DGA DGA Giełda Papierów Wartościowych w Warszawie · quarterly · publ. June 01, 2026

Q1 2026 report

Core EU-funds advisory/training business is recovering sharply (revenue +200% YoY, operating profit positive again) on a refreshed pipeline of newly signed grant-funded projects

Sentiment

Neutral No guidance change

Website

DGA Q1 2026 report

Revenue

3.08 m PLN

— YoY

Net income

-0.89 m PLN

— YoY

EBITDA

0.48 m PLN

— YoY

Gross margin

26.3%

— YoY

Summary

Investment thesis

~43% of total assets sit in a trading equity portfolio (notably the PTWP S.A. stake), making reported net income materially dependent on mark-to-market swings unrelated to operations
Balance sheet is conservatively financed - no bank debt, strong current ratio (2.10), own-share buyback program already holding 10.35% of capital
Revenue is concentrated in a handful of public-sector/EU-program counterparties, tying growth to grant-cycle timing and continuity of EU funding rounds 2021-2027
No formal financial guidance is published, and an 8-year-old SEKA S.A. litigation remains formally unresolved, though immaterial to current liquidity

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Financials

BETA

Q1 2026

DGA · Q1 2026

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

Revenue	3.08	—	—	reported	—	1.00
Gross profit	0.81	—	—	reported	—	1.00
EBITDA	0.48	—	—	derived	—	0.90
EBIT	0.46	—	—	reported	—	1.00
EBT	-1.08	—	—	reported	—	1.00
Net income	-0.89	—	—	reported	—	1.00
EPS (basic) (PLN)	-0.78	—	—	reported	—	1.00
D&A	0.02	—	—	reported	—	1.00
Shares (basic) (m units)	1.13	—	—	reported	—	1.00

Gross margin	26.3%	—	—	reported	—	0.95
EBITDA margin	15.5%	—	—	reported	—	0.85
EBIT margin	15%	—	—	reported	—	0.95
Net margin	-28.8%	—	—	reported	—	0.95

Cash	5.38	—	—	reported	—	1.00
Total debt	0	—	—	reported	—	0.90
Net debt	-5.38	—	—	derived	—	0.90
Equity	19.94	—	—	reported	—	1.00
Total assets	40.66	—	—	reported	—	1.00
Working capital	19.49	—	—	derived	—	0.90
Current assets	37.16	—	—	reported	—	1.00
Current liabilities	17.67	—	—	reported	—	1.00

CFO	-3.48	—	—	reported	—	1.00
CapEx	0.11	—	—	reported	—	1.00
FCF	-3.59	—	—	derived	—	0.90

Current ratio	2.1x	—	—	reported	—	0.95
Quick ratio	2.1x	—	—	reported	—	0.90
Cash ratio	0.3x	—	—	reported	—	0.95

Debt / equity	0x	—	—	reported	—	0.90
Net debt / equity	-0.27x	—	—	reported	—	0.85

Revenue growth (YoY)	200.6%	—	—	reported	—	0.95
EBIT growth (YoY)	156.9%	—	—	reported	—	0.60
Net income growth (YoY)	-255.8%	—	—	reported	—	0.60
Gross margin Δ (YoY)	74.9 pp	—	—	reported	—	0.85
Net margin Δ (YoY)	-84.3 pp	—	—	reported	—	0.85

Q1 2026 · Δ YoY

Revenue

3.08 —

Q1 2025: —

Gross profit

0.81 —

Q1 2025: —

EBITDA

0.48 —

Q1 2025: —

EBIT

0.46 —

Q1 2025: —

EBT

-1.08 —

Q1 2025: —

Net income

-0.89 —

Q1 2025: —

EPS (basic) (PLN)

-0.78 —

Q1 2025: —

D&A

0.02 —

Q1 2025: —

Shares (basic) (m units)

1.13 —

Q1 2025: —

Gross margin

26.3% —

Q1 2025: —

EBITDA margin

15.5% —

Q1 2025: —

EBIT margin

15% —

Q1 2025: —

Net margin

-28.8% —

Q1 2025: —

Cash

5.38 —

Q1 2025: —

Total debt

0 —

Q1 2025: —

Net debt

-5.38 —

Q1 2025: —

Equity

19.94 —

Q1 2025: —

Total assets

40.66 —

Q1 2025: —

Working capital

19.49 —

Q1 2025: —

Current assets

37.16 —

Q1 2025: —

Current liabilities

17.67 —

Q1 2025: —

CFO

-3.48 —

Q1 2025: —

CapEx

0.11 —

Q1 2025: —

FCF

-3.59 —

Q1 2025: —

Current ratio

2.1x —

Q1 2025: —

Quick ratio

2.1x —

Q1 2025: —

Cash ratio

0.3x —

Q1 2025: —

Debt / equity

0x —

Q1 2025: —

Net debt / equity

-0.27x —

Q1 2025: —

Revenue growth (YoY)

200.6% —

Q1 2025: —

EBIT growth (YoY)

156.9% —

Q1 2025: —

Net income growth (YoY)

-255.8% —

Q1 2025: —

Gross margin Δ (YoY)

74.9 pp —

Q1 2025: —

Net margin Δ (YoY)

-84.3 pp —

Q1 2025: —