HRP
Harper Hygienics
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026
H1 2026 report
Wyniki półrocza wyraźnie lepsze r/r: przychody +6,2%, EBITDA +30,8%, zysk netto +87,3% przy marży brutto 30,2% (+1,6 pp).
Sentiment
●●●●●●
HRP
H1 2026 report
Revenue
132.31 m PLN
— YoY
Net income
5.27 m PLN
— YoY
EBITDA
13.08 m PLN
— YoY
Gross margin
30.23%
— YoY
Summary
Investment thesis
- Jakość zysku jest słabsza niż wynik sugeruje: przepływy operacyjne to tylko 2,2 mln zł wobec 5,3 mln zł zysku netto, a FCF wynosi ok. 0,7 mln zł.
- Bilans jest mocno zadłużony u podmiotu powiązanego: pożyczka od SIA iCotton z odsetkami to 84,7 mln zł (termin 31.10.2031), a odsetki są kapitalizowane w saldzie (22,5 mln zł).
- Płynność opiera się na faktoringu (12,2 mln zł zobowiązań, limity 20 + 10 mln zł oraz ING) — gotówki jest 0,27 mln zł, więc spółka nie ma bufora.
- Kontrola skupiona w jednym akcjonariuszu (66,1%), a znaczna część transakcji dotyczy podmiotu dominującego — warto śledzić warunki rynkowe tych rozliczeń.
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Financials
BETA
HRP · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 132.31 | 254.35 | −48% | 132.31 | −48% | reported | — | 1.00 |
|
Revenue
pozostałe
|
8.18 | 254.35 | −96.8% | 8.18 | −96.8% | reported | pozostałe | 1.00 |
|
Revenue
towary handlowe
|
6.02 | 254.35 | −97.6% | 6.02 | −97.6% | reported | towary handlowe | 1.00 |
|
Revenue
włóknina
|
48.68 | 254.35 | −80.9% | 48.68 | −80.9% | reported | włóknina | 1.00 |
|
Revenue
bawełna
|
69.42 | 254.35 | −72.7% | 69.42 | −72.7% | reported | bawełna | 1.00 |
|
Gross profit
pozostałe
|
0.25 | 74.78 | −99.7% | 0.25 | −99.7% | reported | pozostałe | 1.00 |
|
Gross profit
towary handlowe
|
1.66 | 74.78 | −97.8% | 1.66 | −97.8% | reported | towary handlowe | 1.00 |
|
Gross profit
włóknina
|
14.87 | 74.78 | −80.1% | 14.87 | −80.1% | reported | włóknina | 1.00 |
|
Gross profit
bawełna
|
23.23 | 74.78 | −68.9% | 23.23 | −68.9% | reported | bawełna | 1.00 |
| Gross profit | 40 | 74.78 | −46.5% | 40 | −46.5% | reported | — | 1.00 |
| EBITDA | 13.08 | 22.59 | −42.1% | 13.08 | −42.1% | reported | — | 1.00 |
| EBIT | 9.87 | 15.91 | −38% | 9.87 | −38% | reported | — | 1.00 |
| EBT | 7.07 | 9.76 | −27.5% | 7.07 | −27.5% | reported | — | 1.00 |
| Net income | 5.27 | 7.29 | −27.7% | 5.27 | −27.7% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.83 | 1.14 | — | 0.83 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.83 | 1.14 | — | 0.83 | — | reported | — | 1.00 |
| D&A | 3.21 | 6.68 | −51.9% | 3.21 | −51.9% | reported | — | 1.00 |
| Interest expense | 2.8 | 6.9 | −59.4% | 2.8 | −59.4% | reported | — | 1.00 |
| Income tax | 1.8 | 2.47 | −27.1% | 1.8 | −27.1% | reported | — | 1.00 |
| Shares (basic) (m units) | 6.37 | 6.37 | — | — | — | reported | — | 1.00 |
| Gross margin | 30.23% | 29.4% | +0.8 pp | 30.23% | +0.8 pp | derived | — | 0.70 |
| EBITDA margin | 9.89% | 8.88% | +1 pp | 9.89% | +1 pp | derived | — | 0.70 |
| EBIT margin | 7.46% | 6.26% | +1.2 pp | 7.46% | +1.2 pp | derived | — | 0.70 |
| EBT margin | 5.35% | — | — | 5.35% | — | derived | — | 0.70 |
| Net margin | 3.98% | 2.87% | +1.1 pp | 3.98% | +1.1 pp | derived | — | 0.70 |
| D&A margin | 2.43% | — | — | 2.43% | — | derived | — | 0.70 |
| Cash | 0.27 | 0.73 | −62.4% | — | — | reported | — | 1.00 |
| Total debt | 99.67 | 96.16 | +3.7% | — | — | reported | — | 0.90 |
| Net debt | 99.39 | 95.43 | +4.2% | — | — | adjusted | — | 0.90 |
| Equity | 77.91 | 72.63 | +7.3% | — | — | reported | — | 1.00 |
| Total assets | 249.91 | 252.35 | −1% | — | — | reported | — | 1.00 |
| Working capital | 35.5 | — | — | — | — | derived | — | 0.70 |
| Current assets | 109.55 | 110.81 | −1.1% | — | — | reported | — | 1.00 |
| Current liabilities | 74.05 | 74.64 | −0.8% | — | — | reported | — | 1.00 |
| Non-current liabilities | 97.96 | 105.08 | −6.8% | — | — | reported | — | 1.00 |
| Inventory | 32.44 | 35.15 | −7.7% | — | — | reported | — | 1.00 |
| Trade receivables | 74.33 | 72.74 | +2.2% | — | — | reported | — | 0.90 |
| Trade payables | 32.45 | 30.87 | +5.1% | — | — | reported | — | 1.00 |
| Goodwill | 1.15 | 1.18 | −2.3% | — | — | reported | — | 1.00 |
| Tangible equity | 76.75 | — | — | — | — | derived | — | 0.70 |
| CFO | 2.18 | 5.4 | −59.7% | 2.18 | −59.7% | reported | — | 1.00 |
| CapEx | 1.51 | 2.29 | −34.2% | 1.51 | −34.2% | reported | — | 1.00 |
| FCF | 0.67 | 3.1 | −78.5% | 0.67 | −78.5% | derived | — | 0.70 |
| FCF conversion | 5.1% | 13.7% | −8.6 pp | 5.1% | −8.6 pp | derived | — | 0.70 |
| CFO conversion | 16.64% | 23.9% | −7.3 pp | 16.64% | −7.3 pp | derived | — | 0.70 |
| Current ratio | 1.48x | 1.48x | +0x | — | — | derived | — | 0.70 |
| Quick ratio | 1.04x | 1.01x | +0.03x | — | — | derived | — | 0.70 |
| Cash ratio | 0x | 0.01x | −0.01x | — | — | derived | — | 0.70 |
| Interest coverage | 3.53x | 2.31x | +1.22x | 3.53x | +1.22x | derived | — | 0.70 |
| Debt / equity | 1.28x | 1.32x | −0.04x | — | — | derived | — | 0.70 |
| Debt / assets | 0.4x | 0.38x | +0.02x | — | — | derived | — | 0.70 |
| Net debt / equity | 1.28x | 1.31x | −0.03x | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 6.22% | 11.1% | — | 6.22% | — | derived | — | 0.70 |
| EBITDA growth (YoY) | 30.84% | 25.7% | — | 30.84% | — | derived | — | 0.70 |
| EBIT growth (YoY) | 50.3% | 49.5% | — | 50.3% | — | derived | — | 0.70 |
| Net income growth (YoY) | 87.28% | 131.1% | — | 87.28% | — | derived | — | 0.70 |
| EPS growth (YoY) | 88.64% | 132.7% | — | 88.64% | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | 1.61 pp | -1.5 pp | — | 1.61 pp | — | derived | — | 0.70 |
| EBITDA margin Δ (YoY) | 1.86 pp | 1.02 pp | — | 1.86 pp | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | 2.19 pp | — | — | 2.19 pp | — | derived | — | 0.70 |
| Net margin Δ (YoY) | 1.72 pp | — | — | 1.72 pp | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Revenue
132.31
−48%
132.31
−48%
- H1 2025
- 254.35
- YTD 2026
- 132.31
- Δ YoY
- −48%
Revenue
pozostałe
8.18
−96.8%
pozostałe
8.18
−96.8%
- H1 2025
- 254.35
- YTD 2026
- 8.18
- Δ YoY
- −96.8%
Revenue
towary handlowe
6.02
−97.6%
towary handlowe
6.02
−97.6%
- H1 2025
- 254.35
- YTD 2026
- 6.02
- Δ YoY
- −97.6%
Revenue
włóknina
48.68
−80.9%
włóknina
48.68
−80.9%
- H1 2025
- 254.35
- YTD 2026
- 48.68
- Δ YoY
- −80.9%
Revenue
bawełna
69.42
−72.7%
bawełna
69.42
−72.7%
- H1 2025
- 254.35
- YTD 2026
- 69.42
- Δ YoY
- −72.7%
Gross profit
pozostałe
0.25
−99.7%
pozostałe
0.25
−99.7%
- H1 2025
- 74.78
- YTD 2026
- 0.25
- Δ YoY
- −99.7%
Gross profit
towary handlowe
1.66
−97.8%
towary handlowe
1.66
−97.8%
- H1 2025
- 74.78
- YTD 2026
- 1.66
- Δ YoY
- −97.8%
Gross profit
włóknina
14.87
−80.1%
włóknina
14.87
−80.1%
- H1 2025
- 74.78
- YTD 2026
- 14.87
- Δ YoY
- −80.1%
Gross profit
bawełna
23.23
−68.9%
bawełna
23.23
−68.9%
- H1 2025
- 74.78
- YTD 2026
- 23.23
- Δ YoY
- −68.9%
Gross profit
40
−46.5%
40
−46.5%
- H1 2025
- 74.78
- YTD 2026
- 40
- Δ YoY
- −46.5%
EBITDA
13.08
−42.1%
13.08
−42.1%
- H1 2025
- 22.59
- YTD 2026
- 13.08
- Δ YoY
- −42.1%
EBIT
9.87
−38%
9.87
−38%
- H1 2025
- 15.91
- YTD 2026
- 9.87
- Δ YoY
- −38%
EBT
7.07
−27.5%
7.07
−27.5%
- H1 2025
- 9.76
- YTD 2026
- 7.07
- Δ YoY
- −27.5%
Net income
5.27
−27.7%
5.27
−27.7%
- H1 2025
- 7.29
- YTD 2026
- 5.27
- Δ YoY
- −27.7%
EPS (basic)
(PLN)
0.83
—
0.83
—
- H1 2025
- 1.14
- YTD 2026
- 0.83
- Δ YoY
- —
EPS (diluted)
(PLN)
0.83
—
0.83
—
- H1 2025
- 1.14
- YTD 2026
- 0.83
- Δ YoY
- —
D&A
3.21
−51.9%
3.21
−51.9%
- H1 2025
- 6.68
- YTD 2026
- 3.21
- Δ YoY
- −51.9%
Interest expense
2.8
−59.4%
2.8
−59.4%
- H1 2025
- 6.9
- YTD 2026
- 2.8
- Δ YoY
- −59.4%
Income tax
1.8
−27.1%
1.8
−27.1%
- H1 2025
- 2.47
- YTD 2026
- 1.8
- Δ YoY
- −27.1%
Shares (basic)
(m units)
6.37
—
6.37
—
- H1 2025
- 6.37
- YTD 2026
- —
- Δ YoY
- —
Gross margin
30.23%
+0.8 pp
30.23%
+0.8 pp
- H1 2025
- 29.4%
- YTD 2026
- 30.23%
- Δ YoY
- +0.8 pp
EBITDA margin
9.89%
+1 pp
9.89%
+1 pp
- H1 2025
- 8.88%
- YTD 2026
- 9.89%
- Δ YoY
- +1 pp
EBIT margin
7.46%
+1.2 pp
7.46%
+1.2 pp
- H1 2025
- 6.26%
- YTD 2026
- 7.46%
- Δ YoY
- +1.2 pp
EBT margin
5.35%
—
5.35%
—
- H1 2025
- —
- YTD 2026
- 5.35%
- Δ YoY
- —
Net margin
3.98%
+1.1 pp
3.98%
+1.1 pp
- H1 2025
- 2.87%
- YTD 2026
- 3.98%
- Δ YoY
- +1.1 pp
D&A margin
2.43%
—
2.43%
—
- H1 2025
- —
- YTD 2026
- 2.43%
- Δ YoY
- —
Cash
0.27
−62.4%
0.27
−62.4%
- H1 2025
- 0.73
- YTD 2026
- —
- Δ YoY
- —
Total debt
99.67
+3.7%
99.67
+3.7%
- H1 2025
- 96.16
- YTD 2026
- —
- Δ YoY
- —
Net debt
99.39
+4.2%
99.39
+4.2%
- H1 2025
- 95.43
- YTD 2026
- —
- Δ YoY
- —
Equity
77.91
+7.3%
77.91
+7.3%
- H1 2025
- 72.63
- YTD 2026
- —
- Δ YoY
- —
Total assets
249.91
−1%
249.91
−1%
- H1 2025
- 252.35
- YTD 2026
- —
- Δ YoY
- —
Working capital
35.5
—
35.5
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
109.55
−1.1%
109.55
−1.1%
- H1 2025
- 110.81
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
74.05
−0.8%
74.05
−0.8%
- H1 2025
- 74.64
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
97.96
−6.8%
97.96
−6.8%
- H1 2025
- 105.08
- YTD 2026
- —
- Δ YoY
- —
Inventory
32.44
−7.7%
32.44
−7.7%
- H1 2025
- 35.15
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
74.33
+2.2%
74.33
+2.2%
- H1 2025
- 72.74
- YTD 2026
- —
- Δ YoY
- —
Trade payables
32.45
+5.1%
32.45
+5.1%
- H1 2025
- 30.87
- YTD 2026
- —
- Δ YoY
- —
Goodwill
1.15
−2.3%
1.15
−2.3%
- H1 2025
- 1.18
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
76.75
—
76.75
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
2.18
−59.7%
2.18
−59.7%
- H1 2025
- 5.4
- YTD 2026
- 2.18
- Δ YoY
- −59.7%
CapEx
1.51
−34.2%
1.51
−34.2%
- H1 2025
- 2.29
- YTD 2026
- 1.51
- Δ YoY
- −34.2%
FCF
0.67
−78.5%
0.67
−78.5%
- H1 2025
- 3.1
- YTD 2026
- 0.67
- Δ YoY
- −78.5%
FCF conversion
5.1%
−8.6 pp
5.1%
−8.6 pp
- H1 2025
- 13.7%
- YTD 2026
- 5.1%
- Δ YoY
- −8.6 pp
CFO conversion
16.64%
−7.3 pp
16.64%
−7.3 pp
- H1 2025
- 23.9%
- YTD 2026
- 16.64%
- Δ YoY
- −7.3 pp
Current ratio
1.48x
+0x
1.48x
+0x
- H1 2025
- 1.48x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.04x
+0.03x
1.04x
+0.03x
- H1 2025
- 1.01x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0x
−0.01x
0x
−0.01x
- H1 2025
- 0.01x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
3.53x
+1.22x
3.53x
+1.22x
- H1 2025
- 2.31x
- YTD 2026
- 3.53x
- Δ YoY
- +1.22x
Debt / equity
1.28x
−0.04x
1.28x
−0.04x
- H1 2025
- 1.32x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.4x
+0.02x
0.4x
+0.02x
- H1 2025
- 0.38x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
1.28x
−0.03x
1.28x
−0.03x
- H1 2025
- 1.31x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
6.22%
—
6.22%
—
- H1 2025
- 11.1%
- YTD 2026
- 6.22%
- Δ YoY
- —
EBITDA growth (YoY)
30.84%
—
30.84%
—
- H1 2025
- 25.7%
- YTD 2026
- 30.84%
- Δ YoY
- —
EBIT growth (YoY)
50.3%
—
50.3%
—
- H1 2025
- 49.5%
- YTD 2026
- 50.3%
- Δ YoY
- —
Net income growth (YoY)
87.28%
—
87.28%
—
- H1 2025
- 131.1%
- YTD 2026
- 87.28%
- Δ YoY
- —
EPS growth (YoY)
88.64%
—
88.64%
—
- H1 2025
- 132.7%
- YTD 2026
- 88.64%
- Δ YoY
- —
Gross margin Δ (YoY)
1.61 pp
—
1.61 pp
—
- H1 2025
- -1.5 pp
- YTD 2026
- 1.61 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
1.86 pp
—
1.86 pp
—
- H1 2025
- 1.02 pp
- YTD 2026
- 1.86 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
2.19 pp
—
2.19 pp
—
- H1 2025
- —
- YTD 2026
- 2.19 pp
- Δ YoY
- —
Net margin Δ (YoY)
1.72 pp
—
1.72 pp
—
- H1 2025
- —
- YTD 2026
- 1.72 pp
- Δ YoY
- —