H1 2026 report
Przyspieszenie wzrostu przychodów (+15,8% r/r) połączone z jeszcze szybszym wzrostem marż na każdym poziomie rachunku wyników (brutto, EBITDA, EBIT) — efekt korzystniejszego mixu produktowego, rosnącego udziału własnego oprogramowania w sprzedaży.
Sentiment
●●●●●●
ACP
H1 2026 report
Revenue
9.25 bn PLN
— YoY
Net income
429.6 m PLN
— YoY
EBITDA
1.46 bn PLN
— YoY
Gross margin
23.19%
— YoY
Summary
Investment thesis
- Bardzo bezpieczny bilans z pozycją gotówki netto (1 466,7 mln PLN ponad zadłużenie odsetkowe łącznie z leasingiem), który wytrzymał wypłatę niemal 1,9 mld PLN dywidend (parent + spółki zależne) bez sięgania po dodatkowe finansowanie.
- Skonsolidowany OCF spadł o trzy czwarte r/r wyłącznie z powodu jednorazowej zapłaty 449,6 mln PLN podatku od sprzedaży Sapiens (zdarzenie z 2025 roku, rozliczone podatkowo w I kwartale 2026) — działalność kontynuowana generuje gotówkę na poziomie zbliżonym do ubiegłorocznego.
- Wszystkie trzy segmenty (Asseco Poland, Asseco International, Formula Systems) poprawiły marżę EBIT r/r jednocześnie, co świadczy o szeroko rozłożonej, a nie skoncentrowanej poprawie rentowności.
- Segment Formula Systems (60% przychodów Grupy) przeszedł istotną zmianę strukturalną w lutym 2026 — połączenie Matrix IT i Magic Software wycofało Magic z giełd TASE/NASDAQ, koncentrując ekspozycję na Izrael w ramach jednej, w pełni kontrolowanej struktury.
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Financials
BETA
ACP · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9,250.4 | — | — | 9,250.4 | — | reported | — | 1.00 |
|
Revenue
Asseco Poland
|
1,305.1 | — | — | 1,305.1 | — | reported | Asseco Poland | 1.00 |
|
Revenue
Asseco International
|
2,372.1 | — | — | 2,372.1 | — | reported | Asseco International | 1.00 |
|
Revenue
Formula Systems
|
5,592.8 | — | — | 5,592.8 | — | reported | Formula Systems | 1.00 |
| Gross profit | 2,145.1 | — | — | 2,145.1 | — | reported | — | 1.00 |
| EBITDA | 1,464.5 | — | — | 1,464.5 | — | reported | — | 1.00 |
| EBIT | 1,082.7 | — | — | 1,082.7 | — | reported | — | 1.00 |
|
EBIT
Asseco Poland
|
318.7 | — | — | 318.7 | — | reported | Asseco Poland | 1.00 |
|
EBIT
Asseco International
|
276.4 | — | — | 276.4 | — | reported | Asseco International | 1.00 |
|
EBIT
Formula Systems
|
481.8 | — | — | 481.8 | — | reported | Formula Systems | 1.00 |
| EBT | 1,063.4 | — | — | 1,063.4 | — | reported | — | 1.00 |
| Net income | 429.6 | — | — | 429.6 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 5.34 | — | — | 5.34 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 5.34 | — | — | 5.34 | — | reported | — | 1.00 |
| D&A | 381.8 | — | — | 381.8 | — | reported | — | 1.00 |
| Interest expense | 88 | — | — | 88 | — | reported | — | 1.00 |
| Income tax | 251.1 | — | — | 251.1 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 80.51 | — | — | 80.51 | — | reported | — | 1.00 |
| Gross margin | 23.19% | — | — | 23.19% | — | derived | — | 1.00 |
| EBITDA margin | 15.83% | — | — | 15.83% | — | derived | — | 1.00 |
| EBIT margin | 11.7% | — | — | 11.7% | — | derived | — | 1.00 |
|
EBIT margin
Asseco Poland
|
24.42% | — | — | 24.42% | — | derived | Asseco Poland | 1.00 |
|
EBIT margin
Asseco International
|
11.65% | — | — | 11.65% | — | derived | Asseco International | 1.00 |
|
EBIT margin
Formula Systems
|
8.62% | — | — | 8.62% | — | derived | Formula Systems | 1.00 |
| Net margin | 4.64% | — | — | 4.64% | — | derived | — | 1.00 |
| D&A margin | 4.13% | — | — | 4.13% | — | derived | — | 1.00 |
| Cash | 5,104.7 | — | — | — | — | reported | — | 1.00 |
| Total debt | 3,638 | — | — | — | — | reported | — | 1.00 |
| Net debt | -1,466.7 | — | — | — | — | reported | — | 1.00 |
| Equity | 12,136.6 | — | — | — | — | reported | — | 1.00 |
| Total assets | 22,774 | — | — | — | — | reported | — | 1.00 |
| Current assets | 11,583.5 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 7,386.5 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 3,250.9 | — | — | — | — | reported | — | 1.00 |
| Inventory | 392.6 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 4,510.8 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 1,939 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 7,436.3 | — | — | — | — | reported | — | 1.00 |
|
Goodwill
Asseco Poland
|
2,237.3 | — | — | — | — | reported | Asseco Poland | 1.00 |
|
Goodwill
Asseco International
|
1,843.1 | — | — | — | — | reported | Asseco International | 1.00 |
|
Goodwill
Formula Systems
|
1,757.5 | — | — | — | — | reported | Formula Systems | 1.00 |
| Tangible equity | 4,700.3 | — | — | — | — | derived | — | 1.00 |
| CFO | 194.7 | — | — | 194.7 | — | reported | — | 1.00 |
| CapEx | 134 | — | — | 134 | — | reported | — | 1.00 |
| FCF | 60.7 | — | — | 60.7 | — | derived | — | 0.80 |
| CFO conversion | 13.3% | — | — | 13.3% | — | derived | — | 0.80 |
| Dividends paid | 1,050.7 | — | — | 1,050.7 | — | reported | — | 1.00 |
| Net acquisitions | 164.1 | — | — | 164.1 | — | reported | — | 1.00 |
| Current ratio | 1.57x | — | — | — | — | derived | — | 1.00 |
| Quick ratio | 1.46x | — | — | — | — | derived | — | 0.85 |
| Cash ratio | 0.69x | — | — | — | — | derived | — | 1.00 |
| Debt / equity | 0.3x | — | — | — | — | derived | — | 1.00 |
| Debt / assets | 0.16x | — | — | — | — | derived | — | 1.00 |
| Net debt / equity | -0.12x | — | — | — | — | derived | — | 1.00 |
| Revenue growth (YoY) | 15.82% | — | — | 15.82% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | 26.68% | — | — | 26.68% | — | derived | — | 1.00 |
| EBIT growth (YoY) | 37.72% | — | — | 37.72% | — | derived | — | 1.00 |
| Net income growth (YoY) | 52.34% | — | — | 52.34% | — | derived | — | 1.00 |
| EPS growth (YoY) | 28.99% | — | — | 28.99% | — | derived | — | 1.00 |
| Gross margin Δ (YoY) | 1.77 pp | — | — | 1.77 pp | — | derived | — | 1.00 |
| EBITDA margin Δ (YoY) | 1.36 pp | — | — | 1.36 pp | — | derived | — | 1.00 |
| EBIT margin Δ (YoY) | 1.86 pp | — | — | 1.86 pp | — | derived | — | 1.00 |
| Net margin Δ (YoY) | 1.11 pp | — | — | 1.11 pp | — | derived | — | 1.00 |
H1 2026 · Δ YoY
Revenue
9,250.4
—
9,250.4
—
- H1 2025
- —
- YTD 2026
- 9,250.4
- Δ YoY
- —
Revenue
Asseco Poland
1,305.1
—
Asseco Poland
1,305.1
—
- H1 2025
- —
- YTD 2026
- 1,305.1
- Δ YoY
- —
Revenue
Asseco International
2,372.1
—
Asseco International
2,372.1
—
- H1 2025
- —
- YTD 2026
- 2,372.1
- Δ YoY
- —
Revenue
Formula Systems
5,592.8
—
Formula Systems
5,592.8
—
- H1 2025
- —
- YTD 2026
- 5,592.8
- Δ YoY
- —
Gross profit
2,145.1
—
2,145.1
—
- H1 2025
- —
- YTD 2026
- 2,145.1
- Δ YoY
- —
EBITDA
1,464.5
—
1,464.5
—
- H1 2025
- —
- YTD 2026
- 1,464.5
- Δ YoY
- —
EBIT
1,082.7
—
1,082.7
—
- H1 2025
- —
- YTD 2026
- 1,082.7
- Δ YoY
- —
EBIT
Asseco Poland
318.7
—
Asseco Poland
318.7
—
- H1 2025
- —
- YTD 2026
- 318.7
- Δ YoY
- —
EBIT
Asseco International
276.4
—
Asseco International
276.4
—
- H1 2025
- —
- YTD 2026
- 276.4
- Δ YoY
- —
EBIT
Formula Systems
481.8
—
Formula Systems
481.8
—
- H1 2025
- —
- YTD 2026
- 481.8
- Δ YoY
- —
EBT
1,063.4
—
1,063.4
—
- H1 2025
- —
- YTD 2026
- 1,063.4
- Δ YoY
- —
Net income
429.6
—
429.6
—
- H1 2025
- —
- YTD 2026
- 429.6
- Δ YoY
- —
EPS (basic)
(PLN)
5.34
—
5.34
—
- H1 2025
- —
- YTD 2026
- 5.34
- Δ YoY
- —
EPS (diluted)
(PLN)
5.34
—
5.34
—
- H1 2025
- —
- YTD 2026
- 5.34
- Δ YoY
- —
D&A
381.8
—
381.8
—
- H1 2025
- —
- YTD 2026
- 381.8
- Δ YoY
- —
Interest expense
88
—
88
—
- H1 2025
- —
- YTD 2026
- 88
- Δ YoY
- —
Income tax
251.1
—
251.1
—
- H1 2025
- —
- YTD 2026
- 251.1
- Δ YoY
- —
Shares (basic)
(m units)
80.51
—
80.51
—
- H1 2025
- —
- YTD 2026
- 80.51
- Δ YoY
- —
Gross margin
23.19%
—
23.19%
—
- H1 2025
- —
- YTD 2026
- 23.19%
- Δ YoY
- —
EBITDA margin
15.83%
—
15.83%
—
- H1 2025
- —
- YTD 2026
- 15.83%
- Δ YoY
- —
EBIT margin
11.7%
—
11.7%
—
- H1 2025
- —
- YTD 2026
- 11.7%
- Δ YoY
- —
EBIT margin
Asseco Poland
24.42%
—
Asseco Poland
24.42%
—
- H1 2025
- —
- YTD 2026
- 24.42%
- Δ YoY
- —
EBIT margin
Asseco International
11.65%
—
Asseco International
11.65%
—
- H1 2025
- —
- YTD 2026
- 11.65%
- Δ YoY
- —
EBIT margin
Formula Systems
8.62%
—
Formula Systems
8.62%
—
- H1 2025
- —
- YTD 2026
- 8.62%
- Δ YoY
- —
Net margin
4.64%
—
4.64%
—
- H1 2025
- —
- YTD 2026
- 4.64%
- Δ YoY
- —
D&A margin
4.13%
—
4.13%
—
- H1 2025
- —
- YTD 2026
- 4.13%
- Δ YoY
- —
Cash
5,104.7
—
5,104.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
3,638
—
3,638
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-1,466.7
—
-1,466.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
12,136.6
—
12,136.6
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
22,774
—
22,774
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
11,583.5
—
11,583.5
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
7,386.5
—
7,386.5
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
3,250.9
—
3,250.9
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
392.6
—
392.6
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
4,510.8
—
4,510.8
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
1,939
—
1,939
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
7,436.3
—
7,436.3
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
Asseco Poland
2,237.3
—
Asseco Poland
2,237.3
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
Asseco International
1,843.1
—
Asseco International
1,843.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
Formula Systems
1,757.5
—
Formula Systems
1,757.5
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
4,700.3
—
4,700.3
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
194.7
—
194.7
—
- H1 2025
- —
- YTD 2026
- 194.7
- Δ YoY
- —
CapEx
134
—
134
—
- H1 2025
- —
- YTD 2026
- 134
- Δ YoY
- —
FCF
60.7
—
60.7
—
- H1 2025
- —
- YTD 2026
- 60.7
- Δ YoY
- —
CFO conversion
13.3%
—
13.3%
—
- H1 2025
- —
- YTD 2026
- 13.3%
- Δ YoY
- —
Dividends paid
1,050.7
—
1,050.7
—
- H1 2025
- —
- YTD 2026
- 1,050.7
- Δ YoY
- —
Net acquisitions
164.1
—
164.1
—
- H1 2025
- —
- YTD 2026
- 164.1
- Δ YoY
- —
Current ratio
1.57x
—
1.57x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.46x
—
1.46x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.69x
—
0.69x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.3x
—
0.3x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.16x
—
0.16x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.12x
—
-0.12x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
15.82%
—
15.82%
—
- H1 2025
- —
- YTD 2026
- 15.82%
- Δ YoY
- —
EBITDA growth (YoY)
26.68%
—
26.68%
—
- H1 2025
- —
- YTD 2026
- 26.68%
- Δ YoY
- —
EBIT growth (YoY)
37.72%
—
37.72%
—
- H1 2025
- —
- YTD 2026
- 37.72%
- Δ YoY
- —
Net income growth (YoY)
52.34%
—
52.34%
—
- H1 2025
- —
- YTD 2026
- 52.34%
- Δ YoY
- —
EPS growth (YoY)
28.99%
—
28.99%
—
- H1 2025
- —
- YTD 2026
- 28.99%
- Δ YoY
- —
Gross margin Δ (YoY)
1.77 pp
—
1.77 pp
—
- H1 2025
- —
- YTD 2026
- 1.77 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
1.36 pp
—
1.36 pp
—
- H1 2025
- —
- YTD 2026
- 1.36 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
1.86 pp
—
1.86 pp
—
- H1 2025
- —
- YTD 2026
- 1.86 pp
- Δ YoY
- —
Net margin Δ (YoY)
1.11 pp
—
1.11 pp
—
- H1 2025
- —
- YTD 2026
- 1.11 pp
- Δ YoY
- —