GNS Niewiadów Polska Grupa Militarna Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026

H1 2026 report

Grupa jest w fazie budowy zdolności w amunicji 155 mm: umowa z KNDS Ammo France z 18.06.2026 (docelowo do 180 tys. szt. rocznie), linie technologiczne mają dotrzeć do Niewiadowa na przełomie września i października, a gotowość do produkcji testowej zaplanowano na koniec 2026 r.

Sentiment

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Website

GNS H1 2026 report

Revenue

44.57 m PLN

— YoY

Net income

-58.82 m PLN

— YoY

EBITDA

-61.45 m PLN

— YoY

FCF

-77.75 m PLN

— YoY

Summary

Investment thesis

Wyniki 1H2026 są zdominowane kosztem niepieniężnym programu warrantów (MSSF 2) w wysokości 56,8 mln zł, ujętym w usługach obcych; bez niego strata operacyjna wynosiłaby ok. 6 mln zł.
Bilans wzmocniony emisją: 231,7 mln zł gotówki (w tym 11,4 mln zł o ograniczonej dostępności) wobec 49 mln zł zadłużenia finansowego — pozycja gotówki netto ok. 183 mln zł.
Działalność bieżąca nie generuje gotówki: OCF -33,0 mln zł, CAPEX 44,8 mln zł, FCF -77,7 mln zł; przychody rosną (+59,5% r/r do 44,6 mln zł), ale zysk brutto ze sprzedaży jest ujemny.
Wartość inwestycji zależy od terminowego uruchomienia produkcji i podpisania umowy ramowej z KNDS (zamierzonej do końca 2026 r.) — brak jeszcze kontraktów odbiorczych o podanej wartości.

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Financials

BETA

H1 2026

GNS · H1 2026

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

Revenue	44,569	70,055	−36.4%	44,569	−36.4%	reported	—	1.00
EBITDA	-61,453	800	−7781.6%	-61,453	−7781.6%	reported	—	1.00
EBIT	-62,982	-1,200	−5148.5%	-62,982	−5148.5%	reported	—	1.00
EBT	-58,247	—	—	-58,247	—	reported	—	1.00
Net income	-58,823	-780	−7441.4%	-58,823	−7441.4%	reported	—	1.00
EPS (basic) (PLN)	-0.42	—	—	-0.42	—	reported	—	1.00
D&A	1,529	—	—	1,529	—	reported	—	1.00
Interest expense	2,889	—	—	2,889	—	reported	—	1.00
Income tax	2,284	—	—	2,284	—	reported	—	1.00
Shares (basic) (units)	140,214,500	—	—	140,214,500	—	reported	—	1.00

EBITDA margin	-137.88%	1.14%	−139 pp	-137.88%	−139 pp	derived	—	0.70
EBIT margin	-141.31%	-1.71%	−139.6 pp	-141.31%	−139.6 pp	derived	—	0.70
EBT margin	-130.69%	—	—	-130.69%	—	derived	—	0.70
Net margin	-131.98%	-1.11%	−130.9 pp	-131.98%	−130.9 pp	derived	—	0.70
D&A margin	3.43%	—	—	3.43%	—	derived	—	0.70

Cash	231,664	56,100	+312.9%	—	—	reported	—	1.00
Total debt	48,959	—	—	—	—	reported	—	0.90
Net debt	-182,705	—	—	—	—	derived	—	0.70
Equity	393,466	147,300	+167.1%	—	—	reported	—	1.00
Total assets	481,619	220,232	+118.7%	—	—	reported	—	1.00
Working capital	291,414	94,200	+209.4%	—	—	derived	—	0.70
Current assets	333,561	127,300	+162%	—	—	reported	—	1.00
Current liabilities	42,147	33,100	+27.3%	—	—	reported	—	1.00
Non-current liabilities	46,005	39,800	+15.6%	—	—	reported	—	1.00
Inventory	18,038	—	—	—	—	reported	—	1.00
Trade receivables	22,692	12,100	+87.5%	—	—	reported	—	1.00
Trade payables	20,402	—	—	—	—	reported	—	1.00
Goodwill	39,752	31,600	+25.8%	—	—	reported	—	1.00
Tangible equity	353,714	—	—	—	—	derived	—	0.70

CFO	-32,956	-4,800	−586.6%	-32,956	−586.6%	reported	—	1.00
CapEx	44,790	—	—	44,790	—	reported	—	1.00
FCF	-77,746	—	—	-77,746	—	derived	—	0.70
Net acquisitions	5,310	—	—	5,310	—	reported	—	1.00

Current ratio	7.91x	3.85x	+4.06x	—	—	derived	—	0.70
Quick ratio	7.49x	—	—	—	—	derived	—	0.70
Cash ratio	5.5x	—	—	—	—	derived	—	0.70

Debt / equity	0.12x	—	—	—	—	derived	—	0.70
Debt / assets	0.1x	—	—	—	—	derived	—	0.70
Net debt / equity	-0.46x	—	—	—	—	derived	—	0.70

Revenue growth (YoY)	59.53%	-8.57%	—	59.53%	—	derived	—	0.70
EBITDA margin Δ (YoY)	-124.93 pp	-1.6 pp	—	-124.93 pp	—	derived	—	0.70
EBIT margin Δ (YoY)	-125.6 pp	-2.89 pp	—	-125.6 pp	—	derived	—	0.70
Net margin Δ (YoY)	-117.52 pp	-3.59 pp	—	-117.52 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

44,569 −36.4%

H1 2025: 70,055
YTD 2026: 44,569
Δ YoY: −36.4%

EBITDA

-61,453 −7781.6%

H1 2025: 800
YTD 2026: -61,453
Δ YoY: −7781.6%

EBIT

-62,982 −5148.5%

H1 2025: -1,200
YTD 2026: -62,982
Δ YoY: −5148.5%

EBT

-58,247 —

H1 2025: —
YTD 2026: -58,247
Δ YoY: —

Net income

-58,823 −7441.4%

H1 2025: -780
YTD 2026: -58,823
Δ YoY: −7441.4%

EPS (basic) (PLN)

-0.42 —

H1 2025: —
YTD 2026: -0.42
Δ YoY: —

D&A

1,529 —

H1 2025: —
YTD 2026: 1,529
Δ YoY: —

Interest expense

2,889 —

H1 2025: —
YTD 2026: 2,889
Δ YoY: —

Income tax

2,284 —

H1 2025: —
YTD 2026: 2,284
Δ YoY: —

Shares (basic) (units)

140,214,500 —

H1 2025: —
YTD 2026: 140,214,500
Δ YoY: —

EBITDA margin

-137.88% −139 pp

H1 2025: 1.14%
YTD 2026: -137.88%
Δ YoY: −139 pp

EBIT margin

-141.31% −139.6 pp

H1 2025: -1.71%
YTD 2026: -141.31%
Δ YoY: −139.6 pp

EBT margin

-130.69% —

H1 2025: —
YTD 2026: -130.69%
Δ YoY: —

Net margin

-131.98% −130.9 pp

H1 2025: -1.11%
YTD 2026: -131.98%
Δ YoY: −130.9 pp

D&A margin

3.43% —

H1 2025: —
YTD 2026: 3.43%
Δ YoY: —

Cash

231,664 +312.9%

H1 2025: 56,100
YTD 2026: —
Δ YoY: —

Total debt

48,959 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

-182,705 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

393,466 +167.1%

H1 2025: 147,300
YTD 2026: —
Δ YoY: —

Total assets

481,619 +118.7%

H1 2025: 220,232
YTD 2026: —
Δ YoY: —

Working capital

291,414 +209.4%

H1 2025: 94,200
YTD 2026: —
Δ YoY: —

Current assets

333,561 +162%

H1 2025: 127,300
YTD 2026: —
Δ YoY: —

Current liabilities

42,147 +27.3%

H1 2025: 33,100
YTD 2026: —
Δ YoY: —

Non-current liabilities

46,005 +15.6%

H1 2025: 39,800
YTD 2026: —
Δ YoY: —

Inventory

18,038 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

22,692 +87.5%

H1 2025: 12,100
YTD 2026: —
Δ YoY: —

Trade payables

20,402 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

39,752 +25.8%

H1 2025: 31,600
YTD 2026: —
Δ YoY: —

Tangible equity

353,714 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-32,956 −586.6%

H1 2025: -4,800
YTD 2026: -32,956
Δ YoY: −586.6%

CapEx

44,790 —

H1 2025: —
YTD 2026: 44,790
Δ YoY: —

FCF

-77,746 —

H1 2025: —
YTD 2026: -77,746
Δ YoY: —

Net acquisitions

5,310 —

H1 2025: —
YTD 2026: 5,310
Δ YoY: —

Current ratio

7.91x +4.06x

H1 2025: 3.85x
YTD 2026: —
Δ YoY: —

Quick ratio

7.49x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

5.5x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

0.12x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.1x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.46x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

59.53% —

H1 2025: -8.57%
YTD 2026: 59.53%
Δ YoY: —

EBITDA margin Δ (YoY)

-124.93 pp —

H1 2025: -1.6 pp
YTD 2026: -124.93 pp
Δ YoY: —

EBIT margin Δ (YoY)

-125.6 pp —

H1 2025: -2.89 pp
YTD 2026: -125.6 pp
Δ YoY: —

Net margin Δ (YoY)

-117.52 pp —

H1 2025: -3.59 pp
YTD 2026: -117.52 pp
Δ YoY: —