Q2 2026 report
Grupa e-commerce sprzedająca sprzęt sportowy pod marką TREX SPORT głównie przez platformy marketplace, notowana na NewConnect, z bardzo szybkim wzrostem przychodów (+86% r/r narastająco) i jednoczesną, silną poprawą rentowności operacyjnej i netto.
Sentiment
Positive
Guidance maintained
TRX
Q2 2026 report
Revenue
17,487,767 PLN
— YoY
Net income
1,270,697 PLN
— YoY
EBITDA
1,465,007 PLN
— YoY
FCF
889,536 PLN
— YoY
Summary
Investment thesis
- Prognoza EBITDA na 2026 r. (4,9 mln zł) jest już wykonana w 82,8% po samym I półroczu, podczas gdy przychody wykonały dopiero 51,0% celu rocznego (76 mln zł) — sugeruje to, że rentowność rośnie szybciej niż zakładano, ale utrzymanie tempa sprzedaży w II połowie roku pozostaje kluczowe dla realizacji celu przychodowego.
- Model biznesowy jest asset-light: zerowe rzeczowe aktywa trwałe, zerowy CAPEX, brak zadłużenia odsetkowego — spółka ma pozycję gotówki netto, nie długu netto, a niemal cała gotówka operacyjna staje się od razu wolną gotówką.
- Aktywna ekspansja geograficzna w jednym kwartale: nowe kanały na Węgrzech, w Rumunii, Polsce (Media Expert), Włoszech i Hiszpanii (przez Decathlon) oraz przejęcie spółki czeskiej — z konkretnymi szacunkami przychodów 12-miesięcznych podanymi dla każdego kanału.
- Akcjonariat jest skrajnie skoncentrowany (73,18% pośrednio kontrolowane przez jedną osobę), a wariant porównawczy rachunku zysków i strat nie pozwala wydzielić marży brutto ze sprzedaży — ograniczona przejrzystość mimo generalnie pozytywnego obrazu.
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Financials
BETA
TRX · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 17,487,767 | — | — | 38,746,833 | — | reported | — | 1.00 |
| EBITDA | 1,465,007 | — | — | 4,055,245 | — | derived | — | 1.00 |
| EBIT | 1,390,432 | — | — | 3,906,095 | — | reported | — | 1.00 |
| EBT | 1,367,240 | — | — | 3,896,786 | — | reported | — | 1.00 |
| Net income | 1,270,697 | — | — | 3,464,225 | — | reported | — | 1.00 |
| D&A | 74,575 | — | — | 149,150 | — | reported | — | 1.00 |
| Interest expense | 0 | — | — | 0 | — | reported | — | 1.00 |
| Income tax | 96,543 | — | — | 432,561 | — | reported | — | 1.00 |
| EBITDA margin | 8.38% | — | — | 10.47% | — | derived | — | 0.95 |
| EBIT margin | 7.95% | — | — | 10.08% | — | derived | — | 1.00 |
| Net margin | 7.27% | — | — | 8.94% | — | derived | — | 1.00 |
| Cash | 4,006,671 | — | — | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | — | — | reported | — | 0.70 |
| Net debt | -4,006,671 | — | — | — | — | derived | — | 0.70 |
| Equity | 8,695,135 | — | — | — | — | reported | — | 1.00 |
| Total assets | 12,284,676 | — | — | — | — | reported | — | 1.00 |
| Working capital | 5,695,557 | — | — | — | — | derived | — | 1.00 |
| Current assets | 9,270,477 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 3,574,920 | — | — | — | — | reported | — | 0.80 |
| Non-current liabilities | 14,622 | — | — | — | — | reported | — | 0.50 |
| Inventory | 1,626,016 | — | — | — | — | reported | — | 0.60 |
| Trade receivables | 3,628,206 | — | — | — | — | reported | — | 0.70 |
| Goodwill | 2,295,865 | — | — | — | — | reported | — | 0.90 |
| Tangible equity | 6,399,270 | — | — | — | — | derived | — | 0.85 |
| CFO | 889,536 | — | — | 2,595,667 | — | reported | — | 1.00 |
| CapEx | 0 | — | — | 0 | — | reported | — | 1.00 |
| FCF | 889,536 | — | — | 2,595,667 | — | derived | — | 1.00 |
| FCF conversion | 60.72% | — | — | 64.01% | — | derived | — | 0.90 |
| CFO conversion | 60.72% | — | — | 64.01% | — | derived | — | 0.90 |
| Current ratio | 2.59x | — | — | — | — | derived | — | 1.00 |
| Quick ratio | 2.14x | — | — | — | — | derived | — | 1.00 |
| Cash ratio | 1.12x | — | — | — | — | derived | — | 0.90 |
| Debt / equity | 0x | — | — | — | — | derived | — | 0.60 |
| Debt / assets | 0x | — | — | — | — | derived | — | 0.60 |
| Net debt / equity | -0.46x | — | — | — | — | derived | — | 0.60 |
| Revenue growth (YoY) | 83.75% | — | — | 86.2% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 311.15% | — | — | 253.6% | — | derived | — | 0.90 |
| EBIT growth (YoY) | 633.13% | — | — | 380.2% | — | derived | — | 0.90 |
| Net income growth (YoY) | 645.68% | — | — | 428.35% | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | 4.64 pp | — | — | 4.96 pp | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | 5.96 pp | — | — | 6.17 pp | — | derived | — | 1.00 |
| Net margin Δ (YoY) | 5.48 pp | — | — | 5.79 pp | — | derived | — | 1.00 |
Q2 2026 · Δ YoY
Revenue
17,487,767
—
17,487,767
—
- Q2 2025
- —
- YTD 2026
- 38,746,833
- Δ YoY
- —
EBITDA
1,465,007
—
1,465,007
—
- Q2 2025
- —
- YTD 2026
- 4,055,245
- Δ YoY
- —
EBIT
1,390,432
—
1,390,432
—
- Q2 2025
- —
- YTD 2026
- 3,906,095
- Δ YoY
- —
EBT
1,367,240
—
1,367,240
—
- Q2 2025
- —
- YTD 2026
- 3,896,786
- Δ YoY
- —
Net income
1,270,697
—
1,270,697
—
- Q2 2025
- —
- YTD 2026
- 3,464,225
- Δ YoY
- —
D&A
74,575
—
74,575
—
- Q2 2025
- —
- YTD 2026
- 149,150
- Δ YoY
- —
Interest expense
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Income tax
96,543
—
96,543
—
- Q2 2025
- —
- YTD 2026
- 432,561
- Δ YoY
- —
EBITDA margin
8.38%
—
8.38%
—
- Q2 2025
- —
- YTD 2026
- 10.47%
- Δ YoY
- —
EBIT margin
7.95%
—
7.95%
—
- Q2 2025
- —
- YTD 2026
- 10.08%
- Δ YoY
- —
Net margin
7.27%
—
7.27%
—
- Q2 2025
- —
- YTD 2026
- 8.94%
- Δ YoY
- —
Cash
4,006,671
—
4,006,671
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
0
—
0
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-4,006,671
—
-4,006,671
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
8,695,135
—
8,695,135
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
12,284,676
—
12,284,676
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
5,695,557
—
5,695,557
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
9,270,477
—
9,270,477
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
3,574,920
—
3,574,920
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
14,622
—
14,622
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
1,626,016
—
1,626,016
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
3,628,206
—
3,628,206
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
2,295,865
—
2,295,865
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
6,399,270
—
6,399,270
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
889,536
—
889,536
—
- Q2 2025
- —
- YTD 2026
- 2,595,667
- Δ YoY
- —
CapEx
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
FCF
889,536
—
889,536
—
- Q2 2025
- —
- YTD 2026
- 2,595,667
- Δ YoY
- —
FCF conversion
60.72%
—
60.72%
—
- Q2 2025
- —
- YTD 2026
- 64.01%
- Δ YoY
- —
CFO conversion
60.72%
—
60.72%
—
- Q2 2025
- —
- YTD 2026
- 64.01%
- Δ YoY
- —
Current ratio
2.59x
—
2.59x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
2.14x
—
2.14x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
1.12x
—
1.12x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0x
—
0x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0x
—
0x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.46x
—
-0.46x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
83.75%
—
83.75%
—
- Q2 2025
- —
- YTD 2026
- 86.2%
- Δ YoY
- —
EBITDA growth (YoY)
311.15%
—
311.15%
—
- Q2 2025
- —
- YTD 2026
- 253.6%
- Δ YoY
- —
EBIT growth (YoY)
633.13%
—
633.13%
—
- Q2 2025
- —
- YTD 2026
- 380.2%
- Δ YoY
- —
Net income growth (YoY)
645.68%
—
645.68%
—
- Q2 2025
- —
- YTD 2026
- 428.35%
- Δ YoY
- —
EBITDA margin Δ (YoY)
4.64 pp
—
4.64 pp
—
- Q2 2025
- —
- YTD 2026
- 4.96 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
5.96 pp
—
5.96 pp
—
- Q2 2025
- —
- YTD 2026
- 6.17 pp
- Δ YoY
- —
Net margin Δ (YoY)
5.48 pp
—
5.48 pp
—
- Q2 2025
- —
- YTD 2026
- 5.79 pp
- Δ YoY
- —