H1 2026 report
Stabilizacja sprzedaży (−3,7% r/r do 38,4 mln zł) przy poprawie marży brutto do 41,9% nie przekłada się na wynik: strata operacyjna rośnie do 1,8 mln zł, a EBITDA spada o połowę do 1,3 mln zł.
Sentiment
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PRT
H1 2026 report
Revenue
38.39 m PLN
— YoY
Net income
-3.91 m PLN
— YoY
EBITDA
1.29 m PLN
— YoY
Gross margin
41.86%
— YoY
Summary
Investment thesis
- Wynik grupy trzyma segment Abeba (32,7 mln zł przychodów, +11,4% r/r), tymczasem sama spółka Protektor S.A. traci jedną trzecią sprzedaży (10,5 mln zł, −33,1%) — a właśnie Abeba jest przeznaczona do sprzedaży.
- Płynność jest napięta: CFO −5,3 mln zł sfinansowane kredytami (krótkoterminowe 20,1 mln zł), wskaźnik bieżący 1,08, gotówka 1,2 mln zł, naruszone trzy kowenanty bankowe (bez sankcji).
- Ścieżkę naprawczą wyznaczają: emisja akcji serii I do 9,5 mln zł, możliwa sprzedaż 100% Abeby oraz zamówienia mundurowe (ok. 8,3 mln zł brutto od Policji i Straży Granicznej) — żadne z nich nie jest jeszcze sfinansowane ani rozliczone.
- Zarząd zakłada kontynuację działalności, lecz sam przyznaje, że ryzyko utraty płynności pozostaje realne; uchwała z art. 397 KSH o dalszym istnieniu spółki potwierdza skalę strat skumulowanych.
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Financials
BETA
PRT · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 38.39 | — | — | 38.39 | — | reported | — | 1.00 |
| Gross profit | 16.07 | — | — | 16.07 | — | reported | — | 1.00 |
| EBITDA | 1.29 | — | — | 1.29 | — | derived | — | 0.70 |
| EBIT | -1.82 | — | — | -1.82 | — | reported | — | 1.00 |
| EBT | -2.97 | — | — | -2.97 | — | reported | — | 1.00 |
| Net income | -3.91 | — | — | -3.91 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.13 | — | — | -0.13 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.13 | — | — | -0.13 | — | reported | — | 1.00 |
| D&A | 3.11 | — | — | 3.11 | — | reported | — | 1.00 |
| Interest expense | 1.18 | — | — | 1.18 | — | reported | — | 1.00 |
| Income tax | 0.91 | — | — | 0.91 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 30.17 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 41.86% | — | — | 41.86% | — | derived | — | 0.70 |
| EBITDA margin | 3.36% | — | — | 3.36% | — | derived | — | 0.70 |
| EBIT margin | -4.75% | — | — | -4.75% | — | derived | — | 0.70 |
| Net margin | -10.19% | — | — | -10.19% | — | derived | — | 0.70 |
| Cash | 1.17 | — | — | — | — | reported | — | 1.00 |
| Total debt | 37.87 | — | — | — | — | reported | — | 0.85 |
| Net debt | 36.7 | — | — | — | — | derived | — | 0.85 |
| Equity | 15.31 | — | — | — | — | reported | — | 1.00 |
| Total assets | 67.33 | — | — | — | — | reported | — | 1.00 |
| Current assets | 40.84 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 37.74 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 14.29 | — | — | — | — | reported | — | 1.00 |
| Inventory | 27.64 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 7.08 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 7.86 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 6.78 | — | — | — | — | reported | — | 0.80 |
| CFO | -5.31 | — | — | -5.31 | — | reported | — | 1.00 |
| CapEx | 0.11 | — | — | 0.11 | — | reported | — | 1.00 |
| FCF | -5.42 | — | — | -5.42 | — | derived | — | 0.85 |
| Current ratio | 1.08x | — | — | — | — | derived | — | 0.70 |
| Quick ratio | 0.35x | — | — | — | — | derived | — | 0.70 |
| Cash ratio | 0.03x | — | — | — | — | derived | — | 0.70 |
| Debt / equity | 2.47x | — | — | — | — | derived | — | 0.70 |
| Debt / assets | 0.56x | — | — | — | — | derived | — | 0.70 |
| Net debt / equity | 2.4x | — | — | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | -3.67% | — | — | -3.67% | — | derived | — | 0.70 |
| EBITDA growth (YoY) | -53.7% | — | — | -53.7% | — | derived | — | 0.70 |
| EBIT growth (YoY) | -494.1% | — | — | -494.1% | — | derived | — | 0.70 |
| Net income growth (YoY) | 8.55% | — | — | 8.55% | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | 1.02 pp | — | — | 1.02 pp | — | derived | — | 0.70 |
| EBITDA margin Δ (YoY) | -3.64 pp | — | — | -3.64 pp | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | -3.98 pp | — | — | -3.98 pp | — | derived | — | 0.70 |
| Net margin Δ (YoY) | 0.55 pp | — | — | 0.55 pp | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Revenue
38.39
—
38.39
—
- H1 2025
- —
- YTD 2026
- 38.39
- Δ YoY
- —
Gross profit
16.07
—
16.07
—
- H1 2025
- —
- YTD 2026
- 16.07
- Δ YoY
- —
EBITDA
1.29
—
1.29
—
- H1 2025
- —
- YTD 2026
- 1.29
- Δ YoY
- —
EBIT
-1.82
—
-1.82
—
- H1 2025
- —
- YTD 2026
- -1.82
- Δ YoY
- —
EBT
-2.97
—
-2.97
—
- H1 2025
- —
- YTD 2026
- -2.97
- Δ YoY
- —
Net income
-3.91
—
-3.91
—
- H1 2025
- —
- YTD 2026
- -3.91
- Δ YoY
- —
EPS (basic)
(PLN)
-0.13
—
-0.13
—
- H1 2025
- —
- YTD 2026
- -0.13
- Δ YoY
- —
EPS (diluted)
(PLN)
-0.13
—
-0.13
—
- H1 2025
- —
- YTD 2026
- -0.13
- Δ YoY
- —
D&A
3.11
—
3.11
—
- H1 2025
- —
- YTD 2026
- 3.11
- Δ YoY
- —
Interest expense
1.18
—
1.18
—
- H1 2025
- —
- YTD 2026
- 1.18
- Δ YoY
- —
Income tax
0.91
—
0.91
—
- H1 2025
- —
- YTD 2026
- 0.91
- Δ YoY
- —
Shares (basic)
(m units)
30.17
—
30.17
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
41.86%
—
41.86%
—
- H1 2025
- —
- YTD 2026
- 41.86%
- Δ YoY
- —
EBITDA margin
3.36%
—
3.36%
—
- H1 2025
- —
- YTD 2026
- 3.36%
- Δ YoY
- —
EBIT margin
-4.75%
—
-4.75%
—
- H1 2025
- —
- YTD 2026
- -4.75%
- Δ YoY
- —
Net margin
-10.19%
—
-10.19%
—
- H1 2025
- —
- YTD 2026
- -10.19%
- Δ YoY
- —
Cash
1.17
—
1.17
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
37.87
—
37.87
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
36.7
—
36.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
15.31
—
15.31
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
67.33
—
67.33
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
40.84
—
40.84
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
37.74
—
37.74
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
14.29
—
14.29
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
27.64
—
27.64
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
7.08
—
7.08
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
7.86
—
7.86
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
6.78
—
6.78
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-5.31
—
-5.31
—
- H1 2025
- —
- YTD 2026
- -5.31
- Δ YoY
- —
CapEx
0.11
—
0.11
—
- H1 2025
- —
- YTD 2026
- 0.11
- Δ YoY
- —
FCF
-5.42
—
-5.42
—
- H1 2025
- —
- YTD 2026
- -5.42
- Δ YoY
- —
Current ratio
1.08x
—
1.08x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.35x
—
0.35x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.03x
—
0.03x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
2.47x
—
2.47x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.56x
—
0.56x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
2.4x
—
2.4x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-3.67%
—
-3.67%
—
- H1 2025
- —
- YTD 2026
- -3.67%
- Δ YoY
- —
EBITDA growth (YoY)
-53.7%
—
-53.7%
—
- H1 2025
- —
- YTD 2026
- -53.7%
- Δ YoY
- —
EBIT growth (YoY)
-494.1%
—
-494.1%
—
- H1 2025
- —
- YTD 2026
- -494.1%
- Δ YoY
- —
Net income growth (YoY)
8.55%
—
8.55%
—
- H1 2025
- —
- YTD 2026
- 8.55%
- Δ YoY
- —
Gross margin Δ (YoY)
1.02 pp
—
1.02 pp
—
- H1 2025
- —
- YTD 2026
- 1.02 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-3.64 pp
—
-3.64 pp
—
- H1 2025
- —
- YTD 2026
- -3.64 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-3.98 pp
—
-3.98 pp
—
- H1 2025
- —
- YTD 2026
- -3.98 pp
- Δ YoY
- —
Net margin Δ (YoY)
0.55 pp
—
0.55 pp
—
- H1 2025
- —
- YTD 2026
- 0.55 pp
- Δ YoY
- —