Q1 2026 report
Grupa rośnie dwucyfrowo na wszystkich poziomach RZiS jednocześnie: przychody +13,6% r/r, EBITDA +25,5% r/r, zysk netto +34% r/r — klasyczna dźwignia operacyjna, nie tylko wzrost wolumenu.
Sentiment
Positive
No guidance change
CAR
Q1 2026 report
Revenue
5,428.05 m PLN
— YoY
Net income
211.28 m PLN
— YoY
EBITDA
388.52 m PLN
— YoY
Gross margin
29.8%
— YoY
Summary
Investment thesis
- Ekspansja zagraniczna przyspiesza (eksport +21% r/r, udział spółek zagranicznych w sprzedaży dystrybucyjnej 57,1% z 53,8%), co dywersyfikuje ekspozycję od rynku polskiego.
- Dźwignia finansowa systematycznie spada — dług netto/EBITDA 1,74x wobec 2,0x rok wcześniej, mimo rosnącego CAPEX-u na inwestycję w Stęszewie.
- Operacyjny cash flow tego kwartału (840,9 mln zł) jest w istotnej mierze wynikiem korzystnego, sezonowego ruchu w kapitale obrotowym, a nie wyłącznie poprawy rentowności — nie należy ekstrapolować tego tempa konwersji gotówki na kolejne kwartały.
- Po dniu bilansowym podpisano nową, dużą umowę kredytową (do 4 mld zł łącznie, zapadalność 2029–2031), zastępującą finansowanie z 2016 r. — wydłuża profil zapadalności długu i dywersyfikuje bazę kredytodawców.
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Financials
BETA
CAR · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 5,428.05 | — | — | reported | — | 1.00 |
| Gross profit | 1,618.58 | — | — | reported | — | 1.00 |
| EBITDA | 388.52 | — | — | reported | — | 1.00 |
| EBIT | 316.61 | — | — | reported | — | 1.00 |
| EBT | 266.17 | — | — | reported | — | 1.00 |
| Net income | 211.28 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 15.07 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 15.07 | — | — | reported | — | 1.00 |
| D&A | 71.9 | — | — | reported | — | 1.00 |
| Interest expense | 38.48 | — | — | reported | — | 0.90 |
| Shares (basic) (m units) | 14.02 | — | — | reported | — | 1.00 |
| Gross margin | 29.8% | — | — | reported | — | 1.00 |
| EBITDA margin | 7.2% | — | — | reported | — | 1.00 |
| EBIT margin | 5.83% | — | — | reported | — | 0.95 |
| EBT margin | 4.9% | — | — | reported | — | 0.95 |
| Net margin | 3.89% | — | — | reported | — | 0.95 |
| Cash | 734.73 | — | — | reported | — | 1.00 |
| Total debt | 3,343.51 | — | — | reported | — | 1.00 |
| Net debt | 2,608.78 | — | — | derived | — | 0.95 |
| Equity | 6,018.17 | — | — | reported | — | 1.00 |
| Total assets | 12,698.82 | — | — | reported | — | 1.00 |
| Working capital | 5,560.48 | — | — | derived | — | 0.95 |
| Current assets | 9,739.13 | — | — | reported | — | 1.00 |
| Current liabilities | 4,178.65 | — | — | reported | — | 1.00 |
| CFO | 840.95 | — | — | reported | — | 1.00 |
| CapEx | 202.24 | — | — | reported | — | 1.00 |
| FCF | 638.71 | — | — | derived | — | 0.95 |
| FCF conversion | 164.4% | — | — | reported | — | 0.90 |
| CFO conversion | 216.4% | — | — | reported | — | 0.90 |
| Current ratio | 2.33x | — | — | reported | — | 0.90 |
| Quick ratio | 0.95x | — | — | reported | — | 0.90 |
| Cash ratio | 0.18x | — | — | reported | — | 0.90 |
| Interest coverage | 8.23x | — | — | reported | — | 0.85 |
| Net debt / EBITDA | 1.74x | — | — | reported | — | 0.95 |
| Debt / equity | 0.56x | — | — | reported | — | 0.90 |
| Debt / assets | 0.26x | — | — | reported | — | 0.90 |
| Net debt / equity | 0.43x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 13.55% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 25.53% | — | — | reported | — | 0.95 |
| EBIT growth (YoY) | 25.79% | — | — | reported | — | 0.95 |
| Net income growth (YoY) | 34.01% | — | — | reported | — | 0.95 |
| EPS growth (YoY) | 35.4% | — | — | reported | — | 0.95 |
| Gross margin Δ (YoY) | 0.5 pp | — | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 0.7 pp | — | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | 0.57 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | 0.59 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
5,428.05
—
5,428.05
—
- Q1 2025
- —
Gross profit
1,618.58
—
1,618.58
—
- Q1 2025
- —
EBITDA
388.52
—
388.52
—
- Q1 2025
- —
EBIT
316.61
—
316.61
—
- Q1 2025
- —
EBT
266.17
—
266.17
—
- Q1 2025
- —
Net income
211.28
—
211.28
—
- Q1 2025
- —
EPS (basic)
(PLN)
15.07
—
15.07
—
- Q1 2025
- —
EPS (diluted)
(PLN)
15.07
—
15.07
—
- Q1 2025
- —
D&A
71.9
—
71.9
—
- Q1 2025
- —
Interest expense
38.48
—
38.48
—
- Q1 2025
- —
Shares (basic)
(m units)
14.02
—
14.02
—
- Q1 2025
- —
Gross margin
29.8%
—
29.8%
—
- Q1 2025
- —
EBITDA margin
7.2%
—
7.2%
—
- Q1 2025
- —
EBIT margin
5.83%
—
5.83%
—
- Q1 2025
- —
EBT margin
4.9%
—
4.9%
—
- Q1 2025
- —
Net margin
3.89%
—
3.89%
—
- Q1 2025
- —
Cash
734.73
—
734.73
—
- Q1 2025
- —
Total debt
3,343.51
—
3,343.51
—
- Q1 2025
- —
Net debt
2,608.78
—
2,608.78
—
- Q1 2025
- —
Equity
6,018.17
—
6,018.17
—
- Q1 2025
- —
Total assets
12,698.82
—
12,698.82
—
- Q1 2025
- —
Working capital
5,560.48
—
5,560.48
—
- Q1 2025
- —
Current assets
9,739.13
—
9,739.13
—
- Q1 2025
- —
Current liabilities
4,178.65
—
4,178.65
—
- Q1 2025
- —
CFO
840.95
—
840.95
—
- Q1 2025
- —
CapEx
202.24
—
202.24
—
- Q1 2025
- —
FCF
638.71
—
638.71
—
- Q1 2025
- —
FCF conversion
164.4%
—
164.4%
—
- Q1 2025
- —
CFO conversion
216.4%
—
216.4%
—
- Q1 2025
- —
Current ratio
2.33x
—
2.33x
—
- Q1 2025
- —
Quick ratio
0.95x
—
0.95x
—
- Q1 2025
- —
Cash ratio
0.18x
—
0.18x
—
- Q1 2025
- —
Interest coverage
8.23x
—
8.23x
—
- Q1 2025
- —
Net debt / EBITDA
1.74x
—
1.74x
—
- Q1 2025
- —
Debt / equity
0.56x
—
0.56x
—
- Q1 2025
- —
Debt / assets
0.26x
—
0.26x
—
- Q1 2025
- —
Net debt / equity
0.43x
—
0.43x
—
- Q1 2025
- —
Revenue growth (YoY)
13.55%
—
13.55%
—
- Q1 2025
- —
EBITDA growth (YoY)
25.53%
—
25.53%
—
- Q1 2025
- —
EBIT growth (YoY)
25.79%
—
25.79%
—
- Q1 2025
- —
Net income growth (YoY)
34.01%
—
34.01%
—
- Q1 2025
- —
EPS growth (YoY)
35.4%
—
35.4%
—
- Q1 2025
- —
Gross margin Δ (YoY)
0.5 pp
—
0.5 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
0.7 pp
—
0.7 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
0.57 pp
—
0.57 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
0.59 pp
—
0.59 pp
—
- Q1 2025
- —