AAT
H1 2026 report
Revenue
249 k PLN
— YoY
Net income
-1.56 m PLN
— YoY
EBITDA
-1.5 m PLN
— YoY
FCF
-1.39 m PLN
— YoY
Summary
Investment thesis
- Teza opiera się na wartości gruntów i projektu w Siewierzu, wycenianych metodą skorygowanych aktywów netto (204,5 mln zł wg modelu vs 204,1 mln zł w księgach), a nie na bieżących przepływach.
- Strata półrocza spadła do 1,6 mln zł z 12,4 mln zł, bo tym razem nie było odpisu z wyceny udziałów (rok temu −10,7 mln zł); koszty własne spółki nadal przekraczają symboliczne przychody.
- Płynność jest bardzo napięta: 1 tys. zł gotówki, ujemny OCF −1,4 mln zł finansowany rosnącą pożyczką od własnej spółki portfelowej (4,7 mln zł).
- Biegły zwraca uwagę na ryzyka kontynuacji działalności, płynności i wyceny (paragraf objaśniający, bez zastrzeżenia) — wartość księgowa 12,92 zł na akcję zależy od sprzedaży aktywów w przyszłości.
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Financials
BETA
AAT · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 249 | 512 | −51.4% | 249 | −51.4% | reported | — | 1.00 |
| EBITDA | -1,501 | -9,250 | +83.8% | -1,501 | +83.8% | derived | — | 0.70 |
| EBIT | -1,511 | -9,281 | +83.7% | -1,511 | +83.7% | reported | — | 1.00 |
| EBT | -1,563 | -9,962 | +84.3% | -1,563 | +84.3% | reported | — | 1.00 |
| Net income | -1,563 | -9,962 | +84.3% | -1,563 | +84.3% | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.1 | -0.64 | — | -0.1 | — | reported | — | 1.00 |
| D&A | 10 | 31 | −67.7% | 10 | −67.7% | reported | — | 1.00 |
| Interest expense | 64 | 712 | −91% | 64 | −91% | reported | — | 1.00 |
| Net margin | -627.71% | -1945.7% | +1318 pp | -627.71% | +1318 pp | derived | — | 0.70 |
| Cash | 1 | 23 | −95.7% | — | — | reported | — | 1.00 |
| Total debt | 5,238 | 3,830 | +36.8% | — | — | reported | — | 1.00 |
| Net debt | 5,237 | 3,807 | +37.6% | — | — | derived | — | 0.70 |
| Equity | 202,131 | 203,694 | −0.8% | — | — | reported | — | 1.00 |
| Total assets | 208,032 | 208,671 | −0.3% | — | — | reported | — | 1.00 |
| Working capital | 2,733 | — | — | — | — | derived | — | 0.70 |
| Current assets | 3,919 | 4,528 | −13.4% | — | — | reported | — | 1.00 |
| Current liabilities | 1,186 | 1,652 | −28.2% | — | — | reported | — | 1.00 |
| Non-current liabilities | 4,715 | 3,325 | +41.8% | — | — | reported | — | 1.00 |
| Trade receivables | 141 | 308 | −54.2% | — | — | reported | — | 1.00 |
| Trade payables | 360 | 346 | +4% | — | — | reported | — | 1.00 |
| CFO | -1,385 | -3,470 | +60.1% | -1,385 | +60.1% | reported | — | 1.00 |
| CapEx | 6 | 22 | −72.7% | 6 | −72.7% | reported | — | 1.00 |
| FCF | -1,391 | -3,492 | +60.2% | -1,391 | +60.2% | derived | — | 0.70 |
| Dividends paid | 0 | 0 | — | 0 | — | reported | — | 1.00 |
| Current ratio | 3.3x | 2.74x | +0.56x | — | — | derived | — | 0.70 |
| Cash ratio | 0x | 0.01x | −0.01x | — | — | derived | — | 0.70 |
| Debt / equity | 0.03x | 0.02x | +0.01x | — | — | derived | — | 0.70 |
| Debt / assets | 0.03x | 0.02x | +0.01x | — | — | derived | — | 0.70 |
| Net debt / equity | 0.03x | 0.02x | +0.01x | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 3.75% | 5.13% | — | 3.75% | — | derived | — | 0.70 |
| Net income growth (YoY) | 87.37% | -212.57% | — | 87.37% | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Revenue
249
−51.4%
249
−51.4%
- H1 2025
- 512
- YTD 2026
- 249
- Δ YoY
- −51.4%
EBITDA
-1,501
+83.8%
-1,501
+83.8%
- H1 2025
- -9,250
- YTD 2026
- -1,501
- Δ YoY
- +83.8%
EBIT
-1,511
+83.7%
-1,511
+83.7%
- H1 2025
- -9,281
- YTD 2026
- -1,511
- Δ YoY
- +83.7%
EBT
-1,563
+84.3%
-1,563
+84.3%
- H1 2025
- -9,962
- YTD 2026
- -1,563
- Δ YoY
- +84.3%
Net income
-1,563
+84.3%
-1,563
+84.3%
- H1 2025
- -9,962
- YTD 2026
- -1,563
- Δ YoY
- +84.3%
EPS (basic)
(PLN)
-0.1
—
-0.1
—
- H1 2025
- -0.64
- YTD 2026
- -0.1
- Δ YoY
- —
D&A
10
−67.7%
10
−67.7%
- H1 2025
- 31
- YTD 2026
- 10
- Δ YoY
- −67.7%
Interest expense
64
−91%
64
−91%
- H1 2025
- 712
- YTD 2026
- 64
- Δ YoY
- −91%
Net margin
-627.71%
+1318 pp
-627.71%
+1318 pp
- H1 2025
- -1945.7%
- YTD 2026
- -627.71%
- Δ YoY
- +1318 pp
Cash
1
−95.7%
1
−95.7%
- H1 2025
- 23
- YTD 2026
- —
- Δ YoY
- —
Total debt
5,238
+36.8%
5,238
+36.8%
- H1 2025
- 3,830
- YTD 2026
- —
- Δ YoY
- —
Net debt
5,237
+37.6%
5,237
+37.6%
- H1 2025
- 3,807
- YTD 2026
- —
- Δ YoY
- —
Equity
202,131
−0.8%
202,131
−0.8%
- H1 2025
- 203,694
- YTD 2026
- —
- Δ YoY
- —
Total assets
208,032
−0.3%
208,032
−0.3%
- H1 2025
- 208,671
- YTD 2026
- —
- Δ YoY
- —
Working capital
2,733
—
2,733
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
3,919
−13.4%
3,919
−13.4%
- H1 2025
- 4,528
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
1,186
−28.2%
1,186
−28.2%
- H1 2025
- 1,652
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
4,715
+41.8%
4,715
+41.8%
- H1 2025
- 3,325
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
141
−54.2%
141
−54.2%
- H1 2025
- 308
- YTD 2026
- —
- Δ YoY
- —
Trade payables
360
+4%
360
+4%
- H1 2025
- 346
- YTD 2026
- —
- Δ YoY
- —
CFO
-1,385
+60.1%
-1,385
+60.1%
- H1 2025
- -3,470
- YTD 2026
- -1,385
- Δ YoY
- +60.1%
CapEx
6
−72.7%
6
−72.7%
- H1 2025
- 22
- YTD 2026
- 6
- Δ YoY
- −72.7%
FCF
-1,391
+60.2%
-1,391
+60.2%
- H1 2025
- -3,492
- YTD 2026
- -1,391
- Δ YoY
- +60.2%
Dividends paid
0
—
0
—
- H1 2025
- 0
- YTD 2026
- 0
- Δ YoY
- —
Current ratio
3.3x
+0.56x
3.3x
+0.56x
- H1 2025
- 2.74x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0x
−0.01x
0x
−0.01x
- H1 2025
- 0.01x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.03x
+0.01x
0.03x
+0.01x
- H1 2025
- 0.02x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.03x
+0.01x
0.03x
+0.01x
- H1 2025
- 0.02x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.03x
+0.01x
0.03x
+0.01x
- H1 2025
- 0.02x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
3.75%
—
3.75%
—
- H1 2025
- 5.13%
- YTD 2026
- 3.75%
- Δ YoY
- —
Net income growth (YoY)
87.37%
—
87.37%
—
- H1 2025
- -212.57%
- YTD 2026
- 87.37%
- Δ YoY
- —