APT Apator Giełda Papierów Wartościowych w Warszawie · Half-year · publ. August 28, 2026

H1 2026 report

Wzrost przychodów +21% r/r rozłożony na wszystkie segmenty, z segmentem Gaz jako wyraźnym akceleratorem (przychody niemal podwojone, EBITDA potrojona).

Sentiment

●●●●●●

Website

APT H1 2026 report

Revenue

689.14 m PLN

— YoY

Net income

40.55 m PLN

— YoY

EBITDA

94.09 m PLN

— YoY

Gross margin

26.75%

— YoY

Summary

Investment thesis

Bardzo wysoka jakość zysku: OCF (+75%) rośnie znacznie szybciej niż zysk netto (+36%), konwersja OCF/EBITDA ok. 119%.
Bilans praktycznie bez dźwigni finansowej — dług netto zaledwie 15,9 mln zł, wskaźnik dług netto/EBITDA (LTM) 0,09x.
Regularna, rosnąca dywidenda (do 75% zysku netto jednostkowego) i historia ok. 600 mln zł wypłat od debiutu w 1997 r.
Jedyne istotne ryzyko to nieskwantyfikowane postępowanie antymonopolowe UOKiK wobec Apator Metrix, z teoretycznym pułapem kary do 10% obrotu grupy.

Read the full analysis

Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.

Financials

BETA

H1 2026

APT · H1 2026

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

Revenue	356,193	—	—	689,135	—	reported	—	1.00
Gross profit	91,732	—	—	184,358	—	reported	—	1.00
EBITDA	94,087	—	—	94,087	—	reported	—	1.00
EBIT	27,578	—	—	56,436	—	reported	—	1.00
EBT	51,807	—	—	51,807	—	reported	—	1.00
Net income	20,585	—	—	40,549	—	reported	—	1.00
EPS (basic) (PLN)	1.4	—	—	1.4	—	reported	—	1.00
EPS (diluted) (PLN)	1.4	—	—	1.4	—	reported	—	1.00
D&A	37,651	—	—	37,651	—	reported	—	1.00
Interest expense	5,153	—	—	5,153	—	reported	—	1.00
Income tax	11,106	—	—	11,106	—	reported	—	1.00
Shares (basic) (k units)	29,007.25	—	—	—	—	reported	—	1.00
Shares (diluted) (k units)	29,007.25	—	—	—	—	reported	—	0.90

Gross margin	26.75%	—	—	26.75%	—	reported	—	1.00
EBITDA margin	13.65%	—	—	13.65%	—	reported	—	1.00
EBIT margin	8.19%	—	—	8.19%	—	reported	—	1.00
Net margin	5.88%	—	—	5.88%	—	reported	—	1.00

Cash	74,139	—	—	—	—	reported	—	1.00
Total debt	90,025	—	—	—	—	reported	—	1.00
Net debt	15,886	—	—	—	—	reported	—	1.00
Equity	659,341	—	—	—	—	reported	—	1.00
Total assets	1,100,797	—	—	—	—	reported	—	1.00
Working capital	172,775	—	—	—	—	reported	—	1.00
Current assets	557,621	—	—	—	—	reported	—	1.00
Current liabilities	384,846	—	—	—	—	reported	—	1.00
Non-current liabilities	56,610	—	—	—	—	reported	—	1.00
Inventory	260,392	—	—	—	—	reported	—	1.00
Trade receivables	187,127	—	—	—	—	reported	—	1.00
Trade payables	133,364	—	—	—	—	reported	—	1.00
Goodwill	214,080	—	—	—	—	reported	—	1.00

CFO	112,066	—	—	112,066	—	reported	—	1.00
CapEx	37,316	—	—	37,316	—	reported	—	1.00
FCF	74,750	—	—	74,750	—	reported	—	1.00
FCF conversion	79.45%	—	—	79.45%	—	reported	—	1.00
CFO conversion	119.11%	—	—	119.11%	—	reported	—	1.00
Dividends paid	37	—	—	37	—	reported	—	1.00
Buybacks	211	—	—	211	—	reported	—	1.00

ROE	14.3%	—	—	—	—	reported	—	0.70

Current ratio	1.45x	—	—	—	—	reported	—	1.00
Quick ratio	0.77x	—	—	—	—	reported	—	1.00
Cash ratio	0.19x	—	—	—	—	reported	—	1.00
Interest coverage	10.95x	—	—	10.95x	—	reported	—	1.00

Debt / equity	0.14x	—	—	—	—	reported	—	1.00
Debt / assets	0.08x	—	—	—	—	reported	—	1.00
Net debt / equity	0.02x	—	—	—	—	reported	—	1.00

Revenue growth (YoY)	20.88%	—	—	20.88%	—	reported	—	1.00
EBITDA growth (YoY)	25.24%	—	—	25.24%	—	reported	—	1.00
EBIT growth (YoY)	36.87%	—	—	36.87%	—	reported	—	1.00
Net income growth (YoY)	36.16%	—	—	36.16%	—	reported	—	1.00
EPS growth (YoY)	35.92%	—	—	35.92%	—	reported	—	1.00
FCF growth (YoY)	150.13%	—	—	150.13%	—	reported	—	1.00
Gross margin Δ (YoY)	-0.81 pp	—	—	-0.81 pp	—	reported	—	1.00
EBITDA margin Δ (YoY)	0.47 pp	—	—	0.47 pp	—	reported	—	1.00
EBIT margin Δ (YoY)	0.96 pp	—	—	0.96 pp	—	reported	—	1.00
Net margin Δ (YoY)	0.66 pp	—	—	0.66 pp	—	reported	—	1.00

H1 2026 · Δ YoY

Revenue

356,193 —

H1 2025: —
YTD 2026: 689,135
Δ YoY: —

Gross profit

91,732 —

H1 2025: —
YTD 2026: 184,358
Δ YoY: —

EBITDA

94,087 —

H1 2025: —
YTD 2026: 94,087
Δ YoY: —

EBIT

27,578 —

H1 2025: —
YTD 2026: 56,436
Δ YoY: —

EBT

51,807 —

H1 2025: —
YTD 2026: 51,807
Δ YoY: —

Net income

20,585 —

H1 2025: —
YTD 2026: 40,549
Δ YoY: —

EPS (basic) (PLN)

1.4 —

H1 2025: —
YTD 2026: 1.4
Δ YoY: —

EPS (diluted) (PLN)

1.4 —

H1 2025: —
YTD 2026: 1.4
Δ YoY: —

D&A

37,651 —

H1 2025: —
YTD 2026: 37,651
Δ YoY: —

Interest expense

5,153 —

H1 2025: —
YTD 2026: 5,153
Δ YoY: —

Income tax

11,106 —

H1 2025: —
YTD 2026: 11,106
Δ YoY: —

Shares (basic) (k units)

29,007.25 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Shares (diluted) (k units)

29,007.25 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Gross margin

26.75% —

H1 2025: —
YTD 2026: 26.75%
Δ YoY: —

EBITDA margin

13.65% —

H1 2025: —
YTD 2026: 13.65%
Δ YoY: —

EBIT margin

8.19% —

H1 2025: —
YTD 2026: 8.19%
Δ YoY: —

Net margin

5.88% —

H1 2025: —
YTD 2026: 5.88%
Δ YoY: —

Cash

74,139 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

90,025 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

15,886 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

659,341 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total assets

1,100,797 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Working capital

172,775 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

557,621 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

384,846 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

56,610 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

260,392 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

187,127 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

133,364 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

214,080 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

112,066 —

H1 2025: —
YTD 2026: 112,066
Δ YoY: —

CapEx

37,316 —

H1 2025: —
YTD 2026: 37,316
Δ YoY: —

FCF

74,750 —

H1 2025: —
YTD 2026: 74,750
Δ YoY: —

FCF conversion

79.45% —

H1 2025: —
YTD 2026: 79.45%
Δ YoY: —

CFO conversion

119.11% —

H1 2025: —
YTD 2026: 119.11%
Δ YoY: —

Dividends paid

37 —

H1 2025: —
YTD 2026: 37
Δ YoY: —

Buybacks

211 —

H1 2025: —
YTD 2026: 211
Δ YoY: —

ROE

14.3% —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current ratio

1.45x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

0.77x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.19x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

10.95x —

H1 2025: —
YTD 2026: 10.95x
Δ YoY: —

Debt / equity

0.14x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.08x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.02x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

20.88% —

H1 2025: —
YTD 2026: 20.88%
Δ YoY: —

EBITDA growth (YoY)

25.24% —

H1 2025: —
YTD 2026: 25.24%
Δ YoY: —

EBIT growth (YoY)

36.87% —

H1 2025: —
YTD 2026: 36.87%
Δ YoY: —

Net income growth (YoY)

36.16% —

H1 2025: —
YTD 2026: 36.16%
Δ YoY: —

EPS growth (YoY)

35.92% —

H1 2025: —
YTD 2026: 35.92%
Δ YoY: —

FCF growth (YoY)

150.13% —

H1 2025: —
YTD 2026: 150.13%
Δ YoY: —

Gross margin Δ (YoY)

-0.81 pp —

H1 2025: —
YTD 2026: -0.81 pp
Δ YoY: —

EBITDA margin Δ (YoY)

0.47 pp —

H1 2025: —
YTD 2026: 0.47 pp
Δ YoY: —

EBIT margin Δ (YoY)

0.96 pp —

H1 2025: —
YTD 2026: 0.96 pp
Δ YoY: —

Net margin Δ (YoY)

0.66 pp —

H1 2025: —
YTD 2026: 0.66 pp
Δ YoY: —