TRI
Triton Development
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 28, 2026
H1 2026 report
Triton Development to deweloper mieszkaniowy realizujący projekty na obrzeżach Warszawy (TRITON COUNTRY, TRITON KAMPINOS, TRITON WINNICA), finansujący budowy wyłącznie kapitałem własnym i zaliczkami klientów, bez żadnego kredytu bankowego na 30.06.2026 r.
Sentiment
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TRI
H1 2026 report
Revenue
23.51 m PLN
— YoY
Net income
-983 k PLN
— YoY
Gross margin
22.58%
— YoY
FCF
-4.42 m PLN
— YoY
Summary
Investment thesis
- Marża brutto ze sprzedaży poprawiła się wyraźnie r/r (22,6% vs 15,4%), a strata netto zawęziła się o 47,5% r/r (-983 vs -1 872 tys. zł) — realna poprawa rentowności bieżącej sprzedaży.
- OCF odwrócił się z dodatniego (+1 860 tys. zł) na wyraźnie ujemny (-4 338 tys. zł) r/r — efekt cyklu rozliczania wcześniej zebranych zaliczek klientów, nie utraty rentowności; suma bilansowa kurczy się w ślad za tym procesem (114,8 mln zł vs 168 mln zł rok wcześniej).
- Akcjonariat jest silnie skoncentrowany — porozumienie akcjonariuszy (w tym prezes Zarządu) kontroluje 86,9% kapitału i 91,2% głosów, co ogranicza realny wpływ inwestorów mniejszościowych.
- Wynik za II półrocze 2026 r. oraz 2027-2028 ma odzwierciedlić efekt umów deweloperskich zawieranych obecnie — sam wynik I półrocza mówi mniej niż tempo bieżącej kontraktacji na trwających etapach.
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Financials
BETA
TRI · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 23,514 | 7,605 | +209.2% | 23,514 | +209.2% | reported | — | 1.00 |
| Gross profit | 5,310 | 4,618 | +15% | 5,310 | +15% | reported | — | 1.00 |
| EBT | -324 | 156 | −307.7% | -324 | −307.7% | reported | — | 1.00 |
| Net income | -983 | 132 | −844.7% | -983 | −844.7% | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.15 | 0.02 | — | -0.15 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.15 | 0.02 | — | -0.15 | — | reported | — | 1.00 |
| D&A | 920 | 240 | +283.3% | 920 | +283.3% | reported | — | 1.00 |
| Income tax | 659 | 24 | +2645.8% | 659 | +2645.8% | reported | — | 1.00 |
| Shares (basic) (m units) | 6.36 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 22.58% | 60.72% | −38.1 pp | 22.58% | −38.1 pp | derived | — | 1.00 |
| Cash | 7,802 | 300 | +2500.7% | — | — | reported | — | 1.00 |
| Total debt | 4,062 | — | — | — | — | reported | — | 0.80 |
| Net debt | -3,740 | 999 | −474.4% | — | — | derived | — | 0.80 |
| Equity | 81,499 | 86,488 | −5.8% | — | — | reported | — | 1.00 |
| Total assets | 114,848 | 88,733 | +29.4% | — | — | reported | — | 1.00 |
| Current assets | 94,124 | 7,545 | +1147.5% | — | — | reported | — | 1.00 |
| Current liabilities | 29,875 | 1,692 | +1665.7% | — | — | reported | — | 1.00 |
| Inventory | 82,929 | 6,298 | +1216.8% | — | — | reported | — | 1.00 |
| CFO | -4,338 | 49 | −8953.1% | -4,338 | −8953.1% | reported | — | 1.00 |
| CapEx | 84 | 0 | — | 84 | — | reported | — | 1.00 |
| FCF | -4,422 | 49 | −9124.5% | -4,422 | −9124.5% | derived | — | 1.00 |
| Current ratio | 3.15x | 4.46x | −1.31x | — | — | derived | — | 1.00 |
| Debt / equity | 0.05x | 0.02x | +0.04x | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | 4.01% | 18.02% | — | 4.01% | — | derived | — | 1.00 |
| Net income growth (YoY) | 47.49% | 134.02% | — | 47.49% | — | derived | — | 1.00 |
| EPS growth (YoY) | 48.28% | 133330% | — | 48.28% | — | derived | — | 1.00 |
| Gross margin Δ (YoY) | 7.17 pp | 5.19 pp | — | 7.17 pp | — | derived | — | 1.00 |
H1 2026 · Δ YoY
Revenue
23,514
+209.2%
23,514
+209.2%
- H1 2025
- 7,605
- YTD 2026
- 23,514
- Δ YoY
- +209.2%
Gross profit
5,310
+15%
5,310
+15%
- H1 2025
- 4,618
- YTD 2026
- 5,310
- Δ YoY
- +15%
EBT
-324
−307.7%
-324
−307.7%
- H1 2025
- 156
- YTD 2026
- -324
- Δ YoY
- −307.7%
Net income
-983
−844.7%
-983
−844.7%
- H1 2025
- 132
- YTD 2026
- -983
- Δ YoY
- −844.7%
EPS (basic)
(PLN)
-0.15
—
-0.15
—
- H1 2025
- 0.02
- YTD 2026
- -0.15
- Δ YoY
- —
EPS (diluted)
(PLN)
-0.15
—
-0.15
—
- H1 2025
- 0.02
- YTD 2026
- -0.15
- Δ YoY
- —
D&A
920
+283.3%
920
+283.3%
- H1 2025
- 240
- YTD 2026
- 920
- Δ YoY
- +283.3%
Income tax
659
+2645.8%
659
+2645.8%
- H1 2025
- 24
- YTD 2026
- 659
- Δ YoY
- +2645.8%
Shares (basic)
(m units)
6.36
—
6.36
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
22.58%
−38.1 pp
22.58%
−38.1 pp
- H1 2025
- 60.72%
- YTD 2026
- 22.58%
- Δ YoY
- −38.1 pp
Cash
7,802
+2500.7%
7,802
+2500.7%
- H1 2025
- 300
- YTD 2026
- —
- Δ YoY
- —
Total debt
4,062
—
4,062
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-3,740
−474.4%
-3,740
−474.4%
- H1 2025
- 999
- YTD 2026
- —
- Δ YoY
- —
Equity
81,499
−5.8%
81,499
−5.8%
- H1 2025
- 86,488
- YTD 2026
- —
- Δ YoY
- —
Total assets
114,848
+29.4%
114,848
+29.4%
- H1 2025
- 88,733
- YTD 2026
- —
- Δ YoY
- —
Current assets
94,124
+1147.5%
94,124
+1147.5%
- H1 2025
- 7,545
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
29,875
+1665.7%
29,875
+1665.7%
- H1 2025
- 1,692
- YTD 2026
- —
- Δ YoY
- —
Inventory
82,929
+1216.8%
82,929
+1216.8%
- H1 2025
- 6,298
- YTD 2026
- —
- Δ YoY
- —
CFO
-4,338
−8953.1%
-4,338
−8953.1%
- H1 2025
- 49
- YTD 2026
- -4,338
- Δ YoY
- −8953.1%
CapEx
84
—
84
—
- H1 2025
- 0
- YTD 2026
- 84
- Δ YoY
- —
FCF
-4,422
−9124.5%
-4,422
−9124.5%
- H1 2025
- 49
- YTD 2026
- -4,422
- Δ YoY
- −9124.5%
Current ratio
3.15x
−1.31x
3.15x
−1.31x
- H1 2025
- 4.46x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.05x
+0.04x
0.05x
+0.04x
- H1 2025
- 0.02x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
4.01%
—
4.01%
—
- H1 2025
- 18.02%
- YTD 2026
- 4.01%
- Δ YoY
- —
Net income growth (YoY)
47.49%
—
47.49%
—
- H1 2025
- 134.02%
- YTD 2026
- 47.49%
- Δ YoY
- —
EPS growth (YoY)
48.28%
—
48.28%
—
- H1 2025
- 133330%
- YTD 2026
- 48.28%
- Δ YoY
- —
Gross margin Δ (YoY)
7.17 pp
—
7.17 pp
—
- H1 2025
- 5.19 pp
- YTD 2026
- 7.17 pp
- Δ YoY
- —