H1 2026 report
Przychody spadły o 46% r/r (do 69,7 mln zł), ale zysk netto się podwoił (1,3 mln zł vs 0,6 mln zł) dzięki zakończeniu obciążających marżę kontraktów z lat 2022-2024 i większej dyscyplinie kosztowej.
Sentiment
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MDI
H1 2026 report
Revenue
69.68 m PLN
— YoY
Net income
1.32 m PLN
— YoY
EBITDA
2.04 m PLN
— YoY
Gross margin
6.65%
— YoY
Summary
Investment thesis
- Q2 2026 samodzielnie zamknął się stratą operacyjną (-662 tys. zł) mimo wyższych przychodów niż w Q1 — poprawa rentowności całego półrocza pochodzi głównie z pierwszego kwartału.
- OCF jest głęboko ujemny (-14,4 mln zł, gorzej niż rok wcześniej) mimo dodatniego zysku netto — spółka rozliczała w tym okresie zobowiązania z tytułu wcześniej zrealizowanych kontraktów.
- Bilans bez długu bankowego i ze spełnionymi kowenantami, ale gotówka spadła o 89% w pół roku (z 18,6 mln zł do 2,1 mln zł) — poduszka płynnościowa istotnie się skurczyła.
- Wysoka koncentracja akcjonariatu (IPOPEMA 12 FIZAN 65,5% + Prezes Zarządu 10,15% = 75,6% głosów) oraz ujawnione transakcje z podmiotami powiązanymi osobowo z rodziną Prezesa.
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Financials
BETA
MDI · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 37,750 | — | — | 69,679 | — | reported | — | 1.00 |
| Gross profit | 519 | — | — | 4,636 | — | reported | — | 1.00 |
| EBITDA | 2,037 | — | — | 2,037 | — | derived | — | 0.90 |
| EBIT | -662 | — | — | 1,880 | — | reported | — | 1.00 |
| EBT | 1,746 | — | — | 1,746 | — | reported | — | 1.00 |
| Net income | 579 | — | — | 1,323 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.03 | — | — | 0.03 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.03 | — | — | 0.03 | — | reported | — | 1.00 |
| D&A | 157 | — | — | 157 | — | reported | — | 1.00 |
| Interest expense | 212 | — | — | 212 | — | reported | — | 0.70 |
| Income tax | 423 | — | — | 423 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 46.11 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 1.37% | — | — | 6.65% | — | derived | — | 1.00 |
| EBITDA margin | 2.92% | — | — | 2.92% | — | derived | — | 0.90 |
| EBIT margin | -1.75% | — | — | 2.7% | — | derived | — | 1.00 |
| Net margin | 1.9% | — | — | 1.9% | — | derived | — | 1.00 |
| Cash | 2,105 | — | — | — | — | reported | — | 1.00 |
| Total debt | 1,009 | — | — | — | — | reported | — | 0.90 |
| Net debt | -1,096 | — | — | — | — | derived | — | 0.90 |
| Equity | 17,908 | — | — | — | — | reported | — | 1.00 |
| Total assets | 62,149 | — | — | — | — | reported | — | 1.00 |
| Working capital | 14,842 | — | — | — | — | derived | — | 1.00 |
| Current assets | 52,061 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 37,219 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 7,022 | — | — | — | — | reported | — | 1.00 |
| Inventory | 4,473 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 37,208 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 29,014 | — | — | — | — | reported | — | 1.00 |
| CFO | -14,392 | — | — | -14,392 | — | reported | — | 1.00 |
| CapEx | 105 | — | — | 105 | — | reported | — | 0.60 |
| FCF | -14,497 | — | — | -14,497 | — | derived | — | 0.60 |
| Current ratio | 1.4x | — | — | — | — | derived | — | 1.00 |
| Quick ratio | 1.28x | — | — | — | — | derived | — | 1.00 |
| Cash ratio | 0.06x | — | — | — | — | derived | — | 1.00 |
| Interest coverage | 8.87x | — | — | 8.87x | — | derived | — | 0.70 |
| Debt / equity | 0.06x | — | — | — | — | derived | — | 0.90 |
| Debt / assets | 0.02x | — | — | — | — | derived | — | 0.90 |
| Net debt / equity | -0.06x | — | — | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | -42.18% | — | — | -45.87% | — | derived | — | 1.00 |
| Revenue growth (QoQ) | 18.24% | — | — | — | — | derived | — | 0.60 |
| EBITDA growth (YoY) | 82.37% | — | — | 82.37% | — | derived | — | 0.90 |
| EBIT growth (YoY) | -199.1% | — | — | 110.76% | — | derived | — | 1.00 |
| Net income growth (YoY) | 33.41% | — | — | 119.4% | — | derived | — | 1.00 |
| EPS growth (YoY) | 200% | — | — | 200% | — | derived | — | 0.50 |
| Gross margin Δ (YoY) | 3.89 pp | — | — | 3.89 pp | — | derived | — | 1.00 |
| EBITDA margin Δ (YoY) | 2.05 pp | — | — | 2.05 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 1.43 pp | — | — | 1.43 pp | — | derived | — | 1.00 |
H1 2026 · Δ YoY
Revenue
37,750
—
37,750
—
- H1 2025
- —
- YTD 2026
- 69,679
- Δ YoY
- —
Gross profit
519
—
519
—
- H1 2025
- —
- YTD 2026
- 4,636
- Δ YoY
- —
EBITDA
2,037
—
2,037
—
- H1 2025
- —
- YTD 2026
- 2,037
- Δ YoY
- —
EBIT
-662
—
-662
—
- H1 2025
- —
- YTD 2026
- 1,880
- Δ YoY
- —
EBT
1,746
—
1,746
—
- H1 2025
- —
- YTD 2026
- 1,746
- Δ YoY
- —
Net income
579
—
579
—
- H1 2025
- —
- YTD 2026
- 1,323
- Δ YoY
- —
EPS (basic)
(PLN)
0.03
—
0.03
—
- H1 2025
- —
- YTD 2026
- 0.03
- Δ YoY
- —
EPS (diluted)
(PLN)
0.03
—
0.03
—
- H1 2025
- —
- YTD 2026
- 0.03
- Δ YoY
- —
D&A
157
—
157
—
- H1 2025
- —
- YTD 2026
- 157
- Δ YoY
- —
Interest expense
212
—
212
—
- H1 2025
- —
- YTD 2026
- 212
- Δ YoY
- —
Income tax
423
—
423
—
- H1 2025
- —
- YTD 2026
- 423
- Δ YoY
- —
Shares (basic)
(m units)
46.11
—
46.11
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
1.37%
—
1.37%
—
- H1 2025
- —
- YTD 2026
- 6.65%
- Δ YoY
- —
EBITDA margin
2.92%
—
2.92%
—
- H1 2025
- —
- YTD 2026
- 2.92%
- Δ YoY
- —
EBIT margin
-1.75%
—
-1.75%
—
- H1 2025
- —
- YTD 2026
- 2.7%
- Δ YoY
- —
Net margin
1.9%
—
1.9%
—
- H1 2025
- —
- YTD 2026
- 1.9%
- Δ YoY
- —
Cash
2,105
—
2,105
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
1,009
—
1,009
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-1,096
—
-1,096
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
17,908
—
17,908
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
62,149
—
62,149
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
14,842
—
14,842
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
52,061
—
52,061
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
37,219
—
37,219
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
7,022
—
7,022
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
4,473
—
4,473
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
37,208
—
37,208
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
29,014
—
29,014
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-14,392
—
-14,392
—
- H1 2025
- —
- YTD 2026
- -14,392
- Δ YoY
- —
CapEx
105
—
105
—
- H1 2025
- —
- YTD 2026
- 105
- Δ YoY
- —
FCF
-14,497
—
-14,497
—
- H1 2025
- —
- YTD 2026
- -14,497
- Δ YoY
- —
Current ratio
1.4x
—
1.4x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.28x
—
1.28x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.06x
—
0.06x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
8.87x
—
8.87x
—
- H1 2025
- —
- YTD 2026
- 8.87x
- Δ YoY
- —
Debt / equity
0.06x
—
0.06x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.02x
—
0.02x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.06x
—
-0.06x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-42.18%
—
-42.18%
—
- H1 2025
- —
- YTD 2026
- -45.87%
- Δ YoY
- —
Revenue growth (QoQ)
18.24%
—
18.24%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA growth (YoY)
82.37%
—
82.37%
—
- H1 2025
- —
- YTD 2026
- 82.37%
- Δ YoY
- —
EBIT growth (YoY)
-199.1%
—
-199.1%
—
- H1 2025
- —
- YTD 2026
- 110.76%
- Δ YoY
- —
Net income growth (YoY)
33.41%
—
33.41%
—
- H1 2025
- —
- YTD 2026
- 119.4%
- Δ YoY
- —
EPS growth (YoY)
200%
—
200%
—
- H1 2025
- —
- YTD 2026
- 200%
- Δ YoY
- —
Gross margin Δ (YoY)
3.89 pp
—
3.89 pp
—
- H1 2025
- —
- YTD 2026
- 3.89 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
2.05 pp
—
2.05 pp
—
- H1 2025
- —
- YTD 2026
- 2.05 pp
- Δ YoY
- —
Net margin Δ (YoY)
1.43 pp
—
1.43 pp
—
- H1 2025
- —
- YTD 2026
- 1.43 pp
- Δ YoY
- —