Q2 2026 report
Bardzo silny wzrost r/r w II kwartale 2026 r. — przychody +112,97%, zysk netto +77,73% — potwierdzony niezależnie z surowych danych rachunku zysków i strat, zgodny z liczbami podanymi wprost przez Zarząd.
Sentiment
Positive
No guidance change
BSH
Q2 2026 report
Revenue
27,505,251 PLN
— YoY
Net income
7,776,075 PLN
— YoY
EBITDA
9,798,529 PLN
— YoY
FCF
6,503,634 PLN
— YoY
Summary
Investment thesis
- Wzrost jest silnie sezonowy: sam II kwartał odpowiada za przychody 810% wyższe niż I kwartał 2026 r., co Zarząd wiąże ze szczytem sezonu sprzedaży zestawów do klimatyzacji samochodowej — ekstrapolacja tego tempa na kolejne kwartały byłaby błędem.
- Model biznesowy jest silnie zdywersyfikowany i niejednorodny (automotive, detailing, beauty, petfood, marketing outdoor, aplikacja SaaS) bez podziału segmentowego wyników, co utrudnia ocenę, które linie faktycznie napędzają ~35% marżę operacyjną.
- Bilans w niniejszym raporcie zawiera poważną, niewyjaśnioną niespójność — suma aktywów (26,7 mln zł) nie zgadza się z sumą pasywów (12,6 mln zł) w tym samym dokumencie — co uniemożliwia wiarygodną ocenę zadłużenia i struktury finansowania.
- Akcjonariat jest skoncentrowany — czterej najwięksi akcjonariusze kontrolują łącznie ok. 68,9% głosów, co ogranicza wpływ akcjonariuszy mniejszościowych na decyzje spółki.
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Financials
BETA
BSH · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 27,505,251 | — | — | 30,526,821 | — | reported | — | 1.00 |
| EBITDA | 9,798,529 | — | — | 9,570,116 | — | derived | — | 1.00 |
| EBIT | 9,630,147 | — | — | 9,231,195 | — | reported | — | 1.00 |
| Net income | 7,776,075 | — | — | 7,396,086 | — | reported | — | 1.00 |
| D&A | 168,382 | — | — | 338,921 | — | reported | — | 1.00 |
| Interest expense | 28.67 | — | — | — | — | reported | — | 1.00 |
| EBITDA margin | 35.62% | — | — | 31.35% | — | derived | — | 1.00 |
| EBIT margin | 35.01% | — | — | 30.24% | — | derived | — | 1.00 |
| Net margin | 28.27% | — | — | 24.23% | — | derived | — | 1.00 |
| Cash | 8,554,121 | — | — | — | — | reported | — | 1.00 |
| Equity | 17,393,869 | — | — | — | — | reported | — | 0.50 |
| Total assets | 26,743,780 | — | — | — | — | reported | — | 0.60 |
| Current assets | 24,911,026 | — | — | — | — | reported | — | 0.80 |
| Inventory | 3,526,895 | — | — | — | — | reported | — | 0.90 |
| Trade receivables | 12,802,726 | — | — | — | — | reported | — | 0.90 |
| CFO | 6,519,176 | — | — | 4,068,928 | — | reported | — | 1.00 |
| CapEx | 15,543 | — | — | 28,467 | — | reported | — | 1.00 |
| FCF | 6,503,634 | — | — | 4,040,461 | — | derived | — | 1.00 |
| FCF conversion | 66.37% | — | — | 42.22% | — | derived | — | 0.90 |
| CFO conversion | 66.53% | — | — | 42.52% | — | derived | — | 0.90 |
| Revenue growth (YoY) | 112.97% | — | — | 98.9% | — | derived | — | 1.00 |
| Revenue growth (QoQ) | 810.3% | — | — | — | — | derived | — | 0.90 |
| EBITDA growth (YoY) | 76.51% | — | — | 80.2% | — | derived | — | 1.00 |
| EBIT growth (YoY) | 78.79% | — | — | 85.16% | — | derived | — | 1.00 |
| Net income growth (YoY) | 77.73% | — | — | 88.24% | — | derived | — | 1.00 |
| FCF growth (YoY) | 72.3% | — | — | 30.43% | — | derived | — | 0.90 |
Q2 2026 · Δ YoY
Revenue
27,505,251
—
27,505,251
—
- Q2 2025
- —
- YTD 2026
- 30,526,821
- Δ YoY
- —
EBITDA
9,798,529
—
9,798,529
—
- Q2 2025
- —
- YTD 2026
- 9,570,116
- Δ YoY
- —
EBIT
9,630,147
—
9,630,147
—
- Q2 2025
- —
- YTD 2026
- 9,231,195
- Δ YoY
- —
Net income
7,776,075
—
7,776,075
—
- Q2 2025
- —
- YTD 2026
- 7,396,086
- Δ YoY
- —
D&A
168,382
—
168,382
—
- Q2 2025
- —
- YTD 2026
- 338,921
- Δ YoY
- —
Interest expense
28.67
—
28.67
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
35.62%
—
35.62%
—
- Q2 2025
- —
- YTD 2026
- 31.35%
- Δ YoY
- —
EBIT margin
35.01%
—
35.01%
—
- Q2 2025
- —
- YTD 2026
- 30.24%
- Δ YoY
- —
Net margin
28.27%
—
28.27%
—
- Q2 2025
- —
- YTD 2026
- 24.23%
- Δ YoY
- —
Cash
8,554,121
—
8,554,121
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
17,393,869
—
17,393,869
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
26,743,780
—
26,743,780
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
24,911,026
—
24,911,026
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
3,526,895
—
3,526,895
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
12,802,726
—
12,802,726
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
6,519,176
—
6,519,176
—
- Q2 2025
- —
- YTD 2026
- 4,068,928
- Δ YoY
- —
CapEx
15,543
—
15,543
—
- Q2 2025
- —
- YTD 2026
- 28,467
- Δ YoY
- —
FCF
6,503,634
—
6,503,634
—
- Q2 2025
- —
- YTD 2026
- 4,040,461
- Δ YoY
- —
FCF conversion
66.37%
—
66.37%
—
- Q2 2025
- —
- YTD 2026
- 42.22%
- Δ YoY
- —
CFO conversion
66.53%
—
66.53%
—
- Q2 2025
- —
- YTD 2026
- 42.52%
- Δ YoY
- —
Revenue growth (YoY)
112.97%
—
112.97%
—
- Q2 2025
- —
- YTD 2026
- 98.9%
- Δ YoY
- —
Revenue growth (QoQ)
810.3%
—
810.3%
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA growth (YoY)
76.51%
—
76.51%
—
- Q2 2025
- —
- YTD 2026
- 80.2%
- Δ YoY
- —
EBIT growth (YoY)
78.79%
—
78.79%
—
- Q2 2025
- —
- YTD 2026
- 85.16%
- Δ YoY
- —
Net income growth (YoY)
77.73%
—
77.73%
—
- Q2 2025
- —
- YTD 2026
- 88.24%
- Δ YoY
- —
FCF growth (YoY)
72.3%
—
72.3%
—
- Q2 2025
- —
- YTD 2026
- 30.43%
- Δ YoY
- —