AOL Analizy Online NewConnect · quarterly · publ. August 13, 2026

Q2 2026 report

Najlepsze półrocze w historii grupy: przychody +16,0% r/r, EBIT +71,6% r/r, zysk netto +54,4% r/r narastająco.

Sentiment

Positive No guidance change

Website

AOL Q2 2026 report

Revenue

3.6 m PLN

— YoY

Net income

0.74 m PLN

— YoY

EBITDA

0.9 m PLN

— YoY

FCF

0.64 m PLN

— YoY

Summary

Investment thesis

Zerowe zadłużenie odsetkowe i rosnąca nadwyżka gotówkowa (ok. 3,3 mln zł netto) przy sumie bilansowej 7,7 mln zł.
Wzrost napędzany głównie platformą dystrybucji funduszy kupfundusz.pl (+41,2% r/r w Q2, aktywa na platformie 319,1 mln zł).
Konwersja zysku netto na gotówkę operacyjną osłabła narastająco do ok. 48% — do potwierdzenia, czy to sezonowość czy trend.
Silna koncentracja właścicielska (ENRAV 53,44% + Członek Zarządu 19,35%) — typowe ryzyko nadzoru korporacyjnego małych spółek NC.

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Financials

BETA

Q2 2026

AOL · Q2 2026

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

Revenue	3.6	—	—	7.06	—	reported	—	1.00
EBITDA	0.9	—	—	1.77	—	reported	—	1.00
EBIT	0.82	—	—	1.62	—	reported	—	1.00
EBT	0.9	—	—	1.68	—	reported	—	1.00
Net income	0.74	—	—	1.34	—	reported	—	1.00
EPS (basic) (PLN)	0.61	—	—	1.1	—	derived	—	0.70
D&A	0.08	—	—	0.16	—	reported	—	1.00
Income tax	0.16	—	—	0.34	—	reported	—	1.00
Shares (basic) (m units)	1.22	—	—	—	—	reported	—	1.00

EBITDA margin	24.89%	—	—	25.09%	—	reported	—	1.00
EBIT margin	22.78%	—	—	22.89%	—	reported	—	1.00
Net margin	20.59%	—	—	19.04%	—	reported	—	1.00

Cash	0.97	—	—	—	—	reported	—	1.00
Total debt	0	—	—	—	—	reported	—	1.00
Net debt	-0.97	—	—	—	—	reported	—	1.00
Equity	4.46	—	—	—	—	reported	—	1.00
Total assets	7.69	—	—	—	—	reported	—	1.00
Working capital	3.77	—	—	—	—	reported	—	1.00
Current assets	6.37	—	—	—	—	reported	—	1.00
Current liabilities	2.59	—	—	—	—	reported	—	1.00
Non-current liabilities	0	—	—	—	—	reported	—	1.00
Inventory	0.02	—	—	—	—	reported	—	1.00
Trade receivables	1.14	—	—	—	—	reported	—	1.00
Trade payables	0.05	—	—	—	—	reported	—	1.00

CFO	0.64	—	—	0.64	—	reported	—	1.00
CapEx	0	—	—	0	—	reported	—	1.00
FCF	0.64	—	—	0.64	—	reported	—	1.00
FCF conversion	71.49%	—	—	36.25%	—	reported	—	1.00
CFO conversion	71.49%	—	—	36.25%	—	reported	—	1.00

Current ratio	2.46x	—	—	—	—	reported	—	1.00
Quick ratio	2.45x	—	—	—	—	reported	—	1.00
Cash ratio	0.37x	—	—	—	—	reported	—	1.00

Debt / equity	0x	—	—	—	—	reported	—	1.00
Debt / assets	0x	—	—	—	—	reported	—	1.00
Net debt / equity	-0.22x	—	—	—	—	reported	—	1.00

Revenue growth (YoY)	9.03%	—	—	15.95%	—	reported	—	1.00
EBITDA growth (YoY)	26.29%	—	—	45.25%	—	reported	—	1.00
EBIT growth (YoY)	42.14%	—	—	71.6%	—	reported	—	1.00
Net income growth (YoY)	44.12%	—	—	54.39%	—	reported	—	1.00
EPS growth (YoY)	44.12%	—	—	54.39%	—	reported	—	0.70
EBITDA margin Δ (YoY)	3.4 pp	—	—	5.06 pp	—	reported	—	1.00
EBIT margin Δ (YoY)	5.31 pp	—	—	7.42 pp	—	reported	—	1.00
Net margin Δ (YoY)	5.01 pp	—	—	4.74 pp	—	reported	—	1.00

Q2 2026 · Δ YoY

Revenue

3.6 —

Q2 2025: —
YTD 2026: 7.06
Δ YoY: —

EBITDA

0.9 —

Q2 2025: —
YTD 2026: 1.77
Δ YoY: —

EBIT

0.82 —

Q2 2025: —
YTD 2026: 1.62
Δ YoY: —

EBT

0.9 —

Q2 2025: —
YTD 2026: 1.68
Δ YoY: —

Net income

0.74 —

Q2 2025: —
YTD 2026: 1.34
Δ YoY: —

EPS (basic) (PLN)

0.61 —

Q2 2025: —
YTD 2026: 1.1
Δ YoY: —

D&A

0.08 —

Q2 2025: —
YTD 2026: 0.16
Δ YoY: —

Income tax

0.16 —

Q2 2025: —
YTD 2026: 0.34
Δ YoY: —

Shares (basic) (m units)

1.22 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

EBITDA margin

24.89% —

Q2 2025: —
YTD 2026: 25.09%
Δ YoY: —

EBIT margin

22.78% —

Q2 2025: —
YTD 2026: 22.89%
Δ YoY: —

Net margin

20.59% —

Q2 2025: —
YTD 2026: 19.04%
Δ YoY: —

Cash

0.97 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total debt

0 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt

-0.97 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Equity

4.46 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total assets

7.69 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Working capital

3.77 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current assets

6.37 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

2.59 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

0 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Inventory

0.02 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

1.14 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

0.05 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

CFO

0.64 —

Q2 2025: —
YTD 2026: 0.64
Δ YoY: —

CapEx

0 —

Q2 2025: —
YTD 2026: 0
Δ YoY: —

FCF

0.64 —

Q2 2025: —
YTD 2026: 0.64
Δ YoY: —

FCF conversion

71.49% —

Q2 2025: —
YTD 2026: 36.25%
Δ YoY: —

CFO conversion

71.49% —

Q2 2025: —
YTD 2026: 36.25%
Δ YoY: —

Current ratio

2.46x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

2.45x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.37x —

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

-0.22x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

9.03% —

Q2 2025: —
YTD 2026: 15.95%
Δ YoY: —

EBITDA growth (YoY)

26.29% —

Q2 2025: —
YTD 2026: 45.25%
Δ YoY: —

EBIT growth (YoY)

42.14% —

Q2 2025: —
YTD 2026: 71.6%
Δ YoY: —

Net income growth (YoY)

44.12% —

Q2 2025: —
YTD 2026: 54.39%
Δ YoY: —

EPS growth (YoY)

44.12% —

Q2 2025: —
YTD 2026: 54.39%
Δ YoY: —

EBITDA margin Δ (YoY)

3.4 pp —

Q2 2025: —
YTD 2026: 5.06 pp
Δ YoY: —

EBIT margin Δ (YoY)

5.31 pp —

Q2 2025: —
YTD 2026: 7.42 pp
Δ YoY: —

Net margin Δ (YoY)

5.01 pp —

Q2 2025: —
YTD 2026: 4.74 pp
Δ YoY: —