ENP
Energoaparatura
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026
H1 2026 report
Wykonawca instalacji elektroenergetycznych i OZE: przychody 65,6 mln zł (x3,3 r/r), ale zysk operacyjny spadł do 1,3 mln zł z 1,8 mln zł.
Sentiment
●●●●●●
ENP
H1 2026 report
Revenue
65.6 m PLN
— YoY
Net income
942 k PLN
— YoY
EBITDA
1.83 m PLN
— YoY
Gross margin
7.22%
— YoY
Summary
Investment thesis
- Marża brutto zjechała z 24,5% do 7,2% — wzrost sprzedaży zbudowano na mało rentownych, materiałochłonnych kontraktach.
- Przepływ operacyjny −9,2 mln zł: spółka rozliczyła rekordowy koniec 2025 r. (spadek należności i zobowiązań), sfinansowała to sprzedażą papierów wartościowych (9,5 mln zł) i kredytem obrotowym (4,2 mln zł).
- Nowy kontrakt 30,8 mln zł (Lubień 1) do września 2027 oraz inwestycja w nowy zakład w KSSE (grunt 3,5 mln zł, pomoc do 6,25 mln zł) porządkują perspektywy.
- Duże zabezpieczenia i gwarancje (zobowiązania warunkowe 40,6 mln zł) i skoncentrowany akcjonariat: Rejniak i Beza razem ok. 72% kapitału.
Read the full analysis
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Financials
BETA
ENP · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 65,598 | 45,293 | +44.8% | 65,598 | +44.8% | reported | — | 1.00 |
| Gross profit | 4,739 | 8,106 | −41.5% | 4,739 | −41.5% | reported | — | 1.00 |
| EBITDA | 1,829 | 3,081 | −40.6% | 1,829 | −40.6% | derived | — | 0.90 |
| EBIT | 1,339 | 2,210 | −39.4% | 1,339 | −39.4% | reported | — | 0.95 |
| EBT | 1,226 | 2,004 | −38.8% | 1,226 | −38.8% | reported | — | 1.00 |
| Net income | 942 | 1,376 | −31.5% | 942 | −31.5% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.23 | 0.07 | — | 0.23 | — | reported | — | 0.60 |
| D&A | 490 | 871 | −43.7% | 490 | −43.7% | reported | — | 1.00 |
| Interest expense | 90 | 117 | −23.1% | 90 | −23.1% | reported | — | 1.00 |
| Income tax | 284 | 628 | −54.8% | 284 | −54.8% | reported | — | 1.00 |
| Shares (basic) (m units) | 19.68 | 19.68 | — | 19.68 | — | reported | — | 1.00 |
| Gross margin | 7.22% | 17.9% | −10.7 pp | 7.22% | −10.7 pp | derived | — | 0.90 |
| EBITDA margin | 2.79% | 6.8% | −4 pp | 2.79% | −4 pp | derived | — | 0.90 |
| EBIT margin | 2.04% | 4.88% | −2.8 pp | 2.04% | −2.8 pp | derived | — | 0.90 |
| EBT margin | 1.87% | 4.43% | −2.6 pp | 1.87% | −2.6 pp | derived | — | 0.90 |
| Net margin | 1.44% | 3.04% | −1.6 pp | 1.44% | −1.6 pp | derived | — | 0.90 |
| D&A margin | 0.75% | 1.92% | −1.2 pp | 0.75% | −1.2 pp | derived | — | 0.90 |
| Cash | 1,041 | 3,647 | −71.5% | — | — | reported | — | 1.00 |
| Total debt | 4,963 | 733 | +577.1% | — | — | reported | — | 0.85 |
| Net debt | 3,922 | -2,914 | +234.6% | — | — | derived | — | 0.90 |
| Equity | 28,290 | 22,432 | +26.1% | — | — | reported | — | 1.00 |
| Total assets | 47,409 | 31,877 | +48.7% | — | — | reported | — | 1.00 |
| Working capital | 27,110 | 20,183 | +34.3% | — | — | derived | — | 0.90 |
| Current assets | 41,300 | 27,700 | +49.1% | — | — | reported | — | 1.00 |
| Current liabilities | 14,190 | 7,517 | +88.8% | — | — | reported | — | 1.00 |
| Non-current liabilities | 382 | 216 | +76.9% | — | — | reported | — | 1.00 |
| Inventory | 12,940 | 4,490 | +188.2% | — | — | reported | — | 1.00 |
| Trade receivables | 12,757 | 12,825 | −0.5% | — | — | reported | — | 1.00 |
| Trade payables | 7,675 | 4,302 | +78.4% | — | — | reported | — | 1.00 |
| Tangible equity | 28,265 | — | — | — | — | derived | — | 0.90 |
| CFO | -9,182 | -2,159 | −325.3% | -9,182 | −325.3% | reported | — | 1.00 |
| CapEx | 563 | 251 | +124.3% | 563 | +124.3% | reported | — | 1.00 |
| FCF | -9,745 | -2,410 | −304.4% | -9,745 | −304.4% | derived | — | 0.90 |
| FCF conversion | -532.8% | -78.2% | −454.6 pp | -532.8% | −454.6 pp | derived | — | 0.90 |
| CFO conversion | -502% | -70.1% | −431.9 pp | -502% | −431.9 pp | derived | — | 0.90 |
| Current ratio | 2.91x | 3.69x | −0.78x | — | — | derived | — | 0.90 |
| Quick ratio | 2x | 3.09x | −1.09x | — | — | derived | — | 0.90 |
| Cash ratio | 0.07x | 0.49x | −0.42x | — | — | derived | — | 0.90 |
| Interest coverage | 14.88x | 18.9x | −4.02x | 14.88x | −4.02x | derived | — | 0.90 |
| Debt / equity | 0.18x | 0.03x | +0.15x | — | — | derived | — | 0.90 |
| Debt / assets | 0.11x | 0.02x | +0.08x | — | — | derived | — | 0.90 |
| Net debt / equity | 0.14x | -0.13x | +0.27x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 233.35% | 43.71% | — | 233.35% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -20.27% | 129.4% | — | -20.27% | — | derived | — | 0.90 |
| EBIT growth (YoY) | -25.74% | 174.5% | — | -25.74% | — | derived | — | 0.90 |
| Net income growth (YoY) | -31.14% | 257.3% | — | -31.14% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | -17.29 pp | 2.49 pp | — | -17.29 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -8.87 pp | 4.05 pp | — | -8.87 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | -7.12 pp | 4.44 pp | — | -7.12 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -5.52 pp | 4.51 pp | — | -5.52 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
65,598
+44.8%
65,598
+44.8%
- H1 2025
- 45,293
- YTD 2026
- 65,598
- Δ YoY
- +44.8%
Gross profit
4,739
−41.5%
4,739
−41.5%
- H1 2025
- 8,106
- YTD 2026
- 4,739
- Δ YoY
- −41.5%
EBITDA
1,829
−40.6%
1,829
−40.6%
- H1 2025
- 3,081
- YTD 2026
- 1,829
- Δ YoY
- −40.6%
EBIT
1,339
−39.4%
1,339
−39.4%
- H1 2025
- 2,210
- YTD 2026
- 1,339
- Δ YoY
- −39.4%
EBT
1,226
−38.8%
1,226
−38.8%
- H1 2025
- 2,004
- YTD 2026
- 1,226
- Δ YoY
- −38.8%
Net income
942
−31.5%
942
−31.5%
- H1 2025
- 1,376
- YTD 2026
- 942
- Δ YoY
- −31.5%
EPS (basic)
(PLN)
0.23
—
0.23
—
- H1 2025
- 0.07
- YTD 2026
- 0.23
- Δ YoY
- —
D&A
490
−43.7%
490
−43.7%
- H1 2025
- 871
- YTD 2026
- 490
- Δ YoY
- −43.7%
Interest expense
90
−23.1%
90
−23.1%
- H1 2025
- 117
- YTD 2026
- 90
- Δ YoY
- −23.1%
Income tax
284
−54.8%
284
−54.8%
- H1 2025
- 628
- YTD 2026
- 284
- Δ YoY
- −54.8%
Shares (basic)
(m units)
19.68
—
19.68
—
- H1 2025
- 19.68
- YTD 2026
- 19.68
- Δ YoY
- —
Gross margin
7.22%
−10.7 pp
7.22%
−10.7 pp
- H1 2025
- 17.9%
- YTD 2026
- 7.22%
- Δ YoY
- −10.7 pp
EBITDA margin
2.79%
−4 pp
2.79%
−4 pp
- H1 2025
- 6.8%
- YTD 2026
- 2.79%
- Δ YoY
- −4 pp
EBIT margin
2.04%
−2.8 pp
2.04%
−2.8 pp
- H1 2025
- 4.88%
- YTD 2026
- 2.04%
- Δ YoY
- −2.8 pp
EBT margin
1.87%
−2.6 pp
1.87%
−2.6 pp
- H1 2025
- 4.43%
- YTD 2026
- 1.87%
- Δ YoY
- −2.6 pp
Net margin
1.44%
−1.6 pp
1.44%
−1.6 pp
- H1 2025
- 3.04%
- YTD 2026
- 1.44%
- Δ YoY
- −1.6 pp
D&A margin
0.75%
−1.2 pp
0.75%
−1.2 pp
- H1 2025
- 1.92%
- YTD 2026
- 0.75%
- Δ YoY
- −1.2 pp
Cash
1,041
−71.5%
1,041
−71.5%
- H1 2025
- 3,647
- YTD 2026
- —
- Δ YoY
- —
Total debt
4,963
+577.1%
4,963
+577.1%
- H1 2025
- 733
- YTD 2026
- —
- Δ YoY
- —
Net debt
3,922
+234.6%
3,922
+234.6%
- H1 2025
- -2,914
- YTD 2026
- —
- Δ YoY
- —
Equity
28,290
+26.1%
28,290
+26.1%
- H1 2025
- 22,432
- YTD 2026
- —
- Δ YoY
- —
Total assets
47,409
+48.7%
47,409
+48.7%
- H1 2025
- 31,877
- YTD 2026
- —
- Δ YoY
- —
Working capital
27,110
+34.3%
27,110
+34.3%
- H1 2025
- 20,183
- YTD 2026
- —
- Δ YoY
- —
Current assets
41,300
+49.1%
41,300
+49.1%
- H1 2025
- 27,700
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
14,190
+88.8%
14,190
+88.8%
- H1 2025
- 7,517
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
382
+76.9%
382
+76.9%
- H1 2025
- 216
- YTD 2026
- —
- Δ YoY
- —
Inventory
12,940
+188.2%
12,940
+188.2%
- H1 2025
- 4,490
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
12,757
−0.5%
12,757
−0.5%
- H1 2025
- 12,825
- YTD 2026
- —
- Δ YoY
- —
Trade payables
7,675
+78.4%
7,675
+78.4%
- H1 2025
- 4,302
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
28,265
—
28,265
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-9,182
−325.3%
-9,182
−325.3%
- H1 2025
- -2,159
- YTD 2026
- -9,182
- Δ YoY
- −325.3%
CapEx
563
+124.3%
563
+124.3%
- H1 2025
- 251
- YTD 2026
- 563
- Δ YoY
- +124.3%
FCF
-9,745
−304.4%
-9,745
−304.4%
- H1 2025
- -2,410
- YTD 2026
- -9,745
- Δ YoY
- −304.4%
FCF conversion
-532.8%
−454.6 pp
-532.8%
−454.6 pp
- H1 2025
- -78.2%
- YTD 2026
- -532.8%
- Δ YoY
- −454.6 pp
CFO conversion
-502%
−431.9 pp
-502%
−431.9 pp
- H1 2025
- -70.1%
- YTD 2026
- -502%
- Δ YoY
- −431.9 pp
Current ratio
2.91x
−0.78x
2.91x
−0.78x
- H1 2025
- 3.69x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
2x
−1.09x
2x
−1.09x
- H1 2025
- 3.09x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.07x
−0.42x
0.07x
−0.42x
- H1 2025
- 0.49x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
14.88x
−4.02x
14.88x
−4.02x
- H1 2025
- 18.9x
- YTD 2026
- 14.88x
- Δ YoY
- −4.02x
Debt / equity
0.18x
+0.15x
0.18x
+0.15x
- H1 2025
- 0.03x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.11x
+0.08x
0.11x
+0.08x
- H1 2025
- 0.02x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.14x
+0.27x
0.14x
+0.27x
- H1 2025
- -0.13x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
233.35%
—
233.35%
—
- H1 2025
- 43.71%
- YTD 2026
- 233.35%
- Δ YoY
- —
EBITDA growth (YoY)
-20.27%
—
-20.27%
—
- H1 2025
- 129.4%
- YTD 2026
- -20.27%
- Δ YoY
- —
EBIT growth (YoY)
-25.74%
—
-25.74%
—
- H1 2025
- 174.5%
- YTD 2026
- -25.74%
- Δ YoY
- —
Net income growth (YoY)
-31.14%
—
-31.14%
—
- H1 2025
- 257.3%
- YTD 2026
- -31.14%
- Δ YoY
- —
Gross margin Δ (YoY)
-17.29 pp
—
-17.29 pp
—
- H1 2025
- 2.49 pp
- YTD 2026
- -17.29 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-8.87 pp
—
-8.87 pp
—
- H1 2025
- 4.05 pp
- YTD 2026
- -8.87 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-7.12 pp
—
-7.12 pp
—
- H1 2025
- 4.44 pp
- YTD 2026
- -7.12 pp
- Δ YoY
- —
Net margin Δ (YoY)
-5.52 pp
—
-5.52 pp
—
- H1 2025
- 4.51 pp
- YTD 2026
- -5.52 pp
- Δ YoY
- —