ULM
ULMA Construccion Polska
Giełda Papierów Wartościowych w Warszawie · Skonsolidowany raport półroczny (PSr) · publ. September 23, 2026
H1 2026 report
Przychody spadły o 7,5% r/r do 107,5 mln zł, a EBITDA o 18,9% do 28,9 mln zł (marża 26,9% wobec 30,7%), głównie w efekcie realnego skurczenia się kluczowych segmentów budownictwa mieszkaniowego (-33% r/r) i inżynieryjnego (-49% r/r) w Polsce.
Sentiment
●●●●●●
ULM
H1 2026 report
Revenue
107.48 m PLN
— YoY
Net income
-670 k PLN
— YoY
EBITDA
28.88 m PLN
— YoY
Gross margin
16.51%
— YoY
Summary
Investment thesis
- Erozja marży jest skoncentrowana w segmencie 'obsługa budów' (wynajem szalunków, marża EBITDA -6,5 p.p. r/r do 26,8%), podczas gdy segment sprzedaży materiałów budowlanych poprawił marżę o 4,3 p.p. mimo spadku przychodów.
- Grupa zamknęła I półrocze 2026 stratą netto (-670 tys. zł, EPS -0,13 zł) wobec zysku 3 769 tys. zł rok wcześniej, przy jednoczesnym utrzymaniu bardzo bezpiecznego bilansu (dług netto/EBITDA ok. 0,4x szeroko z leasingiem, kapitał własny 343,3 mln zł).
- Eksport rośnie dynamicznie (+39% r/r do 43,0 mln zł na Ukrainę, Litwę i do Kazachstanu), częściowo kompensując słabość rynku krajowego, a szacunki wstępne z lipca 2026 r. pokryły się dokładnie z wynikami końcowymi na wszystkich 4 raportowanych parametrach.
- CAPEX na flotę szalunkową spadł o 52% r/r (21,4 mln zł wobec 45,1 mln zł), a łączny CAPEX/amortyzacja zszedł poniżej 100% - realne tempo odnowy majątku produkcyjnego wyraźnie zwolniło, co wymaga wyjaśnienia od Zarządu na konferencji wynikowej.
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Financials
BETA
ULM · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 48,762 | — | — | 107,476 | — | reported | — | 1.00 |
|
Revenue
obsługa budów
|
81,522 | — | — | 81,522 | — | reported | obsługa budów | 1.00 |
|
Revenue
sprzedaż materiałów budowlanych
|
25,954 | — | — | 25,954 | — | reported | sprzedaż materiałów budowlanych | 1.00 |
| Gross profit | 17,747 | — | — | 17,747 | — | reported | — | 1.00 |
| EBITDA | 10,672 | — | — | 28,875 | — | reported | — | 1.00 |
|
EBITDA
obsługa budów
|
21,882 | — | — | 21,882 | — | reported | obsługa budów | 1.00 |
|
EBITDA
sprzedaż materiałów budowlanych
|
6,993 | — | — | 6,993 | — | reported | sprzedaż materiałów budowlanych | 1.00 |
| EBIT | -3,195 | — | — | 968 | — | reported | — | 1.00 |
| EBT | -309 | — | — | -309 | — | reported | — | 1.00 |
| Net income | 8,900 | — | — | -670 | — | derived | — | 0.70 |
| EPS (basic) (PLN) | -0.13 | — | — | -0.13 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.13 | — | — | -0.13 | — | reported | — | 1.00 |
| D&A | 27,907 | — | — | 27,907 | — | reported | — | 1.00 |
| Interest expense | 1,051 | — | — | 1,051 | — | reported | — | 1.00 |
| Income tax | 361 | — | — | 361 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 5.26 | — | — | 5.26 | — | reported | — | 1.00 |
| Gross margin | 16.51% | — | — | 16.51% | — | reported | — | 1.00 |
| EBITDA margin | 26.94% | — | — | 26.94% | — | reported | — | 1.00 |
| EBIT margin | 0.9% | — | — | 0.9% | — | reported | — | 1.00 |
| EBT margin | -0.29% | — | — | -0.29% | — | reported | — | 1.00 |
| Net margin | -0.62% | — | — | -0.62% | — | reported | — | 1.00 |
| D&A margin | 25.96% | — | — | 25.96% | — | reported | — | 1.00 |
| Cash | 2,791 | — | — | — | — | reported | — | 1.00 |
| Total debt | 32,153 | — | — | — | — | derived | — | 0.90 |
| Net debt | 29,362 | — | — | — | — | derived | — | 0.90 |
| Equity | 343,288 | — | — | — | — | reported | — | 1.00 |
| Total assets | 427,843 | — | — | — | — | reported | — | 1.00 |
| Working capital (k PLN (thousands)) | 26,458 | — | — | — | — | reported | — | 1.00 |
| Current assets | 71,991 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 45,533 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 39,022 | — | — | — | — | reported | — | 1.00 |
| Inventory | 11,843 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 54,306 | — | — | — | — | reported | — | 0.90 |
| Trade payables | 27,889 | — | — | — | — | reported | — | 0.90 |
| Tangible equity (k PLN (thousands)) | 343,022 | — | — | — | — | reported | — | 0.85 |
| CFO | -2,166 | — | — | -2,166 | — | reported | — | 1.00 |
| CapEx | 2,937 | — | — | 2,937 | — | reported | — | 0.70 |
| FCF | -5,103 | — | — | -5,103 | — | derived | — | 0.85 |
| FCF conversion | -17.67% | — | — | -17.67% | — | reported | — | 0.80 |
| CFO conversion | -7.5% | — | — | -7.5% | — | reported | — | 0.85 |
| Dividends paid | 0 | — | — | 0 | — | reported | — | 1.00 |
| ROE | 2.62% | — | — | — | — | reported | — | 0.55 |
| ROA | 2.09% | — | — | — | — | reported | — | 0.55 |
| ROIC | 3.16% | — | — | — | — | reported | — | 0.45 |
| ROCE | 3.8% | — | — | — | — | reported | — | 0.55 |
| Current ratio | 1.58x | — | — | — | — | reported | — | 1.00 |
| Quick ratio | 1.32x | — | — | — | — | reported | — | 1.00 |
| Cash ratio | 0.06x | — | — | — | — | reported | — | 1.00 |
| Interest coverage | 0.92x | — | — | 0.92x | — | reported | — | 0.90 |
| Net debt / EBITDA | 0.41x | — | — | — | — | reported | — | 0.75 |
| Debt / equity | 0.09x | — | — | — | — | reported | — | 0.90 |
| Debt / assets | 0.08x | — | — | — | — | reported | — | 0.90 |
| Net debt / equity | 0.09x | — | — | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | -7.51% | — | — | -7.51% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -18.95% | — | — | -18.95% | — | reported | — | 1.00 |
| EBIT growth (YoY) | -85.5% | — | — | -85.5% | — | reported | — | 1.00 |
| Net income growth (YoY) | -117.77% | — | — | -117.77% | — | reported | — | 0.90 |
| EPS growth (YoY) | -118.06% | — | — | -118.06% | — | reported | — | 0.90 |
| Gross margin Δ (YoY) | -2.7 pp | — | — | -2.7 pp | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 4.31 pp | — | — | 4.31 pp | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | -4.84 pp | — | — | -4.84 pp | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -3.87 pp | — | — | -3.87 pp | — | reported | — | 1.00 |
H1 2026 · Δ YoY
Revenue
48,762
—
48,762
—
- H1 2025
- —
- YTD 2026
- 107,476
- Δ YoY
- —
Revenue
obsługa budów
81,522
—
obsługa budów
81,522
—
- H1 2025
- —
- YTD 2026
- 81,522
- Δ YoY
- —
Revenue
sprzedaż materiałów budowlanych
25,954
—
sprzedaż materiałów budowlanych
25,954
—
- H1 2025
- —
- YTD 2026
- 25,954
- Δ YoY
- —
Gross profit
17,747
—
17,747
—
- H1 2025
- —
- YTD 2026
- 17,747
- Δ YoY
- —
EBITDA
10,672
—
10,672
—
- H1 2025
- —
- YTD 2026
- 28,875
- Δ YoY
- —
EBITDA
obsługa budów
21,882
—
obsługa budów
21,882
—
- H1 2025
- —
- YTD 2026
- 21,882
- Δ YoY
- —
EBITDA
sprzedaż materiałów budowlanych
6,993
—
sprzedaż materiałów budowlanych
6,993
—
- H1 2025
- —
- YTD 2026
- 6,993
- Δ YoY
- —
EBIT
-3,195
—
-3,195
—
- H1 2025
- —
- YTD 2026
- 968
- Δ YoY
- —
EBT
-309
—
-309
—
- H1 2025
- —
- YTD 2026
- -309
- Δ YoY
- —
Net income
8,900
—
8,900
—
- H1 2025
- —
- YTD 2026
- -670
- Δ YoY
- —
EPS (basic)
(PLN)
-0.13
—
-0.13
—
- H1 2025
- —
- YTD 2026
- -0.13
- Δ YoY
- —
EPS (diluted)
(PLN)
-0.13
—
-0.13
—
- H1 2025
- —
- YTD 2026
- -0.13
- Δ YoY
- —
D&A
27,907
—
27,907
—
- H1 2025
- —
- YTD 2026
- 27,907
- Δ YoY
- —
Interest expense
1,051
—
1,051
—
- H1 2025
- —
- YTD 2026
- 1,051
- Δ YoY
- —
Income tax
361
—
361
—
- H1 2025
- —
- YTD 2026
- 361
- Δ YoY
- —
Shares (basic)
(m units)
5.26
—
5.26
—
- H1 2025
- —
- YTD 2026
- 5.26
- Δ YoY
- —
Gross margin
16.51%
—
16.51%
—
- H1 2025
- —
- YTD 2026
- 16.51%
- Δ YoY
- —
EBITDA margin
26.94%
—
26.94%
—
- H1 2025
- —
- YTD 2026
- 26.94%
- Δ YoY
- —
EBIT margin
0.9%
—
0.9%
—
- H1 2025
- —
- YTD 2026
- 0.9%
- Δ YoY
- —
EBT margin
-0.29%
—
-0.29%
—
- H1 2025
- —
- YTD 2026
- -0.29%
- Δ YoY
- —
Net margin
-0.62%
—
-0.62%
—
- H1 2025
- —
- YTD 2026
- -0.62%
- Δ YoY
- —
D&A margin
25.96%
—
25.96%
—
- H1 2025
- —
- YTD 2026
- 25.96%
- Δ YoY
- —
Cash
2,791
—
2,791
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
32,153
—
32,153
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
29,362
—
29,362
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
343,288
—
343,288
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
427,843
—
427,843
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
(k PLN (thousands))
26,458
—
26,458
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
71,991
—
71,991
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
45,533
—
45,533
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
39,022
—
39,022
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
11,843
—
11,843
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
54,306
—
54,306
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
27,889
—
27,889
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
(k PLN (thousands))
343,022
—
343,022
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-2,166
—
-2,166
—
- H1 2025
- —
- YTD 2026
- -2,166
- Δ YoY
- —
CapEx
2,937
—
2,937
—
- H1 2025
- —
- YTD 2026
- 2,937
- Δ YoY
- —
FCF
-5,103
—
-5,103
—
- H1 2025
- —
- YTD 2026
- -5,103
- Δ YoY
- —
FCF conversion
-17.67%
—
-17.67%
—
- H1 2025
- —
- YTD 2026
- -17.67%
- Δ YoY
- —
CFO conversion
-7.5%
—
-7.5%
—
- H1 2025
- —
- YTD 2026
- -7.5%
- Δ YoY
- —
Dividends paid
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
ROE
2.62%
—
2.62%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROA
2.09%
—
2.09%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROIC
3.16%
—
3.16%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROCE
3.8%
—
3.8%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current ratio
1.58x
—
1.58x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.32x
—
1.32x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.06x
—
0.06x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
0.92x
—
0.92x
—
- H1 2025
- —
- YTD 2026
- 0.92x
- Δ YoY
- —
Net debt / EBITDA
0.41x
—
0.41x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.09x
—
0.09x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.08x
—
0.08x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.09x
—
0.09x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-7.51%
—
-7.51%
—
- H1 2025
- —
- YTD 2026
- -7.51%
- Δ YoY
- —
EBITDA growth (YoY)
-18.95%
—
-18.95%
—
- H1 2025
- —
- YTD 2026
- -18.95%
- Δ YoY
- —
EBIT growth (YoY)
-85.5%
—
-85.5%
—
- H1 2025
- —
- YTD 2026
- -85.5%
- Δ YoY
- —
Net income growth (YoY)
-117.77%
—
-117.77%
—
- H1 2025
- —
- YTD 2026
- -117.77%
- Δ YoY
- —
EPS growth (YoY)
-118.06%
—
-118.06%
—
- H1 2025
- —
- YTD 2026
- -118.06%
- Δ YoY
- —
Gross margin Δ (YoY)
-2.7 pp
—
-2.7 pp
—
- H1 2025
- —
- YTD 2026
- -2.7 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
4.31 pp
—
4.31 pp
—
- H1 2025
- —
- YTD 2026
- 4.31 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-4.84 pp
—
-4.84 pp
—
- H1 2025
- —
- YTD 2026
- -4.84 pp
- Δ YoY
- —
Net margin Δ (YoY)
-3.87 pp
—
-3.87 pp
—
- H1 2025
- —
- YTD 2026
- -3.87 pp
- Δ YoY
- —