DIG
Digital Network
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 15, 2026
H1 2026 report
Przychody skonsolidowane wzrosły o 189% r/r do 103,7 mln zł, głównie dzięki pełnej konsolidacji Braughman Group Media Outdoor przejętej w IV kw. 2025 roku.
Sentiment
●●●●●●
DIG
H1 2026 report
Revenue
103.73 m PLN
— YoY
Net income
20.58 m PLN
— YoY
EBITDA
60.87 m PLN
— YoY
Gross margin
49.18%
— YoY
Summary
Investment thesis
- EBITDA urosła o 183% do 60,9 mln zł, ale marża brutto na sprzedaży spadła z 57% do 49% — nowy segment Premium Outdoor ma strukturalnie niższą rentowność niż dotychczasowy DOOH.
- Zysk netto rośnie wolniej niż EBIT (57% vs 151%) z powodu skokowego wzrostu kosztów finansowych (0,9 → 9,8 mln zł) związanych z długiem zaciągniętym na akwizycję.
- Nowa polityka dywidendowa na lata 2026–2030 (min. 30 mln zł za 2026, potem 60–100% zysku netto) świadczy o pewności Zarządu co do przyszłej zdolności generowania gotówki.
- Wskaźnik pokrycia odsetek spadł z 16,7x do 3,95x, a płynność bieżąca jest poniżej 1 — sygnały wymagające monitorowania mimo że dług netto lekko się obniżył.
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Financials
BETA
DIG · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 103.73 | — | — | 103.73 | — | reported | — | 1.00 |
| Gross profit | 51.01 | — | — | 51.01 | — | reported | — | 1.00 |
| EBITDA | 60.87 | — | — | 60.87 | — | derived | — | 0.95 |
| EBIT | 38.54 | — | — | 38.54 | — | reported | — | 1.00 |
| EBT | 29.46 | — | — | 29.46 | — | reported | — | 1.00 |
| Net income | 20.58 | — | — | 20.58 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 4.67 | — | — | 4.67 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 4.39 | — | — | 4.39 | — | reported | — | 1.00 |
| D&A | 22.34 | — | — | 22.34 | — | reported | — | 1.00 |
| Interest expense | 9.76 | — | — | 9.76 | — | reported | — | 1.00 |
| Income tax | 8.88 | — | — | 8.88 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 4.23 | — | — | 4.23 | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 4.5 | — | — | 4.5 | — | reported | — | 1.00 |
| Gross margin | 49.18% | — | — | 49.18% | — | derived | — | 0.95 |
| EBITDA margin | 58.68% | — | — | 58.68% | — | derived | — | 0.95 |
| EBIT margin | 37.15% | — | — | 37.15% | — | derived | — | 0.95 |
| Net margin | 19.84% | — | — | 19.84% | — | derived | — | 0.95 |
| Cash | 37.95 | — | — | — | — | reported | — | 1.00 |
| Total debt | 215.37 | — | — | — | — | reported | — | 0.90 |
| Net debt | 177.41 | — | — | — | — | derived | — | 0.90 |
| Equity | 120.07 | — | — | — | — | reported | — | 1.00 |
| Total assets | 407.04 | — | — | — | — | reported | — | 1.00 |
| Working capital | -13.59 | — | — | — | — | derived | — | 0.95 |
| Current assets | 94.36 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 107.95 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 179.02 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 39.45 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 19.22 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 125.91 | — | — | — | — | reported | — | 1.00 |
| CFO | 46.53 | — | — | 46.53 | — | reported | — | 1.00 |
| CapEx | 12.31 | — | — | 12.31 | — | reported | — | 1.00 |
| FCF | 34.22 | — | — | 34.22 | — | derived | — | 0.85 |
| FCF conversion | 56.23% | — | — | 56.23% | — | derived | — | 0.85 |
| CFO conversion | 76.45% | — | — | 76.45% | — | derived | — | 0.90 |
| Dividends paid | 0.37 | — | — | 0.37 | — | reported | — | 1.00 |
| Current ratio | 0.87x | — | — | — | — | derived | — | 0.95 |
| Cash ratio | 0.35x | — | — | — | — | derived | — | 0.95 |
| Interest coverage | 3.95x | — | — | 3.95x | — | derived | — | 0.90 |
| Debt / equity | 1.79x | — | — | — | — | derived | — | 0.90 |
| Debt / assets | 0.53x | — | — | — | — | derived | — | 0.90 |
| Net debt / equity | 1.48x | — | — | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 189.24% | — | — | 189.24% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 183.49% | — | — | 183.49% | — | derived | — | 0.90 |
| EBIT growth (YoY) | 151.36% | — | — | 151.36% | — | derived | — | 0.95 |
| Net income growth (YoY) | 57.12% | — | — | 57.12% | — | derived | — | 0.95 |
| EPS growth (YoY) | 59.93% | — | — | 59.93% | — | derived | — | 0.90 |
| FCF growth (YoY) | 72.94% | — | — | 72.94% | — | derived | — | 0.85 |
| Gross margin Δ (YoY) | -7.54 pp | — | — | -7.54 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -1.2 pp | — | — | -1.2 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | -5.6 pp | — | — | -5.6 pp | — | derived | — | 0.85 |
| Net margin Δ (YoY) | -16.67 pp | — | — | -16.67 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
103.73
—
103.73
—
- H1 2025
- —
- YTD 2026
- 103.73
- Δ YoY
- —
Gross profit
51.01
—
51.01
—
- H1 2025
- —
- YTD 2026
- 51.01
- Δ YoY
- —
EBITDA
60.87
—
60.87
—
- H1 2025
- —
- YTD 2026
- 60.87
- Δ YoY
- —
EBIT
38.54
—
38.54
—
- H1 2025
- —
- YTD 2026
- 38.54
- Δ YoY
- —
EBT
29.46
—
29.46
—
- H1 2025
- —
- YTD 2026
- 29.46
- Δ YoY
- —
Net income
20.58
—
20.58
—
- H1 2025
- —
- YTD 2026
- 20.58
- Δ YoY
- —
EPS (basic)
(PLN)
4.67
—
4.67
—
- H1 2025
- —
- YTD 2026
- 4.67
- Δ YoY
- —
EPS (diluted)
(PLN)
4.39
—
4.39
—
- H1 2025
- —
- YTD 2026
- 4.39
- Δ YoY
- —
D&A
22.34
—
22.34
—
- H1 2025
- —
- YTD 2026
- 22.34
- Δ YoY
- —
Interest expense
9.76
—
9.76
—
- H1 2025
- —
- YTD 2026
- 9.76
- Δ YoY
- —
Income tax
8.88
—
8.88
—
- H1 2025
- —
- YTD 2026
- 8.88
- Δ YoY
- —
Shares (basic)
(m units)
4.23
—
4.23
—
- H1 2025
- —
- YTD 2026
- 4.23
- Δ YoY
- —
Shares (diluted)
(m units)
4.5
—
4.5
—
- H1 2025
- —
- YTD 2026
- 4.5
- Δ YoY
- —
Gross margin
49.18%
—
49.18%
—
- H1 2025
- —
- YTD 2026
- 49.18%
- Δ YoY
- —
EBITDA margin
58.68%
—
58.68%
—
- H1 2025
- —
- YTD 2026
- 58.68%
- Δ YoY
- —
EBIT margin
37.15%
—
37.15%
—
- H1 2025
- —
- YTD 2026
- 37.15%
- Δ YoY
- —
Net margin
19.84%
—
19.84%
—
- H1 2025
- —
- YTD 2026
- 19.84%
- Δ YoY
- —
Cash
37.95
—
37.95
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
215.37
—
215.37
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
177.41
—
177.41
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
120.07
—
120.07
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
407.04
—
407.04
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
-13.59
—
-13.59
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
94.36
—
94.36
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
107.95
—
107.95
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
179.02
—
179.02
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
39.45
—
39.45
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
19.22
—
19.22
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
125.91
—
125.91
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
46.53
—
46.53
—
- H1 2025
- —
- YTD 2026
- 46.53
- Δ YoY
- —
CapEx
12.31
—
12.31
—
- H1 2025
- —
- YTD 2026
- 12.31
- Δ YoY
- —
FCF
34.22
—
34.22
—
- H1 2025
- —
- YTD 2026
- 34.22
- Δ YoY
- —
FCF conversion
56.23%
—
56.23%
—
- H1 2025
- —
- YTD 2026
- 56.23%
- Δ YoY
- —
CFO conversion
76.45%
—
76.45%
—
- H1 2025
- —
- YTD 2026
- 76.45%
- Δ YoY
- —
Dividends paid
0.37
—
0.37
—
- H1 2025
- —
- YTD 2026
- 0.37
- Δ YoY
- —
Current ratio
0.87x
—
0.87x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.35x
—
0.35x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
3.95x
—
3.95x
—
- H1 2025
- —
- YTD 2026
- 3.95x
- Δ YoY
- —
Debt / equity
1.79x
—
1.79x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.53x
—
0.53x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
1.48x
—
1.48x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
189.24%
—
189.24%
—
- H1 2025
- —
- YTD 2026
- 189.24%
- Δ YoY
- —
EBITDA growth (YoY)
183.49%
—
183.49%
—
- H1 2025
- —
- YTD 2026
- 183.49%
- Δ YoY
- —
EBIT growth (YoY)
151.36%
—
151.36%
—
- H1 2025
- —
- YTD 2026
- 151.36%
- Δ YoY
- —
Net income growth (YoY)
57.12%
—
57.12%
—
- H1 2025
- —
- YTD 2026
- 57.12%
- Δ YoY
- —
EPS growth (YoY)
59.93%
—
59.93%
—
- H1 2025
- —
- YTD 2026
- 59.93%
- Δ YoY
- —
FCF growth (YoY)
72.94%
—
72.94%
—
- H1 2025
- —
- YTD 2026
- 72.94%
- Δ YoY
- —
Gross margin Δ (YoY)
-7.54 pp
—
-7.54 pp
—
- H1 2025
- —
- YTD 2026
- -7.54 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-1.2 pp
—
-1.2 pp
—
- H1 2025
- —
- YTD 2026
- -1.2 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-5.6 pp
—
-5.6 pp
—
- H1 2025
- —
- YTD 2026
- -5.6 pp
- Δ YoY
- —
Net margin Δ (YoY)
-16.67 pp
—
-16.67 pp
—
- H1 2025
- —
- YTD 2026
- -16.67 pp
- Δ YoY
- —