VIN Giełda Praw Majątkowych „Vindexus” Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 25, 2026

H1 2026 report

Wzrost wpływów gotówkowych z portfela wierzytelności o 54% r/r (do 134,8 mln zł) i poprawa stopy odzysku z 29,7% do 37,2% pokazują realną poprawę efektywności windykacji, mimo spadku wyniku księgowego.

Sentiment

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Website

VIN H1 2026 report

Revenue

75.29 m PLN

— YoY

Net income

11.98 m PLN

— YoY

EBITDA

24.79 m PLN

— YoY

Gross margin

39.13%

— YoY

Summary

Investment thesis

Marża EBIT skurczyła się z 38,5% do 31,5%, a marża netto z 23,2% do 15,9% - koszty sądowe i egzekucyjne rosną szybciej (+50%) niż przychody (+13%), co wymaga obserwacji w kolejnych okresach.
Struktura finansowania przesuwa się w stronę długu - udział kapitałów własnych spadł z 67,6% do 62,3% po emisji obligacji za 104 mln zł, a wskaźnik zadłużenia kapitałów własnych wzrósł z 42% do 60%.
Wysoka zmienność efektywnej stopy podatkowej (27,3% wobec 14,2% rok wcześniej), napędzana rezerwą na przyszłą wypłatę dochodów funduszy (wzrost szacunku ze 84,5 do 100,7 mln zł), zniekształca porównywalność zysku netto między okresami.
Kontynuacja polityki dywidendowej (0,50 zł/akcję z zysku za 2025 r. plus jubileuszowe 0,30 zł/akcję) przy jednoczesnym skupie akcji własnych wskazuje na chęć dzielenia się gotówką z akcjonariuszami mimo rosnącej dźwigni.

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Financials

BETA

H1 2026

VIN · H1 2026

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

Revenue	75.29	137.87	−45.4%	75.29	−45.4%	reported	—	1.00
Gross profit	29.46	62.19	−52.6%	29.46	−52.6%	reported	—	1.00
EBITDA	24.79	39.67	−37.5%	24.79	−37.5%	reported	—	1.00
EBIT	23.74	39.01	−39.2%	23.74	−39.2%	reported	—	1.00
EBT	16.47	24.16	−31.8%	16.47	−31.8%	reported	—	1.00
Net income	11.98	26.94	−55.5%	11.98	−55.5%	reported	—	1.00
EPS (basic) (PLN)	1.09	2.51	—	1.09	—	reported	—	1.00
EPS (diluted) (PLN)	1.09	—	—	1.09	—	reported	—	1.00
D&A	1.06	0.66	+61.1%	1.06	+61.1%	reported	—	1.00
Interest expense	7.09	15.36	−53.8%	7.09	−53.8%	reported	—	0.80
Income tax	4.49	—	—	4.49	—	reported	—	1.00

Gross margin	39.13%	45.1%	−6 pp	39.13%	−6 pp	derived	—	0.90
EBITDA margin	32.93%	28.77%	+4.2 pp	32.93%	+4.2 pp	reported	—	1.00
EBIT margin	31.52%	28.3%	+3.2 pp	31.52%	+3.2 pp	reported	—	1.00
EBT margin	21.87%	—	—	21.87%	—	derived	—	0.90
Net margin	15.91%	19.54%	−3.6 pp	15.91%	−3.6 pp	reported	—	1.00
D&A margin	1.4%	—	—	1.4%	—	derived	—	0.90

Cash	35.57	24.32	+46.3%	—	—	reported	—	1.00
Total debt	149.09	102.74	+45.1%	—	—	reported	—	1.00
Net debt	113.52	78.43	+44.7%	—	—	derived	—	0.90
Equity	312.08	306.55	+1.8%	—	—	reported	—	1.00
Total assets	500.7	453.25	+10.5%	—	—	reported	—	1.00
Working capital	377.11	—	—	—	—	derived	—	0.50
Current assets	428.53	385.43	+11.2%	—	—	reported	—	1.00
Current liabilities	51.42	54.69	−6%	—	—	reported	—	1.00
Non-current liabilities	137.2	—	—	—	—	reported	—	1.00
Trade receivables	8.58	15.21	−43.6%	—	—	reported	—	1.00
Trade payables	17.83	6.34	+181.1%	—	—	reported	—	0.80
Goodwill	0.16	—	—	—	—	reported	—	1.00

CFO	-4.92	-18.84	+73.9%	-4.92	+73.9%	reported	—	1.00
CapEx	2.38	—	—	2.38	—	reported	—	1.00
FCF	-7.3	—	—	-7.3	—	derived	—	0.60
Dividends paid	3.33	5.9	−43.5%	3.33	−43.5%	reported	—	1.00
Buybacks	0.7	—	—	0.7	—	reported	—	1.00

ROE	7.81%	9.17%	−1.4 pp	—	—	reported	—	0.80
ROA	5.06%	6.11%	−1.1 pp	—	—	reported	—	0.80
ROCE	8.28%	—	—	—	—	derived	—	0.60

Current ratio	8.33x	7.05x	+1.28x	—	—	derived	—	0.90
Cash ratio	0.69x	—	—	—	—	derived	—	0.90
Interest coverage	3.35x	—	—	3.35x	—	derived	—	0.80

Net debt / EBITDA	2.94x	1.98x	+0.96x	—	—	derived	—	0.70
Debt / equity	0.48x	0.34x	+0.14x	—	—	derived	—	0.90
Debt / assets	0.3x	0.23x	+0.07x	—	—	derived	—	0.90
Net debt / equity	0.36x	0.26x	+0.1x	—	—	derived	—	0.85

Revenue growth (YoY)	13.44%	16.65%	—	13.44%	—	reported	—	1.00
EBITDA growth (YoY)	-4.19%	—	—	-4.19%	—	reported	—	1.00
EBIT growth (YoY)	-7.09%	-9.27%	—	-7.09%	—	reported	—	1.00
Net income growth (YoY)	-22.03%	6.35%	—	-22.03%	—	derived	—	0.85
EPS growth (YoY)	-16.79%	5.91%	—	-16.79%	—	derived	—	0.90
Gross margin Δ (YoY)	-10.51 pp	—	—	-10.51 pp	—	derived	—	0.85
EBITDA margin Δ (YoY)	-6.06 pp	—	—	-6.06 pp	—	reported	—	0.90
EBIT margin Δ (YoY)	-6.97 pp	—	—	-6.97 pp	—	reported	—	0.90
Net margin Δ (YoY)	-7.24 pp	—	—	-7.24 pp	—	reported	—	0.90

H1 2026 · Δ YoY

Revenue

75.29 −45.4%

H1 2025: 137.87
YTD 2026: 75.29
Δ YoY: −45.4%

Gross profit

29.46 −52.6%

H1 2025: 62.19
YTD 2026: 29.46
Δ YoY: −52.6%

EBITDA

24.79 −37.5%

H1 2025: 39.67
YTD 2026: 24.79
Δ YoY: −37.5%

EBIT

23.74 −39.2%

H1 2025: 39.01
YTD 2026: 23.74
Δ YoY: −39.2%

EBT

16.47 −31.8%

H1 2025: 24.16
YTD 2026: 16.47
Δ YoY: −31.8%

Net income

11.98 −55.5%

H1 2025: 26.94
YTD 2026: 11.98
Δ YoY: −55.5%

EPS (basic) (PLN)

1.09 —

H1 2025: 2.51
YTD 2026: 1.09
Δ YoY: —

EPS (diluted) (PLN)

1.09 —

H1 2025: —
YTD 2026: 1.09
Δ YoY: —

D&A

1.06 +61.1%

H1 2025: 0.66
YTD 2026: 1.06
Δ YoY: +61.1%

Interest expense

7.09 −53.8%

H1 2025: 15.36
YTD 2026: 7.09
Δ YoY: −53.8%

Income tax

4.49 —

H1 2025: —
YTD 2026: 4.49
Δ YoY: —

Gross margin

39.13% −6 pp

H1 2025: 45.1%
YTD 2026: 39.13%
Δ YoY: −6 pp

EBITDA margin

32.93% +4.2 pp

H1 2025: 28.77%
YTD 2026: 32.93%
Δ YoY: +4.2 pp

EBIT margin

31.52% +3.2 pp

H1 2025: 28.3%
YTD 2026: 31.52%
Δ YoY: +3.2 pp

EBT margin

21.87% —

H1 2025: —
YTD 2026: 21.87%
Δ YoY: —

Net margin

15.91% −3.6 pp

H1 2025: 19.54%
YTD 2026: 15.91%
Δ YoY: −3.6 pp

D&A margin

1.4% —

H1 2025: —
YTD 2026: 1.4%
Δ YoY: —

Cash

35.57 +46.3%

H1 2025: 24.32
YTD 2026: —
Δ YoY: —

Total debt

149.09 +45.1%

H1 2025: 102.74
YTD 2026: —
Δ YoY: —

Net debt

113.52 +44.7%

H1 2025: 78.43
YTD 2026: —
Δ YoY: —

Equity

312.08 +1.8%

H1 2025: 306.55
YTD 2026: —
Δ YoY: —

Total assets

500.7 +10.5%

H1 2025: 453.25
YTD 2026: —
Δ YoY: —

Working capital

377.11 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

428.53 +11.2%

H1 2025: 385.43
YTD 2026: —
Δ YoY: —

Current liabilities

51.42 −6%

H1 2025: 54.69
YTD 2026: —
Δ YoY: —

Non-current liabilities

137.2 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

8.58 −43.6%

H1 2025: 15.21
YTD 2026: —
Δ YoY: —

Trade payables

17.83 +181.1%

H1 2025: 6.34
YTD 2026: —
Δ YoY: —

Goodwill

0.16 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-4.92 +73.9%

H1 2025: -18.84
YTD 2026: -4.92
Δ YoY: +73.9%

CapEx

2.38 —

H1 2025: —
YTD 2026: 2.38
Δ YoY: —

FCF

-7.3 —

H1 2025: —
YTD 2026: -7.3
Δ YoY: —

Dividends paid

3.33 −43.5%

H1 2025: 5.9
YTD 2026: 3.33
Δ YoY: −43.5%

Buybacks

0.7 —

H1 2025: —
YTD 2026: 0.7
Δ YoY: —

ROE

7.81% −1.4 pp

H1 2025: 9.17%
YTD 2026: —
Δ YoY: —

ROA

5.06% −1.1 pp

H1 2025: 6.11%
YTD 2026: —
Δ YoY: —

ROCE

8.28% —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current ratio

8.33x +1.28x

H1 2025: 7.05x
YTD 2026: —
Δ YoY: —

Cash ratio

0.69x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

3.35x —

H1 2025: —
YTD 2026: 3.35x
Δ YoY: —

Net debt / EBITDA

2.94x +0.96x

H1 2025: 1.98x
YTD 2026: —
Δ YoY: —

Debt / equity

0.48x +0.14x

H1 2025: 0.34x
YTD 2026: —
Δ YoY: —

Debt / assets

0.3x +0.07x

H1 2025: 0.23x
YTD 2026: —
Δ YoY: —

Net debt / equity

0.36x +0.1x

H1 2025: 0.26x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

13.44% —

H1 2025: 16.65%
YTD 2026: 13.44%
Δ YoY: —

EBITDA growth (YoY)

-4.19% —

H1 2025: —
YTD 2026: -4.19%
Δ YoY: —

EBIT growth (YoY)

-7.09% —

H1 2025: -9.27%
YTD 2026: -7.09%
Δ YoY: —

Net income growth (YoY)

-22.03% —

H1 2025: 6.35%
YTD 2026: -22.03%
Δ YoY: —

EPS growth (YoY)

-16.79% —

H1 2025: 5.91%
YTD 2026: -16.79%
Δ YoY: —

Gross margin Δ (YoY)

-10.51 pp —

H1 2025: —
YTD 2026: -10.51 pp
Δ YoY: —

EBITDA margin Δ (YoY)

-6.06 pp —

H1 2025: —
YTD 2026: -6.06 pp
Δ YoY: —

EBIT margin Δ (YoY)

-6.97 pp —

H1 2025: —
YTD 2026: -6.97 pp
Δ YoY: —

Net margin Δ (YoY)

-7.24 pp —

H1 2025: —
YTD 2026: -7.24 pp
Δ YoY: —