TOW Tower Investments Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 29, 2026

H1 2026 report

Deweloper bez przychodów: w H1 2026 sprzedaż wyniosła zero, a EBIT −431 tys. zł.

Sentiment

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Website

TOW H1 2026 report

Net income

-126 k PLN

+99.6% YoY

—

EBITDA

-366 k PLN

— YoY

FCF

-1.79 m PLN

-747.3% YoY

CFO

-1.75 m PLN

-732.1% YoY

—

Summary

Investment thesis

Wynik netto (−126 tys. zł) powstał dzięki dodatniej pozycji podatkowej 1 020 tys. zł; strata brutto to −1 146 tys. zł.
Kapitał własny dodatni (276 tys. zł) wyłącznie po emisji akcji serii D za 2,2 mln zł objętych przez głównych wierzycieli.
Istotna niepewność co do kontynuacji działalności, przeterminowane zobowiązania i zajęte rachunki bankowe spółek zależnych.
Katalizatory to sprzedaż nieruchomości na Białołęce, kolejna emisja akcji (NWZ w IV kw. 2026) i projekty z partnerami chińskimi na wczesnym etapie.

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Financials

BETA

H1 2026

TOW · H1 2026

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

Gross profit	23	—	—	23	—	reported	—	0.70
EBITDA	-366	—	—	-366	—	derived	—	0.70
EBIT	-431	3,220.17	−113.4%	-431	−113.4%	reported	—	1.00
EBT	-1,146	2,288.7	−150.1%	-1,146	−150.1%	reported	—	1.00
Net income	-126	2,288.7	−105.5%	-126	−105.5%	reported	—	1.00
D&A	65	—	—	65	—	reported	—	1.00
Interest expense	739	—	—	739	—	reported	—	0.80
Income tax	-1,020	—	—	-1,020	—	reported	—	0.80

Cash	884	—	—	—	—	reported	—	1.00
Total debt	2,925	—	—	—	—	reported	—	0.60
Net debt	2,041	—	—	—	—	derived	—	0.60
Equity	276	-1,797.59	+115.4%	—	—	reported	—	1.00
Total assets	21,911	20,973.72	+4.5%	—	—	reported	—	1.00
Working capital	4,907	—	—	—	—	derived	—	0.70
Current assets	19,163	18,419.18	+4%	—	—	reported	—	1.00
Current liabilities	14,256	14,083.56	+1.2%	—	—	reported	—	1.00
Non-current liabilities	7,379	8,687.75	−15.1%	—	—	reported	—	1.00
Inventory	14,919	—	—	—	—	reported	—	1.00
Trade receivables	354	—	—	—	—	reported	—	0.90
Trade payables	3,477	—	—	—	—	reported	—	1.00

CFO	-1,750	-102.33	−1610.1%	-1,750	−1610.1%	reported	—	0.90
CapEx	42	—	—	42	—	reported	—	1.00
FCF	-1,792	—	—	-1,792	—	derived	—	0.70

Current ratio	1.34x	—	—	—	—	derived	—	0.70
Quick ratio	0.3x	—	—	—	—	derived	—	0.70
Cash ratio	0.06x	—	—	—	—	derived	—	0.70

Debt / equity	10.6x	—	—	—	—	derived	—	0.60
Debt / assets	0.13x	—	—	—	—	derived	—	0.60
Net debt / equity	7.4x	—	—	—	—	derived	—	0.60

EBIT growth (YoY)	42.5%	111.63%	—	42.5%	—	derived	—	0.70
Net income growth (YoY)	80.6%	107.47%	—	80.6%	—	derived	—	0.70

H1 2026 · Δ YoY

Gross profit

23 —

H1 2025: —
YTD 2026: 23
Δ YoY: —

EBITDA

-366 —

H1 2025: —
YTD 2026: -366
Δ YoY: —

EBIT

-431 −113.4%

H1 2025: 3,220.17
YTD 2026: -431
Δ YoY: −113.4%

EBT

-1,146 −150.1%

H1 2025: 2,288.7
YTD 2026: -1,146
Δ YoY: −150.1%

Net income

-126 −105.5%

H1 2025: 2,288.7
YTD 2026: -126
Δ YoY: −105.5%

D&A

65 —

H1 2025: —
YTD 2026: 65
Δ YoY: —

Interest expense

739 —

H1 2025: —
YTD 2026: 739
Δ YoY: —

Income tax

-1,020 —

H1 2025: —
YTD 2026: -1,020
Δ YoY: —

Cash

884 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

2,925 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

2,041 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

276 +115.4%

H1 2025: -1,797.59
YTD 2026: —
Δ YoY: —

Total assets

21,911 +4.5%

H1 2025: 20,973.72
YTD 2026: —
Δ YoY: —

Working capital

4,907 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

19,163 +4%

H1 2025: 18,419.18
YTD 2026: —
Δ YoY: —

Current liabilities

14,256 +1.2%

H1 2025: 14,083.56
YTD 2026: —
Δ YoY: —

Non-current liabilities

7,379 −15.1%

H1 2025: 8,687.75
YTD 2026: —
Δ YoY: —

Inventory

14,919 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

354 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

3,477 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-1,750 −1610.1%

H1 2025: -102.33
YTD 2026: -1,750
Δ YoY: −1610.1%

CapEx

42 —

H1 2025: —
YTD 2026: 42
Δ YoY: —

FCF

-1,792 —

H1 2025: —
YTD 2026: -1,792
Δ YoY: —

Current ratio

1.34x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

0.3x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.06x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

10.6x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.13x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

7.4x —

H1 2025: —
YTD 2026: —
Δ YoY: —

EBIT growth (YoY)

42.5% —

H1 2025: 111.63%
YTD 2026: 42.5%
Δ YoY: —

Net income growth (YoY)

80.6% —

H1 2025: 107.47%
YTD 2026: 80.6%
Δ YoY: —