CMP Comp Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 28, 2026

H1 2026 report

Przychody grupy rosną o 31% r/r do 465,9 mln zł, a EBIT o 22% do 58,2 mln zł – wzrost napędzają oba segmenty (Secure IT dla sektora publicznego i Retail RegTech).

Sentiment

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Website

CMP H1 2026 report

Revenue

465.89 m PLN

— YoY

Net income

41.1 m PLN

— YoY

EBITDA

83.62 m PLN

— YoY

Gross margin

32.89%

— YoY

Summary

Investment thesis

Zawarte w maju 2026 umowy SAFE z MON (Enigma solo 273,7 mln zł netto oraz konsorcjum 910,5 mln zł netto, oba z opcjami) tworzą portfel sięgający poza 2028 r.; przepływy dopiero od 2027 r.
Marże brutto i EBITDA spadają (odpowiednio o 4,8 pp i 2,3 pp r/r) – wzrost jest w dużej mierze niskomarżowy (sprzedaż towarów +93% r/r).
Gotówka z działalności operacyjnej to tylko 9,2 mln zł przy EBITDA 83,6 mln zł; skup akcji za 35 mln zł sfinansowano z gotówki i kredytu.
Zarząd utrzymuje cel EBITDA 150 mln zł na 2026 r. i sygnalizuje możliwość podniesienia celów na 2027–2028 o ponad 10%; strategia zakłada skup i umorzenie akcji zamiast dywidendy.

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Financials

BETA

H1 2026

CMP · H1 2026

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

Revenue	252.02	—	—	465.89	—	reported	—	1.00
Gross profit	83.3	—	—	153.21	—	reported	—	1.00
EBITDA	45.94	—	—	83.62	—	reported	—	1.00
EBIT	33.14	—	—	58.18	—	reported	—	1.00
EBT	54.43	—	—	54.43	—	reported	—	1.00
Net income	23.5	—	—	41.1	—	reported	—	1.00
EPS (basic) (PLN)	2.04	—	—	2.04	—	reported	—	1.00
EPS (diluted) (PLN)	2.04	—	—	2.04	—	reported	—	1.00
D&A	25.44	—	—	25.44	—	reported	—	1.00
Interest expense	3.75	—	—	3.75	—	reported	—	1.00
Income tax	11.33	—	—	11.33	—	reported	—	1.00
Shares (basic) (m units)	20.14	—	—	20.14	—	reported	—	1.00

Gross margin	32.89%	—	—	32.89%	—	derived	—	0.70
EBITDA margin	18.23%	—	—	17.95%	—	derived	—	0.70
EBIT margin	12.49%	—	—	12.49%	—	derived	—	0.70
EBT margin	11.68%	—	—	11.68%	—	derived	—	0.70
Net margin	8.82%	—	—	8.82%	—	derived	—	0.70
D&A margin	5.46%	—	—	5.46%	—	derived	—	0.70

Cash	43.97	—	—	—	—	reported	—	1.00
Total debt	120.54	—	—	—	—	reported	—	0.85
Net debt	76.57	—	—	—	—	derived	—	0.85
Equity	480.5	—	—	—	—	reported	—	1.00
Total assets	852.03	—	—	—	—	reported	—	1.00
Working capital	38.55	—	—	—	—	derived	—	0.70
Current assets	344.36	—	—	—	—	reported	—	1.00
Current liabilities	305.82	—	—	—	—	reported	—	1.00
Non-current liabilities	65.72	—	—	—	—	reported	—	1.00
Inventory	85.28	—	—	—	—	reported	—	1.00
Trade receivables	138.1	—	—	—	—	reported	—	1.00
Trade payables	98.34	—	—	—	—	reported	—	1.00
Goodwill	416.89	—	—	—	—	reported	—	1.00
Tangible equity	63.61	—	—	—	—	derived	—	0.70

CFO	38.06	—	—	9.16	—	reported	—	1.00
CapEx	9.73	—	—	20.63	—	reported	—	1.00
FCF	28.33	—	—	-11.47	—	derived	—	0.70
FCF conversion	-13.72%	—	—	-13.72%	—	derived	—	0.70
CFO conversion	10.96%	—	—	10.96%	—	derived	—	0.70
Dividends paid	0.98	—	—	0.98	—	reported	—	1.00
Buybacks	35.05	—	—	35.05	—	reported	—	1.00

Current ratio	1.13x	—	—	—	—	derived	—	0.70
Quick ratio	0.85x	—	—	—	—	derived	—	0.70
Cash ratio	0.14x	—	—	—	—	derived	—	0.70
Interest coverage	15.5x	—	—	15.5x	—	derived	—	0.70

Debt / equity	0.25x	—	—	—	—	derived	—	0.70
Debt / assets	0.14x	—	—	—	—	derived	—	0.70
Net debt / equity	0.16x	—	—	—	—	derived	—	0.70

Revenue growth (YoY)	34.77%	—	—	31.04%	—	derived	—	0.70
EBITDA growth (YoY)	15.92%	—	—	15.92%	—	derived	—	0.70
EBIT growth (YoY)	22.19%	—	—	22.19%	—	derived	—	0.70
Net income growth (YoY)	15.46%	—	—	15.46%	—	derived	—	0.70
EPS growth (YoY)	21.43%	—	—	21.43%	—	derived	—	0.70
Gross margin Δ (YoY)	-4.79 pp	—	—	-4.79 pp	—	derived	—	0.70
EBITDA margin Δ (YoY)	-2.34 pp	—	—	-2.34 pp	—	derived	—	0.70
EBIT margin Δ (YoY)	-0.91 pp	—	—	-0.91 pp	—	derived	—	0.70
Net margin Δ (YoY)	-1.19 pp	—	—	-1.19 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

252.02 —

H1 2025: —
YTD 2026: 465.89
Δ YoY: —

Gross profit

83.3 —

H1 2025: —
YTD 2026: 153.21
Δ YoY: —

EBITDA

45.94 —

H1 2025: —
YTD 2026: 83.62
Δ YoY: —

EBIT

33.14 —

H1 2025: —
YTD 2026: 58.18
Δ YoY: —

EBT

54.43 —

H1 2025: —
YTD 2026: 54.43
Δ YoY: —

Net income

23.5 —

H1 2025: —
YTD 2026: 41.1
Δ YoY: —

EPS (basic) (PLN)

2.04 —

H1 2025: —
YTD 2026: 2.04
Δ YoY: —

EPS (diluted) (PLN)

2.04 —

H1 2025: —
YTD 2026: 2.04
Δ YoY: —

D&A

25.44 —

H1 2025: —
YTD 2026: 25.44
Δ YoY: —

Interest expense

3.75 —

H1 2025: —
YTD 2026: 3.75
Δ YoY: —

Income tax

11.33 —

H1 2025: —
YTD 2026: 11.33
Δ YoY: —

Shares (basic) (m units)

20.14 —

H1 2025: —
YTD 2026: 20.14
Δ YoY: —

Gross margin

32.89% —

H1 2025: —
YTD 2026: 32.89%
Δ YoY: —

EBITDA margin

18.23% —

H1 2025: —
YTD 2026: 17.95%
Δ YoY: —

EBIT margin

12.49% —

H1 2025: —
YTD 2026: 12.49%
Δ YoY: —

EBT margin

11.68% —

H1 2025: —
YTD 2026: 11.68%
Δ YoY: —

Net margin

8.82% —

H1 2025: —
YTD 2026: 8.82%
Δ YoY: —

D&A margin

5.46% —

H1 2025: —
YTD 2026: 5.46%
Δ YoY: —

Cash

43.97 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

120.54 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

76.57 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

480.5 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total assets

852.03 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Working capital

38.55 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

344.36 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

305.82 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

65.72 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

85.28 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

138.1 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

98.34 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

416.89 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity

63.61 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

38.06 —

H1 2025: —
YTD 2026: 9.16
Δ YoY: —

CapEx

9.73 —

H1 2025: —
YTD 2026: 20.63
Δ YoY: —

FCF

28.33 —

H1 2025: —
YTD 2026: -11.47
Δ YoY: —

FCF conversion

-13.72% —

H1 2025: —
YTD 2026: -13.72%
Δ YoY: —

CFO conversion

10.96% —

H1 2025: —
YTD 2026: 10.96%
Δ YoY: —

Dividends paid

0.98 —

H1 2025: —
YTD 2026: 0.98
Δ YoY: —

Buybacks

35.05 —

H1 2025: —
YTD 2026: 35.05
Δ YoY: —

Current ratio

1.13x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

0.85x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.14x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

15.5x —

H1 2025: —
YTD 2026: 15.5x
Δ YoY: —

Debt / equity

0.25x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.14x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.16x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

34.77% —

H1 2025: —
YTD 2026: 31.04%
Δ YoY: —

EBITDA growth (YoY)

15.92% —

H1 2025: —
YTD 2026: 15.92%
Δ YoY: —

EBIT growth (YoY)

22.19% —

H1 2025: —
YTD 2026: 22.19%
Δ YoY: —

Net income growth (YoY)

15.46% —

H1 2025: —
YTD 2026: 15.46%
Δ YoY: —

EPS growth (YoY)

21.43% —

H1 2025: —
YTD 2026: 21.43%
Δ YoY: —

Gross margin Δ (YoY)

-4.79 pp —

H1 2025: —
YTD 2026: -4.79 pp
Δ YoY: —

EBITDA margin Δ (YoY)

-2.34 pp —

H1 2025: —
YTD 2026: -2.34 pp
Δ YoY: —

EBIT margin Δ (YoY)

-0.91 pp —

H1 2025: —
YTD 2026: -0.91 pp
Δ YoY: —

Net margin Δ (YoY)

-1.19 pp —

H1 2025: —
YTD 2026: -1.19 pp
Δ YoY: —