Q2 2026 report
Grupa rośnie dwucyfrowo na przychodach narastająco (+10,5% r/r), napędzana głównie przez Eko-Wital po przejęciu ZCP Vinet i rozbudowie zaplecza magazynowo-chłodniczego.
Sentiment
Cautious
No guidance change
ORG
Q2 2026 report
Revenue
34.29 m PLN
— YoY
Net income
-0.11 m PLN
— YoY
EBITDA
0.75 m PLN
— YoY
FCF
-1.49 m PLN
— YoY
Summary
Investment thesis
- II kwartał pokazał wyraźne pogorszenie jakości wyniku — skonsolidowana strata netto -111 tys. zł wobec zysku +275 tys. zł rok wcześniej, przy rosnących kosztach finansowych i ujemnych różnicach kursowych EUR/PLN.
- Przepływy operacyjne pozostają głęboko ujemne i pogłębiają się r/r (-3,00 mln zł w I półroczu 2026 vs -1,68 mln zł rok wcześniej), finansowane rosnącym zadłużeniem krótkoterminowym (+108% r/r).
- Segment detaliczny (OFZ jednostkowo) utrzymuje solidny wzrost LfL (+8% r/r narastająco) mimo zamknięcia dwóch nierentownych lokalizacji, co ograniczyło nominalny wzrost przychodów.
- Zarząd zapowiada korektę cen u odbiorców Eko-Wital od września 2026 jako odpowiedź na presję kosztową — konkretne działanie zaradcze, którego efekt będzie widoczny dopiero w II półroczu.
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Financials
BETA
ORG · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 34.29 | — | — | 72.52 | — | reported | — | 1.00 |
| EBITDA | 0.75 | — | — | 2.76 | — | reported | — | 1.00 |
| EBIT | 0.17 | — | — | 1.6 | — | reported | — | 1.00 |
| EBT | -0.12 | — | — | 0.95 | — | reported | — | 1.00 |
| Net income | -0.11 | — | — | 0.8 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.02 | — | — | 0.14 | — | derived | — | 0.80 |
| D&A | 0.5 | — | — | 1.9 | — | reported | — | 1.00 |
| Interest expense | 0.11 | — | — | 0.2 | — | reported | — | 1.00 |
| Income tax | -0.01 | — | — | 0.15 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 5.5 | — | — | — | — | reported | — | 1.00 |
| EBITDA margin | 2.18% | — | — | 3.8% | — | derived | — | 0.90 |
| EBIT margin | 0.48% | — | — | 2.21% | — | derived | — | 0.90 |
| EBT margin | -0.34% | — | — | 1.31% | — | derived | — | 0.90 |
| Net margin | -0.32% | — | — | 1.1% | — | derived | — | 0.90 |
| Cash | 2.25 | — | — | — | — | reported | — | 1.00 |
| Net debt | 11.25 | — | — | — | — | derived | — | 0.80 |
| Equity | 6.87 | — | — | — | — | reported | — | 1.00 |
| Total assets | 33.6 | — | — | — | — | reported | — | 1.00 |
| Working capital | 2.94 | — | — | — | — | derived | — | 0.90 |
| Current assets | 23.73 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 20.79 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 5.01 | — | — | — | — | reported | — | 1.00 |
| Inventory | 12.31 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 7.44 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 10.33 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 3.67 | — | — | — | — | reported | — | 0.90 |
| Tangible equity | 3.21 | — | — | — | — | derived | — | 0.85 |
| CFO | -1.43 | — | — | -3 | — | reported | — | 1.00 |
| CapEx | 0.07 | — | — | 0.32 | — | reported | — | 1.00 |
| FCF | -1.49 | — | — | -3.32 | — | derived | — | 0.90 |
| FCF conversion | -198.9% | — | — | -120.5% | — | derived | — | 0.90 |
| CFO conversion | -190.3% | — | — | -108.9% | — | derived | — | 0.90 |
| Current ratio | 1.14x | — | — | — | — | derived | — | 0.90 |
| Quick ratio | 0.55x | — | — | — | — | derived | — | 0.90 |
| Cash ratio | 0.11x | — | — | — | — | derived | — | 0.90 |
| Debt / equity | 1.96x | — | — | — | — | derived | — | 0.80 |
| Debt / assets | 0.4x | — | — | — | — | derived | — | 0.80 |
| Net debt / equity | 1.64x | — | — | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | 4.91% | — | — | 10.48% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | -35.49% | — | — | 3.49% | — | derived | — | 0.90 |
| EBIT growth (YoY) | -76.15% | — | — | -7.71% | — | derived | — | 0.90 |
| Net income growth (YoY) | -140.36% | — | — | -27.46% | — | derived | — | 0.90 |
| EPS growth (YoY) | -140.36% | — | — | -27.46% | — | derived | — | 0.80 |
| FCF growth (YoY) | -392.16% | — | — | -55.5% | — | derived | — | 0.80 |
| EBITDA margin Δ (YoY) | -1.37 pp | — | — | -0.26 pp | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | -1.65 pp | — | — | -0.44 pp | — | derived | — | 0.85 |
| Net margin Δ (YoY) | -1.17 pp | — | — | -0.57 pp | — | derived | — | 0.85 |
Q2 2026 · Δ YoY
Revenue
34.29
—
34.29
—
- Q2 2025
- —
- YTD 2026
- 72.52
- Δ YoY
- —
EBITDA
0.75
—
0.75
—
- Q2 2025
- —
- YTD 2026
- 2.76
- Δ YoY
- —
EBIT
0.17
—
0.17
—
- Q2 2025
- —
- YTD 2026
- 1.6
- Δ YoY
- —
EBT
-0.12
—
-0.12
—
- Q2 2025
- —
- YTD 2026
- 0.95
- Δ YoY
- —
Net income
-0.11
—
-0.11
—
- Q2 2025
- —
- YTD 2026
- 0.8
- Δ YoY
- —
EPS (basic)
(PLN)
-0.02
—
-0.02
—
- Q2 2025
- —
- YTD 2026
- 0.14
- Δ YoY
- —
D&A
0.5
—
0.5
—
- Q2 2025
- —
- YTD 2026
- 1.9
- Δ YoY
- —
Interest expense
0.11
—
0.11
—
- Q2 2025
- —
- YTD 2026
- 0.2
- Δ YoY
- —
Income tax
-0.01
—
-0.01
—
- Q2 2025
- —
- YTD 2026
- 0.15
- Δ YoY
- —
Shares (basic)
(m units)
5.5
—
5.5
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
2.18%
—
2.18%
—
- Q2 2025
- —
- YTD 2026
- 3.8%
- Δ YoY
- —
EBIT margin
0.48%
—
0.48%
—
- Q2 2025
- —
- YTD 2026
- 2.21%
- Δ YoY
- —
EBT margin
-0.34%
—
-0.34%
—
- Q2 2025
- —
- YTD 2026
- 1.31%
- Δ YoY
- —
Net margin
-0.32%
—
-0.32%
—
- Q2 2025
- —
- YTD 2026
- 1.1%
- Δ YoY
- —
Cash
2.25
—
2.25
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
11.25
—
11.25
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
6.87
—
6.87
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
33.6
—
33.6
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
2.94
—
2.94
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
23.73
—
23.73
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
20.79
—
20.79
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
5.01
—
5.01
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
12.31
—
12.31
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
7.44
—
7.44
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
10.33
—
10.33
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
3.67
—
3.67
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
3.21
—
3.21
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-1.43
—
-1.43
—
- Q2 2025
- —
- YTD 2026
- -3
- Δ YoY
- —
CapEx
0.07
—
0.07
—
- Q2 2025
- —
- YTD 2026
- 0.32
- Δ YoY
- —
FCF
-1.49
—
-1.49
—
- Q2 2025
- —
- YTD 2026
- -3.32
- Δ YoY
- —
FCF conversion
-198.9%
—
-198.9%
—
- Q2 2025
- —
- YTD 2026
- -120.5%
- Δ YoY
- —
CFO conversion
-190.3%
—
-190.3%
—
- Q2 2025
- —
- YTD 2026
- -108.9%
- Δ YoY
- —
Current ratio
1.14x
—
1.14x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.55x
—
0.55x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.11x
—
0.11x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
1.96x
—
1.96x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.4x
—
0.4x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
1.64x
—
1.64x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
4.91%
—
4.91%
—
- Q2 2025
- —
- YTD 2026
- 10.48%
- Δ YoY
- —
EBITDA growth (YoY)
-35.49%
—
-35.49%
—
- Q2 2025
- —
- YTD 2026
- 3.49%
- Δ YoY
- —
EBIT growth (YoY)
-76.15%
—
-76.15%
—
- Q2 2025
- —
- YTD 2026
- -7.71%
- Δ YoY
- —
Net income growth (YoY)
-140.36%
—
-140.36%
—
- Q2 2025
- —
- YTD 2026
- -27.46%
- Δ YoY
- —
EPS growth (YoY)
-140.36%
—
-140.36%
—
- Q2 2025
- —
- YTD 2026
- -27.46%
- Δ YoY
- —
FCF growth (YoY)
-392.16%
—
-392.16%
—
- Q2 2025
- —
- YTD 2026
- -55.5%
- Δ YoY
- —
EBITDA margin Δ (YoY)
-1.37 pp
—
-1.37 pp
—
- Q2 2025
- —
- YTD 2026
- -0.26 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-1.65 pp
—
-1.65 pp
—
- Q2 2025
- —
- YTD 2026
- -0.44 pp
- Δ YoY
- —
Net margin Δ (YoY)
-1.17 pp
—
-1.17 pp
—
- Q2 2025
- —
- YTD 2026
- -0.57 pp
- Δ YoY
- —