ENT ENTER AIR Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 29, 2026

H1 2026 report

Przychody +17,8% do 1 478 mln zł, ale marża brutto spadła z 8,0% do 2,9% przez paliwo i koszty operacyjne.

Sentiment

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Website

ENT H1 2026 report

Revenue

1.48 bn PLN

— YoY

Net income

-130.47 m PLN

— YoY

EBITDA

212.66 m PLN

— YoY

Gross margin

2.94%

— YoY

Summary

Investment thesis

Strata netto 130 mln zł wynika głównie z wyników finansowych −174 mln zł (różnice kursowe leasingu, pochodne, odsetki).
OCF 265 mln zł i gotówka 289 mln zł potwierdzają odporność modelu przedpłat.
Dług netto ok. 2,24 mld zł, kapitał własny 324 mln zł (−35% od grudnia), wskaźnik bieżący 0,67.
Brak prognoz na 2026 r.; wynik zależy od paliwa, kursu złotego i sezonu letniego.

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Financials

BETA

H1 2026

ENT · H1 2026

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

Revenue	1,478.14	—	—	1,478.14	—	reported	—	1.00
Gross profit	43.5	—	—	43.5	—	reported	—	1.00
EBITDA	212.66	—	—	212.66	—	derived	—	0.70
EBIT	17.03	—	—	17.03	—	reported	—	1.00
EBT	-160.25	—	—	-160.25	—	reported	—	1.00
Net income	-130.47	—	—	-130.47	—	reported	—	1.00
EPS (basic) (PLN)	-7.44	—	—	-7.44	—	reported	—	1.00
EPS (diluted) (PLN)	-7.44	—	—	-7.44	—	reported	—	1.00
D&A	195.62	—	—	195.62	—	reported	—	1.00
Interest expense	56.09	—	—	56.09	—	reported	—	1.00
Income tax	-29.94	—	—	-29.94	—	reported	—	0.90

Gross margin	2.94%	—	—	2.94%	—	reported	—	0.70
EBITDA margin	14.39%	—	—	14.39%	—	reported	—	0.70
EBIT margin	1.15%	—	—	1.15%	—	reported	—	0.70
Net margin	-8.83%	—	—	-8.83%	—	reported	—	0.70

Cash	288.91	—	—	—	—	reported	—	1.00
Total debt	2,528.43	—	—	—	—	derived	—	0.90
Net debt	2,239.52	—	—	—	—	derived	—	0.70
Equity	324.5	—	—	—	—	reported	—	1.00
Total assets	3,682.3	—	—	—	—	reported	—	1.00
Current assets	861.79	—	—	—	—	reported	—	1.00
Current liabilities	1,291.84	—	—	—	—	reported	—	1.00
Non-current liabilities	2,065.97	—	—	—	—	reported	—	1.00
Inventory	16.27	—	—	—	—	reported	—	1.00
Trade receivables	535.22	—	—	—	—	reported	—	1.00
Goodwill	10.98	—	—	—	—	reported	—	1.00

CFO	265.46	—	—	265.46	—	reported	—	1.00
CapEx	15.88	—	—	15.88	—	reported	—	1.00
FCF	84.68	—	—	84.68	—	reported	—	0.70

Current ratio	0.67x	—	—	—	—	reported	—	0.70

Debt / equity	7.79x	—	—	—	—	reported	—	0.70
Debt / assets	0.69x	—	—	—	—	reported	—	0.70
Net debt / equity	6.9x	—	—	—	—	reported	—	0.70

Revenue growth (YoY)	17.78%	—	—	17.78%	—	reported	—	0.70
EBIT growth (YoY)	-71.23%	—	—	-71.23%	—	reported	—	0.70

H1 2026 · Δ YoY

Revenue

1,478.14 —

H1 2025: —
YTD 2026: 1,478.14
Δ YoY: —

Gross profit

43.5 —

H1 2025: —
YTD 2026: 43.5
Δ YoY: —

EBITDA

212.66 —

H1 2025: —
YTD 2026: 212.66
Δ YoY: —

EBIT

17.03 —

H1 2025: —
YTD 2026: 17.03
Δ YoY: —

EBT

-160.25 —

H1 2025: —
YTD 2026: -160.25
Δ YoY: —

Net income

-130.47 —

H1 2025: —
YTD 2026: -130.47
Δ YoY: —

EPS (basic) (PLN)

-7.44 —

H1 2025: —
YTD 2026: -7.44
Δ YoY: —

EPS (diluted) (PLN)

-7.44 —

H1 2025: —
YTD 2026: -7.44
Δ YoY: —

D&A

195.62 —

H1 2025: —
YTD 2026: 195.62
Δ YoY: —

Interest expense

56.09 —

H1 2025: —
YTD 2026: 56.09
Δ YoY: —

Income tax

-29.94 —

H1 2025: —
YTD 2026: -29.94
Δ YoY: —

Gross margin

2.94% —

H1 2025: —
YTD 2026: 2.94%
Δ YoY: —

EBITDA margin

14.39% —

H1 2025: —
YTD 2026: 14.39%
Δ YoY: —

EBIT margin

1.15% —

H1 2025: —
YTD 2026: 1.15%
Δ YoY: —

Net margin

-8.83% —

H1 2025: —
YTD 2026: -8.83%
Δ YoY: —

Cash

288.91 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

2,528.43 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

2,239.52 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

324.5 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total assets

3,682.3 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

861.79 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

1,291.84 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

2,065.97 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

16.27 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

535.22 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

10.98 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

265.46 —

H1 2025: —
YTD 2026: 265.46
Δ YoY: —

CapEx

15.88 —

H1 2025: —
YTD 2026: 15.88
Δ YoY: —

FCF

84.68 —

H1 2025: —
YTD 2026: 84.68
Δ YoY: —

Current ratio

0.67x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

7.79x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.69x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

6.9x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

17.78% —

H1 2025: —
YTD 2026: 17.78%
Δ YoY: —

EBIT growth (YoY)

-71.23% —

H1 2025: —
YTD 2026: -71.23%
Δ YoY: —