Q2 2026 report
Skonsolidowane przychody rosną bardzo szybko (+47,4% r/r w I półroczu 2026), napędzane realizacją kontraktów na modernizację i automatyzację sieci elektroenergetycznych SN/nN dla TAURON Dystrybucja
Sentiment
Positive
No guidance change
EBX
Q2 2026 report
Revenue
11.64 m PLN
— YoY
Net income
0.27 m PLN
— YoY
Summary
Investment thesis
- Rentowność kurczy się mimo wzrostu sprzedaży - marża netto spadła z 4,38% do 2,44% r/r, a zysk netto spadł o 18,0% r/r
- Skonsolidowany OCF jest głęboko ujemny (-6,25 mln zł w I półroczu) i pogłębia się r/r, a stan gotówki na koniec okresu to zaledwie 141 tys. zł
- Mimo napiętej płynności Grupa wypłaciła 4,06 mln zł dywidendy i jednocześnie zaciągnęła nowe kredyty (+2,87 mln zł) w tym samym półroczu
- Portfel nowych zamówień od TAURON Dystrybucja (ok. 12 mln zł brutto, podpisane w kwietniu-czerwcu 2026) daje widoczność przychodów na 2026-2027, ale raport nie ujawnia marż tych kontraktów
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Financials
BETA
EBX · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.64 | — | — | 20.65 | — | reported | — | 1.00 |
| EBITDA | — | — | — | 1.52 | — | derived | — | 0.80 |
| EBIT | 0.37 | — | — | 0.82 | — | reported | — | 1.00 |
| EBT | — | — | — | 0.62 | — | reported | — | 1.00 |
| Net income | 0.27 | — | — | 0.5 | — | reported | — | 1.00 |
| D&A | — | — | — | 0.69 | — | reported | — | 1.00 |
| Interest expense | — | — | — | 0.27 | — | reported | — | 1.00 |
| Income tax | — | — | — | 0.12 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 44.13 | — | — | — | — | reported | — | 0.70 |
| EBITDA margin | — | — | — | 7.35% | — | derived | — | 0.75 |
| EBIT margin | 3.15% | — | — | 3.99% | — | derived | — | 0.90 |
| Net margin | 2.32% | — | — | 2.44% | — | derived | — | 0.90 |
| Cash | 0.14 | — | — | — | — | reported | — | 1.00 |
| Total debt | 7.11 | — | — | — | — | reported | — | 0.80 |
| Net debt | 6.97 | — | — | — | — | derived | — | 0.80 |
| Equity | 17.77 | — | — | — | — | reported | — | 0.90 |
| Total assets | 31.15 | — | — | — | — | reported | — | 1.00 |
| Working capital | 14.39 | — | — | — | — | derived | — | 0.85 |
| Current assets | 24.23 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 9.84 | — | — | — | — | reported | — | 1.00 |
| Inventory | 11.39 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 8.6 | — | — | — | — | reported | — | 0.90 |
| Trade payables | 4.34 | — | — | — | — | reported | — | 0.90 |
| CFO | — | — | — | -6.25 | — | reported | — | 1.00 |
| CapEx | — | — | — | 0.47 | — | reported | — | 1.00 |
| FCF | — | — | — | -6.72 | — | derived | — | 0.90 |
| Dividends paid | — | — | — | 4.06 | — | reported | — | 1.00 |
| Current ratio | 2.46x | — | — | — | — | derived | — | 0.85 |
| Quick ratio | 1.31x | — | — | — | — | derived | — | 0.85 |
| Cash ratio | 0.01x | — | — | — | — | derived | — | 0.90 |
| Debt / equity | 0.4x | — | — | — | — | derived | — | 0.80 |
| Debt / assets | 0.23x | — | — | — | — | derived | — | 0.80 |
| Net debt / equity | 0.39x | — | — | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | 46.29% | — | — | 47.41% | — | derived | — | 0.95 |
| EBIT growth (YoY) | -64.1% | — | — | 2.2% | — | derived | — | 0.90 |
| Net income growth (YoY) | -70.67% | — | — | -17.99% | — | derived | — | 0.90 |
Q2 2026 · Δ YoY
Revenue
11.64
—
11.64
—
- Q2 2025
- —
- YTD 2026
- 20.65
- Δ YoY
- —
EBITDA
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 1.52
- Δ YoY
- —
EBIT
0.37
—
0.37
—
- Q2 2025
- —
- YTD 2026
- 0.82
- Δ YoY
- —
EBT
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 0.62
- Δ YoY
- —
Net income
0.27
—
0.27
—
- Q2 2025
- —
- YTD 2026
- 0.5
- Δ YoY
- —
D&A
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 0.69
- Δ YoY
- —
Interest expense
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 0.27
- Δ YoY
- —
Income tax
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 0.12
- Δ YoY
- —
Shares (basic)
(m units)
44.13
—
44.13
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 7.35%
- Δ YoY
- —
EBIT margin
3.15%
—
3.15%
—
- Q2 2025
- —
- YTD 2026
- 3.99%
- Δ YoY
- —
Net margin
2.32%
—
2.32%
—
- Q2 2025
- —
- YTD 2026
- 2.44%
- Δ YoY
- —
Cash
0.14
—
0.14
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
7.11
—
7.11
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
6.97
—
6.97
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
17.77
—
17.77
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
31.15
—
31.15
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
14.39
—
14.39
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
24.23
—
24.23
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
9.84
—
9.84
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
11.39
—
11.39
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
8.6
—
8.6
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
4.34
—
4.34
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -6.25
- Δ YoY
- —
CapEx
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 0.47
- Δ YoY
- —
FCF
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -6.72
- Δ YoY
- —
Dividends paid
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 4.06
- Δ YoY
- —
Current ratio
2.46x
—
2.46x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.31x
—
1.31x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.01x
—
0.01x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.4x
—
0.4x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.23x
—
0.23x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.39x
—
0.39x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
46.29%
—
46.29%
—
- Q2 2025
- —
- YTD 2026
- 47.41%
- Δ YoY
- —
EBIT growth (YoY)
-64.1%
—
-64.1%
—
- Q2 2025
- —
- YTD 2026
- 2.2%
- Δ YoY
- —
Net income growth (YoY)
-70.67%
—
-70.67%
—
- Q2 2025
- —
- YTD 2026
- -17.99%
- Δ YoY
- —