H1 2026 report
Grupa Relpol wyszła z ujemnej rentowności operacyjnej I półrocza 2025 r. na dodatnią w I półroczu 2026 r. dzięki optymalizacji zatrudnienia (-84 etaty r/r) i kosztów produkcji, przy wzroście przychodów o 4,8%.
Sentiment
●●●●●●
RLP
H1 2026 report
Revenue
55.77 m PLN
— YoY
Net income
-2.35 m PLN
— YoY
EBITDA
665 k PLN
— YoY
Gross margin
13.01%
— YoY
Summary
Investment thesis
- Marża brutto na sprzedaży poprawiła się o 4,5 pp (z 13,0% do 17,5%), a EBITDA wzrosła z 665 tys. zł do 4 209 tys. zł, co wskazuje na realną, a nie jednorazową poprawę operacyjną.
- Zwroty z kapitału pozostają symboliczne — ROE 1,5% i ROA 1,1% w ujęciu 12-miesięcznym — spółka jest wciąż daleko od poziomów tworzących wartość ponad koszt kapitału.
- Bilans jest bezpieczny (72% aktywów finansowane kapitałem własnym, płynność bieżąca 3,1x), ale gotówka na koniec okresu spadła do zaledwie 437 tys. zł, a CAPEX drugi kolejny półroczny okres wynosi ok. 13% amortyzacji.
- Spółka nie publikuje formalnych prognoz finansowych, co ogranicza możliwość oceny wyniku względem oczekiwań zarządu lub rynku.
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Financials
BETA
RLP · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 55,771 | — | — | 55,771 | — | reported | — | 1.00 |
|
Revenue
Komponenty automatyki przemysłowej
|
50,168 | — | — | 50,168 | — | reported | Komponenty automatyki przemysłowej | 1.00 |
|
Revenue
Towary
|
6,732 | — | — | 6,732 | — | reported | Towary | 1.00 |
| Gross profit | 7,258 | — | — | 7,258 | — | reported | — | 1.00 |
| EBITDA | 665 | — | — | 665 | — | reported | — | 1.00 |
| EBIT | -2,154 | — | — | -2,154 | — | reported | — | 1.00 |
| EBT | -2,435 | — | — | -2,435 | — | reported | — | 1.00 |
| Net income | -2,353 | — | — | -2,353 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.24 | — | — | -0.24 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.06 | — | — | 0.06 | — | reported | — | 1.00 |
| D&A | 2,819 | — | — | 2,819 | — | reported | — | 1.00 |
| Interest expense | 423 | — | — | 423 | — | reported | — | 0.90 |
| Income tax | -82 | — | — | -82 | — | reported | — | 1.00 |
| Shares (basic) (units) | 9,609,193 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 13.01% | — | — | 13.01% | — | derived | — | 1.00 |
| EBITDA margin | 1.19% | — | — | 1.19% | — | derived | — | 0.75 |
| EBIT margin | -3.86% | — | — | -3.86% | — | derived | — | 1.00 |
| Net margin | -4.22% | — | — | -4.22% | — | derived | — | 1.00 |
| Cash | 574 | — | — | — | — | reported | — | 1.00 |
| Total debt | 22,227 | — | — | — | — | derived | — | 0.95 |
| Net debt | 21,653 | — | — | — | — | derived | — | 0.95 |
| Equity | 94,155 | — | — | — | — | reported | — | 1.00 |
| Total assets | 127,095 | — | — | — | — | reported | — | 1.00 |
| Working capital | 45,432 | — | — | — | — | derived | — | 1.00 |
| Current assets | 59,805 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 20,737 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 15,880 | — | — | — | — | reported | — | 1.00 |
| Inventory | 34,854 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 23,918 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 12,782 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 15,883 | — | — | — | — | reported | — | 0.90 |
| CFO | 615 | — | — | 615 | — | reported | — | 1.00 |
| CapEx | 383 | — | — | 383 | — | derived | — | 0.95 |
| FCF | 232 | — | — | 232 | — | derived | — | 0.95 |
| ROE | 1.52% | — | — | — | — | derived | — | 0.95 |
| ROA | 1.1% | — | — | — | — | derived | — | 0.95 |
| ROIC | 1.33% | — | — | — | — | derived | — | 0.65 |
| ROCE | 1.96% | — | — | — | — | derived | — | 0.75 |
| Current ratio | 3.1x | — | — | — | — | derived | — | 1.00 |
| Quick ratio | 1.35x | — | — | — | — | derived | — | 1.00 |
| Cash ratio | 0.02x | — | — | — | — | derived | — | 0.95 |
| Interest coverage | 4.17x | — | — | 4.17x | — | derived | — | 0.85 |
| Net debt / EBITDA | 2.13x | — | — | — | — | derived | — | 0.80 |
| Debt / equity | 0.2x | — | — | — | — | derived | — | 0.90 |
| Debt / assets | 0.14x | — | — | — | — | derived | — | 0.90 |
| Net debt / equity | 0.2x | — | — | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 4.78% | — | — | 4.78% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | 533.08% | — | — | 533.08% | — | derived | — | 0.90 |
| EBIT growth (YoY) | 164.81% | — | — | 164.81% | — | derived | — | 0.90 |
| Net income growth (YoY) | 163.9% | — | — | 163.9% | — | derived | — | 0.90 |
| EPS growth (YoY) | 125% | — | — | 125% | — | derived | — | 0.85 |
| Gross margin Δ (YoY) | 4.53 pp | — | — | 4.53 pp | — | derived | — | 1.00 |
| EBIT margin Δ (YoY) | 6.25 pp | — | — | 6.25 pp | — | derived | — | 1.00 |
| Net margin Δ (YoY) | 5.28 pp | — | — | 5.28 pp | — | derived | — | 1.00 |
H1 2026 · Δ YoY
Revenue
55,771
—
55,771
—
- H1 2025
- —
- YTD 2026
- 55,771
- Δ YoY
- —
Revenue
Komponenty automatyki przemysłowej
50,168
—
Komponenty automatyki przemysłowej
50,168
—
- H1 2025
- —
- YTD 2026
- 50,168
- Δ YoY
- —
Revenue
Towary
6,732
—
Towary
6,732
—
- H1 2025
- —
- YTD 2026
- 6,732
- Δ YoY
- —
Gross profit
7,258
—
7,258
—
- H1 2025
- —
- YTD 2026
- 7,258
- Δ YoY
- —
EBITDA
665
—
665
—
- H1 2025
- —
- YTD 2026
- 665
- Δ YoY
- —
EBIT
-2,154
—
-2,154
—
- H1 2025
- —
- YTD 2026
- -2,154
- Δ YoY
- —
EBT
-2,435
—
-2,435
—
- H1 2025
- —
- YTD 2026
- -2,435
- Δ YoY
- —
Net income
-2,353
—
-2,353
—
- H1 2025
- —
- YTD 2026
- -2,353
- Δ YoY
- —
EPS (basic)
(PLN)
-0.24
—
-0.24
—
- H1 2025
- —
- YTD 2026
- -0.24
- Δ YoY
- —
EPS (diluted)
(PLN)
0.06
—
0.06
—
- H1 2025
- —
- YTD 2026
- 0.06
- Δ YoY
- —
D&A
2,819
—
2,819
—
- H1 2025
- —
- YTD 2026
- 2,819
- Δ YoY
- —
Interest expense
423
—
423
—
- H1 2025
- —
- YTD 2026
- 423
- Δ YoY
- —
Income tax
-82
—
-82
—
- H1 2025
- —
- YTD 2026
- -82
- Δ YoY
- —
Shares (basic)
(units)
9,609,193
—
9,609,193
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
13.01%
—
13.01%
—
- H1 2025
- —
- YTD 2026
- 13.01%
- Δ YoY
- —
EBITDA margin
1.19%
—
1.19%
—
- H1 2025
- —
- YTD 2026
- 1.19%
- Δ YoY
- —
EBIT margin
-3.86%
—
-3.86%
—
- H1 2025
- —
- YTD 2026
- -3.86%
- Δ YoY
- —
Net margin
-4.22%
—
-4.22%
—
- H1 2025
- —
- YTD 2026
- -4.22%
- Δ YoY
- —
Cash
574
—
574
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
22,227
—
22,227
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
21,653
—
21,653
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
94,155
—
94,155
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
127,095
—
127,095
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
45,432
—
45,432
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
59,805
—
59,805
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
20,737
—
20,737
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
15,880
—
15,880
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
34,854
—
34,854
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
23,918
—
23,918
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
12,782
—
12,782
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
15,883
—
15,883
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
615
—
615
—
- H1 2025
- —
- YTD 2026
- 615
- Δ YoY
- —
CapEx
383
—
383
—
- H1 2025
- —
- YTD 2026
- 383
- Δ YoY
- —
FCF
232
—
232
—
- H1 2025
- —
- YTD 2026
- 232
- Δ YoY
- —
ROE
1.52%
—
1.52%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROA
1.1%
—
1.1%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROIC
1.33%
—
1.33%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROCE
1.96%
—
1.96%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current ratio
3.1x
—
3.1x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.35x
—
1.35x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.02x
—
0.02x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
4.17x
—
4.17x
—
- H1 2025
- —
- YTD 2026
- 4.17x
- Δ YoY
- —
Net debt / EBITDA
2.13x
—
2.13x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.2x
—
0.2x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.14x
—
0.14x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.2x
—
0.2x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
4.78%
—
4.78%
—
- H1 2025
- —
- YTD 2026
- 4.78%
- Δ YoY
- —
EBITDA growth (YoY)
533.08%
—
533.08%
—
- H1 2025
- —
- YTD 2026
- 533.08%
- Δ YoY
- —
EBIT growth (YoY)
164.81%
—
164.81%
—
- H1 2025
- —
- YTD 2026
- 164.81%
- Δ YoY
- —
Net income growth (YoY)
163.9%
—
163.9%
—
- H1 2025
- —
- YTD 2026
- 163.9%
- Δ YoY
- —
EPS growth (YoY)
125%
—
125%
—
- H1 2025
- —
- YTD 2026
- 125%
- Δ YoY
- —
Gross margin Δ (YoY)
4.53 pp
—
4.53 pp
—
- H1 2025
- —
- YTD 2026
- 4.53 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
6.25 pp
—
6.25 pp
—
- H1 2025
- —
- YTD 2026
- 6.25 pp
- Δ YoY
- —
Net margin Δ (YoY)
5.28 pp
—
5.28 pp
—
- H1 2025
- —
- YTD 2026
- 5.28 pp
- Δ YoY
- —