H1 2026 report
Rekordowe I półrocze 2026: przychody +95% r/r (760,2 mln zł), zysk netto +183% r/r (162,2 mln zł) dzięki wysokiej rentowności przekazanych projektów i jednorazowej sprzedaży gruntu za 44,6 mln zł.
Sentiment
●●●●●●
1AT
H1 2026 report
Revenue
760.17 m PLN
— YoY
Net income
162.16 m PLN
— YoY
EBITDA
215.47 m PLN
— YoY
Gross margin
33.01%
— YoY
Summary
Investment thesis
- Kontraktacja przyśpiesza silniej niż wydania: 1 547 zakontraktowanych lokali (+110% r/r) i zaliczki na dostawy wyższe o 43,6% r/r — to zapowiada dalszy wzrost przychodów w kolejnych okresach, nie tylko efekt jednorazowy.
- Struktura zapasów poprawia się jakościowo: produkcja w toku rośnie (+14%), a niesprzedane wyroby gotowe (nieodebrane mieszkania w ukończonych inwestycjach) spadają o 25% — mniejsze ryzyko 'zamrożonego' kapitału w gotowym, niesprzedanym produkcie.
- Bilans wspierany silnie przez większościowego Akcjonariusza: ok. 1,09 mld zł z 2,26 mld zł zadłużenia finansowego (48%) to pożyczki i obligacje objęte przez Zbigniewa Juroszka i podmioty przez niego kontrolowane — obniża ryzyko refinansowania rynkowego, ale koncentruje zależność od jednego podmiotu.
- Akwizycja Grupy Budner (100,7 mln zł, zdarzenie po dniu bilansowym) otwiera nowy rynek — Trójmiasto — i dokłada ok. 70 tys. m2 PUM do banku ziemi, rozszerzając dotychczasową ekspozycję geograficzną.
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Financials
BETA
1AT · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 760.17 | — | — | 760.17 | — | reported | — | 1.00 |
| Gross profit | 250.97 | — | — | 250.97 | — | reported | — | 1.00 |
| EBITDA | 215.47 | — | — | 215.47 | — | derived | — | 0.90 |
| EBIT | 213.11 | — | — | 213.11 | — | reported | — | 1.00 |
| EBT | 200.54 | — | — | 200.54 | — | reported | — | 1.00 |
| Net income | 162.16 | — | — | 162.16 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 3.75 | — | — | 3.75 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 3.75 | — | — | 3.75 | — | reported | — | 1.00 |
| D&A | 2.37 | — | — | 2.37 | — | reported | — | 1.00 |
| Interest expense | 13.51 | — | — | 13.51 | — | reported | — | 0.90 |
| Income tax | 38.33 | — | — | 38.33 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 43.26 | — | — | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 43.26 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 33.01% | — | — | 33.01% | — | derived | — | 1.00 |
| EBITDA margin | 28.35% | — | — | 28.35% | — | derived | — | 0.90 |
| EBIT margin | 28.03% | — | — | 28.03% | — | derived | — | 1.00 |
| EBT margin | 26.38% | — | — | 26.38% | — | derived | — | 1.00 |
| Net margin | 21.33% | — | — | 21.33% | — | derived | — | 1.00 |
| D&A margin | 0.31% | — | — | 0.31% | — | derived | — | 0.90 |
| Cash | 500.4 | — | — | — | — | reported | — | 1.00 |
| Total debt | 2,257.4 | — | — | — | — | derived | — | 0.90 |
| Net debt | 1,757 | — | — | — | — | derived | — | 0.90 |
| Equity | 1,692.9 | — | — | — | — | reported | — | 1.00 |
| Total assets | 5,545.9 | — | — | — | — | reported | — | 1.00 |
| Working capital | 2,708.06 | — | — | — | — | derived | — | 1.00 |
| Current assets | 5,229.1 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 2,521.04 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 1,331.96 | — | — | — | — | reported | — | 1.00 |
| Inventory | 4,626.59 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 102.11 | — | — | — | — | reported | — | 0.90 |
| Trade payables | 408.7 | — | — | — | — | reported | — | 0.90 |
| Goodwill | 64.41 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 1,628.49 | — | — | — | — | derived | — | 1.00 |
| CFO | 260.78 | — | — | 260.78 | — | reported | — | 1.00 |
| CapEx | 0.56 | — | — | 0.56 | — | reported | — | 0.85 |
| FCF | 260.22 | — | — | 260.22 | — | derived | — | 0.85 |
| FCF conversion | 120.77% | — | — | 120.77% | — | derived | — | 0.70 |
| CFO conversion | 121.03% | — | — | 121.03% | — | derived | — | 0.70 |
| Dividends paid | 0 | — | — | 0 | — | reported | — | 1.00 |
| Current ratio | 2.07x | — | — | — | — | derived | — | 1.00 |
| Quick ratio | 0.24x | — | — | — | — | derived | — | 1.00 |
| Cash ratio | 0.2x | — | — | — | — | derived | — | 1.00 |
| Interest coverage | 15.77x | — | — | 15.77x | — | derived | — | 0.85 |
| Debt / equity | 1.33x | — | — | — | — | derived | — | 0.90 |
| Debt / assets | 0.41x | — | — | — | — | derived | — | 0.90 |
| Net debt / equity | 1.04x | — | — | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | 94.84% | — | — | 94.84% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | 94.82% | — | — | 94.82% | — | derived | — | 0.85 |
| EBIT growth (YoY) | 96.61% | — | — | 96.61% | — | derived | — | 1.00 |
| Net income growth (YoY) | 182.55% | — | — | 182.55% | — | derived | — | 1.00 |
| EPS growth (YoY) | 181.95% | — | — | 181.95% | — | derived | — | 1.00 |
| Gross margin Δ (YoY) | -1.05 pp | — | — | -1.05 pp | — | derived | — | 1.00 |
| EBITDA margin Δ (YoY) | 0 pp | — | — | 0 pp | — | derived | — | 0.80 |
| EBIT margin Δ (YoY) | 0.25 pp | — | — | 0.25 pp | — | derived | — | 1.00 |
| Net margin Δ (YoY) | 6.62 pp | — | — | 6.62 pp | — | derived | — | 1.00 |
H1 2026 · Δ YoY
Revenue
760.17
—
760.17
—
- H1 2025
- —
- YTD 2026
- 760.17
- Δ YoY
- —
Gross profit
250.97
—
250.97
—
- H1 2025
- —
- YTD 2026
- 250.97
- Δ YoY
- —
EBITDA
215.47
—
215.47
—
- H1 2025
- —
- YTD 2026
- 215.47
- Δ YoY
- —
EBIT
213.11
—
213.11
—
- H1 2025
- —
- YTD 2026
- 213.11
- Δ YoY
- —
EBT
200.54
—
200.54
—
- H1 2025
- —
- YTD 2026
- 200.54
- Δ YoY
- —
Net income
162.16
—
162.16
—
- H1 2025
- —
- YTD 2026
- 162.16
- Δ YoY
- —
EPS (basic)
(PLN)
3.75
—
3.75
—
- H1 2025
- —
- YTD 2026
- 3.75
- Δ YoY
- —
EPS (diluted)
(PLN)
3.75
—
3.75
—
- H1 2025
- —
- YTD 2026
- 3.75
- Δ YoY
- —
D&A
2.37
—
2.37
—
- H1 2025
- —
- YTD 2026
- 2.37
- Δ YoY
- —
Interest expense
13.51
—
13.51
—
- H1 2025
- —
- YTD 2026
- 13.51
- Δ YoY
- —
Income tax
38.33
—
38.33
—
- H1 2025
- —
- YTD 2026
- 38.33
- Δ YoY
- —
Shares (basic)
(m units)
43.26
—
43.26
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Shares (diluted)
(m units)
43.26
—
43.26
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
33.01%
—
33.01%
—
- H1 2025
- —
- YTD 2026
- 33.01%
- Δ YoY
- —
EBITDA margin
28.35%
—
28.35%
—
- H1 2025
- —
- YTD 2026
- 28.35%
- Δ YoY
- —
EBIT margin
28.03%
—
28.03%
—
- H1 2025
- —
- YTD 2026
- 28.03%
- Δ YoY
- —
EBT margin
26.38%
—
26.38%
—
- H1 2025
- —
- YTD 2026
- 26.38%
- Δ YoY
- —
Net margin
21.33%
—
21.33%
—
- H1 2025
- —
- YTD 2026
- 21.33%
- Δ YoY
- —
D&A margin
0.31%
—
0.31%
—
- H1 2025
- —
- YTD 2026
- 0.31%
- Δ YoY
- —
Cash
500.4
—
500.4
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
2,257.4
—
2,257.4
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
1,757
—
1,757
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
1,692.9
—
1,692.9
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
5,545.9
—
5,545.9
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
2,708.06
—
2,708.06
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
5,229.1
—
5,229.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
2,521.04
—
2,521.04
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
1,331.96
—
1,331.96
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
4,626.59
—
4,626.59
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
102.11
—
102.11
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
408.7
—
408.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
64.41
—
64.41
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
1,628.49
—
1,628.49
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
260.78
—
260.78
—
- H1 2025
- —
- YTD 2026
- 260.78
- Δ YoY
- —
CapEx
0.56
—
0.56
—
- H1 2025
- —
- YTD 2026
- 0.56
- Δ YoY
- —
FCF
260.22
—
260.22
—
- H1 2025
- —
- YTD 2026
- 260.22
- Δ YoY
- —
FCF conversion
120.77%
—
120.77%
—
- H1 2025
- —
- YTD 2026
- 120.77%
- Δ YoY
- —
CFO conversion
121.03%
—
121.03%
—
- H1 2025
- —
- YTD 2026
- 121.03%
- Δ YoY
- —
Dividends paid
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Current ratio
2.07x
—
2.07x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.24x
—
0.24x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.2x
—
0.2x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
15.77x
—
15.77x
—
- H1 2025
- —
- YTD 2026
- 15.77x
- Δ YoY
- —
Debt / equity
1.33x
—
1.33x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.41x
—
0.41x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
1.04x
—
1.04x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
94.84%
—
94.84%
—
- H1 2025
- —
- YTD 2026
- 94.84%
- Δ YoY
- —
EBITDA growth (YoY)
94.82%
—
94.82%
—
- H1 2025
- —
- YTD 2026
- 94.82%
- Δ YoY
- —
EBIT growth (YoY)
96.61%
—
96.61%
—
- H1 2025
- —
- YTD 2026
- 96.61%
- Δ YoY
- —
Net income growth (YoY)
182.55%
—
182.55%
—
- H1 2025
- —
- YTD 2026
- 182.55%
- Δ YoY
- —
EPS growth (YoY)
181.95%
—
181.95%
—
- H1 2025
- —
- YTD 2026
- 181.95%
- Δ YoY
- —
Gross margin Δ (YoY)
-1.05 pp
—
-1.05 pp
—
- H1 2025
- —
- YTD 2026
- -1.05 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
0 pp
—
0 pp
—
- H1 2025
- —
- YTD 2026
- 0 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
0.25 pp
—
0.25 pp
—
- H1 2025
- —
- YTD 2026
- 0.25 pp
- Δ YoY
- —
Net margin Δ (YoY)
6.62 pp
—
6.62 pp
—
- H1 2025
- —
- YTD 2026
- 6.62 pp
- Δ YoY
- —