SFS Sfinks Polska Giełda Papierów Wartościowych w Warszawie · Semiannual · publ. September 30, 2026

H1 2026 report

Przekształcenie wszystkich lokali własnych we franczyzowe obniżyło przychody o 32% (do 17,0 mln zł), ale EBIT wzrósł o 65% do 1,0 mln zł, bo koszty spadły w tym samym tempie.

Sentiment

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Website

SFS H1 2026 report

Revenue

16.95 m PLN

— YoY

Net income

-2.9 m PLN

— YoY

EBITDA

3.74 m PLN

— YoY

FCF

4.87 m PLN

— YoY

Summary

Investment thesis

Kapitał własny jest głęboko ujemny (−86,0 mln zł), a dług finansowy z leasingiem wynosi ok. 120 mln zł przy gotówce 1,6 mln zł.
Odsetki (ok. 4,9 mln zł) są blisko pięciokrotnie wyższe niż EBIT, więc poprawa operacyjna nie przekłada się na zysk netto.
Audytor INTERFIN wydał wniosek z zastrzeżeniem z powodu braku odpowiedniego ujawnienia istotnej niepewności co do kontynuacji działalności; zarząd się z tym nie zgadza.
Kluczowy scenariusz to sprzedaż ZCP SPHINX oraz renegocjacja harmonogramów spłat (ARP, BOŚ) — żaden z nich nie jest pewny.

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Financials

BETA

H1 2026

SFS · H1 2026

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

Revenue	16,950	75,574	−77.6%	16,950	−77.6%	reported	—	1.00
EBITDA	3,741	14,640	−74.4%	3,741	−74.4%	derived	—	0.70
EBIT	991	5,422	−81.7%	991	−81.7%	reported	—	1.00
EBT	-3,719	-4,170	+10.8%	-3,719	+10.8%	reported	—	1.00
Net income	-2,899	-5,047	+42.6%	-2,899	+42.6%	reported	—	1.00
EPS (basic) (PLN)	-0.08	-0.13	—	-0.08	—	reported	—	1.00
EPS (diluted) (PLN)	-0.08	-0.13	—	-0.08	—	reported	—	1.00
D&A	2,099	—	—	2,099	—	reported	—	1.00
Interest expense	4,927	9,592	−48.6%	4,927	−48.6%	reported	—	1.00
Income tax	-820	877	−193.5%	-820	−193.5%	reported	—	0.90
Shares (basic) (m units)	37.94	37.94	—	37.94	—	reported	—	1.00

EBITDA margin	18.23%	19.37%	−1.1 pp	18.23%	−1.1 pp	derived	—	0.70
EBIT margin	5.85%	7.17%	−1.3 pp	5.85%	−1.3 pp	derived	—	0.70
EBT margin	-21.94%	—	—	-21.94%	—	derived	—	0.70
Net margin	-17.1%	-6.68%	−10.4 pp	-17.1%	−10.4 pp	derived	—	0.70

Cash	1,560	—	—	—	—	reported	—	1.00
Total debt	120,160	84,612	+42%	—	—	reported	—	0.85
Net debt	118,600	—	—	—	—	derived	—	0.70
Equity	-85,978	-76,080	−13%	—	—	reported	—	1.00
Total assets	55,663	105,621	−47.3%	—	—	reported	—	1.00
Working capital	-18,834	-21,606	+12.8%	—	—	derived	—	0.70
Current assets	12,321	26,301	−53.2%	—	—	reported	—	1.00
Current liabilities	31,155	47,907	−35%	—	—	reported	—	1.00
Non-current liabilities	110,486	133,794	−17.4%	—	—	reported	—	1.00
Inventory	226	964	−76.6%	—	—	reported	—	1.00
Trade receivables	7,126	12,308	−42.1%	—	—	reported	—	0.90
Trade payables	12,768	16,678	−23.4%	—	—	reported	—	0.90

CFO	4,961	15,558	−68.1%	4,961	−68.1%	reported	—	1.00
CapEx	93	—	—	93	—	reported	—	1.00
FCF	4,868	—	—	4,868	—	derived	—	0.70
FCF conversion	157.54%	—	—	157.54%	—	derived	—	0.70
CFO conversion	160.55%	91.09%	+69.5 pp	160.55%	+69.5 pp	derived	—	0.70

Current ratio	0.4x	0.34x	+0.06x	—	—	derived	—	0.70
Quick ratio	0.39x	0.33x	+0.06x	—	—	derived	—	0.70
Cash ratio	0.05x	—	—	—	—	derived	—	0.70
Interest coverage	0.2x	0.4x	−0.2x	0.2x	−0.2x	derived	—	0.70

Debt / equity	-1.4x	-1.07x	−0.33x	—	—	derived	—	0.50
Debt / assets	2.16x	1.41x	+0.75x	—	—	derived	—	0.70
Net debt / equity	-1.38x	—	—	—	—	derived	—	0.50

Revenue growth (YoY)	-31.96%	-38.23%	—	-31.96%	—	derived	—	0.70
EBITDA growth (YoY)	-17.4%	-34.13%	—	-17.4%	—	derived	—	0.70
EBIT growth (YoY)	64.62%	-35.01%	—	64.62%	—	derived	—	0.70
Net income growth (YoY)	52.67%	-38.68%	—	52.67%	—	derived	—	0.70
EPS growth (YoY)	50%	-38.46%	—	50%	—	derived	—	0.70
EBIT margin Δ (YoY)	3.43 pp	0.37 pp	—	3.43 pp	—	derived	—	0.70
Net margin Δ (YoY)	7.5 pp	-8.32 pp	—	7.5 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

16,950 −77.6%

H1 2025: 75,574
YTD 2026: 16,950
Δ YoY: −77.6%

EBITDA

3,741 −74.4%

H1 2025: 14,640
YTD 2026: 3,741
Δ YoY: −74.4%

EBIT

991 −81.7%

H1 2025: 5,422
YTD 2026: 991
Δ YoY: −81.7%

EBT

-3,719 +10.8%

H1 2025: -4,170
YTD 2026: -3,719
Δ YoY: +10.8%

Net income

-2,899 +42.6%

H1 2025: -5,047
YTD 2026: -2,899
Δ YoY: +42.6%

EPS (basic) (PLN)

-0.08 —

H1 2025: -0.13
YTD 2026: -0.08
Δ YoY: —

EPS (diluted) (PLN)

-0.08 —

H1 2025: -0.13
YTD 2026: -0.08
Δ YoY: —

D&A

2,099 —

H1 2025: —
YTD 2026: 2,099
Δ YoY: —

Interest expense

4,927 −48.6%

H1 2025: 9,592
YTD 2026: 4,927
Δ YoY: −48.6%

Income tax

-820 −193.5%

H1 2025: 877
YTD 2026: -820
Δ YoY: −193.5%

Shares (basic) (m units)

37.94 —

H1 2025: 37.94
YTD 2026: 37.94
Δ YoY: —

EBITDA margin

18.23% −1.1 pp

H1 2025: 19.37%
YTD 2026: 18.23%
Δ YoY: −1.1 pp

EBIT margin

5.85% −1.3 pp

H1 2025: 7.17%
YTD 2026: 5.85%
Δ YoY: −1.3 pp

EBT margin

-21.94% —

H1 2025: —
YTD 2026: -21.94%
Δ YoY: —

Net margin

-17.1% −10.4 pp

H1 2025: -6.68%
YTD 2026: -17.1%
Δ YoY: −10.4 pp

Cash

1,560 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

120,160 +42%

H1 2025: 84,612
YTD 2026: —
Δ YoY: —

Net debt

118,600 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

-85,978 −13%

H1 2025: -76,080
YTD 2026: —
Δ YoY: —

Total assets

55,663 −47.3%

H1 2025: 105,621
YTD 2026: —
Δ YoY: —

Working capital

-18,834 +12.8%

H1 2025: -21,606
YTD 2026: —
Δ YoY: —

Current assets

12,321 −53.2%

H1 2025: 26,301
YTD 2026: —
Δ YoY: —

Current liabilities

31,155 −35%

H1 2025: 47,907
YTD 2026: —
Δ YoY: —

Non-current liabilities

110,486 −17.4%

H1 2025: 133,794
YTD 2026: —
Δ YoY: —

Inventory

226 −76.6%

H1 2025: 964
YTD 2026: —
Δ YoY: —

Trade receivables

7,126 −42.1%

H1 2025: 12,308
YTD 2026: —
Δ YoY: —

Trade payables

12,768 −23.4%

H1 2025: 16,678
YTD 2026: —
Δ YoY: —

CFO

4,961 −68.1%

H1 2025: 15,558
YTD 2026: 4,961
Δ YoY: −68.1%

CapEx

93 —

H1 2025: —
YTD 2026: 93
Δ YoY: —

FCF

4,868 —

H1 2025: —
YTD 2026: 4,868
Δ YoY: —

FCF conversion

157.54% —

H1 2025: —
YTD 2026: 157.54%
Δ YoY: —

CFO conversion

160.55% +69.5 pp

H1 2025: 91.09%
YTD 2026: 160.55%
Δ YoY: +69.5 pp

Current ratio

0.4x +0.06x

H1 2025: 0.34x
YTD 2026: —
Δ YoY: —

Quick ratio

0.39x +0.06x

H1 2025: 0.33x
YTD 2026: —
Δ YoY: —

Cash ratio

0.05x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

0.2x −0.2x

H1 2025: 0.4x
YTD 2026: 0.2x
Δ YoY: −0.2x

Debt / equity

-1.4x −0.33x

H1 2025: -1.07x
YTD 2026: —
Δ YoY: —

Debt / assets

2.16x +0.75x

H1 2025: 1.41x
YTD 2026: —
Δ YoY: —

Net debt / equity

-1.38x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-31.96% —

H1 2025: -38.23%
YTD 2026: -31.96%
Δ YoY: —

EBITDA growth (YoY)

-17.4% —

H1 2025: -34.13%
YTD 2026: -17.4%
Δ YoY: —

EBIT growth (YoY)

64.62% —

H1 2025: -35.01%
YTD 2026: 64.62%
Δ YoY: —

Net income growth (YoY)

52.67% —

H1 2025: -38.68%
YTD 2026: 52.67%
Δ YoY: —

EPS growth (YoY)

50% —

H1 2025: -38.46%
YTD 2026: 50%
Δ YoY: —

EBIT margin Δ (YoY)

3.43 pp —

H1 2025: 0.37 pp
YTD 2026: 3.43 pp
Δ YoY: —

Net margin Δ (YoY)

7.5 pp —

H1 2025: -8.32 pp
YTD 2026: 7.5 pp
Δ YoY: —