H1 2026 report
Przychody Grupy wzrosły o 19,8% r/r do 1 457,4 mln PLN, a zysk ze sprzedaży aż o 50% r/r (do 132,3 mln PLN) — rentowność sprzedaży poprawiła się z 7,25% do 9,08%, poprawa objęła wszystkie segmenty budowlano-montażowe.
Sentiment
●●●●●●
MRB
H1 2026 report
Revenue
1.46 bn PLN
— YoY
Net income
44.88 m PLN
— YoY
EBITDA
93.61 m PLN
— YoY
Gross margin
9.08%
— YoY
Summary
Investment thesis
- Portfel zamówień Grupy sięgnął rekordowych 8,89 mld PLN do realizacji do 2030 roku, z czego 7,48 mld PLN to sam segment infrastruktury drogowej.
- Operacyjne przepływy pieniężne były głęboko ujemne (-231,1 mln PLN), w dużej mierze z powodu jednorazowego zakupu przez JHM Development gruntu inwestycyjnego w Poznaniu za 422 mln PLN (płatność rozłożona do 2031 roku) oraz przejścia dużych kontraktów drogowych w fazę realizacji.
- Segment deweloperski (JHM Development) przyspieszył: sprzedano 253 lokale (wobec 109 rok wcześniej), a zysk netto z tej działalności wzrósł o 85% r/r do 19 mln PLN, mimo spadku jej rentowności o ok. 4 p.p.
- Nierozstrzygnięty spór o odrzucenie oferty konsorcjum Torpol/MIRBUD w przetargu PKP PLK na linię kolejową Rail Baltica E75 (wyrok sądu zapowiedziano na 4.09.2026) to główne ryzyko do obserwacji w segmencie kolejowym, strategicznie ważnym dla przyszłego wzrostu Grupy.
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Financials
BETA
MRB · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,457.4 | 2,951.01 | −50.6% | 1,457.4 | −50.6% | reported | — | 1.00 |
| Gross profit | 132.28 | — | — | 132.28 | — | reported | — | 1.00 |
| EBITDA | 93.61 | 199.4 | −53.1% | 93.61 | −53.1% | derived | — | 1.00 |
| EBIT | 74.92 | 168.49 | −55.5% | 74.92 | −55.5% | reported | — | 1.00 |
| EBT | 56.88 | 144.65 | −60.7% | 56.88 | −60.7% | reported | — | 1.00 |
| Net income | 44.88 | 112.26 | −60% | 44.88 | −60% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.41 | — | — | 0.41 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.41 | — | — | 0.41 | — | reported | — | 1.00 |
| D&A | 18.69 | 30.91 | −39.5% | 18.69 | −39.5% | reported | — | 1.00 |
| Interest expense | 18.63 | — | — | 18.63 | — | reported | — | 0.80 |
| Income tax | 12 | — | — | 12 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 110.09 | — | — | 110.09 | — | reported | — | 1.00 |
| Gross margin | 9.08% | — | — | 9.08% | — | derived | — | 1.00 |
| EBITDA margin | 6.42% | 6760000% | −6759993.6 pp | 6.42% | −6759993.6 pp | derived | — | 1.00 |
| EBIT margin | 5.14% | 5710000% | −5709994.9 pp | 5.14% | −5709994.9 pp | derived | — | 1.00 |
| EBT margin | 3.9% | — | — | 3.9% | — | derived | — | 1.00 |
| Net margin | 3.08% | 3800000% | −3799996.9 pp | 3.08% | −3799996.9 pp | derived | — | 1.00 |
| D&A margin | 1.28% | — | — | 1.28% | — | derived | — | 1.00 |
| Cash | 181.55 | 272.72 | −33.4% | — | — | reported | — | 1.00 |
| Total debt | 617.64 | 449.82 | +37.3% | — | — | reported | — | 0.95 |
| Net debt | 436.09 | 177.1 | +146.2% | — | — | derived | — | 0.90 |
| Equity | 1,216.34 | 1,193.48 | +1.9% | — | — | reported | — | 1.00 |
| Total assets | 3,261.13 | 2,869.06 | +13.7% | — | — | reported | — | 1.00 |
| Working capital | 1,331.93 | 924.35 | +44.1% | — | — | derived | — | 1.00 |
| Current assets | 2,290.7 | 1,866.76 | +22.7% | — | — | reported | — | 1.00 |
| Current liabilities | 958.78 | 942.41 | +1.7% | — | — | reported | — | 1.00 |
| Non-current liabilities | 1,086.01 | — | — | — | — | reported | — | 1.00 |
| Inventory | 804.3 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 1,297.9 | — | — | — | — | reported | — | 0.60 |
| Trade payables | 714.63 | — | — | — | — | reported | — | 0.60 |
| Goodwill | 9.26 | — | — | — | — | reported | — | 0.80 |
| Tangible equity | 1,207.09 | — | — | — | — | derived | — | 0.90 |
| CFO | -231.11 | — | — | -231.11 | — | reported | — | 1.00 |
| CapEx | 41.85 | — | — | 41.85 | — | reported | — | 1.00 |
| FCF | -272.96 | — | — | -272.96 | — | derived | — | 1.00 |
| FCF conversion | -291.63% | — | — | -291.63% | — | derived | — | 1.00 |
| CFO conversion | -246.9% | — | — | -246.9% | — | derived | — | 1.00 |
| Dividends paid | 22.02 | — | — | 22.02 | — | reported | — | 1.00 |
| Current ratio | 2.39x | 1.98x | +0.41x | — | — | derived | — | 1.00 |
| Quick ratio | 1.55x | 1.56x | −0.01x | — | — | derived | — | 1.00 |
| Cash ratio | 0.19x | 0.29x | −0.1x | — | — | derived | — | 1.00 |
| Interest coverage | 4.02x | — | — | 4.02x | — | derived | — | 0.80 |
| Debt / equity | 0.51x | 0.38x | +0.13x | — | — | derived | — | 0.90 |
| Debt / assets | 0.19x | — | — | — | — | derived | — | 0.90 |
| Net debt / equity | 0.36x | 0.15x | +0.21x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 19.77% | -9260000% | — | 19.77% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | 30.34% | -2470000% | — | 30.34% | — | derived | — | 0.90 |
| EBIT growth (YoY) | 31.07% | -7490000% | — | 31.07% | — | derived | — | 1.00 |
| Net income growth (YoY) | 24.26% | -7500000% | — | 24.26% | — | derived | — | 1.00 |
| EPS growth (YoY) | 24.24% | — | — | 24.24% | — | derived | — | 1.00 |
| Gross margin Δ (YoY) | 1.83 pp | — | — | 1.83 pp | — | derived | — | 1.00 |
| EBITDA margin Δ (YoY) | 0.52 pp | — | — | 0.52 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 0.44 pp | 110000 pp | — | 0.44 pp | — | derived | — | 1.00 |
| Net margin Δ (YoY) | 0.11 pp | 70000 pp | — | 0.11 pp | — | derived | — | 1.00 |
H1 2026 · Δ YoY
Revenue
1,457.4
−50.6%
1,457.4
−50.6%
- H1 2025
- 2,951.01
- YTD 2026
- 1,457.4
- Δ YoY
- −50.6%
Gross profit
132.28
—
132.28
—
- H1 2025
- —
- YTD 2026
- 132.28
- Δ YoY
- —
EBITDA
93.61
−53.1%
93.61
−53.1%
- H1 2025
- 199.4
- YTD 2026
- 93.61
- Δ YoY
- −53.1%
EBIT
74.92
−55.5%
74.92
−55.5%
- H1 2025
- 168.49
- YTD 2026
- 74.92
- Δ YoY
- −55.5%
EBT
56.88
−60.7%
56.88
−60.7%
- H1 2025
- 144.65
- YTD 2026
- 56.88
- Δ YoY
- −60.7%
Net income
44.88
−60%
44.88
−60%
- H1 2025
- 112.26
- YTD 2026
- 44.88
- Δ YoY
- −60%
EPS (basic)
(PLN)
0.41
—
0.41
—
- H1 2025
- —
- YTD 2026
- 0.41
- Δ YoY
- —
EPS (diluted)
(PLN)
0.41
—
0.41
—
- H1 2025
- —
- YTD 2026
- 0.41
- Δ YoY
- —
D&A
18.69
−39.5%
18.69
−39.5%
- H1 2025
- 30.91
- YTD 2026
- 18.69
- Δ YoY
- −39.5%
Interest expense
18.63
—
18.63
—
- H1 2025
- —
- YTD 2026
- 18.63
- Δ YoY
- —
Income tax
12
—
12
—
- H1 2025
- —
- YTD 2026
- 12
- Δ YoY
- —
Shares (basic)
(m units)
110.09
—
110.09
—
- H1 2025
- —
- YTD 2026
- 110.09
- Δ YoY
- —
Gross margin
9.08%
—
9.08%
—
- H1 2025
- —
- YTD 2026
- 9.08%
- Δ YoY
- —
EBITDA margin
6.42%
−6759993.6 pp
6.42%
−6759993.6 pp
- H1 2025
- 6760000%
- YTD 2026
- 6.42%
- Δ YoY
- −6759993.6 pp
EBIT margin
5.14%
−5709994.9 pp
5.14%
−5709994.9 pp
- H1 2025
- 5710000%
- YTD 2026
- 5.14%
- Δ YoY
- −5709994.9 pp
EBT margin
3.9%
—
3.9%
—
- H1 2025
- —
- YTD 2026
- 3.9%
- Δ YoY
- —
Net margin
3.08%
−3799996.9 pp
3.08%
−3799996.9 pp
- H1 2025
- 3800000%
- YTD 2026
- 3.08%
- Δ YoY
- −3799996.9 pp
D&A margin
1.28%
—
1.28%
—
- H1 2025
- —
- YTD 2026
- 1.28%
- Δ YoY
- —
Cash
181.55
−33.4%
181.55
−33.4%
- H1 2025
- 272.72
- YTD 2026
- —
- Δ YoY
- —
Total debt
617.64
+37.3%
617.64
+37.3%
- H1 2025
- 449.82
- YTD 2026
- —
- Δ YoY
- —
Net debt
436.09
+146.2%
436.09
+146.2%
- H1 2025
- 177.1
- YTD 2026
- —
- Δ YoY
- —
Equity
1,216.34
+1.9%
1,216.34
+1.9%
- H1 2025
- 1,193.48
- YTD 2026
- —
- Δ YoY
- —
Total assets
3,261.13
+13.7%
3,261.13
+13.7%
- H1 2025
- 2,869.06
- YTD 2026
- —
- Δ YoY
- —
Working capital
1,331.93
+44.1%
1,331.93
+44.1%
- H1 2025
- 924.35
- YTD 2026
- —
- Δ YoY
- —
Current assets
2,290.7
+22.7%
2,290.7
+22.7%
- H1 2025
- 1,866.76
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
958.78
+1.7%
958.78
+1.7%
- H1 2025
- 942.41
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
1,086.01
—
1,086.01
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
804.3
—
804.3
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
1,297.9
—
1,297.9
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
714.63
—
714.63
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
9.26
—
9.26
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
1,207.09
—
1,207.09
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-231.11
—
-231.11
—
- H1 2025
- —
- YTD 2026
- -231.11
- Δ YoY
- —
CapEx
41.85
—
41.85
—
- H1 2025
- —
- YTD 2026
- 41.85
- Δ YoY
- —
FCF
-272.96
—
-272.96
—
- H1 2025
- —
- YTD 2026
- -272.96
- Δ YoY
- —
FCF conversion
-291.63%
—
-291.63%
—
- H1 2025
- —
- YTD 2026
- -291.63%
- Δ YoY
- —
CFO conversion
-246.9%
—
-246.9%
—
- H1 2025
- —
- YTD 2026
- -246.9%
- Δ YoY
- —
Dividends paid
22.02
—
22.02
—
- H1 2025
- —
- YTD 2026
- 22.02
- Δ YoY
- —
Current ratio
2.39x
+0.41x
2.39x
+0.41x
- H1 2025
- 1.98x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.55x
−0.01x
1.55x
−0.01x
- H1 2025
- 1.56x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.19x
−0.1x
0.19x
−0.1x
- H1 2025
- 0.29x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
4.02x
—
4.02x
—
- H1 2025
- —
- YTD 2026
- 4.02x
- Δ YoY
- —
Debt / equity
0.51x
+0.13x
0.51x
+0.13x
- H1 2025
- 0.38x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.19x
—
0.19x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.36x
+0.21x
0.36x
+0.21x
- H1 2025
- 0.15x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
19.77%
—
19.77%
—
- H1 2025
- -9260000%
- YTD 2026
- 19.77%
- Δ YoY
- —
EBITDA growth (YoY)
30.34%
—
30.34%
—
- H1 2025
- -2470000%
- YTD 2026
- 30.34%
- Δ YoY
- —
EBIT growth (YoY)
31.07%
—
31.07%
—
- H1 2025
- -7490000%
- YTD 2026
- 31.07%
- Δ YoY
- —
Net income growth (YoY)
24.26%
—
24.26%
—
- H1 2025
- -7500000%
- YTD 2026
- 24.26%
- Δ YoY
- —
EPS growth (YoY)
24.24%
—
24.24%
—
- H1 2025
- —
- YTD 2026
- 24.24%
- Δ YoY
- —
Gross margin Δ (YoY)
1.83 pp
—
1.83 pp
—
- H1 2025
- —
- YTD 2026
- 1.83 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
0.52 pp
—
0.52 pp
—
- H1 2025
- —
- YTD 2026
- 0.52 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
0.44 pp
—
0.44 pp
—
- H1 2025
- 110000 pp
- YTD 2026
- 0.44 pp
- Δ YoY
- —
Net margin Δ (YoY)
0.11 pp
—
0.11 pp
—
- H1 2025
- 70000 pp
- YTD 2026
- 0.11 pp
- Δ YoY
- —