H1 2026 report
Elektrotim wchodzi w II półrocze 2026 z rekordowym portfelem zamówień (783-843 mln zł, +8-25% r/r) i podręcznikowo zdrowym bilansem — zero długu bankowego, gotówka netto, current ratio ponad 2x.
Sentiment
●●●●●●
ELT
H1 2026 report
Revenue
188.9 m PLN
— YoY
Net income
3.3 m PLN
— YoY
EBITDA
7.81 m PLN
— YoY
Gross margin
10.47%
— YoY
Summary
Investment thesis
- Rentowność I półrocza 2026 wyraźnie się pogorszyła: EBIT -52% r/r, zysk netto przypadający akcjonariuszom -55% r/r — presja cenowa i konkurencyjna skoncentrowana niemal wyłącznie w segmencie Instalacje i infrastruktura, gdzie marża brutto spadła z ~10,3% do ~4,4%.
- Segment Sieci elektroenergetyczne rośnie dwucyfrowo (+35,5% r/r) i utrzymuje marżę, korzystając bezpośrednio z krajowej transformacji energetycznej — to on ciągnie dziś wyniki grupy.
- Silnie dodatnie przepływy operacyjne (+28,9 mln zł) to w dużej mierze mechaniczne rozliczenie rozdętego w 2025 roku kapitału obrotowego, nie trwała poprawa jakości zysku — należy się spodziewać odwrócenia tego efektu wraz z realizacją nowych, dużych kontraktów.
- Program Motywacyjny 2026-2028 wiąże wynagrodzenie kadry zarządzającej ze skumulowanym zyskiem brutto (43/91/145 mln zł) — przy zysku brutto 4,4 mln zł po I półroczu osiągnięcie progu pierwszej transzy (43 mln zł za cały 2026 rok) wymaga wyraźnego przyspieszenia rentowności w II półroczu.
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Financials
BETA
ELT · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 188.9 | — | — | 188.9 | — | reported | — | 1.00 |
| Gross profit | 19.77 | — | — | 19.77 | — | reported | — | 1.00 |
| EBITDA | 7.81 | — | — | 7.81 | — | derived | — | 0.90 |
| EBIT | 5.06 | — | — | 5.06 | — | reported | — | 1.00 |
| EBT | 4.45 | — | — | 4.45 | — | reported | — | 1.00 |
| Net income | 3.3 | — | — | 3.3 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.33 | — | — | 0.33 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.33 | — | — | 0.33 | — | reported | — | 1.00 |
| D&A | 2.76 | — | — | 2.76 | — | reported | — | 1.00 |
| Interest expense | 0.65 | — | — | 0.65 | — | reported | — | 0.80 |
| Income tax | 1.3 | — | — | 1.3 | — | reported | — | 1.00 |
| Gross margin | 10.47% | — | — | 10.47% | — | derived | — | 0.90 |
| EBITDA margin | 4.14% | — | — | 4.14% | — | derived | — | 0.85 |
| EBIT margin | 2.68% | — | — | 2.68% | — | derived | — | 0.95 |
| EBT margin | 2.35% | — | — | 2.35% | — | derived | — | 0.90 |
| Net margin | 1.75% | — | — | 1.75% | — | derived | — | 0.90 |
| Cash | 37.01 | — | — | — | — | reported | — | 1.00 |
| Total debt | 11.6 | — | — | — | — | reported | — | 0.90 |
| Net debt | -25.42 | — | — | — | — | derived | — | 0.85 |
| Equity | 121.52 | — | — | — | — | reported | — | 1.00 |
| Total assets | 228.44 | — | — | — | — | reported | — | 1.00 |
| Working capital | 104.88 | — | — | — | — | derived | — | 0.90 |
| Current assets | 182.93 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 78.05 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 28.87 | — | — | — | — | reported | — | 1.00 |
| Inventory | 3.67 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 79.76 | — | — | — | — | reported | — | 0.95 |
| Trade payables | 63.75 | — | — | — | — | reported | — | 0.95 |
| Goodwill | 6.85 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 114.67 | — | — | — | — | derived | — | 0.90 |
| CFO | 28.93 | — | — | 28.93 | — | reported | — | 1.00 |
| CapEx | 0.92 | — | — | 0.92 | — | reported | — | 1.00 |
| FCF | 28.01 | — | — | 28.01 | — | derived | — | 0.90 |
| FCF conversion | 358.5% | — | — | 358.5% | — | derived | — | 0.60 |
| Current ratio | 2.34x | — | — | — | — | derived | — | 0.90 |
| Quick ratio | 2.3x | — | — | — | — | derived | — | 0.90 |
| Cash ratio | 0.47x | — | — | — | — | derived | — | 0.90 |
| Interest coverage | 7.78x | — | — | 7.78x | — | derived | — | 0.70 |
| Debt / equity | 0.1x | — | — | — | — | derived | — | 0.85 |
| Debt / assets | 0.05x | — | — | — | — | derived | — | 0.85 |
| Net debt / equity | -0.21x | — | — | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | -6.8% | — | — | -6.8% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -40.35% | — | — | -40.35% | — | derived | — | 0.85 |
| EBIT growth (YoY) | -52.36% | — | — | -52.36% | — | derived | — | 0.90 |
| Net income growth (YoY) | -54.94% | — | — | -54.94% | — | derived | — | 0.90 |
| EPS growth (YoY) | -54.79% | — | — | -54.79% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | -1.81 pp | — | — | -1.81 pp | — | derived | — | 0.85 |
| EBITDA margin Δ (YoY) | -2.32 pp | — | — | -2.32 pp | — | derived | — | 0.80 |
| EBIT margin Δ (YoY) | -2.56 pp | — | — | -2.56 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -1.87 pp | — | — | -1.87 pp | — | derived | — | 0.85 |
H1 2026 · Δ YoY
Revenue
188.9
—
188.9
—
- H1 2025
- —
- YTD 2026
- 188.9
- Δ YoY
- —
Gross profit
19.77
—
19.77
—
- H1 2025
- —
- YTD 2026
- 19.77
- Δ YoY
- —
EBITDA
7.81
—
7.81
—
- H1 2025
- —
- YTD 2026
- 7.81
- Δ YoY
- —
EBIT
5.06
—
5.06
—
- H1 2025
- —
- YTD 2026
- 5.06
- Δ YoY
- —
EBT
4.45
—
4.45
—
- H1 2025
- —
- YTD 2026
- 4.45
- Δ YoY
- —
Net income
3.3
—
3.3
—
- H1 2025
- —
- YTD 2026
- 3.3
- Δ YoY
- —
EPS (basic)
(PLN)
0.33
—
0.33
—
- H1 2025
- —
- YTD 2026
- 0.33
- Δ YoY
- —
EPS (diluted)
(PLN)
0.33
—
0.33
—
- H1 2025
- —
- YTD 2026
- 0.33
- Δ YoY
- —
D&A
2.76
—
2.76
—
- H1 2025
- —
- YTD 2026
- 2.76
- Δ YoY
- —
Interest expense
0.65
—
0.65
—
- H1 2025
- —
- YTD 2026
- 0.65
- Δ YoY
- —
Income tax
1.3
—
1.3
—
- H1 2025
- —
- YTD 2026
- 1.3
- Δ YoY
- —
Gross margin
10.47%
—
10.47%
—
- H1 2025
- —
- YTD 2026
- 10.47%
- Δ YoY
- —
EBITDA margin
4.14%
—
4.14%
—
- H1 2025
- —
- YTD 2026
- 4.14%
- Δ YoY
- —
EBIT margin
2.68%
—
2.68%
—
- H1 2025
- —
- YTD 2026
- 2.68%
- Δ YoY
- —
EBT margin
2.35%
—
2.35%
—
- H1 2025
- —
- YTD 2026
- 2.35%
- Δ YoY
- —
Net margin
1.75%
—
1.75%
—
- H1 2025
- —
- YTD 2026
- 1.75%
- Δ YoY
- —
Cash
37.01
—
37.01
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
11.6
—
11.6
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-25.42
—
-25.42
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
121.52
—
121.52
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
228.44
—
228.44
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
104.88
—
104.88
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
182.93
—
182.93
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
78.05
—
78.05
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
28.87
—
28.87
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
3.67
—
3.67
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
79.76
—
79.76
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
63.75
—
63.75
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
6.85
—
6.85
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
114.67
—
114.67
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
28.93
—
28.93
—
- H1 2025
- —
- YTD 2026
- 28.93
- Δ YoY
- —
CapEx
0.92
—
0.92
—
- H1 2025
- —
- YTD 2026
- 0.92
- Δ YoY
- —
FCF
28.01
—
28.01
—
- H1 2025
- —
- YTD 2026
- 28.01
- Δ YoY
- —
FCF conversion
358.5%
—
358.5%
—
- H1 2025
- —
- YTD 2026
- 358.5%
- Δ YoY
- —
Current ratio
2.34x
—
2.34x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
2.3x
—
2.3x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.47x
—
0.47x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
7.78x
—
7.78x
—
- H1 2025
- —
- YTD 2026
- 7.78x
- Δ YoY
- —
Debt / equity
0.1x
—
0.1x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.05x
—
0.05x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.21x
—
-0.21x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-6.8%
—
-6.8%
—
- H1 2025
- —
- YTD 2026
- -6.8%
- Δ YoY
- —
EBITDA growth (YoY)
-40.35%
—
-40.35%
—
- H1 2025
- —
- YTD 2026
- -40.35%
- Δ YoY
- —
EBIT growth (YoY)
-52.36%
—
-52.36%
—
- H1 2025
- —
- YTD 2026
- -52.36%
- Δ YoY
- —
Net income growth (YoY)
-54.94%
—
-54.94%
—
- H1 2025
- —
- YTD 2026
- -54.94%
- Δ YoY
- —
EPS growth (YoY)
-54.79%
—
-54.79%
—
- H1 2025
- —
- YTD 2026
- -54.79%
- Δ YoY
- —
Gross margin Δ (YoY)
-1.81 pp
—
-1.81 pp
—
- H1 2025
- —
- YTD 2026
- -1.81 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-2.32 pp
—
-2.32 pp
—
- H1 2025
- —
- YTD 2026
- -2.32 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-2.56 pp
—
-2.56 pp
—
- H1 2025
- —
- YTD 2026
- -2.56 pp
- Δ YoY
- —
Net margin Δ (YoY)
-1.87 pp
—
-1.87 pp
—
- H1 2025
- —
- YTD 2026
- -1.87 pp
- Δ YoY
- —