TXN
Q1 2026 report
Revenue
4,301,560 PLN
— YoY
Net income
255,220 PLN
— YoY
EBITDA
357,028 PLN
— YoY
FCF
83,330 PLN
— YoY
Summary
Investment thesis
- I kw. 2026: przychody +10,8% r/r, EBIT +84,3% r/r, zysk netto niemal podwojony (255,2 tys. zł vs 130,1 tys. zł) — dźwignia operacyjna zadziałała pozytywnie.
- OCF wrócił na plus (86,4 tys. zł vs -177,1 tys. zł rok wcześniej) i przewyższa poprawę zysku netto — dobra jakość wyniku potwierdzona gotówką.
- Model biznesowy jest silnie pracochłonny (59,5 etatu, wynagrodzenia + ZUS ~66% kosztów operacyjnych) — Zarząd sam przyznaje, że dalsza redukcja kosztów pracowniczych będzie bardzo trudna, co ogranicza przestrzeń do poprawy marży w kolejnych kwartałach.
- Silna koncentracja akcjonariatu wśród osób zasiadających jednocześnie w Radzie Nadzorczej i powiązanych z kilkoma spółkami współpracującymi — raport nie ujawnia wartości ewentualnych transakcji z tymi podmiotami.
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Financials
BETA
TXN · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 4,301,560 | — | — | reported | — | 1.00 |
| EBITDA | 357,028 | — | — | derived | — | 0.85 |
| EBIT | 336,616 | — | — | reported | — | 1.00 |
| EBT | 330,862 | — | — | reported | — | 1.00 |
| Net income | 255,220 | — | — | reported | — | 1.00 |
| D&A | 20,412 | — | — | reported | — | 0.80 |
| Interest expense | 3,353 | — | — | reported | — | 1.00 |
| EBITDA margin | 8.3% | — | — | reported | — | 0.85 |
| EBIT margin | 7.83% | — | — | reported | — | 0.90 |
| Net margin | 5.93% | — | — | reported | — | 0.90 |
| Cash | 1,065,919 | — | — | reported | — | 1.00 |
| Equity | 3,117,829 | — | — | reported | — | 1.00 |
| Total assets | 5,327,681 | — | — | reported | — | 1.00 |
| Current assets | 3,701,108 | — | — | reported | — | 1.00 |
| Current liabilities | 1,907,969 | — | — | reported | — | 1.00 |
| CFO | 86,394 | — | — | reported | — | 1.00 |
| CapEx | 3,064 | — | — | reported | — | 1.00 |
| FCF | 83,330 | — | — | derived | — | 0.90 |
| CFO conversion | 24.2% | — | — | reported | — | 0.80 |
| Current ratio | 1.94x | — | — | reported | — | 0.95 |
| Revenue growth (YoY) | 10.81% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | 56.14% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | 84.28% | — | — | reported | — | 0.95 |
| Net income growth (YoY) | 96.16% | — | — | reported | — | 0.95 |
| EBITDA margin Δ (YoY) | 2.41 pp | — | — | reported | — | 0.80 |
Q1 2026 · Δ YoY
Revenue
4,301,560
—
4,301,560
—
- Q1 2025
- —
EBITDA
357,028
—
357,028
—
- Q1 2025
- —
EBIT
336,616
—
336,616
—
- Q1 2025
- —
EBT
330,862
—
330,862
—
- Q1 2025
- —
Net income
255,220
—
255,220
—
- Q1 2025
- —
D&A
20,412
—
20,412
—
- Q1 2025
- —
Interest expense
3,353
—
3,353
—
- Q1 2025
- —
EBITDA margin
8.3%
—
8.3%
—
- Q1 2025
- —
EBIT margin
7.83%
—
7.83%
—
- Q1 2025
- —
Net margin
5.93%
—
5.93%
—
- Q1 2025
- —
Cash
1,065,919
—
1,065,919
—
- Q1 2025
- —
Equity
3,117,829
—
3,117,829
—
- Q1 2025
- —
Total assets
5,327,681
—
5,327,681
—
- Q1 2025
- —
Current assets
3,701,108
—
3,701,108
—
- Q1 2025
- —
Current liabilities
1,907,969
—
1,907,969
—
- Q1 2025
- —
CFO
86,394
—
86,394
—
- Q1 2025
- —
CapEx
3,064
—
3,064
—
- Q1 2025
- —
FCF
83,330
—
83,330
—
- Q1 2025
- —
CFO conversion
24.2%
—
24.2%
—
- Q1 2025
- —
Current ratio
1.94x
—
1.94x
—
- Q1 2025
- —
Revenue growth (YoY)
10.81%
—
10.81%
—
- Q1 2025
- —
EBITDA growth (YoY)
56.14%
—
56.14%
—
- Q1 2025
- —
EBIT growth (YoY)
84.28%
—
84.28%
—
- Q1 2025
- —
Net income growth (YoY)
96.16%
—
96.16%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
2.41 pp
—
2.41 pp
—
- Q1 2025
- —