Q2 2026 report
Grupa WEC skaluje działalność windykacyjną (B2B inkaso + zakup portfeli B2C) z przychodami rosnącymi o 51,7% r/r YTD i zyskiem netto rosnącym ponad 3-krotnie r/r YTD, przy poprawiającej się marży EBITDA (42,7%, +5,2 pp r/r).
Sentiment
Positive
No guidance change
KPI
Q2 2026 report
Revenue
7.32 m PLN
— YoY
Net income
1.2 m PLN
— YoY
EBITDA
2.98 m PLN
— YoY
FCF
-4.15 m PLN
— YoY
Summary
Investment thesis
- Kluczowy aktyw bilansowy — zakupione portfele wierzytelności masowych ujęte jako należności długoterminowe (16,3 mln zł) — jest wyceniany w cenie zakupu minus odpisy, ale ten skrócony raport nie ujawnia polityki ani wysokości tych odpisów.
- Mimo rekordowego zysku księgowego, przepływy operacyjne pozostają głęboko ujemne (-3,62 mln zł YTD), co oznacza, że wzrost jest na razie finansowany długiem i kapitałem obrotowym, a nie generowaną gotówką.
- Zadłużenie odsetkowe jest wysokie względem kapitałów własnych (dług netto/kapitał własny ok. 3,4x), a część długoterminowego finansowania przesunęła się w krótki termin przy jednoczesnym spadku gotówki o 54% kw/kw — refinansowanie będzie kluczowym tematem najbliższych kwartałów.
- Struktura właścicielska jest silnie skoncentrowana (62,1% głosów w rękach dwóch osób zasiadających jednocześnie w zarządzie), co przy braku pełnych not o transakcjach powiązanych ogranicza możliwość niezależnej weryfikacji ładu korporacyjnego.
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Financials
BETA
KPI · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,315.26 | — | — | 12,151.55 | — | reported | — | 1.00 |
| EBITDA | 2,980.13 | — | — | 5,184.98 | — | reported | — | 0.70 |
| EBIT | 2,922.19 | — | — | 5,070.21 | — | reported | — | 1.00 |
| EBT | 1,282.66 | — | — | 2,169.65 | — | reported | — | 1.00 |
| Net income | 1,201.67 | — | — | 2,013.84 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.12 | — | — | 0.2 | — | derived | — | 0.70 |
| D&A | 57.94 | — | — | 114.78 | — | reported | — | 1.00 |
| Interest expense | 1,235.88 | — | — | 2,069.9 | — | reported | — | 1.00 |
| Income tax | 31.89 | — | — | 85.92 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 9.88 | — | — | — | — | reported | — | 1.00 |
| EBITDA margin | 40.74% | — | — | 42.67% | — | reported | — | 0.70 |
| EBIT margin | 39.94% | — | — | 41.72% | — | reported | — | 0.70 |
| Net margin | 16.43% | — | — | 16.57% | — | reported | — | 0.70 |
| Cash | 1,594.25 | — | — | — | — | reported | — | 1.00 |
| Total debt | 44,109.08 | — | — | — | — | reported | — | 1.00 |
| Net debt | 42,514.83 | — | — | — | — | reported | — | 0.90 |
| Equity | 12,345.4 | — | — | — | — | reported | — | 1.00 |
| Total assets | 61,408.3 | — | — | — | — | reported | — | 1.00 |
| Working capital | 8,149.37 | — | — | — | — | reported | — | 0.90 |
| Current assets | 33,336.82 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 25,187.45 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 23,830.78 | — | — | — | — | reported | — | 0.90 |
| Trade receivables | 9,250.41 | — | — | — | — | reported | — | 0.80 |
| Trade payables | 3,378.3 | — | — | — | — | reported | — | 1.00 |
| CFO | -4,027.71 | — | — | -3,618.19 | — | reported | — | 1.00 |
| CapEx | 126.62 | — | — | 1,088.72 | — | reported | — | 1.00 |
| FCF | -4,154.33 | — | — | -4,706.91 | — | reported | — | 0.70 |
| FCF conversion | -139.4% | — | — | -90.78% | — | reported | — | 0.60 |
| CFO conversion | -135.15% | — | — | -69.79% | — | reported | — | 0.60 |
| Dividends paid | — | — | — | 0 | — | reported | — | 1.00 |
| Current ratio | 1.32x | — | — | — | — | reported | — | 0.90 |
| Quick ratio | 1.32x | — | — | — | — | reported | — | 0.85 |
| Cash ratio | 0.06x | — | — | — | — | reported | — | 0.90 |
| Interest coverage | 2.37x | — | — | 2.45x | — | reported | — | 0.80 |
| Debt / equity | 3.57x | — | — | — | — | reported | — | 0.90 |
| Debt / assets | 0.72x | — | — | — | — | reported | — | 0.90 |
| Net debt / equity | 3.44x | — | — | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | 77.7% | — | — | 51.72% | — | reported | — | 0.70 |
| EBITDA growth (YoY) | 81.03% | — | — | 72.68% | — | reported | — | 0.70 |
| EBIT growth (YoY) | 83.72% | — | — | 75.68% | — | reported | — | 0.70 |
| Net income growth (YoY) | 1064.6% | — | — | 312.57% | — | reported | — | 0.70 |
| EPS growth (YoY) | 1064.6% | — | — | 312.57% | — | reported | — | 0.60 |
| EBITDA margin Δ (YoY) | 0.74 pp | — | — | 5.18 pp | — | reported | — | 0.70 |
| EBIT margin Δ (YoY) | 1.31 pp | — | — | 5.68 pp | — | reported | — | 0.70 |
| Net margin Δ (YoY) | 13.92 pp | — | — | 10.48 pp | — | reported | — | 0.70 |
Q2 2026 · Δ YoY
Revenue
7,315.26
—
7,315.26
—
- Q2 2025
- —
- YTD 2026
- 12,151.55
- Δ YoY
- —
EBITDA
2,980.13
—
2,980.13
—
- Q2 2025
- —
- YTD 2026
- 5,184.98
- Δ YoY
- —
EBIT
2,922.19
—
2,922.19
—
- Q2 2025
- —
- YTD 2026
- 5,070.21
- Δ YoY
- —
EBT
1,282.66
—
1,282.66
—
- Q2 2025
- —
- YTD 2026
- 2,169.65
- Δ YoY
- —
Net income
1,201.67
—
1,201.67
—
- Q2 2025
- —
- YTD 2026
- 2,013.84
- Δ YoY
- —
EPS (basic)
(PLN)
0.12
—
0.12
—
- Q2 2025
- —
- YTD 2026
- 0.2
- Δ YoY
- —
D&A
57.94
—
57.94
—
- Q2 2025
- —
- YTD 2026
- 114.78
- Δ YoY
- —
Interest expense
1,235.88
—
1,235.88
—
- Q2 2025
- —
- YTD 2026
- 2,069.9
- Δ YoY
- —
Income tax
31.89
—
31.89
—
- Q2 2025
- —
- YTD 2026
- 85.92
- Δ YoY
- —
Shares (basic)
(m units)
9.88
—
9.88
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
40.74%
—
40.74%
—
- Q2 2025
- —
- YTD 2026
- 42.67%
- Δ YoY
- —
EBIT margin
39.94%
—
39.94%
—
- Q2 2025
- —
- YTD 2026
- 41.72%
- Δ YoY
- —
Net margin
16.43%
—
16.43%
—
- Q2 2025
- —
- YTD 2026
- 16.57%
- Δ YoY
- —
Cash
1,594.25
—
1,594.25
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
44,109.08
—
44,109.08
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
42,514.83
—
42,514.83
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
12,345.4
—
12,345.4
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
61,408.3
—
61,408.3
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
8,149.37
—
8,149.37
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
33,336.82
—
33,336.82
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
25,187.45
—
25,187.45
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
23,830.78
—
23,830.78
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
9,250.41
—
9,250.41
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
3,378.3
—
3,378.3
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-4,027.71
—
-4,027.71
—
- Q2 2025
- —
- YTD 2026
- -3,618.19
- Δ YoY
- —
CapEx
126.62
—
126.62
—
- Q2 2025
- —
- YTD 2026
- 1,088.72
- Δ YoY
- —
FCF
-4,154.33
—
-4,154.33
—
- Q2 2025
- —
- YTD 2026
- -4,706.91
- Δ YoY
- —
FCF conversion
-139.4%
—
-139.4%
—
- Q2 2025
- —
- YTD 2026
- -90.78%
- Δ YoY
- —
CFO conversion
-135.15%
—
-135.15%
—
- Q2 2025
- —
- YTD 2026
- -69.79%
- Δ YoY
- —
Dividends paid
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Current ratio
1.32x
—
1.32x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.32x
—
1.32x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.06x
—
0.06x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
2.37x
—
2.37x
—
- Q2 2025
- —
- YTD 2026
- 2.45x
- Δ YoY
- —
Debt / equity
3.57x
—
3.57x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.72x
—
0.72x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
3.44x
—
3.44x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
77.7%
—
77.7%
—
- Q2 2025
- —
- YTD 2026
- 51.72%
- Δ YoY
- —
EBITDA growth (YoY)
81.03%
—
81.03%
—
- Q2 2025
- —
- YTD 2026
- 72.68%
- Δ YoY
- —
EBIT growth (YoY)
83.72%
—
83.72%
—
- Q2 2025
- —
- YTD 2026
- 75.68%
- Δ YoY
- —
Net income growth (YoY)
1064.6%
—
1064.6%
—
- Q2 2025
- —
- YTD 2026
- 312.57%
- Δ YoY
- —
EPS growth (YoY)
1064.6%
—
1064.6%
—
- Q2 2025
- —
- YTD 2026
- 312.57%
- Δ YoY
- —
EBITDA margin Δ (YoY)
0.74 pp
—
0.74 pp
—
- Q2 2025
- —
- YTD 2026
- 5.18 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
1.31 pp
—
1.31 pp
—
- Q2 2025
- —
- YTD 2026
- 5.68 pp
- Δ YoY
- —
Net margin Δ (YoY)
13.92 pp
—
13.92 pp
—
- Q2 2025
- —
- YTD 2026
- 10.48 pp
- Δ YoY
- —