Q2 2026 report
Skokowy wzrost przychodów (+565% r/r w II kw., +731% r/r narastająco) dzięki nabraniu tempa przez kontrakt budowlany z Sono Construction IX (60 lokali, 24 mln zł netto, zrealizowano 45,45%).
Sentiment
Neutral
No guidance change
IDH
Q2 2026 report
Revenue
0.64 m PLN
— YoY
Net income
0.8 m PLN
— YoY
EBITDA
2.51 m PLN
— YoY
FCF
0.02 m PLN
— YoY
Summary
Investment thesis
- Spółka po raz pierwszy od dawna generuje dodatni zysk ze sprzedaży (404,8 tys. zł w II kw. 2026 wobec straty 353,7 tys. zł rok wcześniej) — poprawa jakości wyniku operacyjnego, nie tylko jego skali.
- Porównanie r/r zysku netto jest mylące: w II kw. 2025 wynik podbiła jednorazowa aktualizacja wartości aktywów (ok. 1,72 mln zł w pozostałych przychodach operacyjnych) — bez tego efektu bieżący kwartał wypada relatywnie korzystnie.
- Stan gotówki na koniec kwartału jest ekstremalnie niski (5,4 tys. zł) mimo dodatnich przepływów operacyjnych narastająco — płynność bieżąca spadła do 1,58x, a zobowiązania krótkoterminowe (9,0 mln zł) są prawie 6x wyższe niż gotówka.
- Dwie spółki zależne (LED LEASE, Rubicone) pozostają operacyjnie nieistotne i nieskonsolidowane — realny biznes to w całości jednostkowe wyniki IDH DEVELOPMENT.
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
IDH · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
|
Revenue
standalone
|
0.64 | — | — | 1.21 | — | reported | standalone | 0.90 |
|
EBITDA
standalone
|
2.51 | — | — | 2.9 | — | derived | standalone | 0.90 |
|
EBIT
standalone
|
2.44 | — | — | 2.75 | — | reported | standalone | 1.00 |
|
EBT
standalone
|
0.8 | — | — | 1.1 | — | reported | standalone | 1.00 |
|
Net income
standalone
|
0.8 | — | — | 1.1 | — | reported | standalone | 1.00 |
|
D&A
standalone
|
0.07 | — | — | 0.14 | — | reported | standalone | 1.00 |
|
Interest expense
standalone
|
0 | — | — | 0 | — | reported | standalone | 1.00 |
|
Income tax
standalone
|
0 | — | — | 0 | — | reported | standalone | 1.00 |
|
EBITDA margin
standalone
|
394.78% | — | — | 239.84% | — | derived | standalone | 0.40 |
|
EBIT margin
standalone
|
383.51% | — | — | 228.03% | — | derived | standalone | 0.40 |
|
Net margin
standalone
|
125.26% | — | — | 90.94% | — | derived | standalone | 0.40 |
|
Cash
standalone
|
0.01 | — | — | — | — | reported | standalone | 1.00 |
|
Total debt
standalone
|
0.72 | — | — | — | — | reported | standalone | 0.80 |
|
Net debt
standalone
|
0.72 | — | — | — | — | derived | standalone | 0.80 |
|
Equity
standalone
|
5.58 | — | — | — | — | reported | standalone | 1.00 |
|
Total assets
standalone
|
9.73 | — | — | — | — | reported | standalone | 1.00 |
|
Working capital
standalone
|
4.52 | — | — | — | — | derived | standalone | 0.95 |
|
Current assets
standalone
|
7.97 | — | — | — | — | reported | standalone | 1.00 |
|
Current liabilities
standalone
|
3.45 | — | — | — | — | reported | standalone | 1.00 |
|
Non-current liabilities
standalone
|
0.37 | — | — | — | — | reported | standalone | 1.00 |
|
Inventory
standalone
|
7 | — | — | — | — | reported | standalone | 1.00 |
|
Trade receivables
standalone
|
0.86 | — | — | — | — | reported | standalone | 1.00 |
|
Trade payables
standalone
|
2.65 | — | — | — | — | reported | standalone | 0.90 |
|
Goodwill
standalone
|
0 | — | — | — | — | reported | standalone | 1.00 |
|
CFO
standalone
|
0.02 | — | — | 0.05 | — | reported | standalone | 1.00 |
|
CapEx
standalone
|
0 | — | — | 0 | — | reported | standalone | 1.00 |
|
FCF
standalone
|
0.02 | — | — | 0.05 | — | derived | standalone | 0.95 |
|
FCF conversion
standalone
|
-99.9% | — | — | 9.35% | — | derived | standalone | 0.70 |
|
CFO conversion
standalone
|
-99.9% | — | — | 9.35% | — | derived | standalone | 0.70 |
|
Current ratio
standalone
|
2.31x | — | — | — | — | derived | standalone | 0.95 |
|
Quick ratio
standalone
|
0.28x | — | — | — | — | derived | standalone | 0.95 |
|
Cash ratio
standalone
|
0x | — | — | — | — | derived | standalone | 0.95 |
|
Interest coverage
standalone
|
— | — | — | 176.13x | — | derived | standalone | 0.70 |
|
Debt / equity
standalone
|
0.13x | — | — | — | — | derived | standalone | 0.80 |
|
Debt / assets
standalone
|
0.04x | — | — | — | — | derived | standalone | 0.80 |
|
Net debt / equity
standalone
|
0.09x | — | — | — | — | derived | standalone | 0.80 |
|
Revenue growth (YoY)
standalone
|
565.2% | — | — | 731.34% | — | derived | standalone | 0.95 |
|
EBITDA growth (YoY)
standalone
|
-79.74% | — | — | -65.99% | — | derived | standalone | 0.50 |
|
EBIT growth (YoY)
standalone
|
-81.9% | — | — | -69.11% | — | derived | standalone | 0.50 |
|
Net income growth (YoY)
standalone
|
-44.8% | — | — | -23.05% | — | derived | standalone | 0.60 |
|
FCF growth (YoY)
standalone
|
-2374.99% | — | — | 75.59% | — | derived | standalone | 0.30 |
Q2 2026 · Δ YoY
Revenue
standalone
0.64
—
standalone
0.64
—
- Q2 2025
- —
- YTD 2026
- 1.21
- Δ YoY
- —
EBITDA
standalone
2.51
—
standalone
2.51
—
- Q2 2025
- —
- YTD 2026
- 2.9
- Δ YoY
- —
EBIT
standalone
2.44
—
standalone
2.44
—
- Q2 2025
- —
- YTD 2026
- 2.75
- Δ YoY
- —
EBT
standalone
0.8
—
standalone
0.8
—
- Q2 2025
- —
- YTD 2026
- 1.1
- Δ YoY
- —
Net income
standalone
0.8
—
standalone
0.8
—
- Q2 2025
- —
- YTD 2026
- 1.1
- Δ YoY
- —
D&A
standalone
0.07
—
standalone
0.07
—
- Q2 2025
- —
- YTD 2026
- 0.14
- Δ YoY
- —
Interest expense
standalone
0
—
standalone
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Income tax
standalone
0
—
standalone
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
EBITDA margin
standalone
394.78%
—
standalone
394.78%
—
- Q2 2025
- —
- YTD 2026
- 239.84%
- Δ YoY
- —
EBIT margin
standalone
383.51%
—
standalone
383.51%
—
- Q2 2025
- —
- YTD 2026
- 228.03%
- Δ YoY
- —
Net margin
standalone
125.26%
—
standalone
125.26%
—
- Q2 2025
- —
- YTD 2026
- 90.94%
- Δ YoY
- —
Cash
standalone
0.01
—
standalone
0.01
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
standalone
0.72
—
standalone
0.72
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
standalone
0.72
—
standalone
0.72
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
standalone
5.58
—
standalone
5.58
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
standalone
9.73
—
standalone
9.73
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
standalone
4.52
—
standalone
4.52
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
standalone
7.97
—
standalone
7.97
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
standalone
3.45
—
standalone
3.45
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
standalone
0.37
—
standalone
0.37
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
standalone
7
—
standalone
7
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
standalone
0.86
—
standalone
0.86
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
standalone
2.65
—
standalone
2.65
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
standalone
0
—
standalone
0
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
standalone
0.02
—
standalone
0.02
—
- Q2 2025
- —
- YTD 2026
- 0.05
- Δ YoY
- —
CapEx
standalone
0
—
standalone
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
FCF
standalone
0.02
—
standalone
0.02
—
- Q2 2025
- —
- YTD 2026
- 0.05
- Δ YoY
- —
FCF conversion
standalone
-99.9%
—
standalone
-99.9%
—
- Q2 2025
- —
- YTD 2026
- 9.35%
- Δ YoY
- —
CFO conversion
standalone
-99.9%
—
standalone
-99.9%
—
- Q2 2025
- —
- YTD 2026
- 9.35%
- Δ YoY
- —
Current ratio
standalone
2.31x
—
standalone
2.31x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
standalone
0.28x
—
standalone
0.28x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
standalone
0x
—
standalone
0x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
standalone
—
—
standalone
—
—
- Q2 2025
- —
- YTD 2026
- 176.13x
- Δ YoY
- —
Debt / equity
standalone
0.13x
—
standalone
0.13x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
standalone
0.04x
—
standalone
0.04x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
standalone
0.09x
—
standalone
0.09x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
standalone
565.2%
—
standalone
565.2%
—
- Q2 2025
- —
- YTD 2026
- 731.34%
- Δ YoY
- —
EBITDA growth (YoY)
standalone
-79.74%
—
standalone
-79.74%
—
- Q2 2025
- —
- YTD 2026
- -65.99%
- Δ YoY
- —
EBIT growth (YoY)
standalone
-81.9%
—
standalone
-81.9%
—
- Q2 2025
- —
- YTD 2026
- -69.11%
- Δ YoY
- —
Net income growth (YoY)
standalone
-44.8%
—
standalone
-44.8%
—
- Q2 2025
- —
- YTD 2026
- -23.05%
- Δ YoY
- —
FCF growth (YoY)
standalone
-2374.99%
—
standalone
-2374.99%
—
- Q2 2025
- —
- YTD 2026
- 75.59%
- Δ YoY
- —