Q2 2026 report
Sprzedaż rośnie dwucyfrowo (+20,7% r/r narastająco, +25,7% r/r w samym II kw.) napędzana ekspansją na rynkach DACH poprzez model agencyjny o niskich kosztach administracyjnych.
Sentiment
Neutral
No guidance change
MAZ
Q2 2026 report
Revenue
10.64 m PLN
— YoY
Net income
0.05 m PLN
— YoY
EBITDA
0.9 m PLN
— YoY
FCF
-0.07 m PLN
— YoY
Summary
Investment thesis
- Poprawa rentowności widoczna wyłącznie w ujęciu jednostkowym i tylko w samym II kwartale — skonsolidowany EBIT i EBITDA za całe I półrocze są niższe r/r mimo wzrostu przychodów, co wskazuje na wyraźnie słabszy I kwartał 2026, niewyjaśniony wprost w komentarzu zarządu.
- Zadłużenie ogółem spadło r/r (z ok. 11,3 mln do 8,2 mln PLN), ale niemal cały pozostały dług jest krótkoterminowy — zobowiązania długoterminowe skurczyły się do 0,38 mln PLN, co oznacza pełne uzależnienie od bieżącego rolowania finansowania.
- Płynność jest ekstremalnie napięta — środki pieniężne na koniec okresu to zaledwie 18,4 tys. PLN przy wskaźniku bieżącej płynności 0,49 — spółka funkcjonuje praktycznie bez bufora gotówkowego.
- Portfel potwierdzonych zamówień na koniec czerwca wzrósł o ok. 61% r/r (do 4,87 mln PLN), co daje pewną widoczność przychodów na II półrocze, choć nie eliminuje bieżącego ryzyka płynnościowego.
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Financials
BETA
MAZ · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.64 | — | — | 22.08 | — | reported | — | 1.00 |
| EBITDA | 0.9 | — | — | 2.19 | — | derived | — | 0.90 |
| EBIT | 0.38 | — | — | 1.16 | — | reported | — | 1.00 |
| EBT | 0.35 | — | — | 0.63 | — | reported | — | 1.00 |
| Net income | 0.05 | — | — | 0.52 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.05 | — | — | 0.48 | — | derived | — | 0.70 |
| D&A | 0.52 | — | — | 1.03 | — | reported | — | 1.00 |
| Interest expense | 0.19 | — | — | 0.37 | — | reported | — | 1.00 |
| Income tax | -0.02 | — | — | 0.06 | — | reported | — | 1.00 |
| EBITDA margin | 8.42% | — | — | 9.92% | — | derived | — | 0.90 |
| EBIT margin | 3.53% | — | — | 5.25% | — | derived | — | 1.00 |
| Net margin | 0.5% | — | — | 2.36% | — | derived | — | 1.00 |
| Cash | 0.01 | — | — | — | — | reported | — | 1.00 |
| Total debt | 11.29 | — | — | — | — | reported | — | 0.70 |
| Net debt | 11.28 | — | — | — | — | derived | — | 0.70 |
| Equity | 2.36 | — | — | — | — | reported | — | 1.00 |
| Total assets | 22.71 | — | — | — | — | reported | — | 1.00 |
| Working capital | -9.02 | — | — | — | — | derived | — | 1.00 |
| Current assets | 8.23 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 17.25 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 1.22 | — | — | — | — | reported | — | 1.00 |
| Inventory | 3.55 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 3.99 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 5.52 | — | — | — | — | reported | — | 0.90 |
| Goodwill | 0.13 | — | — | — | — | reported | — | 1.00 |
| CFO | 0.13 | — | — | 1.04 | — | reported | — | 1.00 |
| CapEx | 0.15 | — | — | 0.43 | — | reported | — | 1.00 |
| FCF | -0.07 | — | — | 0.61 | — | derived | — | 1.00 |
| FCF conversion | 49.73% | — | — | 23.69% | — | derived | — | 0.90 |
| CFO conversion | 64.17% | — | — | 46.83% | — | derived | — | 0.90 |
| Current ratio | 0.48x | — | — | — | — | derived | — | 1.00 |
| Quick ratio | 0.27x | — | — | — | — | derived | — | 1.00 |
| Cash ratio | 0x | — | — | — | — | derived | — | 1.00 |
| Interest coverage | 3.23x | — | — | 2.85x | — | derived | — | 1.00 |
| Debt / equity | 4.78x | — | — | — | — | derived | — | 0.70 |
| Debt / assets | 0.5x | — | — | — | — | derived | — | 0.70 |
| Net debt / equity | 4.78x | — | — | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 25.72% | — | — | 20.66% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | 17.17% | — | — | -11.39% | — | derived | — | 0.90 |
| EBIT growth (YoY) | 61.47% | — | — | -8.33% | — | derived | — | 1.00 |
| Net income growth (YoY) | 422.44% | — | — | -2.44% | — | derived | — | 0.90 |
| EPS growth (YoY) | 422.44% | — | — | -2.44% | — | derived | — | 0.70 |
| FCF growth (YoY) | — | — | — | -24.56% | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -0.57 pp | — | — | -2.63 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 1 pp | — | — | -1.26 pp | — | derived | — | 1.00 |
| Net margin Δ (YoY) | 1.58 pp | — | — | -0.45 pp | — | derived | — | 1.00 |
Q2 2026 · Δ YoY
Revenue
10.64
—
10.64
—
- Q2 2025
- —
- YTD 2026
- 22.08
- Δ YoY
- —
EBITDA
0.9
—
0.9
—
- Q2 2025
- —
- YTD 2026
- 2.19
- Δ YoY
- —
EBIT
0.38
—
0.38
—
- Q2 2025
- —
- YTD 2026
- 1.16
- Δ YoY
- —
EBT
0.35
—
0.35
—
- Q2 2025
- —
- YTD 2026
- 0.63
- Δ YoY
- —
Net income
0.05
—
0.05
—
- Q2 2025
- —
- YTD 2026
- 0.52
- Δ YoY
- —
EPS (basic)
(PLN)
0.05
—
0.05
—
- Q2 2025
- —
- YTD 2026
- 0.48
- Δ YoY
- —
D&A
0.52
—
0.52
—
- Q2 2025
- —
- YTD 2026
- 1.03
- Δ YoY
- —
Interest expense
0.19
—
0.19
—
- Q2 2025
- —
- YTD 2026
- 0.37
- Δ YoY
- —
Income tax
-0.02
—
-0.02
—
- Q2 2025
- —
- YTD 2026
- 0.06
- Δ YoY
- —
EBITDA margin
8.42%
—
8.42%
—
- Q2 2025
- —
- YTD 2026
- 9.92%
- Δ YoY
- —
EBIT margin
3.53%
—
3.53%
—
- Q2 2025
- —
- YTD 2026
- 5.25%
- Δ YoY
- —
Net margin
0.5%
—
0.5%
—
- Q2 2025
- —
- YTD 2026
- 2.36%
- Δ YoY
- —
Cash
0.01
—
0.01
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
11.29
—
11.29
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
11.28
—
11.28
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
2.36
—
2.36
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
22.71
—
22.71
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
-9.02
—
-9.02
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
8.23
—
8.23
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
17.25
—
17.25
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
1.22
—
1.22
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
3.55
—
3.55
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
3.99
—
3.99
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
5.52
—
5.52
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
0.13
—
0.13
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
0.13
—
0.13
—
- Q2 2025
- —
- YTD 2026
- 1.04
- Δ YoY
- —
CapEx
0.15
—
0.15
—
- Q2 2025
- —
- YTD 2026
- 0.43
- Δ YoY
- —
FCF
-0.07
—
-0.07
—
- Q2 2025
- —
- YTD 2026
- 0.61
- Δ YoY
- —
FCF conversion
49.73%
—
49.73%
—
- Q2 2025
- —
- YTD 2026
- 23.69%
- Δ YoY
- —
CFO conversion
64.17%
—
64.17%
—
- Q2 2025
- —
- YTD 2026
- 46.83%
- Δ YoY
- —
Current ratio
0.48x
—
0.48x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.27x
—
0.27x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0x
—
0x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
3.23x
—
3.23x
—
- Q2 2025
- —
- YTD 2026
- 2.85x
- Δ YoY
- —
Debt / equity
4.78x
—
4.78x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.5x
—
0.5x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
4.78x
—
4.78x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
25.72%
—
25.72%
—
- Q2 2025
- —
- YTD 2026
- 20.66%
- Δ YoY
- —
EBITDA growth (YoY)
17.17%
—
17.17%
—
- Q2 2025
- —
- YTD 2026
- -11.39%
- Δ YoY
- —
EBIT growth (YoY)
61.47%
—
61.47%
—
- Q2 2025
- —
- YTD 2026
- -8.33%
- Δ YoY
- —
Net income growth (YoY)
422.44%
—
422.44%
—
- Q2 2025
- —
- YTD 2026
- -2.44%
- Δ YoY
- —
EPS growth (YoY)
422.44%
—
422.44%
—
- Q2 2025
- —
- YTD 2026
- -2.44%
- Δ YoY
- —
FCF growth (YoY)
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -24.56%
- Δ YoY
- —
EBITDA margin Δ (YoY)
-0.57 pp
—
-0.57 pp
—
- Q2 2025
- —
- YTD 2026
- -2.63 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
1 pp
—
1 pp
—
- Q2 2025
- —
- YTD 2026
- -1.26 pp
- Δ YoY
- —
Net margin Δ (YoY)
1.58 pp
—
1.58 pp
—
- Q2 2025
- —
- YTD 2026
- -0.45 pp
- Δ YoY
- —