H1 2026 report
Spadek przychodów o 29% r/r to głównie efekt wysokiej bazy porównawczej (rekordowy kontrakt FSRU dla Gaz-System zakończony w 2025 r.), a nie pogorszenia biznesu — rentowność poprawiła się we wszystkich czterech obszarach działalności
Sentiment
Positive
No guidance change
STF
H1 2026 report
Revenue
836.57 m PLN
— YoY
Net income
28.6 m PLN
— YoY
EBITDA
35.27 m PLN
— YoY
Gross margin
10.29%
— YoY
Summary
Investment thesis
- Prawie połowa (13,1 mln zł z 25,6 mln zł) przyrostu zysku brutto r/r to jednorazowy, niegotówkowy zysk na okazyjnym nabyciu spółki PROMA sp. z o.o. — headline wzrost zysku netto (+347%) trzeba korygować o tę pozycję
- Operacyjne przepływy pieniężne odwróciły się z -40,5 mln zł do +33,5 mln zł — realna poprawa jakości gotówkowej wyniku, napędzana wzrostem zobowiązań handlowych finansującym wzrost zapasów i należności
- Zadłużenie odsetkowe umiarkowane (dług/kapitał własny 0,28x), wykorzystanie limitów kredytowych zaledwie 21% — spory bufor bezpieczeństwa
- Ryzyko koncentracji: ArcelorMittal jest jednocześnie głównym akcjonariuszem (31,48% kapitału, 32,68% głosów) i istotnym dostawcą (14,8% przychodów grupy), a portfel zamówień segmentu infrastruktury silnie zależy od tempa przetargów Gaz-System
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Financials
BETA
STF · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 836.57 | 2,200.6 | −62% | 836.57 | −62% | reported | — | 1.00 |
| Gross profit | 86.07 | 176.43 | −51.2% | 86.07 | −51.2% | reported | — | 1.00 |
| EBITDA | 35.27 | 49.76 | −29.1% | 35.27 | −29.1% | reported | — | 1.00 |
| EBIT | 23.25 | 28.66 | −18.9% | 23.25 | −18.9% | reported | — | 1.00 |
| EBT | 34.83 | 14.7 | +136.9% | 34.83 | +136.9% | reported | — | 1.00 |
| Net income | 28.6 | 11.79 | +142.5% | 28.6 | +142.5% | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.63 | — | — | 1.63 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 1.63 | — | — | 1.63 | — | reported | — | 1.00 |
| D&A | 12.03 | 21.1 | −43% | 12.03 | −43% | reported | — | 1.00 |
| Interest expense | 3.95 | 13.13 | −69.9% | 3.95 | −69.9% | reported | — | 0.85 |
| Income tax | 3.44 | 2.91 | +18.5% | 3.44 | +18.5% | reported | — | 1.00 |
| Shares (basic) (m units) | 17.5 | — | — | 17.5 | — | reported | — | 1.00 |
| Gross margin | 10.29% | 0% | +10.3 pp | 10.29% | +10.3 pp | derived | — | 1.00 |
| EBITDA margin | 4.22% | 0% | +4.2 pp | 4.22% | +4.2 pp | derived | — | 1.00 |
| EBIT margin | 2.78% | 0% | +2.8 pp | 2.78% | +2.8 pp | derived | — | 1.00 |
| Net margin | 3.42% | 0% | +3.4 pp | 3.42% | +3.4 pp | derived | — | 1.00 |
| Cash | 42.65 | 31.79 | +34.2% | — | — | reported | — | 1.00 |
| Total debt | 178.14 | 182.78 | −2.5% | — | — | derived | — | 0.90 |
| Net debt | 135.49 | 150.99 | −10.3% | — | — | derived | — | 0.90 |
| Equity | 633.73 | 611.2 | +3.7% | — | — | reported | — | 1.00 |
| Total assets | 1,166.52 | 1,065.26 | +9.5% | — | — | reported | — | 1.00 |
| Working capital | 306.45 | 291.93 | +5% | — | — | derived | — | 1.00 |
| Current assets | 782.16 | 699.74 | +11.8% | — | — | reported | — | 1.00 |
| Current liabilities | 475.71 | 407.81 | +16.6% | — | — | reported | — | 1.00 |
| Non-current liabilities | 57.08 | 46.25 | +23.4% | — | — | reported | — | 1.00 |
| Inventory | 320.58 | 266.71 | +20.2% | — | — | reported | — | 1.00 |
| Trade receivables | 418.91 | 302.06 | +38.7% | — | — | reported | — | 0.90 |
| Goodwill | 19.75 | 15.91 | +24.1% | — | — | reported | — | 1.00 |
| Tangible equity | 613.98 | — | — | — | — | derived | — | 0.95 |
| CFO | 33.5 | 62.18 | −46.1% | 33.5 | −46.1% | reported | — | 1.00 |
| CapEx | 2.33 | 6.79 | −65.7% | 2.33 | −65.7% | reported | — | 1.00 |
| FCF | 31.17 | 55.38 | −43.7% | 31.17 | −43.7% | derived | — | 1.00 |
| FCF conversion | 88.37% | 0% | +88.4 pp | 88.37% | +88.4 pp | derived | — | 0.95 |
| CFO conversion | 94.98% | 0% | +95 pp | 94.98% | +95 pp | derived | — | 0.95 |
| ROE | 10.1% | 1.94% | +8.2 pp | — | — | derived | — | 0.60 |
| ROA | 5.6% | 1% | +4.6 pp | — | — | derived | — | 0.60 |
| Current ratio | 1.64x | 0x | +1.64x | — | — | derived | — | 1.00 |
| Quick ratio | 0.97x | 0x | +0.97x | — | — | derived | — | 1.00 |
| Cash ratio | 0.09x | 0x | +0.09x | — | — | derived | — | 1.00 |
| Interest coverage | 5.89x | 0x | +5.89x | 5.89x | +5.89x | derived | — | 0.80 |
| Debt / equity | 0.28x | 0x | +0.28x | — | — | derived | — | 0.90 |
| Debt / assets | 0.15x | 0x | +0.15x | — | — | derived | — | 0.90 |
| Net debt / equity | 0.21x | 0x | +0.21x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | -29.28% | 0% | — | -29.28% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | 27.82% | 5.98% | — | 27.82% | — | derived | — | 1.00 |
| EBIT growth (YoY) | 35.72% | 2.83% | — | 35.72% | — | derived | — | 1.00 |
| Net income growth (YoY) | 666.44% | -36.71% | — | 666.44% | — | derived | — | 0.90 |
| EPS growth (YoY) | 676.19% | — | — | 676.19% | — | derived | — | 0.90 |
| FCF growth (YoY) | 171.61% | — | — | 171.61% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | 2.64 pp | 0.29 pp | — | 2.64 pp | — | derived | — | 1.00 |
| EBITDA margin Δ (YoY) | 1.88 pp | -0.49 pp | — | 1.88 pp | — | derived | — | 0.95 |
| EBIT margin Δ (YoY) | 1.33 pp | -0.33 pp | — | 1.33 pp | — | derived | — | 1.00 |
| Net margin Δ (YoY) | 3.1 pp | -0.56 pp | — | 3.1 pp | — | derived | — | 1.00 |
H1 2026 · Δ YoY
Revenue
836.57
−62%
836.57
−62%
- H1 2025
- 2,200.6
- YTD 2026
- 836.57
- Δ YoY
- −62%
Gross profit
86.07
−51.2%
86.07
−51.2%
- H1 2025
- 176.43
- YTD 2026
- 86.07
- Δ YoY
- −51.2%
EBITDA
35.27
−29.1%
35.27
−29.1%
- H1 2025
- 49.76
- YTD 2026
- 35.27
- Δ YoY
- −29.1%
EBIT
23.25
−18.9%
23.25
−18.9%
- H1 2025
- 28.66
- YTD 2026
- 23.25
- Δ YoY
- −18.9%
EBT
34.83
+136.9%
34.83
+136.9%
- H1 2025
- 14.7
- YTD 2026
- 34.83
- Δ YoY
- +136.9%
Net income
28.6
+142.5%
28.6
+142.5%
- H1 2025
- 11.79
- YTD 2026
- 28.6
- Δ YoY
- +142.5%
EPS (basic)
(PLN)
1.63
—
1.63
—
- H1 2025
- —
- YTD 2026
- 1.63
- Δ YoY
- —
EPS (diluted)
(PLN)
1.63
—
1.63
—
- H1 2025
- —
- YTD 2026
- 1.63
- Δ YoY
- —
D&A
12.03
−43%
12.03
−43%
- H1 2025
- 21.1
- YTD 2026
- 12.03
- Δ YoY
- −43%
Interest expense
3.95
−69.9%
3.95
−69.9%
- H1 2025
- 13.13
- YTD 2026
- 3.95
- Δ YoY
- −69.9%
Income tax
3.44
+18.5%
3.44
+18.5%
- H1 2025
- 2.91
- YTD 2026
- 3.44
- Δ YoY
- +18.5%
Shares (basic)
(m units)
17.5
—
17.5
—
- H1 2025
- —
- YTD 2026
- 17.5
- Δ YoY
- —
Gross margin
10.29%
+10.3 pp
10.29%
+10.3 pp
- H1 2025
- 0%
- YTD 2026
- 10.29%
- Δ YoY
- +10.3 pp
EBITDA margin
4.22%
+4.2 pp
4.22%
+4.2 pp
- H1 2025
- 0%
- YTD 2026
- 4.22%
- Δ YoY
- +4.2 pp
EBIT margin
2.78%
+2.8 pp
2.78%
+2.8 pp
- H1 2025
- 0%
- YTD 2026
- 2.78%
- Δ YoY
- +2.8 pp
Net margin
3.42%
+3.4 pp
3.42%
+3.4 pp
- H1 2025
- 0%
- YTD 2026
- 3.42%
- Δ YoY
- +3.4 pp
Cash
42.65
+34.2%
42.65
+34.2%
- H1 2025
- 31.79
- YTD 2026
- —
- Δ YoY
- —
Total debt
178.14
−2.5%
178.14
−2.5%
- H1 2025
- 182.78
- YTD 2026
- —
- Δ YoY
- —
Net debt
135.49
−10.3%
135.49
−10.3%
- H1 2025
- 150.99
- YTD 2026
- —
- Δ YoY
- —
Equity
633.73
+3.7%
633.73
+3.7%
- H1 2025
- 611.2
- YTD 2026
- —
- Δ YoY
- —
Total assets
1,166.52
+9.5%
1,166.52
+9.5%
- H1 2025
- 1,065.26
- YTD 2026
- —
- Δ YoY
- —
Working capital
306.45
+5%
306.45
+5%
- H1 2025
- 291.93
- YTD 2026
- —
- Δ YoY
- —
Current assets
782.16
+11.8%
782.16
+11.8%
- H1 2025
- 699.74
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
475.71
+16.6%
475.71
+16.6%
- H1 2025
- 407.81
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
57.08
+23.4%
57.08
+23.4%
- H1 2025
- 46.25
- YTD 2026
- —
- Δ YoY
- —
Inventory
320.58
+20.2%
320.58
+20.2%
- H1 2025
- 266.71
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
418.91
+38.7%
418.91
+38.7%
- H1 2025
- 302.06
- YTD 2026
- —
- Δ YoY
- —
Goodwill
19.75
+24.1%
19.75
+24.1%
- H1 2025
- 15.91
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
613.98
—
613.98
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
33.5
−46.1%
33.5
−46.1%
- H1 2025
- 62.18
- YTD 2026
- 33.5
- Δ YoY
- −46.1%
CapEx
2.33
−65.7%
2.33
−65.7%
- H1 2025
- 6.79
- YTD 2026
- 2.33
- Δ YoY
- −65.7%
FCF
31.17
−43.7%
31.17
−43.7%
- H1 2025
- 55.38
- YTD 2026
- 31.17
- Δ YoY
- −43.7%
FCF conversion
88.37%
+88.4 pp
88.37%
+88.4 pp
- H1 2025
- 0%
- YTD 2026
- 88.37%
- Δ YoY
- +88.4 pp
CFO conversion
94.98%
+95 pp
94.98%
+95 pp
- H1 2025
- 0%
- YTD 2026
- 94.98%
- Δ YoY
- +95 pp
ROE
10.1%
+8.2 pp
10.1%
+8.2 pp
- H1 2025
- 1.94%
- YTD 2026
- —
- Δ YoY
- —
ROA
5.6%
+4.6 pp
5.6%
+4.6 pp
- H1 2025
- 1%
- YTD 2026
- —
- Δ YoY
- —
Current ratio
1.64x
+1.64x
1.64x
+1.64x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.97x
+0.97x
0.97x
+0.97x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.09x
+0.09x
0.09x
+0.09x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
5.89x
+5.89x
5.89x
+5.89x
- H1 2025
- 0x
- YTD 2026
- 5.89x
- Δ YoY
- +5.89x
Debt / equity
0.28x
+0.28x
0.28x
+0.28x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.15x
+0.15x
0.15x
+0.15x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.21x
+0.21x
0.21x
+0.21x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-29.28%
—
-29.28%
—
- H1 2025
- 0%
- YTD 2026
- -29.28%
- Δ YoY
- —
EBITDA growth (YoY)
27.82%
—
27.82%
—
- H1 2025
- 5.98%
- YTD 2026
- 27.82%
- Δ YoY
- —
EBIT growth (YoY)
35.72%
—
35.72%
—
- H1 2025
- 2.83%
- YTD 2026
- 35.72%
- Δ YoY
- —
Net income growth (YoY)
666.44%
—
666.44%
—
- H1 2025
- -36.71%
- YTD 2026
- 666.44%
- Δ YoY
- —
EPS growth (YoY)
676.19%
—
676.19%
—
- H1 2025
- —
- YTD 2026
- 676.19%
- Δ YoY
- —
FCF growth (YoY)
171.61%
—
171.61%
—
- H1 2025
- —
- YTD 2026
- 171.61%
- Δ YoY
- —
Gross margin Δ (YoY)
2.64 pp
—
2.64 pp
—
- H1 2025
- 0.29 pp
- YTD 2026
- 2.64 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
1.88 pp
—
1.88 pp
—
- H1 2025
- -0.49 pp
- YTD 2026
- 1.88 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
1.33 pp
—
1.33 pp
—
- H1 2025
- -0.33 pp
- YTD 2026
- 1.33 pp
- Δ YoY
- —
Net margin Δ (YoY)
3.1 pp
—
3.1 pp
—
- H1 2025
- -0.56 pp
- YTD 2026
- 3.1 pp
- Δ YoY
- —