WWL Wawel Giełda Papierów Wartościowych w Warszawie · Half-year · publ. August 21, 2026

H1 2026 report

Skokowa poprawa rentowności (EBIT +54% r/r, marża EBIT 8,3%→14,0%) napędzana głównie spadkiem cen ziarna kakaowego, nie wzrostem wolumenu — przychody spadły o 7,8% r/r.

Sentiment

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Website

WWL H1 2026 report

Revenue

302.43 m PLN

— YoY

Net income

41.76 m PLN

— YoY

EBITDA

56.26 m PLN

— YoY

Gross margin

36.89%

— YoY

Summary

Investment thesis

Zerowe zadłużenie bankowe i pozycja gotówkowa netto rzędu -264 mln zł przy kapitalizacji zdominowanej przez akcjonariusza większościowego (Hosta International AG, 52,1%).
Bardzo wysoka konwersja zysku na gotówkę — OCF 104,4 mln zł, prawie 2x zysk netto, dzięki uwolnieniu kapitału obrotowego (spadek zapasów i należności).
Ryzyko cen kakao pozostaje kluczową zmienną na II półrocze — po spadku o 12% w H1, notowania odbiły z 2,5 do 3,8 tys. GBP/t w Q2 z obaw o zbiory; spółka zabezpiecza cenowo tylko ok. 50% zapotrzebowania na 2027 r.
Spółka nie publikuje formalnych prognoz na 2026 r. — ocena wyników możliwa tylko względem własnej dynamiki r/r, bez punktu odniesienia w postaci guidance zarządu.

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Financials

BETA

H1 2026

WWL · H1 2026

Metric	H1 2026	H1 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	139.05	—	—	302.43	—	reported	—	1.00
Gross profit	48.68	—	—	111.58	—	derived	—	0.90
EBITDA	56.26	—	—	56.26	—	reported	—	1.00
EBIT	16.69	—	—	42.22	—	reported	—	1.00
EBT	20.66	—	—	52.46	—	reported	—	1.00
Net income	18.9	—	—	41.76	—	reported	—	1.00
EPS (basic) (PLN)	32.32	—	—	32.32	—	reported	—	1.00
EPS (diluted) (PLN)	32.32	—	—	32.32	—	reported	—	1.00
D&A	14.04	—	—	14.04	—	reported	—	1.00
Interest expense	0.18	—	—	0.18	—	reported	—	1.00
Income tax	10.7	—	—	10.7	—	reported	—	1.00
Shares (basic) (m units)	1.29	—	—	—	—	reported	—	1.00

Gross margin	35.01%	—	—	36.89%	—	derived	—	0.90
EBITDA margin	18.6%	—	—	18.6%	—	derived	—	0.95
EBIT margin	12%	—	—	13.96%	—	derived	—	0.90
EBT margin	17.34%	—	—	17.34%	—	derived	—	0.90
Net margin	13.59%	—	—	13.81%	—	derived	—	0.90
D&A margin	4.64%	—	—	4.64%	—	derived	—	0.90

Cash	269.34	—	—	—	—	reported	—	1.00
Total debt	5.6	—	—	—	—	reported	—	0.85
Net debt	-263.75	—	—	—	—	derived	—	0.85
Equity	804.29	—	—	—	—	reported	—	1.00
Total assets	895.09	—	—	—	—	reported	—	1.00
Working capital	399.43	—	—	—	—	derived	—	0.90
Current assets	472.91	—	—	—	—	reported	—	1.00
Current liabilities	73.47	—	—	—	—	reported	—	1.00
Non-current liabilities	17.32	—	—	—	—	reported	—	1.00
Inventory	105.14	—	—	—	—	reported	—	1.00
Trade receivables	94.19	—	—	—	—	reported	—	1.00
Trade payables	29.1	—	—	—	—	reported	—	1.00
Goodwill	35.83	—	—	—	—	reported	—	1.00
Tangible equity	768.47	—	—	—	—	derived	—	0.90

CFO	104.37	—	—	104.37	—	reported	—	1.00
CapEx	21.71	—	—	21.71	—	reported	—	1.00
FCF	82.66	—	—	82.66	—	derived	—	0.90
FCF conversion	146.91%	—	—	146.91%	—	derived	—	0.85
CFO conversion	185.51%	—	—	185.51%	—	derived	—	0.85
Dividends paid	45.22	—	—	45.22	—	reported	—	1.00

ROE	12.33%	—	—	—	—	derived	—	0.60
ROA	11.04%	—	—	—	—	derived	—	0.60

Current ratio	6.44x	—	—	—	—	derived	—	0.95
Quick ratio	5.01x	—	—	—	—	derived	—	0.95
Cash ratio	3.67x	—	—	—	—	derived	—	0.95
Interest coverage	232x	—	—	232x	—	derived	—	0.50

Debt / equity	0.01x	—	—	—	—	derived	—	0.85
Debt / assets	0.01x	—	—	—	—	derived	—	0.85
Net debt / equity	-0.33x	—	—	—	—	derived	—	0.85

Revenue growth (YoY)	-3.52%	—	—	-7.83%	—	derived	—	0.95
EBITDA growth (YoY)	37.76%	—	—	37.76%	—	derived	—	0.95
EBIT growth (YoY)	86.85%	—	—	54.33%	—	derived	—	0.95
Net income growth (YoY)	94.91%	—	—	51.72%	—	derived	—	0.95
EPS growth (YoY)	51.74%	—	—	51.74%	—	derived	—	0.95
FCF growth (YoY)	75.56%	—	—	75.56%	—	derived	—	0.85
Gross margin Δ (YoY)	7.91 pp	—	—	8.13 pp	—	derived	—	0.90
EBITDA margin Δ (YoY)	6.15 pp	—	—	6.15 pp	—	derived	—	0.90
EBIT margin Δ (YoY)	5.8 pp	—	—	5.62 pp	—	derived	—	0.90
Net margin Δ (YoY)	6.86 pp	—	—	5.42 pp	—	derived	—	0.90

H1 2026 · Δ YoY

Revenue

139.05 —

H1 2025: —
YTD 2026: 302.43
Δ YoY: —

Gross profit

48.68 —

H1 2025: —
YTD 2026: 111.58
Δ YoY: —

EBITDA

56.26 —

H1 2025: —
YTD 2026: 56.26
Δ YoY: —

EBIT

16.69 —

H1 2025: —
YTD 2026: 42.22
Δ YoY: —

EBT

20.66 —

H1 2025: —
YTD 2026: 52.46
Δ YoY: —

Net income

18.9 —

H1 2025: —
YTD 2026: 41.76
Δ YoY: —

EPS (basic) (PLN)

32.32 —

H1 2025: —
YTD 2026: 32.32
Δ YoY: —

EPS (diluted) (PLN)

32.32 —

H1 2025: —
YTD 2026: 32.32
Δ YoY: —

D&A

14.04 —

H1 2025: —
YTD 2026: 14.04
Δ YoY: —

Interest expense

0.18 —

H1 2025: —
YTD 2026: 0.18
Δ YoY: —

Income tax

10.7 —

H1 2025: —
YTD 2026: 10.7
Δ YoY: —

Shares (basic) (m units)

1.29 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Gross margin

35.01% —

H1 2025: —
YTD 2026: 36.89%
Δ YoY: —

EBITDA margin

18.6% —

H1 2025: —
YTD 2026: 18.6%
Δ YoY: —

EBIT margin

12% —

H1 2025: —
YTD 2026: 13.96%
Δ YoY: —

EBT margin

17.34% —

H1 2025: —
YTD 2026: 17.34%
Δ YoY: —

Net margin

13.59% —

H1 2025: —
YTD 2026: 13.81%
Δ YoY: —

D&A margin

4.64% —

H1 2025: —
YTD 2026: 4.64%
Δ YoY: —

Cash

269.34 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

5.6 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

-263.75 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

804.29 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total assets

895.09 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Working capital

399.43 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

472.91 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

73.47 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

17.32 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

105.14 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

94.19 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

29.1 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

35.83 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity

768.47 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

104.37 —

H1 2025: —
YTD 2026: 104.37
Δ YoY: —

CapEx

21.71 —

H1 2025: —
YTD 2026: 21.71
Δ YoY: —

FCF

82.66 —

H1 2025: —
YTD 2026: 82.66
Δ YoY: —

FCF conversion

146.91% —

H1 2025: —
YTD 2026: 146.91%
Δ YoY: —

CFO conversion

185.51% —

H1 2025: —
YTD 2026: 185.51%
Δ YoY: —

Dividends paid

45.22 —

H1 2025: —
YTD 2026: 45.22
Δ YoY: —

ROE

12.33% —

H1 2025: —
YTD 2026: —
Δ YoY: —

ROA

11.04% —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current ratio

6.44x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

5.01x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

3.67x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

232x —

H1 2025: —
YTD 2026: 232x
Δ YoY: —

Debt / equity

0.01x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.01x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.33x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-3.52% —

H1 2025: —
YTD 2026: -7.83%
Δ YoY: —

EBITDA growth (YoY)

37.76% —

H1 2025: —
YTD 2026: 37.76%
Δ YoY: —

EBIT growth (YoY)

86.85% —

H1 2025: —
YTD 2026: 54.33%
Δ YoY: —

Net income growth (YoY)

94.91% —

H1 2025: —
YTD 2026: 51.72%
Δ YoY: —

EPS growth (YoY)

51.74% —

H1 2025: —
YTD 2026: 51.74%
Δ YoY: —

FCF growth (YoY)

75.56% —

H1 2025: —
YTD 2026: 75.56%
Δ YoY: —

Gross margin Δ (YoY)

7.91 pp —

H1 2025: —
YTD 2026: 8.13 pp
Δ YoY: —

EBITDA margin Δ (YoY)

6.15 pp —

H1 2025: —
YTD 2026: 6.15 pp
Δ YoY: —

EBIT margin Δ (YoY)

5.8 pp —

H1 2025: —
YTD 2026: 5.62 pp
Δ YoY: —

Net margin Δ (YoY)

6.86 pp —

H1 2025: —
YTD 2026: 5.42 pp
Δ YoY: —