LBW Lubawa Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026

H1 2026 report

Spadek wyniku o ok. 28% r/r wynika z wysokiej bazy w segmencie sprzętu specjalistycznego, a nie z osłabienia marży brutto (34,8% vs 35,2%).

Sentiment

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Website

LBW H1 2026 report

Revenue

258.83 m PLN

— YoY

Net income

41.35 m PLN

— YoY

EBITDA

53.51 m PLN

— YoY

Gross margin

34.77%

— YoY

Summary

Investment thesis

Segment tkanin rośnie: sprzedaż zewnętrzna +59,4% do 100,9 mln zł, wynik segmentu +56,7% do 31,5 mln zł.
Kontrakt Wisła II (ok. 586 mln zł netto, 30.05.2026) i list intencyjny NAREW (potencjalnie ponad 2 mld zł) zwiększają widoczność przychodów.
Bilans bez długu odsetkowego: 61,0 mln zł gotówki i 206,2 mln zł lokat przy kapitale własnym 629,5 mln zł.
Przepływy operacyjne ujemne (−33,5 mln zł) przy zysku netto 41,2 mln zł — jakość zysku w tym półroczu jest słaba.

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Financials

BETA

H1 2026

LBW · H1 2026

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

Revenue	258.83	252.75	+2.4%	258.83	+2.4%	reported	—	1.00
Gross profit	89.98	75.5	+19.2%	89.98	+19.2%	reported	—	1.00
EBITDA	53.51	163.02	−67.2%	53.51	−67.2%	derived	—	0.90
EBIT	45.57	45.5	+0.2%	45.57	+0.2%	reported	—	1.00
EBT	50.84	42.39	+19.9%	50.84	+19.9%	reported	—	1.00
Net income	41.35	35.02	+18.1%	41.35	+18.1%	reported	—	1.00
EPS (basic) (PLN)	0.28	0.23	—	0.28	—	reported	—	1.00
EPS (diluted) (PLN)	0.28	0.32	—	0.28	—	reported	—	1.00
D&A	7.94	2.62	+203.2%	7.94	+203.2%	reported	—	1.00
Interest expense	0.07	1.31	−94.4%	0.07	−94.4%	reported	—	1.00
Income tax	9.61	7.37	+30.4%	9.61	+30.4%	reported	—	1.00

Gross margin	34.77%	29.9%	+4.9 pp	34.77%	+4.9 pp	reported	—	0.70
EBITDA margin	20.67%	19%	+1.7 pp	20.67%	+1.7 pp	reported	—	0.70
EBIT margin	17.61%	18%	−0.4 pp	17.61%	−0.4 pp	reported	—	0.70
EBT margin	19.64%	24.95%	−5.3 pp	19.64%	−5.3 pp	reported	—	0.70
Net margin	15.98%	13.9%	+2.1 pp	15.98%	+2.1 pp	reported	—	0.70
D&A margin	3.07%	—	—	3.07%	—	reported	—	0.70

Cash	60.96	57.43	+6.2%	—	—	reported	—	1.00
Total debt	2.25	2.81	−19.7%	—	—	reported	—	0.90
Net debt	-58.71	-57.07	−2.9%	—	—	derived	—	0.90
Equity	629.53	226.99	+177.3%	—	—	reported	—	1.00
Total assets	754.98	409.85	+84.2%	—	—	reported	—	1.00
Working capital	393.88	51.06	+671.5%	—	—	reported	—	0.70
Current assets	494.72	226.58	+118.3%	—	—	reported	—	1.00
Current liabilities	100.85	175.52	−42.5%	—	—	reported	—	1.00
Non-current liabilities	24.61	6.83	+260.4%	—	—	reported	—	1.00
Inventory	100.54	31.5	+219.2%	—	—	reported	—	1.00
Trade receivables	125.42	41.24	+204.1%	—	—	reported	—	0.80
Trade payables	79.23	10.09	+685.4%	—	—	reported	—	0.80
Goodwill	60.84	—	—	—	—	reported	—	1.00
Tangible equity	568.68	—	—	—	—	reported	—	0.70

CFO	-33.54	76.08	−144.1%	-33.54	−144.1%	reported	—	1.00
CapEx	9.59	3.14	+205.6%	9.59	+205.6%	reported	—	1.00
FCF	-43.13	72.94	−159.1%	-43.13	−159.1%	reported	—	0.70

Current ratio	4.91x	1.29x	+3.62x	—	—	reported	—	0.70
Quick ratio	3.91x	1.11x	+2.8x	—	—	reported	—	0.70
Cash ratio	0.6x	0.33x	+0.27x	—	—	reported	—	0.70

Debt / equity	0x	0x	+0x	—	—	reported	—	0.70
Debt / assets	0x	0x	+0x	—	—	reported	—	0.70
Net debt / equity	-0.09x	-0.18x	+0.09x	—	—	reported	—	0.70

Revenue growth (YoY)	-17.06%	10.1%	—	-17.06%	—	reported	—	0.70
EBITDA growth (YoY)	-30.21%	25.9%	—	-30.21%	—	reported	—	0.70
EBIT growth (YoY)	-33.78%	22%	—	-33.78%	—	reported	—	0.70
Net income growth (YoY)	-27.46%	36.4%	—	-27.46%	—	reported	—	0.70
EPS growth (YoY)	-26.32%	39.1%	—	-26.32%	—	reported	—	0.70
Gross margin Δ (YoY)	-0.46 pp	0 pp	—	-0.46 pp	—	reported	—	0.70
EBIT margin Δ (YoY)	-4.44 pp	0 pp	—	-4.44 pp	—	reported	—	0.70
Net margin Δ (YoY)	-2.29 pp	0 pp	—	-2.29 pp	—	reported	—	0.70

H1 2026 · Δ YoY

Revenue

258.83 +2.4%

H1 2025: 252.75
YTD 2026: 258.83
Δ YoY: +2.4%

Gross profit

89.98 +19.2%

H1 2025: 75.5
YTD 2026: 89.98
Δ YoY: +19.2%

EBITDA

53.51 −67.2%

H1 2025: 163.02
YTD 2026: 53.51
Δ YoY: −67.2%

EBIT

45.57 +0.2%

H1 2025: 45.5
YTD 2026: 45.57
Δ YoY: +0.2%

EBT

50.84 +19.9%

H1 2025: 42.39
YTD 2026: 50.84
Δ YoY: +19.9%

Net income

41.35 +18.1%

H1 2025: 35.02
YTD 2026: 41.35
Δ YoY: +18.1%

EPS (basic) (PLN)

0.28 —

H1 2025: 0.23
YTD 2026: 0.28
Δ YoY: —

EPS (diluted) (PLN)

0.28 —

H1 2025: 0.32
YTD 2026: 0.28
Δ YoY: —

D&A

7.94 +203.2%

H1 2025: 2.62
YTD 2026: 7.94
Δ YoY: +203.2%

Interest expense

0.07 −94.4%

H1 2025: 1.31
YTD 2026: 0.07
Δ YoY: −94.4%

Income tax

9.61 +30.4%

H1 2025: 7.37
YTD 2026: 9.61
Δ YoY: +30.4%

Gross margin

34.77% +4.9 pp

H1 2025: 29.9%
YTD 2026: 34.77%
Δ YoY: +4.9 pp

EBITDA margin

20.67% +1.7 pp

H1 2025: 19%
YTD 2026: 20.67%
Δ YoY: +1.7 pp

EBIT margin

17.61% −0.4 pp

H1 2025: 18%
YTD 2026: 17.61%
Δ YoY: −0.4 pp

EBT margin

19.64% −5.3 pp

H1 2025: 24.95%
YTD 2026: 19.64%
Δ YoY: −5.3 pp

Net margin

15.98% +2.1 pp

H1 2025: 13.9%
YTD 2026: 15.98%
Δ YoY: +2.1 pp

D&A margin

3.07% —

H1 2025: —
YTD 2026: 3.07%
Δ YoY: —

Cash

60.96 +6.2%

H1 2025: 57.43
YTD 2026: —
Δ YoY: —

Total debt

2.25 −19.7%

H1 2025: 2.81
YTD 2026: —
Δ YoY: —

Net debt

-58.71 −2.9%

H1 2025: -57.07
YTD 2026: —
Δ YoY: —

Equity

629.53 +177.3%

H1 2025: 226.99
YTD 2026: —
Δ YoY: —

Total assets

754.98 +84.2%

H1 2025: 409.85
YTD 2026: —
Δ YoY: —

Working capital

393.88 +671.5%

H1 2025: 51.06
YTD 2026: —
Δ YoY: —

Current assets

494.72 +118.3%

H1 2025: 226.58
YTD 2026: —
Δ YoY: —

Current liabilities

100.85 −42.5%

H1 2025: 175.52
YTD 2026: —
Δ YoY: —

Non-current liabilities

24.61 +260.4%

H1 2025: 6.83
YTD 2026: —
Δ YoY: —

Inventory

100.54 +219.2%

H1 2025: 31.5
YTD 2026: —
Δ YoY: —

Trade receivables

125.42 +204.1%

H1 2025: 41.24
YTD 2026: —
Δ YoY: —

Trade payables

79.23 +685.4%

H1 2025: 10.09
YTD 2026: —
Δ YoY: —

Goodwill

60.84 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity

568.68 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-33.54 −144.1%

H1 2025: 76.08
YTD 2026: -33.54
Δ YoY: −144.1%

CapEx

9.59 +205.6%

H1 2025: 3.14
YTD 2026: 9.59
Δ YoY: +205.6%

FCF

-43.13 −159.1%

H1 2025: 72.94
YTD 2026: -43.13
Δ YoY: −159.1%

Current ratio

4.91x +3.62x

H1 2025: 1.29x
YTD 2026: —
Δ YoY: —

Quick ratio

3.91x +2.8x

H1 2025: 1.11x
YTD 2026: —
Δ YoY: —

Cash ratio

0.6x +0.27x

H1 2025: 0.33x
YTD 2026: —
Δ YoY: —

Debt / equity

0x +0x

H1 2025: 0x
YTD 2026: —
Δ YoY: —

Debt / assets

0x +0x

H1 2025: 0x
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.09x +0.09x

H1 2025: -0.18x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-17.06% —

H1 2025: 10.1%
YTD 2026: -17.06%
Δ YoY: —

EBITDA growth (YoY)

-30.21% —

H1 2025: 25.9%
YTD 2026: -30.21%
Δ YoY: —

EBIT growth (YoY)

-33.78% —

H1 2025: 22%
YTD 2026: -33.78%
Δ YoY: —

Net income growth (YoY)

-27.46% —

H1 2025: 36.4%
YTD 2026: -27.46%
Δ YoY: —

EPS growth (YoY)

-26.32% —

H1 2025: 39.1%
YTD 2026: -26.32%
Δ YoY: —

Gross margin Δ (YoY)

-0.46 pp —

H1 2025: 0 pp
YTD 2026: -0.46 pp
Δ YoY: —

EBIT margin Δ (YoY)

-4.44 pp —

H1 2025: 0 pp
YTD 2026: -4.44 pp
Δ YoY: —

Net margin Δ (YoY)

-2.29 pp —

H1 2025: 0 pp
YTD 2026: -2.29 pp
Δ YoY: —