ANR
Answear.com
Giełda Papierów Wartościowych w Warszawie · jednostkowe (de facto całość grupy - jedyna spółka zależna wyłączona z konsolidacji jako nieistotna) · publ. September 22, 2026
H1 2026 report
Przychody rosną szeroko (klienci, zamówienia, AOV), +8,4% r/r do 815 mln PLN, ale wzrost nie przekłada się na zysk netto, który spadł o 78% r/r.
Sentiment
●●●●●●
ANR
H1 2026 report
Revenue
815.04 m PLN
— YoY
Net income
1.45 m PLN
— YoY
EBITDA
28.73 m PLN
— YoY
Gross margin
3.18%
— YoY
Summary
Investment thesis
- Marka własna Answear.LAB zyskuje na znaczeniu (+17,7% sprzedaży r/r, rekordowa rentowność) i wspiera strukturalną poprawę marży w dłuższym terminie.
- Bilans formalnie mocno lewarowany (dług netto/EBITDA ~4,9x), ale w większości to zobowiązania leasingowe centrum logistycznego (MSSF16), nie dług bankowy — bez leasingu wskaźnik spada do ~2,5x.
- Silny operacyjny cash flow (+88 mln PLN) to w dużej mierze efekt sezonowego wydłużenia terminów płatności dostawcom przed II półroczem, nie poprawy rentowności — do potwierdzenia w pełnym cyklu rocznym.
- Skokowy wzrost efektywnej stopy podatkowej (do ~43%) i erozja rentowności w segmencie poza UE to dwa niewyjaśnione w raporcie punkty, które warto wyjaśnić przed oceną trwałości trendu zysku.
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Financials
BETA
ANR · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 815.04 | — | — | 815.04 | — | reported | — | 1.00 |
| Gross profit | 25.92 | — | — | 25.92 | — | reported | — | 1.00 |
| EBITDA | 28.73 | — | — | 28.73 | — | reported | — | 0.95 |
| EBIT | 16.27 | — | — | 16.27 | — | reported | — | 1.00 |
| EBT | 2.55 | — | — | 2.55 | — | reported | — | 1.00 |
| Net income | 1.45 | — | — | 1.45 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.08 | — | — | 0.08 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.08 | — | — | 0.08 | — | reported | — | 1.00 |
| D&A | 12.46 | — | — | 12.46 | — | reported | — | 1.00 |
| Interest expense | 8.01 | — | — | 8.01 | — | reported | — | 0.80 |
| Income tax | 1.1 | — | — | 1.1 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 19.07 | — | — | 19.07 | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 19.17 | — | — | 19.17 | — | reported | — | 1.00 |
| Gross margin | 3.18% | — | — | 3.18% | — | derived | — | 0.90 |
| EBITDA margin | 3.53% | — | — | 3.53% | — | derived | — | 0.90 |
| EBIT margin | 2% | — | — | 2% | — | derived | — | 0.95 |
| Net margin | 0.18% | — | — | 0.18% | — | derived | — | 0.95 |
| Cash | 30.94 | — | — | — | — | reported | — | 1.00 |
| Total debt | 300.82 | — | — | — | — | derived | — | 0.85 |
| Net debt | 269.88 | — | — | — | — | derived | — | 0.85 |
| Equity | 234.74 | — | — | — | — | reported | — | 1.00 |
| Total assets | 848.15 | — | — | — | — | reported | — | 1.00 |
| Working capital | 146.65 | — | — | — | — | derived | — | 0.90 |
| Current assets | 630.7 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 484.05 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 129.35 | — | — | — | — | reported | — | 1.00 |
| Inventory | 494.22 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 99.54 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 252.23 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 57.73 | — | — | — | — | derived | — | 0.90 |
| Tangible equity | 177.02 | — | — | — | — | derived | — | 0.85 |
| CFO | 88.07 | — | — | 88.07 | — | reported | — | 1.00 |
| CapEx | 4.92 | — | — | 4.92 | — | reported | — | 0.95 |
| FCF | 83.15 | — | — | 83.15 | — | derived | — | 0.90 |
| FCF conversion | 289.4% | — | — | 289.4% | — | derived | — | 0.60 |
| CFO conversion | 306.5% | — | — | 306.5% | — | derived | — | 0.60 |
| ROE | 1.82% | — | — | — | — | derived | — | 0.60 |
| ROIC | 4.44% | — | — | — | — | derived | — | 0.55 |
| ROCE | 8.24% | — | — | — | — | derived | — | 0.60 |
| Current ratio | 1.3x | — | — | — | — | derived | — | 0.90 |
| Quick ratio | 0.28x | — | — | — | — | derived | — | 0.90 |
| Cash ratio | 0.06x | — | — | — | — | derived | — | 0.90 |
| Interest coverage | 2.03x | — | — | 2.03x | — | derived | — | 0.70 |
| Net debt / EBITDA | 4.93x | — | — | — | — | derived | — | 0.60 |
| Debt / equity | 1.28x | — | — | — | — | derived | — | 0.85 |
| Debt / assets | 0.35x | — | — | — | — | derived | — | 0.85 |
| Net debt / equity | 1.15x | — | — | — | — | derived | — | 0.85 |
| Revenue growth (YoY) | 8.4% | — | — | 8.4% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | -4.98% | — | — | -4.98% | — | derived | — | 0.90 |
| EBIT growth (YoY) | -10.92% | — | — | -10.92% | — | derived | — | 0.95 |
| Net income growth (YoY) | -77.78% | — | — | -77.78% | — | derived | — | 0.95 |
| EPS growth (YoY) | -76.47% | — | — | -76.47% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | -0.1 pp | — | — | -0.1 pp | — | derived | — | 0.85 |
| EBITDA margin Δ (YoY) | -0.5 pp | — | — | -0.5 pp | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | -0.43 pp | — | — | -0.43 pp | — | derived | — | 0.85 |
| Net margin Δ (YoY) | -0.69 pp | — | — | -0.69 pp | — | derived | — | 0.85 |
H1 2026 · Δ YoY
Revenue
815.04
—
815.04
—
- H1 2025
- —
- YTD 2026
- 815.04
- Δ YoY
- —
Gross profit
25.92
—
25.92
—
- H1 2025
- —
- YTD 2026
- 25.92
- Δ YoY
- —
EBITDA
28.73
—
28.73
—
- H1 2025
- —
- YTD 2026
- 28.73
- Δ YoY
- —
EBIT
16.27
—
16.27
—
- H1 2025
- —
- YTD 2026
- 16.27
- Δ YoY
- —
EBT
2.55
—
2.55
—
- H1 2025
- —
- YTD 2026
- 2.55
- Δ YoY
- —
Net income
1.45
—
1.45
—
- H1 2025
- —
- YTD 2026
- 1.45
- Δ YoY
- —
EPS (basic)
(PLN)
0.08
—
0.08
—
- H1 2025
- —
- YTD 2026
- 0.08
- Δ YoY
- —
EPS (diluted)
(PLN)
0.08
—
0.08
—
- H1 2025
- —
- YTD 2026
- 0.08
- Δ YoY
- —
D&A
12.46
—
12.46
—
- H1 2025
- —
- YTD 2026
- 12.46
- Δ YoY
- —
Interest expense
8.01
—
8.01
—
- H1 2025
- —
- YTD 2026
- 8.01
- Δ YoY
- —
Income tax
1.1
—
1.1
—
- H1 2025
- —
- YTD 2026
- 1.1
- Δ YoY
- —
Shares (basic)
(m units)
19.07
—
19.07
—
- H1 2025
- —
- YTD 2026
- 19.07
- Δ YoY
- —
Shares (diluted)
(m units)
19.17
—
19.17
—
- H1 2025
- —
- YTD 2026
- 19.17
- Δ YoY
- —
Gross margin
3.18%
—
3.18%
—
- H1 2025
- —
- YTD 2026
- 3.18%
- Δ YoY
- —
EBITDA margin
3.53%
—
3.53%
—
- H1 2025
- —
- YTD 2026
- 3.53%
- Δ YoY
- —
EBIT margin
2%
—
2%
—
- H1 2025
- —
- YTD 2026
- 2%
- Δ YoY
- —
Net margin
0.18%
—
0.18%
—
- H1 2025
- —
- YTD 2026
- 0.18%
- Δ YoY
- —
Cash
30.94
—
30.94
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
300.82
—
300.82
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
269.88
—
269.88
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
234.74
—
234.74
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
848.15
—
848.15
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
146.65
—
146.65
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
630.7
—
630.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
484.05
—
484.05
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
129.35
—
129.35
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
494.22
—
494.22
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
99.54
—
99.54
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
252.23
—
252.23
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
57.73
—
57.73
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
177.02
—
177.02
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
88.07
—
88.07
—
- H1 2025
- —
- YTD 2026
- 88.07
- Δ YoY
- —
CapEx
4.92
—
4.92
—
- H1 2025
- —
- YTD 2026
- 4.92
- Δ YoY
- —
FCF
83.15
—
83.15
—
- H1 2025
- —
- YTD 2026
- 83.15
- Δ YoY
- —
FCF conversion
289.4%
—
289.4%
—
- H1 2025
- —
- YTD 2026
- 289.4%
- Δ YoY
- —
CFO conversion
306.5%
—
306.5%
—
- H1 2025
- —
- YTD 2026
- 306.5%
- Δ YoY
- —
ROE
1.82%
—
1.82%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROIC
4.44%
—
4.44%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROCE
8.24%
—
8.24%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current ratio
1.3x
—
1.3x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.28x
—
0.28x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.06x
—
0.06x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
2.03x
—
2.03x
—
- H1 2025
- —
- YTD 2026
- 2.03x
- Δ YoY
- —
Net debt / EBITDA
4.93x
—
4.93x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
1.28x
—
1.28x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.35x
—
0.35x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
1.15x
—
1.15x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
8.4%
—
8.4%
—
- H1 2025
- —
- YTD 2026
- 8.4%
- Δ YoY
- —
EBITDA growth (YoY)
-4.98%
—
-4.98%
—
- H1 2025
- —
- YTD 2026
- -4.98%
- Δ YoY
- —
EBIT growth (YoY)
-10.92%
—
-10.92%
—
- H1 2025
- —
- YTD 2026
- -10.92%
- Δ YoY
- —
Net income growth (YoY)
-77.78%
—
-77.78%
—
- H1 2025
- —
- YTD 2026
- -77.78%
- Δ YoY
- —
EPS growth (YoY)
-76.47%
—
-76.47%
—
- H1 2025
- —
- YTD 2026
- -76.47%
- Δ YoY
- —
Gross margin Δ (YoY)
-0.1 pp
—
-0.1 pp
—
- H1 2025
- —
- YTD 2026
- -0.1 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-0.5 pp
—
-0.5 pp
—
- H1 2025
- —
- YTD 2026
- -0.5 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-0.43 pp
—
-0.43 pp
—
- H1 2025
- —
- YTD 2026
- -0.43 pp
- Δ YoY
- —
Net margin Δ (YoY)
-0.69 pp
—
-0.69 pp
—
- H1 2025
- —
- YTD 2026
- -0.69 pp
- Δ YoY
- —