INL
INTROL
Giełda Papierów Wartościowych w Warszawie · raport półroczny skonsolidowany (śródroczne skrócone skonsolidowane sprawozdanie finansowe + sprawozdanie Zarządu + raport biegłego rewidenta z przeglądu) · publ. September 03, 2026
H1 2026 report
Grupa INTROL zanotowała bardzo mocne H1 2026: przychody +30,2% r/r do 333,0 mln zł, EBIT +44,4% r/r do 17,5 mln zł, zysk netto akcjonariuszy jednostki dominującej +170% r/r do 12,0 mln zł.
Sentiment
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INL
H1 2026 report
Revenue
255.85 m PLN
— YoY
Net income
4.42 m PLN
— YoY
EBITDA
21.05 m PLN
— YoY
Gross margin
15.13%
— YoY
Summary
Investment thesis
- Głównym motorem jest segment usług AKPiA/elektrycznych/instalacyjnych — przychody niemal się podwoiły (82,3 mln zł → 148,2 mln zł), a wynik segmentu wzrósł niemal sześciokrotnie (4,8 mln zł → 28,0 mln zł), mimo niekorzystnego efektu bazy (H1 2025 miało jednorazowe odwrócenie odpisów na należności +15,9 mln zł, którego H1 2026 nie ma).
- Bilans jest bardzo konserwatywny: dług netto jest ujemny (-9,6 mln zł, pozycja gotówki netto) mimo wypłaty 15,5 mln zł dywidendy w styczniu 2026 r., a kowenanty bankowe spełnione są z dużym zapasem (0,06x wobec limitu 3,5x).
- Jakość należności wyraźnie się poprawiła — przeterminowane nieobjęte odpisem spadły z 31,1 mln zł do 14,0 mln zł, co napędziło wzrost OCF o 43,5% r/r do 32,2 mln zł.
- Raport z przeglądu biegłego rewidenta (UHY ECA Audyt) jest bez zastrzeżeń, brak niepewności co do kontynuacji działalności; jedyne miękkie ryzyko governance to wysoka koncentracja akcjonariatu (81,6% głosów w rękach dwóch założycieli).
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Financials
BETA
INL · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 255.85 | — | — | 255.85 | — | reported | — | 1.00 |
| Gross profit | 38.7 | — | — | 38.7 | — | reported | — | 1.00 |
| EBITDA | 21.05 | — | — | 21.05 | — | derived | — | 0.70 |
| EBIT | 12.12 | — | — | 12.12 | — | reported | — | 1.00 |
| EBT | 8.25 | — | — | 8.25 | — | reported | — | 1.00 |
| Net income | 4.42 | — | — | 4.42 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.17 | — | — | 0.17 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.17 | — | — | 0.17 | — | reported | — | 1.00 |
| D&A | 8.93 | — | — | 8.93 | — | reported | — | 1.00 |
| Interest expense | 3.87 | — | — | 3.87 | — | reported | — | 1.00 |
| Income tax | 2.49 | — | — | 2.49 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 25.7 | — | — | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 25.7 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 15.13% | — | — | 15.13% | — | derived | — | 0.70 |
| EBITDA margin | 8.23% | — | — | 8.23% | — | derived | — | 0.70 |
| EBIT margin | 4.74% | — | — | 4.74% | — | derived | — | 0.70 |
| EBT margin | 3.22% | — | — | 3.22% | — | derived | — | 0.70 |
| Net margin | 1.73% | — | — | 1.73% | — | derived | — | 0.70 |
| D&A margin | 3.49% | — | — | 3.49% | — | derived | — | 0.70 |
| Cash | 59.36 | — | — | — | — | reported | — | 1.00 |
| Total debt | 58.35 | — | — | — | — | reported | — | 1.00 |
| Net debt | -1.01 | — | — | — | — | derived | — | 0.70 |
| Equity | 198.87 | — | — | — | — | reported | — | 1.00 |
| Total assets | 496.55 | — | — | — | — | reported | — | 1.00 |
| Working capital | 80.4 | — | — | — | — | derived | — | 0.70 |
| Current assets | 311.12 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 230.73 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 66.95 | — | — | — | — | reported | — | 1.00 |
| Inventory | 61.22 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 123.74 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 74.92 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 10.65 | — | — | — | — | derived | — | 0.70 |
| Tangible equity | 188.22 | — | — | — | — | derived | — | 0.70 |
| CFO | 22.44 | — | — | 22.44 | — | reported | — | 1.00 |
| CapEx | 7.68 | — | — | 7.68 | — | reported | — | 1.00 |
| FCF | 14.76 | — | — | 14.76 | — | derived | — | 0.70 |
| FCF conversion | 70.11% | — | — | 70.11% | — | derived | — | 0.70 |
| CFO conversion | 106.6% | — | — | 106.6% | — | derived | — | 0.70 |
| Dividends paid | 9.63 | — | — | 9.63 | — | reported | — | 1.00 |
| ROE | 14.08% | — | — | — | — | derived | — | 0.60 |
| ROA | 6.6% | — | — | — | — | derived | — | 0.50 |
| Current ratio | 1.35x | — | — | — | — | derived | — | 0.70 |
| Quick ratio | 1.08x | — | — | — | — | derived | — | 0.70 |
| Cash ratio | 0.26x | — | — | — | — | derived | — | 0.70 |
| Interest coverage | 3.13x | — | — | 3.13x | — | derived | — | 0.70 |
| Net debt / EBITDA | 0.06x | — | — | — | — | reported | — | 0.80 |
| Debt / equity | 0.29x | — | — | — | — | derived | — | 0.70 |
| Debt / assets | 0.12x | — | — | — | — | derived | — | 0.70 |
| Net debt / equity | -0.01x | — | — | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 30.17% | — | — | 30.17% | — | derived | — | 0.70 |
| EBITDA growth (YoY) | 26.09% | — | — | 26.09% | — | derived | — | 0.70 |
| EBIT growth (YoY) | 44.36% | — | — | 44.36% | — | derived | — | 0.70 |
| Net income growth (YoY) | 170.15% | — | — | 170.15% | — | derived | — | 0.70 |
| EPS growth (YoY) | 170.59% | — | — | 170.59% | — | derived | — | 0.70 |
| FCF growth (YoY) | 98.85% | — | — | 98.85% | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | 4.23 pp | — | — | 4.23 pp | — | derived | — | 0.70 |
| EBITDA margin Δ (YoY) | -0.26 pp | — | — | -0.26 pp | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | 0.52 pp | — | — | 0.52 pp | — | derived | — | 0.70 |
| Net margin Δ (YoY) | 1.86 pp | — | — | 1.86 pp | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Revenue
255.85
—
255.85
—
- H1 2025
- —
- YTD 2026
- 255.85
- Δ YoY
- —
Gross profit
38.7
—
38.7
—
- H1 2025
- —
- YTD 2026
- 38.7
- Δ YoY
- —
EBITDA
21.05
—
21.05
—
- H1 2025
- —
- YTD 2026
- 21.05
- Δ YoY
- —
EBIT
12.12
—
12.12
—
- H1 2025
- —
- YTD 2026
- 12.12
- Δ YoY
- —
EBT
8.25
—
8.25
—
- H1 2025
- —
- YTD 2026
- 8.25
- Δ YoY
- —
Net income
4.42
—
4.42
—
- H1 2025
- —
- YTD 2026
- 4.42
- Δ YoY
- —
EPS (basic)
(PLN)
0.17
—
0.17
—
- H1 2025
- —
- YTD 2026
- 0.17
- Δ YoY
- —
EPS (diluted)
(PLN)
0.17
—
0.17
—
- H1 2025
- —
- YTD 2026
- 0.17
- Δ YoY
- —
D&A
8.93
—
8.93
—
- H1 2025
- —
- YTD 2026
- 8.93
- Δ YoY
- —
Interest expense
3.87
—
3.87
—
- H1 2025
- —
- YTD 2026
- 3.87
- Δ YoY
- —
Income tax
2.49
—
2.49
—
- H1 2025
- —
- YTD 2026
- 2.49
- Δ YoY
- —
Shares (basic)
(m units)
25.7
—
25.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Shares (diluted)
(m units)
25.7
—
25.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
15.13%
—
15.13%
—
- H1 2025
- —
- YTD 2026
- 15.13%
- Δ YoY
- —
EBITDA margin
8.23%
—
8.23%
—
- H1 2025
- —
- YTD 2026
- 8.23%
- Δ YoY
- —
EBIT margin
4.74%
—
4.74%
—
- H1 2025
- —
- YTD 2026
- 4.74%
- Δ YoY
- —
EBT margin
3.22%
—
3.22%
—
- H1 2025
- —
- YTD 2026
- 3.22%
- Δ YoY
- —
Net margin
1.73%
—
1.73%
—
- H1 2025
- —
- YTD 2026
- 1.73%
- Δ YoY
- —
D&A margin
3.49%
—
3.49%
—
- H1 2025
- —
- YTD 2026
- 3.49%
- Δ YoY
- —
Cash
59.36
—
59.36
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
58.35
—
58.35
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-1.01
—
-1.01
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
198.87
—
198.87
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
496.55
—
496.55
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
80.4
—
80.4
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
311.12
—
311.12
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
230.73
—
230.73
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
66.95
—
66.95
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
61.22
—
61.22
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
123.74
—
123.74
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
74.92
—
74.92
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
10.65
—
10.65
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
188.22
—
188.22
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
22.44
—
22.44
—
- H1 2025
- —
- YTD 2026
- 22.44
- Δ YoY
- —
CapEx
7.68
—
7.68
—
- H1 2025
- —
- YTD 2026
- 7.68
- Δ YoY
- —
FCF
14.76
—
14.76
—
- H1 2025
- —
- YTD 2026
- 14.76
- Δ YoY
- —
FCF conversion
70.11%
—
70.11%
—
- H1 2025
- —
- YTD 2026
- 70.11%
- Δ YoY
- —
CFO conversion
106.6%
—
106.6%
—
- H1 2025
- —
- YTD 2026
- 106.6%
- Δ YoY
- —
Dividends paid
9.63
—
9.63
—
- H1 2025
- —
- YTD 2026
- 9.63
- Δ YoY
- —
ROE
14.08%
—
14.08%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROA
6.6%
—
6.6%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current ratio
1.35x
—
1.35x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.08x
—
1.08x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.26x
—
0.26x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
3.13x
—
3.13x
—
- H1 2025
- —
- YTD 2026
- 3.13x
- Δ YoY
- —
Net debt / EBITDA
0.06x
—
0.06x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.29x
—
0.29x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.12x
—
0.12x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.01x
—
-0.01x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
30.17%
—
30.17%
—
- H1 2025
- —
- YTD 2026
- 30.17%
- Δ YoY
- —
EBITDA growth (YoY)
26.09%
—
26.09%
—
- H1 2025
- —
- YTD 2026
- 26.09%
- Δ YoY
- —
EBIT growth (YoY)
44.36%
—
44.36%
—
- H1 2025
- —
- YTD 2026
- 44.36%
- Δ YoY
- —
Net income growth (YoY)
170.15%
—
170.15%
—
- H1 2025
- —
- YTD 2026
- 170.15%
- Δ YoY
- —
EPS growth (YoY)
170.59%
—
170.59%
—
- H1 2025
- —
- YTD 2026
- 170.59%
- Δ YoY
- —
FCF growth (YoY)
98.85%
—
98.85%
—
- H1 2025
- —
- YTD 2026
- 98.85%
- Δ YoY
- —
Gross margin Δ (YoY)
4.23 pp
—
4.23 pp
—
- H1 2025
- —
- YTD 2026
- 4.23 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-0.26 pp
—
-0.26 pp
—
- H1 2025
- —
- YTD 2026
- -0.26 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
0.52 pp
—
0.52 pp
—
- H1 2025
- —
- YTD 2026
- 0.52 pp
- Δ YoY
- —
Net margin Δ (YoY)
1.86 pp
—
1.86 pp
—
- H1 2025
- —
- YTD 2026
- 1.86 pp
- Δ YoY
- —