H1 2026 report
AC S.A. to producent instalacji LPG/CNG do samochodów (marka STAG) z bardzo bezpiecznym bilansem (dług bankowy/aktywa 13,3%, dług netto/kapitał własny 0,17x) i aktywnym procesem delewarowania.
Sentiment
●●●●●●
ACG
H1 2026 report
Revenue
106,402 k PLN
— YoY
Net income
10,121 k PLN
— YoY
EBITDA
16,857 k PLN
— YoY
Gross margin
31.88%
— YoY
Summary
Investment thesis
- Przychody spadły o 3,1% r/r (106,4 mln zł) głównie z powodu spadku sprzedaży krajowej (-14,4%, presja elektromobilności i wtrysku bezpośredniego) oraz osłabienia USD, ale marża brutto pozostała stabilna (31,9%).
- Zysk netto wzrósł o 3,6% r/r do 10,1 mln zł, ale głównie dzięki poprawie salda finansowego, podczas gdy wynik operacyjny się pogorszył (EBIT -11,7%, EBITDA -9,7%) — trend operacyjny słabszy niż sugeruje linia zysku netto.
- Spółka realizuje strategię dywersyfikacji przychodów ("AC GO! 2025-2030") — segmenty poboczne (wiązki elektryczne, haki holownicze, ładowarki EV) rosną szybciej niż kurczący się rdzeń LPG/CNG.
- Bardzo dobra konwersja gotówkowa (CFO/EBITDA 92%) i silny wzrost FCF (+88,7% r/r) pozwalają na jednoczesną spłatę zadłużenia bankowego i utrzymanie niskiego, stabilnego CAPEX.
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Financials
BETA
ACG · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 106,402 | — | — | 106,402 | — | reported | — | 1.00 |
| Gross profit | 33,924 | — | — | 33,924 | — | reported | — | 1.00 |
| EBITDA | 16,857 | — | — | 16,857 | — | derived | — | 0.90 |
| EBIT | 11,074 | — | — | 11,074 | — | reported | — | 1.00 |
| EBT | 10,957 | — | — | 10,957 | — | reported | — | 1.00 |
| Net income | 10,121 | — | — | 10,121 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.1 | — | — | 1.1 | — | derived | — | 0.85 |
| D&A | 5,783 | — | — | 5,783 | — | reported | — | 1.00 |
| Interest expense | 977 | — | — | 977 | — | reported | — | 1.00 |
| Income tax | 836 | — | — | 836 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 9.2 | — | — | — | — | reported | — | 0.95 |
| Gross margin | 31.88% | — | — | 31.88% | — | derived | — | 0.90 |
| EBITDA margin | 15.84% | — | — | 15.84% | — | derived | — | 0.90 |
| EBIT margin | 10.41% | — | — | 10.41% | — | derived | — | 0.90 |
| EBT margin | 10.3% | — | — | 10.3% | — | derived | — | 0.90 |
| Net margin | 9.51% | — | — | 9.51% | — | derived | — | 0.90 |
| D&A margin | 5.44% | — | — | 5.44% | — | derived | — | 0.90 |
| Cash | 3,375 | — | — | 3,375 | — | reported | — | 0.95 |
| Total debt | 31,530 | — | — | 31,530 | — | reported | — | 1.00 |
| Net debt | 28,155 | — | — | 28,155 | — | derived | — | 0.95 |
| Equity | 168,968 | — | — | 168,968 | — | reported | — | 1.00 |
| Total assets | 236,367 | — | — | 236,367 | — | reported | — | 1.00 |
| Working capital | 59,597 | — | — | 59,597 | — | derived | — | 0.90 |
| Current assets | 115,972 | — | — | 115,972 | — | reported | — | 1.00 |
| Current liabilities | 56,375 | — | — | 56,375 | — | derived | — | 0.90 |
| Non-current liabilities | 11,024 | — | — | 11,024 | — | derived | — | 0.90 |
| Inventory | 59,483 | — | — | 59,483 | — | reported | — | 1.00 |
| Trade receivables | 44,015 | — | — | 44,015 | — | reported | — | 0.85 |
| Trade payables | 18,905 | — | — | 18,905 | — | derived | — | 0.80 |
| Goodwill | 6,541 | — | — | 6,541 | — | reported | — | 0.95 |
| Tangible equity | 162,427 | — | — | 162,427 | — | derived | — | 0.90 |
| CFO | 15,498 | — | — | 15,498 | — | reported | — | 1.00 |
| CapEx | 1,700 | — | — | 1,700 | — | reported | — | 1.00 |
| FCF | 13,798 | — | — | 13,798 | — | derived | — | 0.95 |
| FCF conversion | 81.85% | — | — | 81.85% | — | derived | — | 0.85 |
| CFO conversion | 91.94% | — | — | 91.94% | — | derived | — | 0.85 |
| ROE | 8.95% | — | — | — | — | derived | — | 0.75 |
| ROA | 6.31% | — | — | — | — | derived | — | 0.75 |
| Current ratio | 2.06x | — | — | 2.06x | — | derived | — | 0.90 |
| Quick ratio | 1x | — | — | 1x | — | derived | — | 0.90 |
| Cash ratio | 0.06x | — | — | 0.06x | — | derived | — | 0.90 |
| Interest coverage | 11.33x | — | — | 11.33x | — | derived | — | 0.90 |
| Debt / equity | 0.19x | — | — | 0.19x | — | derived | — | 0.90 |
| Debt / assets | 0.13x | — | — | 0.13x | — | derived | — | 0.95 |
| Net debt / equity | 0.17x | — | — | 0.17x | — | derived | — | 0.90 |
| Revenue growth (YoY) | -3.12% | — | — | -3.12% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -9.66% | — | — | -9.66% | — | derived | — | 0.90 |
| EBIT growth (YoY) | -11.73% | — | — | -11.73% | — | derived | — | 0.90 |
| Net income growth (YoY) | 3.56% | — | — | 3.56% | — | derived | — | 0.90 |
| EPS growth (YoY) | 3.56% | — | — | 3.56% | — | derived | — | 0.85 |
| FCF growth (YoY) | 88.65% | — | — | 88.65% | — | derived | — | 0.85 |
| Gross margin Δ (YoY) | 0.1 pp | — | — | 0.1 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -1.15 pp | — | — | -1.15 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | -1.02 pp | — | — | -1.02 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 0.61 pp | — | — | 0.61 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
106,402
—
106,402
—
- H1 2025
- —
- YTD 2026
- 106,402
- Δ YoY
- —
Gross profit
33,924
—
33,924
—
- H1 2025
- —
- YTD 2026
- 33,924
- Δ YoY
- —
EBITDA
16,857
—
16,857
—
- H1 2025
- —
- YTD 2026
- 16,857
- Δ YoY
- —
EBIT
11,074
—
11,074
—
- H1 2025
- —
- YTD 2026
- 11,074
- Δ YoY
- —
EBT
10,957
—
10,957
—
- H1 2025
- —
- YTD 2026
- 10,957
- Δ YoY
- —
Net income
10,121
—
10,121
—
- H1 2025
- —
- YTD 2026
- 10,121
- Δ YoY
- —
EPS (basic)
(PLN)
1.1
—
1.1
—
- H1 2025
- —
- YTD 2026
- 1.1
- Δ YoY
- —
D&A
5,783
—
5,783
—
- H1 2025
- —
- YTD 2026
- 5,783
- Δ YoY
- —
Interest expense
977
—
977
—
- H1 2025
- —
- YTD 2026
- 977
- Δ YoY
- —
Income tax
836
—
836
—
- H1 2025
- —
- YTD 2026
- 836
- Δ YoY
- —
Shares (basic)
(m units)
9.2
—
9.2
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
31.88%
—
31.88%
—
- H1 2025
- —
- YTD 2026
- 31.88%
- Δ YoY
- —
EBITDA margin
15.84%
—
15.84%
—
- H1 2025
- —
- YTD 2026
- 15.84%
- Δ YoY
- —
EBIT margin
10.41%
—
10.41%
—
- H1 2025
- —
- YTD 2026
- 10.41%
- Δ YoY
- —
EBT margin
10.3%
—
10.3%
—
- H1 2025
- —
- YTD 2026
- 10.3%
- Δ YoY
- —
Net margin
9.51%
—
9.51%
—
- H1 2025
- —
- YTD 2026
- 9.51%
- Δ YoY
- —
D&A margin
5.44%
—
5.44%
—
- H1 2025
- —
- YTD 2026
- 5.44%
- Δ YoY
- —
Cash
3,375
—
3,375
—
- H1 2025
- —
- YTD 2026
- 3,375
- Δ YoY
- —
Total debt
31,530
—
31,530
—
- H1 2025
- —
- YTD 2026
- 31,530
- Δ YoY
- —
Net debt
28,155
—
28,155
—
- H1 2025
- —
- YTD 2026
- 28,155
- Δ YoY
- —
Equity
168,968
—
168,968
—
- H1 2025
- —
- YTD 2026
- 168,968
- Δ YoY
- —
Total assets
236,367
—
236,367
—
- H1 2025
- —
- YTD 2026
- 236,367
- Δ YoY
- —
Working capital
59,597
—
59,597
—
- H1 2025
- —
- YTD 2026
- 59,597
- Δ YoY
- —
Current assets
115,972
—
115,972
—
- H1 2025
- —
- YTD 2026
- 115,972
- Δ YoY
- —
Current liabilities
56,375
—
56,375
—
- H1 2025
- —
- YTD 2026
- 56,375
- Δ YoY
- —
Non-current liabilities
11,024
—
11,024
—
- H1 2025
- —
- YTD 2026
- 11,024
- Δ YoY
- —
Inventory
59,483
—
59,483
—
- H1 2025
- —
- YTD 2026
- 59,483
- Δ YoY
- —
Trade receivables
44,015
—
44,015
—
- H1 2025
- —
- YTD 2026
- 44,015
- Δ YoY
- —
Trade payables
18,905
—
18,905
—
- H1 2025
- —
- YTD 2026
- 18,905
- Δ YoY
- —
Goodwill
6,541
—
6,541
—
- H1 2025
- —
- YTD 2026
- 6,541
- Δ YoY
- —
Tangible equity
162,427
—
162,427
—
- H1 2025
- —
- YTD 2026
- 162,427
- Δ YoY
- —
CFO
15,498
—
15,498
—
- H1 2025
- —
- YTD 2026
- 15,498
- Δ YoY
- —
CapEx
1,700
—
1,700
—
- H1 2025
- —
- YTD 2026
- 1,700
- Δ YoY
- —
FCF
13,798
—
13,798
—
- H1 2025
- —
- YTD 2026
- 13,798
- Δ YoY
- —
FCF conversion
81.85%
—
81.85%
—
- H1 2025
- —
- YTD 2026
- 81.85%
- Δ YoY
- —
CFO conversion
91.94%
—
91.94%
—
- H1 2025
- —
- YTD 2026
- 91.94%
- Δ YoY
- —
ROE
8.95%
—
8.95%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROA
6.31%
—
6.31%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current ratio
2.06x
—
2.06x
—
- H1 2025
- —
- YTD 2026
- 2.06x
- Δ YoY
- —
Quick ratio
1x
—
1x
—
- H1 2025
- —
- YTD 2026
- 1x
- Δ YoY
- —
Cash ratio
0.06x
—
0.06x
—
- H1 2025
- —
- YTD 2026
- 0.06x
- Δ YoY
- —
Interest coverage
11.33x
—
11.33x
—
- H1 2025
- —
- YTD 2026
- 11.33x
- Δ YoY
- —
Debt / equity
0.19x
—
0.19x
—
- H1 2025
- —
- YTD 2026
- 0.19x
- Δ YoY
- —
Debt / assets
0.13x
—
0.13x
—
- H1 2025
- —
- YTD 2026
- 0.13x
- Δ YoY
- —
Net debt / equity
0.17x
—
0.17x
—
- H1 2025
- —
- YTD 2026
- 0.17x
- Δ YoY
- —
Revenue growth (YoY)
-3.12%
—
-3.12%
—
- H1 2025
- —
- YTD 2026
- -3.12%
- Δ YoY
- —
EBITDA growth (YoY)
-9.66%
—
-9.66%
—
- H1 2025
- —
- YTD 2026
- -9.66%
- Δ YoY
- —
EBIT growth (YoY)
-11.73%
—
-11.73%
—
- H1 2025
- —
- YTD 2026
- -11.73%
- Δ YoY
- —
Net income growth (YoY)
3.56%
—
3.56%
—
- H1 2025
- —
- YTD 2026
- 3.56%
- Δ YoY
- —
EPS growth (YoY)
3.56%
—
3.56%
—
- H1 2025
- —
- YTD 2026
- 3.56%
- Δ YoY
- —
FCF growth (YoY)
88.65%
—
88.65%
—
- H1 2025
- —
- YTD 2026
- 88.65%
- Δ YoY
- —
Gross margin Δ (YoY)
0.1 pp
—
0.1 pp
—
- H1 2025
- —
- YTD 2026
- 0.1 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-1.15 pp
—
-1.15 pp
—
- H1 2025
- —
- YTD 2026
- -1.15 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-1.02 pp
—
-1.02 pp
—
- H1 2025
- —
- YTD 2026
- -1.02 pp
- Δ YoY
- —
Net margin Δ (YoY)
0.61 pp
—
0.61 pp
—
- H1 2025
- —
- YTD 2026
- 0.61 pp
- Δ YoY
- —