H1 2026 report
Przychody Grupy spadły o 14% r/r (do 158,1 mln zł), a EBIT wpadł w stratę (-2,5 mln zł) — w całości za sprawą Segmentu Odkrywania Leków (-20% przychodów, strata operacyjna -10,8 mln zł), podczas gdy Segment Rozwoju Leków rósł (+16% przychodów, +64% EBIT).
Sentiment
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SLV
H1 2026 report
Revenue
158.1 m PLN
— YoY
Net income
-8.49 m PLN
— YoY
EBITDA
23.55 m PLN
— YoY
Net debt / EBITDA
2.15x
— YoY
Summary
Investment thesis
- Margines bezpieczeństwa w teście na utratę wartości goodwillu chorwackiej spółki Selvita d.o.o. skurczył się z 119,4 mln zł do 32 mln zł w jedno półrocze — Zarząd wprost ostrzega, że rozsądnie możliwe zmiany założeń mogłyby wymusić odpis.
- OCF spadł z 22,3 mln zł do 2,2 mln zł r/r (-90%) — spółka wciąż generuje dodatnią gotówkę operacyjną, ale margines bezpieczeństwa się wyczerpuje, a spłatę zadłużenia finansuje głównie nowym długiem.
- Wskaźnik zadłużenia netto/EBITDA (bez MSSF16, pod kowenanty bankowe) wzrósł ze 215% do 281% w pół roku, a DSCR spadł ze 185% do 132% — Grupa nadal spełnia kowenanty, ale margines się zawęża.
- Backlog na 2026 r. niższy o 8,5% r/r (Segment Odkrywania Leków -23%, Segment Rozwoju Leków +23%) — sygnalizuje, że presja na przychody może się utrzymać w drugim półroczu.
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Financials
BETA
SLV · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 82,141 | — | — | 158,103 | — | reported | — | 1.00 |
| EBITDA | 12,340 | — | — | 23,548 | — | reported | — | 1.00 |
| EBIT | -681 | — | — | -2,467 | — | reported | — | 1.00 |
| EBT | -8,878 | — | — | -8,878 | — | reported | — | 1.00 |
| Net income | -3,041 | — | — | -8,490 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.46 | — | — | -0.46 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.46 | — | — | -0.46 | — | reported | — | 1.00 |
| D&A | 26,015 | — | — | 26,015 | — | reported | — | 1.00 |
| Interest expense | 6,701 | — | — | 6,701 | — | reported | — | 0.70 |
| Income tax | -388 | — | — | -388 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 18.36 | — | — | — | — | reported | — | 1.00 |
| EBITDA margin | 14.89% | — | — | 14.89% | — | derived | — | 1.00 |
| EBIT margin | -0.83% | — | — | -1.56% | — | derived | — | 1.00 |
| Net margin | -5.37% | — | — | -5.37% | — | derived | — | 1.00 |
| Cash | 16,565 | — | — | — | — | reported | — | 1.00 |
| Total debt | 109,257 | — | — | — | — | reported | — | 0.85 |
| Net debt | 92,692 | — | — | — | — | derived | — | 0.85 |
| Equity | 315,473 | — | — | — | — | reported | — | 1.00 |
| Total assets | 582,811 | — | — | — | — | reported | — | 1.00 |
| Working capital | -5,933 | — | — | — | — | derived | — | 1.00 |
| Current assets | 124,836 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 130,769 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 136,569 | — | — | — | — | reported | — | 1.00 |
| Inventory | 8,791 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 68,937 | — | — | — | — | reported | — | 0.90 |
| Trade payables | 42,755 | — | — | — | — | reported | — | 0.90 |
| Goodwill | 113,240 | — | — | — | — | reported | — | 0.90 |
| CFO | 2,159 | — | — | 2,159 | — | reported | — | 1.00 |
| CapEx | 5,935 | — | — | 5,935 | — | reported | — | 1.00 |
| FCF | -3,776 | — | — | -3,776 | — | derived | — | 1.00 |
| Current ratio | 0.95x | — | — | — | — | derived | — | 0.90 |
| Quick ratio | 0.89x | — | — | — | — | derived | — | 0.90 |
| Cash ratio | 0.13x | — | — | — | — | derived | — | 1.00 |
| Interest coverage | -0.37x | — | — | -0.37x | — | derived | — | 0.70 |
| Net debt / EBITDA | 2.15x | — | — | — | — | reported | — | 0.70 |
| Debt / equity | 0.35x | — | — | — | — | derived | — | 0.85 |
| Debt / assets | 0.19x | — | — | — | — | derived | — | 0.85 |
| Net debt / equity | 0.29x | — | — | — | — | derived | — | 0.85 |
| Revenue growth (YoY) | -12.13% | — | — | -13.96% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | -20.35% | — | — | -20.35% | — | derived | — | 1.00 |
| EBIT growth (YoY) | -232.35% | — | — | -232.35% | — | derived | — | 0.90 |
| Net income growth (YoY) | -51.74% | — | — | -51.74% | — | derived | — | 1.00 |
| EPS growth (YoY) | -53.33% | — | — | -53.33% | — | derived | — | 1.00 |
| EBITDA margin Δ (YoY) | -1.2 pp | — | — | -1.2 pp | — | derived | — | 1.00 |
| Net margin Δ (YoY) | -2.33 pp | — | — | -2.33 pp | — | derived | — | 1.00 |
H1 2026 · Δ YoY
Revenue
82,141
—
82,141
—
- H1 2025
- —
- YTD 2026
- 158,103
- Δ YoY
- —
EBITDA
12,340
—
12,340
—
- H1 2025
- —
- YTD 2026
- 23,548
- Δ YoY
- —
EBIT
-681
—
-681
—
- H1 2025
- —
- YTD 2026
- -2,467
- Δ YoY
- —
EBT
-8,878
—
-8,878
—
- H1 2025
- —
- YTD 2026
- -8,878
- Δ YoY
- —
Net income
-3,041
—
-3,041
—
- H1 2025
- —
- YTD 2026
- -8,490
- Δ YoY
- —
EPS (basic)
(PLN)
-0.46
—
-0.46
—
- H1 2025
- —
- YTD 2026
- -0.46
- Δ YoY
- —
EPS (diluted)
(PLN)
-0.46
—
-0.46
—
- H1 2025
- —
- YTD 2026
- -0.46
- Δ YoY
- —
D&A
26,015
—
26,015
—
- H1 2025
- —
- YTD 2026
- 26,015
- Δ YoY
- —
Interest expense
6,701
—
6,701
—
- H1 2025
- —
- YTD 2026
- 6,701
- Δ YoY
- —
Income tax
-388
—
-388
—
- H1 2025
- —
- YTD 2026
- -388
- Δ YoY
- —
Shares (basic)
(m units)
18.36
—
18.36
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
14.89%
—
14.89%
—
- H1 2025
- —
- YTD 2026
- 14.89%
- Δ YoY
- —
EBIT margin
-0.83%
—
-0.83%
—
- H1 2025
- —
- YTD 2026
- -1.56%
- Δ YoY
- —
Net margin
-5.37%
—
-5.37%
—
- H1 2025
- —
- YTD 2026
- -5.37%
- Δ YoY
- —
Cash
16,565
—
16,565
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
109,257
—
109,257
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
92,692
—
92,692
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
315,473
—
315,473
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
582,811
—
582,811
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
-5,933
—
-5,933
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
124,836
—
124,836
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
130,769
—
130,769
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
136,569
—
136,569
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
8,791
—
8,791
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
68,937
—
68,937
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
42,755
—
42,755
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
113,240
—
113,240
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
2,159
—
2,159
—
- H1 2025
- —
- YTD 2026
- 2,159
- Δ YoY
- —
CapEx
5,935
—
5,935
—
- H1 2025
- —
- YTD 2026
- 5,935
- Δ YoY
- —
FCF
-3,776
—
-3,776
—
- H1 2025
- —
- YTD 2026
- -3,776
- Δ YoY
- —
Current ratio
0.95x
—
0.95x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.89x
—
0.89x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.13x
—
0.13x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-0.37x
—
-0.37x
—
- H1 2025
- —
- YTD 2026
- -0.37x
- Δ YoY
- —
Net debt / EBITDA
2.15x
—
2.15x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.35x
—
0.35x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.19x
—
0.19x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.29x
—
0.29x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-12.13%
—
-12.13%
—
- H1 2025
- —
- YTD 2026
- -13.96%
- Δ YoY
- —
EBITDA growth (YoY)
-20.35%
—
-20.35%
—
- H1 2025
- —
- YTD 2026
- -20.35%
- Δ YoY
- —
EBIT growth (YoY)
-232.35%
—
-232.35%
—
- H1 2025
- —
- YTD 2026
- -232.35%
- Δ YoY
- —
Net income growth (YoY)
-51.74%
—
-51.74%
—
- H1 2025
- —
- YTD 2026
- -51.74%
- Δ YoY
- —
EPS growth (YoY)
-53.33%
—
-53.33%
—
- H1 2025
- —
- YTD 2026
- -53.33%
- Δ YoY
- —
EBITDA margin Δ (YoY)
-1.2 pp
—
-1.2 pp
—
- H1 2025
- —
- YTD 2026
- -1.2 pp
- Δ YoY
- —
Net margin Δ (YoY)
-2.33 pp
—
-2.33 pp
—
- H1 2025
- —
- YTD 2026
- -2.33 pp
- Δ YoY
- —