Q1 2026 report
Przychody grupy spadły -3,2% r/r, głównie za sprawą umocnienia złotego i słabszego segmentu Aluminium Process (-48,5% r/r), ale marże rosną na każdym poziomie rachunku wyników.
Sentiment
Neutral
No guidance change
SWG
Q1 2026 report
Revenue
180,897 k PLN
— YoY
Net income
6,142 k PLN
— YoY
EBITDA
14,780 k PLN
— YoY
Gross margin
21.48%
— YoY
Summary
Investment thesis
- Segment Pieców Próżniowych rośnie o ponad 50% r/r, potwierdzając strategię koncentracji na wysokomarżowych niszach — kluczowy motor poprawy rentowności.
- Portfel zamówień (713,8 mln zł) stabilny r/r mimo presji kursowej, a nowe zamówienia w kwartale +56% r/r — dobra widoczność przychodów na kolejne kwartały.
- OCF głęboko ujemny (-12,2 mln zł) drugi rok z rzędu w I kwartale — napędzany wzrostem aktywów kontraktowych typowym dla biznesu projektowego, ale finansowany rosnącym krótkoterminowym długiem.
- Zarząd rekomenduje dywidendę 1,20 zł/akcję z zysku za 2025 r. i nie planuje nowych emisji — kontynuacja polityki zwrotu kapitału po wcześniejszym dużym skupie akcji własnych (13,46% kapitału w posiadaniu własnym spółki).
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
SWG · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 180,897 | — | — | reported | — | 1.00 |
| Gross profit | 38,862 | — | — | reported | — | 1.00 |
| EBITDA | 14,780 | — | — | derived | — | 0.90 |
| EBIT | 9,632 | — | — | reported | — | 1.00 |
| EBT | 8,872 | — | — | reported | — | 1.00 |
| Net income | 6,142 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.84 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.84 | — | — | reported | — | 1.00 |
| D&A | 5,148 | — | — | reported | — | 1.00 |
| Interest expense | 2,410 | — | — | reported | — | 0.85 |
| Shares (basic) (m units) | 7.27 | — | — | reported | — | 1.00 |
| Gross margin | 21.48% | — | — | reported | — | 0.90 |
| EBITDA margin | 8.17% | — | — | reported | — | 0.85 |
| EBIT margin | 5.33% | — | — | reported | — | 0.90 |
| Net margin | 3.4% | — | — | reported | — | 0.90 |
| Cash | 55,742 | — | — | reported | — | 1.00 |
| Total debt | 172,979 | — | — | derived | — | 0.90 |
| Net debt | 117,237 | — | — | derived | — | 0.90 |
| Equity | 236,527 | — | — | reported | — | 1.00 |
| Total assets | 708,899 | — | — | reported | — | 1.00 |
| Working capital | 88,105 | — | — | derived | — | 0.90 |
| Current assets | 460,175 | — | — | reported | — | 1.00 |
| Current liabilities | 372,070 | — | — | reported | — | 1.00 |
| Goodwill | 82,508 | — | — | derived | — | 0.85 |
| Tangible equity | 154,019 | — | — | derived | — | 0.85 |
| CFO | -12,229 | — | — | reported | — | 1.00 |
| CapEx | 6,263 | — | — | reported | — | 1.00 |
| FCF | -18,492 | — | — | derived | — | 0.90 |
| FCF conversion | -125.1% | — | — | derived | — | 0.80 |
| CFO conversion | -82.7% | — | — | derived | — | 0.80 |
| Current ratio | 1.24x | — | — | reported | — | 0.90 |
| Quick ratio | 1.01x | — | — | reported | — | 0.90 |
| Cash ratio | 0.15x | — | — | reported | — | 0.85 |
| Interest coverage | 4x | — | — | reported | — | 0.80 |
| Debt / equity | 0.73x | — | — | reported | — | 0.85 |
| Net debt / equity | 0.5x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | -3.21% | — | — | reported | — | 0.90 |
| EBITDA growth (YoY) | 7.79% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | 15.17% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | 10.83% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | 33.33% | — | — | reported | — | 0.90 |
| Gross margin Δ (YoY) | 1.04 pp | — | — | reported | — | 0.85 |
| EBITDA margin Δ (YoY) | 0.83 pp | — | — | reported | — | 0.80 |
| EBIT margin Δ (YoY) | 0.85 pp | — | — | reported | — | 0.85 |
| Net margin Δ (YoY) | 0.43 pp | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
180,897
—
180,897
—
- Q1 2025
- —
Gross profit
38,862
—
38,862
—
- Q1 2025
- —
EBITDA
14,780
—
14,780
—
- Q1 2025
- —
EBIT
9,632
—
9,632
—
- Q1 2025
- —
EBT
8,872
—
8,872
—
- Q1 2025
- —
Net income
6,142
—
6,142
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.84
—
0.84
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.84
—
0.84
—
- Q1 2025
- —
D&A
5,148
—
5,148
—
- Q1 2025
- —
Interest expense
2,410
—
2,410
—
- Q1 2025
- —
Shares (basic)
(m units)
7.27
—
7.27
—
- Q1 2025
- —
Gross margin
21.48%
—
21.48%
—
- Q1 2025
- —
EBITDA margin
8.17%
—
8.17%
—
- Q1 2025
- —
EBIT margin
5.33%
—
5.33%
—
- Q1 2025
- —
Net margin
3.4%
—
3.4%
—
- Q1 2025
- —
Cash
55,742
—
55,742
—
- Q1 2025
- —
Total debt
172,979
—
172,979
—
- Q1 2025
- —
Net debt
117,237
—
117,237
—
- Q1 2025
- —
Equity
236,527
—
236,527
—
- Q1 2025
- —
Total assets
708,899
—
708,899
—
- Q1 2025
- —
Working capital
88,105
—
88,105
—
- Q1 2025
- —
Current assets
460,175
—
460,175
—
- Q1 2025
- —
Current liabilities
372,070
—
372,070
—
- Q1 2025
- —
Goodwill
82,508
—
82,508
—
- Q1 2025
- —
Tangible equity
154,019
—
154,019
—
- Q1 2025
- —
CFO
-12,229
—
-12,229
—
- Q1 2025
- —
CapEx
6,263
—
6,263
—
- Q1 2025
- —
FCF
-18,492
—
-18,492
—
- Q1 2025
- —
FCF conversion
-125.1%
—
-125.1%
—
- Q1 2025
- —
CFO conversion
-82.7%
—
-82.7%
—
- Q1 2025
- —
Current ratio
1.24x
—
1.24x
—
- Q1 2025
- —
Quick ratio
1.01x
—
1.01x
—
- Q1 2025
- —
Cash ratio
0.15x
—
0.15x
—
- Q1 2025
- —
Interest coverage
4x
—
4x
—
- Q1 2025
- —
Debt / equity
0.73x
—
0.73x
—
- Q1 2025
- —
Net debt / equity
0.5x
—
0.5x
—
- Q1 2025
- —
Revenue growth (YoY)
-3.21%
—
-3.21%
—
- Q1 2025
- —
EBITDA growth (YoY)
7.79%
—
7.79%
—
- Q1 2025
- —
EBIT growth (YoY)
15.17%
—
15.17%
—
- Q1 2025
- —
Net income growth (YoY)
10.83%
—
10.83%
—
- Q1 2025
- —
EPS growth (YoY)
33.33%
—
33.33%
—
- Q1 2025
- —
Gross margin Δ (YoY)
1.04 pp
—
1.04 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
0.83 pp
—
0.83 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
0.85 pp
—
0.85 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
0.43 pp
—
0.43 pp
—
- Q1 2025
- —