Q1 2026 report
Grupa Excellence (producent syropów spożywczych, z 51% udziałem w producencie suplementów Health Medica) pokazuje w 1Q 2026 silną dźwignię operacyjną: przychody +31,4% r/r, EBIT +394% r/r, zysk netto +1132% r/r (z bardzo niskiej bazy 189 tys. zł w 1Q25).
Sentiment
Positive
No guidance change
EXC
Q1 2026 report
Revenue
20,267,345 PLN
— YoY
Net income
2,331,788 PLN
— YoY
EBITDA
3,922,384 PLN
— YoY
FCF
669,142 PLN
— YoY
Summary
Investment thesis
- Jakość zysku w gotówce w tym konkretnym kwartale jest słabsza niż sugerowałby wynik — operacyjne przepływy pieniężne spadły r/r (1,89 mln zł vs 2,17 mln zł), bo wzrost zysku pochłonął skokowy przyrost należności handlowych.
- Bilans jest solidny: gotówka wzrosła r/r z 2,53 do 8,58 mln zł, kapitał własny z 31,3 do 42,5 mln zł, płynność bieżąca ~3,85x — choć skrócony format raportu nie pozwala precyzyjnie wyodrębnić zadłużenia oprocentowanego.
- Grupa kontynuuje inwestycje produkcyjne (CAPEX 1,22 mln zł w kwartale) w ramach Polskiej Strefy Inwestycji, mimo że efektywna stopa podatkowa (21,9%) jest akurat wyższa niż standardowa stawka 19% — warto dopytać o przyczynę.
- Struktura akcjonariatu wykazuje rozjazd między udziałem w kapitale a udziałem w głosach u dwóch rodzin założycielskich (Ciecierski, Polinceusz) — sugeruje uprzywilejowanie głosu, którego szczegółów raport nie ujawnia.
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Financials
BETA
EXC · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 20,267,345 | — | — | reported | — | 1.00 |
| EBITDA | 3,922,384 | — | — | reported | — | 0.85 |
| EBIT | 3,331,185 | — | — | reported | — | 1.00 |
| EBT | 3,392,781 | — | — | reported | — | 1.00 |
| Net income | 2,331,788 | — | — | reported | — | 1.00 |
| EPS (basic) | 0.02 | — | — | reported | — | 0.90 |
| D&A | 591,199 | — | — | reported | — | 1.00 |
| Interest expense | -29,026 | — | — | reported | — | 0.70 |
| Shares (basic) (m units) | 157.73 | — | — | reported | — | 1.00 |
| EBITDA margin | 19.36% | — | — | reported | — | 0.85 |
| EBIT margin | 16.44% | — | — | reported | — | 1.00 |
| EBT margin | 16.74% | — | — | reported | — | 1.00 |
| Net margin | 11.51% | — | — | reported | — | 1.00 |
| D&A margin | 2.92% | — | — | reported | — | 1.00 |
| Cash | 8,579,468 | — | — | reported | — | 1.00 |
| Equity | 42,516,543 | — | — | reported | — | 0.90 |
| Total assets | 56,891,389 | — | — | reported | — | 1.00 |
| Working capital | 24,494,116 | — | — | reported | — | 0.90 |
| Current assets | 33,098,866 | — | — | reported | — | 1.00 |
| Current liabilities | 8,604,750 | — | — | reported | — | 0.90 |
| Goodwill | 0 | — | — | reported | — | 1.00 |
| Tangible equity | 42,516,543 | — | — | reported | — | 0.90 |
| CFO | 1,893,134 | — | — | reported | — | 1.00 |
| CapEx | 1,223,992 | — | — | reported | — | 1.00 |
| FCF | 669,142 | — | — | reported | — | 1.00 |
| FCF conversion | 17.06% | — | — | reported | — | 0.80 |
| CFO conversion | 48.27% | — | — | reported | — | 0.80 |
| Current ratio | 3.85x | — | — | reported | — | 0.90 |
| Quick ratio | 2.58x | — | — | reported | — | 0.90 |
| Cash ratio | 1x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 31.41% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 279.45% | — | — | reported | — | 0.80 |
| EBIT growth (YoY) | 393.69% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 1131.57% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | 1131.7% | — | — | reported | — | 0.70 |
| FCF growth (YoY) | 280.36% | — | — | reported | — | 0.60 |
| EBITDA margin Δ (YoY) | 12.66 pp | — | — | reported | — | 0.80 |
| EBIT margin Δ (YoY) | 12.06 pp | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 10.28 pp | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
20,267,345
—
20,267,345
—
- Q1 2025
- —
EBITDA
3,922,384
—
3,922,384
—
- Q1 2025
- —
EBIT
3,331,185
—
3,331,185
—
- Q1 2025
- —
EBT
3,392,781
—
3,392,781
—
- Q1 2025
- —
Net income
2,331,788
—
2,331,788
—
- Q1 2025
- —
EPS (basic)
0.02
—
0.02
—
- Q1 2025
- —
D&A
591,199
—
591,199
—
- Q1 2025
- —
Interest expense
-29,026
—
-29,026
—
- Q1 2025
- —
Shares (basic)
(m units)
157.73
—
157.73
—
- Q1 2025
- —
EBITDA margin
19.36%
—
19.36%
—
- Q1 2025
- —
EBIT margin
16.44%
—
16.44%
—
- Q1 2025
- —
EBT margin
16.74%
—
16.74%
—
- Q1 2025
- —
Net margin
11.51%
—
11.51%
—
- Q1 2025
- —
D&A margin
2.92%
—
2.92%
—
- Q1 2025
- —
Cash
8,579,468
—
8,579,468
—
- Q1 2025
- —
Equity
42,516,543
—
42,516,543
—
- Q1 2025
- —
Total assets
56,891,389
—
56,891,389
—
- Q1 2025
- —
Working capital
24,494,116
—
24,494,116
—
- Q1 2025
- —
Current assets
33,098,866
—
33,098,866
—
- Q1 2025
- —
Current liabilities
8,604,750
—
8,604,750
—
- Q1 2025
- —
Goodwill
0
—
0
—
- Q1 2025
- —
Tangible equity
42,516,543
—
42,516,543
—
- Q1 2025
- —
CFO
1,893,134
—
1,893,134
—
- Q1 2025
- —
CapEx
1,223,992
—
1,223,992
—
- Q1 2025
- —
FCF
669,142
—
669,142
—
- Q1 2025
- —
FCF conversion
17.06%
—
17.06%
—
- Q1 2025
- —
CFO conversion
48.27%
—
48.27%
—
- Q1 2025
- —
Current ratio
3.85x
—
3.85x
—
- Q1 2025
- —
Quick ratio
2.58x
—
2.58x
—
- Q1 2025
- —
Cash ratio
1x
—
1x
—
- Q1 2025
- —
Revenue growth (YoY)
31.41%
—
31.41%
—
- Q1 2025
- —
EBITDA growth (YoY)
279.45%
—
279.45%
—
- Q1 2025
- —
EBIT growth (YoY)
393.69%
—
393.69%
—
- Q1 2025
- —
Net income growth (YoY)
1131.57%
—
1131.57%
—
- Q1 2025
- —
EPS growth (YoY)
1131.7%
—
1131.7%
—
- Q1 2025
- —
FCF growth (YoY)
280.36%
—
280.36%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
12.66 pp
—
12.66 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
12.06 pp
—
12.06 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
10.28 pp
—
10.28 pp
—
- Q1 2025
- —