H1 2026 report
onesano to producent suplementów diety i nutraceutyków (marki EstroVita, PostVital/Yaast, OneVital, VitalPet) notowany na głównym rynku GPW, wchodzący w skład grupy kapitałowej Boryszew (Boryszew S.A. posiada 42,50% akcji, a łącznie z R. Karkosikiem i podmiotami zależnymi — 45,51% głosów).
Sentiment
Neutral
No guidance change
ONO
H1 2026 report
Revenue
6.64 m PLN
— YoY
Net income
-1.87 m PLN
— YoY
EBITDA
-1.72 m PLN
— YoY
Gross margin
30.43%
— YoY
Summary
Investment thesis
- Przychody w I półroczu 2026 r. wzrosły o 25% r/r do 6,64 mln zł, napędzane głównie produkcją kontraktową (64% przychodów ze sprzedaży produktów), w tym istotnym udziałem powiązanej spółki z grupy Boryszew (ERG Sochaczew, 15% łącznych przychodów).
- Mimo wzrostu sprzedaży spółka wciąż jest głęboko stratna operacyjnie (-1,93 mln zł EBIT), a marża brutto na sprzedaży spadła z 42,3% do 30,4% r/r — choć strata netto zawęziła się o 12% r/r dzięki znacznie niższym kosztom sprzedaży.
- Płynność jest napięta i pogarsza się: wskaźnik płynności szybkiej (0,5) i bieżącej (1,4) poniżej pożądanych przez zarząd przedziałów (0,8-1,2 i 1,5-2,0), a pokrycie zobowiązań należnościami spadło do 1,0x — sama spółka ocenia prawdopodobieństwo materializacji ryzyka płynnościowego jako wysokie.
- Spółka toczy dwa istotne spory: z PARP o zwrot ok. 1,35 mln zł dotacji wraz z odsetkami (środki już raz zajęte egzekucyjnie z rachunków bankowych we wrześniu 2025 r., skarga kasacyjna w toku) oraz z Ostrovit o znak towarowy EstroVita, w którym uzyskała korzystne zabezpieczenie sądowe w czerwcu 2026 r.
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Financials
BETA
ONO · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,642 | — | — | 6,642 | — | reported | — | 1.00 |
| Gross profit | 2,021 | — | — | 2,021 | — | reported | — | 1.00 |
| EBITDA | -1,724 | — | — | -1,724 | — | derived | — | 0.90 |
| EBIT | -1,931 | — | — | -1,931 | — | reported | — | 1.00 |
| EBT | -1,943 | — | — | -1,943 | — | reported | — | 1.00 |
| Net income | -1,866 | — | — | -1,866 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.03 | — | — | -0.03 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.03 | — | — | -0.03 | — | reported | — | 1.00 |
| D&A | 207 | — | — | 207 | — | reported | — | 1.00 |
| Interest expense | 130 | — | — | 130 | — | reported | — | 1.00 |
| Income tax | -77 | — | — | -77 | — | reported | — | 1.00 |
| Shares (basic) (units) | 65,880,000 | — | — | — | — | reported | — | 1.00 |
| Shares (diluted) (units) | 65,880,000 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 30.43% | — | — | 30.43% | — | derived | — | 0.90 |
| EBITDA margin | -25.96% | — | — | -25.96% | — | derived | — | 0.90 |
| EBIT margin | -29.07% | — | — | -29.07% | — | derived | — | 0.90 |
| EBT margin | -29.25% | — | — | -29.25% | — | derived | — | 0.90 |
| Net margin | -28.09% | — | — | -28.09% | — | derived | — | 0.90 |
| D&A margin | 3.12% | — | — | 3.12% | — | derived | — | 0.90 |
| Cash | 232 | — | — | — | — | reported | — | 1.00 |
| Total debt | 1,733 | — | — | — | — | reported | — | 0.80 |
| Net debt | 1,501 | — | — | — | — | derived | — | 0.80 |
| Equity | 2,999 | — | — | — | — | reported | — | 1.00 |
| Total assets | 7,631 | — | — | — | — | reported | — | 1.00 |
| Working capital | 1,754 | — | — | — | — | derived | — | 0.90 |
| Current assets | 5,690 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 3,936 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 223 | — | — | — | — | reported | — | 1.00 |
| Inventory | 3,673 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 1,565 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 1,579 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 247 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 2,752 | — | — | — | — | derived | — | 0.90 |
| CFO | -92 | — | — | -92 | — | reported | — | 1.00 |
| CapEx | 10 | — | — | 10 | — | reported | — | 1.00 |
| FCF | -102 | — | — | -102 | — | derived | — | 0.90 |
| Dividends paid | 0 | — | — | 0 | — | reported | — | 1.00 |
| ROE | -86.13% | — | — | — | — | derived | — | 0.60 |
| Current ratio | 1.45x | — | — | — | — | derived | — | 0.90 |
| Quick ratio | 0.51x | — | — | — | — | derived | — | 0.90 |
| Cash ratio | 0.06x | — | — | — | — | derived | — | 0.90 |
| Interest coverage | -14.85x | — | — | -14.85x | — | derived | — | 0.70 |
| Debt / equity | 0.58x | — | — | — | — | derived | — | 0.80 |
| Debt / assets | 0.23x | — | — | — | — | derived | — | 0.80 |
| Net debt / equity | 0.5x | — | — | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | 25.34% | — | — | 25.34% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | 0.69% | — | — | 0.69% | — | derived | — | 0.90 |
| EBIT growth (YoY) | 1.53% | — | — | 1.53% | — | derived | — | 0.90 |
| Net income growth (YoY) | 12.02% | — | — | 12.02% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | -11.86 pp | — | — | -11.86 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 7.93 pp | — | — | 7.93 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 11.93 pp | — | — | 11.93 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
6,642
—
6,642
—
- H1 2025
- —
- YTD 2026
- 6,642
- Δ YoY
- —
Gross profit
2,021
—
2,021
—
- H1 2025
- —
- YTD 2026
- 2,021
- Δ YoY
- —
EBITDA
-1,724
—
-1,724
—
- H1 2025
- —
- YTD 2026
- -1,724
- Δ YoY
- —
EBIT
-1,931
—
-1,931
—
- H1 2025
- —
- YTD 2026
- -1,931
- Δ YoY
- —
EBT
-1,943
—
-1,943
—
- H1 2025
- —
- YTD 2026
- -1,943
- Δ YoY
- —
Net income
-1,866
—
-1,866
—
- H1 2025
- —
- YTD 2026
- -1,866
- Δ YoY
- —
EPS (basic)
(PLN)
-0.03
—
-0.03
—
- H1 2025
- —
- YTD 2026
- -0.03
- Δ YoY
- —
EPS (diluted)
(PLN)
-0.03
—
-0.03
—
- H1 2025
- —
- YTD 2026
- -0.03
- Δ YoY
- —
D&A
207
—
207
—
- H1 2025
- —
- YTD 2026
- 207
- Δ YoY
- —
Interest expense
130
—
130
—
- H1 2025
- —
- YTD 2026
- 130
- Δ YoY
- —
Income tax
-77
—
-77
—
- H1 2025
- —
- YTD 2026
- -77
- Δ YoY
- —
Shares (basic)
(units)
65,880,000
—
65,880,000
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Shares (diluted)
(units)
65,880,000
—
65,880,000
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
30.43%
—
30.43%
—
- H1 2025
- —
- YTD 2026
- 30.43%
- Δ YoY
- —
EBITDA margin
-25.96%
—
-25.96%
—
- H1 2025
- —
- YTD 2026
- -25.96%
- Δ YoY
- —
EBIT margin
-29.07%
—
-29.07%
—
- H1 2025
- —
- YTD 2026
- -29.07%
- Δ YoY
- —
EBT margin
-29.25%
—
-29.25%
—
- H1 2025
- —
- YTD 2026
- -29.25%
- Δ YoY
- —
Net margin
-28.09%
—
-28.09%
—
- H1 2025
- —
- YTD 2026
- -28.09%
- Δ YoY
- —
D&A margin
3.12%
—
3.12%
—
- H1 2025
- —
- YTD 2026
- 3.12%
- Δ YoY
- —
Cash
232
—
232
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
1,733
—
1,733
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
1,501
—
1,501
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
2,999
—
2,999
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
7,631
—
7,631
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
1,754
—
1,754
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
5,690
—
5,690
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
3,936
—
3,936
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
223
—
223
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
3,673
—
3,673
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
1,565
—
1,565
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
1,579
—
1,579
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
247
—
247
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
2,752
—
2,752
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-92
—
-92
—
- H1 2025
- —
- YTD 2026
- -92
- Δ YoY
- —
CapEx
10
—
10
—
- H1 2025
- —
- YTD 2026
- 10
- Δ YoY
- —
FCF
-102
—
-102
—
- H1 2025
- —
- YTD 2026
- -102
- Δ YoY
- —
Dividends paid
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
ROE
-86.13%
—
-86.13%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current ratio
1.45x
—
1.45x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.51x
—
0.51x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.06x
—
0.06x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-14.85x
—
-14.85x
—
- H1 2025
- —
- YTD 2026
- -14.85x
- Δ YoY
- —
Debt / equity
0.58x
—
0.58x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.23x
—
0.23x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.5x
—
0.5x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
25.34%
—
25.34%
—
- H1 2025
- —
- YTD 2026
- 25.34%
- Δ YoY
- —
EBITDA growth (YoY)
0.69%
—
0.69%
—
- H1 2025
- —
- YTD 2026
- 0.69%
- Δ YoY
- —
EBIT growth (YoY)
1.53%
—
1.53%
—
- H1 2025
- —
- YTD 2026
- 1.53%
- Δ YoY
- —
Net income growth (YoY)
12.02%
—
12.02%
—
- H1 2025
- —
- YTD 2026
- 12.02%
- Δ YoY
- —
Gross margin Δ (YoY)
-11.86 pp
—
-11.86 pp
—
- H1 2025
- —
- YTD 2026
- -11.86 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
7.93 pp
—
7.93 pp
—
- H1 2025
- —
- YTD 2026
- 7.93 pp
- Δ YoY
- —
Net margin Δ (YoY)
11.93 pp
—
11.93 pp
—
- H1 2025
- —
- YTD 2026
- 11.93 pp
- Δ YoY
- —