IBS WISE Finance Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 23, 2026

H1 2026 report

Segment operacyjny CFM (wynajem i zarządzanie flotą) generuje przychody 4,8 mln zł w H1 2026, ale zysk na sprzedaży jest praktycznie zerowy (8 tys. zł) — podstawowa działalność ledwo się bilansuje.

Sentiment

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Website

IBS H1 2026 report

Revenue

4.81 m PLN

— YoY

Net income

4.63 m PLN

— YoY

EBITDA

1.58 m PLN

— YoY

FCF

472 k PLN

— YoY

Summary

Investment thesis

Cały zysk netto (4,6 mln zł) pochodzi z segmentu finansowego: odsetek i przeszacowania do wartości godziwej portfela pożyczek udzielonych, w istotnej części własnym większościowym akcjonariuszom.
Konwersja zysku na gotówkę jest bardzo słaba — OCF to zaledwie 12% zysku netto (556 z 4 633 tys. zł).
Bilans wykazuje skrajnie niską płynność bieżącą (0,11x) po przeklasyfikowaniu większości pożyczek udzielonych z krótko- na długoterminowe, przy gotówce na koniec okresu w wysokości 30 tys. zł.
Spółka pozostaje w wieloletnim sporze sądowym z Getin Noble Bank o ważność kredytu hipotecznego CHF (27,3 mln zł), z zawieszoną postanowieniem sądu spłatą rat, ale bez rozstrzygnięcia na dzień publikacji raportu.

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Financials

BETA

H1 2026

IBS · H1 2026

Metric	H1 2026	H1 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	1,940	18,433	−89.5%	4,813	−73.9%	reported	—	1.00
EBITDA	1,582	1,435	+10.2%	1,582	+10.2%	derived	—	0.90
EBIT	1,081	-73	+1580.8%	1,081	+1580.8%	reported	—	1.00
Net income	4,633	-5,681	+181.6%	4,633	+181.6%	reported	—	1.00
EPS (basic) (PLN)	11.98	-14.69	—	11.98	—	reported	—	1.00
D&A	501	1,508	−66.8%	501	−66.8%	reported	—	1.00
Interest expense	1,228	2,459	−50.1%	1,228	−50.1%	reported	—	0.80
Income tax	0	0	—	0	—	reported	—	1.00
Shares (basic) (m units)	0.39	0.39	—	—	—	reported	—	1.00

EBITDA margin	32.9%	7.79%	+25.1 pp	32.9%	+25.1 pp	reported	—	0.80
EBIT margin	22.5%	-0.4%	+22.9 pp	22.5%	+22.9 pp	reported	—	0.90
Net margin	96.3%	-30.82%	+127.1 pp	96.3%	+127.1 pp	reported	—	0.90
D&A margin	10.4%	—	—	10.4%	—	reported	—	0.90

Cash	30	770	−96.1%	—	—	reported	—	1.00
Total debt	58,614	58,017	+1%	—	—	reported	—	0.90
Net debt	58,584	57,247	+2.3%	—	—	reported	—	0.90
Equity	40,094	35,461	+13.1%	—	—	reported	—	1.00
Total assets	111,087	105,603	+5.2%	—	—	reported	—	1.00
Working capital	-56,920	—	—	—	—	reported	—	0.95
Current assets	7,123	67,297	−89.4%	—	—	reported	—	1.00
Current liabilities	64,043	62,904	+1.8%	—	—	reported	—	1.00
Non-current liabilities	6,950	7,238	−4%	—	—	reported	—	1.00
Inventory	53	414	−87.2%	—	—	reported	—	1.00
Trade receivables	1,676	1,161	+44.4%	—	—	reported	—	1.00
Trade payables	2,867	2,351	+21.9%	—	—	reported	—	1.00

CFO	556	1,214	−54.2%	556	−54.2%	reported	—	1.00
CapEx	84	741	−88.7%	84	−88.7%	reported	—	1.00
FCF	472	473	−0.2%	472	−0.2%	derived	—	0.90
FCF conversion	29.8%	32.96%	−3.2 pp	29.8%	−3.2 pp	reported	—	0.70
CFO conversion	35.1%	84.63%	−49.5 pp	35.1%	−49.5 pp	reported	—	0.70

ROE	3.51%	-14.84%	+18.4 pp	—	—	reported	—	0.60
ROA	1.22%	—	—	—	—	reported	—	0.60

Current ratio	0.11x	1.07x	−0.96x	—	—	reported	—	0.95
Quick ratio	0.11x	1.06x	−0.95x	—	—	reported	—	0.90
Cash ratio	0x	0.01x	−0.01x	—	—	reported	—	0.95
Interest coverage	0.88x	-0.03x	+0.91x	0.88x	+0.91x	reported	—	0.70

Debt / equity	1.46x	1.64x	−0.18x	—	—	reported	—	0.90
Debt / assets	0.53x	0.55x	−0.02x	—	—	reported	—	0.90
Net debt / equity	1.46x	1.61x	−0.15x	—	—	reported	—	0.90

Revenue growth (YoY)	-62.9%	9.8%	—	-62.9%	—	reported	—	0.90
EBITDA growth (YoY)	64.8%	-35.36%	—	64.8%	—	reported	—	0.80
EBIT growth (YoY)	521.3%	-128.63%	—	521.3%	—	reported	—	0.90
Net income growth (YoY)	295.2%	-330.65%	—	295.2%	—	reported	—	0.90
EPS growth (YoY)	295.1%	-330.61%	—	295.1%	—	reported	—	0.90
EBITDA margin Δ (YoY)	25.5 pp	-5.44 pp	—	25.5 pp	—	reported	—	0.80
EBIT margin Δ (YoY)	21.2 pp	-1.92 pp	—	21.2 pp	—	reported	—	0.80
Net margin Δ (YoY)	114.6 pp	-45.49 pp	—	114.6 pp	—	reported	—	0.80

H1 2026 · Δ YoY

Revenue

1,940 −89.5%

H1 2025: 18,433
YTD 2026: 4,813
Δ YoY: −73.9%

EBITDA

1,582 +10.2%

H1 2025: 1,435
YTD 2026: 1,582
Δ YoY: +10.2%

EBIT

1,081 +1580.8%

H1 2025: -73
YTD 2026: 1,081
Δ YoY: +1580.8%

Net income

4,633 +181.6%

H1 2025: -5,681
YTD 2026: 4,633
Δ YoY: +181.6%

EPS (basic) (PLN)

11.98 —

H1 2025: -14.69
YTD 2026: 11.98
Δ YoY: —

D&A

501 −66.8%

H1 2025: 1,508
YTD 2026: 501
Δ YoY: −66.8%

Interest expense

1,228 −50.1%

H1 2025: 2,459
YTD 2026: 1,228
Δ YoY: −50.1%

Income tax

0 —

H1 2025: 0
YTD 2026: 0
Δ YoY: —

Shares (basic) (m units)

0.39 —

H1 2025: 0.39
YTD 2026: —
Δ YoY: —

EBITDA margin

32.9% +25.1 pp

H1 2025: 7.79%
YTD 2026: 32.9%
Δ YoY: +25.1 pp

EBIT margin

22.5% +22.9 pp

H1 2025: -0.4%
YTD 2026: 22.5%
Δ YoY: +22.9 pp

Net margin

96.3% +127.1 pp

H1 2025: -30.82%
YTD 2026: 96.3%
Δ YoY: +127.1 pp

D&A margin

10.4% —

H1 2025: —
YTD 2026: 10.4%
Δ YoY: —

Cash

30 −96.1%

H1 2025: 770
YTD 2026: —
Δ YoY: —

Total debt

58,614 +1%

H1 2025: 58,017
YTD 2026: —
Δ YoY: —

Net debt

58,584 +2.3%

H1 2025: 57,247
YTD 2026: —
Δ YoY: —

Equity

40,094 +13.1%

H1 2025: 35,461
YTD 2026: —
Δ YoY: —

Total assets

111,087 +5.2%

H1 2025: 105,603
YTD 2026: —
Δ YoY: —

Working capital

-56,920 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

7,123 −89.4%

H1 2025: 67,297
YTD 2026: —
Δ YoY: —

Current liabilities

64,043 +1.8%

H1 2025: 62,904
YTD 2026: —
Δ YoY: —

Non-current liabilities

6,950 −4%

H1 2025: 7,238
YTD 2026: —
Δ YoY: —

Inventory

53 −87.2%

H1 2025: 414
YTD 2026: —
Δ YoY: —

Trade receivables

1,676 +44.4%

H1 2025: 1,161
YTD 2026: —
Δ YoY: —

Trade payables

2,867 +21.9%

H1 2025: 2,351
YTD 2026: —
Δ YoY: —

CFO

556 −54.2%

H1 2025: 1,214
YTD 2026: 556
Δ YoY: −54.2%

CapEx

84 −88.7%

H1 2025: 741
YTD 2026: 84
Δ YoY: −88.7%

FCF

472 −0.2%

H1 2025: 473
YTD 2026: 472
Δ YoY: −0.2%

FCF conversion

29.8% −3.2 pp

H1 2025: 32.96%
YTD 2026: 29.8%
Δ YoY: −3.2 pp

CFO conversion

35.1% −49.5 pp

H1 2025: 84.63%
YTD 2026: 35.1%
Δ YoY: −49.5 pp

ROE

3.51% +18.4 pp

H1 2025: -14.84%
YTD 2026: —
Δ YoY: —

ROA

1.22% —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current ratio

0.11x −0.96x

H1 2025: 1.07x
YTD 2026: —
Δ YoY: —

Quick ratio

0.11x −0.95x

H1 2025: 1.06x
YTD 2026: —
Δ YoY: —

Cash ratio

0x −0.01x

H1 2025: 0.01x
YTD 2026: —
Δ YoY: —

Interest coverage

0.88x +0.91x

H1 2025: -0.03x
YTD 2026: 0.88x
Δ YoY: +0.91x

Debt / equity

1.46x −0.18x

H1 2025: 1.64x
YTD 2026: —
Δ YoY: —

Debt / assets

0.53x −0.02x

H1 2025: 0.55x
YTD 2026: —
Δ YoY: —

Net debt / equity

1.46x −0.15x

H1 2025: 1.61x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-62.9% —

H1 2025: 9.8%
YTD 2026: -62.9%
Δ YoY: —

EBITDA growth (YoY)

64.8% —

H1 2025: -35.36%
YTD 2026: 64.8%
Δ YoY: —

EBIT growth (YoY)

521.3% —

H1 2025: -128.63%
YTD 2026: 521.3%
Δ YoY: —

Net income growth (YoY)

295.2% —

H1 2025: -330.65%
YTD 2026: 295.2%
Δ YoY: —

EPS growth (YoY)

295.1% —

H1 2025: -330.61%
YTD 2026: 295.1%
Δ YoY: —

EBITDA margin Δ (YoY)

25.5 pp —

H1 2025: -5.44 pp
YTD 2026: 25.5 pp
Δ YoY: —

EBIT margin Δ (YoY)

21.2 pp —

H1 2025: -1.92 pp
YTD 2026: 21.2 pp
Δ YoY: —

Net margin Δ (YoY)

114.6 pp —

H1 2025: -45.49 pp
YTD 2026: 114.6 pp
Δ YoY: —