SNW Sanwil Holding Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026

H1 2026 report

Zysk netto 2,92 mln zł (+50%) pochodzi głównie z przychodów finansowych, w tym 2,8 mln zł z aktualizacji wartości inwestycji.

Sentiment

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Website

SNW H1 2026 report

Revenue

13.08 m PLN

— YoY

Net income

2.92 m PLN

— YoY

EBITDA

0.39 m PLN

— YoY

Gross margin

25.4%

— YoY

Summary

Investment thesis

Zysk operacyjny ujemny (−61 tys. zł); w II kwartale strata operacyjna 258 tys. zł.
CFO −0,88 mln zł mimo zysku netto; FCF −1,21 mln zł.
Praktycznie brak zadłużenia bankowego; gotówka 15,1 mln zł i papiery wartościowe 22,5 mln zł.
Model holdingowy: 56% aktywów to gotówka, papiery wartościowe i pożyczki.

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Financials

BETA

H1 2026

SNW · H1 2026

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

Revenue	13.08	—	—	13.08	—	reported	—	1.00
Gross profit	3.32	—	—	3.32	—	reported	—	1.00
EBITDA	0.39	—	—	0.39	—	derived	—	0.70
EBIT	-0.06	—	—	-0.06	—	reported	—	1.00
EBT	3.58	—	—	3.58	—	reported	—	1.00
Net income	2.92	—	—	2.92	—	reported	—	1.00
EPS (basic) (PLN)	0.18	—	—	0.18	—	reported	—	1.00
EPS (diluted) (PLN)	0.18	—	—	0.18	—	reported	—	1.00
D&A	0.45	—	—	0.45	—	reported	—	1.00
Interest expense	0.04	—	—	0.04	—	reported	—	0.80
Income tax	0.66	—	—	0.66	—	reported	—	1.00
Shares (basic) (m units)	16	—	—	16	—	reported	—	1.00

Gross margin	25.4%	—	—	25.4%	—	derived	—	0.70
EBITDA margin	3%	—	—	3%	—	derived	—	0.70
EBIT margin	-0.5%	—	—	-0.5%	—	derived	—	0.70
Net margin	22.3%	—	—	22.3%	—	derived	—	0.70

Cash	15.13	—	—	—	—	reported	—	1.00
Total debt	1.89	—	—	—	—	reported	—	1.00
Net debt	-13.25	—	—	—	—	derived	—	0.70
Equity	65.51	—	—	—	—	reported	—	1.00
Total assets	80.66	—	—	—	—	reported	—	1.00
Working capital	49.19	—	—	—	—	derived	—	0.70
Current assets	57.96	—	—	—	—	reported	—	1.00
Current liabilities	8.77	—	—	—	—	reported	—	1.00
Non-current liabilities	6.38	—	—	—	—	reported	—	1.00
Inventory	9.5	—	—	—	—	reported	—	1.00
Trade receivables	3.81	—	—	—	—	reported	—	1.00
Trade payables	3.65	—	—	—	—	reported	—	1.00
Goodwill	0.33	—	—	—	—	reported	—	1.00

CFO	-0.88	—	—	-0.88	—	reported	—	1.00
CapEx	0.33	—	—	0.33	—	reported	—	1.00
FCF	-1.21	—	—	-1.21	—	derived	—	0.70

Current ratio	6.61x	—	—	—	—	derived	—	0.70
Quick ratio	5.53x	—	—	—	—	derived	—	0.70
Cash ratio	1.73x	—	—	—	—	derived	—	0.70

Debt / equity	0.03x	—	—	—	—	derived	—	0.70
Debt / assets	0.02x	—	—	—	—	derived	—	0.70
Net debt / equity	-0.2x	—	—	—	—	derived	—	0.70

Revenue growth (YoY)	-2.4%	—	—	-2.4%	—	derived	—	0.70
Net income growth (YoY)	50.1%	—	—	50.1%	—	derived	—	0.70
EPS growth (YoY)	50%	—	—	50%	—	derived	—	0.70
Gross margin Δ (YoY)	-0.2 pp	—	—	-0.2 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

13.08 —

H1 2025: —
YTD 2026: 13.08
Δ YoY: —

Gross profit

3.32 —

H1 2025: —
YTD 2026: 3.32
Δ YoY: —

EBITDA

0.39 —

H1 2025: —
YTD 2026: 0.39
Δ YoY: —

EBIT

-0.06 —

H1 2025: —
YTD 2026: -0.06
Δ YoY: —

EBT

3.58 —

H1 2025: —
YTD 2026: 3.58
Δ YoY: —

Net income

2.92 —

H1 2025: —
YTD 2026: 2.92
Δ YoY: —

EPS (basic) (PLN)

0.18 —

H1 2025: —
YTD 2026: 0.18
Δ YoY: —

EPS (diluted) (PLN)

0.18 —

H1 2025: —
YTD 2026: 0.18
Δ YoY: —

D&A

0.45 —

H1 2025: —
YTD 2026: 0.45
Δ YoY: —

Interest expense

0.04 —

H1 2025: —
YTD 2026: 0.04
Δ YoY: —

Income tax

0.66 —

H1 2025: —
YTD 2026: 0.66
Δ YoY: —

Shares (basic) (m units)

16 —

H1 2025: —
YTD 2026: 16
Δ YoY: —

Gross margin

25.4% —

H1 2025: —
YTD 2026: 25.4%
Δ YoY: —

EBITDA margin

3% —

H1 2025: —
YTD 2026: 3%
Δ YoY: —

EBIT margin

-0.5% —

H1 2025: —
YTD 2026: -0.5%
Δ YoY: —

Net margin

22.3% —

H1 2025: —
YTD 2026: 22.3%
Δ YoY: —

Cash

15.13 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

1.89 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

-13.25 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

65.51 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total assets

80.66 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Working capital

49.19 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

57.96 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

8.77 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

6.38 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

9.5 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

3.81 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

3.65 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

0.33 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-0.88 —

H1 2025: —
YTD 2026: -0.88
Δ YoY: —

CapEx

0.33 —

H1 2025: —
YTD 2026: 0.33
Δ YoY: —

FCF

-1.21 —

H1 2025: —
YTD 2026: -1.21
Δ YoY: —

Current ratio

6.61x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

5.53x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

1.73x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

0.03x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.02x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.2x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-2.4% —

H1 2025: —
YTD 2026: -2.4%
Δ YoY: —

Net income growth (YoY)

50.1% —

H1 2025: —
YTD 2026: 50.1%
Δ YoY: —

EPS growth (YoY)

50% —

H1 2025: —
YTD 2026: 50%
Δ YoY: —

Gross margin Δ (YoY)

-0.2 pp —

H1 2025: —
YTD 2026: -0.2 pp
Δ YoY: —