BBD BBI Development Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 29, 2026

H1 2026 report

BBI Development jest holdingiem projektów deweloperskich (Roma Tower, Centrum Praskie Koneser, Rybaki-Łańsk); jego przychody to głównie usługi dla własnych projektów (9,7 mln zł, −29,5% r/r), a wynik zależy od udziału w zyskach spółek stowarzyszonych.

Sentiment

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Website

BBD H1 2026 report

Revenue

9.68 m PLN

— YoY

Net income

-1.02 m PLN

— YoY

Gross margin

46.16%

— YoY

FCF

-7.17 m PLN

— YoY

Summary

Investment thesis

Strata netto zmniejszyła się do −1,0 mln zł z −3,3 mln zł, ale tylko dzięki 3,7 mln zł udziału w zyskach jednostek wycenianych metodą praw własności; wynik na sprzedaży usług spadł do 4,5 mln zł.
Płynność jest głównym problemem: gotówka 3,8 mln zł, nadwyżka zobowiązań krótkoterminowych nad aktywami obrotowymi 62,4 mln zł, a biegły rewident zwrócił uwagę na istotną niepewność co do kontynuacji działalności.
Obligacje 46,2 mln zł (WIBOR 6M + 7,75%, efektywnie 12,63%, wykup 24.02.2027) stały się krótkoterminowe; zarząd zakłada ich zrolowanie, co nie jest zapewnione.
Kapitał własny (153,7 mln zł, 60% aktywów) daje bufor bilansowy, ale jego wartość opiera się na wycenie udziałów w projektach (181,1 mln zł), a nie na gotówce.

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Financials

BETA

H1 2026

BBD · H1 2026

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

Revenue	9,680	7,476	+29.5%	9,680	+29.5%	reported	—	1.00
Gross profit	4,468	4,725	−5.4%	4,468	−5.4%	reported	—	1.00
EBIT	2,783	-1,088	+355.8%	2,783	+355.8%	reported	—	0.90
EBT	-567	642	−188.3%	-567	−188.3%	reported	—	1.00
Net income	-1,024	720	−242.2%	-1,024	−242.2%	reported	—	1.00
EPS (basic) (PLN)	-0.1	0.07	—	-0.1	—	reported	—	1.00
EPS (diluted) (PLN)	-0.1	0.07	—	-0.1	—	reported	—	1.00
Interest expense	5,292	—	—	5,292	—	reported	—	1.00
Income tax	457	-78	+685.9%	457	+685.9%	reported	—	1.00

Gross margin	46.16%	63.21%	−17.1 pp	46.16%	−17.1 pp	derived	—	0.70
EBIT margin	28.75%	-14.55%	+43.3 pp	28.75%	+43.3 pp	derived	—	0.70
Net margin	-10.58%	9.63%	−20.2 pp	-10.58%	−20.2 pp	derived	—	0.70

Cash	3,794	12,669	−70.1%	—	—	reported	—	1.00
Total debt	93,097	65,842	+41.4%	—	—	reported	—	1.00
Net debt	89,303	53,173	+67.9%	—	—	derived	—	0.70
Equity	153,682	93,883	+63.7%	—	—	reported	—	1.00
Total assets	254,141	161,976	+56.9%	—	—	reported	—	1.00
Working capital	-62,357	—	—	—	—	derived	—	0.70
Current assets	32,038	26,901	+19.1%	—	—	reported	—	1.00
Current liabilities	94,395	21,369	+341.7%	—	—	reported	—	0.90
Non-current liabilities	6,064	46,724	−87%	—	—	reported	—	1.00
Inventory	2,107	0	—	—	—	reported	—	1.00
Trade receivables	5,871	1,694	+246.6%	—	—	reported	—	1.00
Trade payables	2,525	1,005	+151.2%	—	—	reported	—	1.00
Goodwill	8,504	—	—	—	—	reported	—	1.00
Tangible equity	145,178	—	—	—	—	derived	—	0.70

CFO	-6,889	18,658	−136.9%	-6,889	−136.9%	reported	—	1.00
CapEx	281	67	+319.4%	281	+319.4%	reported	—	1.00
FCF	-7,170	18,591	−138.6%	-7,170	−138.6%	derived	—	0.70
Buybacks	160	—	—	160	—	reported	—	1.00

Current ratio	0.34x	1.26x	−0.92x	—	—	derived	—	0.70
Quick ratio	0.32x	1.26x	−0.94x	—	—	derived	—	0.70
Cash ratio	0.04x	0.59x	−0.55x	—	—	derived	—	0.70
Interest coverage	0.53x	—	—	0.53x	—	derived	—	0.70

Debt / equity	0.61x	0.7x	−0.09x	—	—	derived	—	0.70
Debt / assets	0.37x	0.41x	−0.04x	—	—	derived	—	0.70
Net debt / equity	0.58x	0.57x	+0.01x	—	—	derived	—	0.70

Revenue growth (YoY)	-29.51%	22.42%	—	-29.51%	—	derived	—	0.70
EBIT growth (YoY)	2091.3%	-7.83%	—	2091.3%	—	derived	—	0.70
Net income growth (YoY)	68.91%	224.35%	—	68.91%	—	derived	—	0.70
EPS growth (YoY)	69.7%	216.67%	—	69.7%	—	derived	—	0.70
Gross margin Δ (YoY)	4.96 pp	—	—	4.96 pp	—	derived	—	0.70
EBIT margin Δ (YoY)	27.83 pp	—	—	27.83 pp	—	derived	—	0.70
Net margin Δ (YoY)	13.41 pp	—	—	13.41 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

9,680 +29.5%

H1 2025: 7,476
YTD 2026: 9,680
Δ YoY: +29.5%

Gross profit

4,468 −5.4%

H1 2025: 4,725
YTD 2026: 4,468
Δ YoY: −5.4%

EBIT

2,783 +355.8%

H1 2025: -1,088
YTD 2026: 2,783
Δ YoY: +355.8%

EBT

-567 −188.3%

H1 2025: 642
YTD 2026: -567
Δ YoY: −188.3%

Net income

-1,024 −242.2%

H1 2025: 720
YTD 2026: -1,024
Δ YoY: −242.2%

EPS (basic) (PLN)

-0.1 —

H1 2025: 0.07
YTD 2026: -0.1
Δ YoY: —

EPS (diluted) (PLN)

-0.1 —

H1 2025: 0.07
YTD 2026: -0.1
Δ YoY: —

Interest expense

5,292 —

H1 2025: —
YTD 2026: 5,292
Δ YoY: —

Income tax

457 +685.9%

H1 2025: -78
YTD 2026: 457
Δ YoY: +685.9%

Gross margin

46.16% −17.1 pp

H1 2025: 63.21%
YTD 2026: 46.16%
Δ YoY: −17.1 pp

EBIT margin

28.75% +43.3 pp

H1 2025: -14.55%
YTD 2026: 28.75%
Δ YoY: +43.3 pp

Net margin

-10.58% −20.2 pp

H1 2025: 9.63%
YTD 2026: -10.58%
Δ YoY: −20.2 pp

Cash

3,794 −70.1%

H1 2025: 12,669
YTD 2026: —
Δ YoY: —

Total debt

93,097 +41.4%

H1 2025: 65,842
YTD 2026: —
Δ YoY: —

Net debt

89,303 +67.9%

H1 2025: 53,173
YTD 2026: —
Δ YoY: —

Equity

153,682 +63.7%

H1 2025: 93,883
YTD 2026: —
Δ YoY: —

Total assets

254,141 +56.9%

H1 2025: 161,976
YTD 2026: —
Δ YoY: —

Working capital

-62,357 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

32,038 +19.1%

H1 2025: 26,901
YTD 2026: —
Δ YoY: —

Current liabilities

94,395 +341.7%

H1 2025: 21,369
YTD 2026: —
Δ YoY: —

Non-current liabilities

6,064 −87%

H1 2025: 46,724
YTD 2026: —
Δ YoY: —

Inventory

2,107 —

H1 2025: 0
YTD 2026: —
Δ YoY: —

Trade receivables

5,871 +246.6%

H1 2025: 1,694
YTD 2026: —
Δ YoY: —

Trade payables

2,525 +151.2%

H1 2025: 1,005
YTD 2026: —
Δ YoY: —

Goodwill

8,504 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity

145,178 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-6,889 −136.9%

H1 2025: 18,658
YTD 2026: -6,889
Δ YoY: −136.9%

CapEx

281 +319.4%

H1 2025: 67
YTD 2026: 281
Δ YoY: +319.4%

FCF

-7,170 −138.6%

H1 2025: 18,591
YTD 2026: -7,170
Δ YoY: −138.6%

Buybacks

160 —

H1 2025: —
YTD 2026: 160
Δ YoY: —

Current ratio

0.34x −0.92x

H1 2025: 1.26x
YTD 2026: —
Δ YoY: —

Quick ratio

0.32x −0.94x

H1 2025: 1.26x
YTD 2026: —
Δ YoY: —

Cash ratio

0.04x −0.55x

H1 2025: 0.59x
YTD 2026: —
Δ YoY: —

Interest coverage

0.53x —

H1 2025: —
YTD 2026: 0.53x
Δ YoY: —

Debt / equity

0.61x −0.09x

H1 2025: 0.7x
YTD 2026: —
Δ YoY: —

Debt / assets

0.37x −0.04x

H1 2025: 0.41x
YTD 2026: —
Δ YoY: —

Net debt / equity

0.58x +0.01x

H1 2025: 0.57x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-29.51% —

H1 2025: 22.42%
YTD 2026: -29.51%
Δ YoY: —

EBIT growth (YoY)

2091.3% —

H1 2025: -7.83%
YTD 2026: 2091.3%
Δ YoY: —

Net income growth (YoY)

68.91% —

H1 2025: 224.35%
YTD 2026: 68.91%
Δ YoY: —

EPS growth (YoY)

69.7% —

H1 2025: 216.67%
YTD 2026: 69.7%
Δ YoY: —

Gross margin Δ (YoY)

4.96 pp —

H1 2025: —
YTD 2026: 4.96 pp
Δ YoY: —

EBIT margin Δ (YoY)

27.83 pp —

H1 2025: —
YTD 2026: 27.83 pp
Δ YoY: —

Net margin Δ (YoY)

13.41 pp —

H1 2025: —
YTD 2026: 13.41 pp
Δ YoY: —