Q1 2026 report
Rekordowy kwartał przychodowy (+46,5% r/r) i marżowy (marża netto 19,9% wobec 5,3% rok wcześniej), ale w istotnej mierze napędzony jednorazowym rozliczeniem projektów integracyjnych KSeF
Sentiment
Positive
No guidance change
EDL
Q1 2026 report
Revenue
2.89 m PLN
— YoY
Net income
0.57 m PLN
— YoY
EBITDA
0.77 m PLN
— YoY
FCF
1.02 m PLN
— YoY
Summary
Investment thesis
- Bilans praktycznie bezdłużny — zerowe kredyty i pożyczki, gotówka netto ok. 4,6 mln zł przy sumie aktywów 8,27 mln zł
- Bardzo wysoka jakość zysku — przepływy operacyjne (1,31 mln zł) ponad dwukrotnie przewyższają zysk netto (0,57 mln zł)
- Certyfikacja jako pierwszy dostawca usług Peppol na Słowacji otwiera ekspozycję na pierwsze w Europie praktyczne wdrożenie modelu 5-corner
- Zarząd sam zastrzega, że dynamika kwartału nie powinna być punktem odniesienia dla kolejnych okresów — ryzyko spowolnienia w Q2–Q4 2026 jest realne
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Financials
BETA
EDL · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 2.89 | — | — | reported | — | 1.00 |
| EBITDA | 0.77 | — | — | derived | — | 0.90 |
| EBIT | 0.69 | — | — | reported | — | 1.00 |
| EBT | 0.72 | — | — | reported | — | 1.00 |
| Net income | 0.57 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.19 | — | — | derived | — | 0.90 |
| D&A | 0.08 | — | — | reported | — | 1.00 |
| Interest expense | 0 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 2.95 | — | — | reported | — | 1.00 |
| EBITDA margin | 26.57% | — | — | derived | — | 0.90 |
| EBIT margin | 23.82% | — | — | derived | — | 0.90 |
| EBT margin | 24.73% | — | — | derived | — | 0.90 |
| Net margin | 19.85% | — | — | derived | — | 0.90 |
| Cash | 4.6 | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | reported | — | 0.90 |
| Net debt | -4.6 | — | — | derived | — | 0.90 |
| Equity | 7.08 | — | — | reported | — | 1.00 |
| Total assets | 8.27 | — | — | reported | — | 1.00 |
| Current assets | 5.51 | — | — | reported | — | 1.00 |
| Current liabilities | 0.72 | — | — | reported | — | 1.00 |
| CFO | 1.31 | — | — | reported | — | 1.00 |
| CapEx | 0.29 | — | — | reported | — | 1.00 |
| FCF | 1.02 | — | — | derived | — | 0.90 |
| FCF conversion | 132.57% | — | — | derived | — | 0.85 |
| CFO conversion | 169.98% | — | — | derived | — | 0.85 |
| Current ratio | 7.66x | — | — | derived | — | 0.90 |
| Cash ratio | 6.39x | — | — | derived | — | 0.90 |
| Interest coverage | 1429.6x | — | — | derived | — | 0.70 |
| Debt / equity | 0x | — | — | derived | — | 0.85 |
| Net debt / equity | -0.65x | — | — | derived | — | 0.85 |
| Revenue growth (YoY) | 46.47% | — | — | derived | — | 1.00 |
| EBITDA growth (YoY) | 220.3% | — | — | derived | — | 0.85 |
| EBIT growth (YoY) | 315.19% | — | — | derived | — | 0.90 |
| Net income growth (YoY) | 452.9% | — | — | derived | — | 0.90 |
| FCF growth (YoY) | 324.53% | — | — | derived | — | 0.85 |
| EBITDA margin Δ (YoY) | 14.42 pp | — | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | 15.42 pp | — | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 14.59 pp | — | — | derived | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
2.89
—
2.89
—
- Q1 2025
- —
EBITDA
0.77
—
0.77
—
- Q1 2025
- —
EBIT
0.69
—
0.69
—
- Q1 2025
- —
EBT
0.72
—
0.72
—
- Q1 2025
- —
Net income
0.57
—
0.57
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.19
—
0.19
—
- Q1 2025
- —
D&A
0.08
—
0.08
—
- Q1 2025
- —
Interest expense
0
—
0
—
- Q1 2025
- —
Shares (basic)
(m units)
2.95
—
2.95
—
- Q1 2025
- —
EBITDA margin
26.57%
—
26.57%
—
- Q1 2025
- —
EBIT margin
23.82%
—
23.82%
—
- Q1 2025
- —
EBT margin
24.73%
—
24.73%
—
- Q1 2025
- —
Net margin
19.85%
—
19.85%
—
- Q1 2025
- —
Cash
4.6
—
4.6
—
- Q1 2025
- —
Total debt
0
—
0
—
- Q1 2025
- —
Net debt
-4.6
—
-4.6
—
- Q1 2025
- —
Equity
7.08
—
7.08
—
- Q1 2025
- —
Total assets
8.27
—
8.27
—
- Q1 2025
- —
Current assets
5.51
—
5.51
—
- Q1 2025
- —
Current liabilities
0.72
—
0.72
—
- Q1 2025
- —
CFO
1.31
—
1.31
—
- Q1 2025
- —
CapEx
0.29
—
0.29
—
- Q1 2025
- —
FCF
1.02
—
1.02
—
- Q1 2025
- —
FCF conversion
132.57%
—
132.57%
—
- Q1 2025
- —
CFO conversion
169.98%
—
169.98%
—
- Q1 2025
- —
Current ratio
7.66x
—
7.66x
—
- Q1 2025
- —
Cash ratio
6.39x
—
6.39x
—
- Q1 2025
- —
Interest coverage
1429.6x
—
1429.6x
—
- Q1 2025
- —
Debt / equity
0x
—
0x
—
- Q1 2025
- —
Net debt / equity
-0.65x
—
-0.65x
—
- Q1 2025
- —
Revenue growth (YoY)
46.47%
—
46.47%
—
- Q1 2025
- —
EBITDA growth (YoY)
220.3%
—
220.3%
—
- Q1 2025
- —
EBIT growth (YoY)
315.19%
—
315.19%
—
- Q1 2025
- —
Net income growth (YoY)
452.9%
—
452.9%
—
- Q1 2025
- —
FCF growth (YoY)
324.53%
—
324.53%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
14.42 pp
—
14.42 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
15.42 pp
—
15.42 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
14.59 pp
—
14.59 pp
—
- Q1 2025
- —