Q1 2026 report
Kapitał własny głęboko ujemny (-1,08 mln zł) i pogłębiający się zarówno r/r, jak i kw/kw
Sentiment
Cautious
No guidance change
AFC
Q1 2026 report
Revenue
48,776 PLN
— YoY
Net income
-99,405 PLN
— YoY
EBITDA
-28,852 PLN
— YoY
FCF
31,916 PLN
— YoY
Summary
Investment thesis
- Środki pieniężne na koniec kwartału to 197,32 zł — praktycznie zerowa poduszka płynnościowa
- Koszty odsetkowe rosną szybciej niż przychody (+271% r/r vs +163% r/r) i pochłaniają 145% przychodów kwartału
- Rdzeń działalności (aktywne finansowanie faktoringowe) jest w praktyce zawieszony na rzecz windykacji starego portfela wierzytelności
- Formalnie dodatni OCF jest w dużej mierze efektem klasyfikacji zapłaconych odsetek w działalności finansowej, nie realną rentownością gotówkową
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Financials
BETA
AFC · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 48,776 | — | — | reported | — | 1.00 |
| EBITDA | -28,852 | — | — | derived | — | 1.00 |
| EBIT | -28,852 | — | — | reported | — | 1.00 |
| EBT | -99,405 | — | — | reported | — | 1.00 |
| Net income | -99,405 | — | — | reported | — | 1.00 |
| EPS (basic) | -0.02 | — | — | reported | — | 0.90 |
| D&A | 0 | — | — | reported | — | 1.00 |
| Interest expense | 70,553 | — | — | reported | — | 1.00 |
| Shares (basic) (units) | 5,000,000 | — | — | reported | — | 1.00 |
| EBITDA margin | -59.16% | — | — | reported | — | 1.00 |
| EBIT margin | -59.16% | — | — | reported | — | 1.00 |
| Net margin | -203.8% | — | — | reported | — | 1.00 |
| Cash | 197 | — | — | reported | — | 1.00 |
| Total debt | 5,098,142 | — | — | reported | — | 1.00 |
| Net debt | 5,097,944 | — | — | reported | — | 1.00 |
| Equity | -1,084,506 | — | — | reported | — | 1.00 |
| Total assets | 5,006,582 | — | — | reported | — | 1.00 |
| Current assets | 4,953,432 | — | — | reported | — | 1.00 |
| Current liabilities | 5,935,295 | — | — | reported | — | 1.00 |
| CFO | 31,916 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | 31,916 | — | — | reported | — | 0.60 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| ROE | -9.17% | — | — | reported | — | 0.50 |
| ROA | 1.99% | — | — | reported | — | 0.40 |
| Current ratio | 0.83x | — | — | reported | — | 1.00 |
| Cash ratio | 0x | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | 163.32% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | -23.88% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | -134.94% | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 24.61 pp | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
48,776
—
48,776
—
- Q1 2025
- —
EBITDA
-28,852
—
-28,852
—
- Q1 2025
- —
EBIT
-28,852
—
-28,852
—
- Q1 2025
- —
EBT
-99,405
—
-99,405
—
- Q1 2025
- —
Net income
-99,405
—
-99,405
—
- Q1 2025
- —
EPS (basic)
-0.02
—
-0.02
—
- Q1 2025
- —
D&A
0
—
0
—
- Q1 2025
- —
Interest expense
70,553
—
70,553
—
- Q1 2025
- —
Shares (basic)
(units)
5,000,000
—
5,000,000
—
- Q1 2025
- —
EBITDA margin
-59.16%
—
-59.16%
—
- Q1 2025
- —
EBIT margin
-59.16%
—
-59.16%
—
- Q1 2025
- —
Net margin
-203.8%
—
-203.8%
—
- Q1 2025
- —
Cash
197
—
197
—
- Q1 2025
- —
Total debt
5,098,142
—
5,098,142
—
- Q1 2025
- —
Net debt
5,097,944
—
5,097,944
—
- Q1 2025
- —
Equity
-1,084,506
—
-1,084,506
—
- Q1 2025
- —
Total assets
5,006,582
—
5,006,582
—
- Q1 2025
- —
Current assets
4,953,432
—
4,953,432
—
- Q1 2025
- —
Current liabilities
5,935,295
—
5,935,295
—
- Q1 2025
- —
CFO
31,916
—
31,916
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
31,916
—
31,916
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
ROE
-9.17%
—
-9.17%
—
- Q1 2025
- —
ROA
1.99%
—
1.99%
—
- Q1 2025
- —
Current ratio
0.83x
—
0.83x
—
- Q1 2025
- —
Cash ratio
0x
—
0x
—
- Q1 2025
- —
Revenue growth (YoY)
163.32%
—
163.32%
—
- Q1 2025
- —
EBIT growth (YoY)
-23.88%
—
-23.88%
—
- Q1 2025
- —
Net income growth (YoY)
-134.94%
—
-134.94%
—
- Q1 2025
- —
Net margin Δ (YoY)
24.61 pp
—
24.61 pp
—
- Q1 2025
- —