Q1 2026 report
Regulowany, skoncentrowany właścicielsko monopol wodno-kanalizacyjny (Gmina Bielsko-Biała 51,1%, Veolia CEE 33,3%) z bardzo silnym bilansem (kapitał własny ~73% sumy aktywów) i wysoką gotówką (50,1 mln zł)
Sentiment
Positive
No guidance change
AQU
Q1 2026 report
Revenue
51,332 k PLN
— YoY
Net income
2,385 k PLN
— YoY
EBITDA
12,399 k PLN
— YoY
FCF
-1,224 k PLN
— YoY
Summary
Investment thesis
- Wzrost przychodów o 6,2% r/r wynika głównie z cen/taryf, nie z wolumenu (sprzedaż wody +0,5%, odbiór ścieków +1,0% r/r) — to ograniczony organiczny wzrost typowy dla regulowanego biznesu użyteczności publicznej
- Dźwignia operacyjna działa na korzyść spółki: EBIT rośnie o 17,1% r/r, marża EBIT +0,75 p.p., zysk netto +12,1% r/r
- Duży, wieloletni program inwestycyjny (Plan Inwestycji 2026-2030, m.in. oczyszczalnia w Rybarzowicach) częściowo finansowany dotacjami unijnymi (FENX.01.03) — FCF w kwartale ujemny (ok. -1,2 mln zł) z powodu CAPEX
- Zakończenie sporu sądowego z akcjonariuszem Veolia CEE (wycofanie pozwów i zrzeczenie się roszczeń) usuwa jedno konkretne źródło ryzyka korporacyjnego, choć struktura właścicielska (gmina + prywatny inwestor branżowy) pozostaje źródłem potencjalnych przyszłych napięć
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Financials
BETA
AQU · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 51,332 | — | — | reported | — | 1.00 |
| EBITDA | 12,399 | — | — | derived | — | 0.90 |
| EBIT | 4,093 | — | — | reported | — | 1.00 |
| EBT | 4,279 | — | — | reported | — | 1.00 |
| Net income | 2,385 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.18 | — | — | derived | — | 0.60 |
| D&A | 8,306 | — | — | reported | — | 1.00 |
| Interest expense | 190 | — | — | reported | — | 0.90 |
| Shares (basic) (m units) | 12.99 | — | — | reported | — | 0.70 |
| EBITDA margin | 24.16% | — | — | derived | — | 0.85 |
| EBIT margin | 7.98% | — | — | derived | — | 0.95 |
| EBT margin | 8.34% | — | — | derived | — | 0.95 |
| Net margin | 4.65% | — | — | derived | — | 0.95 |
| D&A margin | 16.18% | — | — | derived | — | 0.90 |
| Cash | 50,133 | — | — | reported | — | 1.00 |
| Equity | 404,467 | — | — | reported | — | 1.00 |
| Total assets | 551,798 | — | — | reported | — | 1.00 |
| Working capital | 70,025 | — | — | derived | — | 0.95 |
| Current assets | 98,641 | — | — | reported | — | 1.00 |
| Current liabilities | 28,616 | — | — | reported | — | 1.00 |
| CFO | 7,997 | — | — | reported | — | 1.00 |
| CapEx | 9,221 | — | — | reported | — | 1.00 |
| FCF | -1,224 | — | — | derived | — | 0.90 |
| FCF conversion | -9.87% | — | — | derived | — | 0.80 |
| CFO conversion | 64.5% | — | — | derived | — | 0.85 |
| ROE | 2.58% | — | — | derived | — | 0.50 |
| Current ratio | 3.45x | — | — | derived | — | 0.95 |
| Quick ratio | 3.24x | — | — | derived | — | 0.90 |
| Cash ratio | 1.75x | — | — | derived | — | 0.95 |
| Interest coverage | 21.54x | — | — | derived | — | 0.85 |
| Revenue growth (YoY) | 6.15% | — | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 2.79% | — | — | derived | — | 0.85 |
| EBIT growth (YoY) | 17.14% | — | — | derived | — | 0.95 |
| Net income growth (YoY) | 12.13% | — | — | derived | — | 0.95 |
| EBITDA margin Δ (YoY) | -0.79 pp | — | — | derived | — | 0.80 |
| EBIT margin Δ (YoY) | 0.75 pp | — | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 0.25 pp | — | — | derived | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
51,332
—
51,332
—
- Q1 2025
- —
EBITDA
12,399
—
12,399
—
- Q1 2025
- —
EBIT
4,093
—
4,093
—
- Q1 2025
- —
EBT
4,279
—
4,279
—
- Q1 2025
- —
Net income
2,385
—
2,385
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.18
—
0.18
—
- Q1 2025
- —
D&A
8,306
—
8,306
—
- Q1 2025
- —
Interest expense
190
—
190
—
- Q1 2025
- —
Shares (basic)
(m units)
12.99
—
12.99
—
- Q1 2025
- —
EBITDA margin
24.16%
—
24.16%
—
- Q1 2025
- —
EBIT margin
7.98%
—
7.98%
—
- Q1 2025
- —
EBT margin
8.34%
—
8.34%
—
- Q1 2025
- —
Net margin
4.65%
—
4.65%
—
- Q1 2025
- —
D&A margin
16.18%
—
16.18%
—
- Q1 2025
- —
Cash
50,133
—
50,133
—
- Q1 2025
- —
Equity
404,467
—
404,467
—
- Q1 2025
- —
Total assets
551,798
—
551,798
—
- Q1 2025
- —
Working capital
70,025
—
70,025
—
- Q1 2025
- —
Current assets
98,641
—
98,641
—
- Q1 2025
- —
Current liabilities
28,616
—
28,616
—
- Q1 2025
- —
CFO
7,997
—
7,997
—
- Q1 2025
- —
CapEx
9,221
—
9,221
—
- Q1 2025
- —
FCF
-1,224
—
-1,224
—
- Q1 2025
- —
FCF conversion
-9.87%
—
-9.87%
—
- Q1 2025
- —
CFO conversion
64.5%
—
64.5%
—
- Q1 2025
- —
ROE
2.58%
—
2.58%
—
- Q1 2025
- —
Current ratio
3.45x
—
3.45x
—
- Q1 2025
- —
Quick ratio
3.24x
—
3.24x
—
- Q1 2025
- —
Cash ratio
1.75x
—
1.75x
—
- Q1 2025
- —
Interest coverage
21.54x
—
21.54x
—
- Q1 2025
- —
Revenue growth (YoY)
6.15%
—
6.15%
—
- Q1 2025
- —
EBITDA growth (YoY)
2.79%
—
2.79%
—
- Q1 2025
- —
EBIT growth (YoY)
17.14%
—
17.14%
—
- Q1 2025
- —
Net income growth (YoY)
12.13%
—
12.13%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-0.79 pp
—
-0.79 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
0.75 pp
—
0.75 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
0.25 pp
—
0.25 pp
—
- Q1 2025
- —