PTW Polskie Towarzystwo Wspierania Przedsiębiorczości Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026

H1 2026 report

Grupa PTWP w I półroczu 2026 r. niemal podwoiła przychody (142,3 mln zł, +98% r/r), ale wzrost jest w głównej mierze akwizycyjny – od 19 grudnia 2025 r. konsolidowana jest Gremi Media („Rzeczpospolita”, „Parkiet”), a od stycznia 2026 r. Elamed.

Sentiment

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Website

PTW H1 2026 report

Revenue

142.29 m PLN

— YoY

Net income

18.99 m PLN

— YoY

EBITDA

31.24 m PLN

— YoY

FCF

17.55 m PLN

— YoY

Summary

Investment thesis

Rdzeń rentowności to kongresy i eventy (Europejski Kongres Gospodarczy, obsługa MCK i Spodka): segment wypracował 25,3 mln zł zysku operacyjnego i 25,9 mln zł EBITDA, czyli ponad 80% EBITDA grupy.
Segment mediów cyfrowych i drukowanych, po włączeniu Gremi Media, jest na poziomie EBIT stratny (−1,9 mln zł), a marża EBIT grupy spadła z 27,7% do 15,8%.
Jakość gotówkowa jest dobra: CFO 19,2 mln zł (ok. 106% zysku netto), gotówka 58,8 mln zł przy zobowiązaniach odsetkowych ograniczonych do leasingu 11,4 mln zł.
Po dacie bilansowej wypłacono dywidendę 9,5 mln zł (5,89 zł na akcję); zobowiązanie wobec akcjonariuszy jest już ujęte w bilansie, więc gotówka po wypłacie spadnie do ok. 49 mln zł.

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Financials

BETA

H1 2026

PTW · H1 2026

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

Revenue	90,282	132,482	−31.9%	142,287	+7.4%	reported	—	1.00
EBITDA	31,244	26,686	+17.1%	31,244	+17.1%	adjusted	—	0.90
EBIT	25,717	24,378	+5.5%	22,554	−7.5%	reported	—	1.00
EBT	22,500	24,848	−9.4%	22,500	−9.4%	reported	—	1.00
Net income	20,705	19,122	+8.3%	18,992	−0.7%	reported	—	1.00
EPS (basic) (PLN)	11.82	—	—	11.82	—	reported	—	1.00
EPS (diluted) (PLN)	11.82	—	—	11.82	—	reported	—	1.00
D&A	8,690	2,308	+276.5%	8,690	+276.5%	reported	—	1.00
Interest expense	481	350	+37.4%	481	+37.4%	reported	—	0.90
Income tax	4,374	4,600	−4.9%	4,374	−4.9%	reported	—	1.00
Shares (basic) (units)	1,606,910	—	—	1,606,910	—	reported	—	1.00

EBITDA margin	21.96%	20.14%	+1.8 pp	21.96%	+1.8 pp	derived	—	0.70
EBIT margin	15.85%	18.4%	−2.5 pp	15.85%	−2.5 pp	derived	—	0.70
Net margin	13.35%	14.43%	−1.1 pp	13.35%	−1.1 pp	derived	—	0.70
D&A margin	6.11%	1.74%	+4.4 pp	6.11%	+4.4 pp	derived	—	0.70

Cash	58,791	44,701	+31.5%	—	—	reported	—	1.00
Total debt	11,384	11,157	+2%	—	—	reported	—	0.85
Net debt	-47,407	-33,544	−41.3%	—	—	derived	—	0.80
Equity	115,440	107,012	+7.9%	—	—	reported	—	1.00
Total assets	203,926	183,909	+10.9%	—	—	reported	—	1.00
Current assets	102,959	79,134	+30.1%	—	—	reported	—	1.00
Current liabilities	71,279	58,266	+22.3%	—	—	reported	—	1.00
Non-current liabilities	17,207	18,631	−7.6%	—	—	reported	—	1.00
Inventory	295	—	—	—	—	reported	—	1.00
Trade receivables	32,356	25,779	+25.5%	—	—	reported	—	1.00
Trade payables	19,637	21,746	−9.7%	—	—	reported	—	1.00
Goodwill	81,598	85,040	−4%	—	—	reported	—	1.00

CFO	19,161	23,881	−19.8%	19,161	−19.8%	reported	—	1.00
CapEx	1,609	—	—	1,609	—	reported	—	1.00
FCF	17,552	—	—	17,552	—	derived	—	0.70
FCF conversion	56.18%	—	—	56.18%	—	derived	—	0.70
CFO conversion	61.33%	89.51%	−28.2 pp	61.33%	−28.2 pp	derived	—	0.70
Net acquisitions	3,082	—	—	3,082	—	reported	—	0.70

Current ratio	1.44x	1.36x	+0.08x	—	—	derived	—	0.70
Quick ratio	1.44x	—	—	—	—	derived	—	0.70
Cash ratio	0.82x	—	—	—	—	derived	—	0.70
Interest coverage	46.89x	69.65x	−22.76x	46.89x	−22.76x	derived	—	0.70

Debt / equity	0.1x	0.1x	+0x	—	—	derived	—	0.70
Debt / assets	0.06x	0.06x	+0x	—	—	derived	—	0.70
Net debt / equity	-0.41x	-0.31x	−0.1x	—	—	derived	—	0.70

Revenue growth (YoY)	97.87%	28.6%	—	97.87%	—	derived	—	0.70
EBITDA growth (YoY)	50.24%	195.7%	—	50.24%	—	derived	—	0.70
EBIT growth (YoY)	13.35%	232.1%	—	13.35%	—	derived	—	0.70
Net income growth (YoY)	17.34%	480.2%	—	17.34%	—	derived	—	0.70
EPS growth (YoY)	-9.63%	—	—	-9.63%	—	derived	—	0.70
EBITDA margin Δ (YoY)	-6.96 pp	—	—	-6.96 pp	—	derived	—	0.70
EBIT margin Δ (YoY)	-11.82 pp	—	—	-11.82 pp	—	derived	—	0.70
Net margin Δ (YoY)	-9.16 pp	—	—	-9.16 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

90,282 −31.9%

H1 2025: 132,482
YTD 2026: 142,287
Δ YoY: +7.4%

EBITDA

31,244 +17.1%

H1 2025: 26,686
YTD 2026: 31,244
Δ YoY: +17.1%

EBIT

25,717 +5.5%

H1 2025: 24,378
YTD 2026: 22,554
Δ YoY: −7.5%

EBT

22,500 −9.4%

H1 2025: 24,848
YTD 2026: 22,500
Δ YoY: −9.4%

Net income

20,705 +8.3%

H1 2025: 19,122
YTD 2026: 18,992
Δ YoY: −0.7%

EPS (basic) (PLN)

11.82 —

H1 2025: —
YTD 2026: 11.82
Δ YoY: —

EPS (diluted) (PLN)

11.82 —

H1 2025: —
YTD 2026: 11.82
Δ YoY: —

D&A

8,690 +276.5%

H1 2025: 2,308
YTD 2026: 8,690
Δ YoY: +276.5%

Interest expense

481 +37.4%

H1 2025: 350
YTD 2026: 481
Δ YoY: +37.4%

Income tax

4,374 −4.9%

H1 2025: 4,600
YTD 2026: 4,374
Δ YoY: −4.9%

Shares (basic) (units)

1,606,910 —

H1 2025: —
YTD 2026: 1,606,910
Δ YoY: —

EBITDA margin

21.96% +1.8 pp

H1 2025: 20.14%
YTD 2026: 21.96%
Δ YoY: +1.8 pp

EBIT margin

15.85% −2.5 pp

H1 2025: 18.4%
YTD 2026: 15.85%
Δ YoY: −2.5 pp

Net margin

13.35% −1.1 pp

H1 2025: 14.43%
YTD 2026: 13.35%
Δ YoY: −1.1 pp

D&A margin

6.11% +4.4 pp

H1 2025: 1.74%
YTD 2026: 6.11%
Δ YoY: +4.4 pp

Cash

58,791 +31.5%

H1 2025: 44,701
YTD 2026: —
Δ YoY: —

Total debt

11,384 +2%

H1 2025: 11,157
YTD 2026: —
Δ YoY: —

Net debt

-47,407 −41.3%

H1 2025: -33,544
YTD 2026: —
Δ YoY: —

Equity

115,440 +7.9%

H1 2025: 107,012
YTD 2026: —
Δ YoY: —

Total assets

203,926 +10.9%

H1 2025: 183,909
YTD 2026: —
Δ YoY: —

Current assets

102,959 +30.1%

H1 2025: 79,134
YTD 2026: —
Δ YoY: —

Current liabilities

71,279 +22.3%

H1 2025: 58,266
YTD 2026: —
Δ YoY: —

Non-current liabilities

17,207 −7.6%

H1 2025: 18,631
YTD 2026: —
Δ YoY: —

Inventory

295 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

32,356 +25.5%

H1 2025: 25,779
YTD 2026: —
Δ YoY: —

Trade payables

19,637 −9.7%

H1 2025: 21,746
YTD 2026: —
Δ YoY: —

Goodwill

81,598 −4%

H1 2025: 85,040
YTD 2026: —
Δ YoY: —

CFO

19,161 −19.8%

H1 2025: 23,881
YTD 2026: 19,161
Δ YoY: −19.8%

CapEx

1,609 —

H1 2025: —
YTD 2026: 1,609
Δ YoY: —

FCF

17,552 —

H1 2025: —
YTD 2026: 17,552
Δ YoY: —

FCF conversion

56.18% —

H1 2025: —
YTD 2026: 56.18%
Δ YoY: —

CFO conversion

61.33% −28.2 pp

H1 2025: 89.51%
YTD 2026: 61.33%
Δ YoY: −28.2 pp

Net acquisitions

3,082 —

H1 2025: —
YTD 2026: 3,082
Δ YoY: —

Current ratio

1.44x +0.08x

H1 2025: 1.36x
YTD 2026: —
Δ YoY: —

Quick ratio

1.44x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.82x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

46.89x −22.76x

H1 2025: 69.65x
YTD 2026: 46.89x
Δ YoY: −22.76x

Debt / equity

0.1x +0x

H1 2025: 0.1x
YTD 2026: —
Δ YoY: —

Debt / assets

0.06x +0x

H1 2025: 0.06x
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.41x −0.1x

H1 2025: -0.31x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

97.87% —

H1 2025: 28.6%
YTD 2026: 97.87%
Δ YoY: —

EBITDA growth (YoY)

50.24% —

H1 2025: 195.7%
YTD 2026: 50.24%
Δ YoY: —

EBIT growth (YoY)

13.35% —

H1 2025: 232.1%
YTD 2026: 13.35%
Δ YoY: —

Net income growth (YoY)

17.34% —

H1 2025: 480.2%
YTD 2026: 17.34%
Δ YoY: —

EPS growth (YoY)

-9.63% —

H1 2025: —
YTD 2026: -9.63%
Δ YoY: —

EBITDA margin Δ (YoY)

-6.96 pp —

H1 2025: —
YTD 2026: -6.96 pp
Δ YoY: —

EBIT margin Δ (YoY)

-11.82 pp —

H1 2025: —
YTD 2026: -11.82 pp
Δ YoY: —

Net margin Δ (YoY)

-9.16 pp —

H1 2025: —
YTD 2026: -9.16 pp
Δ YoY: —