MSW Mostostal Warszawa Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026

H1 2026 report

Zysk netto 7,9 mln zł (EBIT 22,6 mln zł) wynika z zatwierdzonej waloryzacji cen (ok. 55,8 mln zł przychodu w II kw. 2026), a nie z powtarzalnej poprawy marż; I kwartał był stratny.

Sentiment

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Website

MSW H1 2026 report

Revenue

400.26 m PLN

— YoY

Net income

7.91 m PLN

— YoY

EBITDA

48.48 m PLN

— YoY

Gross margin

12.39%

— YoY

Summary

Investment thesis

Kapitał własny jest ujemny (−45,7 mln zł), a zobowiązania krótkoterminowe przewyższają aktywa obrotowe o 27,5 mln zł; biegły wskazuje znaczącą niepewność co do kontynuacji działalności.
OCF −230,5 mln zł; gotówka spadła z 217,3 do 88,4 mln zł; linie bankowe, faktoring i faktoring odwrotny są zamrożone.
Zarząd szacuje potrzebę finansowania na 375–520 mln zł w II poł. 2026; scenariusz bazowy to podwyższenie kapitału wymagające zgody KNF i głosów akcjonariuszy (NWZ 06.10.2026).
Portfel zleceń 1,57 mld zł i wsparcie Acciona (pożyczki 189,8 mln zł, gwarancje 456,8 mln zł) kontrastują z egzekucją gwarancji (108 mln zł Porąbka-Żar; 30,5 mln zł S19) i sporami sądowymi/arbitrażowymi.

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Financials

BETA

H1 2026

MSW · H1 2026

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

Revenue	400,261	1,309,494	−69.4%	400,261	−69.4%	reported	—	1.00
Gross profit	49,577	-40,537	+222.3%	49,577	+222.3%	reported	—	1.00
EBITDA	48,475	-66,445	+173%	48,475	+173%	derived	—	0.90
EBIT	22,560	-129,368	+117.4%	22,560	+117.4%	reported	—	1.00
EBT	13,126	-110,829	+111.8%	13,126	+111.8%	reported	—	1.00
Net income	7,910	-102,811	+107.7%	7,910	+107.7%	reported	—	1.00
EPS (basic) (PLN)	0.4	-5.14	—	0.4	—	reported	—	1.00
EPS (diluted) (PLN)	0.4	—	—	0.4	—	reported	—	1.00
D&A	25,915	62,923	−58.8%	25,915	−58.8%	reported	—	1.00
Interest expense	14,551	—	—	14,551	—	reported	—	1.00
Income tax	5,216	—	—	5,216	—	reported	—	1.00

Gross margin	12.39%	-3.1%	+15.5 pp	12.39%	+15.5 pp	reported	—	0.70
EBITDA margin	12.11%	-5.07%	+17.2 pp	12.11%	+17.2 pp	reported	—	0.70
EBIT margin	5.64%	-9.88%	+15.5 pp	5.64%	+15.5 pp	reported	—	0.70
Net margin	1.98%	-7.85%	+9.8 pp	1.98%	+9.8 pp	reported	—	0.70

Cash	88,363	224,369	−60.6%	—	—	reported	—	1.00
Total debt	278,335	106,103	+162.3%	—	—	derived	—	0.90
Net debt	189,972	-118,266	+260.6%	—	—	derived	—	0.90
Equity	-45,667	-22,032	−107.3%	—	—	reported	—	1.00
Total assets	718,235	979,033	−26.6%	—	—	reported	—	1.00
Working capital (k PLN thousands)	-27,547	—	—	—	—	reported	—	0.70
Current assets	580,720	—	—	—	—	reported	—	1.00
Current liabilities	608,267	818,529	−25.7%	—	—	reported	—	1.00
Non-current liabilities	155,635	182,536	−14.7%	—	—	reported	—	1.00
Inventory	23,085	—	—	—	—	reported	—	1.00
Trade receivables	211,836	—	—	—	—	reported	—	1.00
Trade payables	223,633	—	—	—	—	reported	—	1.00
Goodwill	44	—	—	—	—	reported	—	1.00
Tangible equity (k PLN thousands)	-45,711	—	—	—	—	reported	—	0.70

CFO	-230,478	113,949	−302.3%	-230,478	−302.3%	reported	—	1.00
CapEx	1,205	10,066	−88%	1,205	−88%	reported	—	1.00
FCF (k PLN thousands)	-231,683	103,883	—	-231,683	—	reported	—	0.70

Current ratio	0.95x	—	—	—	—	reported	—	0.70
Quick ratio	0.92x	—	—	—	—	reported	—	0.70
Cash ratio	0.15x	—	—	—	—	reported	—	0.70
Interest coverage	1.55x	—	—	1.55x	—	reported	—	0.70

Debt / assets	0.39x	—	—	—	—	reported	—	0.70

Revenue growth (YoY)	-25.9%	-17.05%	—	-25.9%	—	reported	—	0.70
EBITDA growth (YoY)	125.1%	—	—	125.1%	—	reported	—	0.70
EBIT growth (YoY)	245.1%	-729.97%	—	245.1%	—	reported	—	0.70
Net income growth (YoY)	4472.3%	-282.14%	—	4472.3%	—	reported	—	0.70
Gross margin Δ (YoY)	8.89 pp	—	—	8.89 pp	—	reported	—	0.70
EBITDA margin Δ (YoY)	8.12 pp	—	—	8.12 pp	—	reported	—	0.70
EBIT margin Δ (YoY)	8.52 pp	—	—	8.52 pp	—	reported	—	0.70
Net margin Δ (YoY)	1.95 pp	—	—	1.95 pp	—	reported	—	0.70

H1 2026 · Δ YoY

Revenue

400,261 −69.4%

H1 2025: 1,309,494
YTD 2026: 400,261
Δ YoY: −69.4%

Gross profit

49,577 +222.3%

H1 2025: -40,537
YTD 2026: 49,577
Δ YoY: +222.3%

EBITDA

48,475 +173%

H1 2025: -66,445
YTD 2026: 48,475
Δ YoY: +173%

EBIT

22,560 +117.4%

H1 2025: -129,368
YTD 2026: 22,560
Δ YoY: +117.4%

EBT

13,126 +111.8%

H1 2025: -110,829
YTD 2026: 13,126
Δ YoY: +111.8%

Net income

7,910 +107.7%

H1 2025: -102,811
YTD 2026: 7,910
Δ YoY: +107.7%

EPS (basic) (PLN)

0.4 —

H1 2025: -5.14
YTD 2026: 0.4
Δ YoY: —

EPS (diluted) (PLN)

0.4 —

H1 2025: —
YTD 2026: 0.4
Δ YoY: —

D&A

25,915 −58.8%

H1 2025: 62,923
YTD 2026: 25,915
Δ YoY: −58.8%

Interest expense

14,551 —

H1 2025: —
YTD 2026: 14,551
Δ YoY: —

Income tax

5,216 —

H1 2025: —
YTD 2026: 5,216
Δ YoY: —

Gross margin

12.39% +15.5 pp

H1 2025: -3.1%
YTD 2026: 12.39%
Δ YoY: +15.5 pp

EBITDA margin

12.11% +17.2 pp

H1 2025: -5.07%
YTD 2026: 12.11%
Δ YoY: +17.2 pp

EBIT margin

5.64% +15.5 pp

H1 2025: -9.88%
YTD 2026: 5.64%
Δ YoY: +15.5 pp

Net margin

1.98% +9.8 pp

H1 2025: -7.85%
YTD 2026: 1.98%
Δ YoY: +9.8 pp

Cash

88,363 −60.6%

H1 2025: 224,369
YTD 2026: —
Δ YoY: —

Total debt

278,335 +162.3%

H1 2025: 106,103
YTD 2026: —
Δ YoY: —

Net debt

189,972 +260.6%

H1 2025: -118,266
YTD 2026: —
Δ YoY: —

Equity

-45,667 −107.3%

H1 2025: -22,032
YTD 2026: —
Δ YoY: —

Total assets

718,235 −26.6%

H1 2025: 979,033
YTD 2026: —
Δ YoY: —

Working capital (k PLN thousands)

-27,547 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

580,720 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

608,267 −25.7%

H1 2025: 818,529
YTD 2026: —
Δ YoY: —

Non-current liabilities

155,635 −14.7%

H1 2025: 182,536
YTD 2026: —
Δ YoY: —

Inventory

23,085 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

211,836 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

223,633 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

44 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity (k PLN thousands)

-45,711 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-230,478 −302.3%

H1 2025: 113,949
YTD 2026: -230,478
Δ YoY: −302.3%

CapEx

1,205 −88%

H1 2025: 10,066
YTD 2026: 1,205
Δ YoY: −88%

FCF (k PLN thousands)

-231,683 —

H1 2025: 103,883
YTD 2026: -231,683
Δ YoY: —

Current ratio

0.95x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

0.92x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.15x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

1.55x —

H1 2025: —
YTD 2026: 1.55x
Δ YoY: —

Debt / assets

0.39x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-25.9% —

H1 2025: -17.05%
YTD 2026: -25.9%
Δ YoY: —

EBITDA growth (YoY)

125.1% —

H1 2025: —
YTD 2026: 125.1%
Δ YoY: —

EBIT growth (YoY)

245.1% —

H1 2025: -729.97%
YTD 2026: 245.1%
Δ YoY: —

Net income growth (YoY)

4472.3% —

H1 2025: -282.14%
YTD 2026: 4472.3%
Δ YoY: —

Gross margin Δ (YoY)

8.89 pp —

H1 2025: —
YTD 2026: 8.89 pp
Δ YoY: —

EBITDA margin Δ (YoY)

8.12 pp —

H1 2025: —
YTD 2026: 8.12 pp
Δ YoY: —

EBIT margin Δ (YoY)

8.52 pp —

H1 2025: —
YTD 2026: 8.52 pp
Δ YoY: —

Net margin Δ (YoY)

1.95 pp —

H1 2025: —
YTD 2026: 1.95 pp
Δ YoY: —