H1 2026 report
Grupa przechodzi od handlu i lądowych farm wiatrowych do morskiej energetyki (Bałtyk II i III, Bałtyk I): strategia zakłada 1,5 GW mocy i ok. 1,6 mld zł EBITDA w 2030 r. przy nakładach ok. 4,6 mld zł.
Sentiment
●●●●●●
PEP
H1 2026 report
Revenue
1.75 bn PLN
— YoY
Net income
43.16 m PLN
— YoY
EBITDA
226.88 m PLN
— YoY
Gross margin
13.54%
— YoY
Summary
Investment thesis
- W 1H2026 przychody spadły o 24% do 1,75 mld zł, a EBITDA o 32% do 214 mln zł (marża 12,2% vs 13,5%) — słabsza wietrzność, brak jednorazowych rekompensat z 2025 r., zaniechanie sprzedaży B2C.
- Zysk netto 43,2 mln zł (wobec straty 39,8 mln zł) wspiera zysk 29,8 mln zł na utracie kontroli (sprzedaż spółek) i 16,5 mln zł z jednostek wycenianych metodą praw własności; skorygowany zysk netto to 10,8 mln zł, -82% r/r.
- Bilans: dług oprocentowany ok. 3,2 mld zł (z leasingiem), dług netto ok. 2,3 mld zł, w tym gotówka 926,6 mln zł; dodatkowo 701,8 mln zł środków o ograniczonej dostępności (escrow 531,9 mln zł na dokapitalizowanie projektów morskich).
- Spółka nie płaci dywidendy w horyzoncie strategii (do 2030) i nie publikuje prognoz wyników; wartość zależy od realizacji projektów offshore i ich finansowania.
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Financials
BETA
PEP · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,752.47 | — | — | 1,752.47 | — | reported | — | 1.00 |
| Gross profit | 237.32 | — | — | 237.32 | — | reported | — | 1.00 |
| EBITDA | 226.88 | — | — | 226.88 | — | adjusted | — | 0.90 |
| EBIT | 126.1 | — | — | 126.1 | — | adjusted | — | 0.80 |
| EBT | 80.98 | — | — | 80.98 | — | reported | — | 1.00 |
| Net income | 43.16 | — | — | 43.16 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.56 | — | — | 0.56 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.56 | — | — | 0.56 | — | reported | — | 1.00 |
| D&A | 87.88 | — | — | 87.88 | — | reported | — | 1.00 |
| Interest expense | 77.96 | — | — | 77.96 | — | reported | — | 0.80 |
| Income tax | 37.82 | — | — | 37.82 | — | reported | — | 1.00 |
| Gross margin | 13.54% | — | — | 13.54% | — | reported | — | 0.70 |
| EBITDA margin | 12.21% | — | — | 12.21% | — | reported | — | 0.70 |
| EBIT margin | 7.2% | — | — | 7.2% | — | reported | — | 0.70 |
| EBT margin | 4.62% | — | — | 4.62% | — | reported | — | 0.70 |
| Net margin | 2.46% | — | — | 2.46% | — | reported | — | 0.70 |
| D&A margin | 5.01% | — | — | 5.01% | — | reported | — | 0.70 |
| Cash | 926.65 | — | — | — | — | reported | — | 1.00 |
| Total debt | 3,209.34 | — | — | — | — | derived | — | 0.90 |
| Net debt | 2,282.7 | — | — | — | — | derived | — | 0.80 |
| Equity | 4,286.81 | — | — | — | — | reported | — | 1.00 |
| Total assets | 8,242.04 | — | — | — | — | reported | — | 1.00 |
| Working capital | 739.09 | — | — | — | — | reported | — | 0.70 |
| Current assets | 1,381.1 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 642.01 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 3,313.22 | — | — | — | — | reported | — | 1.00 |
| Inventory | 11.59 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 173.01 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 65.43 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 85.93 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 4,200.88 | — | — | — | — | reported | — | 0.70 |
| CFO | 179.29 | — | — | 179.29 | — | reported | — | 1.00 |
| CapEx | 64.58 | — | — | 64.58 | — | reported | — | 1.00 |
| FCF | 114.71 | — | — | 114.71 | — | derived | — | 0.90 |
| FCF conversion | 53.59% | — | — | 53.59% | — | reported | — | 0.70 |
| CFO conversion | 83.77% | — | — | 83.77% | — | reported | — | 0.70 |
| Current ratio | 2.15x | — | — | — | — | reported | — | 0.70 |
| Quick ratio | 2.13x | — | — | — | — | reported | — | 0.70 |
| Cash ratio | 1.44x | — | — | — | — | reported | — | 0.70 |
| Interest coverage | 1.62x | — | — | 1.62x | — | reported | — | 0.70 |
| Debt / equity | 0.75x | — | — | — | — | reported | — | 0.70 |
| Debt / assets | 0.39x | — | — | — | — | reported | — | 0.70 |
| Net debt / equity | 0.53x | — | — | — | — | reported | — | 0.70 |
| Revenue growth (YoY) | -24.35% | — | — | -24.35% | — | reported | — | 0.70 |
| EBITDA growth (YoY) | -31.6% | — | — | -31.6% | — | reported | — | 0.70 |
| EBIT growth (YoY) | -3.3% | — | — | -3.3% | — | reported | — | 0.70 |
| Net income growth (YoY) | 208.42% | — | — | 208.42% | — | reported | — | 0.70 |
| EPS growth (YoY) | 207.69% | — | — | 207.69% | — | reported | — | 0.70 |
| FCF growth (YoY) | -24.49% | — | — | -24.49% | — | reported | — | 0.70 |
| Gross margin Δ (YoY) | -0.28 pp | — | — | -0.28 pp | — | reported | — | 0.70 |
| EBITDA margin Δ (YoY) | -1.29 pp | — | — | -1.29 pp | — | reported | — | 0.70 |
| EBIT margin Δ (YoY) | 1.57 pp | — | — | 1.57 pp | — | reported | — | 0.70 |
| Net margin Δ (YoY) | 4.18 pp | — | — | 4.18 pp | — | reported | — | 0.70 |
H1 2026 · Δ YoY
Revenue
1,752.47
—
1,752.47
—
- H1 2025
- —
- YTD 2026
- 1,752.47
- Δ YoY
- —
Gross profit
237.32
—
237.32
—
- H1 2025
- —
- YTD 2026
- 237.32
- Δ YoY
- —
EBITDA
226.88
—
226.88
—
- H1 2025
- —
- YTD 2026
- 226.88
- Δ YoY
- —
EBIT
126.1
—
126.1
—
- H1 2025
- —
- YTD 2026
- 126.1
- Δ YoY
- —
EBT
80.98
—
80.98
—
- H1 2025
- —
- YTD 2026
- 80.98
- Δ YoY
- —
Net income
43.16
—
43.16
—
- H1 2025
- —
- YTD 2026
- 43.16
- Δ YoY
- —
EPS (basic)
(PLN)
0.56
—
0.56
—
- H1 2025
- —
- YTD 2026
- 0.56
- Δ YoY
- —
EPS (diluted)
(PLN)
0.56
—
0.56
—
- H1 2025
- —
- YTD 2026
- 0.56
- Δ YoY
- —
D&A
87.88
—
87.88
—
- H1 2025
- —
- YTD 2026
- 87.88
- Δ YoY
- —
Interest expense
77.96
—
77.96
—
- H1 2025
- —
- YTD 2026
- 77.96
- Δ YoY
- —
Income tax
37.82
—
37.82
—
- H1 2025
- —
- YTD 2026
- 37.82
- Δ YoY
- —
Gross margin
13.54%
—
13.54%
—
- H1 2025
- —
- YTD 2026
- 13.54%
- Δ YoY
- —
EBITDA margin
12.21%
—
12.21%
—
- H1 2025
- —
- YTD 2026
- 12.21%
- Δ YoY
- —
EBIT margin
7.2%
—
7.2%
—
- H1 2025
- —
- YTD 2026
- 7.2%
- Δ YoY
- —
EBT margin
4.62%
—
4.62%
—
- H1 2025
- —
- YTD 2026
- 4.62%
- Δ YoY
- —
Net margin
2.46%
—
2.46%
—
- H1 2025
- —
- YTD 2026
- 2.46%
- Δ YoY
- —
D&A margin
5.01%
—
5.01%
—
- H1 2025
- —
- YTD 2026
- 5.01%
- Δ YoY
- —
Cash
926.65
—
926.65
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
3,209.34
—
3,209.34
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
2,282.7
—
2,282.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
4,286.81
—
4,286.81
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
8,242.04
—
8,242.04
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
739.09
—
739.09
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
1,381.1
—
1,381.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
642.01
—
642.01
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
3,313.22
—
3,313.22
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
11.59
—
11.59
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
173.01
—
173.01
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
65.43
—
65.43
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
85.93
—
85.93
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
4,200.88
—
4,200.88
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
179.29
—
179.29
—
- H1 2025
- —
- YTD 2026
- 179.29
- Δ YoY
- —
CapEx
64.58
—
64.58
—
- H1 2025
- —
- YTD 2026
- 64.58
- Δ YoY
- —
FCF
114.71
—
114.71
—
- H1 2025
- —
- YTD 2026
- 114.71
- Δ YoY
- —
FCF conversion
53.59%
—
53.59%
—
- H1 2025
- —
- YTD 2026
- 53.59%
- Δ YoY
- —
CFO conversion
83.77%
—
83.77%
—
- H1 2025
- —
- YTD 2026
- 83.77%
- Δ YoY
- —
Current ratio
2.15x
—
2.15x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
2.13x
—
2.13x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
1.44x
—
1.44x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
1.62x
—
1.62x
—
- H1 2025
- —
- YTD 2026
- 1.62x
- Δ YoY
- —
Debt / equity
0.75x
—
0.75x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.39x
—
0.39x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.53x
—
0.53x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-24.35%
—
-24.35%
—
- H1 2025
- —
- YTD 2026
- -24.35%
- Δ YoY
- —
EBITDA growth (YoY)
-31.6%
—
-31.6%
—
- H1 2025
- —
- YTD 2026
- -31.6%
- Δ YoY
- —
EBIT growth (YoY)
-3.3%
—
-3.3%
—
- H1 2025
- —
- YTD 2026
- -3.3%
- Δ YoY
- —
Net income growth (YoY)
208.42%
—
208.42%
—
- H1 2025
- —
- YTD 2026
- 208.42%
- Δ YoY
- —
EPS growth (YoY)
207.69%
—
207.69%
—
- H1 2025
- —
- YTD 2026
- 207.69%
- Δ YoY
- —
FCF growth (YoY)
-24.49%
—
-24.49%
—
- H1 2025
- —
- YTD 2026
- -24.49%
- Δ YoY
- —
Gross margin Δ (YoY)
-0.28 pp
—
-0.28 pp
—
- H1 2025
- —
- YTD 2026
- -0.28 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-1.29 pp
—
-1.29 pp
—
- H1 2025
- —
- YTD 2026
- -1.29 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
1.57 pp
—
1.57 pp
—
- H1 2025
- —
- YTD 2026
- 1.57 pp
- Δ YoY
- —
Net margin Δ (YoY)
4.18 pp
—
4.18 pp
—
- H1 2025
- —
- YTD 2026
- 4.18 pp
- Δ YoY
- —