MZA MUZA Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026

H1 2026 report

Wydawca książek z dużą dźwignią operacyjną: przychody +20,8% r/r do 23,0 mln zł, EBIT 2,2 mln zł wobec 0,5 mln zł rok wcześniej.

Sentiment

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Website

MZA H1 2026 report

Revenue

22.99 m PLN

— YoY

Net income

1.64 m PLN

— YoY

EBITDA

5.05 m PLN

— YoY

Gross margin

41.88%

— YoY

Summary

Investment thesis

Bilans bardzo bezpieczny: brak kredytów, dług to wyłącznie leasing (1,7 mln zł), gotówka 7,5 mln zł, kapitał własny finansuje 71% aktywów.
Sezonowość mocno przesunięta na IV kwartał, więc I półrocze to tylko część roku (w 2025 r. przychody roczne 42,4 mln zł, wynik netto 2,6 mln zł).
Wysoka amortyzacja (12% przychodów) i zapasy gotowych książek (13,7 mln zł) to kluczowe ryzyko jakości aktywów — odpisy na zapasy 364 tys. zł.
Koncentracja odbiorców (Empik 34,1%, PDW 29,2%) i akcjonariatu (Czarzasty, Garliński razem ok. 40% głosów).

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Financials

BETA

H1 2026

MZA · H1 2026

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

Revenue	22,994	42,423	−45.8%	22,994	−45.8%	reported	—	1.00
Revenue Działalność wydawnicza	19,469	42,423	−54.1%	19,469	−54.1%	reported	Działalność wydawnicza	1.00
Revenue Działalność hotelarska	3,802	42,423	−91%	3,802	−91%	reported	Działalność hotelarska	1.00
Gross profit	9,630	3,295	+192.3%	9,630	+192.3%	reported	—	1.00
EBITDA	5,050	—	—	5,050	—	derived	—	0.90
EBIT	2,198	3,367	−34.7%	2,198	−34.7%	reported	—	1.00
EBT	2,077	—	—	2,077	—	reported	—	1.00
Net income	1,637	2,628	−37.7%	1,637	−37.7%	reported	—	1.00
D&A	2,852	—	—	2,852	—	reported	—	1.00
Income tax	389	—	—	389	—	reported	—	1.00

Gross margin	41.88%	7.77%	+34.1 pp	41.88%	+34.1 pp	derived	—	0.90
EBITDA margin	21.96%	—	—	21.96%	—	derived	—	0.90
EBIT margin	9.56%	7.94%	+1.6 pp	9.56%	+1.6 pp	derived	—	0.90
EBT margin	9.03%	—	—	9.03%	—	derived	—	0.90
Net margin	7.12%	6.19%	+0.9 pp	7.12%	+0.9 pp	derived	—	0.90
D&A margin	12.4%	—	—	12.4%	—	derived	—	0.90

Cash	7,533	6,575	+14.6%	—	—	reported	—	1.00
Total debt	1,721	—	—	—	—	reported	—	0.90
Net debt	-5,812	—	—	—	—	derived	—	0.90
Equity	48,805	47,117	+3.6%	—	—	reported	—	1.00
Total assets	68,334	65,544	+4.3%	—	—	reported	—	1.00
Working capital	18,524	18,548	−0.1%	—	—	derived	—	0.90
Current assets	32,973	31,611	+4.3%	—	—	reported	—	1.00
Current liabilities	14,449	13,063	+10.6%	—	—	reported	—	1.00
Non-current liabilities	5,080	5,364	−5.3%	—	—	reported	—	1.00
Inventory	15,382	14,994	+2.6%	—	—	reported	—	1.00
Trade receivables	9,863	9,918	−0.6%	—	—	reported	—	0.90
Trade payables	10,345	—	—	—	—	reported	—	1.00
Goodwill	13,500	14,036	−3.8%	—	—	reported	—	0.90
Tangible equity	35,305	—	—	—	—	derived	—	0.90

CFO	5,497	—	—	5,497	—	reported	—	1.00
CapEx	2,028	—	—	2,028	—	reported	—	1.00
FCF	3,469	—	—	3,469	—	adjusted	—	0.90
FCF conversion	68.69%	—	—	68.69%	—	derived	—	0.90
CFO conversion	108.85%	—	—	108.85%	—	derived	—	0.90

Current ratio	2.28x	2.42x	−0.14x	—	—	derived	—	0.90
Quick ratio	1.22x	1.27x	−0.05x	—	—	derived	—	0.90
Cash ratio	0.52x	0.5x	+0.02x	—	—	derived	—	0.90

Net debt / EBITDA	-0.54x	—	—	—	—	derived	—	0.80
Debt / equity	0.04x	—	—	—	—	derived	—	0.90
Debt / assets	0.03x	—	—	—	—	derived	—	0.90
Net debt / equity	-0.12x	—	—	—	—	derived	—	0.90

Revenue growth (YoY)	20.75%	-7.93%	—	20.75%	—	derived	—	0.90
EBITDA growth (YoY)	57.42%	—	—	57.42%	—	derived	—	0.90
EBIT growth (YoY)	351.34%	-37.82%	—	351.34%	—	derived	—	0.90
Net income growth (YoY)	466.44%	-39.42%	—	466.44%	—	derived	—	0.90
Gross margin Δ (YoY)	1.15 pp	-4.14 pp	—	1.15 pp	—	derived	—	0.90
EBITDA margin Δ (YoY)	5.11 pp	—	—	5.11 pp	—	derived	—	0.90
EBIT margin Δ (YoY)	7 pp	-3.81 pp	—	7 pp	—	derived	—	0.90
Net margin Δ (YoY)	5.6 pp	-3.23 pp	—	5.6 pp	—	derived	—	0.90

H1 2026 · Δ YoY

Revenue

22,994 −45.8%

H1 2025: 42,423
YTD 2026: 22,994
Δ YoY: −45.8%

Revenue

Działalność wydawnicza

19,469 −54.1%

H1 2025: 42,423
YTD 2026: 19,469
Δ YoY: −54.1%

Revenue

Działalność hotelarska

3,802 −91%

H1 2025: 42,423
YTD 2026: 3,802
Δ YoY: −91%

Gross profit

9,630 +192.3%

H1 2025: 3,295
YTD 2026: 9,630
Δ YoY: +192.3%

EBITDA

5,050 —

H1 2025: —
YTD 2026: 5,050
Δ YoY: —

EBIT

2,198 −34.7%

H1 2025: 3,367
YTD 2026: 2,198
Δ YoY: −34.7%

EBT

2,077 —

H1 2025: —
YTD 2026: 2,077
Δ YoY: —

Net income

1,637 −37.7%

H1 2025: 2,628
YTD 2026: 1,637
Δ YoY: −37.7%

D&A

2,852 —

H1 2025: —
YTD 2026: 2,852
Δ YoY: —

Income tax

389 —

H1 2025: —
YTD 2026: 389
Δ YoY: —

Gross margin

41.88% +34.1 pp

H1 2025: 7.77%
YTD 2026: 41.88%
Δ YoY: +34.1 pp

EBITDA margin

21.96% —

H1 2025: —
YTD 2026: 21.96%
Δ YoY: —

EBIT margin

9.56% +1.6 pp

H1 2025: 7.94%
YTD 2026: 9.56%
Δ YoY: +1.6 pp

EBT margin

9.03% —

H1 2025: —
YTD 2026: 9.03%
Δ YoY: —

Net margin

7.12% +0.9 pp

H1 2025: 6.19%
YTD 2026: 7.12%
Δ YoY: +0.9 pp

D&A margin

12.4% —

H1 2025: —
YTD 2026: 12.4%
Δ YoY: —

Cash

7,533 +14.6%

H1 2025: 6,575
YTD 2026: —
Δ YoY: —

Total debt

1,721 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

-5,812 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

48,805 +3.6%

H1 2025: 47,117
YTD 2026: —
Δ YoY: —

Total assets

68,334 +4.3%

H1 2025: 65,544
YTD 2026: —
Δ YoY: —

Working capital

18,524 −0.1%

H1 2025: 18,548
YTD 2026: —
Δ YoY: —

Current assets

32,973 +4.3%

H1 2025: 31,611
YTD 2026: —
Δ YoY: —

Current liabilities

14,449 +10.6%

H1 2025: 13,063
YTD 2026: —
Δ YoY: —

Non-current liabilities

5,080 −5.3%

H1 2025: 5,364
YTD 2026: —
Δ YoY: —

Inventory

15,382 +2.6%

H1 2025: 14,994
YTD 2026: —
Δ YoY: —

Trade receivables

9,863 −0.6%

H1 2025: 9,918
YTD 2026: —
Δ YoY: —

Trade payables

10,345 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

13,500 −3.8%

H1 2025: 14,036
YTD 2026: —
Δ YoY: —

Tangible equity

35,305 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

5,497 —

H1 2025: —
YTD 2026: 5,497
Δ YoY: —

CapEx

2,028 —

H1 2025: —
YTD 2026: 2,028
Δ YoY: —

FCF

3,469 —

H1 2025: —
YTD 2026: 3,469
Δ YoY: —

FCF conversion

68.69% —

H1 2025: —
YTD 2026: 68.69%
Δ YoY: —

CFO conversion

108.85% —

H1 2025: —
YTD 2026: 108.85%
Δ YoY: —

Current ratio

2.28x −0.14x

H1 2025: 2.42x
YTD 2026: —
Δ YoY: —

Quick ratio

1.22x −0.05x

H1 2025: 1.27x
YTD 2026: —
Δ YoY: —

Cash ratio

0.52x +0.02x

H1 2025: 0.5x
YTD 2026: —
Δ YoY: —

Net debt / EBITDA

-0.54x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

0.04x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.03x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.12x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

20.75% —

H1 2025: -7.93%
YTD 2026: 20.75%
Δ YoY: —

EBITDA growth (YoY)

57.42% —

H1 2025: —
YTD 2026: 57.42%
Δ YoY: —

EBIT growth (YoY)

351.34% —

H1 2025: -37.82%
YTD 2026: 351.34%
Δ YoY: —

Net income growth (YoY)

466.44% —

H1 2025: -39.42%
YTD 2026: 466.44%
Δ YoY: —

Gross margin Δ (YoY)

1.15 pp —

H1 2025: -4.14 pp
YTD 2026: 1.15 pp
Δ YoY: —

EBITDA margin Δ (YoY)

5.11 pp —

H1 2025: —
YTD 2026: 5.11 pp
Δ YoY: —

EBIT margin Δ (YoY)

7 pp —

H1 2025: -3.81 pp
YTD 2026: 7 pp
Δ YoY: —

Net margin Δ (YoY)

5.6 pp —

H1 2025: -3.23 pp
YTD 2026: 5.6 pp
Δ YoY: —