EAH
Esotiq & Henderson
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 25, 2026
H1 2026 report
Przychody rosną dwucyfrowo (+10,73% r/r) przy niemal stabilnej marży brutto (69,06% vs 69,34%) — sprzedaż nie jest napędzana agresywnymi przecenami.
Sentiment
●●●●●●
EAH
H1 2026 report
Revenue
157.78 m PLN
— YoY
Net income
2.46 m PLN
— YoY
EBITDA
15.3 m PLN
— YoY
Gross margin
69.06%
— YoY
Summary
Investment thesis
- Zysk netto spadł o 22,75% r/r mimo wzrostu EBIT o 8,07% — winne jest zniknięcie jednorazowego zysku na różnicach kursowych z 2025 r. oraz efektywna stopa podatkowa 25,3% wobec 19% ustawowych.
- Operacyjne przepływy pieniężne odwróciły się z -10,1 mln zł do +5,4 mln zł, ale to w dużej mierze efekt niskiego CAPEX i braku odbudowy zapasów względem wysokiej bazy inwestycyjnej sprzed roku.
- Biegły rewident wystawił zastrzeżenie do jednostkowego sprawozdania w sprawie wyceny udziałów i należności od Esotiq Germany GmbH (14 982 tys. zł potencjalnego zawyżenia aktywów) — Zarząd się nie zgadza, spór pozostaje otwarty do oceny na koniec 2026 r.
- Zapasy stanowią 44,9% aktywów razem przy szacowanym DIO ok. 345 dni, częściowo zastawione jako zabezpieczenie kredytów — typowe dla modowego retailera z importem z Azji, ale ogranicza elastyczność bilansu.
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Financials
BETA
EAH · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 157.78 | — | — | 157.78 | — | reported | — | 1.00 |
| Gross profit | 108.97 | — | — | 108.97 | — | reported | — | 1.00 |
| EBITDA | 15.3 | — | — | 15.3 | — | derived | — | 0.90 |
| EBIT | 6.16 | — | — | 6.16 | — | reported | — | 1.00 |
| EBT | 3.29 | — | — | 3.29 | — | reported | — | 1.00 |
| Net income | 2.46 | — | — | 2.46 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.25 | — | — | 1.25 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 1.1 | — | — | 1.1 | — | reported | — | 1.00 |
| D&A | 9.13 | — | — | 9.13 | — | reported | — | 1.00 |
| Interest expense | 2.71 | — | — | 2.71 | — | reported | — | 0.65 |
| Income tax | 0.83 | — | — | 0.83 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 1.96 | — | — | 1.96 | — | reported | — | 0.90 |
| Shares (diluted) (m units) | 2.23 | — | — | 2.23 | — | reported | — | 0.90 |
| Gross margin | 69.06% | — | — | 69.06% | — | derived | — | 0.95 |
| EBITDA margin | 9.7% | — | — | 9.7% | — | derived | — | 0.90 |
| EBIT margin | 3.91% | — | — | 3.91% | — | derived | — | 0.95 |
| Net margin | 1.56% | — | — | 1.56% | — | derived | — | 0.95 |
| Cash | 4.41 | — | — | — | — | reported | — | 1.00 |
| Total debt | 81.48 | — | — | — | — | reported | — | 0.60 |
| Net debt | 77.08 | — | — | — | — | derived | — | 0.60 |
| Equity | 65.54 | — | — | — | — | reported | — | 1.00 |
| Total assets | 205.47 | — | — | — | — | reported | — | 1.00 |
| Working capital | 22.48 | — | — | — | — | derived | — | 0.95 |
| Current assets | 114.83 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 92.36 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 47.58 | — | — | — | — | reported | — | 1.00 |
| Inventory | 92.24 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 7.53 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 35.35 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 22.35 | — | — | — | — | reported | — | 0.90 |
| Tangible equity | 43.19 | — | — | — | — | derived | — | 0.85 |
| CFO | 5.35 | — | — | 5.35 | — | reported | — | 1.00 |
| CapEx | 2.45 | — | — | 2.45 | — | reported | — | 1.00 |
| FCF | 2.91 | — | — | 2.91 | — | derived | — | 0.95 |
| FCF conversion | 18.99% | — | — | 18.99% | — | derived | — | 0.85 |
| CFO conversion | 34.99% | — | — | 34.99% | — | derived | — | 0.85 |
| Current ratio | 1.24x | — | — | — | — | derived | — | 0.95 |
| Quick ratio | 0.24x | — | — | — | — | derived | — | 0.95 |
| Cash ratio | 0.05x | — | — | — | — | derived | — | 0.95 |
| Interest coverage | 2.28x | — | — | 2.28x | — | derived | — | 0.60 |
| Debt / equity | 1.24x | — | — | — | — | derived | — | 0.60 |
| Debt / assets | 0.4x | — | — | — | — | derived | — | 0.60 |
| Net debt / equity | 1.18x | — | — | — | — | derived | — | 0.60 |
| Revenue growth (YoY) | 10.73% | — | — | 10.73% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 9.69% | — | — | 9.69% | — | derived | — | 0.85 |
| EBIT growth (YoY) | 8.07% | — | — | 8.07% | — | derived | — | 0.95 |
| Net income growth (YoY) | -22.75% | — | — | -22.75% | — | derived | — | 0.95 |
| EPS growth (YoY) | -22.84% | — | — | -22.84% | — | derived | — | 0.90 |
| FCF growth (YoY) | 109.17% | — | — | 109.17% | — | derived | — | 0.60 |
| Gross margin Δ (YoY) | -0.28 pp | — | — | -0.28 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -0.09 pp | — | — | -0.09 pp | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | -0.1 pp | — | — | -0.1 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -0.67 pp | — | — | -0.67 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
157.78
—
157.78
—
- H1 2025
- —
- YTD 2026
- 157.78
- Δ YoY
- —
Gross profit
108.97
—
108.97
—
- H1 2025
- —
- YTD 2026
- 108.97
- Δ YoY
- —
EBITDA
15.3
—
15.3
—
- H1 2025
- —
- YTD 2026
- 15.3
- Δ YoY
- —
EBIT
6.16
—
6.16
—
- H1 2025
- —
- YTD 2026
- 6.16
- Δ YoY
- —
EBT
3.29
—
3.29
—
- H1 2025
- —
- YTD 2026
- 3.29
- Δ YoY
- —
Net income
2.46
—
2.46
—
- H1 2025
- —
- YTD 2026
- 2.46
- Δ YoY
- —
EPS (basic)
(PLN)
1.25
—
1.25
—
- H1 2025
- —
- YTD 2026
- 1.25
- Δ YoY
- —
EPS (diluted)
(PLN)
1.1
—
1.1
—
- H1 2025
- —
- YTD 2026
- 1.1
- Δ YoY
- —
D&A
9.13
—
9.13
—
- H1 2025
- —
- YTD 2026
- 9.13
- Δ YoY
- —
Interest expense
2.71
—
2.71
—
- H1 2025
- —
- YTD 2026
- 2.71
- Δ YoY
- —
Income tax
0.83
—
0.83
—
- H1 2025
- —
- YTD 2026
- 0.83
- Δ YoY
- —
Shares (basic)
(m units)
1.96
—
1.96
—
- H1 2025
- —
- YTD 2026
- 1.96
- Δ YoY
- —
Shares (diluted)
(m units)
2.23
—
2.23
—
- H1 2025
- —
- YTD 2026
- 2.23
- Δ YoY
- —
Gross margin
69.06%
—
69.06%
—
- H1 2025
- —
- YTD 2026
- 69.06%
- Δ YoY
- —
EBITDA margin
9.7%
—
9.7%
—
- H1 2025
- —
- YTD 2026
- 9.7%
- Δ YoY
- —
EBIT margin
3.91%
—
3.91%
—
- H1 2025
- —
- YTD 2026
- 3.91%
- Δ YoY
- —
Net margin
1.56%
—
1.56%
—
- H1 2025
- —
- YTD 2026
- 1.56%
- Δ YoY
- —
Cash
4.41
—
4.41
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
81.48
—
81.48
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
77.08
—
77.08
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
65.54
—
65.54
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
205.47
—
205.47
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
22.48
—
22.48
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
114.83
—
114.83
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
92.36
—
92.36
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
47.58
—
47.58
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
92.24
—
92.24
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
7.53
—
7.53
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
35.35
—
35.35
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
22.35
—
22.35
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
43.19
—
43.19
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
5.35
—
5.35
—
- H1 2025
- —
- YTD 2026
- 5.35
- Δ YoY
- —
CapEx
2.45
—
2.45
—
- H1 2025
- —
- YTD 2026
- 2.45
- Δ YoY
- —
FCF
2.91
—
2.91
—
- H1 2025
- —
- YTD 2026
- 2.91
- Δ YoY
- —
FCF conversion
18.99%
—
18.99%
—
- H1 2025
- —
- YTD 2026
- 18.99%
- Δ YoY
- —
CFO conversion
34.99%
—
34.99%
—
- H1 2025
- —
- YTD 2026
- 34.99%
- Δ YoY
- —
Current ratio
1.24x
—
1.24x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.24x
—
0.24x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.05x
—
0.05x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
2.28x
—
2.28x
—
- H1 2025
- —
- YTD 2026
- 2.28x
- Δ YoY
- —
Debt / equity
1.24x
—
1.24x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.4x
—
0.4x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
1.18x
—
1.18x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
10.73%
—
10.73%
—
- H1 2025
- —
- YTD 2026
- 10.73%
- Δ YoY
- —
EBITDA growth (YoY)
9.69%
—
9.69%
—
- H1 2025
- —
- YTD 2026
- 9.69%
- Δ YoY
- —
EBIT growth (YoY)
8.07%
—
8.07%
—
- H1 2025
- —
- YTD 2026
- 8.07%
- Δ YoY
- —
Net income growth (YoY)
-22.75%
—
-22.75%
—
- H1 2025
- —
- YTD 2026
- -22.75%
- Δ YoY
- —
EPS growth (YoY)
-22.84%
—
-22.84%
—
- H1 2025
- —
- YTD 2026
- -22.84%
- Δ YoY
- —
FCF growth (YoY)
109.17%
—
109.17%
—
- H1 2025
- —
- YTD 2026
- 109.17%
- Δ YoY
- —
Gross margin Δ (YoY)
-0.28 pp
—
-0.28 pp
—
- H1 2025
- —
- YTD 2026
- -0.28 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-0.09 pp
—
-0.09 pp
—
- H1 2025
- —
- YTD 2026
- -0.09 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-0.1 pp
—
-0.1 pp
—
- H1 2025
- —
- YTD 2026
- -0.1 pp
- Δ YoY
- —
Net margin Δ (YoY)
-0.67 pp
—
-0.67 pp
—
- H1 2025
- —
- YTD 2026
- -0.67 pp
- Δ YoY
- —