VOX Voxel Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 03, 2026

H1 2026 report

Segment IT & infrastruktura (Alteris, Radpoint) staje się drugim silnikiem wzrostu Grupy — 77% przyrostu przychodów 1H26 i skok marży EBITDA z 10% do 27%, napędzany kontraktami PUI/KPO dla Centrum e-Zdrowia i szpitali.

Sentiment

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Website

VOX H1 2026 report

Revenue

342.01 m PLN

— YoY

Net income

64.43 m PLN

— YoY

EBITDA

115.44 m PLN

— YoY

Gross margin

30.2%

— YoY

Summary

Investment thesis

Rdzeń medyczny (segment Diagnostyka, 65% przychodów) po raz pierwszy realnie ucierpiał na decyzji regulacyjnej NFZ (50% finansowanie nadwykonań TK/MR od 2Q26) — wolumeny -10% r/r w 2Q26.
Bilans pozostaje bezpieczny (net debt/equity ≈0,28x, current ratio ≈1,52x), a FCF wrócił do dodatniego poziomu mimo wyższego CAPEX.
Nierozstrzygnięty spór o podatek u źródła od dywidend do luksemburskiego akcjonariusza dominującego (Voxel International S.a.r.l.) pozostaje otwartym ryzykiem podatkowym i governance'owym.
Backlog segmentu IT (Alteris ~185 mln zł, Radpoint ~23 mln zł na 2026 rok, oba wyraźnie wyżej r/r) daje konkretną, zweryfikowalną podstawę do oczekiwania kontynuacji wzrostu w tym segmencie.

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Financials

BETA

H1 2026

VOX · H1 2026

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

Revenue	184.82	—	—	342.01	—	reported	—	1.00
Gross profit	103.3	—	—	103.3	—	reported	—	1.00
EBITDA	58.24	—	—	115.44	—	reported	—	1.00
EBIT	43.15	—	—	85.65	—	reported	—	1.00
EBT	81.53	—	—	81.53	—	reported	—	1.00
Net income	32.53	—	—	64.43	—	reported	—	1.00
EPS (basic) (PLN)	6.13	—	—	6.13	—	reported	—	1.00
EPS (diluted) (PLN)	6.13	—	—	6.13	—	reported	—	1.00
D&A	29.78	—	—	29.78	—	reported	—	1.00
Interest expense	4.27	—	—	4.27	—	reported	—	0.70
Income tax	15.82	—	—	15.82	—	reported	—	1.00

Gross margin	30.2%	—	—	30.2%	—	reported	—	0.90
EBITDA margin	33.75%	—	—	33.75%	—	reported	—	0.90
EBIT margin	25.04%	—	—	25.04%	—	reported	—	0.90
Net margin	19.21%	—	—	19.21%	—	reported	—	0.90

Cash	34.91	—	—	—	—	reported	—	1.00
Total debt	158.69	—	—	—	—	derived	—	0.90
Net debt	123.77	—	—	—	—	derived	—	0.90
Equity	447.3	—	—	—	—	reported	—	1.00
Total assets	758.7	—	—	—	—	reported	—	1.00
Working capital	81.36	—	—	—	—	derived	—	0.90
Current assets	236.46	—	—	—	—	reported	—	1.00
Current liabilities	155.11	—	—	—	—	reported	—	1.00
Non-current liabilities	156.3	—	—	—	—	reported	—	1.00
Inventory	25.74	—	—	—	—	reported	—	1.00
Trade receivables	172.18	—	—	—	—	reported	—	1.00
Trade payables	103.58	—	—	—	—	reported	—	1.00
Goodwill	131.35	—	—	—	—	derived	—	0.90

CFO	110.27	—	—	110.27	—	reported	—	1.00
CapEx	52.53	—	—	52.53	—	reported	—	1.00
FCF	57.74	—	—	57.74	—	derived	—	0.90
FCF conversion	50.02%	—	—	50.02%	—	reported	—	0.80
CFO conversion	95.53%	—	—	95.53%	—	reported	—	0.80
Dividends paid	26.98	—	—	26.98	—	reported	—	0.90

Current ratio	1.52x	—	—	—	—	reported	—	0.90
Quick ratio	1.36x	—	—	—	—	reported	—	0.90
Cash ratio	0.23x	—	—	—	—	reported	—	0.90
Interest coverage	20.04x	—	—	20.04x	—	reported	—	0.70

Debt / equity	0.35x	—	—	—	—	reported	—	0.80
Debt / assets	0.21x	—	—	—	—	reported	—	0.80
Net debt / equity	0.28x	—	—	—	—	reported	—	0.80

Revenue growth (YoY)	19.92%	—	—	19.92%	—	reported	—	0.90
EBITDA growth (YoY)	29.4%	—	—	29.4%	—	reported	—	0.90
EBIT growth (YoY)	37.35%	—	—	37.35%	—	reported	—	0.90
Net income growth (YoY)	39.63%	—	—	39.63%	—	reported	—	0.90
EPS growth (YoY)	39.64%	—	—	39.64%	—	reported	—	0.90
Gross margin Δ (YoY)	2.49 pp	—	—	2.49 pp	—	reported	—	0.80
EBITDA margin Δ (YoY)	2.47 pp	—	—	2.47 pp	—	reported	—	0.80
EBIT margin Δ (YoY)	3.17 pp	—	—	3.17 pp	—	reported	—	0.80
Net margin Δ (YoY)	2.8 pp	—	—	2.8 pp	—	reported	—	0.80

H1 2026 · Δ YoY

Revenue

184.82 —

H1 2025: —
YTD 2026: 342.01
Δ YoY: —

Gross profit

103.3 —

H1 2025: —
YTD 2026: 103.3
Δ YoY: —

EBITDA

58.24 —

H1 2025: —
YTD 2026: 115.44
Δ YoY: —

EBIT

43.15 —

H1 2025: —
YTD 2026: 85.65
Δ YoY: —

EBT

81.53 —

H1 2025: —
YTD 2026: 81.53
Δ YoY: —

Net income

32.53 —

H1 2025: —
YTD 2026: 64.43
Δ YoY: —

EPS (basic) (PLN)

6.13 —

H1 2025: —
YTD 2026: 6.13
Δ YoY: —

EPS (diluted) (PLN)

6.13 —

H1 2025: —
YTD 2026: 6.13
Δ YoY: —

D&A

29.78 —

H1 2025: —
YTD 2026: 29.78
Δ YoY: —

Interest expense

4.27 —

H1 2025: —
YTD 2026: 4.27
Δ YoY: —

Income tax

15.82 —

H1 2025: —
YTD 2026: 15.82
Δ YoY: —

Gross margin

30.2% —

H1 2025: —
YTD 2026: 30.2%
Δ YoY: —

EBITDA margin

33.75% —

H1 2025: —
YTD 2026: 33.75%
Δ YoY: —

EBIT margin

25.04% —

H1 2025: —
YTD 2026: 25.04%
Δ YoY: —

Net margin

19.21% —

H1 2025: —
YTD 2026: 19.21%
Δ YoY: —

Cash

34.91 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

158.69 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

123.77 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

447.3 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total assets

758.7 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Working capital

81.36 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

236.46 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

155.11 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

156.3 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

25.74 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

172.18 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

103.58 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

131.35 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

110.27 —

H1 2025: —
YTD 2026: 110.27
Δ YoY: —

CapEx

52.53 —

H1 2025: —
YTD 2026: 52.53
Δ YoY: —

FCF

57.74 —

H1 2025: —
YTD 2026: 57.74
Δ YoY: —

FCF conversion

50.02% —

H1 2025: —
YTD 2026: 50.02%
Δ YoY: —

CFO conversion

95.53% —

H1 2025: —
YTD 2026: 95.53%
Δ YoY: —

Dividends paid

26.98 —

H1 2025: —
YTD 2026: 26.98
Δ YoY: —

Current ratio

1.52x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

1.36x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.23x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

20.04x —

H1 2025: —
YTD 2026: 20.04x
Δ YoY: —

Debt / equity

0.35x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.21x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.28x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

19.92% —

H1 2025: —
YTD 2026: 19.92%
Δ YoY: —

EBITDA growth (YoY)

29.4% —

H1 2025: —
YTD 2026: 29.4%
Δ YoY: —

EBIT growth (YoY)

37.35% —

H1 2025: —
YTD 2026: 37.35%
Δ YoY: —

Net income growth (YoY)

39.63% —

H1 2025: —
YTD 2026: 39.63%
Δ YoY: —

EPS growth (YoY)

39.64% —

H1 2025: —
YTD 2026: 39.64%
Δ YoY: —

Gross margin Δ (YoY)

2.49 pp —

H1 2025: —
YTD 2026: 2.49 pp
Δ YoY: —

EBITDA margin Δ (YoY)

2.47 pp —

H1 2025: —
YTD 2026: 2.47 pp
Δ YoY: —

EBIT margin Δ (YoY)

3.17 pp —

H1 2025: —
YTD 2026: 3.17 pp
Δ YoY: —

Net margin Δ (YoY)

2.8 pp —

H1 2025: —
YTD 2026: 2.8 pp
Δ YoY: —