Q1 2026 report
Grupa rośnie dwucyfrowo (przychody +16% r/r) z widoczną dźwignią operacyjną — EBIT i EBITDA rosną 33–38% r/r, znacznie szybciej niż sprzedaż.
Sentiment
Positive
No guidance change
ORG
Q1 2026 report
Revenue
38,232 k PLN
— YoY
Net income
905 k PLN
— YoY
EBITDA
2,007 k PLN
— YoY
FCF
-1,830 k PLN
— YoY
Summary
Investment thesis
- Wzrost jest w istotnej mierze napędzany przejęciem ZCP Vinet przez Eko-Wital (koniec 2025 r.) — to podbija zarówno przychody, jak i bilans (zapasy, zobowiązania krótkoterminowe).
- Jakość zysku budzi wątpliwości: OCF ujemny czwarty kwartał z rzędu (-1,58 mln zł), mimo dodatniego zysku netto (905 tys. zł) — luka finansowana rosnącym krótkoterminowym długiem.
- Ekspozycja walutowa EUR/PLN (import towarów) obciąża wynik finansowy obu spółek grupy drugi kwartał z rzędu — bez widocznego hedgingu.
- Rynek żywności ekologicznej w Polsce to wciąż niecały 1% rynku spożywczego (vs kilka % w Europie Zachodniej) — długoterminowy tailwind strukturalny, jeśli spółka utrzyma pozycję lidera.
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Financials
BETA
ORG · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 38,232 | — | — | reported | — | 1.00 |
| EBITDA | 2,007 | — | — | reported | — | 1.00 |
| EBIT | 1,438 | — | — | reported | — | 1.00 |
| EBT | 1,066 | — | — | reported | — | 1.00 |
| Net income | 905 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.16 | — | — | derived | — | 0.70 |
| D&A | 499 | — | — | reported | — | 0.80 |
| Interest expense | 94 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 5.5 | — | — | reported | — | 1.00 |
| EBITDA margin | 5.25% | — | — | reported | — | 0.90 |
| EBIT margin | 3.76% | — | — | reported | — | 0.90 |
| Net margin | 2.37% | — | — | reported | — | 0.90 |
| Cash | 1,980 | — | — | reported | — | 1.00 |
| Total debt | 11,588 | — | — | derived | — | 0.85 |
| Net debt | 9,608 | — | — | derived | — | 0.85 |
| Equity | 6,983 | — | — | reported | — | 1.00 |
| Total assets | 36,391 | — | — | reported | — | 1.00 |
| Working capital | 2,820 | — | — | derived | — | 0.90 |
| Current assets | 25,978 | — | — | reported | — | 1.00 |
| Current liabilities | 23,158 | — | — | reported | — | 1.00 |
| Goodwill | 3,873 | — | — | derived | — | 0.80 |
| Tangible equity | 3,110 | — | — | derived | — | 0.80 |
| CFO | -1,576 | — | — | reported | — | 1.00 |
| CapEx | 254 | — | — | reported | — | 1.00 |
| FCF | -1,830 | — | — | derived | — | 0.90 |
| FCF conversion | -91.2% | — | — | derived | — | 0.80 |
| CFO conversion | -78.5% | — | — | derived | — | 0.80 |
| Current ratio | 1.12x | — | — | reported | — | 0.90 |
| Quick ratio | 0.56x | — | — | reported | — | 0.85 |
| Cash ratio | 0.09x | — | — | reported | — | 0.90 |
| Interest coverage | 15.3x | — | — | reported | — | 0.85 |
| Debt / equity | 1.66x | — | — | reported | — | 0.80 |
| Net debt / equity | 1.38x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | 16% | — | — | reported | — | 0.90 |
| EBITDA growth (YoY) | 33.53% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | 38% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | 10.23% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | 10.23% | — | — | reported | — | 0.80 |
| EBITDA margin Δ (YoY) | 0.69 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | 0.6 pp | — | — | reported | — | 0.85 |
| Net margin Δ (YoY) | -0.12 pp | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
38,232
—
38,232
—
- Q1 2025
- —
EBITDA
2,007
—
2,007
—
- Q1 2025
- —
EBIT
1,438
—
1,438
—
- Q1 2025
- —
EBT
1,066
—
1,066
—
- Q1 2025
- —
Net income
905
—
905
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.16
—
0.16
—
- Q1 2025
- —
D&A
499
—
499
—
- Q1 2025
- —
Interest expense
94
—
94
—
- Q1 2025
- —
Shares (basic)
(m units)
5.5
—
5.5
—
- Q1 2025
- —
EBITDA margin
5.25%
—
5.25%
—
- Q1 2025
- —
EBIT margin
3.76%
—
3.76%
—
- Q1 2025
- —
Net margin
2.37%
—
2.37%
—
- Q1 2025
- —
Cash
1,980
—
1,980
—
- Q1 2025
- —
Total debt
11,588
—
11,588
—
- Q1 2025
- —
Net debt
9,608
—
9,608
—
- Q1 2025
- —
Equity
6,983
—
6,983
—
- Q1 2025
- —
Total assets
36,391
—
36,391
—
- Q1 2025
- —
Working capital
2,820
—
2,820
—
- Q1 2025
- —
Current assets
25,978
—
25,978
—
- Q1 2025
- —
Current liabilities
23,158
—
23,158
—
- Q1 2025
- —
Goodwill
3,873
—
3,873
—
- Q1 2025
- —
Tangible equity
3,110
—
3,110
—
- Q1 2025
- —
CFO
-1,576
—
-1,576
—
- Q1 2025
- —
CapEx
254
—
254
—
- Q1 2025
- —
FCF
-1,830
—
-1,830
—
- Q1 2025
- —
FCF conversion
-91.2%
—
-91.2%
—
- Q1 2025
- —
CFO conversion
-78.5%
—
-78.5%
—
- Q1 2025
- —
Current ratio
1.12x
—
1.12x
—
- Q1 2025
- —
Quick ratio
0.56x
—
0.56x
—
- Q1 2025
- —
Cash ratio
0.09x
—
0.09x
—
- Q1 2025
- —
Interest coverage
15.3x
—
15.3x
—
- Q1 2025
- —
Debt / equity
1.66x
—
1.66x
—
- Q1 2025
- —
Net debt / equity
1.38x
—
1.38x
—
- Q1 2025
- —
Revenue growth (YoY)
16%
—
16%
—
- Q1 2025
- —
EBITDA growth (YoY)
33.53%
—
33.53%
—
- Q1 2025
- —
EBIT growth (YoY)
38%
—
38%
—
- Q1 2025
- —
Net income growth (YoY)
10.23%
—
10.23%
—
- Q1 2025
- —
EPS growth (YoY)
10.23%
—
10.23%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
0.69 pp
—
0.69 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
0.6 pp
—
0.6 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-0.12 pp
—
-0.12 pp
—
- Q1 2025
- —