EFK
Korporacja Gospodarcza "efekt"
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 07, 2026
H1 2026 report
Spółka nieruchomościowo-hotelarska z dominującym segmentem usługowo-handlowym (KH "Rybitwy"), generującym 95% przychodów i niemal cały zysk grupy.
Sentiment
●●●●●●
EFK
H1 2026 report
Revenue
19.5 m PLN
— YoY
Net income
6.64 m PLN
— YoY
EBITDA
9.81 m PLN
— YoY
FCF
10.07 m PLN
— YoY
Summary
Investment thesis
- Nowy zarząd (od kwietnia 2026) poprawił rentowność poprzez waloryzację czynszów o wskaźnik inflacji, co wcześniej nie było realizowane.
- Model biznesowy o bardzo niskim capeksie i wysokiej konwersji gotówkowej (FCF/EBITDA > 100%).
- Historia dużych odpisów (ok. 35,9 mln zł) na finansowanie podmiotów powiązanych, wiązana przez obecny zarząd z działaniami odwołanych poprzedników — istotne ryzyko ładu korporacyjnego.
- Segment hotelarski (2 hotele 4* w Krakowie) generuje marginalne przychody i po kosztach finansowych przynosi stratę netto.
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Financials
BETA
EFK · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.41 | — | — | 19.5 | — | reported | — | 1.00 |
| EBITDA | 5.38 | — | — | 9.81 | — | reported | — | 0.90 |
| EBIT | 5.26 | — | — | 9.56 | — | reported | — | 1.00 |
| EBT | 8.45 | — | — | 8.45 | — | reported | — | 1.00 |
| Net income | 4.33 | — | — | 6.64 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.33 | — | — | 1.33 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 1.33 | — | — | 1.33 | — | reported | — | 1.00 |
| D&A | 0.25 | — | — | 0.25 | — | reported | — | 1.00 |
| Interest expense | 2.49 | — | — | 2.49 | — | reported | — | 0.70 |
| Income tax | 1.8 | — | — | 1.8 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 5 | — | — | — | — | reported | — | 1.00 |
| EBITDA margin | 50.33% | — | — | 50.33% | — | reported | — | 0.90 |
| EBIT margin | 49.02% | — | — | 49.02% | — | reported | — | 1.00 |
| EBT margin | 43.32% | — | — | 43.32% | — | reported | — | 1.00 |
| Net margin | 34.07% | — | — | 34.07% | — | reported | — | 1.00 |
| Cash | 10.45 | — | — | — | — | reported | — | 1.00 |
| Total debt | 36.69 | — | — | — | — | reported | — | 1.00 |
| Net debt | 26.24 | — | — | — | — | reported | — | 1.00 |
| Equity | 147.1 | — | — | — | — | reported | — | 1.00 |
| Total assets | 219.55 | — | — | — | — | reported | — | 1.00 |
| Working capital | -10.5 | — | — | — | — | reported | — | 1.00 |
| Current assets | 18.73 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 29.22 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 43.23 | — | — | — | — | reported | — | 1.00 |
| Inventory | 0.1 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 8.18 | — | — | — | — | reported | — | 0.60 |
| Trade payables | 10.6 | — | — | — | — | reported | — | 0.60 |
| Goodwill | 0.01 | — | — | — | — | reported | — | 0.90 |
| CFO | 10.3 | — | — | 10.3 | — | reported | — | 1.00 |
| CapEx | 0.23 | — | — | 0.23 | — | reported | — | 1.00 |
| FCF | 10.07 | — | — | 10.07 | — | reported | — | 0.90 |
| FCF conversion | 102.61% | — | — | 102.61% | — | reported | — | 0.80 |
| CFO conversion | 104.93% | — | — | 104.93% | — | reported | — | 0.80 |
| Dividends paid | 0.25 | — | — | 0.25 | — | reported | — | 1.00 |
| Current ratio | 0.64x | — | — | — | — | reported | — | 1.00 |
| Quick ratio | 0.64x | — | — | — | — | reported | — | 1.00 |
| Cash ratio | 0.36x | — | — | — | — | reported | — | 1.00 |
| Interest coverage | 3.84x | — | — | 3.84x | — | reported | — | 0.70 |
| Debt / equity | 0.25x | — | — | — | — | reported | — | 1.00 |
| Debt / assets | 0.17x | — | — | — | — | reported | — | 1.00 |
| Net debt / equity | 0.18x | — | — | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | 4.06% | — | — | 4.06% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 26.46% | — | — | 26.46% | — | reported | — | 0.90 |
| EBIT growth (YoY) | 27.05% | — | — | 27.05% | — | reported | — | 1.00 |
| Net income growth (YoY) | 131.99% | — | — | 131.99% | — | reported | — | 1.00 |
| EPS growth (YoY) | 133.33% | — | — | 133.33% | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 8.91 pp | — | — | 8.91 pp | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | 8.87 pp | — | — | 8.87 pp | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 18.78 pp | — | — | 18.78 pp | — | reported | — | 1.00 |
H1 2026 · Δ YoY
Revenue
11.41
—
11.41
—
- H1 2025
- —
- YTD 2026
- 19.5
- Δ YoY
- —
EBITDA
5.38
—
5.38
—
- H1 2025
- —
- YTD 2026
- 9.81
- Δ YoY
- —
EBIT
5.26
—
5.26
—
- H1 2025
- —
- YTD 2026
- 9.56
- Δ YoY
- —
EBT
8.45
—
8.45
—
- H1 2025
- —
- YTD 2026
- 8.45
- Δ YoY
- —
Net income
4.33
—
4.33
—
- H1 2025
- —
- YTD 2026
- 6.64
- Δ YoY
- —
EPS (basic)
(PLN)
1.33
—
1.33
—
- H1 2025
- —
- YTD 2026
- 1.33
- Δ YoY
- —
EPS (diluted)
(PLN)
1.33
—
1.33
—
- H1 2025
- —
- YTD 2026
- 1.33
- Δ YoY
- —
D&A
0.25
—
0.25
—
- H1 2025
- —
- YTD 2026
- 0.25
- Δ YoY
- —
Interest expense
2.49
—
2.49
—
- H1 2025
- —
- YTD 2026
- 2.49
- Δ YoY
- —
Income tax
1.8
—
1.8
—
- H1 2025
- —
- YTD 2026
- 1.8
- Δ YoY
- —
Shares (basic)
(m units)
5
—
5
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
50.33%
—
50.33%
—
- H1 2025
- —
- YTD 2026
- 50.33%
- Δ YoY
- —
EBIT margin
49.02%
—
49.02%
—
- H1 2025
- —
- YTD 2026
- 49.02%
- Δ YoY
- —
EBT margin
43.32%
—
43.32%
—
- H1 2025
- —
- YTD 2026
- 43.32%
- Δ YoY
- —
Net margin
34.07%
—
34.07%
—
- H1 2025
- —
- YTD 2026
- 34.07%
- Δ YoY
- —
Cash
10.45
—
10.45
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
36.69
—
36.69
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
26.24
—
26.24
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
147.1
—
147.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
219.55
—
219.55
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
-10.5
—
-10.5
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
18.73
—
18.73
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
29.22
—
29.22
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
43.23
—
43.23
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
0.1
—
0.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
8.18
—
8.18
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
10.6
—
10.6
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
0.01
—
0.01
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
10.3
—
10.3
—
- H1 2025
- —
- YTD 2026
- 10.3
- Δ YoY
- —
CapEx
0.23
—
0.23
—
- H1 2025
- —
- YTD 2026
- 0.23
- Δ YoY
- —
FCF
10.07
—
10.07
—
- H1 2025
- —
- YTD 2026
- 10.07
- Δ YoY
- —
FCF conversion
102.61%
—
102.61%
—
- H1 2025
- —
- YTD 2026
- 102.61%
- Δ YoY
- —
CFO conversion
104.93%
—
104.93%
—
- H1 2025
- —
- YTD 2026
- 104.93%
- Δ YoY
- —
Dividends paid
0.25
—
0.25
—
- H1 2025
- —
- YTD 2026
- 0.25
- Δ YoY
- —
Current ratio
0.64x
—
0.64x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.64x
—
0.64x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.36x
—
0.36x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
3.84x
—
3.84x
—
- H1 2025
- —
- YTD 2026
- 3.84x
- Δ YoY
- —
Debt / equity
0.25x
—
0.25x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.17x
—
0.17x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.18x
—
0.18x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
4.06%
—
4.06%
—
- H1 2025
- —
- YTD 2026
- 4.06%
- Δ YoY
- —
EBITDA growth (YoY)
26.46%
—
26.46%
—
- H1 2025
- —
- YTD 2026
- 26.46%
- Δ YoY
- —
EBIT growth (YoY)
27.05%
—
27.05%
—
- H1 2025
- —
- YTD 2026
- 27.05%
- Δ YoY
- —
Net income growth (YoY)
131.99%
—
131.99%
—
- H1 2025
- —
- YTD 2026
- 131.99%
- Δ YoY
- —
EPS growth (YoY)
133.33%
—
133.33%
—
- H1 2025
- —
- YTD 2026
- 133.33%
- Δ YoY
- —
EBITDA margin Δ (YoY)
8.91 pp
—
8.91 pp
—
- H1 2025
- —
- YTD 2026
- 8.91 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
8.87 pp
—
8.87 pp
—
- H1 2025
- —
- YTD 2026
- 8.87 pp
- Δ YoY
- —
Net margin Δ (YoY)
18.78 pp
—
18.78 pp
—
- H1 2025
- —
- YTD 2026
- 18.78 pp
- Δ YoY
- —