H1 2026 report
Solidne półrocze: przychody +16,6% r/r do 43,7 mln zł, EBIT +30,8% do 7,0 mln zł, zysk netto +54% do 6,5 mln zł — wzrost marż (EBIT 16,0% wobec 14,3%).
Sentiment
●●●●●●
LSI
H1 2026 report
Revenue
43.74 m PLN
— YoY
Net income
6.53 m PLN
— YoY
EBITDA
11.09 m PLN
— YoY
Gross margin
37.49%
— YoY
Summary
Investment thesis
- Kapitał został skierowany głównie do akcjonariuszy: skup akcji własnych za 17,7 mln zł w półroczu, umorzenie 596 125 akcji (rejestracja 9.09.2026) oraz dywidenda 2,00 zł na akcję (5,3 mln zł) w dwóch transzach.
- Finansowanie tego programu zmieniło profil bilansu: dług bankowy wzrósł z 2,1 do 11,2 mln zł, gotówka spadła z 10,8 do 6,1 mln zł, dług netto (z leasingiem) 9,5 mln zł to jednak nadal tylko ok. 0,9x półrocznego EBITDA.
- Jakość zysku jest przyzwoita: CFO 8,4 mln zł (76% EBITDA), FCF 4,2 mln zł po CAPEX 4,2 mln zł, choć część poprawy wynika z uwolnienia kapitału obrotowego.
- Od 13 kwietnia 2026 r. trwa przegląd opcji strategicznych bez rozstrzygnięcia — to główna niewiadoma dla akcjonariuszy (możliwa transakcja, ale bez żadnych wiążących ustaleń).
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Financials
BETA
LSI · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 43,743 | 66,138 | −33.9% | 43,743 | −33.9% | reported | — | 1.00 |
| Gross profit | 16,400 | 20,724 | −20.9% | 16,400 | −20.9% | reported | — | 1.00 |
| EBITDA | 11,085 | 12,337 | −10.1% | 11,085 | −10.1% | derived | — | 0.70 |
| EBIT | 7,008 | 6,111 | +14.7% | 7,008 | +14.7% | reported | — | 1.00 |
| EBT | 6,931 | 5,888 | +17.7% | 6,931 | +17.7% | reported | — | 1.00 |
| Net income | 6,529 | 5,001 | +30.6% | 6,529 | +30.6% | reported | — | 1.00 |
| EPS (basic) (PLN) | 2.28 | 1.53 | — | 2.28 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 2.28 | 4.66 | — | 2.28 | — | reported | — | 1.00 |
| D&A | 4,077 | 6,226 | −34.5% | 4,077 | −34.5% | reported | — | 1.00 |
| Interest expense | 375 | 273 | +37.4% | 375 | +37.4% | reported | — | 1.00 |
| Income tax | 402 | 887 | −54.7% | 402 | −54.7% | reported | — | 1.00 |
| Gross margin | 37.49% | 31.3% | +6.2 pp | 37.49% | +6.2 pp | derived | — | 0.70 |
| EBITDA margin | 25.34% | 18.7% | +6.6 pp | 25.34% | +6.6 pp | derived | — | 0.70 |
| EBIT margin | 16.02% | 9.2% | +6.8 pp | 16.02% | +6.8 pp | derived | — | 0.70 |
| Net margin | 14.93% | 7.6% | +7.3 pp | 14.93% | +7.3 pp | derived | — | 0.70 |
| Cash | 6,069 | 4,529 | +34% | — | — | reported | — | 1.00 |
| Total debt | 15,607 | 5,782 | +169.9% | — | — | reported | — | 0.90 |
| Net debt | 9,538 | 1,253 | +661.2% | — | — | derived | — | 0.70 |
| Equity | 53,613 | 56,642 | −5.3% | — | — | reported | — | 1.00 |
| Total assets | 88,060 | 74,470 | +18.2% | — | — | reported | — | 1.00 |
| Working capital | 17,205 | 15,438 | +11.4% | — | — | derived | — | 0.70 |
| Current assets | 40,048 | 27,902 | +43.5% | — | — | reported | — | 1.00 |
| Current liabilities | 22,843 | 12,464 | +83.3% | — | — | reported | — | 1.00 |
| Non-current liabilities | 11,604 | 5,095 | +127.8% | — | — | reported | — | 1.00 |
| Inventory | 17,234 | 13,617 | +26.6% | — | — | reported | — | 1.00 |
| Trade receivables | 12,030 | 9,188 | +30.9% | — | — | reported | — | 1.00 |
| Trade payables | 8,326 | 5,820 | +43.1% | — | — | reported | — | 1.00 |
| Goodwill | 25,463 | 22,300 | +14.2% | — | — | reported | — | 1.00 |
| Tangible equity | 28,150 | — | — | — | — | derived | — | 0.70 |
| CFO | 8,449 | 3,223 | +162.1% | 8,449 | +162.1% | reported | — | 1.00 |
| CapEx | 4,248 | 7,879 | −46.1% | 4,248 | −46.1% | reported | — | 1.00 |
| FCF | 4,201 | -4,656 | +190.2% | 4,201 | +190.2% | derived | — | 0.70 |
| FCF conversion | 37.9% | 47.3% | −9.4 pp | 37.9% | −9.4 pp | derived | — | 0.70 |
| CFO conversion | 76.22% | 86.7% | −10.5 pp | 76.22% | −10.5 pp | derived | — | 0.70 |
| Buybacks | 17,668 | 2,482 | +611.8% | 17,668 | +611.8% | reported | — | 1.00 |
| Current ratio | 1.75x | 2.24x | −0.49x | — | — | derived | — | 0.70 |
| Quick ratio | 1x | 1.15x | −0.15x | — | — | derived | — | 0.70 |
| Cash ratio | 0.27x | 0.36x | −0.09x | — | — | derived | — | 0.70 |
| Interest coverage | 18.69x | 29.12x | −10.43x | 18.69x | −10.43x | derived | — | 0.70 |
| Debt / equity | 0.29x | 0.1x | +0.19x | — | — | derived | — | 0.70 |
| Debt / assets | 0.18x | 0.07x | +0.11x | — | — | derived | — | 0.70 |
| Net debt / equity | 0.18x | -0.03x | +0.21x | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 16.64% | 23.4% | — | 16.64% | — | derived | — | 0.70 |
| EBITDA growth (YoY) | 25.82% | 60.3% | — | 25.82% | — | derived | — | 0.70 |
| EBIT growth (YoY) | 30.82% | 112% | — | 30.82% | — | derived | — | 0.70 |
| Net income growth (YoY) | 54.13% | 203.5% | — | 54.13% | — | derived | — | 0.70 |
| EPS growth (YoY) | 75.38% | 204.6% | — | 75.38% | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | 2.46 pp | 5.4 pp | — | 2.46 pp | — | derived | — | 0.70 |
| EBITDA margin Δ (YoY) | 1.85 pp | 5.5 pp | — | 1.85 pp | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | 1.74 pp | 6.7 pp | — | 1.74 pp | — | derived | — | 0.70 |
| Net margin Δ (YoY) | 3.63 pp | 11 pp | — | 3.63 pp | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Revenue
43,743
−33.9%
43,743
−33.9%
- H1 2025
- 66,138
- YTD 2026
- 43,743
- Δ YoY
- −33.9%
Gross profit
16,400
−20.9%
16,400
−20.9%
- H1 2025
- 20,724
- YTD 2026
- 16,400
- Δ YoY
- −20.9%
EBITDA
11,085
−10.1%
11,085
−10.1%
- H1 2025
- 12,337
- YTD 2026
- 11,085
- Δ YoY
- −10.1%
EBIT
7,008
+14.7%
7,008
+14.7%
- H1 2025
- 6,111
- YTD 2026
- 7,008
- Δ YoY
- +14.7%
EBT
6,931
+17.7%
6,931
+17.7%
- H1 2025
- 5,888
- YTD 2026
- 6,931
- Δ YoY
- +17.7%
Net income
6,529
+30.6%
6,529
+30.6%
- H1 2025
- 5,001
- YTD 2026
- 6,529
- Δ YoY
- +30.6%
EPS (basic)
(PLN)
2.28
—
2.28
—
- H1 2025
- 1.53
- YTD 2026
- 2.28
- Δ YoY
- —
EPS (diluted)
(PLN)
2.28
—
2.28
—
- H1 2025
- 4.66
- YTD 2026
- 2.28
- Δ YoY
- —
D&A
4,077
−34.5%
4,077
−34.5%
- H1 2025
- 6,226
- YTD 2026
- 4,077
- Δ YoY
- −34.5%
Interest expense
375
+37.4%
375
+37.4%
- H1 2025
- 273
- YTD 2026
- 375
- Δ YoY
- +37.4%
Income tax
402
−54.7%
402
−54.7%
- H1 2025
- 887
- YTD 2026
- 402
- Δ YoY
- −54.7%
Gross margin
37.49%
+6.2 pp
37.49%
+6.2 pp
- H1 2025
- 31.3%
- YTD 2026
- 37.49%
- Δ YoY
- +6.2 pp
EBITDA margin
25.34%
+6.6 pp
25.34%
+6.6 pp
- H1 2025
- 18.7%
- YTD 2026
- 25.34%
- Δ YoY
- +6.6 pp
EBIT margin
16.02%
+6.8 pp
16.02%
+6.8 pp
- H1 2025
- 9.2%
- YTD 2026
- 16.02%
- Δ YoY
- +6.8 pp
Net margin
14.93%
+7.3 pp
14.93%
+7.3 pp
- H1 2025
- 7.6%
- YTD 2026
- 14.93%
- Δ YoY
- +7.3 pp
Cash
6,069
+34%
6,069
+34%
- H1 2025
- 4,529
- YTD 2026
- —
- Δ YoY
- —
Total debt
15,607
+169.9%
15,607
+169.9%
- H1 2025
- 5,782
- YTD 2026
- —
- Δ YoY
- —
Net debt
9,538
+661.2%
9,538
+661.2%
- H1 2025
- 1,253
- YTD 2026
- —
- Δ YoY
- —
Equity
53,613
−5.3%
53,613
−5.3%
- H1 2025
- 56,642
- YTD 2026
- —
- Δ YoY
- —
Total assets
88,060
+18.2%
88,060
+18.2%
- H1 2025
- 74,470
- YTD 2026
- —
- Δ YoY
- —
Working capital
17,205
+11.4%
17,205
+11.4%
- H1 2025
- 15,438
- YTD 2026
- —
- Δ YoY
- —
Current assets
40,048
+43.5%
40,048
+43.5%
- H1 2025
- 27,902
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
22,843
+83.3%
22,843
+83.3%
- H1 2025
- 12,464
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
11,604
+127.8%
11,604
+127.8%
- H1 2025
- 5,095
- YTD 2026
- —
- Δ YoY
- —
Inventory
17,234
+26.6%
17,234
+26.6%
- H1 2025
- 13,617
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
12,030
+30.9%
12,030
+30.9%
- H1 2025
- 9,188
- YTD 2026
- —
- Δ YoY
- —
Trade payables
8,326
+43.1%
8,326
+43.1%
- H1 2025
- 5,820
- YTD 2026
- —
- Δ YoY
- —
Goodwill
25,463
+14.2%
25,463
+14.2%
- H1 2025
- 22,300
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
28,150
—
28,150
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
8,449
+162.1%
8,449
+162.1%
- H1 2025
- 3,223
- YTD 2026
- 8,449
- Δ YoY
- +162.1%
CapEx
4,248
−46.1%
4,248
−46.1%
- H1 2025
- 7,879
- YTD 2026
- 4,248
- Δ YoY
- −46.1%
FCF
4,201
+190.2%
4,201
+190.2%
- H1 2025
- -4,656
- YTD 2026
- 4,201
- Δ YoY
- +190.2%
FCF conversion
37.9%
−9.4 pp
37.9%
−9.4 pp
- H1 2025
- 47.3%
- YTD 2026
- 37.9%
- Δ YoY
- −9.4 pp
CFO conversion
76.22%
−10.5 pp
76.22%
−10.5 pp
- H1 2025
- 86.7%
- YTD 2026
- 76.22%
- Δ YoY
- −10.5 pp
Buybacks
17,668
+611.8%
17,668
+611.8%
- H1 2025
- 2,482
- YTD 2026
- 17,668
- Δ YoY
- +611.8%
Current ratio
1.75x
−0.49x
1.75x
−0.49x
- H1 2025
- 2.24x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1x
−0.15x
1x
−0.15x
- H1 2025
- 1.15x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.27x
−0.09x
0.27x
−0.09x
- H1 2025
- 0.36x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
18.69x
−10.43x
18.69x
−10.43x
- H1 2025
- 29.12x
- YTD 2026
- 18.69x
- Δ YoY
- −10.43x
Debt / equity
0.29x
+0.19x
0.29x
+0.19x
- H1 2025
- 0.1x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.18x
+0.11x
0.18x
+0.11x
- H1 2025
- 0.07x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.18x
+0.21x
0.18x
+0.21x
- H1 2025
- -0.03x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
16.64%
—
16.64%
—
- H1 2025
- 23.4%
- YTD 2026
- 16.64%
- Δ YoY
- —
EBITDA growth (YoY)
25.82%
—
25.82%
—
- H1 2025
- 60.3%
- YTD 2026
- 25.82%
- Δ YoY
- —
EBIT growth (YoY)
30.82%
—
30.82%
—
- H1 2025
- 112%
- YTD 2026
- 30.82%
- Δ YoY
- —
Net income growth (YoY)
54.13%
—
54.13%
—
- H1 2025
- 203.5%
- YTD 2026
- 54.13%
- Δ YoY
- —
EPS growth (YoY)
75.38%
—
75.38%
—
- H1 2025
- 204.6%
- YTD 2026
- 75.38%
- Δ YoY
- —
Gross margin Δ (YoY)
2.46 pp
—
2.46 pp
—
- H1 2025
- 5.4 pp
- YTD 2026
- 2.46 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
1.85 pp
—
1.85 pp
—
- H1 2025
- 5.5 pp
- YTD 2026
- 1.85 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
1.74 pp
—
1.74 pp
—
- H1 2025
- 6.7 pp
- YTD 2026
- 1.74 pp
- Δ YoY
- —
Net margin Δ (YoY)
3.63 pp
—
3.63 pp
—
- H1 2025
- 11 pp
- YTD 2026
- 3.63 pp
- Δ YoY
- —