Q1 2026 report
Przychody grupy wzrosły o 130% r/r do 315 mln zł, napędzane odbiorami mieszkań w kilku dużych projektach jednocześnie (Gdańsk, Katowice, Warszawa) — typowa dla deweloperki grudkowatość wyników, ale skala jest bardzo wysoka.
Sentiment
Neutral
No guidance change
1AT
Q1 2026 report
Revenue
314.96 m PLN
— YoY
Net income
55.33 m PLN
— YoY
EBITDA
76.39 m PLN
— YoY
Gross margin
29.38%
— YoY
Summary
Investment thesis
- Zysk netto wzrósł o 224% r/r do 55,3 mln zł, a marża netto poprawiła się o 5,1 p.p. dzięki niższym kosztom finansowym i stabilnej efektywnej stopie podatkowej (19,1%).
- Operacyjne przepływy pieniężne w Q1 2026 wyniosły zaledwie 0,8 mln zł mimo wysokiego zysku netto — różnicę tłumaczy typowy dla dewelopera wzrost zapasów (+161,5 mln zł), częściowo skompensowany wzrostem zobowiązań (+128,1 mln zł).
- Zadłużenie odsetkowe netto wynosi ok. 1 962 mln zł (110% kapitałów własnych), ale pokrycie odsetek EBIT-em (9,9x) pozostaje komfortowe.
- Zarząd rekomenduje dywidendę 4,50 zł/akcję za 2025 rok (ok. 195 mln zł) przy jednoczesnej kontynuacji zakupów gruntów (19,6 mln zł w Q1 plus 34 mln zł po dniu bilansowym) i planowanej akwizycji Grupy Budner w Trójmieście za 133,5 mln zł.
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Financials
BETA
1AT · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 314.96 | — | — | reported | — | 1.00 |
|
Revenue
działalność deweloperska
|
312.19 | — | — | reported | działalność deweloperska | 1.00 |
|
Revenue
usługi najmu
|
2.77 | — | — | reported | usługi najmu | 1.00 |
| Gross profit | 92.55 | — | — | reported | — | 1.00 |
| EBITDA | 76.39 | — | — | reported | — | 0.95 |
| EBIT | 75.2 | — | — | reported | — | 1.00 |
|
EBIT
działalność deweloperska
|
73.69 | — | — | reported | działalność deweloperska | 1.00 |
|
EBIT
usługi najmu
|
1.52 | — | — | reported | usługi najmu | 1.00 |
| Net income | 55.33 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.28 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 1.28 | — | — | reported | — | 1.00 |
| D&A | 1.19 | — | — | reported | — | 1.00 |
| Interest expense | 7.63 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 43.26 | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 43.26 | — | — | reported | — | 1.00 |
| Gross margin | 29.38% | — | — | reported | — | 0.95 |
| EBITDA margin | 24.26% | — | — | reported | — | 0.95 |
| EBIT margin | 23.88% | — | — | reported | — | 0.95 |
| Net margin | 17.57% | — | — | reported | — | 0.95 |
| Cash | 140.19 | — | — | reported | — | 1.00 |
| Total debt | 2,102.46 | — | — | reported | — | 1.00 |
| Net debt | 1,962.28 | — | — | reported | — | 0.95 |
| Equity | 1,780.21 | — | — | reported | — | 1.00 |
| Total assets | 5,107.33 | — | — | reported | — | 1.00 |
| Working capital | 3,027.78 | — | — | reported | — | 0.95 |
| Current assets | 4,842.99 | — | — | reported | — | 1.00 |
| Current liabilities | 1,815.21 | — | — | reported | — | 1.00 |
| Goodwill | 64.54 | — | — | reported | — | 1.00 |
| CFO | 0.81 | — | — | reported | — | 1.00 |
| CapEx | 0.23 | — | — | reported | — | 1.00 |
| FCF | 0.59 | — | — | reported | — | 0.90 |
| FCF conversion | 0.77% | — | — | reported | — | 0.85 |
| CFO conversion | 1.06% | — | — | reported | — | 0.85 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| Current ratio | 2.67x | — | — | reported | — | 0.95 |
| Quick ratio | 0.16x | — | — | reported | — | 0.90 |
| Cash ratio | 0.08x | — | — | reported | — | 0.95 |
| Interest coverage | 9.85x | — | — | reported | — | 0.95 |
| Debt / equity | 1.18x | — | — | reported | — | 0.95 |
| Debt / assets | 0.41x | — | — | reported | — | 0.95 |
| Net debt / equity | 1.1x | — | — | reported | — | 0.95 |
| Revenue growth (YoY) | 130.37% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | 136.37% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | 140.89% | — | — | reported | — | 0.95 |
| Net income growth (YoY) | 224.18% | — | — | reported | — | 0.95 |
| EPS growth (YoY) | 228.21% | — | — | reported | — | 0.95 |
| Gross margin Δ (YoY) | -2.28 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | 0.62 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | 1.04 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | 5.08 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
314.96
—
314.96
—
- Q1 2025
- —
Revenue
działalność deweloperska
312.19
—
działalność deweloperska
312.19
—
- Q1 2025
- —
Revenue
usługi najmu
2.77
—
usługi najmu
2.77
—
- Q1 2025
- —
Gross profit
92.55
—
92.55
—
- Q1 2025
- —
EBITDA
76.39
—
76.39
—
- Q1 2025
- —
EBIT
75.2
—
75.2
—
- Q1 2025
- —
EBIT
działalność deweloperska
73.69
—
działalność deweloperska
73.69
—
- Q1 2025
- —
EBIT
usługi najmu
1.52
—
usługi najmu
1.52
—
- Q1 2025
- —
Net income
55.33
—
55.33
—
- Q1 2025
- —
EPS (basic)
(PLN)
1.28
—
1.28
—
- Q1 2025
- —
EPS (diluted)
(PLN)
1.28
—
1.28
—
- Q1 2025
- —
D&A
1.19
—
1.19
—
- Q1 2025
- —
Interest expense
7.63
—
7.63
—
- Q1 2025
- —
Shares (basic)
(m units)
43.26
—
43.26
—
- Q1 2025
- —
Shares (diluted)
(m units)
43.26
—
43.26
—
- Q1 2025
- —
Gross margin
29.38%
—
29.38%
—
- Q1 2025
- —
EBITDA margin
24.26%
—
24.26%
—
- Q1 2025
- —
EBIT margin
23.88%
—
23.88%
—
- Q1 2025
- —
Net margin
17.57%
—
17.57%
—
- Q1 2025
- —
Cash
140.19
—
140.19
—
- Q1 2025
- —
Total debt
2,102.46
—
2,102.46
—
- Q1 2025
- —
Net debt
1,962.28
—
1,962.28
—
- Q1 2025
- —
Equity
1,780.21
—
1,780.21
—
- Q1 2025
- —
Total assets
5,107.33
—
5,107.33
—
- Q1 2025
- —
Working capital
3,027.78
—
3,027.78
—
- Q1 2025
- —
Current assets
4,842.99
—
4,842.99
—
- Q1 2025
- —
Current liabilities
1,815.21
—
1,815.21
—
- Q1 2025
- —
Goodwill
64.54
—
64.54
—
- Q1 2025
- —
CFO
0.81
—
0.81
—
- Q1 2025
- —
CapEx
0.23
—
0.23
—
- Q1 2025
- —
FCF
0.59
—
0.59
—
- Q1 2025
- —
FCF conversion
0.77%
—
0.77%
—
- Q1 2025
- —
CFO conversion
1.06%
—
1.06%
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Current ratio
2.67x
—
2.67x
—
- Q1 2025
- —
Quick ratio
0.16x
—
0.16x
—
- Q1 2025
- —
Cash ratio
0.08x
—
0.08x
—
- Q1 2025
- —
Interest coverage
9.85x
—
9.85x
—
- Q1 2025
- —
Debt / equity
1.18x
—
1.18x
—
- Q1 2025
- —
Debt / assets
0.41x
—
0.41x
—
- Q1 2025
- —
Net debt / equity
1.1x
—
1.1x
—
- Q1 2025
- —
Revenue growth (YoY)
130.37%
—
130.37%
—
- Q1 2025
- —
EBITDA growth (YoY)
136.37%
—
136.37%
—
- Q1 2025
- —
EBIT growth (YoY)
140.89%
—
140.89%
—
- Q1 2025
- —
Net income growth (YoY)
224.18%
—
224.18%
—
- Q1 2025
- —
EPS growth (YoY)
228.21%
—
228.21%
—
- Q1 2025
- —
Gross margin Δ (YoY)
-2.28 pp
—
-2.28 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
0.62 pp
—
0.62 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
1.04 pp
—
1.04 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
5.08 pp
—
5.08 pp
—
- Q1 2025
- —