Q1 2026 report
Niewielki windykator wierzytelności B2B/B2C na NewConnect, finansowany wyłącznie kapitałem własnym — brak kredytów i pożyczek na żadnym poziomie zapadalności.
Sentiment
Neutral
No guidance change
ONE
Q1 2026 report
Revenue
439,250 PLN
— YoY
Net income
182,769 PLN
— YoY
EBITDA
179,909 PLN
— YoY
FCF
216,661 PLN
— YoY
Summary
Investment thesis
- Skonsolidowany zysk netto wzrósł niemal czterokrotnie r/r (182,8 tys. zł vs 47,0 tys. zł), ale wzrost jest w dużej mierze jednorazowy — wynika z porozumienia ws. spornych portfeli wierzytelności zawartego przez spółkę zależną.
- Na poziomie jednostkowym obraz jest odwrotny: przychody spadły o blisko 50% r/r, a zysk operacyjny o 24,5% — po wyłączeniu efektu spółki zależnej organiczny biznes emitenta się kurczy.
- Bardzo wysoka płynność (current ratio 15,3x, cash ratio 3,1x) i dodatnia gotówka netto — spółka deklaruje plany reinwestycji zgromadzonych środków w nowe portfele wierzytelności.
- Rosnąca koncentracja akcjonariatu: FREYA Fundacja Rodzinna zwiększyła udział z 25,1% (koniec kwartału) do 30,1% (dzień publikacji) i zbliża się do progu wezwania.
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Financials
BETA
ONE · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 439,250 | — | — | reported | — | 1.00 |
| EBITDA | 179,909 | — | — | reported | — | 0.90 |
| EBIT | 174,464 | — | — | reported | — | 1.00 |
| Net income | 182,769 | — | — | reported | — | 1.00 |
| D&A | 5,444 | — | — | reported | — | 1.00 |
| Interest expense | 388 | — | — | reported | — | 1.00 |
| EBITDA margin | 40.96% | — | — | reported | — | 0.90 |
| EBIT margin | 39.72% | — | — | reported | — | 0.90 |
| Net margin | 41.61% | — | — | reported | — | 0.90 |
| Cash | 2,050,872 | — | — | reported | — | 1.00 |
| Total debt | 10,300 | — | — | reported | — | 0.60 |
| Net debt | -2,040,572 | — | — | derived | — | 0.70 |
| Equity | 9,532,859 | — | — | reported | — | 1.00 |
| Total assets | 10,501,320 | — | — | reported | — | 1.00 |
| Working capital | 9,460,385 | — | — | derived | — | 0.90 |
| Current assets | 10,122,908 | — | — | reported | — | 1.00 |
| Current liabilities | 662,523 | — | — | reported | — | 1.00 |
| CFO | 216,661 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | 216,661 | — | — | derived | — | 0.90 |
| FCF conversion | 120.43% | — | — | reported | — | 0.80 |
| CFO conversion | 120.43% | — | — | reported | — | 0.80 |
| Current ratio | 15.28x | — | — | reported | — | 0.95 |
| Quick ratio | 15.24x | — | — | reported | — | 0.95 |
| Cash ratio | 3.1x | — | — | reported | — | 0.95 |
| Debt / equity | 0x | — | — | reported | — | 0.60 |
| Debt / assets | 0x | — | — | reported | — | 0.60 |
| Net debt / equity | -0.21x | — | — | reported | — | 0.70 |
| Revenue growth (YoY) | -1.55% | — | — | reported | — | 0.90 |
| EBITDA growth (YoY) | 225.72% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | 279.03% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | 288.83% | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
439,250
—
439,250
—
- Q1 2025
- —
EBITDA
179,909
—
179,909
—
- Q1 2025
- —
EBIT
174,464
—
174,464
—
- Q1 2025
- —
Net income
182,769
—
182,769
—
- Q1 2025
- —
D&A
5,444
—
5,444
—
- Q1 2025
- —
Interest expense
388
—
388
—
- Q1 2025
- —
EBITDA margin
40.96%
—
40.96%
—
- Q1 2025
- —
EBIT margin
39.72%
—
39.72%
—
- Q1 2025
- —
Net margin
41.61%
—
41.61%
—
- Q1 2025
- —
Cash
2,050,872
—
2,050,872
—
- Q1 2025
- —
Total debt
10,300
—
10,300
—
- Q1 2025
- —
Net debt
-2,040,572
—
-2,040,572
—
- Q1 2025
- —
Equity
9,532,859
—
9,532,859
—
- Q1 2025
- —
Total assets
10,501,320
—
10,501,320
—
- Q1 2025
- —
Working capital
9,460,385
—
9,460,385
—
- Q1 2025
- —
Current assets
10,122,908
—
10,122,908
—
- Q1 2025
- —
Current liabilities
662,523
—
662,523
—
- Q1 2025
- —
CFO
216,661
—
216,661
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
216,661
—
216,661
—
- Q1 2025
- —
FCF conversion
120.43%
—
120.43%
—
- Q1 2025
- —
CFO conversion
120.43%
—
120.43%
—
- Q1 2025
- —
Current ratio
15.28x
—
15.28x
—
- Q1 2025
- —
Quick ratio
15.24x
—
15.24x
—
- Q1 2025
- —
Cash ratio
3.1x
—
3.1x
—
- Q1 2025
- —
Debt / equity
0x
—
0x
—
- Q1 2025
- —
Debt / assets
0x
—
0x
—
- Q1 2025
- —
Net debt / equity
-0.21x
—
-0.21x
—
- Q1 2025
- —
Revenue growth (YoY)
-1.55%
—
-1.55%
—
- Q1 2025
- —
EBITDA growth (YoY)
225.72%
—
225.72%
—
- Q1 2025
- —
EBIT growth (YoY)
279.03%
—
279.03%
—
- Q1 2025
- —
Net income growth (YoY)
288.83%
—
288.83%
—
- Q1 2025
- —