Q1 2026 report
Przychody Grupy spadły o 4,8% r/r do 1 274,7 mln zł, ale marża brutto na sprzedaży wzrosła z 6,9% do 8,6%, głównie dzięki wyższym notowaniom miedzi i aluminium oraz lepszym wynikom w Segmencie Metale.
Sentiment
Neutral
No guidance change
BRS
Q1 2026 report
Revenue
1,274.68 m PLN
— YoY
Net income
14.42 m PLN
— YoY
EBITDA
77.7 m PLN
— YoY
Gross margin
8.55%
— YoY
Summary
Investment thesis
- Zysk netto przypadający akcjonariuszom jednostki dominującej wzrósł 2,5-krotnie r/r, do 14,4 mln zł, ale przepływy z działalności operacyjnej były głęboko ujemne (-83,6 mln zł) — jakość zysku w tym kwartale jest niska.
- Wskaźnik dług netto/EBITDA wzrósł do 3,0x z 2,7x na koniec 2025 roku, a cztery spółki zależne (ZM SILESIA, Huta Bankowa, Walcownia Metali Dziedzice, Alchemia) naruszyły kowenanty finansowe w umowach kredytowych.
- Zarząd zarekomendował niewypłacanie dywidendy za 2025 rok — odstępstwo od polityki dywidendowej z 2022 roku — na rzecz finansowania inwestycji ze Strategii 2025-2029.
- Grupa pozostaje mocno wystawiona na ryzyka geopolityczne (Bliski Wschód, wojna w Ukrainie, cła USA, CBAM) oraz posiada nierozstrzygnięte spory podatkowe VAT sięgające lat 2014-2016 i roszczenie arbitrażowe JAMS na 37 mln USD wobec Boryszew Maflow.
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Financials
BETA
BRS · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 1,274.68 | — | — | reported | — | 1.00 |
|
Revenue
Chemia
|
44.76 | — | — | reported | Chemia | 1.00 |
|
Revenue
Energia
|
195.55 | — | — | reported | Energia | 1.00 |
|
Revenue
Gospodarka Cyrkularna
|
96.26 | — | — | reported | Gospodarka Cyrkularna | 1.00 |
|
Revenue
Motoryzacja
|
335.51 | — | — | reported | Motoryzacja | 1.00 |
|
Revenue
Metale
|
649.78 | — | — | reported | Metale | 1.00 |
| Gross profit | 109.05 | — | — | reported | — | 1.00 |
|
EBITDA
Chemia
|
5.66 | — | — | reported | Chemia | 1.00 |
|
EBITDA
Energia
|
4.33 | — | — | reported | Energia | 1.00 |
|
EBITDA
Gospodarka Cyrkularna
|
18.63 | — | — | reported | Gospodarka Cyrkularna | 1.00 |
|
EBITDA
Motoryzacja
|
20.88 | — | — | reported | Motoryzacja | 1.00 |
|
EBITDA
Metale
|
20.71 | — | — | reported | Metale | 1.00 |
| EBITDA | 77.7 | — | — | reported | — | 1.00 |
| EBIT | 42.4 | — | — | reported | — | 1.00 |
| EBT | 16.67 | — | — | reported | — | 1.00 |
| Net income | 14.42 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.07 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.07 | — | — | reported | — | 1.00 |
| D&A | 35.3 | — | — | reported | — | 1.00 |
| Interest expense | 31.54 | — | — | reported | — | 0.80 |
| Shares (basic) (m units) | 202 | — | — | reported | — | 1.00 |
| Gross margin | 8.55% | — | — | reported | — | 1.00 |
| EBITDA margin | 6.1% | — | — | reported | — | 1.00 |
| EBIT margin | 3.33% | — | — | reported | — | 1.00 |
| EBT margin | 1.31% | — | — | reported | — | 1.00 |
| Net margin | 1.13% | — | — | reported | — | 1.00 |
| D&A margin | 2.77% | — | — | reported | — | 1.00 |
| Cash | 137.01 | — | — | reported | — | 1.00 |
| Total debt | 900.34 | — | — | reported | — | 0.85 |
| Net debt | 801.8 | — | — | reported | — | 1.00 |
| Equity | 1,460.47 | — | — | reported | — | 1.00 |
| Total assets | 3,633.49 | — | — | reported | — | 1.00 |
| Working capital | 151.77 | — | — | reported | — | 1.00 |
| Current assets | 1,816.85 | — | — | reported | — | 1.00 |
| Current liabilities | 1,665.08 | — | — | reported | — | 1.00 |
| Goodwill | 40.07 | — | — | derived | — | 0.95 |
| Tangible equity | 1,420.4 | — | — | reported | — | 0.90 |
| CFO | -83.63 | — | — | reported | — | 1.00 |
| CapEx | 11.88 | — | — | reported | — | 1.00 |
| FCF | -95.51 | — | — | derived | — | 0.90 |
| FCF conversion | -122.93% | — | — | reported | — | 0.85 |
| CFO conversion | -107.64% | — | — | reported | — | 0.90 |
| Current ratio | 1.09x | — | — | reported | — | 1.00 |
| Quick ratio | 0.63x | — | — | reported | — | 0.95 |
| Cash ratio | 0.08x | — | — | reported | — | 1.00 |
| Interest coverage | 1.34x | — | — | reported | — | 0.75 |
| Net debt / EBITDA | 3x | — | — | reported | — | 0.90 |
| Debt / equity | 0.62x | — | — | reported | — | 0.85 |
| Debt / assets | 0.25x | — | — | reported | — | 0.85 |
| Net debt / equity | 0.55x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | -4.76% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 10.66% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 43.39% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 145.35% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | 133.33% | — | — | reported | — | 0.70 |
| Gross margin Δ (YoY) | 1.65 pp | — | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 0.85 pp | — | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | 1.12 pp | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 0.69 pp | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
1,274.68
—
1,274.68
—
- Q1 2025
- —
Revenue
Chemia
44.76
—
Chemia
44.76
—
- Q1 2025
- —
Revenue
Energia
195.55
—
Energia
195.55
—
- Q1 2025
- —
Revenue
Gospodarka Cyrkularna
96.26
—
Gospodarka Cyrkularna
96.26
—
- Q1 2025
- —
Revenue
Motoryzacja
335.51
—
Motoryzacja
335.51
—
- Q1 2025
- —
Revenue
Metale
649.78
—
Metale
649.78
—
- Q1 2025
- —
Gross profit
109.05
—
109.05
—
- Q1 2025
- —
EBITDA
Chemia
5.66
—
Chemia
5.66
—
- Q1 2025
- —
EBITDA
Energia
4.33
—
Energia
4.33
—
- Q1 2025
- —
EBITDA
Gospodarka Cyrkularna
18.63
—
Gospodarka Cyrkularna
18.63
—
- Q1 2025
- —
EBITDA
Motoryzacja
20.88
—
Motoryzacja
20.88
—
- Q1 2025
- —
EBITDA
Metale
20.71
—
Metale
20.71
—
- Q1 2025
- —
EBITDA
77.7
—
77.7
—
- Q1 2025
- —
EBIT
42.4
—
42.4
—
- Q1 2025
- —
EBT
16.67
—
16.67
—
- Q1 2025
- —
Net income
14.42
—
14.42
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.07
—
0.07
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.07
—
0.07
—
- Q1 2025
- —
D&A
35.3
—
35.3
—
- Q1 2025
- —
Interest expense
31.54
—
31.54
—
- Q1 2025
- —
Shares (basic)
(m units)
202
—
202
—
- Q1 2025
- —
Gross margin
8.55%
—
8.55%
—
- Q1 2025
- —
EBITDA margin
6.1%
—
6.1%
—
- Q1 2025
- —
EBIT margin
3.33%
—
3.33%
—
- Q1 2025
- —
EBT margin
1.31%
—
1.31%
—
- Q1 2025
- —
Net margin
1.13%
—
1.13%
—
- Q1 2025
- —
D&A margin
2.77%
—
2.77%
—
- Q1 2025
- —
Cash
137.01
—
137.01
—
- Q1 2025
- —
Total debt
900.34
—
900.34
—
- Q1 2025
- —
Net debt
801.8
—
801.8
—
- Q1 2025
- —
Equity
1,460.47
—
1,460.47
—
- Q1 2025
- —
Total assets
3,633.49
—
3,633.49
—
- Q1 2025
- —
Working capital
151.77
—
151.77
—
- Q1 2025
- —
Current assets
1,816.85
—
1,816.85
—
- Q1 2025
- —
Current liabilities
1,665.08
—
1,665.08
—
- Q1 2025
- —
Goodwill
40.07
—
40.07
—
- Q1 2025
- —
Tangible equity
1,420.4
—
1,420.4
—
- Q1 2025
- —
CFO
-83.63
—
-83.63
—
- Q1 2025
- —
CapEx
11.88
—
11.88
—
- Q1 2025
- —
FCF
-95.51
—
-95.51
—
- Q1 2025
- —
FCF conversion
-122.93%
—
-122.93%
—
- Q1 2025
- —
CFO conversion
-107.64%
—
-107.64%
—
- Q1 2025
- —
Current ratio
1.09x
—
1.09x
—
- Q1 2025
- —
Quick ratio
0.63x
—
0.63x
—
- Q1 2025
- —
Cash ratio
0.08x
—
0.08x
—
- Q1 2025
- —
Interest coverage
1.34x
—
1.34x
—
- Q1 2025
- —
Net debt / EBITDA
3x
—
3x
—
- Q1 2025
- —
Debt / equity
0.62x
—
0.62x
—
- Q1 2025
- —
Debt / assets
0.25x
—
0.25x
—
- Q1 2025
- —
Net debt / equity
0.55x
—
0.55x
—
- Q1 2025
- —
Revenue growth (YoY)
-4.76%
—
-4.76%
—
- Q1 2025
- —
EBITDA growth (YoY)
10.66%
—
10.66%
—
- Q1 2025
- —
EBIT growth (YoY)
43.39%
—
43.39%
—
- Q1 2025
- —
Net income growth (YoY)
145.35%
—
145.35%
—
- Q1 2025
- —
EPS growth (YoY)
133.33%
—
133.33%
—
- Q1 2025
- —
Gross margin Δ (YoY)
1.65 pp
—
1.65 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
0.85 pp
—
0.85 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
1.12 pp
—
1.12 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
0.69 pp
—
0.69 pp
—
- Q1 2025
- —