Q1 2026 report
Biogened notuje spadek przychodów o 14% r/r (do 28,30 mln PLN), ale jednocześnie poprawia rentowność — marża brutto rośnie do 67,2% (+3,8 pp r/r), a zysk netto o 11% r/r do 2,56 mln PLN — obraz spółki celowo lub wymuszenie ograniczającej mniej rentowną sprzedaż.
Sentiment
Neutral
No guidance change
BGD
Q1 2026 report
Revenue
28.3 m PLN
— YoY
Net income
2.56 m PLN
— YoY
EBITDA
6.07 m PLN
— YoY
Gross margin
67.2%
— YoY
Summary
Investment thesis
- Struktura zadłużenia wyraźnie się zmienia: krótkoterminowe kredyty i pożyczki wzrosły ponad pięciokrotnie r/r (z 1,81 do 9,38 mln PLN), co może oznaczać zbliżający się termin spłaty dużej części zadłużenia długoterminowego — warto dopytać o harmonogram refinansowania.
- Efektywna stopa podatkowa na poziomie ok. 33% (wobec ustawowych 19% CIT) nie jest w raporcie w żaden sposób wyjaśniona.
- Płynność jest solidna (current ratio 2,02x, quick ratio 1,22x, cash ratio 0,26x), a zapasy spadają r/r (-13%) — bilans wygląda zdrowiej, niż sam spadek przychodów mógłby sugerować.
- CAPEX wzrósł ponad pięciokrotnie r/r (do 0,72 mln PLN) przy jednoczesnym wzroście wartości niematerialnych o 334% r/r — spółka wyraźnie inwestuje w nowe produkty/projekty rozwojowe, kosztem krótkoterminowego FCF (-0,27 mln PLN).
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Financials
BETA
BGD · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 28.3 | — | — | reported | — | 1.00 |
| Gross profit | 19.02 | — | — | reported | — | 1.00 |
| EBITDA | 6.07 | — | — | derived | — | 0.90 |
| EBIT | 4.75 | — | — | reported | — | 1.00 |
| EBT | 3.82 | — | — | reported | — | 1.00 |
| Net income | 2.56 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.04 | — | — | derived | — | 0.85 |
| D&A | 1.31 | — | — | reported | — | 1.00 |
| Interest expense | 0.45 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 2.46 | — | — | reported | — | 0.90 |
| Gross margin | 67.2% | — | — | reported | — | 0.95 |
| EBITDA margin | 21.43% | — | — | reported | — | 0.90 |
| EBIT margin | 16.79% | — | — | reported | — | 0.95 |
| EBT margin | 13.49% | — | — | reported | — | 0.95 |
| Net margin | 9.04% | — | — | reported | — | 0.95 |
| D&A margin | 4.64% | — | — | reported | — | 0.90 |
| Cash | 7.13 | — | — | reported | — | 1.00 |
| Total debt | 29.18 | — | — | reported | — | 0.80 |
| Net debt | 22.04 | — | — | derived | — | 0.80 |
| Equity | 47.25 | — | — | reported | — | 1.00 |
| Total assets | 95.69 | — | — | reported | — | 1.00 |
| Working capital | 28.38 | — | — | reported | — | 0.85 |
| Current assets | 56.15 | — | — | reported | — | 1.00 |
| Current liabilities | 27.77 | — | — | reported | — | 0.85 |
| Goodwill | 1.9 | — | — | reported | — | 0.95 |
| CFO | 0.46 | — | — | reported | — | 1.00 |
| CapEx | 0.72 | — | — | reported | — | 1.00 |
| FCF | -0.27 | — | — | derived | — | 0.90 |
| FCF conversion | -4.37% | — | — | reported | — | 0.75 |
| CFO conversion | 7.55% | — | — | reported | — | 0.75 |
| Current ratio | 2.02x | — | — | reported | — | 0.85 |
| Quick ratio | 1.22x | — | — | reported | — | 0.85 |
| Cash ratio | 0.26x | — | — | reported | — | 0.85 |
| Interest coverage | 10.59x | — | — | reported | — | 0.90 |
| Debt / equity | 0.62x | — | — | reported | — | 0.80 |
| Debt / assets | 0.3x | — | — | reported | — | 0.80 |
| Net debt / equity | 0.47x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | -13.85% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | 9.05% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | 5.95% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | 10.58% | — | — | reported | — | 0.90 |
| Gross margin Δ (YoY) | 3.79 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | 4.5 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | 3.14 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | 2 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
28.3
—
28.3
—
- Q1 2025
- —
Gross profit
19.02
—
19.02
—
- Q1 2025
- —
EBITDA
6.07
—
6.07
—
- Q1 2025
- —
EBIT
4.75
—
4.75
—
- Q1 2025
- —
EBT
3.82
—
3.82
—
- Q1 2025
- —
Net income
2.56
—
2.56
—
- Q1 2025
- —
EPS (basic)
(PLN)
1.04
—
1.04
—
- Q1 2025
- —
D&A
1.31
—
1.31
—
- Q1 2025
- —
Interest expense
0.45
—
0.45
—
- Q1 2025
- —
Shares (basic)
(m units)
2.46
—
2.46
—
- Q1 2025
- —
Gross margin
67.2%
—
67.2%
—
- Q1 2025
- —
EBITDA margin
21.43%
—
21.43%
—
- Q1 2025
- —
EBIT margin
16.79%
—
16.79%
—
- Q1 2025
- —
EBT margin
13.49%
—
13.49%
—
- Q1 2025
- —
Net margin
9.04%
—
9.04%
—
- Q1 2025
- —
D&A margin
4.64%
—
4.64%
—
- Q1 2025
- —
Cash
7.13
—
7.13
—
- Q1 2025
- —
Total debt
29.18
—
29.18
—
- Q1 2025
- —
Net debt
22.04
—
22.04
—
- Q1 2025
- —
Equity
47.25
—
47.25
—
- Q1 2025
- —
Total assets
95.69
—
95.69
—
- Q1 2025
- —
Working capital
28.38
—
28.38
—
- Q1 2025
- —
Current assets
56.15
—
56.15
—
- Q1 2025
- —
Current liabilities
27.77
—
27.77
—
- Q1 2025
- —
Goodwill
1.9
—
1.9
—
- Q1 2025
- —
CFO
0.46
—
0.46
—
- Q1 2025
- —
CapEx
0.72
—
0.72
—
- Q1 2025
- —
FCF
-0.27
—
-0.27
—
- Q1 2025
- —
FCF conversion
-4.37%
—
-4.37%
—
- Q1 2025
- —
CFO conversion
7.55%
—
7.55%
—
- Q1 2025
- —
Current ratio
2.02x
—
2.02x
—
- Q1 2025
- —
Quick ratio
1.22x
—
1.22x
—
- Q1 2025
- —
Cash ratio
0.26x
—
0.26x
—
- Q1 2025
- —
Interest coverage
10.59x
—
10.59x
—
- Q1 2025
- —
Debt / equity
0.62x
—
0.62x
—
- Q1 2025
- —
Debt / assets
0.3x
—
0.3x
—
- Q1 2025
- —
Net debt / equity
0.47x
—
0.47x
—
- Q1 2025
- —
Revenue growth (YoY)
-13.85%
—
-13.85%
—
- Q1 2025
- —
EBITDA growth (YoY)
9.05%
—
9.05%
—
- Q1 2025
- —
EBIT growth (YoY)
5.95%
—
5.95%
—
- Q1 2025
- —
Net income growth (YoY)
10.58%
—
10.58%
—
- Q1 2025
- —
Gross margin Δ (YoY)
3.79 pp
—
3.79 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
4.5 pp
—
4.5 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
3.14 pp
—
3.14 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
2 pp
—
2 pp
—
- Q1 2025
- —