EQU EQUNICO SE Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026

H1 2026 report

Grupa zamienia się w wykonawcę infrastruktury energetycznej w Uzbekistanie: 99,997% przychodów (67,2 mln zł, +72% r/r) pochodzi ze spółki Elektrqishloqqurilish JSC, a rynek polski praktycznie nie generuje sprzedaży.

Sentiment

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Website

EQU H1 2026 report

Revenue

67.2 m PLN

— YoY

Net income

416 k PLN

— YoY

EBITDA

10.16 m PLN

— YoY

FCF

-30.35 m PLN

— YoY

Summary

Investment thesis

Wynik operacyjny 5,55 mln zł jest w całości zasługą pozostałych przychodów operacyjnych (5,76 mln zł, w tym umorzenie pożyczki od Energokomplektu 2,83 mln zł i premie za obroty 1,76 mln zł); sama działalność wykonawcza jest na poziomie zera (ok. -0,2 mln zł).
Portfel rośnie szybciej niż wyniki: po dniu bilansowym podpisano umowy i aneksy na kilkadziesiąt mln zł (m.in. L&T 5,0 mln USD, KSE 42,4 mln zł i 38,7 mln zł oraz aneks do 136,2 mln zł), co przy terminach 9–10 miesięcy daje widoczność na kolejne półrocza.
Jakość gotówki jest słaba: OCF wyniósł -25,2 mln zł, należności handlowe wzrosły o 76% do 84,4 mln zł (DSO ok. 227 dni), a gotówka spadła z 36,3 do 6,0 mln zł; wzrost finansują zaliczki klientów (58,7 mln zł) i dostawcy.
Zysk dla akcjonariuszy dominującej jest mały (0,42 mln zł, 0,0013 zł na akcję), bo 81% zysku netto przypada udziałom niekontrolującym; całkowity dochód 18,1 mln zł to głównie różnice kursowe z przeliczenia (15,9 mln zł).

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Financials

BETA

H1 2026

EQU · H1 2026

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

Revenue	67,200	102,302	−34.3%	67,200	−34.3%	reported	—	1.00
EBITDA	10,159	—	—	10,159	—	derived	—	0.70
EBIT	5,551	-5,069	+209.5%	5,551	+209.5%	reported	—	1.00
EBT	3,085	27,895	−88.9%	3,085	−88.9%	reported	—	1.00
Net income	416	23,314	−98.2%	416	−98.2%	reported	—	1.00
EPS (basic) (PLN)	0	0.07	—	0	—	reported	—	1.00
EPS (diluted) (PLN)	0	0.07	—	0	—	reported	—	1.00
D&A	4,608	—	—	4,608	—	reported	—	1.00
Interest expense	379	—	—	379	—	reported	—	1.00
Income tax	879	—	—	879	—	reported	—	1.00
Shares (basic) (units)	315,493,684	315,493,684	—	—	—	reported	—	1.00

EBITDA margin	15.12%	—	—	15.12%	—	derived	—	0.70
EBIT margin	8.26%	—	—	8.26%	—	derived	—	0.70
Net margin	0.62%	25.6%	−25 pp	0.62%	−25 pp	derived	—	0.70

Cash	5,997	—	—	—	—	reported	—	1.00
Total debt	26,876	—	—	—	—	reported	—	1.00
Net debt	20,879	—	—	—	—	derived	—	0.90
Equity	335,481	—	—	—	—	reported	—	1.00
Total assets	527,201	—	—	—	—	reported	—	1.00
Working capital	31,056	—	—	—	—	derived	—	0.70
Current assets	148,555	—	—	—	—	reported	—	1.00
Current liabilities	117,499	92,546	+27%	—	—	reported	—	1.00
Non-current liabilities	74,221	82,277	−9.8%	—	—	reported	—	1.00
Inventory	24,166	—	—	—	—	reported	—	1.00
Trade receivables	84,407	—	—	—	—	reported	—	1.00
Trade payables	27,014	—	—	—	—	reported	—	1.00
Goodwill	2,329	—	—	—	—	reported	—	1.00
Tangible equity	333,152	—	—	—	—	derived	—	0.70

CFO	-25,150	29,293	−185.9%	-25,150	−185.9%	reported	—	1.00
CapEx	5,201	—	—	5,201	—	reported	—	1.00
FCF	-30,351	—	—	-30,351	—	derived	—	0.70

Current ratio	1.26x	1.41x	−0.15x	—	—	derived	—	0.70
Quick ratio	1.06x	1.22x	−0.16x	—	—	derived	—	0.70
Cash ratio	0.05x	0.39x	−0.34x	—	—	derived	—	0.70

Debt / equity	0.08x	—	—	—	—	derived	—	0.70
Debt / assets	0.05x	—	—	—	—	derived	—	0.70
Net debt / equity	0.06x	—	—	—	—	derived	—	0.70

Revenue growth (YoY)	72.03%	-7.02%	—	72.03%	—	derived	—	0.70
EBITDA growth (YoY)	93.43%	—	—	93.43%	—	derived	—	0.70
EBIT growth (YoY)	197.48%	-169.23%	—	197.48%	—	derived	—	0.70
Net income growth (YoY)	-83.37%	152.83%	—	-83.37%	—	derived	—	0.70
EBITDA margin Δ (YoY)	1.67 pp	—	—	1.67 pp	—	derived	—	0.70
EBIT margin Δ (YoY)	3.48 pp	—	—	3.48 pp	—	derived	—	0.70
Net margin Δ (YoY)	-5.79 pp	—	—	-5.79 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

67,200 −34.3%

H1 2025: 102,302
YTD 2026: 67,200
Δ YoY: −34.3%

EBITDA

10,159 —

H1 2025: —
YTD 2026: 10,159
Δ YoY: —

EBIT

5,551 +209.5%

H1 2025: -5,069
YTD 2026: 5,551
Δ YoY: +209.5%

EBT

3,085 −88.9%

H1 2025: 27,895
YTD 2026: 3,085
Δ YoY: −88.9%

Net income

416 −98.2%

H1 2025: 23,314
YTD 2026: 416
Δ YoY: −98.2%

EPS (basic) (PLN)

0 —

H1 2025: 0.07
YTD 2026: 0
Δ YoY: —

EPS (diluted) (PLN)

0 —

H1 2025: 0.07
YTD 2026: 0
Δ YoY: —

D&A

4,608 —

H1 2025: —
YTD 2026: 4,608
Δ YoY: —

Interest expense

379 —

H1 2025: —
YTD 2026: 379
Δ YoY: —

Income tax

879 —

H1 2025: —
YTD 2026: 879
Δ YoY: —

Shares (basic) (units)

315,493,684 —

H1 2025: 315,493,684
YTD 2026: —
Δ YoY: —

EBITDA margin

15.12% —

H1 2025: —
YTD 2026: 15.12%
Δ YoY: —

EBIT margin

8.26% —

H1 2025: —
YTD 2026: 8.26%
Δ YoY: —

Net margin

0.62% −25 pp

H1 2025: 25.6%
YTD 2026: 0.62%
Δ YoY: −25 pp

Cash

5,997 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

26,876 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

20,879 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

335,481 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total assets

527,201 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Working capital

31,056 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

148,555 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

117,499 +27%

H1 2025: 92,546
YTD 2026: —
Δ YoY: —

Non-current liabilities

74,221 −9.8%

H1 2025: 82,277
YTD 2026: —
Δ YoY: —

Inventory

24,166 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

84,407 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

27,014 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

2,329 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity

333,152 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-25,150 −185.9%

H1 2025: 29,293
YTD 2026: -25,150
Δ YoY: −185.9%

CapEx

5,201 —

H1 2025: —
YTD 2026: 5,201
Δ YoY: —

FCF

-30,351 —

H1 2025: —
YTD 2026: -30,351
Δ YoY: —

Current ratio

1.26x −0.15x

H1 2025: 1.41x
YTD 2026: —
Δ YoY: —

Quick ratio

1.06x −0.16x

H1 2025: 1.22x
YTD 2026: —
Δ YoY: —

Cash ratio

0.05x −0.34x

H1 2025: 0.39x
YTD 2026: —
Δ YoY: —

Debt / equity

0.08x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.05x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.06x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

72.03% —

H1 2025: -7.02%
YTD 2026: 72.03%
Δ YoY: —

EBITDA growth (YoY)

93.43% —

H1 2025: —
YTD 2026: 93.43%
Δ YoY: —

EBIT growth (YoY)

197.48% —

H1 2025: -169.23%
YTD 2026: 197.48%
Δ YoY: —

Net income growth (YoY)

-83.37% —

H1 2025: 152.83%
YTD 2026: -83.37%
Δ YoY: —

EBITDA margin Δ (YoY)

1.67 pp —

H1 2025: —
YTD 2026: 1.67 pp
Δ YoY: —

EBIT margin Δ (YoY)

3.48 pp —

H1 2025: —
YTD 2026: 3.48 pp
Δ YoY: —

Net margin Δ (YoY)

-5.79 pp —

H1 2025: —
YTD 2026: -5.79 pp
Δ YoY: —