Q1 2026 report
Marża brutto rośnie o 36% r/r mimo spadku przychodów o 1,4% — efekt korzystnych cen surowców/magazynowych i lepszego mixu produktowego.
Sentiment
Neutral
No guidance change
MRC
Q1 2026 report
Revenue
145.64 m PLN
— YoY
Net income
12.92 m PLN
— YoY
EBITDA
15.39 m PLN
— YoY
Gross margin
26.1%
— YoY
Summary
Investment thesis
- Spadek zysku netto o 57% r/r to efekt bazy (jednorazowa nadwyżka różnic kursowych w Q1 2025), nie pogorszenia operacyjnego.
- Bardzo silna pozycja net cash (~131 mln zł) — praktycznie zerowe ryzyko refinansowe, zadłużenie odsetkowe to w całości leasing.
- Geopolityczny szok cen surowców (Cieśnina Ormuz, +60% cen nitrylu) z końca marca 2026 dopiero zacznie obciążać wyniki w Q2/Q3 2026.
- Rosnąca alokacja kapitału w segment nieruchomości (Mercator Estates) poprzez pożyczki wewnątrzgrupowe i akwizycje — dywersyfikacja poza core biznes rękawicowy.
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Financials
BETA
MRC · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 145.64 | — | — | reported | — | 1.00 |
| Gross profit | 38.02 | — | — | derived | — | 0.90 |
| EBITDA | 15.39 | — | — | reported | — | 1.00 |
| EBIT | 7.63 | — | — | reported | — | 1.00 |
| EBT | 10.74 | — | — | reported | — | 1.00 |
| Net income | 12.92 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.44 | — | — | reported | — | 1.00 |
| D&A | 7.75 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 9.14 | — | — | reported | — | 1.00 |
| Gross margin | 26.1% | — | — | reported | — | 0.90 |
| EBITDA margin | 10.57% | — | — | reported | — | 1.00 |
| EBIT margin | 5.24% | — | — | reported | — | 1.00 |
| Net margin | 8.87% | — | — | reported | — | 1.00 |
| Cash | 153.55 | — | — | reported | — | 1.00 |
| Total debt | 22.83 | — | — | derived | — | 0.85 |
| Net debt | -130.73 | — | — | derived | — | 0.85 |
| Equity | 914.72 | — | — | reported | — | 1.00 |
| Total assets | 1,042.09 | — | — | reported | — | 1.00 |
| Current assets | 499.81 | — | — | reported | — | 1.00 |
| Current liabilities | 93.11 | — | — | reported | — | 0.90 |
| CFO | 3.54 | — | — | reported | — | 1.00 |
| Current ratio | 5.37x | — | — | reported | — | 0.90 |
| Debt / equity | 0.03x | — | — | reported | — | 0.85 |
| Net debt / equity | -0.14x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | -1.36% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 185.9% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | -57.3% | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
145.64
—
145.64
—
- Q1 2025
- —
Gross profit
38.02
—
38.02
—
- Q1 2025
- —
EBITDA
15.39
—
15.39
—
- Q1 2025
- —
EBIT
7.63
—
7.63
—
- Q1 2025
- —
EBT
10.74
—
10.74
—
- Q1 2025
- —
Net income
12.92
—
12.92
—
- Q1 2025
- —
EPS (basic)
(PLN)
1.44
—
1.44
—
- Q1 2025
- —
D&A
7.75
—
7.75
—
- Q1 2025
- —
Shares (basic)
(m units)
9.14
—
9.14
—
- Q1 2025
- —
Gross margin
26.1%
—
26.1%
—
- Q1 2025
- —
EBITDA margin
10.57%
—
10.57%
—
- Q1 2025
- —
EBIT margin
5.24%
—
5.24%
—
- Q1 2025
- —
Net margin
8.87%
—
8.87%
—
- Q1 2025
- —
Cash
153.55
—
153.55
—
- Q1 2025
- —
Total debt
22.83
—
22.83
—
- Q1 2025
- —
Net debt
-130.73
—
-130.73
—
- Q1 2025
- —
Equity
914.72
—
914.72
—
- Q1 2025
- —
Total assets
1,042.09
—
1,042.09
—
- Q1 2025
- —
Current assets
499.81
—
499.81
—
- Q1 2025
- —
Current liabilities
93.11
—
93.11
—
- Q1 2025
- —
CFO
3.54
—
3.54
—
- Q1 2025
- —
Current ratio
5.37x
—
5.37x
—
- Q1 2025
- —
Debt / equity
0.03x
—
0.03x
—
- Q1 2025
- —
Net debt / equity
-0.14x
—
-0.14x
—
- Q1 2025
- —
Revenue growth (YoY)
-1.36%
—
-1.36%
—
- Q1 2025
- —
EBITDA growth (YoY)
185.9%
—
185.9%
—
- Q1 2025
- —
Net income growth (YoY)
-57.3%
—
-57.3%
—
- Q1 2025
- —