H1 2026 report
Unfold.vc to mały, notowany na GPW fundusz venture capital (ASI) inwestujący w 22 spółki portfelowe na etapach pre-seed/seed/start-up, głównie w obszarze SaaS.
Sentiment
●●●●●●
UNF
H1 2026 report
Revenue
0 m PLN
— YoY
Net income
-0.92 m PLN
— YoY
EBITDA
-1.13 m PLN
— YoY
FCF
-2.78 m PLN
— YoY
Summary
Investment thesis
- Strata netto narastająco r/r zawęziła się o ok. 40% (-923,4 tys. zł vs -1 531,9 tys. zł), ale głównie dzięki niższym kosztom administracyjnym i wyższym przychodom finansowym, a nie realizacji zysków z portfela - przychody z działalności podstawowej wyniosły zero.
- Bilans jest wyjątkowo konserwatywny - zero zadłużenia odsetkowego, pozycja netto gotówkowa, zobowiązania to 0,5% sumy bilansowej.
- Kapitał własny i wartość księgowa na akcję kurczą się trzeci okres z rzędu wraz z akumulowanymi stratami (BVPS: 1,77 zł -> 1,65 zł -> 1,62 zł).
- Akcjonariat jest silnie skoncentrowany (87,84% głosów w rękach trzech powiązanych osób, w tym Prezesa Zarządu), a wyceny portfela w większości opierają się na danych nieobserwowalnych (46% aktywów finansowych to Poziom 3 hierarchii wartości godziwej).
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Financials
BETA
UNF · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | — | — | 0 | — | reported | — | 1.00 |
| EBITDA | -1.13 | — | — | -1.13 | — | derived | — | 0.60 |
| EBIT | -0.66 | — | — | -1.14 | — | reported | — | 0.80 |
| EBT | -0.61 | — | — | -0.98 | — | reported | — | 1.00 |
| Net income | -0.6 | — | — | -0.92 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.02 | — | — | -0.03 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.02 | — | — | -0.03 | — | reported | — | 1.00 |
| D&A | 0.01 | — | — | 0.01 | — | reported | — | 1.00 |
| Income tax | -0.01 | — | — | -0.06 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 30.3 | — | — | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 30.3 | — | — | — | — | reported | — | 1.00 |
| Cash | 3.99 | — | — | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | — | — | reported | — | 1.00 |
| Net debt | -3.99 | — | — | — | — | derived | — | 1.00 |
| Equity | 49.16 | — | — | — | — | reported | — | 1.00 |
| Total assets | 49.42 | — | — | — | — | reported | — | 1.00 |
| Working capital | 9.94 | — | — | — | — | derived | — | 0.90 |
| Current assets | 10.1 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 0.16 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 0.1 | — | — | — | — | reported | — | 1.00 |
| CFO | -2.78 | — | — | -2.78 | — | reported | — | 1.00 |
| CapEx | 0 | — | — | 0 | — | reported | — | 1.00 |
| FCF | -2.78 | — | — | -2.78 | — | derived | — | 0.90 |
| Current ratio | 64.16x | — | — | — | — | derived | — | 0.90 |
| Quick ratio | 64.16x | — | — | — | — | derived | — | 0.90 |
| Cash ratio | 25.33x | — | — | — | — | derived | — | 0.90 |
| Debt / equity | 0x | — | — | — | — | derived | — | 1.00 |
| Debt / assets | 0x | — | — | — | — | derived | — | 1.00 |
| Net debt / equity | -0.08x | — | — | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | -100% | — | — | -100% | — | derived | — | 0.50 |
| EBIT growth (YoY) | 14.22% | — | — | 14.22% | — | derived | — | 0.80 |
| Net income growth (YoY) | 39.72% | — | — | 39.72% | — | derived | — | 0.90 |
| EPS growth (YoY) | 40% | — | — | 40% | — | derived | — | 0.80 |
H1 2026 · Δ YoY
Revenue
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
EBITDA
-1.13
—
-1.13
—
- H1 2025
- —
- YTD 2026
- -1.13
- Δ YoY
- —
EBIT
-0.66
—
-0.66
—
- H1 2025
- —
- YTD 2026
- -1.14
- Δ YoY
- —
EBT
-0.61
—
-0.61
—
- H1 2025
- —
- YTD 2026
- -0.98
- Δ YoY
- —
Net income
-0.6
—
-0.6
—
- H1 2025
- —
- YTD 2026
- -0.92
- Δ YoY
- —
EPS (basic)
(PLN)
-0.02
—
-0.02
—
- H1 2025
- —
- YTD 2026
- -0.03
- Δ YoY
- —
EPS (diluted)
(PLN)
-0.02
—
-0.02
—
- H1 2025
- —
- YTD 2026
- -0.03
- Δ YoY
- —
D&A
0.01
—
0.01
—
- H1 2025
- —
- YTD 2026
- 0.01
- Δ YoY
- —
Income tax
-0.01
—
-0.01
—
- H1 2025
- —
- YTD 2026
- -0.06
- Δ YoY
- —
Shares (basic)
(m units)
30.3
—
30.3
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Shares (diluted)
(m units)
30.3
—
30.3
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash
3.99
—
3.99
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
0
—
0
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-3.99
—
-3.99
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
49.16
—
49.16
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
49.42
—
49.42
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
9.94
—
9.94
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
10.1
—
10.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
0.16
—
0.16
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
0.1
—
0.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-2.78
—
-2.78
—
- H1 2025
- —
- YTD 2026
- -2.78
- Δ YoY
- —
CapEx
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
FCF
-2.78
—
-2.78
—
- H1 2025
- —
- YTD 2026
- -2.78
- Δ YoY
- —
Current ratio
64.16x
—
64.16x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
64.16x
—
64.16x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
25.33x
—
25.33x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0x
—
0x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0x
—
0x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.08x
—
-0.08x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-100%
—
-100%
—
- H1 2025
- —
- YTD 2026
- -100%
- Δ YoY
- —
EBIT growth (YoY)
14.22%
—
14.22%
—
- H1 2025
- —
- YTD 2026
- 14.22%
- Δ YoY
- —
Net income growth (YoY)
39.72%
—
39.72%
—
- H1 2025
- —
- YTD 2026
- 39.72%
- Δ YoY
- —
EPS growth (YoY)
40%
—
40%
—
- H1 2025
- —
- YTD 2026
- 40%
- Δ YoY
- —