CTS CITY SERVICE SE Giełda Papierów Wartościowych w Warszawie · Quarterly · publ. June 01, 2026

Q1 2026 report

Lider facility management i usług komunalnych w krajach bałtyckich (16,3 mln m2 pod zarządem), z notowaniem dual-listing GPW Rynek Równoległy + Nasdaq Baltic.

Sentiment

Neutral No guidance change

Website

CTS Q1 2026 report

Revenue

26.86 m EUR

— YoY

Net income

1.64 m EUR

— YoY

EBITDA

2.6 m EUR

— YoY

Gross margin

26.7%

— YoY

Summary

Investment thesis

Przychody rosną stabilnie (+4,1% r/r), a EBITDA przyspiesza szybciej (+20,9% r/r) dzięki poprawie marży segmentowej na Litwie.
Ekspansja geograficzna do Polski (akwizycja MONTO Sp. z o.o.) sygnalizuje chęć zwiększenia skali poza Bałtykiem.
Zysk netto spadł r/r (-5,0%) mimo wyższego EBIT - winowajcą są wyższe koszty finansowania związane z refinansowaniem długu bankowego.
Bilans z dużym udziałem goodwill+intangibles (32,7 mln EUR, ok. 32% aktywów) i ujemnym wzrostem zadłużenia bankowego nieprzeterminowanego, ale z historią naruszenia kowenantu na koniec 2025.

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Financials

BETA

Q1 2026

CTS · Q1 2026

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

Revenue	26.86	—	—	reported	—	1.00
Gross profit	7.75	—	—	reported	—	1.00
EBITDA	2.6	—	—	reported	—	0.90
EBIT	2.08	—	—	reported	—	1.00
EBT	2	—	—	reported	—	1.00
Net income	1.64	—	—	reported	—	1.00
EPS (basic) (EUR)	0.05	—	—	reported	—	1.00
EPS (diluted) (EUR)	0.05	—	—	reported	—	1.00
D&A	0.73	—	—	reported	—	1.00
Interest expense	0.38	—	—	reported	—	1.00
Shares (basic) (m units)	31.61	—	—	reported	—	1.00

Gross margin	26.7%	—	—	reported	—	0.90
EBITDA margin	11.3%	—	—	reported	—	0.90
EBIT margin	8.7%	—	—	reported	—	1.00
Net margin	5.6%	—	—	reported	—	1.00

Cash	9.24	—	—	reported	—	1.00
Total debt	28.83	—	—	reported	—	0.90
Net debt	19.59	—	—	derived	—	0.90
Equity	34.53	—	—	reported	—	1.00
Total assets	102.99	—	—	reported	—	1.00
Working capital	7.51	—	—	derived	—	1.00
Current assets	51.86	—	—	reported	—	1.00
Current liabilities	44.35	—	—	reported	—	1.00
Goodwill	32.74	—	—	reported	—	1.00
Tangible equity	1.8	—	—	derived	—	1.00

CFO	1.83	—	—	reported	—	1.00
CapEx	0.6	—	—	reported	—	1.00
FCF	0.45	—	—	derived	—	1.00
Dividends paid	0	—	—	reported	—	1.00

ROE	4.5%	—	—	reported	—	0.70
ROA	1.5%	—	—	reported	—	0.70

Current ratio	1.17x	—	—	reported	—	1.00
Quick ratio	1.16x	—	—	reported	—	1.00
Cash ratio	0.21x	—	—	reported	—	1.00
Interest coverage	7.55x	—	—	reported	—	1.00

Net debt / EBITDA	1.43x	—	—	reported	—	0.60
Debt / equity	0.84x	—	—	reported	—	0.90
Debt / assets	0.28x	—	—	reported	—	0.90
Net debt / equity	0.57x	—	—	reported	—	0.90

Revenue growth (YoY)	4.1%	—	—	reported	—	1.00
EBITDA growth (YoY)	20.9%	—	—	reported	—	0.90
EBIT growth (YoY)	16.6%	—	—	reported	—	1.00
Net income growth (YoY)	-5%	—	—	reported	—	1.00
Gross margin Δ (YoY)	-2.2 pp	—	—	reported	—	0.90
EBITDA margin Δ (YoY)	1.6 pp	—	—	reported	—	0.90
EBIT margin Δ (YoY)	0.9 pp	—	—	reported	—	1.00
Net margin Δ (YoY)	-0.5 pp	—	—	reported	—	1.00

Q1 2026 · Δ YoY

Revenue

26.86 —

Q1 2025: —

Gross profit

7.75 —

Q1 2025: —

EBITDA

2.6 —

Q1 2025: —

EBIT

2.08 —

Q1 2025: —

EBT

2 —

Q1 2025: —

Net income

1.64 —

Q1 2025: —

EPS (basic) (EUR)

0.05 —

Q1 2025: —

EPS (diluted) (EUR)

0.05 —

Q1 2025: —

D&A

0.73 —

Q1 2025: —

Interest expense

0.38 —

Q1 2025: —

Shares (basic) (m units)

31.61 —

Q1 2025: —

Gross margin

26.7% —

Q1 2025: —

EBITDA margin

11.3% —

Q1 2025: —

EBIT margin

8.7% —

Q1 2025: —

Net margin

5.6% —

Q1 2025: —

Cash

9.24 —

Q1 2025: —

Total debt

28.83 —

Q1 2025: —

Net debt

19.59 —

Q1 2025: —

Equity

34.53 —

Q1 2025: —

Total assets

102.99 —

Q1 2025: —

Working capital

7.51 —

Q1 2025: —

Current assets

51.86 —

Q1 2025: —

Current liabilities

44.35 —

Q1 2025: —

Goodwill

32.74 —

Q1 2025: —

Tangible equity

1.8 —

Q1 2025: —

CFO

1.83 —

Q1 2025: —

CapEx

0.6 —

Q1 2025: —

FCF

0.45 —

Q1 2025: —

Dividends paid

0 —

Q1 2025: —

ROE

4.5% —

Q1 2025: —

ROA

1.5% —

Q1 2025: —

Current ratio

1.17x —

Q1 2025: —

Quick ratio

1.16x —

Q1 2025: —

Cash ratio

0.21x —

Q1 2025: —

Interest coverage

7.55x —

Q1 2025: —

Net debt / EBITDA

1.43x —

Q1 2025: —

Debt / equity

0.84x —

Q1 2025: —

Debt / assets

0.28x —

Q1 2025: —

Net debt / equity

0.57x —

Q1 2025: —

Revenue growth (YoY)

4.1% —

Q1 2025: —

EBITDA growth (YoY)

20.9% —

Q1 2025: —

EBIT growth (YoY)

16.6% —

Q1 2025: —

Net income growth (YoY)

-5% —

Q1 2025: —

Gross margin Δ (YoY)

-2.2 pp —

Q1 2025: —

EBITDA margin Δ (YoY)

1.6 pp —

Q1 2025: —

EBIT margin Δ (YoY)

0.9 pp —

Q1 2025: —

Net margin Δ (YoY)

-0.5 pp —

Q1 2025: —