RDN
Redan w likwidacji w restrukturyzacji
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026
H1 2026 report
To nie jest spółka operacyjna, lecz proces likwidacji i układu: wynik akcjonariusza zależy od decyzji wierzycieli i sądu, nie od sprzedaży.
Sentiment
●●●●●●
RDN
H1 2026 report
Revenue
1.88 m PLN
— YoY
Net income
-1.11 m PLN
— YoY
EBITDA
-1.02 m PLN
— YoY
CFO
115 k PLN
— YoY
Summary
Investment thesis
- Kapitał własny to minus 22,6 mln zł przy aktywach 11,8 mln zł, z czego 10,5 mln zł to znaki towarowe obciążone zastawem i objęte sporem sądowym.
- Jedyna działalność operacyjna to Easyflex (fulfillment), bliski progu rentowności, ale za mały, by udźwignąć 34,4 mln zł zobowiązań.
- Odrzucenie propozycji układowych oznacza według zarządu konieczność złożenia wniosku o upadłość.
- Teza sprowadza się do wyceny opcji na bardzo niski odzysk dla akcjonariuszy; raport nie daje podstaw do oczekiwania wartości dla nich.
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
RDN · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,882 | 4,015 | −53.1% | 1,882 | −53.1% | reported | — | 1.00 |
| EBITDA | -1,023 | — | — | -1,023 | — | reported | — | 0.90 |
| EBIT | -1,071 | -929 | −15.3% | -1,071 | −15.3% | reported | — | 1.00 |
| EBT | -1,113 | -2,874 | +61.3% | -1,113 | +61.3% | reported | — | 1.00 |
| Net income | -1,113 | -2,874 | +61.3% | -1,113 | +61.3% | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.03 | — | — | -0.03 | — | reported | — | 1.00 |
| D&A | 48 | 97 | −50.5% | 48 | −50.5% | reported | — | 1.00 |
| Interest expense | 42 | — | — | 42 | — | reported | — | 1.00 |
| Income tax | 0 | 0 | — | 0 | — | reported | — | 1.00 |
| EBITDA margin | -54.4% | — | — | -54.4% | — | derived | — | 0.70 |
| EBIT margin | -56.9% | -23140000% | +23139943.1 pp | -56.9% | +23139943.1 pp | derived | — | 0.70 |
| Net margin | -59.1% | -71580000% | +71579940.9 pp | -59.1% | +71579940.9 pp | derived | — | 0.70 |
| Cash | 239 | 111 | +115.3% | — | — | reported | — | 1.00 |
| Total debt | 8,867 | 8,843 | +0.3% | — | — | adjusted | — | 0.90 |
| Net debt | 8,628 | 8,732 | −1.2% | — | — | derived | — | 0.70 |
| Equity | -22,580 | -21,467 | −5.2% | — | — | reported | — | 1.00 |
| Total assets | 11,809 | 13,074 | −9.7% | — | — | reported | — | 1.00 |
| Working capital | -33,563 | — | — | — | — | derived | — | 0.70 |
| Current assets | 826 | 2,003 | −58.8% | — | — | reported | — | 1.00 |
| Current liabilities | 34,389 | 34,541 | −0.4% | — | — | reported | — | 1.00 |
| Non-current liabilities | 0 | 0 | — | — | — | reported | — | 1.00 |
| Trade receivables | 561 | — | — | — | — | reported | — | 0.90 |
| Trade payables | 3,012 | 3,012 | +0% | — | — | reported | — | 1.00 |
| Goodwill | 10,734 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | -33,314 | — | — | — | — | derived | — | 0.70 |
| CFO | 115 | -287 | +140.1% | 115 | +140.1% | reported | — | 1.00 |
| Current ratio | 0.02x | 60000x | −59999.98x | — | — | derived | — | 0.70 |
| Cash ratio | 0.01x | 3000x | −2999.99x | — | — | derived | — | 0.70 |
| Debt / equity | -0.39x | -410000x | +409999.61x | — | — | derived | — | 0.70 |
| Debt / assets | 0.75x | — | — | — | — | derived | — | 0.70 |
| Net debt / equity | -0.38x | — | — | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | -21.8% | -81250000% | — | -21.8% | — | derived | — | 0.70 |
| EBIT growth (YoY) | -70% | — | — | -70% | — | derived | — | 0.70 |
| Net income growth (YoY) | -64.9% | 83980000% | — | -64.9% | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Revenue
1,882
−53.1%
1,882
−53.1%
- H1 2025
- 4,015
- YTD 2026
- 1,882
- Δ YoY
- −53.1%
EBITDA
-1,023
—
-1,023
—
- H1 2025
- —
- YTD 2026
- -1,023
- Δ YoY
- —
EBIT
-1,071
−15.3%
-1,071
−15.3%
- H1 2025
- -929
- YTD 2026
- -1,071
- Δ YoY
- −15.3%
EBT
-1,113
+61.3%
-1,113
+61.3%
- H1 2025
- -2,874
- YTD 2026
- -1,113
- Δ YoY
- +61.3%
Net income
-1,113
+61.3%
-1,113
+61.3%
- H1 2025
- -2,874
- YTD 2026
- -1,113
- Δ YoY
- +61.3%
EPS (basic)
(PLN)
-0.03
—
-0.03
—
- H1 2025
- —
- YTD 2026
- -0.03
- Δ YoY
- —
D&A
48
−50.5%
48
−50.5%
- H1 2025
- 97
- YTD 2026
- 48
- Δ YoY
- −50.5%
Interest expense
42
—
42
—
- H1 2025
- —
- YTD 2026
- 42
- Δ YoY
- —
Income tax
0
—
0
—
- H1 2025
- 0
- YTD 2026
- 0
- Δ YoY
- —
EBITDA margin
-54.4%
—
-54.4%
—
- H1 2025
- —
- YTD 2026
- -54.4%
- Δ YoY
- —
EBIT margin
-56.9%
+23139943.1 pp
-56.9%
+23139943.1 pp
- H1 2025
- -23140000%
- YTD 2026
- -56.9%
- Δ YoY
- +23139943.1 pp
Net margin
-59.1%
+71579940.9 pp
-59.1%
+71579940.9 pp
- H1 2025
- -71580000%
- YTD 2026
- -59.1%
- Δ YoY
- +71579940.9 pp
Cash
239
+115.3%
239
+115.3%
- H1 2025
- 111
- YTD 2026
- —
- Δ YoY
- —
Total debt
8,867
+0.3%
8,867
+0.3%
- H1 2025
- 8,843
- YTD 2026
- —
- Δ YoY
- —
Net debt
8,628
−1.2%
8,628
−1.2%
- H1 2025
- 8,732
- YTD 2026
- —
- Δ YoY
- —
Equity
-22,580
−5.2%
-22,580
−5.2%
- H1 2025
- -21,467
- YTD 2026
- —
- Δ YoY
- —
Total assets
11,809
−9.7%
11,809
−9.7%
- H1 2025
- 13,074
- YTD 2026
- —
- Δ YoY
- —
Working capital
-33,563
—
-33,563
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
826
−58.8%
826
−58.8%
- H1 2025
- 2,003
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
34,389
−0.4%
34,389
−0.4%
- H1 2025
- 34,541
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
0
—
0
—
- H1 2025
- 0
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
561
—
561
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
3,012
+0%
3,012
+0%
- H1 2025
- 3,012
- YTD 2026
- —
- Δ YoY
- —
Goodwill
10,734
—
10,734
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
-33,314
—
-33,314
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
115
+140.1%
115
+140.1%
- H1 2025
- -287
- YTD 2026
- 115
- Δ YoY
- +140.1%
Current ratio
0.02x
−59999.98x
0.02x
−59999.98x
- H1 2025
- 60000x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.01x
−2999.99x
0.01x
−2999.99x
- H1 2025
- 3000x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
-0.39x
+409999.61x
-0.39x
+409999.61x
- H1 2025
- -410000x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.75x
—
0.75x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.38x
—
-0.38x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-21.8%
—
-21.8%
—
- H1 2025
- -81250000%
- YTD 2026
- -21.8%
- Δ YoY
- —
EBIT growth (YoY)
-70%
—
-70%
—
- H1 2025
- —
- YTD 2026
- -70%
- Δ YoY
- —
Net income growth (YoY)
-64.9%
—
-64.9%
—
- H1 2025
- 83980000%
- YTD 2026
- -64.9%
- Δ YoY
- —