H1 2026 report
Przychody wzrosły o 12,4% r/r do 63,1 mln zł, ale zysk netto załamał się o 80% r/r (do 934 tys. zł), głównie przez odwrócenie trendu w segmencie Energia — dotychczasowym motorze zysków Spółki.
Sentiment
●●●●●●
FMG
H1 2026 report
Revenue
56.12 m PLN
— YoY
Net income
4.73 m PLN
— YoY
EBITDA
7.17 m PLN
— YoY
FCF
1.89 m PLN
— YoY
Summary
Investment thesis
- Segment Energia przeszedł z zysku netto 9,3 mln zł w całym 2025 r. do straty 2,3 mln zł w samym I półroczu 2026 r. — zarząd wiąże to ze wzrostem cen gazu/energii wywołanym eskalacją konfliktów na Bliskim Wschodzie i w Ukrainie.
- OCF ujemne (-810 tys. zł) mimo dodatniego zysku netto — silny wzrost należności handlowych (+27% r/r) zjada gotówkę operacyjną; cały podatek dochodowy (2,4 mln zł) to podatek odroczony, zero zapłacono w gotówce.
- Goodwill (51,98 mln zł) odpowiada za ok. 60% kapitału własnego — istotna koncentracja ryzyka odpisu, gdyby pogorszenie segmentu Energia się utrwaliło; bilans poza tym ma niski formalny lewar (D/E 0,23x) i silną płynność bieżącą (2,24x).
- Raport zawiera nierozjaśnione sygnały governance: paragraf objaśniający audytora o niezatwierdzonym sprawozdaniu za 2025 r., niewyjaśniona redukcja kapitału zakładowego o 62,9 mln zł tuż po dniu bilansowym oraz wewnętrznie sprzeczne dane o EPS.
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Financials
BETA
FMG · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 56,120 | 111,307 | −49.6% | 56,120 | −49.6% | reported | — | 1.00 |
| EBITDA | 7,167 | 13,605 | −47.3% | 7,167 | −47.3% | derived | — | 0.90 |
| EBIT | 4,495 | 8,344 | −46.1% | 4,495 | −46.1% | reported | — | 1.00 |
| EBT | 5,599 | 9,897 | −43.4% | 5,599 | −43.4% | reported | — | 1.00 |
| Net income | 4,731 | 9,873 | −52.1% | 4,731 | −52.1% | reported | — | 1.00 |
|
Net income
Energia
|
9,339 | 9,873 | −5.4% | -2,280 | −123.1% | reported | Energia | 1.00 |
|
Net income
Odnawialne źródła energii
|
3,189 | 9,873 | −67.7% | 3,189 | −67.7% | reported | Odnawialne źródła energii | 1.00 |
|
Net income
Segment inwestycyjny
|
25 | 9,873 | −99.7% | 25 | −99.7% | reported | Segment inwestycyjny | 1.00 |
| EPS (basic) (PLN) | 16.1 | 30.96 | — | 16.1 | — | reported | — | 0.60 |
| D&A | 2,672 | 5,261 | −49.2% | 2,672 | −49.2% | reported | — | 1.00 |
| Interest expense | 1,046 | 1,443 | −27.5% | 1,046 | −27.5% | reported | — | 1.00 |
| Income tax | 868 | 24 | +3516.7% | 868 | +3516.7% | reported | — | 1.00 |
| Shares (basic) (units) | 343,511 | 318,880 | — | — | — | reported | — | 1.00 |
| EBITDA margin | 12.77% | 12.22% | +0.5 pp | 12.77% | +0.5 pp | derived | — | 0.90 |
| EBIT margin | 8.01% | 7.5% | +0.5 pp | 8.01% | +0.5 pp | derived | — | 0.95 |
| EBT margin | 9.98% | 8.89% | +1.1 pp | 9.98% | +1.1 pp | derived | — | 0.95 |
| Net margin | 8.43% | 8.87% | −0.4 pp | 8.43% | −0.4 pp | derived | — | 0.95 |
| D&A margin | 4.76% | — | — | 4.76% | — | derived | — | 0.95 |
| Cash | 559 | 559 | +0% | — | — | reported | — | 1.00 |
| Total debt | 14,274 | 14,274 | +0% | — | — | derived | — | 0.95 |
| Net debt | 13,715 | 13,715 | +0% | — | — | derived | — | 0.90 |
| Equity | 86,046 | 86,046 | +0% | — | — | reported | — | 1.00 |
| Total assets | 120,690 | 120,690 | +0% | — | — | reported | — | 1.00 |
| Working capital | 20,168 | — | — | — | — | derived | — | 0.95 |
| Current assets | 41,494 | 41,494 | +0% | — | — | reported | — | 1.00 |
| Current liabilities | 21,326 | 21,326 | +0% | — | — | reported | — | 1.00 |
| Non-current liabilities | 13,318 | 13,318 | +0% | — | — | reported | — | 1.00 |
| Inventory | 37 | 37 | +0% | — | — | reported | — | 1.00 |
| Trade receivables | 34,197 | 34,197 | +0% | — | — | reported | — | 1.00 |
| Goodwill | 51,976 | 51,976 | +0% | — | — | reported | — | 1.00 |
| CFO | 3,573 | 7,620 | −53.1% | 3,573 | −53.1% | reported | — | 1.00 |
| CapEx | 1,684 | 4,641 | −63.7% | 1,684 | −63.7% | reported | — | 1.00 |
| FCF | 1,889 | 2,979 | −36.6% | 1,889 | −36.6% | derived | — | 0.95 |
| FCF conversion | 26.36% | 21.9% | +4.5 pp | 26.36% | +4.5 pp | derived | — | 0.85 |
| CFO conversion | 49.85% | 56.01% | −6.2 pp | 49.85% | −6.2 pp | derived | — | 0.85 |
| Dividends paid | 0 | 0 | — | 0 | — | reported | — | 1.00 |
| Current ratio | 1.95x | 1.95x | +0x | — | — | derived | — | 0.95 |
| Quick ratio | 1.94x | 1.94x | +0x | — | — | derived | — | 0.95 |
| Cash ratio | 0.03x | 0.03x | −0x | — | — | derived | — | 0.95 |
| Interest coverage | 4.3x | 5.78x | −1.48x | 4.3x | −1.48x | derived | — | 0.95 |
| Debt / equity | 0.17x | 0.17x | +0x | — | — | derived | — | 0.90 |
| Debt / assets | 0.15x | 0.12x | +0.03x | — | — | derived | — | 0.90 |
| Net debt / equity | 0.2x | 0.16x | +0.04x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 12.4% | -27.1% | — | 12.4% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | -16.28% | -61.89% | — | -16.28% | — | derived | — | 0.90 |
| EBIT growth (YoY) | -23.09% | -72.83% | — | -23.09% | — | derived | — | 0.95 |
| Net income growth (YoY) | -80.26% | -39.93% | — | -80.26% | — | derived | — | 0.95 |
| EPS growth (YoY) | -83.11% | -35.28% | — | -83.11% | — | derived | — | 0.60 |
| EBITDA margin Δ (YoY) | -3.26 pp | -11.15 pp | — | -3.26 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | -2.53 pp | -12.61 pp | — | -2.53 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -6.95 pp | -1.89 pp | — | -6.95 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
56,120
−49.6%
56,120
−49.6%
- H1 2025
- 111,307
- YTD 2026
- 56,120
- Δ YoY
- −49.6%
EBITDA
7,167
−47.3%
7,167
−47.3%
- H1 2025
- 13,605
- YTD 2026
- 7,167
- Δ YoY
- −47.3%
EBIT
4,495
−46.1%
4,495
−46.1%
- H1 2025
- 8,344
- YTD 2026
- 4,495
- Δ YoY
- −46.1%
EBT
5,599
−43.4%
5,599
−43.4%
- H1 2025
- 9,897
- YTD 2026
- 5,599
- Δ YoY
- −43.4%
Net income
4,731
−52.1%
4,731
−52.1%
- H1 2025
- 9,873
- YTD 2026
- 4,731
- Δ YoY
- −52.1%
Net income
Energia
9,339
−5.4%
Energia
9,339
−5.4%
- H1 2025
- 9,873
- YTD 2026
- -2,280
- Δ YoY
- −123.1%
Net income
Odnawialne źródła energii
3,189
−67.7%
Odnawialne źródła energii
3,189
−67.7%
- H1 2025
- 9,873
- YTD 2026
- 3,189
- Δ YoY
- −67.7%
Net income
Segment inwestycyjny
25
−99.7%
Segment inwestycyjny
25
−99.7%
- H1 2025
- 9,873
- YTD 2026
- 25
- Δ YoY
- −99.7%
EPS (basic)
(PLN)
16.1
—
16.1
—
- H1 2025
- 30.96
- YTD 2026
- 16.1
- Δ YoY
- —
D&A
2,672
−49.2%
2,672
−49.2%
- H1 2025
- 5,261
- YTD 2026
- 2,672
- Δ YoY
- −49.2%
Interest expense
1,046
−27.5%
1,046
−27.5%
- H1 2025
- 1,443
- YTD 2026
- 1,046
- Δ YoY
- −27.5%
Income tax
868
+3516.7%
868
+3516.7%
- H1 2025
- 24
- YTD 2026
- 868
- Δ YoY
- +3516.7%
Shares (basic)
(units)
343,511
—
343,511
—
- H1 2025
- 318,880
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
12.77%
+0.5 pp
12.77%
+0.5 pp
- H1 2025
- 12.22%
- YTD 2026
- 12.77%
- Δ YoY
- +0.5 pp
EBIT margin
8.01%
+0.5 pp
8.01%
+0.5 pp
- H1 2025
- 7.5%
- YTD 2026
- 8.01%
- Δ YoY
- +0.5 pp
EBT margin
9.98%
+1.1 pp
9.98%
+1.1 pp
- H1 2025
- 8.89%
- YTD 2026
- 9.98%
- Δ YoY
- +1.1 pp
Net margin
8.43%
−0.4 pp
8.43%
−0.4 pp
- H1 2025
- 8.87%
- YTD 2026
- 8.43%
- Δ YoY
- −0.4 pp
D&A margin
4.76%
—
4.76%
—
- H1 2025
- —
- YTD 2026
- 4.76%
- Δ YoY
- —
Cash
559
+0%
559
+0%
- H1 2025
- 559
- YTD 2026
- —
- Δ YoY
- —
Total debt
14,274
+0%
14,274
+0%
- H1 2025
- 14,274
- YTD 2026
- —
- Δ YoY
- —
Net debt
13,715
+0%
13,715
+0%
- H1 2025
- 13,715
- YTD 2026
- —
- Δ YoY
- —
Equity
86,046
+0%
86,046
+0%
- H1 2025
- 86,046
- YTD 2026
- —
- Δ YoY
- —
Total assets
120,690
+0%
120,690
+0%
- H1 2025
- 120,690
- YTD 2026
- —
- Δ YoY
- —
Working capital
20,168
—
20,168
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
41,494
+0%
41,494
+0%
- H1 2025
- 41,494
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
21,326
+0%
21,326
+0%
- H1 2025
- 21,326
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
13,318
+0%
13,318
+0%
- H1 2025
- 13,318
- YTD 2026
- —
- Δ YoY
- —
Inventory
37
+0%
37
+0%
- H1 2025
- 37
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
34,197
+0%
34,197
+0%
- H1 2025
- 34,197
- YTD 2026
- —
- Δ YoY
- —
Goodwill
51,976
+0%
51,976
+0%
- H1 2025
- 51,976
- YTD 2026
- —
- Δ YoY
- —
CFO
3,573
−53.1%
3,573
−53.1%
- H1 2025
- 7,620
- YTD 2026
- 3,573
- Δ YoY
- −53.1%
CapEx
1,684
−63.7%
1,684
−63.7%
- H1 2025
- 4,641
- YTD 2026
- 1,684
- Δ YoY
- −63.7%
FCF
1,889
−36.6%
1,889
−36.6%
- H1 2025
- 2,979
- YTD 2026
- 1,889
- Δ YoY
- −36.6%
FCF conversion
26.36%
+4.5 pp
26.36%
+4.5 pp
- H1 2025
- 21.9%
- YTD 2026
- 26.36%
- Δ YoY
- +4.5 pp
CFO conversion
49.85%
−6.2 pp
49.85%
−6.2 pp
- H1 2025
- 56.01%
- YTD 2026
- 49.85%
- Δ YoY
- −6.2 pp
Dividends paid
0
—
0
—
- H1 2025
- 0
- YTD 2026
- 0
- Δ YoY
- —
Current ratio
1.95x
+0x
1.95x
+0x
- H1 2025
- 1.95x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.94x
+0x
1.94x
+0x
- H1 2025
- 1.94x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.03x
−0x
0.03x
−0x
- H1 2025
- 0.03x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
4.3x
−1.48x
4.3x
−1.48x
- H1 2025
- 5.78x
- YTD 2026
- 4.3x
- Δ YoY
- −1.48x
Debt / equity
0.17x
+0x
0.17x
+0x
- H1 2025
- 0.17x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.15x
+0.03x
0.15x
+0.03x
- H1 2025
- 0.12x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.2x
+0.04x
0.2x
+0.04x
- H1 2025
- 0.16x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
12.4%
—
12.4%
—
- H1 2025
- -27.1%
- YTD 2026
- 12.4%
- Δ YoY
- —
EBITDA growth (YoY)
-16.28%
—
-16.28%
—
- H1 2025
- -61.89%
- YTD 2026
- -16.28%
- Δ YoY
- —
EBIT growth (YoY)
-23.09%
—
-23.09%
—
- H1 2025
- -72.83%
- YTD 2026
- -23.09%
- Δ YoY
- —
Net income growth (YoY)
-80.26%
—
-80.26%
—
- H1 2025
- -39.93%
- YTD 2026
- -80.26%
- Δ YoY
- —
EPS growth (YoY)
-83.11%
—
-83.11%
—
- H1 2025
- -35.28%
- YTD 2026
- -83.11%
- Δ YoY
- —
EBITDA margin Δ (YoY)
-3.26 pp
—
-3.26 pp
—
- H1 2025
- -11.15 pp
- YTD 2026
- -3.26 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-2.53 pp
—
-2.53 pp
—
- H1 2025
- -12.61 pp
- YTD 2026
- -2.53 pp
- Δ YoY
- —
Net margin Δ (YoY)
-6.95 pp
—
-6.95 pp
—
- H1 2025
- -1.89 pp
- YTD 2026
- -6.95 pp
- Δ YoY
- —