PXM
Polimex Mostostal
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. August 31, 2026
H1 2026 report
Rekordowy portfel zamówień 8,66 mld zł (ponad dwukrotność rocznych przychodów), skoncentrowany w energetyce gazowej i sektorze Oil&Gas/chemia
Sentiment
●●●●●●
PXM
H1 2026 report
Revenue
1.87 bn PLN
— YoY
Net income
59.68 m PLN
— YoY
EBITDA
111.12 m PLN
— YoY
Gross margin
8.64%
— YoY
Summary
Investment thesis
- I półrocze 2026 pokazuje wyraźne pogorszenie rentowności (marża EBIT 4,35% wobec 5,44% rok wcześniej) i głęboko ujemne przepływy operacyjne (-52,4 mln zł) mimo dodatniego zysku netto
- Bilans pozostaje bardzo mocny: pozycja gotówki netto -582 mln zł długu netto, rosnący kapitał własny, brak istotnego zadłużenia finansowego
- Spółka jest de facto kontrolowana przez konsorcjum czterech państwowych grup energetycznych (ENEA/PGE/Orlen/Energa, łącznie 62,8% akcji), które są też głównym odbiorcą usług Grupy (60% przychodów od podmiotów powiązanych)
- Nierozstrzygnięte spory sądowe (Grupa Azoty Puławy, znak towarowy Mostostal) oraz niewyjaśniona rotacja zarządu w trakcie i tuż po okresie sprawozdawczym dodają niepewności ponad samą operacyjną słabość kwartału
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Financials
BETA
PXM · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,004.37 | 4,130.49 | −75.7% | 1,865.62 | −54.8% | reported | — | 1.00 |
| Gross profit | 91.07 | 336 | −72.9% | 161.18 | −52% | reported | — | 1.00 |
| EBITDA | 111.12 | 242.7 | −54.2% | 111.12 | −54.2% | derived | — | 0.90 |
| EBIT | 50.68 | 187.9 | −73% | 81.23 | −56.8% | reported | — | 1.00 |
| EBT | 49.82 | 177.58 | −71.9% | 83.34 | −53.1% | reported | — | 1.00 |
| Net income | 39.75 | 134.31 | −70.4% | 59.68 | −55.6% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.16 | 0.54 | — | 0.24 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.23 | — | — | 0.23 | — | reported | — | 1.00 |
| D&A | 29.9 | 54.8 | −45.4% | 29.9 | −45.4% | reported | — | 1.00 |
| Interest expense | 3.71 | 24.84 | −85.1% | 3.71 | −85.1% | reported | — | 0.75 |
| Income tax | 23.66 | — | — | 23.66 | — | reported | — | 1.00 |
| Gross margin | 9.07% | 8130% | −8120.9 pp | 8.64% | −8121.4 pp | derived | — | 0.95 |
| EBITDA margin | 5.96% | 5880% | −5874 pp | 5.96% | −5874 pp | derived | — | 0.85 |
| EBIT margin | 5.05% | 4550% | −4545 pp | 4.35% | −4545.6 pp | derived | — | 0.95 |
| Net margin | 3.96% | 3250% | −3246 pp | 3.2% | −3246.8 pp | derived | — | 0.95 |
| Cash | 676.53 | 813.14 | −16.8% | — | — | reported | — | 1.00 |
| Total debt | 94.27 | 119.8 | −21.3% | — | — | reported | — | 0.95 |
| Net debt | -582.26 | -693.34 | +16% | — | — | derived | — | 0.90 |
| Equity | 796.9 | 731.49 | +8.9% | — | — | reported | — | 1.00 |
| Total assets | 2,909.89 | 3,051.51 | −4.6% | — | — | reported | — | 1.00 |
| Current assets | 2,006.43 | 2,140.02 | −6.2% | — | — | reported | — | 1.00 |
| Current liabilities | 1,953.81 | 2,154.9 | −9.3% | — | — | reported | — | 1.00 |
| Non-current liabilities | 159.19 | — | — | — | — | reported | — | 1.00 |
| Inventory | 174.47 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 653.04 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 746.66 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 95.77 | 95.89 | −0.1% | — | — | reported | — | 0.95 |
| Tangible equity | 701.13 | 635.6 | +10.3% | — | — | derived | — | 0.90 |
| CFO | -52.38 | 267.47 | −119.6% | -52.38 | −119.6% | reported | — | 1.00 |
| CapEx | 52.85 | 38.68 | +36.6% | 52.85 | +36.6% | reported | — | 1.00 |
| FCF | -105.22 | 228.79 | −146% | -105.22 | −146% | derived | — | 0.90 |
| FCF conversion | -94.69% | — | — | -94.69% | — | derived | — | 0.85 |
| CFO conversion | -47.13% | — | — | -47.13% | — | derived | — | 0.85 |
| Current ratio | 1.03x | 990x | −988.97x | — | — | derived | — | 0.95 |
| Quick ratio | 0.94x | 900x | −899.06x | — | — | derived | — | 0.95 |
| Cash ratio | 0.35x | 380x | −379.65x | — | — | derived | — | 0.95 |
| Interest coverage | 21.92x | 7560x | −7538.08x | 21.92x | −7538.08x | derived | — | 0.70 |
| Debt / equity | 0.12x | 160x | −159.88x | — | — | derived | — | 0.90 |
| Debt / assets | 0.03x | 40x | −39.97x | — | — | derived | — | 0.90 |
| Net debt / equity | -0.73x | -950x | +949.27x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | -3.03% | 44640% | — | -2.36% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | -14.14% | 169240% | — | -14.14% | — | derived | — | 0.85 |
| EBIT growth (YoY) | -21.82% | 147060% | — | -21.86% | — | derived | — | 0.95 |
| Net income growth (YoY) | -19.59% | 138530% | — | -22.39% | — | derived | — | 0.95 |
| EPS growth (YoY) | -23.62% | 137660% | — | -23.62% | — | derived | — | 0.95 |
| Gross margin Δ (YoY) | -0.57 pp | 17210 pp | — | -0.57 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -0.82 pp | 18160 pp | — | -0.82 pp | — | derived | — | 0.80 |
| EBIT margin Δ (YoY) | -1.09 pp | 18530 pp | — | -1.09 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -0.83 pp | 15460 pp | — | -0.83 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
1,004.37
−75.7%
1,004.37
−75.7%
- H1 2025
- 4,130.49
- YTD 2026
- 1,865.62
- Δ YoY
- −54.8%
Gross profit
91.07
−72.9%
91.07
−72.9%
- H1 2025
- 336
- YTD 2026
- 161.18
- Δ YoY
- −52%
EBITDA
111.12
−54.2%
111.12
−54.2%
- H1 2025
- 242.7
- YTD 2026
- 111.12
- Δ YoY
- −54.2%
EBIT
50.68
−73%
50.68
−73%
- H1 2025
- 187.9
- YTD 2026
- 81.23
- Δ YoY
- −56.8%
EBT
49.82
−71.9%
49.82
−71.9%
- H1 2025
- 177.58
- YTD 2026
- 83.34
- Δ YoY
- −53.1%
Net income
39.75
−70.4%
39.75
−70.4%
- H1 2025
- 134.31
- YTD 2026
- 59.68
- Δ YoY
- −55.6%
EPS (basic)
(PLN)
0.16
—
0.16
—
- H1 2025
- 0.54
- YTD 2026
- 0.24
- Δ YoY
- —
EPS (diluted)
(PLN)
0.23
—
0.23
—
- H1 2025
- —
- YTD 2026
- 0.23
- Δ YoY
- —
D&A
29.9
−45.4%
29.9
−45.4%
- H1 2025
- 54.8
- YTD 2026
- 29.9
- Δ YoY
- −45.4%
Interest expense
3.71
−85.1%
3.71
−85.1%
- H1 2025
- 24.84
- YTD 2026
- 3.71
- Δ YoY
- −85.1%
Income tax
23.66
—
23.66
—
- H1 2025
- —
- YTD 2026
- 23.66
- Δ YoY
- —
Gross margin
9.07%
−8120.9 pp
9.07%
−8120.9 pp
- H1 2025
- 8130%
- YTD 2026
- 8.64%
- Δ YoY
- −8121.4 pp
EBITDA margin
5.96%
−5874 pp
5.96%
−5874 pp
- H1 2025
- 5880%
- YTD 2026
- 5.96%
- Δ YoY
- −5874 pp
EBIT margin
5.05%
−4545 pp
5.05%
−4545 pp
- H1 2025
- 4550%
- YTD 2026
- 4.35%
- Δ YoY
- −4545.6 pp
Net margin
3.96%
−3246 pp
3.96%
−3246 pp
- H1 2025
- 3250%
- YTD 2026
- 3.2%
- Δ YoY
- −3246.8 pp
Cash
676.53
−16.8%
676.53
−16.8%
- H1 2025
- 813.14
- YTD 2026
- —
- Δ YoY
- —
Total debt
94.27
−21.3%
94.27
−21.3%
- H1 2025
- 119.8
- YTD 2026
- —
- Δ YoY
- —
Net debt
-582.26
+16%
-582.26
+16%
- H1 2025
- -693.34
- YTD 2026
- —
- Δ YoY
- —
Equity
796.9
+8.9%
796.9
+8.9%
- H1 2025
- 731.49
- YTD 2026
- —
- Δ YoY
- —
Total assets
2,909.89
−4.6%
2,909.89
−4.6%
- H1 2025
- 3,051.51
- YTD 2026
- —
- Δ YoY
- —
Current assets
2,006.43
−6.2%
2,006.43
−6.2%
- H1 2025
- 2,140.02
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
1,953.81
−9.3%
1,953.81
−9.3%
- H1 2025
- 2,154.9
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
159.19
—
159.19
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
174.47
—
174.47
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
653.04
—
653.04
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
746.66
—
746.66
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
95.77
−0.1%
95.77
−0.1%
- H1 2025
- 95.89
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
701.13
+10.3%
701.13
+10.3%
- H1 2025
- 635.6
- YTD 2026
- —
- Δ YoY
- —
CFO
-52.38
−119.6%
-52.38
−119.6%
- H1 2025
- 267.47
- YTD 2026
- -52.38
- Δ YoY
- −119.6%
CapEx
52.85
+36.6%
52.85
+36.6%
- H1 2025
- 38.68
- YTD 2026
- 52.85
- Δ YoY
- +36.6%
FCF
-105.22
−146%
-105.22
−146%
- H1 2025
- 228.79
- YTD 2026
- -105.22
- Δ YoY
- −146%
FCF conversion
-94.69%
—
-94.69%
—
- H1 2025
- —
- YTD 2026
- -94.69%
- Δ YoY
- —
CFO conversion
-47.13%
—
-47.13%
—
- H1 2025
- —
- YTD 2026
- -47.13%
- Δ YoY
- —
Current ratio
1.03x
−988.97x
1.03x
−988.97x
- H1 2025
- 990x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.94x
−899.06x
0.94x
−899.06x
- H1 2025
- 900x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.35x
−379.65x
0.35x
−379.65x
- H1 2025
- 380x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
21.92x
−7538.08x
21.92x
−7538.08x
- H1 2025
- 7560x
- YTD 2026
- 21.92x
- Δ YoY
- −7538.08x
Debt / equity
0.12x
−159.88x
0.12x
−159.88x
- H1 2025
- 160x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.03x
−39.97x
0.03x
−39.97x
- H1 2025
- 40x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.73x
+949.27x
-0.73x
+949.27x
- H1 2025
- -950x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-3.03%
—
-3.03%
—
- H1 2025
- 44640%
- YTD 2026
- -2.36%
- Δ YoY
- —
EBITDA growth (YoY)
-14.14%
—
-14.14%
—
- H1 2025
- 169240%
- YTD 2026
- -14.14%
- Δ YoY
- —
EBIT growth (YoY)
-21.82%
—
-21.82%
—
- H1 2025
- 147060%
- YTD 2026
- -21.86%
- Δ YoY
- —
Net income growth (YoY)
-19.59%
—
-19.59%
—
- H1 2025
- 138530%
- YTD 2026
- -22.39%
- Δ YoY
- —
EPS growth (YoY)
-23.62%
—
-23.62%
—
- H1 2025
- 137660%
- YTD 2026
- -23.62%
- Δ YoY
- —
Gross margin Δ (YoY)
-0.57 pp
—
-0.57 pp
—
- H1 2025
- 17210 pp
- YTD 2026
- -0.57 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-0.82 pp
—
-0.82 pp
—
- H1 2025
- 18160 pp
- YTD 2026
- -0.82 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-1.09 pp
—
-1.09 pp
—
- H1 2025
- 18530 pp
- YTD 2026
- -1.09 pp
- Δ YoY
- —
Net margin Δ (YoY)
-0.83 pp
—
-0.83 pp
—
- H1 2025
- 15460 pp
- YTD 2026
- -0.83 pp
- Δ YoY
- —