Q1 2026 report
Mennica Skarbowa to lider dilerów złota inwestycyjnego na rynku polskim, korzystający z rekordowego globalnego popytu na złoto w I kw. 2026 r.
Sentiment
Positive
No guidance change
MNS
Q1 2026 report
Revenue
471.01 m PLN
— YoY
Net income
8.64 m PLN
— YoY
EBITDA
12.43 m PLN
— YoY
Gross margin
4.87%
— YoY
Summary
Investment thesis
- Przychody wzrosły o ok. 74% r/r do 471 mln zł, a zysk netto wzrósł niemal czterokrotnie, do 8,6 mln zł.
- Marża jest strukturalnie niska (ok. 4,8-4,9% na sprzedaży) — to biznes na dużych obrotach, a nie na wysokiej marży jednostkowej.
- Przepływy operacyjne pozostają ujemne (-5,7 mln zł) mimo zysku — kapitał jest zamrożony w rosnących zapasach i zaliczkach na dostawy złota.
- Silna koncentracja własnościowa i zarządcza — jednoosobowy Zarząd i ok. 68% głosów kontrolowanych przez Prezesa i powiązane z nim podmioty.
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
MNS · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 471.01 | — | — | reported | — | 1.00 |
| Gross profit | 22.93 | — | — | derived | — | 0.70 |
| EBITDA | 12.43 | — | — | derived | — | 0.70 |
| EBIT | 12.34 | — | — | reported | — | 1.00 |
| EBT | 11.33 | — | — | reported | — | 1.00 |
| Net income | 8.64 | — | — | reported | — | 1.00 |
| D&A | 0.09 | — | — | reported | — | 1.00 |
| Interest expense | 0.63 | — | — | reported | — | 1.00 |
| Gross margin | 4.87% | — | — | reported | — | 0.70 |
| EBITDA margin | 2.64% | — | — | reported | — | 0.70 |
| EBIT margin | 2.62% | — | — | reported | — | 0.90 |
| Net margin | 1.83% | — | — | reported | — | 0.90 |
| Cash | 25.78 | — | — | reported | — | 1.00 |
| Equity | 71.65 | — | — | reported | — | 1.00 |
| Total assets | 242.32 | — | — | reported | — | 1.00 |
| Working capital | 59.86 | — | — | derived | — | 0.90 |
| Current assets | 228.54 | — | — | reported | — | 1.00 |
| Current liabilities | 168.68 | — | — | reported | — | 1.00 |
| CFO | -5.74 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | -5.74 | — | — | derived | — | 1.00 |
| Current ratio | 1.35x | — | — | reported | — | 0.90 |
| Cash ratio | 0.15x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 74.26% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 313.24% | — | — | reported | — | 0.70 |
| EBIT growth (YoY) | 322.62% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | 287.05% | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
471.01
—
471.01
—
- Q1 2025
- —
Gross profit
22.93
—
22.93
—
- Q1 2025
- —
EBITDA
12.43
—
12.43
—
- Q1 2025
- —
EBIT
12.34
—
12.34
—
- Q1 2025
- —
EBT
11.33
—
11.33
—
- Q1 2025
- —
Net income
8.64
—
8.64
—
- Q1 2025
- —
D&A
0.09
—
0.09
—
- Q1 2025
- —
Interest expense
0.63
—
0.63
—
- Q1 2025
- —
Gross margin
4.87%
—
4.87%
—
- Q1 2025
- —
EBITDA margin
2.64%
—
2.64%
—
- Q1 2025
- —
EBIT margin
2.62%
—
2.62%
—
- Q1 2025
- —
Net margin
1.83%
—
1.83%
—
- Q1 2025
- —
Cash
25.78
—
25.78
—
- Q1 2025
- —
Equity
71.65
—
71.65
—
- Q1 2025
- —
Total assets
242.32
—
242.32
—
- Q1 2025
- —
Working capital
59.86
—
59.86
—
- Q1 2025
- —
Current assets
228.54
—
228.54
—
- Q1 2025
- —
Current liabilities
168.68
—
168.68
—
- Q1 2025
- —
CFO
-5.74
—
-5.74
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
-5.74
—
-5.74
—
- Q1 2025
- —
Current ratio
1.35x
—
1.35x
—
- Q1 2025
- —
Cash ratio
0.15x
—
0.15x
—
- Q1 2025
- —
Revenue growth (YoY)
74.26%
—
74.26%
—
- Q1 2025
- —
EBITDA growth (YoY)
313.24%
—
313.24%
—
- Q1 2025
- —
EBIT growth (YoY)
322.62%
—
322.62%
—
- Q1 2025
- —
Net income growth (YoY)
287.05%
—
287.05%
—
- Q1 2025
- —