Q2 2026 report
Planet B2B rozwija platformę e-commerce B2B do zarządzania wieloma kanałami sprzedaży, coraz mocniej stawiając na automatyzację opartą o agentów AI (Model Context Protocol) oraz ekspansję na rynku amerykańskim.
Sentiment
Neutral
No guidance change
P2B
Q2 2026 report
Revenue
322,201 PLN
— YoY
Net income
74,450 PLN
— YoY
EBITDA
95,421 PLN
— YoY
FCF
78,140 PLN
— YoY
Summary
Investment thesis
- Wynik skonsolidowany Grupy pozostaje dodatni (198,4 tys. zł zysku netto za H1 2026), ale to głównie zasługa segmentu amerykańskiego (I-Dotcom LLC) — jednostkowo Emitent zanotował stratę netto 16,0 tys. zł za to samo półrocze.
- Bilans jest bardzo bezpieczny: brak zadłużenia długoterminowego, znikomy dług krótkoterminowy (17,0 tys. zł), a środki pieniężne stanowią prawie 67% sumy bilansowej.
- Marże się kurczą pomimo wzrostu przychodów narastająco (+17,2% r/r) — EBIT margin spadła z 45,9% do 32,3% w ujęciu YTD, głównie przez ponad dwukrotny wzrost kosztów usług obcych.
- Trwa reorganizacja struktury kapitałowej w USA (połączenie I-Dotcom LLC z Planet B2B Inc.) — kluczowa dla przyszłej przejrzystości i ewentualnej pełnej konsolidacji wyników generowanych na rynku amerykańskim, obecnie częściowo poza obwodem konsolidacyjnym.
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Financials
BETA
P2B · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 322,201 | — | — | 595,587 | — | reported | — | 1.00 |
| EBITDA | 95,421 | — | — | 192,638 | — | derived | — | 1.00 |
| EBIT | 95,421 | — | — | 192,638 | — | reported | — | 1.00 |
| EBT | 74,450 | — | — | 198,402 | — | reported | — | 1.00 |
| Net income | 74,450 | — | — | 198,402 | — | reported | — | 1.00 |
| D&A | 0 | — | — | 0 | — | reported | — | 1.00 |
| Interest expense | — | — | — | 1,395 | — | reported | — | 1.00 |
| Income tax | — | — | — | 0 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 332.78 | — | — | — | — | reported | — | 0.70 |
| EBITDA margin | 29.62% | — | — | 32.34% | — | derived | — | 1.00 |
| EBIT margin | 29.62% | — | — | 32.34% | — | derived | — | 1.00 |
| EBT margin | 23.1% | — | — | 33.31% | — | derived | — | 1.00 |
| Net margin | 23.1% | — | — | 33.31% | — | derived | — | 1.00 |
| Cash | 1,357,022 | — | — | — | — | reported | — | 1.00 |
| Total debt | 16,950 | — | — | — | — | reported | — | 1.00 |
| Net debt | -1,340,072 | — | — | — | — | derived | — | 1.00 |
| Equity | 1,984,224 | — | — | — | — | reported | — | 1.00 |
| Total assets | 2,028,957 | — | — | — | — | reported | — | 1.00 |
| Working capital | 1,556,561 | — | — | — | — | derived | — | 1.00 |
| Current assets | 1,583,294 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 26,733 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 0 | — | — | — | — | reported | — | 1.00 |
| Inventory | 50,438 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 9,963 | — | — | — | — | reported | — | 0.80 |
| Trade payables | 5,159 | — | — | — | — | reported | — | 0.90 |
| Goodwill | 445,663 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 1,538,561 | — | — | — | — | derived | — | 1.00 |
| CFO | 78,140 | — | — | 211,679 | — | reported | — | 1.00 |
| CapEx | 0 | — | — | 0 | — | reported | — | 1.00 |
| FCF | 78,140 | — | — | 211,679 | — | derived | — | 0.90 |
| FCF conversion | 81.9% | — | — | 109.89% | — | derived | — | 0.90 |
| Current ratio | 59.23x | — | — | — | — | derived | — | 1.00 |
| Quick ratio | 57.34x | — | — | — | — | derived | — | 1.00 |
| Cash ratio | 50.77x | — | — | — | — | derived | — | 1.00 |
| Interest coverage | — | — | — | 138.09x | — | derived | — | 0.90 |
| Debt / equity | 0.01x | — | — | — | — | derived | — | 1.00 |
| Debt / assets | 0.01x | — | — | — | — | derived | — | 1.00 |
| Net debt / equity | -0.68x | — | — | — | — | derived | — | 1.00 |
| Revenue growth (YoY) | -23.17% | — | — | 17.19% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | -41.28% | — | — | -17.35% | — | derived | — | 1.00 |
| EBIT growth (YoY) | -41.28% | — | — | -17.35% | — | derived | — | 1.00 |
| Net income growth (YoY) | -40.97% | — | — | -2.42% | — | derived | — | 1.00 |
| FCF growth (YoY) | -35.88% | — | — | 16.78% | — | derived | — | 0.85 |
| EBITDA margin Δ (YoY) | -9.14 pp | — | — | -13.52 pp | — | derived | — | 1.00 |
| EBIT margin Δ (YoY) | -9.14 pp | — | — | -13.52 pp | — | derived | — | 1.00 |
| Net margin Δ (YoY) | -6.98 pp | — | — | -6.7 pp | — | derived | — | 1.00 |
Q2 2026 · Δ YoY
Revenue
322,201
—
322,201
—
- Q2 2025
- —
- YTD 2026
- 595,587
- Δ YoY
- —
EBITDA
95,421
—
95,421
—
- Q2 2025
- —
- YTD 2026
- 192,638
- Δ YoY
- —
EBIT
95,421
—
95,421
—
- Q2 2025
- —
- YTD 2026
- 192,638
- Δ YoY
- —
EBT
74,450
—
74,450
—
- Q2 2025
- —
- YTD 2026
- 198,402
- Δ YoY
- —
Net income
74,450
—
74,450
—
- Q2 2025
- —
- YTD 2026
- 198,402
- Δ YoY
- —
D&A
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Interest expense
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 1,395
- Δ YoY
- —
Income tax
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Shares (basic)
(m units)
332.78
—
332.78
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
29.62%
—
29.62%
—
- Q2 2025
- —
- YTD 2026
- 32.34%
- Δ YoY
- —
EBIT margin
29.62%
—
29.62%
—
- Q2 2025
- —
- YTD 2026
- 32.34%
- Δ YoY
- —
EBT margin
23.1%
—
23.1%
—
- Q2 2025
- —
- YTD 2026
- 33.31%
- Δ YoY
- —
Net margin
23.1%
—
23.1%
—
- Q2 2025
- —
- YTD 2026
- 33.31%
- Δ YoY
- —
Cash
1,357,022
—
1,357,022
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
16,950
—
16,950
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-1,340,072
—
-1,340,072
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
1,984,224
—
1,984,224
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
2,028,957
—
2,028,957
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
1,556,561
—
1,556,561
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
1,583,294
—
1,583,294
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
26,733
—
26,733
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
0
—
0
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
50,438
—
50,438
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
9,963
—
9,963
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
5,159
—
5,159
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
445,663
—
445,663
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
1,538,561
—
1,538,561
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
78,140
—
78,140
—
- Q2 2025
- —
- YTD 2026
- 211,679
- Δ YoY
- —
CapEx
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
FCF
78,140
—
78,140
—
- Q2 2025
- —
- YTD 2026
- 211,679
- Δ YoY
- —
FCF conversion
81.9%
—
81.9%
—
- Q2 2025
- —
- YTD 2026
- 109.89%
- Δ YoY
- —
Current ratio
59.23x
—
59.23x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
57.34x
—
57.34x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
50.77x
—
50.77x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 138.09x
- Δ YoY
- —
Debt / equity
0.01x
—
0.01x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.01x
—
0.01x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.68x
—
-0.68x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-23.17%
—
-23.17%
—
- Q2 2025
- —
- YTD 2026
- 17.19%
- Δ YoY
- —
EBITDA growth (YoY)
-41.28%
—
-41.28%
—
- Q2 2025
- —
- YTD 2026
- -17.35%
- Δ YoY
- —
EBIT growth (YoY)
-41.28%
—
-41.28%
—
- Q2 2025
- —
- YTD 2026
- -17.35%
- Δ YoY
- —
Net income growth (YoY)
-40.97%
—
-40.97%
—
- Q2 2025
- —
- YTD 2026
- -2.42%
- Δ YoY
- —
FCF growth (YoY)
-35.88%
—
-35.88%
—
- Q2 2025
- —
- YTD 2026
- 16.78%
- Δ YoY
- —
EBITDA margin Δ (YoY)
-9.14 pp
—
-9.14 pp
—
- Q2 2025
- —
- YTD 2026
- -13.52 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-9.14 pp
—
-9.14 pp
—
- Q2 2025
- —
- YTD 2026
- -13.52 pp
- Δ YoY
- —
Net margin Δ (YoY)
-6.98 pp
—
-6.98 pp
—
- Q2 2025
- —
- YTD 2026
- -6.7 pp
- Δ YoY
- —