SVE Synthaverse Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026

H1 2026 report

Przychody rosną (+34% r/r do 26,5 mln zł), a EBITDA więcej niż podwoiła się do 5,4 mln zł, ale strata netto pogłębiła się do 6,4 mln zł przez koszty finansowe.

Sentiment

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Website

SVE H1 2026 report

Revenue

26.46 m PLN

— YoY

Net income

-6.37 m PLN

— YoY

EBITDA

5.42 m PLN

— YoY

Gross margin

55.27%

— YoY

Summary

Investment thesis

Cały dług (78,6 mln zł) jest krótkoterminowy, gotówka to 0,35 mln zł, a kowenanty ACP Credit są przekroczone od II poł. 2025 r.
Waiver funduszu ACP obowiązuje do 30.09.2026, czyli do dnia publikacji raportu; refinansowanie i wejście inwestora strategicznego nie zostały sfinalizowane.
Biegły wskazuje istotną niepewność co do kontynuacji działalności; wniosek z przeglądu bez zastrzeżeń.
Poprawa EBIT zależy od jednorazowych 4,0 mln zł kar i odszkodowań; 84,5 mln zł aktywów przeznaczonych do sprzedaży to klucz do delewarowania.

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Financials

BETA

H1 2026

SVE · H1 2026

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

Revenue	26,461	42,009	−37%	26,461	−37%	reported	—	1.00
Gross profit	14,625	23,563	−37.9%	14,625	−37.9%	reported	—	1.00
EBITDA	5,415	-6,543	+182.8%	5,415	+182.8%	reported	—	1.00
EBIT	-1,343	-19,836	+93.2%	-1,343	+93.2%	reported	—	1.00
EBT	-7,559	-23,911	+68.4%	-7,559	+68.4%	reported	—	1.00
Net income	-6,366	-19,932	+68.1%	-6,366	+68.1%	reported	—	1.00
EPS (basic) (PLN)	-0.08	-0.26	—	-0.08	—	reported	—	1.00
EPS (diluted) (PLN)	-0.08	-0.26	—	-0.08	—	reported	—	1.00
D&A	6,759	13,293	−49.2%	6,759	−49.2%	reported	—	1.00
Interest expense	5,231	4,610	+13.5%	5,231	+13.5%	reported	—	1.00
Income tax	-1,193	-3,979	+70%	-1,193	+70%	reported	—	1.00

Gross margin	55.27%	56.09%	−0.8 pp	55.27%	−0.8 pp	reported	—	0.70
EBITDA margin	20.46%	-15.58%	+36 pp	20.46%	+36 pp	reported	—	0.70
EBIT margin	-5.08%	-47.22%	+42.1 pp	-5.08%	+42.1 pp	reported	—	0.70
Net margin	-24.06%	-47.45%	+23.4 pp	-24.06%	+23.4 pp	reported	—	0.70

Cash	350	1,673	−79.1%	—	—	reported	—	1.00
Total debt	83,260	84,646	−1.6%	—	—	derived	—	0.90
Net debt	82,910	82,973	−0.1%	—	—	derived	—	0.90
Equity	118,872	124,676	−4.7%	—	—	reported	—	1.00
Total assets	295,326	304,131	−2.9%	—	—	reported	—	1.00
Working capital (k PLN thousands)	-17,174	-13,073	—	—	—	reported	—	0.70
Current assets	116,725	121,888	−4.2%	—	—	reported	—	1.00
Current liabilities	133,899	134,961	−0.8%	—	—	reported	—	1.00
Non-current liabilities	42,556	44,494	−4.4%	—	—	reported	—	1.00
Inventory	11,310	12,270	−7.8%	—	—	reported	—	1.00
Trade receivables	19,305	22,740	−15.1%	—	—	reported	—	1.00
Trade payables	17,197	16,938	+1.5%	—	—	reported	—	1.00
Goodwill	4,594	—	—	—	—	reported	—	1.00
Tangible equity (k PLN thousands)	114,278	—	—	—	—	reported	—	0.70

CFO	6,294	11,835	−46.8%	6,294	−46.8%	reported	—	1.00
CapEx	661	28,035	−97.6%	661	−97.6%	reported	—	1.00
FCF (k PLN thousands)	5,633	-16,200	—	5,633	—	reported	—	0.70
FCF conversion	104.03%	—	—	104.03%	—	reported	—	0.70
CFO conversion	116.24%	—	—	116.24%	—	reported	—	0.70

Current ratio	0.87x	0.9x	−0.03x	—	—	reported	—	0.70
Cash ratio	0x	—	—	—	—	reported	—	0.70
Interest coverage	-0.26x	-4.3x	+4.04x	-0.26x	+4.04x	reported	—	0.70

Debt / equity	0.7x	0.68x	+0.02x	—	—	reported	—	0.70
Debt / assets	0.28x	0.28x	+0x	—	—	reported	—	0.70
Net debt / equity	0.7x	0.67x	+0.03x	—	—	reported	—	0.70

Revenue growth (YoY)	34.23%	-41.46%	—	34.23%	—	reported	—	0.70
EBITDA growth (YoY)	141.85%	-131.89%	—	141.85%	—	reported	—	0.70
EBIT growth (YoY)	70.98%	-259.65%	—	70.98%	—	reported	—	0.70
Net income growth (YoY)	-20%	-364%	—	-20%	—	reported	—	0.70
Gross margin Δ (YoY)	-7.63 pp	—	—	-7.63 pp	—	reported	—	0.70
EBITDA margin Δ (YoY)	9.11 pp	—	—	9.11 pp	—	reported	—	0.70
EBIT margin Δ (YoY)	18.4 pp	—	—	18.4 pp	—	reported	—	0.70
Net margin Δ (YoY)	2.85 pp	—	—	2.85 pp	—	reported	—	0.70

H1 2026 · Δ YoY

Revenue

26,461 −37%

H1 2025: 42,009
YTD 2026: 26,461
Δ YoY: −37%

Gross profit

14,625 −37.9%

H1 2025: 23,563
YTD 2026: 14,625
Δ YoY: −37.9%

EBITDA

5,415 +182.8%

H1 2025: -6,543
YTD 2026: 5,415
Δ YoY: +182.8%

EBIT

-1,343 +93.2%

H1 2025: -19,836
YTD 2026: -1,343
Δ YoY: +93.2%

EBT

-7,559 +68.4%

H1 2025: -23,911
YTD 2026: -7,559
Δ YoY: +68.4%

Net income

-6,366 +68.1%

H1 2025: -19,932
YTD 2026: -6,366
Δ YoY: +68.1%

EPS (basic) (PLN)

-0.08 —

H1 2025: -0.26
YTD 2026: -0.08
Δ YoY: —

EPS (diluted) (PLN)

-0.08 —

H1 2025: -0.26
YTD 2026: -0.08
Δ YoY: —

D&A

6,759 −49.2%

H1 2025: 13,293
YTD 2026: 6,759
Δ YoY: −49.2%

Interest expense

5,231 +13.5%

H1 2025: 4,610
YTD 2026: 5,231
Δ YoY: +13.5%

Income tax

-1,193 +70%

H1 2025: -3,979
YTD 2026: -1,193
Δ YoY: +70%

Gross margin

55.27% −0.8 pp

H1 2025: 56.09%
YTD 2026: 55.27%
Δ YoY: −0.8 pp

EBITDA margin

20.46% +36 pp

H1 2025: -15.58%
YTD 2026: 20.46%
Δ YoY: +36 pp

EBIT margin

-5.08% +42.1 pp

H1 2025: -47.22%
YTD 2026: -5.08%
Δ YoY: +42.1 pp

Net margin

-24.06% +23.4 pp

H1 2025: -47.45%
YTD 2026: -24.06%
Δ YoY: +23.4 pp

Cash

350 −79.1%

H1 2025: 1,673
YTD 2026: —
Δ YoY: —

Total debt

83,260 −1.6%

H1 2025: 84,646
YTD 2026: —
Δ YoY: —

Net debt

82,910 −0.1%

H1 2025: 82,973
YTD 2026: —
Δ YoY: —

Equity

118,872 −4.7%

H1 2025: 124,676
YTD 2026: —
Δ YoY: —

Total assets

295,326 −2.9%

H1 2025: 304,131
YTD 2026: —
Δ YoY: —

Working capital (k PLN thousands)

-17,174 —

H1 2025: -13,073
YTD 2026: —
Δ YoY: —

Current assets

116,725 −4.2%

H1 2025: 121,888
YTD 2026: —
Δ YoY: —

Current liabilities

133,899 −0.8%

H1 2025: 134,961
YTD 2026: —
Δ YoY: —

Non-current liabilities

42,556 −4.4%

H1 2025: 44,494
YTD 2026: —
Δ YoY: —

Inventory

11,310 −7.8%

H1 2025: 12,270
YTD 2026: —
Δ YoY: —

Trade receivables

19,305 −15.1%

H1 2025: 22,740
YTD 2026: —
Δ YoY: —

Trade payables

17,197 +1.5%

H1 2025: 16,938
YTD 2026: —
Δ YoY: —

Goodwill

4,594 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity (k PLN thousands)

114,278 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

6,294 −46.8%

H1 2025: 11,835
YTD 2026: 6,294
Δ YoY: −46.8%

CapEx

661 −97.6%

H1 2025: 28,035
YTD 2026: 661
Δ YoY: −97.6%

FCF (k PLN thousands)

5,633 —

H1 2025: -16,200
YTD 2026: 5,633
Δ YoY: —

FCF conversion

104.03% —

H1 2025: —
YTD 2026: 104.03%
Δ YoY: —

CFO conversion

116.24% —

H1 2025: —
YTD 2026: 116.24%
Δ YoY: —

Current ratio

0.87x −0.03x

H1 2025: 0.9x
YTD 2026: —
Δ YoY: —

Cash ratio

0x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

-0.26x +4.04x

H1 2025: -4.3x
YTD 2026: -0.26x
Δ YoY: +4.04x

Debt / equity

0.7x +0.02x

H1 2025: 0.68x
YTD 2026: —
Δ YoY: —

Debt / assets

0.28x +0x

H1 2025: 0.28x
YTD 2026: —
Δ YoY: —

Net debt / equity

0.7x +0.03x

H1 2025: 0.67x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

34.23% —

H1 2025: -41.46%
YTD 2026: 34.23%
Δ YoY: —

EBITDA growth (YoY)

141.85% —

H1 2025: -131.89%
YTD 2026: 141.85%
Δ YoY: —

EBIT growth (YoY)

70.98% —

H1 2025: -259.65%
YTD 2026: 70.98%
Δ YoY: —

Net income growth (YoY)

-20% —

H1 2025: -364%
YTD 2026: -20%
Δ YoY: —

Gross margin Δ (YoY)

-7.63 pp —

H1 2025: —
YTD 2026: -7.63 pp
Δ YoY: —

EBITDA margin Δ (YoY)

9.11 pp —

H1 2025: —
YTD 2026: 9.11 pp
Δ YoY: —

EBIT margin Δ (YoY)

18.4 pp —

H1 2025: —
YTD 2026: 18.4 pp
Δ YoY: —

Net margin Δ (YoY)

2.85 pp —

H1 2025: —
YTD 2026: 2.85 pp
Δ YoY: —