H1 2026 report
REINO Capital szybko zmienia się w konsolidatora usług dla nieruchomości: przychody wzrosły o 190% r/r do 62,1 mln zł, głównie dzięki włączeniu PZN (facility management).
Sentiment
●●●●●●
RNC
H1 2026 report
Revenue
62,116,565 PLN
— YoY
Net income
2,683,872 PLN
— YoY
EBITDA
6,050,000 PLN
— YoY
FCF
4,643,181 PLN
— YoY
Summary
Investment thesis
- Rentowność poprawiła się wyraźnie: EBITDA 6,05 mln zł (marża 9,7% wobec 5,3%), zysk netto 2,7 mln zł wobec straty 0,3 mln zł rok wcześniej.
- Jakość zysku jest przyzwoita – OCF 5,0 mln zł (ok. 83% EBITDA) i FCF 4,6 mln zł, ale należności rosną, a bieżąca płynność wynosi 0,90.
- Bilans jest obciążony długiem (dług odsetkowy z leasingiem ok. 19,9 mln zł, w tym obligacje EUR 12,75%) i portfelem inwestycji w spółki notowane wycenianym przez OCI (22,1 mln zł).
- Strategia zakłada kolejne przejęcia (spółki FM i AM do końca 2026 r.), co oznacza ryzyko wykonawcze i rozwodnienie akcjonariuszy.
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Financials
BETA
RNC · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 62,116,565 | — | — | 62,116,565 | — | reported | — | 1.00 |
| EBITDA | 6,050,000 | — | — | 6,050,000 | — | reported | — | 0.90 |
| EBIT | 4,563,391 | — | — | 4,563,391 | — | reported | — | 1.00 |
| EBT | 3,326,394 | — | — | 3,326,394 | — | reported | — | 1.00 |
| Net income | 2,683,872 | — | — | 2,683,872 | — | reported | — | 1.00 |
| EPS (basic) | 0.03 | — | — | 0.03 | — | reported | — | 1.00 |
| EPS (diluted) | 0.03 | — | — | 0.03 | — | reported | — | 1.00 |
| D&A | 1,486,895 | — | — | 1,486,895 | — | reported | — | 1.00 |
| Income tax | 642,522 | — | — | 642,522 | — | reported | — | 1.00 |
| Shares (basic) (units) | 87,442,895 | — | — | 87,442,895 | — | reported | — | 1.00 |
| EBITDA margin | 9.74% | — | — | 9.74% | — | derived | — | 0.70 |
| EBIT margin | 7.35% | — | — | 7.35% | — | derived | — | 0.70 |
| Net margin | 4.32% | — | — | 4.32% | — | derived | — | 0.70 |
| D&A margin | 2.39% | — | — | 2.39% | — | derived | — | 0.70 |
| Cash | 2,638,759 | — | — | — | — | reported | — | 1.00 |
| Total debt | 19,941,644 | — | — | — | — | reported | — | 0.85 |
| Net debt | 17,302,885 | — | — | — | — | derived | — | 0.70 |
| Equity | 26,891,104 | — | — | — | — | reported | — | 1.00 |
| Total assets | 66,094,708 | — | — | — | — | reported | — | 1.00 |
| Working capital | -2,496,452 | — | — | — | — | derived | — | 0.70 |
| Current assets | 23,103,059 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 25,599,511 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 13,604,093 | — | — | — | — | reported | — | 1.00 |
| Inventory | 395,511 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 18,438,437 | — | — | — | — | reported | — | 0.85 |
| Trade payables | 13,877,789 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 9,635,809 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 17,255,295 | — | — | — | — | derived | — | 0.70 |
| CFO | 4,995,279 | — | — | 4,995,279 | — | reported | — | 1.00 |
| CapEx | 352,098 | — | — | 352,098 | — | reported | — | 1.00 |
| FCF | 4,643,181 | — | — | 4,643,181 | — | derived | — | 0.70 |
| FCF conversion | 76.7% | — | — | 76.7% | — | derived | — | 0.70 |
| CFO conversion | 82.6% | — | — | 82.6% | — | derived | — | 0.70 |
| Current ratio | 0.9x | — | — | — | — | derived | — | 0.70 |
| Quick ratio | 0.89x | — | — | — | — | derived | — | 0.70 |
| Cash ratio | 0.1x | — | — | — | — | derived | — | 0.70 |
| Debt / equity | 0.74x | — | — | — | — | derived | — | 0.70 |
| Debt / assets | 0.3x | — | — | — | — | derived | — | 0.70 |
| Net debt / equity | 0.64x | — | — | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 190.3% | — | — | 190.3% | — | derived | — | 0.70 |
| EBITDA growth (YoY) | 434.6% | — | — | 434.6% | — | derived | — | 0.70 |
| EBIT growth (YoY) | 1198.5% | — | — | 1198.5% | — | derived | — | 0.70 |
| Net income growth (YoY) | 897% | — | — | 897% | — | derived | — | 0.70 |
| EBITDA margin Δ (YoY) | 4.45 pp | — | — | 4.45 pp | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | 5.71 pp | — | — | 5.71 pp | — | derived | — | 0.70 |
| Net margin Δ (YoY) | 5.89 pp | — | — | 5.89 pp | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Revenue
62,116,565
—
62,116,565
—
- H1 2025
- —
- YTD 2026
- 62,116,565
- Δ YoY
- —
EBITDA
6,050,000
—
6,050,000
—
- H1 2025
- —
- YTD 2026
- 6,050,000
- Δ YoY
- —
EBIT
4,563,391
—
4,563,391
—
- H1 2025
- —
- YTD 2026
- 4,563,391
- Δ YoY
- —
EBT
3,326,394
—
3,326,394
—
- H1 2025
- —
- YTD 2026
- 3,326,394
- Δ YoY
- —
Net income
2,683,872
—
2,683,872
—
- H1 2025
- —
- YTD 2026
- 2,683,872
- Δ YoY
- —
EPS (basic)
0.03
—
0.03
—
- H1 2025
- —
- YTD 2026
- 0.03
- Δ YoY
- —
EPS (diluted)
0.03
—
0.03
—
- H1 2025
- —
- YTD 2026
- 0.03
- Δ YoY
- —
D&A
1,486,895
—
1,486,895
—
- H1 2025
- —
- YTD 2026
- 1,486,895
- Δ YoY
- —
Income tax
642,522
—
642,522
—
- H1 2025
- —
- YTD 2026
- 642,522
- Δ YoY
- —
Shares (basic)
(units)
87,442,895
—
87,442,895
—
- H1 2025
- —
- YTD 2026
- 87,442,895
- Δ YoY
- —
EBITDA margin
9.74%
—
9.74%
—
- H1 2025
- —
- YTD 2026
- 9.74%
- Δ YoY
- —
EBIT margin
7.35%
—
7.35%
—
- H1 2025
- —
- YTD 2026
- 7.35%
- Δ YoY
- —
Net margin
4.32%
—
4.32%
—
- H1 2025
- —
- YTD 2026
- 4.32%
- Δ YoY
- —
D&A margin
2.39%
—
2.39%
—
- H1 2025
- —
- YTD 2026
- 2.39%
- Δ YoY
- —
Cash
2,638,759
—
2,638,759
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
19,941,644
—
19,941,644
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
17,302,885
—
17,302,885
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
26,891,104
—
26,891,104
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
66,094,708
—
66,094,708
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
-2,496,452
—
-2,496,452
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
23,103,059
—
23,103,059
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
25,599,511
—
25,599,511
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
13,604,093
—
13,604,093
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
395,511
—
395,511
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
18,438,437
—
18,438,437
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
13,877,789
—
13,877,789
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
9,635,809
—
9,635,809
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
17,255,295
—
17,255,295
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
4,995,279
—
4,995,279
—
- H1 2025
- —
- YTD 2026
- 4,995,279
- Δ YoY
- —
CapEx
352,098
—
352,098
—
- H1 2025
- —
- YTD 2026
- 352,098
- Δ YoY
- —
FCF
4,643,181
—
4,643,181
—
- H1 2025
- —
- YTD 2026
- 4,643,181
- Δ YoY
- —
FCF conversion
76.7%
—
76.7%
—
- H1 2025
- —
- YTD 2026
- 76.7%
- Δ YoY
- —
CFO conversion
82.6%
—
82.6%
—
- H1 2025
- —
- YTD 2026
- 82.6%
- Δ YoY
- —
Current ratio
0.9x
—
0.9x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.89x
—
0.89x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.1x
—
0.1x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.74x
—
0.74x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.3x
—
0.3x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.64x
—
0.64x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
190.3%
—
190.3%
—
- H1 2025
- —
- YTD 2026
- 190.3%
- Δ YoY
- —
EBITDA growth (YoY)
434.6%
—
434.6%
—
- H1 2025
- —
- YTD 2026
- 434.6%
- Δ YoY
- —
EBIT growth (YoY)
1198.5%
—
1198.5%
—
- H1 2025
- —
- YTD 2026
- 1198.5%
- Δ YoY
- —
Net income growth (YoY)
897%
—
897%
—
- H1 2025
- —
- YTD 2026
- 897%
- Δ YoY
- —
EBITDA margin Δ (YoY)
4.45 pp
—
4.45 pp
—
- H1 2025
- —
- YTD 2026
- 4.45 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
5.71 pp
—
5.71 pp
—
- H1 2025
- —
- YTD 2026
- 5.71 pp
- Δ YoY
- —
Net margin Δ (YoY)
5.89 pp
—
5.89 pp
—
- H1 2025
- —
- YTD 2026
- 5.89 pp
- Δ YoY
- —