H1 2026 report
Przychody grupy wzrosły o 119% r/r do 39,1 mln PLN, głównie dzięki rozpoznaniu sprzedaży produktów deweloperskich (projekt Radzikowskiego sprzedany w 100%) oraz skokowi sprzedaży towarów.
Sentiment
●●●●●●
EDI
H1 2026 report
Revenue
39.14 m PLN
— YoY
Net income
414 k PLN
— YoY
EBITDA
2.13 m PLN
— YoY
Gross margin
15.56%
— YoY
Summary
Investment thesis
- Zysk operacyjny wrócił na plus (1,6 mln PLN vs -0,5 mln PLN rok wcześniej), ale marża brutto na sprzedaży skurczyła się o 8,9 pp do 15,6% - poprawa EBIT to głównie zasługa zamrożonych kosztów SG&A.
- Raportowany operacyjny cash flow (9,9 mln PLN) niemal w całości pochodzi z rozliczenia kapitału obrotowego na kończonych projektach - 'czysty' OCF przed zmianami KON był ujemny (-0,4 mln PLN).
- Kapitał własny skurczył się o 18% (do 39,6 mln PLN) w wyniku wypłaty dywidendy i zwrotu dopłat łącznie na 8,9 mln PLN - ponad 21-krotność bieżącego zysku netto.
- Nierozstrzygnięty spór sądowy ze Spółdzielnią 'Orlik-Jantar' o wartości 12,7 mln PLN dotyczy kluczowego elementu portfela projektów Spółki; dotychczas odpisano 1,77 mln PLN kosztów przygotowawczych.
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Financials
BETA
EDI · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 39,142 | — | — | 39,142 | — | reported | — | 1.00 |
| Gross profit | 6,090 | — | — | 6,090 | — | reported | — | 1.00 |
| EBITDA | 2,133 | — | — | 2,133 | — | derived | — | 0.90 |
| EBIT | 1,600 | — | — | 1,600 | — | reported | — | 1.00 |
| EBT | 1,210 | — | — | 1,210 | — | reported | — | 1.00 |
| Net income | 414 | — | — | 414 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.04 | — | — | 0.04 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.04 | — | — | 0.04 | — | reported | — | 1.00 |
| D&A | 533 | — | — | 533 | — | reported | — | 1.00 |
| Interest expense | 386 | — | — | 386 | — | reported | — | 0.85 |
| Income tax | 796 | — | — | 796 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 9.93 | — | — | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 9.93 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 15.56% | — | — | 15.56% | — | reported | — | 1.00 |
| EBITDA margin | 5.45% | — | — | 5.45% | — | reported | — | 0.90 |
| EBIT margin | 4.09% | — | — | 4.09% | — | reported | — | 1.00 |
| EBT margin | 3.09% | — | — | 3.09% | — | reported | — | 1.00 |
| Net margin | 1.06% | — | — | 1.06% | — | reported | — | 1.00 |
| D&A margin | 1.36% | — | — | 1.36% | — | reported | — | 1.00 |
| Cash | 718 | — | — | — | — | reported | — | 1.00 |
| Total debt | 4,793 | — | — | — | — | derived | — | 0.90 |
| Net debt | 4,075 | — | — | — | — | derived | — | 0.90 |
| Equity | 39,583 | — | — | — | — | reported | — | 1.00 |
| Total assets | 101,509 | — | — | — | — | reported | — | 1.00 |
| Working capital | 43,261 | — | — | — | — | derived | — | 1.00 |
| Current assets | 96,261 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 53,000 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 8,926 | — | — | — | — | reported | — | 1.00 |
| Inventory | 14,360 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 38,720 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 44,375 | — | — | — | — | reported | — | 1.00 |
| CFO | 9,868 | — | — | 9,868 | — | reported | — | 1.00 |
| CapEx | 3,565 | — | — | 3,565 | — | reported | — | 1.00 |
| FCF | 6,303 | — | — | 6,303 | — | derived | — | 1.00 |
| FCF conversion | 295.55% | — | — | 295.55% | — | reported | — | 0.50 |
| CFO conversion | 462.72% | — | — | 462.72% | — | reported | — | 0.50 |
| Dividends paid | 6,255 | — | — | 6,255 | — | reported | — | 1.00 |
| Current ratio | 1.82x | — | — | — | — | reported | — | 1.00 |
| Quick ratio | 1.55x | — | — | — | — | reported | — | 1.00 |
| Cash ratio | 0.01x | — | — | — | — | reported | — | 1.00 |
| Debt / equity | 0.12x | — | — | — | — | reported | — | 0.90 |
| Debt / assets | 0.05x | — | — | — | — | reported | — | 0.90 |
| Net debt / equity | 0.1x | — | — | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 119.35% | — | — | 119.35% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 1512.58% | — | — | 1512.58% | — | reported | — | 0.40 |
| EBIT growth (YoY) | 404.18% | — | — | 404.18% | — | reported | — | 1.00 |
| Net income growth (YoY) | 156.71% | — | — | 156.71% | — | reported | — | 1.00 |
| EPS growth (YoY) | 157.14% | — | — | 157.14% | — | reported | — | 1.00 |
| FCF growth (YoY) | -23.59% | — | — | -23.59% | — | reported | — | 0.90 |
| Gross margin Δ (YoY) | -8.88 pp | — | — | -8.88 pp | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 6.3 pp | — | — | 6.3 pp | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | 7.04 pp | — | — | 7.04 pp | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 5.15 pp | — | — | 5.15 pp | — | reported | — | 1.00 |
| Market cap | 102,100 | — | — | — | — | reported | — | 1.00 |
| P/BV | 2.58x | — | — | — | — | reported | — | 1.00 |
H1 2026 · Δ YoY
Revenue
39,142
—
39,142
—
- H1 2025
- —
- YTD 2026
- 39,142
- Δ YoY
- —
Gross profit
6,090
—
6,090
—
- H1 2025
- —
- YTD 2026
- 6,090
- Δ YoY
- —
EBITDA
2,133
—
2,133
—
- H1 2025
- —
- YTD 2026
- 2,133
- Δ YoY
- —
EBIT
1,600
—
1,600
—
- H1 2025
- —
- YTD 2026
- 1,600
- Δ YoY
- —
EBT
1,210
—
1,210
—
- H1 2025
- —
- YTD 2026
- 1,210
- Δ YoY
- —
Net income
414
—
414
—
- H1 2025
- —
- YTD 2026
- 414
- Δ YoY
- —
EPS (basic)
(PLN)
0.04
—
0.04
—
- H1 2025
- —
- YTD 2026
- 0.04
- Δ YoY
- —
EPS (diluted)
(PLN)
0.04
—
0.04
—
- H1 2025
- —
- YTD 2026
- 0.04
- Δ YoY
- —
D&A
533
—
533
—
- H1 2025
- —
- YTD 2026
- 533
- Δ YoY
- —
Interest expense
386
—
386
—
- H1 2025
- —
- YTD 2026
- 386
- Δ YoY
- —
Income tax
796
—
796
—
- H1 2025
- —
- YTD 2026
- 796
- Δ YoY
- —
Shares (basic)
(m units)
9.93
—
9.93
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Shares (diluted)
(m units)
9.93
—
9.93
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
15.56%
—
15.56%
—
- H1 2025
- —
- YTD 2026
- 15.56%
- Δ YoY
- —
EBITDA margin
5.45%
—
5.45%
—
- H1 2025
- —
- YTD 2026
- 5.45%
- Δ YoY
- —
EBIT margin
4.09%
—
4.09%
—
- H1 2025
- —
- YTD 2026
- 4.09%
- Δ YoY
- —
EBT margin
3.09%
—
3.09%
—
- H1 2025
- —
- YTD 2026
- 3.09%
- Δ YoY
- —
Net margin
1.06%
—
1.06%
—
- H1 2025
- —
- YTD 2026
- 1.06%
- Δ YoY
- —
D&A margin
1.36%
—
1.36%
—
- H1 2025
- —
- YTD 2026
- 1.36%
- Δ YoY
- —
Cash
718
—
718
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
4,793
—
4,793
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
4,075
—
4,075
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
39,583
—
39,583
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
101,509
—
101,509
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
43,261
—
43,261
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
96,261
—
96,261
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
53,000
—
53,000
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
8,926
—
8,926
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
14,360
—
14,360
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
38,720
—
38,720
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
44,375
—
44,375
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
9,868
—
9,868
—
- H1 2025
- —
- YTD 2026
- 9,868
- Δ YoY
- —
CapEx
3,565
—
3,565
—
- H1 2025
- —
- YTD 2026
- 3,565
- Δ YoY
- —
FCF
6,303
—
6,303
—
- H1 2025
- —
- YTD 2026
- 6,303
- Δ YoY
- —
FCF conversion
295.55%
—
295.55%
—
- H1 2025
- —
- YTD 2026
- 295.55%
- Δ YoY
- —
CFO conversion
462.72%
—
462.72%
—
- H1 2025
- —
- YTD 2026
- 462.72%
- Δ YoY
- —
Dividends paid
6,255
—
6,255
—
- H1 2025
- —
- YTD 2026
- 6,255
- Δ YoY
- —
Current ratio
1.82x
—
1.82x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.55x
—
1.55x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.01x
—
0.01x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.12x
—
0.12x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.05x
—
0.05x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.1x
—
0.1x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
119.35%
—
119.35%
—
- H1 2025
- —
- YTD 2026
- 119.35%
- Δ YoY
- —
EBITDA growth (YoY)
1512.58%
—
1512.58%
—
- H1 2025
- —
- YTD 2026
- 1512.58%
- Δ YoY
- —
EBIT growth (YoY)
404.18%
—
404.18%
—
- H1 2025
- —
- YTD 2026
- 404.18%
- Δ YoY
- —
Net income growth (YoY)
156.71%
—
156.71%
—
- H1 2025
- —
- YTD 2026
- 156.71%
- Δ YoY
- —
EPS growth (YoY)
157.14%
—
157.14%
—
- H1 2025
- —
- YTD 2026
- 157.14%
- Δ YoY
- —
FCF growth (YoY)
-23.59%
—
-23.59%
—
- H1 2025
- —
- YTD 2026
- -23.59%
- Δ YoY
- —
Gross margin Δ (YoY)
-8.88 pp
—
-8.88 pp
—
- H1 2025
- —
- YTD 2026
- -8.88 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
6.3 pp
—
6.3 pp
—
- H1 2025
- —
- YTD 2026
- 6.3 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
7.04 pp
—
7.04 pp
—
- H1 2025
- —
- YTD 2026
- 7.04 pp
- Δ YoY
- —
Net margin Δ (YoY)
5.15 pp
—
5.15 pp
—
- H1 2025
- —
- YTD 2026
- 5.15 pp
- Δ YoY
- —
Market cap
102,100
—
102,100
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
P/BV
2.58x
—
2.58x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —