
- Q3 2025
- —
Current liabilities
14,793.05
—
14,793.05
—
- Q3 2025
- —
Goodwill
6,993.16
—
6,993.16
—
- Q3 2025
- —
CFO
-415.96
—
-415.96
—
- Q3 2025
- —
CapEx
947.58
—
947.58
—
- Q3 2025
- —
FCF
-1,363.54
—
-1,363.54
—
- Q3 2025
- —
FCF conversion
-78.08%
—
-78.08%
—
- Q3 2025
- —
CFO conversion
-23.83%
—
-23.83%
—
- Q3 2025
- —
Current ratio
3.77x
—
3.77x
—
- Q3 2025
- —
Quick ratio
3.71x
—
3.71x
—
- Q3 2025
- —
Cash ratio
0.06x
—
0.06x
—
- Q3 2025
- —
Interest coverage
1.02x
—
1.02x
—
- Q3 2025
- —
Debt / equity
0.9x
—
0.9x
—
- Q3 2025
- —
Debt / assets
0.38x
—
0.38x
—
- Q3 2025
- —
Net debt / equity
0.86x
—
0.86x
—
- Q3 2025
- —
Revenue growth (YoY)
-53.86%
—
-53.86%
—
- Q3 2025
- —
EBITDA growth (YoY)
155.1%
—
155.1%
—
- Q3 2025
- —
EBIT growth (YoY)
556.06%
—
556.06%
—
- Q3 2025
- —
Net income growth (YoY)
-377.31%
—
-377.31%
—
- Q3 2025
- —
Gross margin Δ (YoY)
6.71 pp
—
6.71 pp
—
- Q3 2025
- —
EBITDA margin Δ (YoY)
36.61 pp
—
36.61 pp
—
- Q3 2025
- —
EBIT margin Δ (YoY)
30.86 pp
—
30.86 pp
—
- Q3 2025
- —
Net margin Δ (YoY)
-9.78 pp
—
-9.78 pp
—
- Q3 2025
- —