GMV GAMIVO NewConnect · quarterly · publ. August 14, 2026

Q2 2026 report

Platforma dystrybucji dóbr cyfrowych (gaming) działająca od 2023 r. w modelu licencyjnym, bez własnej infrastruktury operacyjnej

Sentiment

Positive No guidance change

Website

GMV Q2 2026 report

Revenue

3.93 m PLN

— YoY

Net income

1.21 m PLN

— YoY

EBITDA

1.55 m PLN

— YoY

CFO

1.57 m PLN

— YoY

Summary

Investment thesis

Przychody płaskie od kilku kwartałów, ale marża EBITDA rośnie systematycznie (39-40% w H1 2026 vs 33-35% rok wcześniej)
Zero zadłużenia odsetkowego, silna pozycja net cash (4,9 mln zł) i zerowy CAPEX
Cała nadwyżka gotówki operacyjnej kierowana na regularne skupy akcji własnych do umorzenia
Baza użytkowników rośnie (7,2 mln, +195 tys. w kwartale) mimo stagnacji przychodów — potencjał do lepszej monetyzacji

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Financials

BETA

Q2 2026

GMV · Q2 2026

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

Revenue	3.93	—	—	7.94	—	reported	—	1.00
EBITDA	1.55	—	—	3.17	—	derived	—	0.95
EBIT	1.46	—	—	3	—	reported	—	1.00
EBT	1.48	—	—	3.05	—	reported	—	1.00
Net income	1.21	—	—	2.5	—	reported	—	1.00
D&A	0.08	—	—	0.16	—	reported	—	1.00
Income tax	0.27	—	—	0.55	—	reported	—	1.00

EBITDA margin	39.48%	—	—	39.98%	—	derived	—	0.95
EBIT margin	37.27%	—	—	37.83%	—	derived	—	0.95
Net margin	30.75%	—	—	31.51%	—	derived	—	0.95

Cash	4.93	—	—	—	—	reported	—	1.00
Total debt	0	—	—	—	—	reported	—	1.00
Net debt	-4.93	—	—	—	—	derived	—	0.95
Equity	14.08	—	—	—	—	reported	—	1.00
Total assets	14.68	—	—	—	—	reported	—	1.00
Current assets	6.24	—	—	—	—	reported	—	1.00
Current liabilities	0.37	—	—	—	—	reported	—	1.00
Inventory	0.01	—	—	—	—	reported	—	0.90
Trade receivables	1.25	—	—	—	—	reported	—	1.00
Trade payables	0.05	—	—	—	—	reported	—	1.00
Goodwill	0.4	—	—	—	—	reported	—	0.90

CFO	1.57	—	—	3.99	—	reported	—	1.00
CapEx	—	—	—	0	—	reported	—	1.00
FCF	—	—	—	3.99	—	derived	—	0.95
FCF conversion	—	—	—	125.81%	—	derived	—	0.85
CFO conversion	—	—	—	125.81%	—	derived	—	0.85
Dividends paid	—	—	—	0	—	reported	—	1.00
Buybacks	—	—	—	4.5	—	reported	—	1.00

Current ratio	17.09x	—	—	—	—	derived	—	0.95
Quick ratio	17.06x	—	—	—	—	derived	—	0.90
Cash ratio	13.5x	—	—	—	—	derived	—	0.95

Debt / equity	0x	—	—	—	—	derived	—	0.95
Debt / assets	0x	—	—	—	—	derived	—	0.95
Net debt / equity	-0.35x	—	—	—	—	derived	—	0.90

Revenue growth (YoY)	-0.29%	—	—	3.42%	—	derived	—	0.95
EBITDA growth (YoY)	12.47%	—	—	23.62%	—	derived	—	0.90
EBIT growth (YoY)	28.94%	—	—	44.41%	—	derived	—	0.90
Net income growth (YoY)	22.51%	—	—	48.94%	—	derived	—	0.90
EBITDA margin Δ (YoY)	4.48 pp	—	—	6.53 pp	—	derived	—	0.90
EBIT margin Δ (YoY)	8.45 pp	—	—	10.74 pp	—	derived	—	0.90
Net margin Δ (YoY)	5.72 pp	—	—	9.63 pp	—	derived	—	0.90

Q2 2026 · Δ YoY

Revenue

3.93 —

Q2 2025: —
YTD 2026: 7.94
Δ YoY: —

EBITDA

1.55 —

Q2 2025: —
YTD 2026: 3.17
Δ YoY: —

EBIT

1.46 —

Q2 2025: —
YTD 2026: 3
Δ YoY: —

EBT

1.48 —

Q2 2025: —
YTD 2026: 3.05
Δ YoY: —

Net income

1.21 —

Q2 2025: —
YTD 2026: 2.5
Δ YoY: —

D&A

0.08 —

Q2 2025: —
YTD 2026: 0.16
Δ YoY: —

Income tax

0.27 —

Q2 2025: —
YTD 2026: 0.55
Δ YoY: —

EBITDA margin

39.48% —

Q2 2025: —
YTD 2026: 39.98%
Δ YoY: —

EBIT margin

37.27% —

Q2 2025: —
YTD 2026: 37.83%
Δ YoY: —

Net margin

30.75% —

Q2 2025: —
YTD 2026: 31.51%
Δ YoY: —

Cash

4.93 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total debt

0 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt

-4.93 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Equity

14.08 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total assets

14.68 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current assets

6.24 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

0.37 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Inventory

0.01 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

1.25 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

0.05 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

0.4 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

CFO

1.57 —

Q2 2025: —
YTD 2026: 3.99
Δ YoY: —

CapEx

— —

Q2 2025: —
YTD 2026: 0
Δ YoY: —

FCF

— —

Q2 2025: —
YTD 2026: 3.99
Δ YoY: —

FCF conversion

— —

Q2 2025: —
YTD 2026: 125.81%
Δ YoY: —

CFO conversion

— —

Q2 2025: —
YTD 2026: 125.81%
Δ YoY: —

Dividends paid

— —

Q2 2025: —
YTD 2026: 0
Δ YoY: —

Buybacks

— —

Q2 2025: —
YTD 2026: 4.5
Δ YoY: —

Current ratio

17.09x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

17.06x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

13.5x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

0x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.35x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-0.29% —

Q2 2025: —
YTD 2026: 3.42%
Δ YoY: —

EBITDA growth (YoY)

12.47% —

Q2 2025: —
YTD 2026: 23.62%
Δ YoY: —

EBIT growth (YoY)

28.94% —

Q2 2025: —
YTD 2026: 44.41%
Δ YoY: —

Net income growth (YoY)

22.51% —

Q2 2025: —
YTD 2026: 48.94%
Δ YoY: —

EBITDA margin Δ (YoY)

4.48 pp —

Q2 2025: —
YTD 2026: 6.53 pp
Δ YoY: —

EBIT margin Δ (YoY)

8.45 pp —

Q2 2025: —
YTD 2026: 10.74 pp
Δ YoY: —

Net margin Δ (YoY)

5.72 pp —

Q2 2025: —
YTD 2026: 9.63 pp
Δ YoY: —