MMC MM Conferences NewConnect · quarterly · publ. August 14, 2026

Q2 2026 report

Rentowny, gotówkowy biznes eventowo-szkoleniowy bez zadłużenia bankowego i z rosnącą pozycją gotówkową.

Sentiment

Neutral No guidance change

Website

MMC Q2 2026 report

Revenue

7.71 m PLN

— YoY

Net income

1.72 m PLN

— YoY

EBITDA

2.23 m PLN

— YoY

FCF

2.1 m PLN

— YoY

Summary

Investment thesis

Przychody H1 2026 wzrosły o 20,4% r/r, a EBIT ponad dwukrotnie — silna dźwignia operacyjna na wzroście skali wydarzeń.
Spadek zysku netto w Q2 o 8,1% r/r to efekt normalizacji efektywnej stopy podatkowej, nie pogorszenia biznesu operacyjnego.
Ekstremalna koncentracja akcjonariatu (92,18% w jednym ręku) i wysoki udział zobowiązań wobec podmiotów powiązanych to główne ryzyka pozaoperacyjne.
Bardzo wysoka konwersja EBITDA na wolne przepływy pieniężne (blisko 99% w H1) potwierdza jakość zysku.

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Financials

BETA

Q2 2026

MMC · Q2 2026

Metric	Q2 2026	Q2 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	7.71	—	—	10.16	—	reported	—	1.00
EBITDA	2.23	—	—	2.33	—	derived	—	0.90
EBIT	2.12	—	—	2.08	—	reported	—	1.00
EBT	2.12	—	—	2.16	—	reported	—	1.00
Net income	1.72	—	—	1.76	—	reported	—	1.00
EPS (basic) (PLN)	1.6	—	—	1.64	—	derived	—	0.60
D&A	0.12	—	—	0.25	—	reported	—	1.00
Interest expense	0.01	—	—	0.01	—	reported	—	1.00
Income tax	0.4	—	—	0.4	—	reported	—	1.00
Shares (basic) (m units)	1.07	—	—	—	—	reported	—	0.70

EBITDA margin	28.98%	—	—	22.94%	—	derived	—	0.90
EBIT margin	27.44%	—	—	20.47%	—	derived	—	0.95
Net margin	22.25%	—	—	17.3%	—	derived	—	0.95

Cash	3.98	—	—	—	—	reported	—	1.00
Total debt	0.13	—	—	—	—	reported	—	0.70
Net debt	-3.84	—	—	—	—	derived	—	0.70
Equity	5.98	—	—	—	—	reported	—	1.00
Total assets	8.11	—	—	—	—	reported	—	1.00
Working capital	5.7	—	—	—	—	derived	—	0.60
Current assets	7.62	—	—	—	—	reported	—	1.00
Current liabilities	1.92	—	—	—	—	reported	—	0.50
Trade receivables	3.21	—	—	—	—	reported	—	1.00
Goodwill	0.1	—	—	—	—	reported	—	0.80

CFO	2.15	—	—	2.45	—	reported	—	1.00
CapEx	0.05	—	—	0.14	—	reported	—	1.00
FCF	2.1	—	—	2.3	—	derived	—	0.90
FCF conversion	93.98%	—	—	98.9%	—	derived	—	0.85
CFO conversion	96.36%	—	—	105.04%	—	derived	—	0.85

Current ratio	3.96x	—	—	—	—	derived	—	0.60
Quick ratio	3.96x	—	—	—	—	derived	—	0.60
Cash ratio	2.07x	—	—	—	—	derived	—	0.60
Interest coverage	—	—	—	216.4x	—	derived	—	0.70

Debt / equity	0.02x	—	—	—	—	derived	—	0.60
Debt / assets	0.02x	—	—	—	—	derived	—	0.60
Net debt / equity	-0.64x	—	—	—	—	derived	—	0.60

Revenue growth (YoY)	1.94%	—	—	20.37%	—	derived	—	0.95
EBITDA growth (YoY)	2.96%	—	—	102.68%	—	derived	—	0.85
EBIT growth (YoY)	3.88%	—	—	134.71%	—	derived	—	0.95
Net income growth (YoY)	-8.06%	—	—	143.03%	—	derived	—	0.95
EPS growth (YoY)	-8.06%	—	—	143.03%	—	derived	—	0.60
EBITDA margin Δ (YoY)	0.29 pp	—	—	9.32 pp	—	derived	—	0.80
EBIT margin Δ (YoY)	0.5 pp	—	—	9.97 pp	—	derived	—	0.85
Net margin Δ (YoY)	-2.43 pp	—	—	8.73 pp	—	derived	—	0.85

Q2 2026 · Δ YoY

Revenue

7.71 —

Q2 2025: —
YTD 2026: 10.16
Δ YoY: —

EBITDA

2.23 —

Q2 2025: —
YTD 2026: 2.33
Δ YoY: —

EBIT

2.12 —

Q2 2025: —
YTD 2026: 2.08
Δ YoY: —

EBT

2.12 —

Q2 2025: —
YTD 2026: 2.16
Δ YoY: —

Net income

1.72 —

Q2 2025: —
YTD 2026: 1.76
Δ YoY: —

EPS (basic) (PLN)

1.6 —

Q2 2025: —
YTD 2026: 1.64
Δ YoY: —

D&A

0.12 —

Q2 2025: —
YTD 2026: 0.25
Δ YoY: —

Interest expense

0.01 —

Q2 2025: —
YTD 2026: 0.01
Δ YoY: —

Income tax

0.4 —

Q2 2025: —
YTD 2026: 0.4
Δ YoY: —

Shares (basic) (m units)

1.07 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

EBITDA margin

28.98% —

Q2 2025: —
YTD 2026: 22.94%
Δ YoY: —

EBIT margin

27.44% —

Q2 2025: —
YTD 2026: 20.47%
Δ YoY: —

Net margin

22.25% —

Q2 2025: —
YTD 2026: 17.3%
Δ YoY: —

Cash

3.98 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total debt

0.13 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt

-3.84 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Equity

5.98 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total assets

8.11 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Working capital

5.7 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current assets

7.62 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

1.92 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

3.21 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

0.1 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

CFO

2.15 —

Q2 2025: —
YTD 2026: 2.45
Δ YoY: —

CapEx

0.05 —

Q2 2025: —
YTD 2026: 0.14
Δ YoY: —

FCF

2.1 —

Q2 2025: —
YTD 2026: 2.3
Δ YoY: —

FCF conversion

93.98% —

Q2 2025: —
YTD 2026: 98.9%
Δ YoY: —

CFO conversion

96.36% —

Q2 2025: —
YTD 2026: 105.04%
Δ YoY: —

Current ratio

3.96x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

3.96x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

2.07x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

— —

Q2 2025: —
YTD 2026: 216.4x
Δ YoY: —

Debt / equity

0.02x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.02x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.64x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

1.94% —

Q2 2025: —
YTD 2026: 20.37%
Δ YoY: —

EBITDA growth (YoY)

2.96% —

Q2 2025: —
YTD 2026: 102.68%
Δ YoY: —

EBIT growth (YoY)

3.88% —

Q2 2025: —
YTD 2026: 134.71%
Δ YoY: —

Net income growth (YoY)

-8.06% —

Q2 2025: —
YTD 2026: 143.03%
Δ YoY: —

EPS growth (YoY)

-8.06% —

Q2 2025: —
YTD 2026: 143.03%
Δ YoY: —

EBITDA margin Δ (YoY)

0.29 pp —

Q2 2025: —
YTD 2026: 9.32 pp
Δ YoY: —

EBIT margin Δ (YoY)

0.5 pp —

Q2 2025: —
YTD 2026: 9.97 pp
Δ YoY: —

Net margin Δ (YoY)

-2.43 pp —

Q2 2025: —
YTD 2026: 8.73 pp
Δ YoY: —