PAC
Q1 2026 report
Revenue
1,114,140 PLN
▼
-25.2% YoY
Net income
-574,459 PLN
▲
+52.5% YoY
EBITDA
2,400,755 PLN
▲
+493.6% YoY
FCF
2,275,588 PLN
▲
+285% YoY
Summary
Investment thesis
- Motorem wyniku jest w dużej mierze rozliczenie dwóch zakończonych dużych projektów wdrożeniowych dla instytucji medycznych — powtarzalność tej dynamiki w kolejnych kwartałach jest niepewna.
- Wartość firmy (28,55 mln zł) stanowi ponad połowę sumy bilansowej przy skumulowanej stracie z lat ubiegłych (−12,76 mln zł) — ryzyko przyszłego testu na utratę wartości.
- Bardzo niskie zadłużenie odsetkowe i wysoka konwersja EBITDA na gotówkę (~95%) — jakość zysku wysoka w tym kwartale.
- Postęp certyfikacyjny własnej platformy Dbam o siebie Smart LAB oraz uruchomienie Roadmapy Digital Trust 2026-2028 jako potencjalne przyszłe źródła przychodów poza projektami wdrożeniowymi na zamówienie.
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Financials
BETA
PAC · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 1,114,140 | 1,490,000 | −25.2% | reported | — | 1.00 |
| EBITDA | 2,400,755 | -610,000 | +493.6% | reported | — | 1.00 |
| EBIT | -560,788 | -1,200,000 | +53.3% | reported | — | 1.00 |
| EBT | 1,807,838 | -1,210,000 | +249.4% | reported | — | 1.00 |
| Net income | -574,459 | -1,210,000 | +52.5% | reported | — | 1.00 |
| D&A | 578,477 | 590,000 | −2% | reported | — | 1.00 |
| Interest expense | 14,440 | 9,000 | +60.4% | reported | — | 1.00 |
| EBITDA margin | 38.92% | — | — | reported | — | 0.95 |
| EBIT margin | 29.54% | -0.07% | +29.6 pp | reported | — | 0.95 |
| Net margin | 29.31% | -0.08% | +29.4 pp | reported | — | 0.95 |
| Cash | 7,345 | 16,000 | −54.1% | reported | — | 1.00 |
| Total debt | 1,588,361 | 1,590,000 | −0.1% | reported | — | 1.00 |
| Net debt | -2,351,496 | 1,570,000 | −249.8% | reported | — | 0.90 |
| Equity | 45,062,542 | 51,380,000 | −12.3% | reported | — | 0.90 |
| Total assets | 55,138,752 | 55,960,000 | −1.5% | reported | — | 1.00 |
| Current assets | 6,449,249 | — | — | reported | — | 1.00 |
| Current liabilities | 5,055,918 | 3,450,000 | +46.5% | reported | — | 1.00 |
| Goodwill | 40,928,871 | 42,570,000 | −3.9% | reported | — | 1.00 |
| CFO | -253,550 | -830,000 | +69.5% | reported | — | 1.00 |
| CapEx | 0 | 400,000 | −100% | reported | — | 1.00 |
| FCF | 2,275,588 | -1,230,000 | +285% | reported | — | 0.90 |
| CFO conversion | 94.79% | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 453.68% | 0.1% | — | reported | — | 0.90 |
| EBIT growth (YoY) | 425.02% | -113.7% | — | reported | — | 0.90 |
| Net income growth (YoY) | 414.71% | -110.4% | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
1,114,140
−25.2%
1,114,140
−25.2%
- Q1 2025
- 1,490,000
EBITDA
2,400,755
+493.6%
2,400,755
+493.6%
- Q1 2025
- -610,000
EBIT
-560,788
+53.3%
-560,788
+53.3%
- Q1 2025
- -1,200,000
EBT
1,807,838
+249.4%
1,807,838
+249.4%
- Q1 2025
- -1,210,000
Net income
-574,459
+52.5%
-574,459
+52.5%
- Q1 2025
- -1,210,000
D&A
578,477
−2%
578,477
−2%
- Q1 2025
- 590,000
Interest expense
14,440
+60.4%
14,440
+60.4%
- Q1 2025
- 9,000
EBITDA margin
38.92%
—
38.92%
—
- Q1 2025
- —
EBIT margin
29.54%
+29.6 pp
29.54%
+29.6 pp
- Q1 2025
- -0.07%
Net margin
29.31%
+29.4 pp
29.31%
+29.4 pp
- Q1 2025
- -0.08%
Cash
7,345
−54.1%
7,345
−54.1%
- Q1 2025
- 16,000
Total debt
1,588,361
−0.1%
1,588,361
−0.1%
- Q1 2025
- 1,590,000
Net debt
-2,351,496
−249.8%
-2,351,496
−249.8%
- Q1 2025
- 1,570,000
Equity
45,062,542
−12.3%
45,062,542
−12.3%
- Q1 2025
- 51,380,000
Total assets
55,138,752
−1.5%
55,138,752
−1.5%
- Q1 2025
- 55,960,000
Current assets
6,449,249
—
6,449,249
—
- Q1 2025
- —
Current liabilities
5,055,918
+46.5%
5,055,918
+46.5%
- Q1 2025
- 3,450,000
Goodwill
40,928,871
−3.9%
40,928,871
−3.9%
- Q1 2025
- 42,570,000
CFO
-253,550
+69.5%
-253,550
+69.5%
- Q1 2025
- -830,000
CapEx
0
−100%
0
−100%
- Q1 2025
- 400,000
FCF
2,275,588
+285%
2,275,588
+285%
- Q1 2025
- -1,230,000
CFO conversion
94.79%
—
94.79%
—
- Q1 2025
- —
Revenue growth (YoY)
453.68%
—
453.68%
—
- Q1 2025
- 0.1%
EBIT growth (YoY)
425.02%
—
425.02%
—
- Q1 2025
- -113.7%
Net income growth (YoY)
414.71%
—
414.71%
—
- Q1 2025
- -110.4%