THG TenderHut Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026

H1 2026 report

Spółka IT/usługowa z bardzo niską rentownością: EBIT 137 tys. zł (0,7% marży) przy przychodach 20,5 mln zł, spadek przychodów o 11% r/r.

Sentiment

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Website

THG H1 2026 report

Revenue

20.5 m PLN

— YoY

Net income

-1.07 m PLN

— YoY

EBITDA

309 k PLN

— YoY

FCF

-47 k PLN

— YoY

Summary

Investment thesis

Lab Systems (+21% przychodów, 19% marży segmentowej) to jedyny segment, który realnie zarabia; największy segment Software Development & Cybersec traci 30% przychodów i jest na stracie operacyjnej.
Strata netto −1,07 mln zł wynika w większości z nie-gotówkowego wyniku na aktywach do zbycia (−963 tys. zł) oraz rozwiązania aktywa podatkowego; to koszt wcześniejszych inwestycji venture.
Bilans jest bezpieczny pod kątem zadłużenia (dług netto ok. 0,2 mln zł), ale wartość firmy stanowi 74% kapitału własnego, a gotówka ledwie pokrywa krótkoterminowy kredyt.
Nowe ryzyko prawne: pozew w Delaware (szkoda > 580 tys. USD) po wcześniejszej propozycji ugody 2,25 mln USD; skala ekspozycji jest istotna wobec kapitału własnego 11,6 mln zł.

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Financials

BETA

H1 2026

THG · H1 2026

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

Revenue Usługi holdingowe	674	—	—	674	—	reported	Usługi holdingowe	1.00
Revenue Venture building	230	—	—	230	—	reported	Venture building	1.00
Revenue Lab Systems	8,240	—	—	8,240	—	reported	Lab Systems	1.00
Revenue Digital Design & Marketing	2,648	—	—	2,648	—	reported	Digital Design & Marketing	1.00
Revenue Software Development & Cybersec	9,178	—	—	9,178	—	reported	Software Development & Cybersec	1.00
Revenue	20,503	—	—	20,503	—	reported	—	1.00
EBITDA	309	—	—	309	—	reported	—	1.00
EBIT Software Development & Cybersec	-1,056	—	—	-1,056	—	reported	Software Development & Cybersec	0.90
EBIT Digital Design & Marketing	-472	—	—	-472	—	reported	Digital Design & Marketing	0.90
EBIT Lab Systems	1,554	—	—	1,554	—	reported	Lab Systems	0.90
EBIT	137	—	—	137	—	reported	—	1.00
EBIT Venture building	-67	—	—	-67	—	reported	Venture building	0.90
EBIT Usługi holdingowe	5,181	—	—	5,181	—	reported	Usługi holdingowe	0.90
EBT	207	—	—	207	—	reported	—	1.00
Net income	-1,071	—	—	-1,071	—	reported	—	1.00
EPS (basic) (PLN)	-0.47	—	—	-0.47	—	reported	—	1.00
D&A	171	—	—	171	—	reported	—	1.00
Interest expense	71	—	—	71	—	reported	—	0.90
Income tax	321	—	—	321	—	reported	—	1.00
Shares (basic) (m units)	2.29	—	—	2.29	—	reported	—	1.00

EBITDA margin	1.51%	—	—	1.51%	—	derived	—	0.70
EBIT margin	0.67%	—	—	0.67%	—	derived	—	0.70
Net margin	-5.22%	—	—	-5.22%	—	derived	—	0.70

Cash	1,473	—	—	—	—	reported	—	1.00
Total debt	1,706	—	—	—	—	reported	—	0.90
Net debt	233	—	—	—	—	derived	—	0.70
Equity	11,648	—	—	—	—	reported	—	1.00
Total assets	19,096	—	—	—	—	reported	—	1.00
Working capital	1,741	—	—	—	—	derived	—	0.70
Current assets	9,176	—	—	—	—	reported	—	1.00
Current liabilities	7,435	—	—	—	—	reported	—	1.00
Non-current liabilities	13	—	—	—	—	reported	—	1.00
Inventory	106	—	—	—	—	reported	—	1.00
Trade receivables	7,586	—	—	—	—	reported	—	0.90
Trade payables	5,449	—	—	—	—	reported	—	0.90
Goodwill	8,793	—	—	—	—	reported	—	1.00
Tangible equity	2,855	—	—	—	—	derived	—	0.70

CFO	-31	—	—	-31	—	reported	—	1.00
CapEx	16	—	—	16	—	reported	—	1.00
FCF	-47	—	—	-47	—	derived	—	0.70

Current ratio	1.23x	—	—	—	—	derived	—	0.70
Quick ratio	1.22x	—	—	—	—	derived	—	0.70
Cash ratio	0.2x	—	—	—	—	derived	—	0.70
Interest coverage	1.93x	—	—	1.93x	—	derived	—	0.70

Debt / equity	0.15x	—	—	—	—	derived	—	0.70
Debt / assets	0.09x	—	—	—	—	derived	—	0.70
Net debt / equity	0.02x	—	—	—	—	derived	—	0.70

Revenue growth (YoY)	-10.96%	—	—	-10.96%	—	derived	—	0.70
EBITDA growth (YoY)	-70.49%	—	—	-70.49%	—	derived	—	0.70
EBIT growth (YoY)	-83.27%	—	—	-83.27%	—	derived	—	0.70
Net income growth (YoY)	-429.54%	—	—	-429.54%	—	derived	—	0.70
EBITDA margin Δ (YoY)	-3.04 pp	—	—	-3.04 pp	—	derived	—	0.70
EBIT margin Δ (YoY)	-2.89 pp	—	—	-2.89 pp	—	derived	—	0.70
Net margin Δ (YoY)	-6.63 pp	—	—	-6.63 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

Usługi holdingowe

674 —

H1 2025: —
YTD 2026: 674
Δ YoY: —

Revenue

Venture building

230 —

H1 2025: —
YTD 2026: 230
Δ YoY: —

Revenue

Lab Systems

8,240 —

H1 2025: —
YTD 2026: 8,240
Δ YoY: —

Revenue

Digital Design & Marketing

2,648 —

H1 2025: —
YTD 2026: 2,648
Δ YoY: —

Revenue

Software Development & Cybersec

9,178 —

H1 2025: —
YTD 2026: 9,178
Δ YoY: —

Revenue

20,503 —

H1 2025: —
YTD 2026: 20,503
Δ YoY: —

EBITDA

309 —

H1 2025: —
YTD 2026: 309
Δ YoY: —

EBIT

Software Development & Cybersec

-1,056 —

H1 2025: —
YTD 2026: -1,056
Δ YoY: —

EBIT

Digital Design & Marketing

-472 —

H1 2025: —
YTD 2026: -472
Δ YoY: —

EBIT

Lab Systems

1,554 —

H1 2025: —
YTD 2026: 1,554
Δ YoY: —

EBIT

137 —

H1 2025: —
YTD 2026: 137
Δ YoY: —

EBIT

Venture building

-67 —

H1 2025: —
YTD 2026: -67
Δ YoY: —

EBIT

Usługi holdingowe

5,181 —

H1 2025: —
YTD 2026: 5,181
Δ YoY: —

EBT

207 —

H1 2025: —
YTD 2026: 207
Δ YoY: —

Net income

-1,071 —

H1 2025: —
YTD 2026: -1,071
Δ YoY: —

EPS (basic) (PLN)

-0.47 —

H1 2025: —
YTD 2026: -0.47
Δ YoY: —

D&A

171 —

H1 2025: —
YTD 2026: 171
Δ YoY: —

Interest expense

71 —

H1 2025: —
YTD 2026: 71
Δ YoY: —

Income tax

321 —

H1 2025: —
YTD 2026: 321
Δ YoY: —

Shares (basic) (m units)

2.29 —

H1 2025: —
YTD 2026: 2.29
Δ YoY: —

EBITDA margin

1.51% —

H1 2025: —
YTD 2026: 1.51%
Δ YoY: —

EBIT margin

0.67% —

H1 2025: —
YTD 2026: 0.67%
Δ YoY: —

Net margin

-5.22% —

H1 2025: —
YTD 2026: -5.22%
Δ YoY: —

Cash

1,473 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

1,706 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

233 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

11,648 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total assets

19,096 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Working capital

1,741 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

9,176 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

7,435 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

13 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

106 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

7,586 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

5,449 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

8,793 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity

2,855 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-31 —

H1 2025: —
YTD 2026: -31
Δ YoY: —

CapEx

16 —

H1 2025: —
YTD 2026: 16
Δ YoY: —

FCF

-47 —

H1 2025: —
YTD 2026: -47
Δ YoY: —

Current ratio

1.23x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

1.22x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.2x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

1.93x —

H1 2025: —
YTD 2026: 1.93x
Δ YoY: —

Debt / equity

0.15x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.09x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.02x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-10.96% —

H1 2025: —
YTD 2026: -10.96%
Δ YoY: —

EBITDA growth (YoY)

-70.49% —

H1 2025: —
YTD 2026: -70.49%
Δ YoY: —

EBIT growth (YoY)

-83.27% —

H1 2025: —
YTD 2026: -83.27%
Δ YoY: —

Net income growth (YoY)

-429.54% —

H1 2025: —
YTD 2026: -429.54%
Δ YoY: —

EBITDA margin Δ (YoY)

-3.04 pp —

H1 2025: —
YTD 2026: -3.04 pp
Δ YoY: —

EBIT margin Δ (YoY)

-2.89 pp —

H1 2025: —
YTD 2026: -2.89 pp
Δ YoY: —

Net margin Δ (YoY)

-6.63 pp —

H1 2025: —
YTD 2026: -6.63 pp
Δ YoY: —