H1 2026 report
Headline pokazuje przejście z zysku na stratę r/r, ale to w całości efekt jednorazowego zysku 11,64 mln zł z utraty kontroli nad spółką zależną w I półroczu 2025 — operacyjnie grupa się poprawiła.
Sentiment
●●●●●●
ENI
H1 2026 report
Revenue
20.74 m PLN
— YoY
Net income
3.42 m PLN
— YoY
EBITDA
5.81 m PLN
— YoY
Gross margin
2.44%
— YoY
Summary
Investment thesis
- Marża brutto na sprzedaży wzrosła z 2,4% do 8,0% mimo wzrostu przychodów o zaledwie 3,5% — sygnał lepszej dyscypliny kosztowej, nie tylko wolumenu.
- Struktura finansowania grupy jest silnie zależna od spółki W.A.M. sp. z o.o. kontrolowanej przez prezesa i wiceprezesa zarządu — łączne zaangażowanie (bilansowe i poręczeniowe) sięga ponad połowy sumy bilansowej.
- Zarząd ogłosił w marcu 2026 r. przegląd opcji strategicznych (inwestor, partnerstwo, restrukturyzacja) — na bardzo wczesnym etapie, bez wiążących decyzji.
- Grupa wciąż generuje ujemne przepływy operacyjne, a stan gotówki spadł o 52% w ciągu I półrocza 2026.
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Financials
BETA
ENI · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 20.74 | — | — | 20.74 | — | reported | — | 1.00 |
| Gross profit | 0.51 | — | — | 0.51 | — | reported | — | 1.00 |
| EBITDA | 5.81 | — | — | 5.81 | — | derived | — | 0.70 |
| EBIT | 4.35 | — | — | 4.35 | — | reported | — | 1.00 |
| EBT | 3.46 | — | — | 3.46 | — | reported | — | 1.00 |
| Net income | 3.42 | — | — | 3.42 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.19 | — | — | 0.19 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.12 | — | — | -0.12 | — | reported | — | 1.00 |
| D&A | 1.45 | — | — | 1.45 | — | reported | — | 1.00 |
| Interest expense | 1.09 | — | — | 1.09 | — | reported | — | 1.00 |
| Income tax | 0.04 | — | — | 0.04 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 18 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 2.44% | — | — | 2.44% | — | reported | — | 0.70 |
| EBITDA margin | 28% | — | — | 28% | — | reported | — | 0.40 |
| EBIT margin | 20.99% | — | — | 20.99% | — | reported | — | 0.50 |
| EBT margin | 16.69% | — | — | 16.69% | — | reported | — | 0.70 |
| Net margin | 16.51% | — | — | 16.51% | — | reported | — | 0.70 |
| Cash | 5.4 | — | — | — | — | reported | — | 1.00 |
| Total debt | 19.34 | — | — | — | — | reported | — | 0.90 |
| Net debt | 13.94 | — | — | — | — | reported | — | 0.90 |
| Equity | 43.81 | — | — | — | — | reported | — | 1.00 |
| Total assets | 87.71 | — | — | — | — | reported | — | 1.00 |
| Working capital | 3.47 | — | — | — | — | reported | — | 0.70 |
| Current assets | 18.66 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 15.2 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 28.7 | — | — | — | — | reported | — | 1.00 |
| Inventory | 1.34 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 7.37 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 11.53 | — | — | — | — | reported | — | 1.00 |
| CFO | -4.86 | — | — | -4.86 | — | reported | — | 0.80 |
| CapEx | 0.31 | — | — | 0.31 | — | reported | — | 1.00 |
| FCF | -5.17 | — | — | -5.17 | — | reported | — | 0.60 |
| Current ratio | 1.23x | — | — | — | — | reported | — | 0.70 |
| Quick ratio | 1.09x | — | — | — | — | reported | — | 0.70 |
| Cash ratio | 0.16x | — | — | — | — | reported | — | 0.70 |
| Interest coverage | -2.25x | — | — | — | — | reported | — | 0.40 |
| Debt / equity | 0.44x | — | — | — | — | reported | — | 0.80 |
| Debt / assets | 0.23x | — | — | — | — | reported | — | 0.80 |
| Net debt / equity | 0.4x | — | — | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | 3.54% | — | — | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | -144.11% | — | — | — | — | reported | — | 0.30 |
| Net income growth (YoY) | -162.69% | — | — | — | — | reported | — | 0.50 |
| EPS growth (YoY) | -163.16% | — | — | — | — | reported | — | 0.50 |
| FCF growth (YoY) | 56.68% | — | — | — | — | reported | — | 0.50 |
| Gross margin Δ (YoY) | 5.53 pp | — | — | — | — | reported | — | 0.70 |
| EBIT margin Δ (YoY) | -29.93 pp | — | — | — | — | reported | — | 0.30 |
| Net margin Δ (YoY) | -26.51 pp | — | — | — | — | reported | — | 0.50 |
H1 2026 · Δ YoY
Revenue
20.74
—
20.74
—
- H1 2025
- —
- YTD 2026
- 20.74
- Δ YoY
- —
Gross profit
0.51
—
0.51
—
- H1 2025
- —
- YTD 2026
- 0.51
- Δ YoY
- —
EBITDA
5.81
—
5.81
—
- H1 2025
- —
- YTD 2026
- 5.81
- Δ YoY
- —
EBIT
4.35
—
4.35
—
- H1 2025
- —
- YTD 2026
- 4.35
- Δ YoY
- —
EBT
3.46
—
3.46
—
- H1 2025
- —
- YTD 2026
- 3.46
- Δ YoY
- —
Net income
3.42
—
3.42
—
- H1 2025
- —
- YTD 2026
- 3.42
- Δ YoY
- —
EPS (basic)
(PLN)
0.19
—
0.19
—
- H1 2025
- —
- YTD 2026
- 0.19
- Δ YoY
- —
EPS (diluted)
(PLN)
-0.12
—
-0.12
—
- H1 2025
- —
- YTD 2026
- -0.12
- Δ YoY
- —
D&A
1.45
—
1.45
—
- H1 2025
- —
- YTD 2026
- 1.45
- Δ YoY
- —
Interest expense
1.09
—
1.09
—
- H1 2025
- —
- YTD 2026
- 1.09
- Δ YoY
- —
Income tax
0.04
—
0.04
—
- H1 2025
- —
- YTD 2026
- 0.04
- Δ YoY
- —
Shares (basic)
(m units)
18
—
18
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
2.44%
—
2.44%
—
- H1 2025
- —
- YTD 2026
- 2.44%
- Δ YoY
- —
EBITDA margin
28%
—
28%
—
- H1 2025
- —
- YTD 2026
- 28%
- Δ YoY
- —
EBIT margin
20.99%
—
20.99%
—
- H1 2025
- —
- YTD 2026
- 20.99%
- Δ YoY
- —
EBT margin
16.69%
—
16.69%
—
- H1 2025
- —
- YTD 2026
- 16.69%
- Δ YoY
- —
Net margin
16.51%
—
16.51%
—
- H1 2025
- —
- YTD 2026
- 16.51%
- Δ YoY
- —
Cash
5.4
—
5.4
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
19.34
—
19.34
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
13.94
—
13.94
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
43.81
—
43.81
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
87.71
—
87.71
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
3.47
—
3.47
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
18.66
—
18.66
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
15.2
—
15.2
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
28.7
—
28.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
1.34
—
1.34
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
7.37
—
7.37
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
11.53
—
11.53
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-4.86
—
-4.86
—
- H1 2025
- —
- YTD 2026
- -4.86
- Δ YoY
- —
CapEx
0.31
—
0.31
—
- H1 2025
- —
- YTD 2026
- 0.31
- Δ YoY
- —
FCF
-5.17
—
-5.17
—
- H1 2025
- —
- YTD 2026
- -5.17
- Δ YoY
- —
Current ratio
1.23x
—
1.23x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.09x
—
1.09x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.16x
—
0.16x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-2.25x
—
-2.25x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.44x
—
0.44x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.23x
—
0.23x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.4x
—
0.4x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
3.54%
—
3.54%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBIT growth (YoY)
-144.11%
—
-144.11%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net income growth (YoY)
-162.69%
—
-162.69%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EPS growth (YoY)
-163.16%
—
-163.16%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
FCF growth (YoY)
56.68%
—
56.68%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin Δ (YoY)
5.53 pp
—
5.53 pp
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBIT margin Δ (YoY)
-29.93 pp
—
-29.93 pp
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net margin Δ (YoY)
-26.51 pp
—
-26.51 pp
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —