Q1 2026 report
Powrót do rentowności w I kw. 2026 r. (zysk netto 1.074,8 tys. zł wobec straty 385,0 tys. zł rok wcześniej), napędzany głównie skutecznym przerzuceniem wzrostu cen srebra na kontrahentów.
Sentiment
Cautious
No guidance change
GAL
Q1 2026 report
Revenue
4.64 m PLN
— YoY
Net income
-0.39 m PLN
— YoY
EBITDA
0.04 m PLN
— YoY
FCF
-0.41 m PLN
— YoY
Summary
Investment thesis
- Przychody +59,1% r/r, przy wysokim wykorzystaniu mocy produkcyjnych w usługach srebrzenia — najbardziej marżowym segmencie działalności.
- Jakość zysku niska w tym kwartale — OCF głęboko ujemny (-919,6 tys. zł) mimo dodatniego wyniku netto, ze względu na skokowy wzrost zapasów i należności.
- Silna zależność wyników od cen surowca (srebro) i zdolności negocjacyjnej wobec klientów — brak informacji o hedgingu tej ekspozycji.
- Wysoka koncentracja głosów (75,6%) w rękach rodziny Karim dzięki uprzywilejowanym akcjom serii A — typowe ryzyko governance na NewConnect.
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Financials
BETA
GAL · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 4.64 | — | — | reported | — | 1.00 |
| EBITDA | 0.04 | — | — | derived | — | 1.00 |
| EBIT | -0.31 | — | — | reported | — | 1.00 |
| Net income | -0.39 | — | — | reported | — | 1.00 |
| D&A | 0.35 | — | — | reported | — | 1.00 |
| Interest expense | 0.06 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 4 | — | — | reported | — | 0.70 |
| EBITDA margin | 22.28% | — | — | reported | — | 1.00 |
| EBIT margin | 17.08% | — | — | reported | — | 1.00 |
| Net margin | 14.55% | — | — | reported | — | 1.00 |
| Cash | 0.74 | — | — | reported | — | 1.00 |
| Total debt | 2.89 | — | — | reported | — | 0.90 |
| Net debt | 2.14 | — | — | derived | — | 0.90 |
| Equity | 9.29 | — | — | reported | — | 1.00 |
| Total assets | 16.78 | — | — | reported | — | 1.00 |
| Working capital | 3.11 | — | — | derived | — | 1.00 |
| Current assets | 9.13 | — | — | reported | — | 1.00 |
| Current liabilities | 6.02 | — | — | reported | — | 1.00 |
| CFO | -0.33 | — | — | reported | — | 1.00 |
| CapEx | 0.08 | — | — | reported | — | 1.00 |
| FCF | -0.41 | — | — | derived | — | 1.00 |
| Current ratio | 1.52x | — | — | reported | — | 1.00 |
| Quick ratio | 1x | — | — | reported | — | 1.00 |
| Cash ratio | 0.12x | — | — | reported | — | 1.00 |
| Interest coverage | 25.31x | — | — | reported | — | 1.00 |
| Debt / equity | 0.31x | — | — | reported | — | 0.90 |
| Debt / assets | 0.17x | — | — | reported | — | 0.90 |
| Net debt / equity | 0.23x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 59.07% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 3888.5% | — | — | reported | — | 0.50 |
| EBIT growth (YoY) | 503.16% | — | — | reported | — | 0.60 |
| Net income growth (YoY) | 379.16% | — | — | reported | — | 0.60 |
| EBITDA margin Δ (YoY) | 21.39 pp | — | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | 23.82 pp | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 22.84 pp | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
4.64
—
4.64
—
- Q1 2025
- —
EBITDA
0.04
—
0.04
—
- Q1 2025
- —
EBIT
-0.31
—
-0.31
—
- Q1 2025
- —
Net income
-0.39
—
-0.39
—
- Q1 2025
- —
D&A
0.35
—
0.35
—
- Q1 2025
- —
Interest expense
0.06
—
0.06
—
- Q1 2025
- —
Shares (basic)
(m units)
4
—
4
—
- Q1 2025
- —
EBITDA margin
22.28%
—
22.28%
—
- Q1 2025
- —
EBIT margin
17.08%
—
17.08%
—
- Q1 2025
- —
Net margin
14.55%
—
14.55%
—
- Q1 2025
- —
Cash
0.74
—
0.74
—
- Q1 2025
- —
Total debt
2.89
—
2.89
—
- Q1 2025
- —
Net debt
2.14
—
2.14
—
- Q1 2025
- —
Equity
9.29
—
9.29
—
- Q1 2025
- —
Total assets
16.78
—
16.78
—
- Q1 2025
- —
Working capital
3.11
—
3.11
—
- Q1 2025
- —
Current assets
9.13
—
9.13
—
- Q1 2025
- —
Current liabilities
6.02
—
6.02
—
- Q1 2025
- —
CFO
-0.33
—
-0.33
—
- Q1 2025
- —
CapEx
0.08
—
0.08
—
- Q1 2025
- —
FCF
-0.41
—
-0.41
—
- Q1 2025
- —
Current ratio
1.52x
—
1.52x
—
- Q1 2025
- —
Quick ratio
1x
—
1x
—
- Q1 2025
- —
Cash ratio
0.12x
—
0.12x
—
- Q1 2025
- —
Interest coverage
25.31x
—
25.31x
—
- Q1 2025
- —
Debt / equity
0.31x
—
0.31x
—
- Q1 2025
- —
Debt / assets
0.17x
—
0.17x
—
- Q1 2025
- —
Net debt / equity
0.23x
—
0.23x
—
- Q1 2025
- —
Revenue growth (YoY)
59.07%
—
59.07%
—
- Q1 2025
- —
EBITDA growth (YoY)
3888.5%
—
3888.5%
—
- Q1 2025
- —
EBIT growth (YoY)
503.16%
—
503.16%
—
- Q1 2025
- —
Net income growth (YoY)
379.16%
—
379.16%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
21.39 pp
—
21.39 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
23.82 pp
—
23.82 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
22.84 pp
—
22.84 pp
—
- Q1 2025
- —