H1 2026 report
Przychody skonsolidowane wzrosły o 16% r/r do 35,4 mln PLN w I półroczu 2026 — najlepsze półrocze sprzedażowo w historii Grupy, ciągnięte przez usługi reklamowe (+27% r/r) i systemy Digital Signage (+220% r/r).
Sentiment
●●●●●●
IMS
H1 2026 report
Revenue
35.35 m PLN
— YoY
Net income
2.48 m PLN
— YoY
EBITDA
7.79 m PLN
— YoY
Net debt / EBITDA
1.3x
— YoY
Summary
Investment thesis
- EBITDA raportowana wzrosła o 10% r/r (7,8 mln PLN), ale skorygowana EBITDA (bez niepieniężnego kosztu Programu Motywacyjnego V) wzrosła o 27% r/r do 9,0 mln PLN — realna dynamika operacyjna jest wyraźnie lepsza niż sugerują liczby raportowane wprost.
- Zysk netto przypisany akcjonariuszom jednostki dominującej SPADŁ o 8% r/r (2,5 mln PLN) mimo wzrostu EBITDA — to efekt rosnącego udziału zysków przypadających udziałowcom niekontrolującym (z -114 tys. PLN do +219 tys. PLN) oraz wzrostu efektywnej stopy podatkowej z 23% do 31%.
- Konwersja gotówki wyraźnie się poprawiła: CFO wzrósł z 2,8 mln PLN do 8,8 mln PLN, a FCF z 0,4 mln PLN do 6,1 mln PLN, głównie dzięki lepszemu zarządzaniu kapitałem obrotowym (wzrost zobowiązań krótkoterminowych).
- Post-okresowo Grupa domknęła przejęcie Digitall Concept (Digital Signage/DOOH, earn-out łącznie 18,1 mln PLN) i podtrzymała opublikowaną 15 września 2026 r. prognozę na 2026 r. (80 mln PLN przychodów, 23 mln PLN skorygowanej EBITDA — wzrost odpowiednio 21% i 22% r/r).
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Financials
BETA
IMS · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19.5 | — | — | 35.35 | — | reported | — | 1.00 |
| EBITDA | 4.66 | — | — | 7.79 | — | reported | — | 1.00 |
| EBIT | 3.19 | — | — | 4.84 | — | reported | — | 1.00 |
| Net income | 1.52 | — | — | 2.48 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.07 | — | — | 0.07 | — | reported | — | 1.00 |
| D&A | 2.95 | — | — | 2.95 | — | reported | — | 1.00 |
| Interest expense | 0.95 | — | — | 0.95 | — | reported | — | 1.00 |
| Income tax | 1.23 | — | — | 1.23 | — | reported | — | 1.00 |
| EBITDA margin | 23.91% | — | — | 22.05% | — | derived | — | 0.90 |
| EBIT margin | 16.37% | — | — | 13.7% | — | derived | — | 0.90 |
| Net margin | 7.8% | — | — | 7.01% | — | derived | — | 0.90 |
| Cash | 0.94 | — | — | — | — | reported | — | 1.00 |
| Total debt | 31.55 | — | — | — | — | reported | — | 0.75 |
| Net debt | 30.61 | — | — | — | — | derived | — | 0.75 |
| Equity | 52.9 | — | — | — | — | reported | — | 1.00 |
| Total assets | 97.06 | — | — | — | — | reported | — | 1.00 |
| Current assets | 18.93 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 32.34 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 11.81 | — | — | — | — | reported | — | 1.00 |
| Inventory | 2.96 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 14.87 | — | — | — | — | reported | — | 0.80 |
| Trade payables | 8.78 | — | — | — | — | reported | — | 0.80 |
| Goodwill | 57.07 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | -4.17 | — | — | — | — | derived | — | 0.85 |
| CFO | 8.83 | — | — | 8.83 | — | reported | — | 1.00 |
| CapEx | 2.72 | — | — | 2.72 | — | reported | — | 1.00 |
| FCF | 6.12 | — | — | 6.12 | — | derived | — | 0.95 |
| FCF conversion | 78.46% | — | — | 78.46% | — | derived | — | 0.90 |
| CFO conversion | 113.33% | — | — | 113.33% | — | derived | — | 0.90 |
| Current ratio | 0.59x | — | — | — | — | derived | — | 0.90 |
| Quick ratio | 0.49x | — | — | — | — | derived | — | 0.90 |
| Cash ratio | 0.03x | — | — | — | — | derived | — | 0.90 |
| Interest coverage | 5.11x | — | — | 5.11x | — | derived | — | 0.90 |
| Net debt / EBITDA | 1.3x | — | — | — | — | reported | — | 0.60 |
| Debt / equity | 0.6x | — | — | — | — | derived | — | 0.75 |
| Debt / assets | 0.33x | — | — | — | — | derived | — | 0.75 |
| Net debt / equity | 0.58x | — | — | — | — | derived | — | 0.75 |
| Revenue growth (YoY) | 19.73% | — | — | 15.7% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | 14.97% | — | — | 10.1% | — | derived | — | 0.90 |
| EBIT growth (YoY) | 16.12% | — | — | 10.45% | — | derived | — | 0.90 |
| Net income growth (YoY) | -8.7% | — | — | -8.05% | — | derived | — | 0.90 |
| EPS growth (YoY) | -12.5% | — | — | -12.5% | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -1.12 pp | — | — | -1.12 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -1.81 pp | — | — | -1.81 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
19.5
—
19.5
—
- H1 2025
- —
- YTD 2026
- 35.35
- Δ YoY
- —
EBITDA
4.66
—
4.66
—
- H1 2025
- —
- YTD 2026
- 7.79
- Δ YoY
- —
EBIT
3.19
—
3.19
—
- H1 2025
- —
- YTD 2026
- 4.84
- Δ YoY
- —
Net income
1.52
—
1.52
—
- H1 2025
- —
- YTD 2026
- 2.48
- Δ YoY
- —
EPS (basic)
(PLN)
0.07
—
0.07
—
- H1 2025
- —
- YTD 2026
- 0.07
- Δ YoY
- —
D&A
2.95
—
2.95
—
- H1 2025
- —
- YTD 2026
- 2.95
- Δ YoY
- —
Interest expense
0.95
—
0.95
—
- H1 2025
- —
- YTD 2026
- 0.95
- Δ YoY
- —
Income tax
1.23
—
1.23
—
- H1 2025
- —
- YTD 2026
- 1.23
- Δ YoY
- —
EBITDA margin
23.91%
—
23.91%
—
- H1 2025
- —
- YTD 2026
- 22.05%
- Δ YoY
- —
EBIT margin
16.37%
—
16.37%
—
- H1 2025
- —
- YTD 2026
- 13.7%
- Δ YoY
- —
Net margin
7.8%
—
7.8%
—
- H1 2025
- —
- YTD 2026
- 7.01%
- Δ YoY
- —
Cash
0.94
—
0.94
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
31.55
—
31.55
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
30.61
—
30.61
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
52.9
—
52.9
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
97.06
—
97.06
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
18.93
—
18.93
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
32.34
—
32.34
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
11.81
—
11.81
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
2.96
—
2.96
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
14.87
—
14.87
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
8.78
—
8.78
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
57.07
—
57.07
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
-4.17
—
-4.17
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
8.83
—
8.83
—
- H1 2025
- —
- YTD 2026
- 8.83
- Δ YoY
- —
CapEx
2.72
—
2.72
—
- H1 2025
- —
- YTD 2026
- 2.72
- Δ YoY
- —
FCF
6.12
—
6.12
—
- H1 2025
- —
- YTD 2026
- 6.12
- Δ YoY
- —
FCF conversion
78.46%
—
78.46%
—
- H1 2025
- —
- YTD 2026
- 78.46%
- Δ YoY
- —
CFO conversion
113.33%
—
113.33%
—
- H1 2025
- —
- YTD 2026
- 113.33%
- Δ YoY
- —
Current ratio
0.59x
—
0.59x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.49x
—
0.49x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.03x
—
0.03x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
5.11x
—
5.11x
—
- H1 2025
- —
- YTD 2026
- 5.11x
- Δ YoY
- —
Net debt / EBITDA
1.3x
—
1.3x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.6x
—
0.6x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.33x
—
0.33x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.58x
—
0.58x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
19.73%
—
19.73%
—
- H1 2025
- —
- YTD 2026
- 15.7%
- Δ YoY
- —
EBITDA growth (YoY)
14.97%
—
14.97%
—
- H1 2025
- —
- YTD 2026
- 10.1%
- Δ YoY
- —
EBIT growth (YoY)
16.12%
—
16.12%
—
- H1 2025
- —
- YTD 2026
- 10.45%
- Δ YoY
- —
Net income growth (YoY)
-8.7%
—
-8.7%
—
- H1 2025
- —
- YTD 2026
- -8.05%
- Δ YoY
- —
EPS growth (YoY)
-12.5%
—
-12.5%
—
- H1 2025
- —
- YTD 2026
- -12.5%
- Δ YoY
- —
EBITDA margin Δ (YoY)
-1.12 pp
—
-1.12 pp
—
- H1 2025
- —
- YTD 2026
- -1.12 pp
- Δ YoY
- —
Net margin Δ (YoY)
-1.81 pp
—
-1.81 pp
—
- H1 2025
- —
- YTD 2026
- -1.81 pp
- Δ YoY
- —