AST
Astarta Holding PLC
Giełda Papierów Wartościowych w Warszawie · Half-year · publ. August 27, 2026
H1 2026 report
Przychody grupy pozostały płaskie r/r (226,5 mln EUR), ale rentowność zapadła się na każdym poziomie: marża brutto z 40% do 20%, EBITDA z 36% do 15%, a wynik netto zamienił się ze +42,3 mln EUR zysku w -14,1 mln EUR straty.
Sentiment
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AST
H1 2026 report
Revenue
226.47 m EUR
— YoY
Net income
-14.07 m EUR
— YoY
EBITDA
34.32 m EUR
— YoY
Net debt / EBITDA
4.1x
— YoY
Summary
Investment thesis
- Dług netto/EBITDA (LTM) wzrósł z 1,0x do 4,1x r/r - głównie przez kolaps EBITDA za ostatnie 12 miesięcy (154,4 -> 53,1 mln EUR), nie przez nominalny wzrost zadłużenia - spółka potrzebowała waiverów kowenantów na Q2/Q3 2026.
- Zarząd wprost przyznaje w nocie o kontynuacji działalności, że niepewności związane z wojną w Ukrainie moga budzic istotne watpliwosci co do zdolnosci Grupy do kontynuowania dzialalnosci, choc ostatecznie ocenia zalozenie kontynuacji za zasadne.
- Przepływy operacyjne wzrosły ponad 3x r/r (23,6 -> 72,0 mln EUR), ale to głównie efekt sezonowego rozładowania kapitału obrotowego (zapasy wyrobów gotowych spadły ze szczytu 186,3 mln EUR do 62,4 mln EUR) - organiczny OCF przed zmianami KON spadł o 24% r/r.
- Po dniu bilansowym (10.07.2026) ataki na ukraińską infrastrukturę portową wstrzymały ruch statków handlowych, zmuszając do przekierowania eksportu na trasy o znacząco mniejszej przepustowości - bezpośrednie ryzyko dla wyników II półrocza 2026.
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Financials
BETA
AST · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 226.47 | — | — | 226.47 | — | reported | — | 1.00 |
| Gross profit | 46.01 | — | — | 46.01 | — | reported | — | 1.00 |
| EBITDA | 53.12 | — | — | 34.32 | — | derived | — | 0.90 |
| EBIT | 6.58 | — | — | 6.58 | — | reported | — | 1.00 |
| EBT | -13.22 | — | — | -13.22 | — | reported | — | 1.00 |
| Net income | -14.07 | — | — | -14.07 | — | reported | — | 1.00 |
| EPS (basic) (EUR) | -0.57 | — | — | -0.57 | — | reported | — | 1.00 |
| EPS (diluted) (EUR) | -0.57 | — | — | -0.57 | — | reported | — | 1.00 |
| D&A | 27.74 | — | — | 27.74 | — | reported | — | 1.00 |
| Interest expense | 16.65 | — | — | 16.65 | — | reported | — | 1.00 |
| Income tax | 0.85 | — | — | 0.85 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 24.47 | — | — | — | — | reported | — | 1.00 |
| Cash | 69.23 | — | — | — | — | reported | — | 1.00 |
| Total debt | 289.34 | — | — | — | — | reported | — | 0.90 |
| Net debt | 220.12 | — | — | — | — | reported | — | 1.00 |
| Equity | 524.77 | — | — | — | — | reported | — | 1.00 |
| Total assets | 877.84 | — | — | — | — | reported | — | 1.00 |
| Current assets | 387.39 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 139.04 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 214.03 | — | — | — | — | reported | — | 1.00 |
| Inventory | 126.34 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 13.04 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 30.31 | — | — | — | — | reported | — | 1.00 |
| CFO | 71.99 | — | — | 71.99 | — | reported | — | 1.00 |
| CapEx | 28.54 | — | — | 28.54 | — | reported | — | 1.00 |
| FCF | 43.45 | — | — | 43.45 | — | derived | — | 0.90 |
| FCF conversion | 126.6% | — | — | 126.6% | — | reported | — | 0.85 |
| CFO conversion | 209.8% | — | — | 209.8% | — | reported | — | 0.85 |
| Dividends paid | 0 | — | — | 0 | — | reported | — | 1.00 |
| Current ratio | 2.79x | — | — | — | — | reported | — | 0.90 |
| Quick ratio | 1.88x | — | — | — | — | reported | — | 0.90 |
| Cash ratio | 0.5x | — | — | — | — | reported | — | 0.90 |
| Interest coverage | 0.4x | — | — | 0.4x | — | reported | — | 0.85 |
| Net debt / EBITDA | 4.1x | — | — | — | — | reported | — | 0.95 |
| Debt / equity | 0.55x | — | — | — | — | reported | — | 0.85 |
| Debt / assets | 0.33x | — | — | — | — | reported | — | 0.85 |
| Net debt / equity | 0.42x | — | — | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | -0.07% | — | — | -0.07% | — | reported | — | 0.95 |
| EBITDA growth (YoY) | -57.56% | — | — | -57.56% | — | reported | — | 0.95 |
| EBIT growth (YoY) | -88.14% | — | — | -88.14% | — | reported | — | 0.95 |
| Net income growth (YoY) | -133.28% | — | — | -133.28% | — | reported | — | 0.95 |
| EPS growth (YoY) | -132.95% | — | — | -132.95% | — | reported | — | 0.90 |
| Gross margin Δ (YoY) | -20.16 pp | — | — | -20.16 pp | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | -20.53 pp | — | — | -20.53 pp | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | -21.59 pp | — | — | -21.59 pp | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -24.86 pp | — | — | -24.86 pp | — | reported | — | 0.90 |
H1 2026 · Δ YoY
Revenue
226.47
—
226.47
—
- H1 2025
- —
- YTD 2026
- 226.47
- Δ YoY
- —
Gross profit
46.01
—
46.01
—
- H1 2025
- —
- YTD 2026
- 46.01
- Δ YoY
- —
EBITDA
53.12
—
53.12
—
- H1 2025
- —
- YTD 2026
- 34.32
- Δ YoY
- —
EBIT
6.58
—
6.58
—
- H1 2025
- —
- YTD 2026
- 6.58
- Δ YoY
- —
EBT
-13.22
—
-13.22
—
- H1 2025
- —
- YTD 2026
- -13.22
- Δ YoY
- —
Net income
-14.07
—
-14.07
—
- H1 2025
- —
- YTD 2026
- -14.07
- Δ YoY
- —
EPS (basic)
(EUR)
-0.57
—
-0.57
—
- H1 2025
- —
- YTD 2026
- -0.57
- Δ YoY
- —
EPS (diluted)
(EUR)
-0.57
—
-0.57
—
- H1 2025
- —
- YTD 2026
- -0.57
- Δ YoY
- —
D&A
27.74
—
27.74
—
- H1 2025
- —
- YTD 2026
- 27.74
- Δ YoY
- —
Interest expense
16.65
—
16.65
—
- H1 2025
- —
- YTD 2026
- 16.65
- Δ YoY
- —
Income tax
0.85
—
0.85
—
- H1 2025
- —
- YTD 2026
- 0.85
- Δ YoY
- —
Shares (basic)
(m units)
24.47
—
24.47
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash
69.23
—
69.23
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
289.34
—
289.34
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
220.12
—
220.12
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
524.77
—
524.77
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
877.84
—
877.84
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
387.39
—
387.39
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
139.04
—
139.04
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
214.03
—
214.03
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
126.34
—
126.34
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
13.04
—
13.04
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
30.31
—
30.31
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
71.99
—
71.99
—
- H1 2025
- —
- YTD 2026
- 71.99
- Δ YoY
- —
CapEx
28.54
—
28.54
—
- H1 2025
- —
- YTD 2026
- 28.54
- Δ YoY
- —
FCF
43.45
—
43.45
—
- H1 2025
- —
- YTD 2026
- 43.45
- Δ YoY
- —
FCF conversion
126.6%
—
126.6%
—
- H1 2025
- —
- YTD 2026
- 126.6%
- Δ YoY
- —
CFO conversion
209.8%
—
209.8%
—
- H1 2025
- —
- YTD 2026
- 209.8%
- Δ YoY
- —
Dividends paid
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Current ratio
2.79x
—
2.79x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.88x
—
1.88x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.5x
—
0.5x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
0.4x
—
0.4x
—
- H1 2025
- —
- YTD 2026
- 0.4x
- Δ YoY
- —
Net debt / EBITDA
4.1x
—
4.1x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.55x
—
0.55x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.33x
—
0.33x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.42x
—
0.42x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-0.07%
—
-0.07%
—
- H1 2025
- —
- YTD 2026
- -0.07%
- Δ YoY
- —
EBITDA growth (YoY)
-57.56%
—
-57.56%
—
- H1 2025
- —
- YTD 2026
- -57.56%
- Δ YoY
- —
EBIT growth (YoY)
-88.14%
—
-88.14%
—
- H1 2025
- —
- YTD 2026
- -88.14%
- Δ YoY
- —
Net income growth (YoY)
-133.28%
—
-133.28%
—
- H1 2025
- —
- YTD 2026
- -133.28%
- Δ YoY
- —
EPS growth (YoY)
-132.95%
—
-132.95%
—
- H1 2025
- —
- YTD 2026
- -132.95%
- Δ YoY
- —
Gross margin Δ (YoY)
-20.16 pp
—
-20.16 pp
—
- H1 2025
- —
- YTD 2026
- -20.16 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-20.53 pp
—
-20.53 pp
—
- H1 2025
- —
- YTD 2026
- -20.53 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-21.59 pp
—
-21.59 pp
—
- H1 2025
- —
- YTD 2026
- -21.59 pp
- Δ YoY
- —
Net margin Δ (YoY)
-24.86 pp
—
-24.86 pp
—
- H1 2025
- —
- YTD 2026
- -24.86 pp
- Δ YoY
- —