ASB ASBISC ENTERPRISES PLC Giełda Papierów Wartościowych w Warszawie · Quarterly · publ. May 07, 2026

Q1 2026 report

Rekordowy kwartał napędzany boomem na infrastrukturę AI — segment serwerów (+233% r/r) wyprzedził smartfony jako największa kategoria produktowa

Sentiment

Positive No guidance change

Website

ASB Q1 2026 report

Revenue

1,268.5 m USD

— YoY

Net income

36.5 m USD

— YoY

EBITDA

58.2 m USD

— YoY

Gross margin

8.62%

— YoY

Summary

Investment thesis

Marża brutto wzrosła o 1,62 pp do 8,62% dzięki niedoborom komponentów AI (GPU/DRAM/SSD), ale zarząd sam przyznaje, że to zjawisko przejściowe
Rekordowy zysk netto (+395% r/r) nie znalazł potwierdzenia w przepływach operacyjnych — OCF i FCF ujemne mimo szczytu rentowności
Bilans pozostaje bezpieczny (dług netto/kapitał własny ~17%, poprawa pokrycia odsetek do 6,1x), choć zadłużenie netto w ujęciu bezwzględnym się podwoiło
Silna koncentracja wzrostu w rynkach obarczonych ryzykiem geopolitycznym (Ukraina, Kazachstan, pojedyncze duże kontrakty na Tajwanie) rodzi pytanie o powtarzalność

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Financials

BETA

Q1 2026

ASB · Q1 2026

Metric	Q1 2026	Q1 2025	Δ YoY	Value type	Segment	Conf.

Revenue	1,268.5	—	—	reported	—	1.00
Gross profit	109.4	—	—	reported	—	1.00
EBITDA	58.2	—	—	reported	—	1.00
EBIT	54.5	—	—	reported	—	1.00
EBT	45.6	—	—	reported	—	1.00
Net income	36.5	—	—	reported	—	1.00
EPS (basic) (USD)	0.66	—	—	reported	—	1.00
EPS (diluted) (USD)	0.66	—	—	reported	—	1.00
D&A	3.7	—	—	reported	—	0.90
Interest expense	9	—	—	reported	—	1.00
Shares (basic) (m units)	55.5	—	—	reported	—	0.80

Gross margin	8.62%	—	—	reported	—	1.00
EBITDA margin	4.6%	—	—	reported	—	0.90
EBIT margin	4.3%	—	—	reported	—	0.90
Net margin	2.9%	—	—	reported	—	0.90

Cash	189.4	—	—	reported	—	1.00
Total debt	253.6	—	—	reported	—	0.90
Net debt	64.2	—	—	reported	—	0.90
Equity	374	—	—	reported	—	1.00
Total assets	1,411.2	—	—	reported	—	1.00
Working capital	273.3	—	—	reported	—	0.90
Current assets	1,262.8	—	—	reported	—	1.00
Current liabilities	989.6	—	—	reported	—	1.00
Goodwill	18.1	—	—	reported	—	0.90
Tangible equity	355.9	—	—	reported	—	0.90

CFO	-20.3	—	—	reported	—	1.00
CapEx	6.5	—	—	reported	—	0.90
FCF	-26.7	—	—	reported	—	0.90
FCF conversion	-46%	—	—	reported	—	0.80
CFO conversion	-34.8%	—	—	reported	—	0.80

Current ratio	1.28x	—	—	reported	—	0.90
Quick ratio	0.74x	—	—	reported	—	0.90
Cash ratio	0.19x	—	—	reported	—	0.90
Interest coverage	6.07x	—	—	reported	—	0.90

Debt / equity	0.68x	—	—	reported	—	0.80
Debt / assets	0.18x	—	—	reported	—	0.80
Net debt / equity	0.17x	—	—	reported	—	0.80

Revenue growth (YoY)	72.3%	—	—	reported	—	1.00
EBITDA growth (YoY)	215.5%	—	—	reported	—	0.90
EBIT growth (YoY)	233.1%	—	—	reported	—	0.90
Net income growth (YoY)	394.6%	—	—	reported	—	0.90
EPS growth (YoY)	407.7%	—	—	reported	—	0.80
Gross margin Δ (YoY)	1.62 pp	—	—	reported	—	1.00
EBITDA margin Δ (YoY)	2.08 pp	—	—	reported	—	0.90
EBIT margin Δ (YoY)	2.08 pp	—	—	reported	—	0.90
Net margin Δ (YoY)	1.88 pp	—	—	reported	—	0.90

Q1 2026 · Δ YoY

Revenue

1,268.5 —

Q1 2025: —

Gross profit

109.4 —

Q1 2025: —

EBITDA

58.2 —

Q1 2025: —

EBIT

54.5 —

Q1 2025: —

EBT

45.6 —

Q1 2025: —

Net income

36.5 —

Q1 2025: —

EPS (basic) (USD)

0.66 —

Q1 2025: —

EPS (diluted) (USD)

0.66 —

Q1 2025: —

D&A

3.7 —

Q1 2025: —

Interest expense

9 —

Q1 2025: —

Shares (basic) (m units)

55.5 —

Q1 2025: —

Gross margin

8.62% —

Q1 2025: —

EBITDA margin

4.6% —

Q1 2025: —

EBIT margin

4.3% —

Q1 2025: —

Net margin

2.9% —

Q1 2025: —

Cash

189.4 —

Q1 2025: —

Total debt

253.6 —

Q1 2025: —

Net debt

64.2 —

Q1 2025: —

Equity

374 —

Q1 2025: —

Total assets

1,411.2 —

Q1 2025: —

Working capital

273.3 —

Q1 2025: —

Current assets

1,262.8 —

Q1 2025: —

Current liabilities

989.6 —

Q1 2025: —

Goodwill

18.1 —

Q1 2025: —

Tangible equity

355.9 —

Q1 2025: —

CFO

-20.3 —

Q1 2025: —

CapEx

6.5 —

Q1 2025: —

FCF

-26.7 —

Q1 2025: —

FCF conversion

-46% —

Q1 2025: —

CFO conversion

-34.8% —

Q1 2025: —

Current ratio

1.28x —

Q1 2025: —

Quick ratio

0.74x —

Q1 2025: —

Cash ratio

0.19x —

Q1 2025: —

Interest coverage

6.07x —

Q1 2025: —

Debt / equity

0.68x —

Q1 2025: —

Debt / assets

0.18x —

Q1 2025: —

Net debt / equity

0.17x —

Q1 2025: —

Revenue growth (YoY)

72.3% —

Q1 2025: —

EBITDA growth (YoY)

215.5% —

Q1 2025: —

EBIT growth (YoY)

233.1% —

Q1 2025: —

Net income growth (YoY)

394.6% —

Q1 2025: —

EPS growth (YoY)

407.7% —

Q1 2025: —

Gross margin Δ (YoY)

1.62 pp —

Q1 2025: —

EBITDA margin Δ (YoY)

2.08 pp —

Q1 2025: —

EBIT margin Δ (YoY)

2.08 pp —

Q1 2025: —

Net margin Δ (YoY)

1.88 pp —

Q1 2025: —