Q1 2026 report
Grupa TREX zwiększyła przychody skonsolidowane o 88,3% r/r do 21,26 mln zł, przy jednoczesnej poprawie marży sprzedaży z 43,4% do 45,5% mimo agresywnej ekspansji na sześć nowych rynków w jednym kwartale.
Sentiment
Positive
Guidance maintained
TRX
Q1 2026 report
Revenue
21.26 m PLN
— YoY
Net income
2.19 m PLN
— YoY
EBITDA
2.59 m PLN
— YoY
Gross margin
45.48%
— YoY
Summary
Investment thesis
- EBITDA wzrosła o 219% r/r do 2,59 mln zł, co odpowiada już 52,9% świeżo opublikowanej prognozy EBITDA na cały 2026 r. po jednym kwartale.
- Bilans jest wolny od zadłużenia finansowego (zerowy dług odsetkowy), z bardzo wysoką płynnością bieżącą (2,92) i szybką (2,22).
- Cała ekspansja europejska jest samofinansowana z bieżącej gotówki — bez emisji akcji ani zaciągania kredytów; spółka jednocześnie kontynuuje skup akcji własnych.
- Skala operacyjna pozostaje mikro (4,25 etatu w grupie, suma bilansowa 9,7 mln zł), a nowa platforma SPV angażuje podmioty powiązane z głównym akcjonariuszem — to kluczowe ryzyko do obserwacji obok tempa wzrostu.
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Financials
BETA
TRX · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 21.26 | — | — | reported | — | 1.00 |
| Gross profit | 9.67 | — | — | derived | — | 0.70 |
| EBITDA | 2.59 | — | — | reported | — | 1.00 |
| EBIT | 2.52 | — | — | reported | — | 1.00 |
| EBT | 2.53 | — | — | reported | — | 1.00 |
| Net income | 2.19 | — | — | reported | — | 1.00 |
| D&A | 0.07 | — | — | reported | — | 1.00 |
| Gross margin | 45.48% | — | — | reported | — | 0.70 |
| EBITDA margin | 12.18% | — | — | reported | — | 1.00 |
| EBIT margin | 11.83% | — | — | reported | — | 1.00 |
| EBT margin | 11.9% | — | — | reported | — | 1.00 |
| Net margin | 10.32% | — | — | reported | — | 1.00 |
| D&A margin | 0.35% | — | — | reported | — | 1.00 |
| Cash | 3.21 | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | reported | — | 0.90 |
| Net debt | -3.21 | — | — | reported | — | 0.90 |
| Equity | 7.42 | — | — | reported | — | 1.00 |
| Total assets | 9.74 | — | — | reported | — | 1.00 |
| Working capital | 4.44 | — | — | reported | — | 1.00 |
| Current assets | 6.75 | — | — | reported | — | 1.00 |
| Current liabilities | 2.31 | — | — | reported | — | 1.00 |
| Goodwill | 2.38 | — | — | derived | — | 0.60 |
| Tangible equity | 5.04 | — | — | reported | — | 0.60 |
| CFO | 1.71 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | 1.71 | — | — | reported | — | 1.00 |
| FCF conversion | 65.87% | — | — | reported | — | 0.90 |
| CFO conversion | 65.87% | — | — | reported | — | 0.90 |
| Buybacks | 0.42 | — | — | reported | — | 1.00 |
| Current ratio | 2.92x | — | — | reported | — | 1.00 |
| Quick ratio | 2.22x | — | — | reported | — | 1.00 |
| Cash ratio | 1.39x | — | — | reported | — | 1.00 |
| Debt / equity | 0x | — | — | reported | — | 0.90 |
| Debt / assets | 0x | — | — | reported | — | 0.90 |
| Net debt / equity | -43.33% | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 88.31% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 219.07% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 296.43% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 351.94% | — | — | reported | — | 1.00 |
| FCF growth (YoY) | 708.96% | — | — | reported | — | 0.90 |
| Gross margin Δ (YoY) | 2.04 pp | — | — | reported | — | 0.70 |
| EBITDA margin Δ (YoY) | 4.99 pp | — | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | 6.21 pp | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 6.02 pp | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
21.26
—
21.26
—
- Q1 2025
- —
Gross profit
9.67
—
9.67
—
- Q1 2025
- —
EBITDA
2.59
—
2.59
—
- Q1 2025
- —
EBIT
2.52
—
2.52
—
- Q1 2025
- —
EBT
2.53
—
2.53
—
- Q1 2025
- —
Net income
2.19
—
2.19
—
- Q1 2025
- —
D&A
0.07
—
0.07
—
- Q1 2025
- —
Gross margin
45.48%
—
45.48%
—
- Q1 2025
- —
EBITDA margin
12.18%
—
12.18%
—
- Q1 2025
- —
EBIT margin
11.83%
—
11.83%
—
- Q1 2025
- —
EBT margin
11.9%
—
11.9%
—
- Q1 2025
- —
Net margin
10.32%
—
10.32%
—
- Q1 2025
- —
D&A margin
0.35%
—
0.35%
—
- Q1 2025
- —
Cash
3.21
—
3.21
—
- Q1 2025
- —
Total debt
0
—
0
—
- Q1 2025
- —
Net debt
-3.21
—
-3.21
—
- Q1 2025
- —
Equity
7.42
—
7.42
—
- Q1 2025
- —
Total assets
9.74
—
9.74
—
- Q1 2025
- —
Working capital
4.44
—
4.44
—
- Q1 2025
- —
Current assets
6.75
—
6.75
—
- Q1 2025
- —
Current liabilities
2.31
—
2.31
—
- Q1 2025
- —
Goodwill
2.38
—
2.38
—
- Q1 2025
- —
Tangible equity
5.04
—
5.04
—
- Q1 2025
- —
CFO
1.71
—
1.71
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
1.71
—
1.71
—
- Q1 2025
- —
FCF conversion
65.87%
—
65.87%
—
- Q1 2025
- —
CFO conversion
65.87%
—
65.87%
—
- Q1 2025
- —
Buybacks
0.42
—
0.42
—
- Q1 2025
- —
Current ratio
2.92x
—
2.92x
—
- Q1 2025
- —
Quick ratio
2.22x
—
2.22x
—
- Q1 2025
- —
Cash ratio
1.39x
—
1.39x
—
- Q1 2025
- —
Debt / equity
0x
—
0x
—
- Q1 2025
- —
Debt / assets
0x
—
0x
—
- Q1 2025
- —
Net debt / equity
-43.33%
—
-43.33%
—
- Q1 2025
- —
Revenue growth (YoY)
88.31%
—
88.31%
—
- Q1 2025
- —
EBITDA growth (YoY)
219.07%
—
219.07%
—
- Q1 2025
- —
EBIT growth (YoY)
296.43%
—
296.43%
—
- Q1 2025
- —
Net income growth (YoY)
351.94%
—
351.94%
—
- Q1 2025
- —
FCF growth (YoY)
708.96%
—
708.96%
—
- Q1 2025
- —
Gross margin Δ (YoY)
2.04 pp
—
2.04 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
4.99 pp
—
4.99 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
6.21 pp
—
6.21 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
6.02 pp
—
6.02 pp
—
- Q1 2025
- —