CRI
CREOTECH INSTRUMENTS
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 28, 2026
H1 2026 report
Przychody z działalności kontynuowanej wzrosły o 30,7% r/r do 86,6 mln PLN, głównie dzięki realizacji kamienia milowego w projekcie Mikroglob.
Sentiment
●●●●●●
CRI
H1 2026 report
Revenue
86.61 m PLN
— YoY
Net income
286 k PLN
— YoY
EBITDA
6.5 m PLN
— YoY
FCF
-88.29 m PLN
— YoY
Summary
Investment thesis
- Mimo wzrostu sprzedaży, działalność kontynuowana odnotowała stratę operacyjną (-945 tys. PLN) — koszty wynagrodzeń wzrosły o 98% r/r, m.in. przez program opcji pracowniczych i wzrost zatrudnienia.
- Zysk netto ogółem 685,3 mln PLN w 99,7% pochodzi z jednorazowego, niegotówkowego rozliczenia podziału Spółki (KIMSF 17) — nie odzwierciedla rentowności operacyjnej.
- Przepływy operacyjne są głęboko ujemne (-78,4 mln PLN) na skutek szybkiego wzrostu należności i aktywów z umów — sprzedaż wyprzedza inkaso gotówki.
- Po dniu bilansowym Spółka pozyskała 481 mln PLN z emisji akcji serii M, co istotnie wzmacnia bazę kapitałową pod realizację strategii 2026–2029.
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Financials
BETA
CRI · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 68,644 | — | — | 86,608 | — | reported | — | 1.00 |
| EBITDA | 13,505 | — | — | 6,497 | — | derived | — | 0.90 |
| EBIT | 9,505 | — | — | -945 | — | reported | — | 1.00 |
| EBT | 9,097 | — | — | -1,086 | — | reported | — | 1.00 |
| Net income | 8,699 | — | — | 286 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 3.05 | — | — | 0.1 | — | reported | — | 1.00 |
| D&A | 4,000 | — | — | 7,442 | — | reported | — | 1.00 |
| Interest expense | 688 | — | — | 688 | — | reported | — | 0.90 |
| Income tax | -1,372 | — | — | -1,372 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 2.85 | — | — | — | — | reported | — | 1.00 |
| EBITDA margin | 19.67% | — | — | 7.5% | — | derived | — | 0.90 |
| EBIT margin | 13.84% | — | — | -1.09% | — | derived | — | 1.00 |
| EBT margin | 13.25% | — | — | -1.25% | — | derived | — | 1.00 |
| Net margin | 12.67% | — | — | 0.33% | — | derived | — | 1.00 |
| D&A margin | 5.83% | — | — | 8.59% | — | derived | — | 1.00 |
| Cash | 29,379 | — | — | — | — | reported | — | 1.00 |
| Total debt | 24,007 | — | — | — | — | reported | — | 1.00 |
| Net debt | -5,372 | — | — | — | — | derived | — | 1.00 |
| Equity | 151,165 | — | — | — | — | reported | — | 1.00 |
| Total assets | 315,411 | — | — | — | — | reported | — | 1.00 |
| Working capital | 47,878 | — | — | — | — | derived | — | 1.00 |
| Current assets | 163,501 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 115,623 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 48,624 | — | — | — | — | reported | — | 1.00 |
| Inventory | 20,232 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 43,082 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 42,153 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 53,354 | — | — | — | — | reported | — | 0.90 |
| Tangible equity | 97,811 | — | — | — | — | derived | — | 0.90 |
| CFO | -78,377 | — | — | -78,377 | — | reported | — | 1.00 |
| CapEx | 9,913 | — | — | 9,913 | — | reported | — | 1.00 |
| FCF | -88,290 | — | — | -88,290 | — | derived | — | 1.00 |
| Current ratio | 1.41x | — | — | — | — | derived | — | 1.00 |
| Quick ratio | 1.24x | — | — | — | — | derived | — | 1.00 |
| Cash ratio | 0.25x | — | — | — | — | derived | — | 1.00 |
| Interest coverage | -1.37x | — | — | -1.37x | — | derived | — | 0.80 |
| Debt / equity | 0.16x | — | — | — | — | derived | — | 1.00 |
| Debt / assets | 0.08x | — | — | — | — | derived | — | 1.00 |
| Net debt / equity | -0.04x | — | — | — | — | derived | — | 1.00 |
| Revenue growth (YoY) | 30.7% | — | — | 30.7% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | -52.35% | — | — | -52.35% | — | derived | — | 0.90 |
| EBIT growth (YoY) | -112.58% | — | — | -112.58% | — | derived | — | 1.00 |
| Net income growth (YoY) | -95.41% | — | — | -95.41% | — | derived | — | 1.00 |
| EPS growth (YoY) | -95.87% | — | — | -95.87% | — | derived | — | 1.00 |
| EBITDA margin Δ (YoY) | -13.07 pp | — | — | -13.07 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | -12.43 pp | — | — | -12.43 pp | — | derived | — | 1.00 |
| Net margin Δ (YoY) | -9.07 pp | — | — | -9.07 pp | — | derived | — | 1.00 |
H1 2026 · Δ YoY
Revenue
68,644
—
68,644
—
- H1 2025
- —
- YTD 2026
- 86,608
- Δ YoY
- —
EBITDA
13,505
—
13,505
—
- H1 2025
- —
- YTD 2026
- 6,497
- Δ YoY
- —
EBIT
9,505
—
9,505
—
- H1 2025
- —
- YTD 2026
- -945
- Δ YoY
- —
EBT
9,097
—
9,097
—
- H1 2025
- —
- YTD 2026
- -1,086
- Δ YoY
- —
Net income
8,699
—
8,699
—
- H1 2025
- —
- YTD 2026
- 286
- Δ YoY
- —
EPS (basic)
(PLN)
3.05
—
3.05
—
- H1 2025
- —
- YTD 2026
- 0.1
- Δ YoY
- —
D&A
4,000
—
4,000
—
- H1 2025
- —
- YTD 2026
- 7,442
- Δ YoY
- —
Interest expense
688
—
688
—
- H1 2025
- —
- YTD 2026
- 688
- Δ YoY
- —
Income tax
-1,372
—
-1,372
—
- H1 2025
- —
- YTD 2026
- -1,372
- Δ YoY
- —
Shares (basic)
(m units)
2.85
—
2.85
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
19.67%
—
19.67%
—
- H1 2025
- —
- YTD 2026
- 7.5%
- Δ YoY
- —
EBIT margin
13.84%
—
13.84%
—
- H1 2025
- —
- YTD 2026
- -1.09%
- Δ YoY
- —
EBT margin
13.25%
—
13.25%
—
- H1 2025
- —
- YTD 2026
- -1.25%
- Δ YoY
- —
Net margin
12.67%
—
12.67%
—
- H1 2025
- —
- YTD 2026
- 0.33%
- Δ YoY
- —
D&A margin
5.83%
—
5.83%
—
- H1 2025
- —
- YTD 2026
- 8.59%
- Δ YoY
- —
Cash
29,379
—
29,379
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
24,007
—
24,007
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-5,372
—
-5,372
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
151,165
—
151,165
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
315,411
—
315,411
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
47,878
—
47,878
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
163,501
—
163,501
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
115,623
—
115,623
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
48,624
—
48,624
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
20,232
—
20,232
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
43,082
—
43,082
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
42,153
—
42,153
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
53,354
—
53,354
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
97,811
—
97,811
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-78,377
—
-78,377
—
- H1 2025
- —
- YTD 2026
- -78,377
- Δ YoY
- —
CapEx
9,913
—
9,913
—
- H1 2025
- —
- YTD 2026
- 9,913
- Δ YoY
- —
FCF
-88,290
—
-88,290
—
- H1 2025
- —
- YTD 2026
- -88,290
- Δ YoY
- —
Current ratio
1.41x
—
1.41x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.24x
—
1.24x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.25x
—
0.25x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-1.37x
—
-1.37x
—
- H1 2025
- —
- YTD 2026
- -1.37x
- Δ YoY
- —
Debt / equity
0.16x
—
0.16x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.08x
—
0.08x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.04x
—
-0.04x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
30.7%
—
30.7%
—
- H1 2025
- —
- YTD 2026
- 30.7%
- Δ YoY
- —
EBITDA growth (YoY)
-52.35%
—
-52.35%
—
- H1 2025
- —
- YTD 2026
- -52.35%
- Δ YoY
- —
EBIT growth (YoY)
-112.58%
—
-112.58%
—
- H1 2025
- —
- YTD 2026
- -112.58%
- Δ YoY
- —
Net income growth (YoY)
-95.41%
—
-95.41%
—
- H1 2025
- —
- YTD 2026
- -95.41%
- Δ YoY
- —
EPS growth (YoY)
-95.87%
—
-95.87%
—
- H1 2025
- —
- YTD 2026
- -95.87%
- Δ YoY
- —
EBITDA margin Δ (YoY)
-13.07 pp
—
-13.07 pp
—
- H1 2025
- —
- YTD 2026
- -13.07 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-12.43 pp
—
-12.43 pp
—
- H1 2025
- —
- YTD 2026
- -12.43 pp
- Δ YoY
- —
Net margin Δ (YoY)
-9.07 pp
—
-9.07 pp
—
- H1 2025
- —
- YTD 2026
- -9.07 pp
- Δ YoY
- —