H1 2026 report
Przychody praktycznie płaskie (+0,5% r/r), ale marża brutto (+3,7 pp) i EBITDA (+18%) rosną wyraźnie dzięki jednemu segmentowi — spunlace, który odpowiada za ok. 90% przychodów i całą poprawę wyniku.
Sentiment
●●●●●●
NVT
H1 2026 report
Revenue
95.86 m PLN
— YoY
Net income
10.19 m PLN
— YoY
EBITDA
13.87 m PLN
— YoY
Gross margin
24.97%
— YoY
Summary
Investment thesis
- Trzy pozostałe segmenty (włókniny igłowane mechanicznie, najem, pozostałe) tracą przychód r/r — koncentracja wzrostu w jednej linii technologicznej.
- Bilans jest bezpieczny: dodatnia pozycja gotówkowa netto, minimalne zadłużenie odsetkowe, mimo wypłaty niemal całego zysku netto za 2025 r. (20 mln zł) w dywidendzie.
- Cykl rotacji zapasów i zobowiązań handlowych wydłużył się istotnie r/r — zapasy budowane są w dużej mierze kosztem wydłużenia terminów płatności dostawcom.
- Zdarzenie po dniu bilansowym (30.07.2026) — ogłoszenie przeglądu opcji strategicznych, w tym możliwe pozyskanie inwestora lub zmiana struktury akcjonariatu — jest obecnie najważniejszym czynnikiem dla przyszłości spółki, ważniejszym niż same wyniki I półrocza.
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Financials
BETA
NVT · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 95,857 | — | — | 95,857 | — | reported | — | 1.00 |
|
Revenue
Włókniny igłowane wodą (spunlace)
|
86,559 | — | — | 86,559 | — | reported | Włókniny igłowane wodą (spunlace) | 1.00 |
|
Revenue
Włókniny igłowane mechanicznie
|
6,566 | — | — | 6,566 | — | reported | Włókniny igłowane mechanicznie | 1.00 |
| Gross profit | 23,939 | — | — | 23,939 | — | reported | — | 1.00 |
| EBITDA | 13,869 | — | — | 13,869 | — | reported | — | 1.00 |
| EBIT | 11,437 | — | — | 11,437 | — | reported | — | 1.00 |
| EBT | 12,321 | — | — | 12,321 | — | reported | — | 1.00 |
| Net income | 10,189 | — | — | 10,189 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 4.08 | — | — | 4.08 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 4.28 | — | — | 4.28 | — | reported | — | 1.00 |
| D&A | 2,432 | — | — | 2,432 | — | reported | — | 1.00 |
| Interest expense | 81 | — | — | 81 | — | reported | — | 1.00 |
| Income tax | 2,132 | — | — | 2,132 | — | reported | — | 1.00 |
| Shares (basic) (units) | 2,500,000 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 24.97% | — | — | 24.97% | — | derived | — | 0.95 |
| EBITDA margin | 14.47% | — | — | 14.47% | — | derived | — | 0.95 |
| EBIT margin | 11.93% | — | — | 11.93% | — | derived | — | 0.95 |
| Net margin | 10.63% | — | — | 10.63% | — | derived | — | 0.95 |
| Cash | 6,400 | — | — | — | — | reported | — | 1.00 |
| Total debt | 4,881 | — | — | — | — | derived | — | 0.95 |
| Net debt | -1,519 | — | — | — | — | derived | — | 0.90 |
| Equity | 133,273 | — | — | — | — | reported | — | 1.00 |
| Total assets | 163,423 | — | — | — | — | reported | — | 1.00 |
| Working capital | 19,613 | — | — | — | — | derived | — | 1.00 |
| Current assets | 51,929 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 23,244 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 17,257 | — | — | — | — | reported | — | 1.00 |
| Inventory | 30,843 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 22,110 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 15,960 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 259 | — | — | — | — | reported | — | 0.90 |
| CFO | 5,481 | — | — | 5,481 | — | reported | — | 1.00 |
| CapEx | 1,344 | — | — | 1,344 | — | reported | — | 1.00 |
| FCF | 4,137 | — | — | 4,137 | — | derived | — | 0.95 |
| Current ratio | 1.31x | — | — | — | — | derived | — | 0.95 |
| Quick ratio | 0.6x | — | — | — | — | derived | — | 0.95 |
| Cash ratio | 0.23x | — | — | — | — | derived | — | 0.95 |
| Interest coverage | 209.79x | — | — | 209.79x | — | derived | — | 0.85 |
| Debt / equity | 0.05x | — | — | — | — | derived | — | 0.90 |
| Debt / assets | 0.03x | — | — | — | — | derived | — | 0.90 |
| Net debt / equity | -0.08x | — | — | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 0.52% | — | — | 0.52% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | 18.1% | — | — | 18.1% | — | derived | — | 1.00 |
| EBIT growth (YoY) | 22.9% | — | — | 22.9% | — | derived | — | 1.00 |
| Net income growth (YoY) | 4.99% | — | — | 4.99% | — | derived | — | 1.00 |
| EPS growth (YoY) | 4.9% | — | — | 4.9% | — | derived | — | 0.95 |
| Gross margin Δ (YoY) | 3.69 pp | — | — | 3.69 pp | — | derived | — | 0.95 |
| EBITDA margin Δ (YoY) | 2.53 pp | — | — | 2.53 pp | — | derived | — | 0.95 |
| EBIT margin Δ (YoY) | 2.66 pp | — | — | 2.66 pp | — | derived | — | 0.95 |
| Net margin Δ (YoY) | 0.47 pp | — | — | 0.47 pp | — | derived | — | 0.95 |
H1 2026 · Δ YoY
Revenue
95,857
—
95,857
—
- H1 2025
- —
- YTD 2026
- 95,857
- Δ YoY
- —
Revenue
Włókniny igłowane wodą (spunlace)
86,559
—
Włókniny igłowane wodą (spunlace)
86,559
—
- H1 2025
- —
- YTD 2026
- 86,559
- Δ YoY
- —
Revenue
Włókniny igłowane mechanicznie
6,566
—
Włókniny igłowane mechanicznie
6,566
—
- H1 2025
- —
- YTD 2026
- 6,566
- Δ YoY
- —
Gross profit
23,939
—
23,939
—
- H1 2025
- —
- YTD 2026
- 23,939
- Δ YoY
- —
EBITDA
13,869
—
13,869
—
- H1 2025
- —
- YTD 2026
- 13,869
- Δ YoY
- —
EBIT
11,437
—
11,437
—
- H1 2025
- —
- YTD 2026
- 11,437
- Δ YoY
- —
EBT
12,321
—
12,321
—
- H1 2025
- —
- YTD 2026
- 12,321
- Δ YoY
- —
Net income
10,189
—
10,189
—
- H1 2025
- —
- YTD 2026
- 10,189
- Δ YoY
- —
EPS (basic)
(PLN)
4.08
—
4.08
—
- H1 2025
- —
- YTD 2026
- 4.08
- Δ YoY
- —
EPS (diluted)
(PLN)
4.28
—
4.28
—
- H1 2025
- —
- YTD 2026
- 4.28
- Δ YoY
- —
D&A
2,432
—
2,432
—
- H1 2025
- —
- YTD 2026
- 2,432
- Δ YoY
- —
Interest expense
81
—
81
—
- H1 2025
- —
- YTD 2026
- 81
- Δ YoY
- —
Income tax
2,132
—
2,132
—
- H1 2025
- —
- YTD 2026
- 2,132
- Δ YoY
- —
Shares (basic)
(units)
2,500,000
—
2,500,000
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
24.97%
—
24.97%
—
- H1 2025
- —
- YTD 2026
- 24.97%
- Δ YoY
- —
EBITDA margin
14.47%
—
14.47%
—
- H1 2025
- —
- YTD 2026
- 14.47%
- Δ YoY
- —
EBIT margin
11.93%
—
11.93%
—
- H1 2025
- —
- YTD 2026
- 11.93%
- Δ YoY
- —
Net margin
10.63%
—
10.63%
—
- H1 2025
- —
- YTD 2026
- 10.63%
- Δ YoY
- —
Cash
6,400
—
6,400
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
4,881
—
4,881
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-1,519
—
-1,519
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
133,273
—
133,273
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
163,423
—
163,423
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
19,613
—
19,613
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
51,929
—
51,929
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
23,244
—
23,244
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
17,257
—
17,257
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
30,843
—
30,843
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
22,110
—
22,110
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
15,960
—
15,960
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
259
—
259
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
5,481
—
5,481
—
- H1 2025
- —
- YTD 2026
- 5,481
- Δ YoY
- —
CapEx
1,344
—
1,344
—
- H1 2025
- —
- YTD 2026
- 1,344
- Δ YoY
- —
FCF
4,137
—
4,137
—
- H1 2025
- —
- YTD 2026
- 4,137
- Δ YoY
- —
Current ratio
1.31x
—
1.31x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.6x
—
0.6x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.23x
—
0.23x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
209.79x
—
209.79x
—
- H1 2025
- —
- YTD 2026
- 209.79x
- Δ YoY
- —
Debt / equity
0.05x
—
0.05x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.03x
—
0.03x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.08x
—
-0.08x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
0.52%
—
0.52%
—
- H1 2025
- —
- YTD 2026
- 0.52%
- Δ YoY
- —
EBITDA growth (YoY)
18.1%
—
18.1%
—
- H1 2025
- —
- YTD 2026
- 18.1%
- Δ YoY
- —
EBIT growth (YoY)
22.9%
—
22.9%
—
- H1 2025
- —
- YTD 2026
- 22.9%
- Δ YoY
- —
Net income growth (YoY)
4.99%
—
4.99%
—
- H1 2025
- —
- YTD 2026
- 4.99%
- Δ YoY
- —
EPS growth (YoY)
4.9%
—
4.9%
—
- H1 2025
- —
- YTD 2026
- 4.9%
- Δ YoY
- —
Gross margin Δ (YoY)
3.69 pp
—
3.69 pp
—
- H1 2025
- —
- YTD 2026
- 3.69 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
2.53 pp
—
2.53 pp
—
- H1 2025
- —
- YTD 2026
- 2.53 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
2.66 pp
—
2.66 pp
—
- H1 2025
- —
- YTD 2026
- 2.66 pp
- Δ YoY
- —
Net margin Δ (YoY)
0.47 pp
—
0.47 pp
—
- H1 2025
- —
- YTD 2026
- 0.47 pp
- Δ YoY
- —