H1 2026 report
Stabilny, dojrzały dystrybutor elektronarzędzi i narzędzi ręcznych z solidnym dwucyfrowym wzrostem przychodów (+12,7% r/r) i poprawiającą się marżą brutto we wszystkich czterech kanałach sprzedaży.
Sentiment
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TOA
H1 2026 report
Summary
Investment thesis
- Zysk operacyjny i netto rosną wolniej niż zysk brutto (+4,4% i +4,3% vs +18,1%) głównie z powodu wysokiej bazy porównawczej w linii „pozostałe przychody operacyjne” (6,6 mln zł w H1 2025 vs 0,1 mln zł w H1 2026), a nie z powodu pogorszenia dyscypliny kosztowej.
- Spółka istotnie przyspiesza zwrot kapitału do akcjonariuszy — drugi w ciągu roku skup akcji własnych za 87,5 mln zł (rozliczony tuż po dniu bilansowym), częściowo finansowany krótkoterminowym długiem bankowym.
- Równolegle rozpoczęty duży program inwestycyjny (capex wzrósł z 3,5 do 48,2 mln zł, nowy kredyt inwestycyjny na 134,1 mln zł zabezpieczony hipoteką) skutkujący ujemnym FCF w tym półroczu.
- Bilans pozostaje bezpieczny — pozycja gotówkowa netto wciąż dodatnia mimo skokowego wzrostu zadłużenia krótkoterminowego, bez naruszeń kowenantów kredytowych.
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Financials
BETA
TOA · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 522.15 | — | — | reported | — | 1.00 |
| Gross profit | 184.25 | — | — | reported | — | 1.00 |
| EBITDA | 75.17 | — | — | derived | — | 0.95 |
| EBIT | 65.26 | — | — | reported | — | 1.00 |
| EBT | 64.63 | — | — | reported | — | 1.00 |
| Net income | 51.63 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.7 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.7 | — | — | reported | — | 1.00 |
| D&A | 9.91 | — | — | reported | — | 1.00 |
| Income tax | 13 | — | — | reported | — | 1.00 |
| Gross margin | 35.29% | — | — | derived | — | 0.95 |
| EBITDA margin | 14.39% | — | — | derived | — | 0.95 |
| EBIT margin | 12.5% | — | — | derived | — | 0.95 |
| Net margin | 9.89% | — | — | derived | — | 0.95 |
| Cash | 115.58 | — | — | reported | — | 1.00 |
| Total debt | 96.12 | — | — | reported | — | 0.85 |
| Net debt | -19.46 | — | — | derived | — | 0.85 |
| Equity | 617.25 | — | — | reported | — | 1.00 |
| Total assets | 894.88 | — | — | reported | — | 1.00 |
| Working capital | 531.19 | — | — | derived | — | 0.95 |
| Current assets | 797.34 | — | — | reported | — | 1.00 |
| Current liabilities | 266.15 | — | — | reported | — | 1.00 |
| Non-current liabilities | 11.48 | — | — | reported | — | 1.00 |
| Inventory | 465.87 | — | — | reported | — | 1.00 |
| Trade receivables | 215.86 | — | — | reported | — | 0.85 |
| Trade payables | 137.53 | — | — | reported | — | 0.70 |
| Goodwill | 0.73 | — | — | reported | — | 0.90 |
| CFO | 26.45 | — | — | reported | — | 1.00 |
| CapEx | 48.19 | — | — | reported | — | 1.00 |
| FCF | -21.74 | — | — | derived | — | 0.90 |
| Buybacks | 0.02 | — | — | reported | — | 0.90 |
| Current ratio | 3x | — | — | derived | — | 0.90 |
| Quick ratio | 1.25x | — | — | derived | — | 0.90 |
| Cash ratio | 0.43x | — | — | derived | — | 0.90 |
| Debt / equity | 0.16x | — | — | derived | — | 0.85 |
| Debt / assets | 0.11x | — | — | derived | — | 0.85 |
| Net debt / equity | -0.03x | — | — | derived | — | 0.85 |
| Revenue growth (YoY) | 12.72% | — | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 3.49% | — | — | derived | — | 0.90 |
| EBIT growth (YoY) | 4.39% | — | — | derived | — | 0.95 |
| Net income growth (YoY) | 4.34% | — | — | derived | — | 0.95 |
| EPS growth (YoY) | 6.06% | — | — | derived | — | 0.90 |
| FCF growth (YoY) | -134.03% | — | — | derived | — | 0.85 |
| Gross margin Δ (YoY) | 1.62 pp | — | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -1.29 pp | — | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | -1 pp | — | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -0.79 pp | — | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
522.15
—
522.15
—
- H1 2025
- —
Gross profit
184.25
—
184.25
—
- H1 2025
- —
EBITDA
75.17
—
75.17
—
- H1 2025
- —
EBIT
65.26
—
65.26
—
- H1 2025
- —
EBT
64.63
—
64.63
—
- H1 2025
- —
Net income
51.63
—
51.63
—
- H1 2025
- —
EPS (basic)
(PLN)
0.7
—
0.7
—
- H1 2025
- —
EPS (diluted)
(PLN)
0.7
—
0.7
—
- H1 2025
- —
D&A
9.91
—
9.91
—
- H1 2025
- —
Income tax
13
—
13
—
- H1 2025
- —
Gross margin
35.29%
—
35.29%
—
- H1 2025
- —
EBITDA margin
14.39%
—
14.39%
—
- H1 2025
- —
EBIT margin
12.5%
—
12.5%
—
- H1 2025
- —
Net margin
9.89%
—
9.89%
—
- H1 2025
- —
Cash
115.58
—
115.58
—
- H1 2025
- —
Total debt
96.12
—
96.12
—
- H1 2025
- —
Net debt
-19.46
—
-19.46
—
- H1 2025
- —
Equity
617.25
—
617.25
—
- H1 2025
- —
Total assets
894.88
—
894.88
—
- H1 2025
- —
Working capital
531.19
—
531.19
—
- H1 2025
- —
Current assets
797.34
—
797.34
—
- H1 2025
- —
Current liabilities
266.15
—
266.15
—
- H1 2025
- —
Non-current liabilities
11.48
—
11.48
—
- H1 2025
- —
Inventory
465.87
—
465.87
—
- H1 2025
- —
Trade receivables
215.86
—
215.86
—
- H1 2025
- —
Trade payables
137.53
—
137.53
—
- H1 2025
- —
Goodwill
0.73
—
0.73
—
- H1 2025
- —
CFO
26.45
—
26.45
—
- H1 2025
- —
CapEx
48.19
—
48.19
—
- H1 2025
- —
FCF
-21.74
—
-21.74
—
- H1 2025
- —
Buybacks
0.02
—
0.02
—
- H1 2025
- —
Current ratio
3x
—
3x
—
- H1 2025
- —
Quick ratio
1.25x
—
1.25x
—
- H1 2025
- —
Cash ratio
0.43x
—
0.43x
—
- H1 2025
- —
Debt / equity
0.16x
—
0.16x
—
- H1 2025
- —
Debt / assets
0.11x
—
0.11x
—
- H1 2025
- —
Net debt / equity
-0.03x
—
-0.03x
—
- H1 2025
- —
Revenue growth (YoY)
12.72%
—
12.72%
—
- H1 2025
- —
EBITDA growth (YoY)
3.49%
—
3.49%
—
- H1 2025
- —
EBIT growth (YoY)
4.39%
—
4.39%
—
- H1 2025
- —
Net income growth (YoY)
4.34%
—
4.34%
—
- H1 2025
- —
EPS growth (YoY)
6.06%
—
6.06%
—
- H1 2025
- —
FCF growth (YoY)
-134.03%
—
-134.03%
—
- H1 2025
- —
Gross margin Δ (YoY)
1.62 pp
—
1.62 pp
—
- H1 2025
- —
EBITDA margin Δ (YoY)
-1.29 pp
—
-1.29 pp
—
- H1 2025
- —
EBIT margin Δ (YoY)
-1 pp
—
-1 pp
—
- H1 2025
- —
Net margin Δ (YoY)
-0.79 pp
—
-0.79 pp
—
- H1 2025
- —