Q1 2026 report
Przychody Grupy spadły o 20% r/r (586,6 mln zł vs 733,1 mln zł), ale marża brutto na sprzedaży poprawiła się (6,2% vs 5,0%) — spadek skali nie jest efektem sprzedaży za wszelką cenę.
Sentiment
Neutral
No guidance change
ERB
Q1 2026 report
Revenue
586,609 k PLN
— YoY
Net income
-18,464 k PLN
— YoY
EBITDA
-2,570 k PLN
— YoY
Gross margin
6.24%
— YoY
Summary
Investment thesis
- Segment budownictwa modułowego (MOD21) jest głównym źródłem strat Grupy — przy wzroście przychodów o 25% r/r marża załamała się do -16%, generując stratę EBIT większą niż cała skonsolidowana strata Grupy.
- Rdzeniowy segment budownictwa kubaturowego wyraźnie poprawił rentowność (marża 8% vs 4%, EBIT +28% r/r) mimo spadku przychodów o 19% — dyscyplina kosztowa i selekcja kontraktów działają.
- Skonsolidowana EBITDA obróciła się z dodatniej (+3,3 mln zł) na ujemną (-2,6 mln zł) r/r, a strata netto przypadająca akcjonariuszom jednostki dominującej pogłębiła się o 40% (-18,5 mln zł vs -13,2 mln zł).
- Zarząd rekomenduje przeznaczenie całego zysku netto Spółki za 2025 r. (40,1 mln zł) na kapitał zapasowy zamiast dywidendy — budowa buforu kapitałowego kosztem bieżącej stopy zwrotu dla akcjonariuszy.
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Financials
BETA
ERB · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 586,609 | — | — | reported | — | 1.00 |
| Gross profit | 36,629 | — | — | reported | — | 1.00 |
| EBITDA | -2,570 | — | — | reported | — | 0.90 |
| EBIT | -16,391 | — | — | reported | — | 1.00 |
| EBT | -21,423 | — | — | reported | — | 1.00 |
| Net income | -18,464 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -1.55 | — | — | reported | — | 1.00 |
| D&A | 13,821 | — | — | reported | — | 1.00 |
| Interest expense | 10,830 | — | — | reported | — | 0.70 |
| Shares (basic) (units) | 11,929,836 | — | — | reported | — | 1.00 |
| Gross margin | 6.24% | — | — | reported | — | 0.95 |
| EBITDA margin | -0.44% | — | — | reported | — | 0.90 |
| EBIT margin | -2.79% | — | — | reported | — | 0.95 |
| Net margin | -3.15% | — | — | reported | — | 0.90 |
| Cash | 157,156 | — | — | reported | — | 1.00 |
| Total debt | 430,756 | — | — | reported | — | 1.00 |
| Net debt | 273,600 | — | — | reported | — | 0.90 |
| Equity | 412,765 | — | — | reported | — | 1.00 |
| Total assets | 1,924,946 | — | — | reported | — | 1.00 |
| Working capital | 278,311 | — | — | reported | — | 0.90 |
| Current assets | 1,328,553 | — | — | reported | — | 1.00 |
| Current liabilities | 1,050,242 | — | — | reported | — | 1.00 |
| Goodwill | 42,726 | — | — | reported | — | 0.80 |
| CFO | -144,498 | — | — | reported | — | 1.00 |
| CapEx | 2,449 | — | — | reported | — | 1.00 |
| FCF | -146,947 | — | — | reported | — | 0.90 |
| Current ratio | 1.27x | — | — | reported | — | 0.90 |
| Quick ratio | 1.08x | — | — | reported | — | 0.90 |
| Cash ratio | 0.15x | — | — | reported | — | 0.90 |
| Net debt / EBITDA | 2.04x | — | — | reported | — | 0.90 |
| Debt / equity | 1.04x | — | — | reported | — | 0.85 |
| Net debt / equity | 0.66x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | -19.99% | — | — | reported | — | 0.95 |
| EBIT growth (YoY) | -79.67% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -40.39% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | -40.91% | — | — | reported | — | 0.90 |
| FCF growth (YoY) | -0.77% | — | — | reported | — | 0.80 |
Q1 2026 · Δ YoY
Revenue
586,609
—
586,609
—
- Q1 2025
- —
Gross profit
36,629
—
36,629
—
- Q1 2025
- —
EBITDA
-2,570
—
-2,570
—
- Q1 2025
- —
EBIT
-16,391
—
-16,391
—
- Q1 2025
- —
EBT
-21,423
—
-21,423
—
- Q1 2025
- —
Net income
-18,464
—
-18,464
—
- Q1 2025
- —
EPS (basic)
(PLN)
-1.55
—
-1.55
—
- Q1 2025
- —
D&A
13,821
—
13,821
—
- Q1 2025
- —
Interest expense
10,830
—
10,830
—
- Q1 2025
- —
Shares (basic)
(units)
11,929,836
—
11,929,836
—
- Q1 2025
- —
Gross margin
6.24%
—
6.24%
—
- Q1 2025
- —
EBITDA margin
-0.44%
—
-0.44%
—
- Q1 2025
- —
EBIT margin
-2.79%
—
-2.79%
—
- Q1 2025
- —
Net margin
-3.15%
—
-3.15%
—
- Q1 2025
- —
Cash
157,156
—
157,156
—
- Q1 2025
- —
Total debt
430,756
—
430,756
—
- Q1 2025
- —
Net debt
273,600
—
273,600
—
- Q1 2025
- —
Equity
412,765
—
412,765
—
- Q1 2025
- —
Total assets
1,924,946
—
1,924,946
—
- Q1 2025
- —
Working capital
278,311
—
278,311
—
- Q1 2025
- —
Current assets
1,328,553
—
1,328,553
—
- Q1 2025
- —
Current liabilities
1,050,242
—
1,050,242
—
- Q1 2025
- —
Goodwill
42,726
—
42,726
—
- Q1 2025
- —
CFO
-144,498
—
-144,498
—
- Q1 2025
- —
CapEx
2,449
—
2,449
—
- Q1 2025
- —
FCF
-146,947
—
-146,947
—
- Q1 2025
- —
Current ratio
1.27x
—
1.27x
—
- Q1 2025
- —
Quick ratio
1.08x
—
1.08x
—
- Q1 2025
- —
Cash ratio
0.15x
—
0.15x
—
- Q1 2025
- —
Net debt / EBITDA
2.04x
—
2.04x
—
- Q1 2025
- —
Debt / equity
1.04x
—
1.04x
—
- Q1 2025
- —
Net debt / equity
0.66x
—
0.66x
—
- Q1 2025
- —
Revenue growth (YoY)
-19.99%
—
-19.99%
—
- Q1 2025
- —
EBIT growth (YoY)
-79.67%
—
-79.67%
—
- Q1 2025
- —
Net income growth (YoY)
-40.39%
—
-40.39%
—
- Q1 2025
- —
EPS growth (YoY)
-40.91%
—
-40.91%
—
- Q1 2025
- —
FCF growth (YoY)
-0.77%
—
-0.77%
—
- Q1 2025
- —