H1 2026 report
Organiczny wzrost przychodów zaledwie 2,4% r/r po wyłączeniu akwizycji — niemal cały nominalny wzrost o 12,2% to efekt przejęć spółek Izolacja-Jarocin, TES oraz portugalskiej grupy IGM.
Sentiment
●●●●●●
SEL
H1 2026 report
Revenue
857.69 m PLN
— YoY
Net income
43.23 m PLN
— YoY
EBITDA
107 m PLN
— YoY
Gross margin
34.9%
— YoY
Summary
Investment thesis
- Przejęcie 66% udziałów w IGM (cena ok. 288,6 mln PLN) istotnie zwiększyło skalę bilansu (suma aktywów +54,7% r/r) i wprowadziło nowy segment paneli izolacyjnych oraz profili metalowych na rynku portugalskim.
- Rentowność operacyjna stabilna (marża EBIT 9,7%, bez zmian r/r), zysk netto przypisany akcjonariuszom jednostki dominującej +30,4% r/r dzięki niższym kosztom finansowym i niższej efektywnej stopie podatkowej (24,3% vs 26,5%).
- Jakość zysku budzi wątpliwości — operacyjne przepływy pieniężne (5,2 mln PLN) rażąco odbiegają od zysku netto (58,3 mln PLN) z powodu silnego wzrostu należności i zapasów, częściowo sezonowego, częściowo z tytułu konsolidacji nowych spółek.
- Dług netto wzrósł niemal sześciokrotnie (do 560,4 mln PLN) po sfinansowaniu akwizycji nowym kredytem konsorcjalnym (limit do 255 mln EUR); kapitał własny spadł mimo zysku netto, w związku z rozpoznaniem zobowiązania z tytułu opcji put/call na 34% udziałów IGM.
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Financials
BETA
SEL · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 459.56 | — | — | 857.69 | — | reported | — | 1.00 |
| Gross profit | 164.89 | — | — | 299.42 | — | reported | — | 1.00 |
| EBITDA | 66.76 | — | — | 107 | — | reported | — | 1.00 |
| EBIT | 54.49 | — | — | 82.81 | — | reported | — | 1.00 |
| EBT | 58.82 | — | — | 58.82 | — | reported | — | 1.00 |
| Net income | 23.66 | — | — | 43.23 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.09 | — | — | 2 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 2.61 | — | — | 2.61 | — | reported | — | 1.00 |
| D&A | 24.19 | — | — | 24.19 | — | reported | — | 1.00 |
| Income tax | 15.61 | — | — | 15.61 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 21.64 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 35.9% | — | — | 34.9% | — | derived | — | 1.00 |
| EBITDA margin | 14.5% | — | — | 12.5% | — | derived | — | 1.00 |
| EBIT margin | 11.9% | — | — | 9.7% | — | derived | — | 1.00 |
| Net margin | 5.2% | — | — | 5% | — | derived | — | 1.00 |
| Cash | 104.72 | — | — | — | — | reported | — | 1.00 |
| Total debt | 200.12 | — | — | — | — | reported | — | 0.90 |
| Net debt | 95.4 | — | — | — | — | derived | — | 0.85 |
| Equity | 798.46 | — | — | — | — | reported | — | 1.00 |
| Total assets | 1,359.37 | — | — | — | — | reported | — | 1.00 |
| Working capital | 283.86 | — | — | — | — | derived | — | 0.90 |
| Current assets | 668.76 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 384.9 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 176.01 | — | — | — | — | reported | — | 1.00 |
| Inventory | 201.84 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 275.09 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 219.11 | — | — | — | — | reported | — | 0.80 |
| Goodwill | 63.96 | — | — | — | — | reported | — | 0.90 |
| Tangible equity | 734.51 | — | — | — | — | derived | — | 0.85 |
| CFO | -28.29 | — | — | -28.29 | — | reported | — | 1.00 |
| CapEx | 27.63 | — | — | 27.63 | — | reported | — | 1.00 |
| FCF | -55.92 | — | — | -55.92 | — | derived | — | 0.95 |
| FCF conversion | -52.26% | — | — | -52.26% | — | derived | — | 0.90 |
| CFO conversion | -26.44% | — | — | -26.44% | — | derived | — | 0.95 |
| Dividends paid | 54.1 | — | — | 54.1 | — | reported | — | 1.00 |
| Current ratio | 1.74x | — | — | — | — | derived | — | 0.95 |
| Quick ratio | 1.21x | — | — | — | — | derived | — | 0.95 |
| Cash ratio | 0.27x | — | — | — | — | derived | — | 0.95 |
| Debt / equity | 0.25x | — | — | — | — | derived | — | 0.85 |
| Debt / assets | 0.15x | — | — | — | — | derived | — | 0.85 |
| Net debt / equity | 0.12x | — | — | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | 20.78% | — | — | 12.25% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 9.9% | — | — | 10.74% | — | derived | — | 0.95 |
| EBIT growth (YoY) | 9.89% | — | — | 12.4% | — | derived | — | 0.95 |
| Net income growth (YoY) | 45.64% | — | — | 30.44% | — | derived | — | 0.95 |
| EPS growth (YoY) | 45.87% | — | — | 30.5% | — | derived | — | 0.95 |
| FCF growth (YoY) | 74.91% | — | — | 74.91% | — | derived | — | 0.85 |
| Gross margin Δ (YoY) | -1.2 pp | — | — | 0.2 pp | — | derived | — | 0.95 |
| EBITDA margin Δ (YoY) | -1.3 pp | — | — | -0.2 pp | — | derived | — | 0.95 |
| EBIT margin Δ (YoY) | -1.1 pp | — | — | 0 pp | — | derived | — | 0.95 |
| Net margin Δ (YoY) | 1.4 pp | — | — | 1 pp | — | derived | — | 0.95 |
H1 2026 · Δ YoY
Revenue
459.56
—
459.56
—
- H1 2025
- —
- YTD 2026
- 857.69
- Δ YoY
- —
Gross profit
164.89
—
164.89
—
- H1 2025
- —
- YTD 2026
- 299.42
- Δ YoY
- —
EBITDA
66.76
—
66.76
—
- H1 2025
- —
- YTD 2026
- 107
- Δ YoY
- —
EBIT
54.49
—
54.49
—
- H1 2025
- —
- YTD 2026
- 82.81
- Δ YoY
- —
EBT
58.82
—
58.82
—
- H1 2025
- —
- YTD 2026
- 58.82
- Δ YoY
- —
Net income
23.66
—
23.66
—
- H1 2025
- —
- YTD 2026
- 43.23
- Δ YoY
- —
EPS (basic)
(PLN)
1.09
—
1.09
—
- H1 2025
- —
- YTD 2026
- 2
- Δ YoY
- —
EPS (diluted)
(PLN)
2.61
—
2.61
—
- H1 2025
- —
- YTD 2026
- 2.61
- Δ YoY
- —
D&A
24.19
—
24.19
—
- H1 2025
- —
- YTD 2026
- 24.19
- Δ YoY
- —
Income tax
15.61
—
15.61
—
- H1 2025
- —
- YTD 2026
- 15.61
- Δ YoY
- —
Shares (basic)
(m units)
21.64
—
21.64
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
35.9%
—
35.9%
—
- H1 2025
- —
- YTD 2026
- 34.9%
- Δ YoY
- —
EBITDA margin
14.5%
—
14.5%
—
- H1 2025
- —
- YTD 2026
- 12.5%
- Δ YoY
- —
EBIT margin
11.9%
—
11.9%
—
- H1 2025
- —
- YTD 2026
- 9.7%
- Δ YoY
- —
Net margin
5.2%
—
5.2%
—
- H1 2025
- —
- YTD 2026
- 5%
- Δ YoY
- —
Cash
104.72
—
104.72
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
200.12
—
200.12
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
95.4
—
95.4
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
798.46
—
798.46
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
1,359.37
—
1,359.37
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
283.86
—
283.86
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
668.76
—
668.76
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
384.9
—
384.9
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
176.01
—
176.01
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
201.84
—
201.84
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
275.09
—
275.09
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
219.11
—
219.11
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
63.96
—
63.96
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
734.51
—
734.51
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-28.29
—
-28.29
—
- H1 2025
- —
- YTD 2026
- -28.29
- Δ YoY
- —
CapEx
27.63
—
27.63
—
- H1 2025
- —
- YTD 2026
- 27.63
- Δ YoY
- —
FCF
-55.92
—
-55.92
—
- H1 2025
- —
- YTD 2026
- -55.92
- Δ YoY
- —
FCF conversion
-52.26%
—
-52.26%
—
- H1 2025
- —
- YTD 2026
- -52.26%
- Δ YoY
- —
CFO conversion
-26.44%
—
-26.44%
—
- H1 2025
- —
- YTD 2026
- -26.44%
- Δ YoY
- —
Dividends paid
54.1
—
54.1
—
- H1 2025
- —
- YTD 2026
- 54.1
- Δ YoY
- —
Current ratio
1.74x
—
1.74x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.21x
—
1.21x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.27x
—
0.27x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.25x
—
0.25x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.15x
—
0.15x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.12x
—
0.12x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
20.78%
—
20.78%
—
- H1 2025
- —
- YTD 2026
- 12.25%
- Δ YoY
- —
EBITDA growth (YoY)
9.9%
—
9.9%
—
- H1 2025
- —
- YTD 2026
- 10.74%
- Δ YoY
- —
EBIT growth (YoY)
9.89%
—
9.89%
—
- H1 2025
- —
- YTD 2026
- 12.4%
- Δ YoY
- —
Net income growth (YoY)
45.64%
—
45.64%
—
- H1 2025
- —
- YTD 2026
- 30.44%
- Δ YoY
- —
EPS growth (YoY)
45.87%
—
45.87%
—
- H1 2025
- —
- YTD 2026
- 30.5%
- Δ YoY
- —
FCF growth (YoY)
74.91%
—
74.91%
—
- H1 2025
- —
- YTD 2026
- 74.91%
- Δ YoY
- —
Gross margin Δ (YoY)
-1.2 pp
—
-1.2 pp
—
- H1 2025
- —
- YTD 2026
- 0.2 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-1.3 pp
—
-1.3 pp
—
- H1 2025
- —
- YTD 2026
- -0.2 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-1.1 pp
—
-1.1 pp
—
- H1 2025
- —
- YTD 2026
- 0 pp
- Δ YoY
- —
Net margin Δ (YoY)
1.4 pp
—
1.4 pp
—
- H1 2025
- —
- YTD 2026
- 1 pp
- Δ YoY
- —