H1 2026 report
Przychody stabilne (+0,5% r/r) dzięki dominującej pozycji serwisu ifirma.pl (98% przychodów), ale zysk operacyjny i netto spadły o ok. 28% r/r w wyniku niemal podwojenia wydatków na sprzedaż i marketing.
Sentiment
●●●●●●
IFI
H1 2026 report
Revenue
33.72 m PLN
— YoY
Net income
5.45 m PLN
— YoY
EBITDA
6.86 m PLN
— YoY
Gross margin
39.47%
— YoY
Summary
Investment thesis
- Spółka pozostaje praktycznie bezdłużna (zero zobowiązań długoterminowych, brak kredytów) i utrzymuje nadwyżkę środków ulokowaną w obligacjach skarbowych — bilans jest bardzo bezpieczny.
- Model biznesowy jest gotówkotwórczy: OCF (7,4 mln zł) nadal przewyższa zysk netto, choć konwersja gotówki lekko się pogorszyła r/r wraz ze spadkiem EBITDA.
- Spółka realizuje agresywną politykę dywidendową (30–100% zysku netto), co w I półroczu 2026 przełożyło się na wypłatę zaliczek stanowiących blisko 80% wyniku netto okresu — ogranicza to akumulację kapitału na przyszłe inwestycje.
- Skokowy wzrost CAPEX (modernizacja infrastruktury serwerowej, ok. 1,5 mln zł w I półroczu wobec 53 tys. zł rok wcześniej) sygnalizuje inwestycję w technologię, ale też częściowo tłumaczy presję na marże w krótkim terminie.
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Financials
BETA
IFI · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 33,724 | — | — | 33,724 | — | reported | — | 1.00 |
|
Revenue
Serwis internetowy i BR ifirma.pl
|
33,213 | — | — | 33,213 | — | reported | Serwis internetowy i BR ifirma.pl | 1.00 |
|
Revenue
Usługi IT/dedykowane rozwiązania informatyczne
|
346 | — | — | 346 | — | reported | Usługi IT/dedykowane rozwiązania informatyczne | 1.00 |
|
Revenue
Outsourcing i rekrutacja specjalistów IT
|
165 | — | — | 165 | — | reported | Outsourcing i rekrutacja specjalistów IT | 1.00 |
| Gross profit | 13,309 | — | — | 13,309 | — | reported | — | 1.00 |
| EBITDA | 6,856 | — | — | 6,856 | — | derived | — | 0.90 |
| EBIT | 6,498 | — | — | 6,498 | — | reported | — | 1.00 |
| EBT | 6,800 | — | — | 6,800 | — | reported | — | 1.00 |
| Net income | 5,449 | — | — | 5,449 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.85 | — | — | 0.85 | — | derived | — | 0.90 |
| D&A | 358 | — | — | 358 | — | reported | — | 1.00 |
| Income tax | 1,351 | — | — | 1,351 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 6.4 | — | — | 6.4 | — | reported | — | 1.00 |
| Gross margin | 39.47% | — | — | 39.47% | — | derived | — | 1.00 |
| EBITDA margin | 20.33% | — | — | 20.33% | — | derived | — | 0.90 |
| EBIT margin | 19.27% | — | — | 19.27% | — | derived | — | 1.00 |
| EBT margin | 20.16% | — | — | 20.16% | — | derived | — | 1.00 |
| Net margin | 16.16% | — | — | 16.16% | — | derived | — | 1.00 |
| D&A margin | 1.06% | — | — | 1.06% | — | derived | — | 1.00 |
| Cash | 2,169 | — | — | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | — | — | reported | — | 0.90 |
| Net debt | -2,169 | — | — | — | — | derived | — | 0.90 |
| Equity | 17,606 | — | — | — | — | reported | — | 1.00 |
| Total assets | 30,116 | — | — | — | — | reported | — | 1.00 |
| Working capital | 5,170 | — | — | — | — | derived | — | 1.00 |
| Current assets | 11,724 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 6,554 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 0 | — | — | — | — | reported | — | 1.00 |
| Inventory | 1 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 5,193 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 794 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 16,812 | — | — | — | — | derived | — | 1.00 |
| CFO | 7,408 | — | — | 7,408 | — | reported | — | 1.00 |
| CapEx | 1,485 | — | — | 1,485 | — | reported | — | 1.00 |
| FCF | 5,923 | — | — | 5,923 | — | derived | — | 1.00 |
| FCF conversion | 86.39% | — | — | 86.39% | — | derived | — | 0.90 |
| CFO conversion | 108.05% | — | — | 108.05% | — | derived | — | 0.90 |
| Dividends paid | 4,736 | — | — | 4,736 | — | reported | — | 1.00 |
| ROE | 63% | — | — | — | — | derived | — | 0.60 |
| Current ratio | 1.79x | — | — | — | — | derived | — | 1.00 |
| Quick ratio | 1.79x | — | — | — | — | derived | — | 1.00 |
| Cash ratio | 0.33x | — | — | — | — | derived | — | 1.00 |
| Debt / equity | 0x | — | — | — | — | derived | — | 0.90 |
| Debt / assets | 0x | — | — | — | — | derived | — | 0.90 |
| Net debt / equity | -0.12x | — | — | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 0.47% | — | — | 0.47% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | -25.66% | — | — | -25.66% | — | derived | — | 0.85 |
| EBIT growth (YoY) | -27.69% | — | — | -27.69% | — | derived | — | 1.00 |
| Net income growth (YoY) | -28.05% | — | — | -28.05% | — | derived | — | 1.00 |
| EPS growth (YoY) | -28.05% | — | — | -28.05% | — | derived | — | 0.90 |
| FCF growth (YoY) | -30.89% | — | — | -30.89% | — | derived | — | 0.85 |
| Gross margin Δ (YoY) | -0.29 pp | — | — | -0.29 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -7.15 pp | — | — | -7.15 pp | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | -7.5 pp | — | — | -7.5 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -6.4 pp | — | — | -6.4 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
33,724
—
33,724
—
- H1 2025
- —
- YTD 2026
- 33,724
- Δ YoY
- —
Revenue
Serwis internetowy i BR ifirma.pl
33,213
—
Serwis internetowy i BR ifirma.pl
33,213
—
- H1 2025
- —
- YTD 2026
- 33,213
- Δ YoY
- —
Revenue
Usługi IT/dedykowane rozwiązania informatyczne
346
—
Usługi IT/dedykowane rozwiązania informatyczne
346
—
- H1 2025
- —
- YTD 2026
- 346
- Δ YoY
- —
Revenue
Outsourcing i rekrutacja specjalistów IT
165
—
Outsourcing i rekrutacja specjalistów IT
165
—
- H1 2025
- —
- YTD 2026
- 165
- Δ YoY
- —
Gross profit
13,309
—
13,309
—
- H1 2025
- —
- YTD 2026
- 13,309
- Δ YoY
- —
EBITDA
6,856
—
6,856
—
- H1 2025
- —
- YTD 2026
- 6,856
- Δ YoY
- —
EBIT
6,498
—
6,498
—
- H1 2025
- —
- YTD 2026
- 6,498
- Δ YoY
- —
EBT
6,800
—
6,800
—
- H1 2025
- —
- YTD 2026
- 6,800
- Δ YoY
- —
Net income
5,449
—
5,449
—
- H1 2025
- —
- YTD 2026
- 5,449
- Δ YoY
- —
EPS (basic)
(PLN)
0.85
—
0.85
—
- H1 2025
- —
- YTD 2026
- 0.85
- Δ YoY
- —
D&A
358
—
358
—
- H1 2025
- —
- YTD 2026
- 358
- Δ YoY
- —
Income tax
1,351
—
1,351
—
- H1 2025
- —
- YTD 2026
- 1,351
- Δ YoY
- —
Shares (basic)
(m units)
6.4
—
6.4
—
- H1 2025
- —
- YTD 2026
- 6.4
- Δ YoY
- —
Gross margin
39.47%
—
39.47%
—
- H1 2025
- —
- YTD 2026
- 39.47%
- Δ YoY
- —
EBITDA margin
20.33%
—
20.33%
—
- H1 2025
- —
- YTD 2026
- 20.33%
- Δ YoY
- —
EBIT margin
19.27%
—
19.27%
—
- H1 2025
- —
- YTD 2026
- 19.27%
- Δ YoY
- —
EBT margin
20.16%
—
20.16%
—
- H1 2025
- —
- YTD 2026
- 20.16%
- Δ YoY
- —
Net margin
16.16%
—
16.16%
—
- H1 2025
- —
- YTD 2026
- 16.16%
- Δ YoY
- —
D&A margin
1.06%
—
1.06%
—
- H1 2025
- —
- YTD 2026
- 1.06%
- Δ YoY
- —
Cash
2,169
—
2,169
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
0
—
0
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-2,169
—
-2,169
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
17,606
—
17,606
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
30,116
—
30,116
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
5,170
—
5,170
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
11,724
—
11,724
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
6,554
—
6,554
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
0
—
0
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
1
—
1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
5,193
—
5,193
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
794
—
794
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
16,812
—
16,812
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
7,408
—
7,408
—
- H1 2025
- —
- YTD 2026
- 7,408
- Δ YoY
- —
CapEx
1,485
—
1,485
—
- H1 2025
- —
- YTD 2026
- 1,485
- Δ YoY
- —
FCF
5,923
—
5,923
—
- H1 2025
- —
- YTD 2026
- 5,923
- Δ YoY
- —
FCF conversion
86.39%
—
86.39%
—
- H1 2025
- —
- YTD 2026
- 86.39%
- Δ YoY
- —
CFO conversion
108.05%
—
108.05%
—
- H1 2025
- —
- YTD 2026
- 108.05%
- Δ YoY
- —
Dividends paid
4,736
—
4,736
—
- H1 2025
- —
- YTD 2026
- 4,736
- Δ YoY
- —
ROE
63%
—
63%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current ratio
1.79x
—
1.79x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.79x
—
1.79x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.33x
—
0.33x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0x
—
0x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0x
—
0x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.12x
—
-0.12x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
0.47%
—
0.47%
—
- H1 2025
- —
- YTD 2026
- 0.47%
- Δ YoY
- —
EBITDA growth (YoY)
-25.66%
—
-25.66%
—
- H1 2025
- —
- YTD 2026
- -25.66%
- Δ YoY
- —
EBIT growth (YoY)
-27.69%
—
-27.69%
—
- H1 2025
- —
- YTD 2026
- -27.69%
- Δ YoY
- —
Net income growth (YoY)
-28.05%
—
-28.05%
—
- H1 2025
- —
- YTD 2026
- -28.05%
- Δ YoY
- —
EPS growth (YoY)
-28.05%
—
-28.05%
—
- H1 2025
- —
- YTD 2026
- -28.05%
- Δ YoY
- —
FCF growth (YoY)
-30.89%
—
-30.89%
—
- H1 2025
- —
- YTD 2026
- -30.89%
- Δ YoY
- —
Gross margin Δ (YoY)
-0.29 pp
—
-0.29 pp
—
- H1 2025
- —
- YTD 2026
- -0.29 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-7.15 pp
—
-7.15 pp
—
- H1 2025
- —
- YTD 2026
- -7.15 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-7.5 pp
—
-7.5 pp
—
- H1 2025
- —
- YTD 2026
- -7.5 pp
- Δ YoY
- —
Net margin Δ (YoY)
-6.4 pp
—
-6.4 pp
—
- H1 2025
- —
- YTD 2026
- -6.4 pp
- Δ YoY
- —