H1 2026 report
Nexity Global to spółka bez realnej działalności operacyjnej — przychody ze sprzedaży usług wyniosły zaledwie 1 041 zł za całe I półrocze 2026 r., identycznie jak rok wcześniej.
Sentiment
●●●●●●
NXG
H1 2026 report
Revenue
1,041 PLN
— YoY
Net income
-163,929 PLN
— YoY
EBITDA
-85,579 PLN
— YoY
FCF
-125,182 PLN
— YoY
Summary
Investment thesis
- Kapitał własny jest głęboko ujemny (-1 446 385 zł) i pogłębia się kwartał po kwartale, a zobowiązania (1 784 509 zł) ponad pięciokrotnie przewyższają sumę aktywów (338 125 zł).
- Ponad 95% zadłużenia odsetkowego Spółki (1 304 600 zł z 1 366 909 zł) pochodzi od dwóch powiązanych akcjonariuszy — Januarego Ciszewskiego i Columbus Energy S.A. — co czyni dalsze istnienie Spółki bezpośrednio zależnym od ich dobrej woli.
- Biegły rewident wydał opinię bez zastrzeżeń, ale z paragrafem objaśniającym wprost wskazującym na istotną niepewność co do zdolności Spółki do kontynuacji działalności.
- Jedyny konkretny plan rozwojowy (połączenie z The Batteries) zakończył się rozwiązaniem umowy w grudniu 2025 r., a nowo ogłoszony (kwiecień 2026 r.) kierunek — dystrybucja biopaliw stałych w modelu asset-light — pozostaje na etapie czysto koncepcyjnym, bez umów i bez przychodów w okresie.
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
NXG · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 520 | — | — | 1,041 | — | reported | — | 0.95 |
| EBITDA | -42,545 | — | — | -85,579 | — | derived | — | 0.90 |
| EBIT | -42,545 | — | — | -85,579 | — | reported | — | 0.95 |
| EBT | -86,871 | — | — | -157,210 | — | reported | — | 0.95 |
| Net income | -90,247 | — | — | -163,929 | — | reported | — | 0.95 |
| EPS (basic) | -0.01 | — | — | -0.02 | — | reported | — | 0.95 |
| EPS (diluted) | -0.01 | — | — | -0.02 | — | reported | — | 0.95 |
| D&A | 0 | — | — | 0 | — | reported | — | 0.90 |
| Interest expense | 71,631 | — | — | 71,631 | — | reported | — | 0.90 |
| Income tax | 3,377 | — | — | 6,719 | — | reported | — | 0.90 |
| Shares (basic) (m units) | 10 | — | — | — | — | reported | — | 1.00 |
| EBITDA margin | -8220.8% | — | — | -8220.8% | — | derived | — | 0.30 |
| EBIT margin | -8220.8% | — | — | -8220.8% | — | derived | — | 0.30 |
| EBT margin | -15102.9% | — | — | -15102.9% | — | derived | — | 0.30 |
| Net margin | -15747.3% | — | — | -15747.3% | — | derived | — | 0.30 |
| Cash | 160 | — | — | — | — | reported | — | 1.00 |
| Total debt | 1,366,909 | — | — | — | — | reported | — | 0.95 |
| Net debt | 1,366,749 | — | — | — | — | derived | — | 0.90 |
| Equity | -1,446,385 | — | — | — | — | reported | — | 1.00 |
| Total assets | 338,125 | — | — | — | — | reported | — | 0.95 |
| Working capital | -58,077 | — | — | — | — | derived | — | 0.90 |
| Current assets | 338,125 | — | — | — | — | reported | — | 0.95 |
| Current liabilities | 396,202 | — | — | — | — | reported | — | 0.95 |
| Non-current liabilities | 1,388,307 | — | — | — | — | reported | — | 0.95 |
| Inventory | 0 | — | — | — | — | reported | — | 0.90 |
| Trade receivables | 0 | — | — | — | — | reported | — | 0.90 |
| Trade payables | 278,457 | — | — | — | — | reported | — | 0.70 |
| Goodwill | 0 | — | — | — | — | reported | — | 0.90 |
| Tangible equity | -1,446,385 | — | — | — | — | derived | — | 0.90 |
| CFO | -125,182 | — | — | -125,182 | — | reported | — | 1.00 |
| CapEx | 0 | — | — | 0 | — | reported | — | 0.90 |
| FCF | -125,182 | — | — | -125,182 | — | derived | — | 0.90 |
| FCF conversion | 146.3% | — | — | 146.3% | — | derived | — | 0.30 |
| CFO conversion | 146.3% | — | — | 146.3% | — | derived | — | 0.30 |
| Current ratio | 0.85x | — | — | — | — | derived | — | 0.90 |
| Quick ratio | 0.85x | — | — | — | — | derived | — | 0.90 |
| Cash ratio | 0x | — | — | — | — | derived | — | 0.90 |
| Interest coverage | -1.19x | — | — | -1.19x | — | derived | — | 0.85 |
| Debt / equity | -0.95x | — | — | — | — | derived | — | 0.70 |
| Debt / assets | 4.04x | — | — | — | — | derived | — | 0.90 |
| Net debt / equity | -0.95x | — | — | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 0% | — | — | 0% | — | derived | — | 0.80 |
| EBITDA growth (YoY) | 39.57% | — | — | 37.89% | — | derived | — | 0.75 |
| EBIT growth (YoY) | 40.45% | — | — | 38.8% | — | derived | — | 0.80 |
| Net income growth (YoY) | 19.24% | — | — | 20.36% | — | derived | — | 0.80 |
| EPS growth (YoY) | 0% | — | — | 0% | — | derived | — | 0.40 |
| FCF growth (YoY) | 32.83% | — | — | 32.83% | — | derived | — | 0.80 |
H1 2026 · Δ YoY
Revenue
520
—
520
—
- H1 2025
- —
- YTD 2026
- 1,041
- Δ YoY
- —
EBITDA
-42,545
—
-42,545
—
- H1 2025
- —
- YTD 2026
- -85,579
- Δ YoY
- —
EBIT
-42,545
—
-42,545
—
- H1 2025
- —
- YTD 2026
- -85,579
- Δ YoY
- —
EBT
-86,871
—
-86,871
—
- H1 2025
- —
- YTD 2026
- -157,210
- Δ YoY
- —
Net income
-90,247
—
-90,247
—
- H1 2025
- —
- YTD 2026
- -163,929
- Δ YoY
- —
EPS (basic)
-0.01
—
-0.01
—
- H1 2025
- —
- YTD 2026
- -0.02
- Δ YoY
- —
EPS (diluted)
-0.01
—
-0.01
—
- H1 2025
- —
- YTD 2026
- -0.02
- Δ YoY
- —
D&A
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Interest expense
71,631
—
71,631
—
- H1 2025
- —
- YTD 2026
- 71,631
- Δ YoY
- —
Income tax
3,377
—
3,377
—
- H1 2025
- —
- YTD 2026
- 6,719
- Δ YoY
- —
Shares (basic)
(m units)
10
—
10
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
-8220.8%
—
-8220.8%
—
- H1 2025
- —
- YTD 2026
- -8220.8%
- Δ YoY
- —
EBIT margin
-8220.8%
—
-8220.8%
—
- H1 2025
- —
- YTD 2026
- -8220.8%
- Δ YoY
- —
EBT margin
-15102.9%
—
-15102.9%
—
- H1 2025
- —
- YTD 2026
- -15102.9%
- Δ YoY
- —
Net margin
-15747.3%
—
-15747.3%
—
- H1 2025
- —
- YTD 2026
- -15747.3%
- Δ YoY
- —
Cash
160
—
160
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
1,366,909
—
1,366,909
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
1,366,749
—
1,366,749
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
-1,446,385
—
-1,446,385
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
338,125
—
338,125
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
-58,077
—
-58,077
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
338,125
—
338,125
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
396,202
—
396,202
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
1,388,307
—
1,388,307
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
0
—
0
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
0
—
0
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
278,457
—
278,457
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
0
—
0
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
-1,446,385
—
-1,446,385
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-125,182
—
-125,182
—
- H1 2025
- —
- YTD 2026
- -125,182
- Δ YoY
- —
CapEx
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
FCF
-125,182
—
-125,182
—
- H1 2025
- —
- YTD 2026
- -125,182
- Δ YoY
- —
FCF conversion
146.3%
—
146.3%
—
- H1 2025
- —
- YTD 2026
- 146.3%
- Δ YoY
- —
CFO conversion
146.3%
—
146.3%
—
- H1 2025
- —
- YTD 2026
- 146.3%
- Δ YoY
- —
Current ratio
0.85x
—
0.85x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.85x
—
0.85x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0x
—
0x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-1.19x
—
-1.19x
—
- H1 2025
- —
- YTD 2026
- -1.19x
- Δ YoY
- —
Debt / equity
-0.95x
—
-0.95x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
4.04x
—
4.04x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.95x
—
-0.95x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
0%
—
0%
—
- H1 2025
- —
- YTD 2026
- 0%
- Δ YoY
- —
EBITDA growth (YoY)
39.57%
—
39.57%
—
- H1 2025
- —
- YTD 2026
- 37.89%
- Δ YoY
- —
EBIT growth (YoY)
40.45%
—
40.45%
—
- H1 2025
- —
- YTD 2026
- 38.8%
- Δ YoY
- —
Net income growth (YoY)
19.24%
—
19.24%
—
- H1 2025
- —
- YTD 2026
- 20.36%
- Δ YoY
- —
EPS growth (YoY)
0%
—
0%
—
- H1 2025
- —
- YTD 2026
- 0%
- Δ YoY
- —
FCF growth (YoY)
32.83%
—
32.83%
—
- H1 2025
- —
- YTD 2026
- 32.83%
- Δ YoY
- —