NEU NEUCA Giełda Papierów Wartościowych w Warszawie · Half-year · publ. August 27, 2026

H1 2026 report

Lider hurtowej dystrybucji leków w Polsce (ok. 29% rynku ogółem, ok. 38% w segmencie aptek niezależnych) z rekordowym I półroczem 2026 - przychody +7,4% r/r, EBITDA +23% r/r, zysk netto akcjonariuszy jednostki dominującej +60% r/r

Sentiment

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Website

NEU H1 2026 report

Revenue

7.13 bn PLN

— YoY

Net income

109.14 m PLN

— YoY

EBITDA

227.74 m PLN

— YoY

Gross margin

11.92%

— YoY

Summary

Investment thesis

Marża brutto i operacyjna rozszerzają się mimo niesprzyjającego otoczenia (drożejący transport, presja płacowa w ochronie zdrowia, spadek wolumenu sprzedaży leków na rynku) - efekt struktury sprzedaży i dyscypliny kosztowej
Segmenty Operator Medyczny i Działalność Ubezpieczeniowa przechodzą z fazy inwestycyjnej do realnej rentowności (EBITDA Operatora Medycznego niemal podwojona r/r w II kw.)
Jakość zysku budzi wątpliwości w tym okresie - operacyjne przepływy pieniężne spadły o połowę r/r mimo wzrostu zysku, w wyniku silnej konsumpcji kapitału obrotowego
Dług netto rośnie mimo rekordowych wyników, napędzany akwizycyjnym rozwojem segmentu Badań Klinicznych (Humaneva/P1 Trials/Atlas Research), który wciąż jest stratny na poziomie EBIT

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Financials

BETA

H1 2026

NEU · H1 2026

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

Revenue	3,570.91	—	—	7,127.81	—	reported	—	1.00
Gross profit	849.77	—	—	849.77	—	reported	—	1.00
EBITDA	98.76	—	—	227.74	—	reported	—	1.00
EBIT	65.85	—	—	162.55	—	reported	—	1.00
EBT	139.48	—	—	139.48	—	reported	—	1.00
Net income	40.8	—	—	109.14	—	reported	—	1.00
EPS (basic) (PLN)	23.81	—	—	23.81	—	reported	—	1.00
EPS (diluted) (PLN)	23.6	—	—	23.6	—	reported	—	1.00
D&A	65.19	—	—	65.19	—	reported	—	1.00
Interest expense	35.38	—	—	35.38	—	reported	—	0.70
Income tax	32.79	—	—	32.79	—	reported	—	1.00
Shares (basic) (m units)	4.58	—	—	4.58	—	reported	—	1.00
Shares (diluted) (m units)	4.62	—	—	4.62	—	reported	—	1.00

Gross margin	11.81%	—	—	11.92%	—	derived	—	0.95
EBITDA margin	2.77%	—	—	3.2%	—	derived	—	0.95
EBIT margin	2.28%	—	—	2.28%	—	derived	—	0.95
EBT margin	1.96%	—	—	1.96%	—	derived	—	0.95
Net margin	1.53%	—	—	1.53%	—	derived	—	0.95
D&A margin	0.91%	—	—	0.91%	—	derived	—	0.95

Cash	92.61	—	—	92.61	—	reported	—	1.00
Total debt	885.15	—	—	885.15	—	derived	—	0.90
Net debt	792.54	—	—	792.54	—	derived	—	0.90
Equity	1,330.64	—	—	1,330.64	—	reported	—	1.00
Total assets	6,227.62	—	—	6,227.62	—	reported	—	1.00
Working capital	-502.61	—	—	-502.61	—	derived	—	0.90
Current assets	4,116.03	—	—	4,116.03	—	reported	—	1.00
Current liabilities	4,618.64	—	—	4,618.64	—	reported	—	1.00
Non-current liabilities	278.34	—	—	278.34	—	reported	—	1.00
Inventory	1,759.51	—	—	1,759.51	—	reported	—	1.00
Trade receivables	2,191.71	—	—	2,191.71	—	reported	—	0.80
Trade payables	3,917.41	—	—	3,917.41	—	reported	—	0.80
Goodwill	1,232.72	—	—	1,232.72	—	reported	—	1.00
Tangible equity	97.92	—	—	97.92	—	derived	—	0.90

CFO	141.45	—	—	141.45	—	reported	—	1.00
CapEx	46.58	—	—	46.58	—	reported	—	1.00
FCF	94.87	—	—	94.87	—	derived	—	0.90
FCF conversion	41.66%	—	—	41.66%	—	derived	—	0.90
CFO conversion	62.12%	—	—	62.12%	—	derived	—	0.90

Current ratio	0.89x	—	—	0.89x	—	derived	—	0.95
Quick ratio	0.51x	—	—	0.51x	—	derived	—	0.95
Cash ratio	0.02x	—	—	0.02x	—	derived	—	0.95
Interest coverage	4.59x	—	—	4.59x	—	derived	—	0.85

Debt / equity	0.67x	—	—	0.67x	—	derived	—	0.90
Debt / assets	0.14x	—	—	0.14x	—	derived	—	0.90
Net debt / equity	0.6x	—	—	0.6x	—	derived	—	0.90

Revenue growth (YoY)	7.44%	—	—	7.44%	—	derived	—	0.95
Revenue growth (QoQ)	0.39%	—	—	—	—	derived	—	0.85
EBITDA growth (YoY)	23%	—	—	23%	—	derived	—	0.95
EBIT growth (YoY)	32.69%	—	—	32.69%	—	derived	—	0.95
Net income growth (YoY)	60%	—	—	60%	—	derived	—	0.95
EPS growth (YoY)	58.63%	—	—	58.63%	—	derived	—	0.95
FCF growth (YoY)	-61.79%	—	—	-61.79%	—	derived	—	0.90
Gross margin Δ (YoY)	0.38 pp	—	—	0.38 pp	—	derived	—	0.90
EBITDA margin Δ (YoY)	0.4 pp	—	—	0.4 pp	—	derived	—	0.90
EBIT margin Δ (YoY)	0.43 pp	—	—	0.43 pp	—	derived	—	0.90
Net margin Δ (YoY)	0.5 pp	—	—	0.5 pp	—	derived	—	0.90

H1 2026 · Δ YoY

Revenue

3,570.91 —

H1 2025: —
YTD 2026: 7,127.81
Δ YoY: —

Gross profit

849.77 —

H1 2025: —
YTD 2026: 849.77
Δ YoY: —

EBITDA

98.76 —

H1 2025: —
YTD 2026: 227.74
Δ YoY: —

EBIT

65.85 —

H1 2025: —
YTD 2026: 162.55
Δ YoY: —

EBT

139.48 —

H1 2025: —
YTD 2026: 139.48
Δ YoY: —

Net income

40.8 —

H1 2025: —
YTD 2026: 109.14
Δ YoY: —

EPS (basic) (PLN)

23.81 —

H1 2025: —
YTD 2026: 23.81
Δ YoY: —

EPS (diluted) (PLN)

23.6 —

H1 2025: —
YTD 2026: 23.6
Δ YoY: —

D&A

65.19 —

H1 2025: —
YTD 2026: 65.19
Δ YoY: —

Interest expense

35.38 —

H1 2025: —
YTD 2026: 35.38
Δ YoY: —

Income tax

32.79 —

H1 2025: —
YTD 2026: 32.79
Δ YoY: —

Shares (basic) (m units)

4.58 —

H1 2025: —
YTD 2026: 4.58
Δ YoY: —

Shares (diluted) (m units)

4.62 —

H1 2025: —
YTD 2026: 4.62
Δ YoY: —

Gross margin

11.81% —

H1 2025: —
YTD 2026: 11.92%
Δ YoY: —

EBITDA margin

2.77% —

H1 2025: —
YTD 2026: 3.2%
Δ YoY: —

EBIT margin

2.28% —

H1 2025: —
YTD 2026: 2.28%
Δ YoY: —

EBT margin

1.96% —

H1 2025: —
YTD 2026: 1.96%
Δ YoY: —

Net margin

1.53% —

H1 2025: —
YTD 2026: 1.53%
Δ YoY: —

D&A margin

0.91% —

H1 2025: —
YTD 2026: 0.91%
Δ YoY: —

Cash

92.61 —

H1 2025: —
YTD 2026: 92.61
Δ YoY: —

Total debt

885.15 —

H1 2025: —
YTD 2026: 885.15
Δ YoY: —

Net debt

792.54 —

H1 2025: —
YTD 2026: 792.54
Δ YoY: —

Equity

1,330.64 —

H1 2025: —
YTD 2026: 1,330.64
Δ YoY: —

Total assets

6,227.62 —

H1 2025: —
YTD 2026: 6,227.62
Δ YoY: —

Working capital

-502.61 —

H1 2025: —
YTD 2026: -502.61
Δ YoY: —

Current assets

4,116.03 —

H1 2025: —
YTD 2026: 4,116.03
Δ YoY: —

Current liabilities

4,618.64 —

H1 2025: —
YTD 2026: 4,618.64
Δ YoY: —

Non-current liabilities

278.34 —

H1 2025: —
YTD 2026: 278.34
Δ YoY: —

Inventory

1,759.51 —

H1 2025: —
YTD 2026: 1,759.51
Δ YoY: —

Trade receivables

2,191.71 —

H1 2025: —
YTD 2026: 2,191.71
Δ YoY: —

Trade payables

3,917.41 —

H1 2025: —
YTD 2026: 3,917.41
Δ YoY: —

Goodwill

1,232.72 —

H1 2025: —
YTD 2026: 1,232.72
Δ YoY: —

Tangible equity

97.92 —

H1 2025: —
YTD 2026: 97.92
Δ YoY: —

CFO

141.45 —

H1 2025: —
YTD 2026: 141.45
Δ YoY: —

CapEx

46.58 —

H1 2025: —
YTD 2026: 46.58
Δ YoY: —

FCF

94.87 —

H1 2025: —
YTD 2026: 94.87
Δ YoY: —

FCF conversion

41.66% —

H1 2025: —
YTD 2026: 41.66%
Δ YoY: —

CFO conversion

62.12% —

H1 2025: —
YTD 2026: 62.12%
Δ YoY: —

Current ratio

0.89x —

H1 2025: —
YTD 2026: 0.89x
Δ YoY: —

Quick ratio

0.51x —

H1 2025: —
YTD 2026: 0.51x
Δ YoY: —

Cash ratio

0.02x —

H1 2025: —
YTD 2026: 0.02x
Δ YoY: —

Interest coverage

4.59x —

H1 2025: —
YTD 2026: 4.59x
Δ YoY: —

Debt / equity

0.67x —

H1 2025: —
YTD 2026: 0.67x
Δ YoY: —

Debt / assets

0.14x —

H1 2025: —
YTD 2026: 0.14x
Δ YoY: —

Net debt / equity

0.6x —

H1 2025: —
YTD 2026: 0.6x
Δ YoY: —

Revenue growth (YoY)

7.44% —

H1 2025: —
YTD 2026: 7.44%
Δ YoY: —

Revenue growth (QoQ)

0.39% —

H1 2025: —
YTD 2026: —
Δ YoY: —

EBITDA growth (YoY)

23% —

H1 2025: —
YTD 2026: 23%
Δ YoY: —

EBIT growth (YoY)

32.69% —

H1 2025: —
YTD 2026: 32.69%
Δ YoY: —

Net income growth (YoY)

60% —

H1 2025: —
YTD 2026: 60%
Δ YoY: —

EPS growth (YoY)

58.63% —

H1 2025: —
YTD 2026: 58.63%
Δ YoY: —

FCF growth (YoY)

-61.79% —

H1 2025: —
YTD 2026: -61.79%
Δ YoY: —

Gross margin Δ (YoY)

0.38 pp —

H1 2025: —
YTD 2026: 0.38 pp
Δ YoY: —

EBITDA margin Δ (YoY)

0.4 pp —

H1 2025: —
YTD 2026: 0.4 pp
Δ YoY: —

EBIT margin Δ (YoY)

0.43 pp —

H1 2025: —
YTD 2026: 0.43 pp
Δ YoY: —

Net margin Δ (YoY)

0.5 pp —

H1 2025: —
YTD 2026: 0.5 pp
Δ YoY: —