H1 2026 report
Grupa przeszła z zysku netto 1,5 mln zł do straty 2,8 mln zł w H1 2026 przy spadku przychodów o 9% do 9,2 mln zł.
Sentiment
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06N
H1 2026 report
Revenue
9.25 m PLN
— YoY
Net income
-1.71 m PLN
— YoY
EBITDA
-2.56 m PLN
— YoY
Gross margin
-9.97%
— YoY
Summary
Investment thesis
- Ujemny zysk brutto ze sprzedaży (−0,9 mln zł) i strata operacyjna −5,1 mln zł wskazują na głęboki problem rentowności segmentu GIS.
- Bilans pozostaje bardzo mocny: kapitał własny 108,3 mln zł, dług odsetkowy ok. 1,2 mln zł i dług netto ujemny.
- Jakość aktywów budzi pytania — 78% aktywów to pożyczki i obligacje, a półrocze przyniosło odpisy na ok. 3,7 mln zł, głównie związane z Onwelo.
- Gotówka spadła do 2,3 mln zł przy ujemnym CFO (−1,7 mln zł); dalsze finansowanie zależy od spłat pożyczek i sprzedaży aktywów.
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Financials
BETA
06N · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9,248 | 20,936 | −55.8% | 9,248 | −55.8% | reported | — | 1.00 |
| Gross profit | -922 | — | — | -922 | — | reported | — | 1.00 |
| EBITDA | -2,563 | 4,159 | −161.6% | -2,563 | −161.6% | reported | — | 0.70 |
| EBIT | -5,123 | 571 | −997.2% | -5,123 | −997.2% | reported | — | 1.00 |
| EBT | -3,128 | 5,823 | −153.7% | -3,128 | −153.7% | reported | — | 1.00 |
| Net income | -1,710 | 4,057 | −142.1% | -1,710 | −142.1% | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.2 | 0.29 | — | -0.2 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.2 | — | — | -0.2 | — | reported | — | 1.00 |
| D&A | 2,560 | 3,588 | −28.7% | 2,560 | −28.7% | reported | — | 1.00 |
| Interest expense | 30 | — | — | 30 | — | reported | — | 1.00 |
| Income tax | -308 | 854 | −136.1% | -308 | −136.1% | reported | — | 1.00 |
| Shares (basic) (m units) | 13.92 | 13.92 | — | 13.92 | — | reported | — | 0.90 |
| Gross margin | -9.97% | — | — | -9.97% | — | reported | — | 0.70 |
| EBITDA margin | -27.72% | 19.86% | −47.6 pp | -27.72% | −47.6 pp | reported | — | 0.70 |
| EBIT margin | -55.4% | 2.73% | −58.1 pp | -55.4% | −58.1 pp | reported | — | 0.70 |
| Net margin | -18.49% | 19.38% | −37.9 pp | -18.49% | −37.9 pp | reported | — | 0.70 |
| Cash | 2,346 | 5,953 | −60.6% | — | — | reported | — | 1.00 |
| Total debt | 1,178 | 1,432 | −17.7% | — | — | reported | — | 0.90 |
| Net debt | -1,168 | -4,521 | +74.2% | — | — | reported | — | 0.70 |
| Equity | 108,303 | 106,725 | +1.5% | — | — | reported | — | 1.00 |
| Total assets | 115,987 | 114,295 | +1.5% | — | — | reported | — | 1.00 |
| Working capital | 63,481 | 62,982 | +0.8% | — | — | derived | — | 0.70 |
| Current assets | 70,866 | 70,075 | +1.1% | — | — | reported | — | 1.00 |
| Current liabilities | 7,385 | 7,093 | +4.1% | — | — | reported | — | 1.00 |
| Non-current liabilities | 299 | 477 | −37.3% | — | — | reported | — | 1.00 |
| Inventory | 147 | 249 | −41% | — | — | reported | — | 1.00 |
| Trade receivables | 5,596 | 5,835 | −4.1% | — | — | reported | — | 0.90 |
| Trade payables | 5,009 | 2,492 | +101% | — | — | reported | — | 0.90 |
| Goodwill | 15,011 | 16,567 | −9.4% | — | — | reported | — | 0.95 |
| Tangible equity | 93,292 | 90,158 | +3.5% | — | — | derived | — | 0.70 |
| CFO | -1,710 | 4,534 | −137.7% | -1,710 | −137.7% | reported | — | 1.00 |
| CapEx | 927 | — | — | 927 | — | reported | — | 0.95 |
| FCF | -2,637 | — | — | -2,637 | — | reported | — | 0.70 |
| Current ratio | 9.6x | 9.88x | −0.28x | — | — | reported | — | 0.70 |
| Cash ratio | 0.32x | 0.84x | −0.52x | — | — | reported | — | 0.70 |
| Debt / equity | 0.01x | 0.01x | −0x | — | — | reported | — | 0.70 |
| Debt / assets | 0.01x | 0.01x | −0x | — | — | reported | — | 0.70 |
| Net debt / equity | -0.01x | -0.04x | +0.03x | — | — | reported | — | 0.70 |
| Revenue growth (YoY) | -9.02% | 9.32% | — | -9.02% | — | reported | — | 0.70 |
| EBIT growth (YoY) | -458.1% | -20.14% | — | -458.1% | — | derived | — | 0.70 |
| Net income growth (YoY) | -216.1% | 7.22% | — | -216.1% | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | -48.68 pp | — | — | -48.68 pp | — | reported | — | 0.70 |
H1 2026 · Δ YoY
Revenue
9,248
−55.8%
9,248
−55.8%
- H1 2025
- 20,936
- YTD 2026
- 9,248
- Δ YoY
- −55.8%
Gross profit
-922
—
-922
—
- H1 2025
- —
- YTD 2026
- -922
- Δ YoY
- —
EBITDA
-2,563
−161.6%
-2,563
−161.6%
- H1 2025
- 4,159
- YTD 2026
- -2,563
- Δ YoY
- −161.6%
EBIT
-5,123
−997.2%
-5,123
−997.2%
- H1 2025
- 571
- YTD 2026
- -5,123
- Δ YoY
- −997.2%
EBT
-3,128
−153.7%
-3,128
−153.7%
- H1 2025
- 5,823
- YTD 2026
- -3,128
- Δ YoY
- −153.7%
Net income
-1,710
−142.1%
-1,710
−142.1%
- H1 2025
- 4,057
- YTD 2026
- -1,710
- Δ YoY
- −142.1%
EPS (basic)
(PLN)
-0.2
—
-0.2
—
- H1 2025
- 0.29
- YTD 2026
- -0.2
- Δ YoY
- —
EPS (diluted)
(PLN)
-0.2
—
-0.2
—
- H1 2025
- —
- YTD 2026
- -0.2
- Δ YoY
- —
D&A
2,560
−28.7%
2,560
−28.7%
- H1 2025
- 3,588
- YTD 2026
- 2,560
- Δ YoY
- −28.7%
Interest expense
30
—
30
—
- H1 2025
- —
- YTD 2026
- 30
- Δ YoY
- —
Income tax
-308
−136.1%
-308
−136.1%
- H1 2025
- 854
- YTD 2026
- -308
- Δ YoY
- −136.1%
Shares (basic)
(m units)
13.92
—
13.92
—
- H1 2025
- 13.92
- YTD 2026
- 13.92
- Δ YoY
- —
Gross margin
-9.97%
—
-9.97%
—
- H1 2025
- —
- YTD 2026
- -9.97%
- Δ YoY
- —
EBITDA margin
-27.72%
−47.6 pp
-27.72%
−47.6 pp
- H1 2025
- 19.86%
- YTD 2026
- -27.72%
- Δ YoY
- −47.6 pp
EBIT margin
-55.4%
−58.1 pp
-55.4%
−58.1 pp
- H1 2025
- 2.73%
- YTD 2026
- -55.4%
- Δ YoY
- −58.1 pp
Net margin
-18.49%
−37.9 pp
-18.49%
−37.9 pp
- H1 2025
- 19.38%
- YTD 2026
- -18.49%
- Δ YoY
- −37.9 pp
Cash
2,346
−60.6%
2,346
−60.6%
- H1 2025
- 5,953
- YTD 2026
- —
- Δ YoY
- —
Total debt
1,178
−17.7%
1,178
−17.7%
- H1 2025
- 1,432
- YTD 2026
- —
- Δ YoY
- —
Net debt
-1,168
+74.2%
-1,168
+74.2%
- H1 2025
- -4,521
- YTD 2026
- —
- Δ YoY
- —
Equity
108,303
+1.5%
108,303
+1.5%
- H1 2025
- 106,725
- YTD 2026
- —
- Δ YoY
- —
Total assets
115,987
+1.5%
115,987
+1.5%
- H1 2025
- 114,295
- YTD 2026
- —
- Δ YoY
- —
Working capital
63,481
+0.8%
63,481
+0.8%
- H1 2025
- 62,982
- YTD 2026
- —
- Δ YoY
- —
Current assets
70,866
+1.1%
70,866
+1.1%
- H1 2025
- 70,075
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
7,385
+4.1%
7,385
+4.1%
- H1 2025
- 7,093
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
299
−37.3%
299
−37.3%
- H1 2025
- 477
- YTD 2026
- —
- Δ YoY
- —
Inventory
147
−41%
147
−41%
- H1 2025
- 249
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
5,596
−4.1%
5,596
−4.1%
- H1 2025
- 5,835
- YTD 2026
- —
- Δ YoY
- —
Trade payables
5,009
+101%
5,009
+101%
- H1 2025
- 2,492
- YTD 2026
- —
- Δ YoY
- —
Goodwill
15,011
−9.4%
15,011
−9.4%
- H1 2025
- 16,567
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
93,292
+3.5%
93,292
+3.5%
- H1 2025
- 90,158
- YTD 2026
- —
- Δ YoY
- —
CFO
-1,710
−137.7%
-1,710
−137.7%
- H1 2025
- 4,534
- YTD 2026
- -1,710
- Δ YoY
- −137.7%
CapEx
927
—
927
—
- H1 2025
- —
- YTD 2026
- 927
- Δ YoY
- —
FCF
-2,637
—
-2,637
—
- H1 2025
- —
- YTD 2026
- -2,637
- Δ YoY
- —
Current ratio
9.6x
−0.28x
9.6x
−0.28x
- H1 2025
- 9.88x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.32x
−0.52x
0.32x
−0.52x
- H1 2025
- 0.84x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.01x
−0x
0.01x
−0x
- H1 2025
- 0.01x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.01x
−0x
0.01x
−0x
- H1 2025
- 0.01x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.01x
+0.03x
-0.01x
+0.03x
- H1 2025
- -0.04x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-9.02%
—
-9.02%
—
- H1 2025
- 9.32%
- YTD 2026
- -9.02%
- Δ YoY
- —
EBIT growth (YoY)
-458.1%
—
-458.1%
—
- H1 2025
- -20.14%
- YTD 2026
- -458.1%
- Δ YoY
- —
Net income growth (YoY)
-216.1%
—
-216.1%
—
- H1 2025
- 7.22%
- YTD 2026
- -216.1%
- Δ YoY
- —
Gross margin Δ (YoY)
-48.68 pp
—
-48.68 pp
—
- H1 2025
- —
- YTD 2026
- -48.68 pp
- Δ YoY
- —