H1 2026 report
Wzrost zysku netto o 153% r/r (do 20,9 mln zł) jest w 63% księgowy - 13,1 mln zł to jednorazowy, niegotówkowy zysk na okazyjnym nabyciu spółki Proma; po jego wyłączeniu wynik brutto jest zbliżony do ubiegłorocznego.
Sentiment
●●●●●●
IZS
H1 2026 report
Revenue
703.06 m PLN
— YoY
Net income
8.27 m PLN
— YoY
EBITDA
25.36 m PLN
— YoY
Gross margin
8.47%
— YoY
Summary
Investment thesis
- Spadek przychodów o 49% r/r (do 355,0 mln zł) to skutek zakończenia dużego kontraktu z Gaz-System w IV kw. 2025 r. (-487 mln zł), częściowo skompensowany 92-procentowym wzrostem sprzedaży do innych odbiorców (+138 mln zł).
- Marża brutto i marża EBIT poprawiły się r/r mimo dwukrotnie niższych przychodów - korzystniejszy miks sprzedażowy i dyscyplina kosztowa.
- Zadłużenie finansowe netto spadło r/r o ok. 45%, wraz z zakończeniem finansowania dużego kontraktu; dług netto/kapitał własny obniżył się do 51%.
- Luka między zyskiem netto (20,9 mln zł) a operacyjnymi przepływami pieniężnymi (1,6 mln zł) w I półroczu 2026 r. wynika głównie ze wzrostu zapasów i należności pod nowe, mniejsze kontrakty.
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
IZS · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 703.06 | 1,233.51 | −43% | 703.06 | −43% | reported | — | 1.00 |
| Gross profit | 59.54 | 112.92 | −47.3% | 59.54 | −47.3% | reported | — | 1.00 |
| EBITDA | 25.36 | 0 | +58006854.6% | 25.36 | +58006854.6% | derived | — | 0.90 |
| EBIT | 19.13 | 31.23 | −38.7% | 19.13 | −38.7% | reported | — | 1.00 |
| EBT | 10.5 | 16.26 | −35.4% | 10.5 | −35.4% | reported | — | 1.00 |
| Net income | 12.79 | 12.79 | +0% | 8.27 | −35.4% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.25 | 0.39 | — | 0.25 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.64 | 0.39 | — | 0.64 | — | reported | — | 1.00 |
| D&A | 6.23 | 12.49 | −50.1% | 6.23 | −50.1% | reported | — | 1.00 |
| Interest expense | 8.07 | 14.91 | −45.9% | 8.07 | −45.9% | reported | — | 1.00 |
| Income tax | 1.52 | — | — | 1.52 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 32.74 | 32.74 | — | — | — | reported | — | 0.90 |
| Gross margin | 8.47% | 9.15% | −0.7 pp | 8.47% | −0.7 pp | reported | — | 1.00 |
| EBITDA margin | 3.61% | 3.54% | +0.1 pp | 3.61% | +0.1 pp | reported | — | 0.90 |
| EBIT margin | 2.72% | 2.53% | +0.2 pp | 2.72% | +0.2 pp | reported | — | 1.00 |
| Net margin | 1.18% | 1.04% | +0.1 pp | 1.18% | +0.1 pp | reported | — | 1.00 |
| Cash | 11.72 | 11.72 | +0% | — | — | reported | — | 1.00 |
| Total debt | 159.53 | 159.56 | −0% | — | — | reported | — | 1.00 |
| Net debt | 147.81 | 0 | +99976902.8% | — | — | reported | — | 0.90 |
| Equity | 268.71 | 268.71 | +0% | — | — | reported | — | 1.00 |
| Total assets | 543.48 | 543.48 | +0% | — | — | reported | — | 1.00 |
| Working capital | 98.27 | 84.62 | +16.1% | — | — | reported | — | 1.00 |
| Current assets | 329.77 | 329.77 | +0% | — | — | reported | — | 1.00 |
| Current liabilities | 245.15 | 245.15 | +0% | — | — | reported | — | 1.00 |
| Non-current liabilities | 33.5 | — | — | — | — | reported | — | 1.00 |
| Inventory | 110.85 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 230.99 | — | — | — | — | reported | — | 0.70 |
| Trade payables | 135.69 | — | — | — | — | reported | — | 0.70 |
| Goodwill | 16.59 | 16.37 | +1.4% | — | — | reported | — | 1.00 |
| Tangible equity | 278.77 | 252.35 | +10.5% | — | — | reported | — | 0.90 |
| CFO | -46.99 | 94.8 | −149.6% | -46.99 | −149.6% | reported | — | 1.00 |
| CapEx | 2.45 | 3.66 | −33.2% | 2.45 | −33.2% | reported | — | 1.00 |
| FCF | -49.44 | 0 | −54238448.1% | -49.44 | −54238448.1% | reported | — | 1.00 |
| FCF conversion | 2.6% | 208.5% | −205.9 pp | 2.6% | −205.9 pp | reported | — | 0.60 |
| CFO conversion | 8.7% | 216.9% | −208.2 pp | 8.7% | −208.2 pp | reported | — | 0.60 |
| Dividends paid | 0 | 2.95 | −100% | 0 | −100% | reported | — | 0.80 |
| Net acquisitions | 4.66 | 8.68 | −46.3% | 4.66 | −46.3% | reported | — | 0.80 |
| ROE | 9.1% | 4.85% | +4.3 pp | — | — | reported | — | 0.55 |
| Current ratio | 1.33x | 1.35x | −0.02x | — | — | reported | — | 1.00 |
| Quick ratio | 0.83x | 0.89x | −0.06x | — | — | reported | — | 1.00 |
| Cash ratio | 0.06x | 0.05x | +0.01x | — | — | reported | — | 1.00 |
| Interest coverage | 2.37x | 2.09x | +0.28x | — | — | reported | — | 1.00 |
| Debt / equity | 0.59x | 0.59x | +0x | — | — | reported | — | 1.00 |
| Debt / assets | 0.26x | 0.29x | −0.03x | — | — | reported | — | 1.00 |
| Net debt / equity | 0.55x | 0.55x | +0x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | -49.5% | 59.85% | — | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -27.53% | 33.36% | — | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | -43.69% | 51.48% | — | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 153.24% | 26.17% | — | — | — | reported | — | 1.00 |
| EPS growth (YoY) | 156% | 25.81% | — | — | — | reported | — | 1.00 |
| FCF growth (YoY) | 100.96% | 250.4% | — | — | — | reported | — | 1.00 |
| Gross margin Δ (YoY) | 1.54 pp | 0 pp | — | — | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 1.57 pp | 0 pp | — | — | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | 0.32 pp | 0 pp | — | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 4.72 pp | 0 pp | — | — | — | reported | — | 1.00 |
H1 2026 · Δ YoY
Revenue
703.06
−43%
703.06
−43%
- H1 2025
- 1,233.51
- YTD 2026
- 703.06
- Δ YoY
- −43%
Gross profit
59.54
−47.3%
59.54
−47.3%
- H1 2025
- 112.92
- YTD 2026
- 59.54
- Δ YoY
- −47.3%
EBITDA
25.36
+58006854.6%
25.36
+58006854.6%
- H1 2025
- 0
- YTD 2026
- 25.36
- Δ YoY
- +58006854.6%
EBIT
19.13
−38.7%
19.13
−38.7%
- H1 2025
- 31.23
- YTD 2026
- 19.13
- Δ YoY
- −38.7%
EBT
10.5
−35.4%
10.5
−35.4%
- H1 2025
- 16.26
- YTD 2026
- 10.5
- Δ YoY
- −35.4%
Net income
12.79
+0%
12.79
+0%
- H1 2025
- 12.79
- YTD 2026
- 8.27
- Δ YoY
- −35.4%
EPS (basic)
(PLN)
0.25
—
0.25
—
- H1 2025
- 0.39
- YTD 2026
- 0.25
- Δ YoY
- —
EPS (diluted)
(PLN)
0.64
—
0.64
—
- H1 2025
- 0.39
- YTD 2026
- 0.64
- Δ YoY
- —
D&A
6.23
−50.1%
6.23
−50.1%
- H1 2025
- 12.49
- YTD 2026
- 6.23
- Δ YoY
- −50.1%
Interest expense
8.07
−45.9%
8.07
−45.9%
- H1 2025
- 14.91
- YTD 2026
- 8.07
- Δ YoY
- −45.9%
Income tax
1.52
—
1.52
—
- H1 2025
- —
- YTD 2026
- 1.52
- Δ YoY
- —
Shares (basic)
(m units)
32.74
—
32.74
—
- H1 2025
- 32.74
- YTD 2026
- —
- Δ YoY
- —
Gross margin
8.47%
−0.7 pp
8.47%
−0.7 pp
- H1 2025
- 9.15%
- YTD 2026
- 8.47%
- Δ YoY
- −0.7 pp
EBITDA margin
3.61%
+0.1 pp
3.61%
+0.1 pp
- H1 2025
- 3.54%
- YTD 2026
- 3.61%
- Δ YoY
- +0.1 pp
EBIT margin
2.72%
+0.2 pp
2.72%
+0.2 pp
- H1 2025
- 2.53%
- YTD 2026
- 2.72%
- Δ YoY
- +0.2 pp
Net margin
1.18%
+0.1 pp
1.18%
+0.1 pp
- H1 2025
- 1.04%
- YTD 2026
- 1.18%
- Δ YoY
- +0.1 pp
Cash
11.72
+0%
11.72
+0%
- H1 2025
- 11.72
- YTD 2026
- —
- Δ YoY
- —
Total debt
159.53
−0%
159.53
−0%
- H1 2025
- 159.56
- YTD 2026
- —
- Δ YoY
- —
Net debt
147.81
+99976902.8%
147.81
+99976902.8%
- H1 2025
- 0
- YTD 2026
- —
- Δ YoY
- —
Equity
268.71
+0%
268.71
+0%
- H1 2025
- 268.71
- YTD 2026
- —
- Δ YoY
- —
Total assets
543.48
+0%
543.48
+0%
- H1 2025
- 543.48
- YTD 2026
- —
- Δ YoY
- —
Working capital
98.27
+16.1%
98.27
+16.1%
- H1 2025
- 84.62
- YTD 2026
- —
- Δ YoY
- —
Current assets
329.77
+0%
329.77
+0%
- H1 2025
- 329.77
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
245.15
+0%
245.15
+0%
- H1 2025
- 245.15
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
33.5
—
33.5
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
110.85
—
110.85
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
230.99
—
230.99
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
135.69
—
135.69
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
16.59
+1.4%
16.59
+1.4%
- H1 2025
- 16.37
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
278.77
+10.5%
278.77
+10.5%
- H1 2025
- 252.35
- YTD 2026
- —
- Δ YoY
- —
CFO
-46.99
−149.6%
-46.99
−149.6%
- H1 2025
- 94.8
- YTD 2026
- -46.99
- Δ YoY
- −149.6%
CapEx
2.45
−33.2%
2.45
−33.2%
- H1 2025
- 3.66
- YTD 2026
- 2.45
- Δ YoY
- −33.2%
FCF
-49.44
−54238448.1%
-49.44
−54238448.1%
- H1 2025
- 0
- YTD 2026
- -49.44
- Δ YoY
- −54238448.1%
FCF conversion
2.6%
−205.9 pp
2.6%
−205.9 pp
- H1 2025
- 208.5%
- YTD 2026
- 2.6%
- Δ YoY
- −205.9 pp
CFO conversion
8.7%
−208.2 pp
8.7%
−208.2 pp
- H1 2025
- 216.9%
- YTD 2026
- 8.7%
- Δ YoY
- −208.2 pp
Dividends paid
0
−100%
0
−100%
- H1 2025
- 2.95
- YTD 2026
- 0
- Δ YoY
- −100%
Net acquisitions
4.66
−46.3%
4.66
−46.3%
- H1 2025
- 8.68
- YTD 2026
- 4.66
- Δ YoY
- −46.3%
ROE
9.1%
+4.3 pp
9.1%
+4.3 pp
- H1 2025
- 4.85%
- YTD 2026
- —
- Δ YoY
- —
Current ratio
1.33x
−0.02x
1.33x
−0.02x
- H1 2025
- 1.35x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.83x
−0.06x
0.83x
−0.06x
- H1 2025
- 0.89x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.06x
+0.01x
0.06x
+0.01x
- H1 2025
- 0.05x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
2.37x
+0.28x
2.37x
+0.28x
- H1 2025
- 2.09x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.59x
+0x
0.59x
+0x
- H1 2025
- 0.59x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.26x
−0.03x
0.26x
−0.03x
- H1 2025
- 0.29x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.55x
+0x
0.55x
+0x
- H1 2025
- 0.55x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-49.5%
—
-49.5%
—
- H1 2025
- 59.85%
- YTD 2026
- —
- Δ YoY
- —
EBITDA growth (YoY)
-27.53%
—
-27.53%
—
- H1 2025
- 33.36%
- YTD 2026
- —
- Δ YoY
- —
EBIT growth (YoY)
-43.69%
—
-43.69%
—
- H1 2025
- 51.48%
- YTD 2026
- —
- Δ YoY
- —
Net income growth (YoY)
153.24%
—
153.24%
—
- H1 2025
- 26.17%
- YTD 2026
- —
- Δ YoY
- —
EPS growth (YoY)
156%
—
156%
—
- H1 2025
- 25.81%
- YTD 2026
- —
- Δ YoY
- —
FCF growth (YoY)
100.96%
—
100.96%
—
- H1 2025
- 250.4%
- YTD 2026
- —
- Δ YoY
- —
Gross margin Δ (YoY)
1.54 pp
—
1.54 pp
—
- H1 2025
- 0 pp
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin Δ (YoY)
1.57 pp
—
1.57 pp
—
- H1 2025
- 0 pp
- YTD 2026
- —
- Δ YoY
- —
EBIT margin Δ (YoY)
0.32 pp
—
0.32 pp
—
- H1 2025
- 0 pp
- YTD 2026
- —
- Δ YoY
- —
Net margin Δ (YoY)
4.72 pp
—
4.72 pp
—
- H1 2025
- 0 pp
- YTD 2026
- —
- Δ YoY
- —