H1 2026 report
Przychody i zysk netto rosną dwucyfrowo (odpowiednio +36,1% i +59,1% r/r) przy jednoczesnej poprawie wszystkich marż rentowności — struktura wzrostu jest zdrowa, a nie efektem jednorazowych zdarzeń.
Sentiment
●●●●●●
NWG
H1 2026 report
Revenue
1.16 bn PLN
— YoY
Net income
205.48 m PLN
— YoY
EBITDA
269.69 m PLN
— YoY
Gross margin
28.34%
— YoY
Summary
Investment thesis
- Dwa kontrakty zawarte/rozszerzone już po dniu bilansowym (opcja PKP Intercity na 2,807 mld zł i nowa umowa z Woj. Podlaskim do 287,4 mln zł) zabezpieczają widoczność przychodów Grupy na lata 2028-2029.
- Bilans jest bardzo mocny — dług odsetkowy zaledwie 98 mln zł wobec kapitału własnego 1,2 mld zł, pokrycie odsetek EBIT-em ok. 60x.
- Kluczowe ryzyko to jakość gotówkowa zysku — drugi kolejny okres z ujemnym OCF (-216,3 mln zł) i ujemnym FCF, napędzany rosnącymi należnościami i zapasami typowymi dla długiego cyklu realizacji kontraktów kolejowych.
- Spółka nie publikuje prognoz finansowych, co utrudnia ocenę wyniku względem oczekiwań rynku; wycena musi opierać się wyłącznie na analizie fundamentalnej i portfelu zamówień.
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Financials
BETA
NWG · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,155.42 | — | — | 1,155.42 | — | reported | — | 1.00 |
|
Revenue
Segment I - produkcja i modernizacja taboru szynowego
|
1,144.64 | — | — | 1,144.64 | — | reported | Segment I - produkcja i modernizacja taboru szynowego | 1.00 |
|
Revenue
Segment II - know-how, marka, leasing taboru
|
10.78 | — | — | 10.78 | — | reported | Segment II - know-how, marka, leasing taboru | 1.00 |
| Gross profit | 327.4 | — | — | 327.4 | — | reported | — | 1.00 |
| EBITDA | 269.69 | — | — | 269.69 | — | reported | — | 1.00 |
|
EBITDA
Segment I - produkcja i modernizacja taboru szynowego
|
253.34 | — | — | 253.34 | — | reported | Segment I - produkcja i modernizacja taboru szynowego | 1.00 |
|
EBITDA
Segment II - know-how, marka, leasing taboru
|
15.67 | — | — | 15.67 | — | reported | Segment II - know-how, marka, leasing taboru | 1.00 |
| EBIT | 239.97 | — | — | 239.97 | — | reported | — | 1.00 |
|
EBIT
Segment I - produkcja i modernizacja taboru szynowego
|
229.48 | — | — | 229.48 | — | reported | Segment I - produkcja i modernizacja taboru szynowego | 1.00 |
|
EBIT
Segment II - know-how, marka, leasing taboru
|
6.91 | — | — | 6.91 | — | reported | Segment II - know-how, marka, leasing taboru | 1.00 |
| EBT | 239.13 | — | — | 239.13 | — | reported | — | 1.00 |
| Net income | 205.48 | — | — | 205.48 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 4.57 | — | — | 4.57 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 4.57 | — | — | 4.57 | — | reported | — | 1.00 |
| D&A | 29.72 | — | — | 29.72 | — | reported | — | 1.00 |
| Interest expense | 4 | — | — | 4 | — | reported | — | 0.90 |
| Income tax | 33.38 | — | — | 33.38 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 45 | — | — | 45 | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 45 | — | — | 45 | — | reported | — | 0.90 |
| Gross margin | 28.34% | — | — | 28.34% | — | derived | — | 0.90 |
| EBITDA margin | 23.34% | — | — | 23.34% | — | derived | — | 0.90 |
| EBIT margin | 20.77% | — | — | 20.77% | — | derived | — | 0.90 |
| EBT margin | 20.7% | — | — | 20.7% | — | derived | — | 0.90 |
| Net margin | 17.79% | — | — | 17.79% | — | derived | — | 0.90 |
| Cash | 140.56 | — | — | — | — | reported | — | 1.00 |
| Total debt | 97.96 | — | — | — | — | reported | — | 0.95 |
| Net debt | -42.6 | — | — | — | — | derived | — | 0.90 |
| Equity | 1,217.57 | — | — | — | — | reported | — | 1.00 |
| Total assets | 2,114.5 | — | — | — | — | reported | — | 1.00 |
| Working capital | 747.93 | — | — | — | — | derived | — | 0.90 |
| Current assets | 1,504.87 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 756.94 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 139.99 | — | — | — | — | reported | — | 1.00 |
| Inventory | 816.44 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 478.45 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 306.76 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 31.71 | — | — | — | — | reported | — | 0.90 |
| Tangible equity | 1,185.86 | — | — | — | — | derived | — | 0.85 |
| CFO | -216.34 | — | — | -216.34 | — | reported | — | 1.00 |
| CapEx | 47.95 | — | — | 47.95 | — | reported | — | 1.00 |
| FCF | -264.29 | — | — | -264.29 | — | derived | — | 0.90 |
| FCF conversion | -98% | — | — | -98% | — | derived | — | 0.85 |
| CFO conversion | -80.22% | — | — | -80.22% | — | derived | — | 0.85 |
| Dividends paid | 135.28 | — | — | 135.28 | — | reported | — | 1.00 |
| ROE | 40.44% | — | — | — | — | derived | — | 0.60 |
| ROA | 21.29% | — | — | — | — | derived | — | 0.60 |
| Current ratio | 1.99x | — | — | — | — | derived | — | 0.90 |
| Quick ratio | 0.91x | — | — | — | — | derived | — | 0.90 |
| Cash ratio | 0.19x | — | — | — | — | derived | — | 0.90 |
| Interest coverage | 60.02x | — | — | 60.02x | — | derived | — | 0.80 |
| Debt / equity | 0.08x | — | — | — | — | derived | — | 0.85 |
| Debt / assets | 0.05x | — | — | — | — | derived | — | 0.85 |
| Net debt / equity | -0.03x | — | — | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | 36.06% | — | — | 36.06% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | 47.02% | — | — | 47.02% | — | derived | — | 0.90 |
| EBIT growth (YoY) | 54.85% | — | — | 54.85% | — | derived | — | 0.90 |
| Net income growth (YoY) | 59.15% | — | — | 59.15% | — | derived | — | 0.90 |
| EPS growth (YoY) | 59.15% | — | — | 59.15% | — | derived | — | 0.85 |
| FCF growth (YoY) | -68.75% | — | — | -68.75% | — | derived | — | 0.80 |
| Gross margin Δ (YoY) | 0.22 pp | — | — | 0.22 pp | — | derived | — | 0.85 |
| EBITDA margin Δ (YoY) | 1.74 pp | — | — | 1.74 pp | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | 2.52 pp | — | — | 2.52 pp | — | derived | — | 0.85 |
| Net margin Δ (YoY) | 2.58 pp | — | — | 2.58 pp | — | derived | — | 0.85 |
H1 2026 · Δ YoY
Revenue
1,155.42
—
1,155.42
—
- H1 2025
- —
- YTD 2026
- 1,155.42
- Δ YoY
- —
Revenue
Segment I - produkcja i modernizacja taboru szynowego
1,144.64
—
Segment I - produkcja i modernizacja taboru szynowego
1,144.64
—
- H1 2025
- —
- YTD 2026
- 1,144.64
- Δ YoY
- —
Revenue
Segment II - know-how, marka, leasing taboru
10.78
—
Segment II - know-how, marka, leasing taboru
10.78
—
- H1 2025
- —
- YTD 2026
- 10.78
- Δ YoY
- —
Gross profit
327.4
—
327.4
—
- H1 2025
- —
- YTD 2026
- 327.4
- Δ YoY
- —
EBITDA
269.69
—
269.69
—
- H1 2025
- —
- YTD 2026
- 269.69
- Δ YoY
- —
EBITDA
Segment I - produkcja i modernizacja taboru szynowego
253.34
—
Segment I - produkcja i modernizacja taboru szynowego
253.34
—
- H1 2025
- —
- YTD 2026
- 253.34
- Δ YoY
- —
EBITDA
Segment II - know-how, marka, leasing taboru
15.67
—
Segment II - know-how, marka, leasing taboru
15.67
—
- H1 2025
- —
- YTD 2026
- 15.67
- Δ YoY
- —
EBIT
239.97
—
239.97
—
- H1 2025
- —
- YTD 2026
- 239.97
- Δ YoY
- —
EBIT
Segment I - produkcja i modernizacja taboru szynowego
229.48
—
Segment I - produkcja i modernizacja taboru szynowego
229.48
—
- H1 2025
- —
- YTD 2026
- 229.48
- Δ YoY
- —
EBIT
Segment II - know-how, marka, leasing taboru
6.91
—
Segment II - know-how, marka, leasing taboru
6.91
—
- H1 2025
- —
- YTD 2026
- 6.91
- Δ YoY
- —
EBT
239.13
—
239.13
—
- H1 2025
- —
- YTD 2026
- 239.13
- Δ YoY
- —
Net income
205.48
—
205.48
—
- H1 2025
- —
- YTD 2026
- 205.48
- Δ YoY
- —
EPS (basic)
(PLN)
4.57
—
4.57
—
- H1 2025
- —
- YTD 2026
- 4.57
- Δ YoY
- —
EPS (diluted)
(PLN)
4.57
—
4.57
—
- H1 2025
- —
- YTD 2026
- 4.57
- Δ YoY
- —
D&A
29.72
—
29.72
—
- H1 2025
- —
- YTD 2026
- 29.72
- Δ YoY
- —
Interest expense
4
—
4
—
- H1 2025
- —
- YTD 2026
- 4
- Δ YoY
- —
Income tax
33.38
—
33.38
—
- H1 2025
- —
- YTD 2026
- 33.38
- Δ YoY
- —
Shares (basic)
(m units)
45
—
45
—
- H1 2025
- —
- YTD 2026
- 45
- Δ YoY
- —
Shares (diluted)
(m units)
45
—
45
—
- H1 2025
- —
- YTD 2026
- 45
- Δ YoY
- —
Gross margin
28.34%
—
28.34%
—
- H1 2025
- —
- YTD 2026
- 28.34%
- Δ YoY
- —
EBITDA margin
23.34%
—
23.34%
—
- H1 2025
- —
- YTD 2026
- 23.34%
- Δ YoY
- —
EBIT margin
20.77%
—
20.77%
—
- H1 2025
- —
- YTD 2026
- 20.77%
- Δ YoY
- —
EBT margin
20.7%
—
20.7%
—
- H1 2025
- —
- YTD 2026
- 20.7%
- Δ YoY
- —
Net margin
17.79%
—
17.79%
—
- H1 2025
- —
- YTD 2026
- 17.79%
- Δ YoY
- —
Cash
140.56
—
140.56
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
97.96
—
97.96
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-42.6
—
-42.6
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
1,217.57
—
1,217.57
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
2,114.5
—
2,114.5
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
747.93
—
747.93
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
1,504.87
—
1,504.87
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
756.94
—
756.94
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
139.99
—
139.99
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
816.44
—
816.44
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
478.45
—
478.45
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
306.76
—
306.76
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
31.71
—
31.71
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
1,185.86
—
1,185.86
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-216.34
—
-216.34
—
- H1 2025
- —
- YTD 2026
- -216.34
- Δ YoY
- —
CapEx
47.95
—
47.95
—
- H1 2025
- —
- YTD 2026
- 47.95
- Δ YoY
- —
FCF
-264.29
—
-264.29
—
- H1 2025
- —
- YTD 2026
- -264.29
- Δ YoY
- —
FCF conversion
-98%
—
-98%
—
- H1 2025
- —
- YTD 2026
- -98%
- Δ YoY
- —
CFO conversion
-80.22%
—
-80.22%
—
- H1 2025
- —
- YTD 2026
- -80.22%
- Δ YoY
- —
Dividends paid
135.28
—
135.28
—
- H1 2025
- —
- YTD 2026
- 135.28
- Δ YoY
- —
ROE
40.44%
—
40.44%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROA
21.29%
—
21.29%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current ratio
1.99x
—
1.99x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.91x
—
0.91x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.19x
—
0.19x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
60.02x
—
60.02x
—
- H1 2025
- —
- YTD 2026
- 60.02x
- Δ YoY
- —
Debt / equity
0.08x
—
0.08x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.05x
—
0.05x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.03x
—
-0.03x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
36.06%
—
36.06%
—
- H1 2025
- —
- YTD 2026
- 36.06%
- Δ YoY
- —
EBITDA growth (YoY)
47.02%
—
47.02%
—
- H1 2025
- —
- YTD 2026
- 47.02%
- Δ YoY
- —
EBIT growth (YoY)
54.85%
—
54.85%
—
- H1 2025
- —
- YTD 2026
- 54.85%
- Δ YoY
- —
Net income growth (YoY)
59.15%
—
59.15%
—
- H1 2025
- —
- YTD 2026
- 59.15%
- Δ YoY
- —
EPS growth (YoY)
59.15%
—
59.15%
—
- H1 2025
- —
- YTD 2026
- 59.15%
- Δ YoY
- —
FCF growth (YoY)
-68.75%
—
-68.75%
—
- H1 2025
- —
- YTD 2026
- -68.75%
- Δ YoY
- —
Gross margin Δ (YoY)
0.22 pp
—
0.22 pp
—
- H1 2025
- —
- YTD 2026
- 0.22 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
1.74 pp
—
1.74 pp
—
- H1 2025
- —
- YTD 2026
- 1.74 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
2.52 pp
—
2.52 pp
—
- H1 2025
- —
- YTD 2026
- 2.52 pp
- Δ YoY
- —
Net margin Δ (YoY)
2.58 pp
—
2.58 pp
—
- H1 2025
- —
- YTD 2026
- 2.58 pp
- Δ YoY
- —