Q1 2026 report
Przychody i wszystkie marże rosną r/r mimo osłabienia USD/PLN o 9,3% i wysokiej ekspozycji eksportowej (64% przychodów w walutach obcych) — sygnał realnej siły cenowej.
Sentiment
Neutral
No guidance change
DCR
Q1 2026 report
Revenue
177.37 m PLN
— YoY
Net income
21.77 m PLN
— YoY
EBITDA
35.85 m PLN
— YoY
Net debt / EBITDA
0.22x
— YoY
Summary
Investment thesis
- Bilans wyjątkowo mocny: dług netto/EBITDA ~0,22x, pokrycie odsetek ~76x — nawet pełna kara UOKiK (28,3 mln zł) nie zagrażałaby wypłacalności.
- Decyzja UOKiK z 4 maja 2026 r. (kara 28,344 mln zł za zmowę cenową) to główne ryzyko kwartału — spółka odwołuje się, ale zarezerwowała niemal 100% kwoty, co sugeruje ostrożną ocenę szans na wygraną.
- Konwersja gotówkowa pogarsza się: FCF spadł o 38,5% r/r, FCF/EBITDA z ~54% do ~30%, głównie przez wzrost zapasów (+35,5% r/r) i wyższy CAPEX (+45% r/r).
- Nowy segment Ściana (panele ścienne, od 2025 r.) rośnie o 30,8% r/r i może stać się drugim silnikiem wzrostu obok dojrzałego segmentu Podłoga, który kurczy się o 2,4% r/r.
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Financials
BETA
DCR · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 177.37 | — | — | reported | — | 1.00 |
|
Revenue
Flooring
|
127.9 | — | — | reported | Flooring | 1.00 |
|
Revenue
Wall
|
47.22 | — | — | reported | Wall | 1.00 |
|
Revenue
Pozostałe
|
2.25 | — | — | reported | Pozostałe | 1.00 |
| Gross profit | 73.64 | — | — | reported | — | 1.00 |
|
Gross profit
Flooring
|
52.39 | — | — | reported | Flooring | 1.00 |
|
Gross profit
Wall
|
20.46 | — | — | reported | Wall | 1.00 |
| EBITDA | 35.85 | — | — | reported | — | 1.00 |
| EBIT | 28.24 | — | — | reported | — | 1.00 |
| EBT | 27.95 | — | — | reported | — | 1.00 |
| Net income | 21.77 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 2.06 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 2.06 | — | — | reported | — | 1.00 |
| D&A | 7.6 | — | — | reported | — | 1.00 |
| Interest expense | 0.37 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 10.55 | — | — | reported | — | 1.00 |
| Cash | 39.15 | — | — | reported | — | 1.00 |
| Total debt | 68.32 | — | — | derived | — | 0.90 |
| Net debt | 29.17 | — | — | derived | — | 0.90 |
| Equity | 398.61 | — | — | reported | — | 1.00 |
| Total assets | 583.66 | — | — | reported | — | 1.00 |
| Working capital | 162.94 | — | — | derived | — | 0.90 |
| Current assets | 297.12 | — | — | reported | — | 1.00 |
| Current liabilities | 134.18 | — | — | reported | — | 1.00 |
| Goodwill | 34.23 | — | — | reported | — | 1.00 |
| Tangible equity | 364.38 | — | — | derived | — | 0.90 |
| CFO | 24.34 | — | — | reported | — | 1.00 |
| CapEx | 13.73 | — | — | reported | — | 1.00 |
| FCF | 10.61 | — | — | derived | — | 0.90 |
| FCF conversion | 29.6% | — | — | derived | — | 0.90 |
| CFO conversion | 67.9% | — | — | derived | — | 0.90 |
| Dividends paid | 0.78 | — | — | reported | — | 0.90 |
| ROE | 21.04% | — | — | derived | — | 0.70 |
| ROA | 14.51% | — | — | derived | — | 0.70 |
| ROIC | 19.31% | — | — | derived | — | 0.70 |
| ROCE | 22.96% | — | — | derived | — | 0.70 |
| Current ratio | 2.21x | — | — | derived | — | 0.90 |
| Quick ratio | 1.27x | — | — | derived | — | 0.90 |
| Cash ratio | 0.29x | — | — | derived | — | 0.90 |
| Interest coverage | 76.54x | — | — | derived | — | 0.90 |
| Net debt / EBITDA | 0.22x | — | — | derived | — | 0.70 |
| Debt / equity | 0.17x | — | — | derived | — | 0.90 |
| Debt / assets | 0.12x | — | — | derived | — | 0.90 |
| Net debt / equity | 0.07x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 4.12% | — | — | derived | — | 0.90 |
| EBITDA growth (YoY) | 12.04% | — | — | derived | — | 0.90 |
| EBIT growth (YoY) | 9.93% | — | — | derived | — | 0.90 |
| Net income growth (YoY) | 8.19% | — | — | derived | — | 0.90 |
| EPS growth (YoY) | 7.85% | — | — | derived | — | 0.90 |
| FCF growth (YoY) | -38.52% | — | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | 0.57 pp | — | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | 1.43 pp | — | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 0.84 pp | — | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 0.46 pp | — | — | derived | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
177.37
—
177.37
—
- Q1 2025
- —
Revenue
Flooring
127.9
—
Flooring
127.9
—
- Q1 2025
- —
Revenue
Wall
47.22
—
Wall
47.22
—
- Q1 2025
- —
Revenue
Pozostałe
2.25
—
Pozostałe
2.25
—
- Q1 2025
- —
Gross profit
73.64
—
73.64
—
- Q1 2025
- —
Gross profit
Flooring
52.39
—
Flooring
52.39
—
- Q1 2025
- —
Gross profit
Wall
20.46
—
Wall
20.46
—
- Q1 2025
- —
EBITDA
35.85
—
35.85
—
- Q1 2025
- —
EBIT
28.24
—
28.24
—
- Q1 2025
- —
EBT
27.95
—
27.95
—
- Q1 2025
- —
Net income
21.77
—
21.77
—
- Q1 2025
- —
EPS (basic)
(PLN)
2.06
—
2.06
—
- Q1 2025
- —
EPS (diluted)
(PLN)
2.06
—
2.06
—
- Q1 2025
- —
D&A
7.6
—
7.6
—
- Q1 2025
- —
Interest expense
0.37
—
0.37
—
- Q1 2025
- —
Shares (basic)
(m units)
10.55
—
10.55
—
- Q1 2025
- —
Cash
39.15
—
39.15
—
- Q1 2025
- —
Total debt
68.32
—
68.32
—
- Q1 2025
- —
Net debt
29.17
—
29.17
—
- Q1 2025
- —
Equity
398.61
—
398.61
—
- Q1 2025
- —
Total assets
583.66
—
583.66
—
- Q1 2025
- —
Working capital
162.94
—
162.94
—
- Q1 2025
- —
Current assets
297.12
—
297.12
—
- Q1 2025
- —
Current liabilities
134.18
—
134.18
—
- Q1 2025
- —
Goodwill
34.23
—
34.23
—
- Q1 2025
- —
Tangible equity
364.38
—
364.38
—
- Q1 2025
- —
CFO
24.34
—
24.34
—
- Q1 2025
- —
CapEx
13.73
—
13.73
—
- Q1 2025
- —
FCF
10.61
—
10.61
—
- Q1 2025
- —
FCF conversion
29.6%
—
29.6%
—
- Q1 2025
- —
CFO conversion
67.9%
—
67.9%
—
- Q1 2025
- —
Dividends paid
0.78
—
0.78
—
- Q1 2025
- —
ROE
21.04%
—
21.04%
—
- Q1 2025
- —
ROA
14.51%
—
14.51%
—
- Q1 2025
- —
ROIC
19.31%
—
19.31%
—
- Q1 2025
- —
ROCE
22.96%
—
22.96%
—
- Q1 2025
- —
Current ratio
2.21x
—
2.21x
—
- Q1 2025
- —
Quick ratio
1.27x
—
1.27x
—
- Q1 2025
- —
Cash ratio
0.29x
—
0.29x
—
- Q1 2025
- —
Interest coverage
76.54x
—
76.54x
—
- Q1 2025
- —
Net debt / EBITDA
0.22x
—
0.22x
—
- Q1 2025
- —
Debt / equity
0.17x
—
0.17x
—
- Q1 2025
- —
Debt / assets
0.12x
—
0.12x
—
- Q1 2025
- —
Net debt / equity
0.07x
—
0.07x
—
- Q1 2025
- —
Revenue growth (YoY)
4.12%
—
4.12%
—
- Q1 2025
- —
EBITDA growth (YoY)
12.04%
—
12.04%
—
- Q1 2025
- —
EBIT growth (YoY)
9.93%
—
9.93%
—
- Q1 2025
- —
Net income growth (YoY)
8.19%
—
8.19%
—
- Q1 2025
- —
EPS growth (YoY)
7.85%
—
7.85%
—
- Q1 2025
- —
FCF growth (YoY)
-38.52%
—
-38.52%
—
- Q1 2025
- —
Gross margin Δ (YoY)
0.57 pp
—
0.57 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
1.43 pp
—
1.43 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
0.84 pp
—
0.84 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
0.46 pp
—
0.46 pp
—
- Q1 2025
- —