H1 2026 report
Zintegrowany producent rolny na Ukrainie (kukurydza, słonecznik) z własnymi elewatorami - model biznesowy oparty na dzierżawie ok. 115 tys. ha ziemi, która księgowo jest zobowiązaniem leasingowym wg MSSF16, a nie kredytem bankowym.
Sentiment
●●●●●●
IMC
H1 2026 report
Revenue
88.88 m USD
— YoY
Net income
34.48 m USD
— YoY
EBITDA
50.23 m USD
— YoY
Gross margin
61.91%
— YoY
Summary
Investment thesis
- Przychody w 1H2026 wzrosły o 5,9% r/r do 88,9 mln USD, ale rentowność wyraźnie się skurczyła - zysk netto spadł o 33% r/r do 34,5 mln USD wskutek niższych cen kukurydzy i słonecznika r/r, droższej logistyki oraz dewaluacji hrywny.
- Bilans pozostaje bardzo konserwatywny w części bankowej - realne zadłużenie kredytowe (13,3 mln USD) jest niemal w całości pokryte gotówką (12,5 mln USD, dług netto bankowy zaledwie 0,8 mln USD); szeroko liczony 'dług' w rejestrze rośnie głównie przez skapitalizowane zobowiązania leasingowe za dzierżawę ziemi (118,6 mln USD).
- Spółka regularnie wypłaca dywidendy (ostatnia: 18,5 mln EUR, tj. 0,52 EUR/akcję w maju 2026) mimo słabszego półrocza - wypłata przewyższyła wygenerowany w 1H2026 FCF (2,4 mln USD), co finansowane było z posiadanej gotówki.
- Nota o kontynuacji działalności ponownie sygnalizuje istotną niepewność związaną z wojną w Ukrainie - obecna od 2022 r., ale wciąż kluczowe ryzyko strukturalne niezależne od wyników finansowych.
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Financials
BETA
IMC · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 88.88 | 190.48 | −53.3% | 88.88 | −53.3% | reported | — | 1.00 |
| Gross profit | 55.03 | 103.05 | −46.6% | 55.03 | −46.6% | reported | — | 1.00 |
| EBITDA | 50.23 | — | — | 50.23 | — | adjusted | — | 1.00 |
| EBIT | 40.05 | 75.62 | −47% | 40.05 | −47% | reported | — | 1.00 |
| EBT | 35.45 | 69.46 | −49% | 35.45 | −49% | reported | — | 1.00 |
| Net income | 34.48 | 67.94 | −49.3% | 34.48 | −49.3% | reported | — | 1.00 |
| EPS (basic) (USD) | 0.97 | 1.91 | — | 0.97 | — | reported | — | 1.00 |
| D&A | 10.02 | 20.09 | −50.1% | 10.02 | −50.1% | reported | — | 1.00 |
| Interest expense | 0.52 | 1.16 | −54.9% | 0.52 | −54.9% | reported | — | 0.80 |
| Income tax | 1.17 | — | — | 1.17 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 35.5 | 35.5 | — | 35.5 | — | reported | — | 1.00 |
| Gross margin | 61.91% | 54100% | −54038.1 pp | 61.91% | −54038.1 pp | derived | — | 1.00 |
| EBITDA margin | 56.51% | 50280% | −50223.5 pp | 56.51% | −50223.5 pp | derived | — | 1.00 |
| EBIT margin | 45.06% | 39700% | −39654.9 pp | 45.06% | −39654.9 pp | derived | — | 1.00 |
| EBT margin | 39.89% | 36460% | −36420.1 pp | 39.89% | −36420.1 pp | derived | — | 1.00 |
| Net margin | 38.8% | 35670% | −35631.2 pp | 38.8% | −35631.2 pp | derived | — | 1.00 |
| D&A margin | 11.27% | 10550% | −10538.7 pp | 11.27% | −10538.7 pp | derived | — | 1.00 |
| Cash | 12.48 | 45.49 | −72.6% | 12.48 | −72.6% | reported | — | 1.00 |
| Total debt | 131.92 | 17.86 | +638.7% | 131.92 | +638.7% | reported | — | 0.90 |
| Net debt | 119.44 | -27.63 | +532.3% | 119.44 | +532.3% | derived | — | 0.90 |
| Equity | 210.65 | 209.38 | +0.6% | 210.65 | +0.6% | reported | — | 1.00 |
| Total assets | 352.13 | 354.16 | −0.6% | 352.13 | −0.6% | reported | — | 1.00 |
| Working capital | 133.92 | 125.13 | +7% | 133.92 | +7% | derived | — | 1.00 |
| Current assets | 156.25 | 160.23 | −2.5% | 156.25 | −2.5% | reported | — | 1.00 |
| Current liabilities | 22.33 | 35.1 | −36.4% | 22.33 | −36.4% | reported | — | 1.00 |
| Non-current liabilities | 119.15 | — | — | 119.15 | — | reported | — | 1.00 |
| Inventory | 13.46 | — | — | 13.46 | — | reported | — | 1.00 |
| Trade receivables | 3.49 | — | — | 3.49 | — | reported | — | 1.00 |
| Trade payables | 1.24 | — | — | 1.24 | — | reported | — | 1.00 |
| Goodwill | 0.17 | — | — | 0.17 | — | reported | — | 1.00 |
| Tangible equity | 210.48 | — | — | 210.48 | — | derived | — | 1.00 |
| CFO | 12.03 | 72.16 | −83.3% | 12.03 | −83.3% | reported | — | 1.00 |
| CapEx | 9.67 | 11.81 | −18.2% | 9.67 | −18.2% | reported | — | 1.00 |
| FCF | 2.36 | 60.35 | −96.1% | 2.36 | −96.1% | derived | — | 1.00 |
| FCF conversion | 4.71% | 63030% | −63025.3 pp | 4.71% | −63025.3 pp | derived | — | 0.90 |
| CFO conversion | 23.95% | 75360% | −75336.1 pp | 23.95% | −75336.1 pp | derived | — | 0.90 |
| Dividends paid | 21.62 | 39.7 | −45.5% | 21.62 | −45.5% | reported | — | 1.00 |
| Current ratio | 7x | 4570x | −4563x | 7x | −4563x | derived | — | 1.00 |
| Quick ratio | 6.39x | 2160x | −2153.61x | 6.39x | −2153.61x | derived | — | 1.00 |
| Cash ratio | 0.56x | 1300x | −1299.44x | 0.56x | −1299.44x | derived | — | 1.00 |
| Interest coverage | 76.87x | 65420x | −65343.13x | 76.87x | −65343.13x | derived | — | 0.80 |
| Debt / equity | 0.63x | 86x | −85.37x | 0.63x | −85.37x | derived | — | 0.90 |
| Debt / assets | 0.37x | 50x | −49.63x | 0.37x | −49.63x | derived | — | 0.90 |
| Net debt / equity | 0.57x | -133x | +133.57x | 0.57x | +133.57x | derived | — | 0.90 |
| Revenue growth (YoY) | 5.88% | -9850% | — | 5.88% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | -22.37% | 11210% | — | -22.37% | — | derived | — | 1.00 |
| EBIT growth (YoY) | -26.78% | 11520% | — | -26.78% | — | derived | — | 1.00 |
| Net income growth (YoY) | -33.15% | 23770% | — | -33.15% | — | derived | — | 1.00 |
| EPS growth (YoY) | -33.1% | 23230% | — | -33.1% | — | derived | — | 1.00 |
| FCF growth (YoY) | -43.41% | -11210% | — | -43.41% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | -19.37 pp | 2470000 pp | — | -19.37 pp | — | derived | — | 1.00 |
| EBITDA margin Δ (YoY) | -20.56 pp | 9520000 pp | — | -20.56 pp | — | derived | — | 1.00 |
| EBIT margin Δ (YoY) | -20.07 pp | 7610000 pp | — | -20.07 pp | — | derived | — | 1.00 |
| Net margin Δ (YoY) | -22.63 pp | 9690000 pp | — | -22.63 pp | — | derived | — | 1.00 |
H1 2026 · Δ YoY
Revenue
88.88
−53.3%
88.88
−53.3%
- H1 2025
- 190.48
- YTD 2026
- 88.88
- Δ YoY
- −53.3%
Gross profit
55.03
−46.6%
55.03
−46.6%
- H1 2025
- 103.05
- YTD 2026
- 55.03
- Δ YoY
- −46.6%
EBITDA
50.23
—
50.23
—
- H1 2025
- —
- YTD 2026
- 50.23
- Δ YoY
- —
EBIT
40.05
−47%
40.05
−47%
- H1 2025
- 75.62
- YTD 2026
- 40.05
- Δ YoY
- −47%
EBT
35.45
−49%
35.45
−49%
- H1 2025
- 69.46
- YTD 2026
- 35.45
- Δ YoY
- −49%
Net income
34.48
−49.3%
34.48
−49.3%
- H1 2025
- 67.94
- YTD 2026
- 34.48
- Δ YoY
- −49.3%
EPS (basic)
(USD)
0.97
—
0.97
—
- H1 2025
- 1.91
- YTD 2026
- 0.97
- Δ YoY
- —
D&A
10.02
−50.1%
10.02
−50.1%
- H1 2025
- 20.09
- YTD 2026
- 10.02
- Δ YoY
- −50.1%
Interest expense
0.52
−54.9%
0.52
−54.9%
- H1 2025
- 1.16
- YTD 2026
- 0.52
- Δ YoY
- −54.9%
Income tax
1.17
—
1.17
—
- H1 2025
- —
- YTD 2026
- 1.17
- Δ YoY
- —
Shares (basic)
(m units)
35.5
—
35.5
—
- H1 2025
- 35.5
- YTD 2026
- 35.5
- Δ YoY
- —
Gross margin
61.91%
−54038.1 pp
61.91%
−54038.1 pp
- H1 2025
- 54100%
- YTD 2026
- 61.91%
- Δ YoY
- −54038.1 pp
EBITDA margin
56.51%
−50223.5 pp
56.51%
−50223.5 pp
- H1 2025
- 50280%
- YTD 2026
- 56.51%
- Δ YoY
- −50223.5 pp
EBIT margin
45.06%
−39654.9 pp
45.06%
−39654.9 pp
- H1 2025
- 39700%
- YTD 2026
- 45.06%
- Δ YoY
- −39654.9 pp
EBT margin
39.89%
−36420.1 pp
39.89%
−36420.1 pp
- H1 2025
- 36460%
- YTD 2026
- 39.89%
- Δ YoY
- −36420.1 pp
Net margin
38.8%
−35631.2 pp
38.8%
−35631.2 pp
- H1 2025
- 35670%
- YTD 2026
- 38.8%
- Δ YoY
- −35631.2 pp
D&A margin
11.27%
−10538.7 pp
11.27%
−10538.7 pp
- H1 2025
- 10550%
- YTD 2026
- 11.27%
- Δ YoY
- −10538.7 pp
Cash
12.48
−72.6%
12.48
−72.6%
- H1 2025
- 45.49
- YTD 2026
- 12.48
- Δ YoY
- −72.6%
Total debt
131.92
+638.7%
131.92
+638.7%
- H1 2025
- 17.86
- YTD 2026
- 131.92
- Δ YoY
- +638.7%
Net debt
119.44
+532.3%
119.44
+532.3%
- H1 2025
- -27.63
- YTD 2026
- 119.44
- Δ YoY
- +532.3%
Equity
210.65
+0.6%
210.65
+0.6%
- H1 2025
- 209.38
- YTD 2026
- 210.65
- Δ YoY
- +0.6%
Total assets
352.13
−0.6%
352.13
−0.6%
- H1 2025
- 354.16
- YTD 2026
- 352.13
- Δ YoY
- −0.6%
Working capital
133.92
+7%
133.92
+7%
- H1 2025
- 125.13
- YTD 2026
- 133.92
- Δ YoY
- +7%
Current assets
156.25
−2.5%
156.25
−2.5%
- H1 2025
- 160.23
- YTD 2026
- 156.25
- Δ YoY
- −2.5%
Current liabilities
22.33
−36.4%
22.33
−36.4%
- H1 2025
- 35.1
- YTD 2026
- 22.33
- Δ YoY
- −36.4%
Non-current liabilities
119.15
—
119.15
—
- H1 2025
- —
- YTD 2026
- 119.15
- Δ YoY
- —
Inventory
13.46
—
13.46
—
- H1 2025
- —
- YTD 2026
- 13.46
- Δ YoY
- —
Trade receivables
3.49
—
3.49
—
- H1 2025
- —
- YTD 2026
- 3.49
- Δ YoY
- —
Trade payables
1.24
—
1.24
—
- H1 2025
- —
- YTD 2026
- 1.24
- Δ YoY
- —
Goodwill
0.17
—
0.17
—
- H1 2025
- —
- YTD 2026
- 0.17
- Δ YoY
- —
Tangible equity
210.48
—
210.48
—
- H1 2025
- —
- YTD 2026
- 210.48
- Δ YoY
- —
CFO
12.03
−83.3%
12.03
−83.3%
- H1 2025
- 72.16
- YTD 2026
- 12.03
- Δ YoY
- −83.3%
CapEx
9.67
−18.2%
9.67
−18.2%
- H1 2025
- 11.81
- YTD 2026
- 9.67
- Δ YoY
- −18.2%
FCF
2.36
−96.1%
2.36
−96.1%
- H1 2025
- 60.35
- YTD 2026
- 2.36
- Δ YoY
- −96.1%
FCF conversion
4.71%
−63025.3 pp
4.71%
−63025.3 pp
- H1 2025
- 63030%
- YTD 2026
- 4.71%
- Δ YoY
- −63025.3 pp
CFO conversion
23.95%
−75336.1 pp
23.95%
−75336.1 pp
- H1 2025
- 75360%
- YTD 2026
- 23.95%
- Δ YoY
- −75336.1 pp
Dividends paid
21.62
−45.5%
21.62
−45.5%
- H1 2025
- 39.7
- YTD 2026
- 21.62
- Δ YoY
- −45.5%
Current ratio
7x
−4563x
7x
−4563x
- H1 2025
- 4570x
- YTD 2026
- 7x
- Δ YoY
- −4563x
Quick ratio
6.39x
−2153.61x
6.39x
−2153.61x
- H1 2025
- 2160x
- YTD 2026
- 6.39x
- Δ YoY
- −2153.61x
Cash ratio
0.56x
−1299.44x
0.56x
−1299.44x
- H1 2025
- 1300x
- YTD 2026
- 0.56x
- Δ YoY
- −1299.44x
Interest coverage
76.87x
−65343.13x
76.87x
−65343.13x
- H1 2025
- 65420x
- YTD 2026
- 76.87x
- Δ YoY
- −65343.13x
Debt / equity
0.63x
−85.37x
0.63x
−85.37x
- H1 2025
- 86x
- YTD 2026
- 0.63x
- Δ YoY
- −85.37x
Debt / assets
0.37x
−49.63x
0.37x
−49.63x
- H1 2025
- 50x
- YTD 2026
- 0.37x
- Δ YoY
- −49.63x
Net debt / equity
0.57x
+133.57x
0.57x
+133.57x
- H1 2025
- -133x
- YTD 2026
- 0.57x
- Δ YoY
- +133.57x
Revenue growth (YoY)
5.88%
—
5.88%
—
- H1 2025
- -9850%
- YTD 2026
- 5.88%
- Δ YoY
- —
EBITDA growth (YoY)
-22.37%
—
-22.37%
—
- H1 2025
- 11210%
- YTD 2026
- -22.37%
- Δ YoY
- —
EBIT growth (YoY)
-26.78%
—
-26.78%
—
- H1 2025
- 11520%
- YTD 2026
- -26.78%
- Δ YoY
- —
Net income growth (YoY)
-33.15%
—
-33.15%
—
- H1 2025
- 23770%
- YTD 2026
- -33.15%
- Δ YoY
- —
EPS growth (YoY)
-33.1%
—
-33.1%
—
- H1 2025
- 23230%
- YTD 2026
- -33.1%
- Δ YoY
- —
FCF growth (YoY)
-43.41%
—
-43.41%
—
- H1 2025
- -11210%
- YTD 2026
- -43.41%
- Δ YoY
- —
Gross margin Δ (YoY)
-19.37 pp
—
-19.37 pp
—
- H1 2025
- 2470000 pp
- YTD 2026
- -19.37 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-20.56 pp
—
-20.56 pp
—
- H1 2025
- 9520000 pp
- YTD 2026
- -20.56 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-20.07 pp
—
-20.07 pp
—
- H1 2025
- 7610000 pp
- YTD 2026
- -20.07 pp
- Δ YoY
- —
Net margin Δ (YoY)
-22.63 pp
—
-22.63 pp
—
- H1 2025
- 9690000 pp
- YTD 2026
- -22.63 pp
- Δ YoY
- —