Q1 2026 report
Rekordowy przychód Q1 (+15,9% r/r) napędzany ekspansją na rynku DACH i rozwojem kategorii opakowań Fixbox.
Sentiment
Neutral
No guidance change
MAZ
Q1 2026 report
Revenue
13.26 m PLN
— YoY
Net income
0.23 m PLN
— YoY
EBITDA
0.89 m PLN
— YoY
FCF
-0.06 m PLN
— YoY
Summary
Investment thesis
- Rentowność operacyjna wyraźnie się pogorszyła (EBIT -41,7% r/r) — koszty usług obcych rosną znacznie szybciej niż sprzedaż.
- Płynność jest napięta: current ratio ok. 0,47, gotówka na koniec kwartału to zaledwie 31,8 tys. PLN.
- Operacyjne przepływy pieniężne skurczyły się o ok. 74% r/r, głównie przez wzrost należności; wolne przepływy pieniężne są ujemne.
- Spółka nie publikuje prognoz finansowych, a bieżące inwestycje (nowa maszyna, automatyzacja transportu) mają wspierać marże w kolejnych kwartałach.
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Financials
BETA
MAZ · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 13.26 | — | — | reported | — | 1.00 |
| EBITDA | 0.89 | — | — | derived | — | 0.90 |
| EBIT | 0.46 | — | — | reported | — | 1.00 |
| EBT | 0.28 | — | — | reported | — | 1.00 |
| Net income | 0.23 | — | — | reported | — | 1.00 |
| D&A | 0.43 | — | — | reported | — | 1.00 |
| Interest expense | 0.18 | — | — | reported | — | 1.00 |
| EBITDA margin | 6.71% | — | — | reported | — | 0.85 |
| EBIT margin | 3.44% | — | — | reported | — | 0.90 |
| EBT margin | 2.09% | — | — | reported | — | 0.90 |
| Net margin | 1.74% | — | — | reported | — | 0.90 |
| D&A margin | 3.27% | — | — | reported | — | 0.90 |
| Cash | 0.03 | — | — | reported | — | 1.00 |
| Total debt | 8.06 | — | — | derived | — | 0.80 |
| Net debt | 8.03 | — | — | derived | — | 0.80 |
| Equity | 2.41 | — | — | reported | — | 1.00 |
| Total assets | 22.52 | — | — | reported | — | 1.00 |
| Working capital | -9.5 | — | — | reported | — | 0.90 |
| Current assets | 8.3 | — | — | reported | — | 1.00 |
| Current liabilities | 17.79 | — | — | reported | — | 1.00 |
| Goodwill | 0.14 | — | — | reported | — | 0.90 |
| CFO | 0.23 | — | — | reported | — | 1.00 |
| CapEx | 0.3 | — | — | reported | — | 1.00 |
| FCF | -0.06 | — | — | derived | — | 0.90 |
| FCF conversion | -7.09% | — | — | reported | — | 0.80 |
| CFO conversion | 26.32% | — | — | reported | — | 0.85 |
| Current ratio | 0.47x | — | — | reported | — | 0.90 |
| Cash ratio | 0x | — | — | reported | — | 0.90 |
| Interest coverage | 2.47x | — | — | reported | — | 0.85 |
| Debt / equity | 3.35x | — | — | reported | — | 0.80 |
| Debt / assets | 0.36x | — | — | reported | — | 0.80 |
| Net debt / equity | 3.34x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | 15.94% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | -31.19% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | -41.75% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -50.74% | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | -4.6 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | -3.41 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -2.36 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
13.26
—
13.26
—
- Q1 2025
- —
EBITDA
0.89
—
0.89
—
- Q1 2025
- —
EBIT
0.46
—
0.46
—
- Q1 2025
- —
EBT
0.28
—
0.28
—
- Q1 2025
- —
Net income
0.23
—
0.23
—
- Q1 2025
- —
D&A
0.43
—
0.43
—
- Q1 2025
- —
Interest expense
0.18
—
0.18
—
- Q1 2025
- —
EBITDA margin
6.71%
—
6.71%
—
- Q1 2025
- —
EBIT margin
3.44%
—
3.44%
—
- Q1 2025
- —
EBT margin
2.09%
—
2.09%
—
- Q1 2025
- —
Net margin
1.74%
—
1.74%
—
- Q1 2025
- —
D&A margin
3.27%
—
3.27%
—
- Q1 2025
- —
Cash
0.03
—
0.03
—
- Q1 2025
- —
Total debt
8.06
—
8.06
—
- Q1 2025
- —
Net debt
8.03
—
8.03
—
- Q1 2025
- —
Equity
2.41
—
2.41
—
- Q1 2025
- —
Total assets
22.52
—
22.52
—
- Q1 2025
- —
Working capital
-9.5
—
-9.5
—
- Q1 2025
- —
Current assets
8.3
—
8.3
—
- Q1 2025
- —
Current liabilities
17.79
—
17.79
—
- Q1 2025
- —
Goodwill
0.14
—
0.14
—
- Q1 2025
- —
CFO
0.23
—
0.23
—
- Q1 2025
- —
CapEx
0.3
—
0.3
—
- Q1 2025
- —
FCF
-0.06
—
-0.06
—
- Q1 2025
- —
FCF conversion
-7.09%
—
-7.09%
—
- Q1 2025
- —
CFO conversion
26.32%
—
26.32%
—
- Q1 2025
- —
Current ratio
0.47x
—
0.47x
—
- Q1 2025
- —
Cash ratio
0x
—
0x
—
- Q1 2025
- —
Interest coverage
2.47x
—
2.47x
—
- Q1 2025
- —
Debt / equity
3.35x
—
3.35x
—
- Q1 2025
- —
Debt / assets
0.36x
—
0.36x
—
- Q1 2025
- —
Net debt / equity
3.34x
—
3.34x
—
- Q1 2025
- —
Revenue growth (YoY)
15.94%
—
15.94%
—
- Q1 2025
- —
EBITDA growth (YoY)
-31.19%
—
-31.19%
—
- Q1 2025
- —
EBIT growth (YoY)
-41.75%
—
-41.75%
—
- Q1 2025
- —
Net income growth (YoY)
-50.74%
—
-50.74%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-4.6 pp
—
-4.6 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-3.41 pp
—
-3.41 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-2.36 pp
—
-2.36 pp
—
- Q1 2025
- —