CAP CAPITEA Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 29, 2026

H1 2026 report

Capitea (dawny GetBack) to spółka w wykonywaniu układu z wierzycielami: realną miarą jest gotówka do obsługi rat, a nie wynik księgowy.

Sentiment

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Website

CAP H1 2026 report

Revenue

48.62 m PLN

— YoY

Net income

3.68 m PLN

— YoY

EBITDA

21.27 m PLN

— YoY

FCF

42.83 m PLN

— YoY

Summary

Investment thesis

Do zapłaty pozostały cztery raty układowe (nr 13–16) na łącznie 154 mln zł, z czego 51,2 mln zł już we wrześniu 2026 r.; na 30.06.2026 Grupa miała 113,5 mln zł gotówki, w tym 48,0 mln zł zamkniętych w funduszach w likwidacji.
Przychody spadły o 20,6% r/r do 48,6 mln zł, a zysk operacyjny o 61,6% do 7,4 mln zł – malejący portfel wierzytelności zmniejsza bazę do windykacji.
Zarząd sam przyznaje „przejściowy deficyt środków” względem Planu Restrukturyzacyjnego; roszczenia odszkodowawcze dały ok. 46 mln zł wobec ok. 100 mln zł założonych w planie.
Biegły rewident w przeglądzie zwraca uwagę na znaczącą niepewność co do kontynuacji działalności; kapitał własny 210,7 mln zł wynika w dużej mierze z wyceny zobowiązań układowych wg MSSF 9.

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Financials

BETA

H1 2026

CAP · H1 2026

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

Revenue	48,622	119,247	−59.2%	48,622	−59.2%	reported	—	1.00
EBITDA	21,268	36,798	−42.2%	21,268	−42.2%	derived	—	0.70
EBIT	7,432	33,071	−77.5%	7,432	−77.5%	reported	—	1.00
EBT	4,329	20,096	−78.5%	4,329	−78.5%	reported	—	1.00
Net income	3,682	19,646	−81.3%	3,682	−81.3%	reported	—	1.00
EPS (basic) (PLN)	0.04	—	—	0.04	—	reported	—	1.00
EPS (diluted) (PLN)	0.04	—	—	0.04	—	reported	—	1.00
D&A	1,969	3,727	−47.2%	1,969	−47.2%	reported	—	1.00
Interest expense	220	—	—	220	—	reported	—	0.90
Income tax	647	450	+43.8%	647	+43.8%	reported	—	1.00
Shares (basic) (m units)	100	—	—	100	—	reported	—	1.00

EBITDA margin	19.33%	30.86%	−11.5 pp	19.33%	−11.5 pp	derived	—	0.70
EBIT margin	15.29%	27.73%	−12.4 pp	15.29%	−12.4 pp	derived	—	0.70
EBT margin	8.9%	16.85%	−8 pp	8.9%	−8 pp	derived	—	0.70
Net margin	7.57%	16.48%	−8.9 pp	7.57%	−8.9 pp	derived	—	0.70

Cash	113,534	102,482	+10.8%	—	—	reported	—	1.00
Total debt	155,873	210,213	−25.8%	—	—	derived	—	0.60
Net debt	42,339	107,731	−60.7%	—	—	derived	—	0.60
Equity	210,651	203,276	+3.6%	—	—	reported	—	1.00
Total assets	402,434	447,758	−10.1%	—	—	reported	—	1.00
Current assets	381,953	428,094	−10.8%	—	—	reported	—	1.00
Current liabilities	120,998	138,176	−12.4%	—	—	reported	—	1.00
Non-current liabilities	63,430	99,135	−36%	—	—	reported	—	1.00
Inventory	1,050	—	—	—	—	reported	—	1.00
Trade receivables	9	12	−25%	—	—	reported	—	1.00

CFO	43,499	—	—	43,499	—	reported	—	1.00
CapEx	667	—	—	667	—	reported	—	1.00
FCF	42,832	—	—	42,832	—	derived	—	0.70
FCF conversion	455.6%	—	—	455.6%	—	derived	—	0.70
CFO conversion	462.7%	—	—	462.7%	—	derived	—	0.70

Current ratio	3.16x	3.1x	+0.06x	—	—	derived	—	0.70
Quick ratio	3.15x	—	—	—	—	derived	—	0.70
Cash ratio	0.94x	0.74x	+0.2x	—	—	derived	—	0.70

Debt / equity	0.74x	1.03x	−0.29x	—	—	derived	—	0.60
Debt / assets	0.39x	0.47x	−0.08x	—	—	derived	—	0.60
Net debt / equity	0.2x	0.53x	−0.33x	—	—	derived	—	0.60

Revenue growth (YoY)	-20.6%	-26.17%	—	-20.6%	—	derived	—	0.70
EBITDA growth (YoY)	-55.8%	—	—	-55.8%	—	derived	—	0.70
EBIT growth (YoY)	-61.6%	-61.09%	—	-61.6%	—	derived	—	0.70
Net income growth (YoY)	-67.87%	-73.95%	—	-67.87%	—	derived	—	0.70
EBIT margin Δ (YoY)	-16.31 pp	-24.89 pp	—	-16.31 pp	—	derived	—	0.70
Net margin Δ (YoY)	-11.15 pp	-30.22 pp	—	-11.15 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

48,622 −59.2%

H1 2025: 119,247
YTD 2026: 48,622
Δ YoY: −59.2%

EBITDA

21,268 −42.2%

H1 2025: 36,798
YTD 2026: 21,268
Δ YoY: −42.2%

EBIT

7,432 −77.5%

H1 2025: 33,071
YTD 2026: 7,432
Δ YoY: −77.5%

EBT

4,329 −78.5%

H1 2025: 20,096
YTD 2026: 4,329
Δ YoY: −78.5%

Net income

3,682 −81.3%

H1 2025: 19,646
YTD 2026: 3,682
Δ YoY: −81.3%

EPS (basic) (PLN)

0.04 —

H1 2025: —
YTD 2026: 0.04
Δ YoY: —

EPS (diluted) (PLN)

0.04 —

H1 2025: —
YTD 2026: 0.04
Δ YoY: —

D&A

1,969 −47.2%

H1 2025: 3,727
YTD 2026: 1,969
Δ YoY: −47.2%

Interest expense

220 —

H1 2025: —
YTD 2026: 220
Δ YoY: —

Income tax

647 +43.8%

H1 2025: 450
YTD 2026: 647
Δ YoY: +43.8%

Shares (basic) (m units)

100 —

H1 2025: —
YTD 2026: 100
Δ YoY: —

EBITDA margin

19.33% −11.5 pp

H1 2025: 30.86%
YTD 2026: 19.33%
Δ YoY: −11.5 pp

EBIT margin

15.29% −12.4 pp

H1 2025: 27.73%
YTD 2026: 15.29%
Δ YoY: −12.4 pp

EBT margin

8.9% −8 pp

H1 2025: 16.85%
YTD 2026: 8.9%
Δ YoY: −8 pp

Net margin

7.57% −8.9 pp

H1 2025: 16.48%
YTD 2026: 7.57%
Δ YoY: −8.9 pp

Cash

113,534 +10.8%

H1 2025: 102,482
YTD 2026: —
Δ YoY: —

Total debt

155,873 −25.8%

H1 2025: 210,213
YTD 2026: —
Δ YoY: —

Net debt

42,339 −60.7%

H1 2025: 107,731
YTD 2026: —
Δ YoY: —

Equity

210,651 +3.6%

H1 2025: 203,276
YTD 2026: —
Δ YoY: —

Total assets

402,434 −10.1%

H1 2025: 447,758
YTD 2026: —
Δ YoY: —

Current assets

381,953 −10.8%

H1 2025: 428,094
YTD 2026: —
Δ YoY: —

Current liabilities

120,998 −12.4%

H1 2025: 138,176
YTD 2026: —
Δ YoY: —

Non-current liabilities

63,430 −36%

H1 2025: 99,135
YTD 2026: —
Δ YoY: —

Inventory

1,050 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

9 −25%

H1 2025: 12
YTD 2026: —
Δ YoY: —

CFO

43,499 —

H1 2025: —
YTD 2026: 43,499
Δ YoY: —

CapEx

667 —

H1 2025: —
YTD 2026: 667
Δ YoY: —

FCF

42,832 —

H1 2025: —
YTD 2026: 42,832
Δ YoY: —

FCF conversion

455.6% —

H1 2025: —
YTD 2026: 455.6%
Δ YoY: —

CFO conversion

462.7% —

H1 2025: —
YTD 2026: 462.7%
Δ YoY: —

Current ratio

3.16x +0.06x

H1 2025: 3.1x
YTD 2026: —
Δ YoY: —

Quick ratio

3.15x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.94x +0.2x

H1 2025: 0.74x
YTD 2026: —
Δ YoY: —

Debt / equity

0.74x −0.29x

H1 2025: 1.03x
YTD 2026: —
Δ YoY: —

Debt / assets

0.39x −0.08x

H1 2025: 0.47x
YTD 2026: —
Δ YoY: —

Net debt / equity

0.2x −0.33x

H1 2025: 0.53x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-20.6% —

H1 2025: -26.17%
YTD 2026: -20.6%
Δ YoY: —

EBITDA growth (YoY)

-55.8% —

H1 2025: —
YTD 2026: -55.8%
Δ YoY: —

EBIT growth (YoY)

-61.6% —

H1 2025: -61.09%
YTD 2026: -61.6%
Δ YoY: —

Net income growth (YoY)

-67.87% —

H1 2025: -73.95%
YTD 2026: -67.87%
Δ YoY: —

EBIT margin Δ (YoY)

-16.31 pp —

H1 2025: -24.89 pp
YTD 2026: -16.31 pp
Δ YoY: —

Net margin Δ (YoY)

-11.15 pp —

H1 2025: -30.22 pp
YTD 2026: -11.15 pp
Δ YoY: —