FEE Feerum Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026

H1 2026 report

Skok przychodów o 59% do 94,8 mln zł (eksport 26,6 mln zł dzięki kontraktowi Toshka w Egipcie) podwoił zysk netto do 5,8 mln zł, ale marża brutto spadła z 16,2% do 12,5% — wzrost jest kupowany niższą marżą.

Sentiment

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Website

FEE H1 2026 report

Revenue

94.84 m PLN

— YoY

Net income

5.82 m PLN

— YoY

EBITDA

8.16 m PLN

— YoY

Gross margin

12.54%

— YoY

Summary

Investment thesis

Bilans jest mocny: zero kredytów, gotówka 24,5 mln zł, kapitał własny 126,8 mln zł i wskaźnik bieżący 2,25; płynność wspierają jednak zaliczki klientów (20,3 mln zł), nie tylko własny cykl gotówkowy.
Portfel zamówień ok. 141,1 mln zł (23 umowy) z dominującym udziałem kontraktów egipskich i nowy kontrakt Dandara (lipiec 2026, 15,4 mln USD dla Feerum) dają widoczność na kolejne okresy, lecz uzależniają grupę od jednego kraju i jednego zamawiającego.
Jakość zysku jest umiarkowana: CFO 2,9 mln zł to 49% zysku netto, bo należności i aktywa z umów rosną wraz z rozliczaniem kontraktów w czasie (MSSF 15); należności od ukraińskiego Epicentr K (ok. 1,36 mln EUR) są spłacane, bez odpisów.
Zarząd rozpoczął 22.06.2026 przegląd opcji strategicznych — rynek dostaje katalizator, o którym raport nie mówi niczego konkretnego, a dywidenda 0,50 zł (4,8 mln zł) została wypłacona w lipcu.

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Financials

BETA

H1 2026

FEE · H1 2026

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

Revenue	94.84	125.4	−24.4%	94.84	−24.4%	reported	—	1.00
Gross profit	11.89	26	−54.3%	11.89	−54.3%	reported	—	1.00
EBITDA	8.16	20.68	−60.5%	8.16	−60.5%	derived	—	0.70
EBIT	6.6	15.7	−58%	6.6	−58%	reported	—	1.00
EBT	7.03	15.05	−53.3%	7.03	−53.3%	reported	—	1.00
Net income	5.82	12.24	−52.5%	5.82	−52.5%	reported	—	1.00
EPS (basic) (PLN)	0.61	1.28	—	0.61	—	reported	—	1.00
EPS (diluted) (PLN)	0.61	1.28	—	0.61	—	reported	—	1.00
D&A	1.56	—	—	1.56	—	reported	—	1.00
Interest expense	0.19	0.72	−73.4%	0.19	−73.4%	reported	—	1.00
Income tax	1.22	2.81	−56.7%	1.22	−56.7%	reported	—	1.00
Shares (basic) (m units)	9.54	9.54	—	—	—	reported	—	1.00

Gross margin	12.54%	20.7%	−8.2 pp	12.54%	−8.2 pp	derived	—	0.70
EBITDA margin	8.6%	16.5%	−7.9 pp	8.6%	−7.9 pp	derived	—	0.70
EBIT margin	6.96%	12.5%	−5.5 pp	6.96%	−5.5 pp	derived	—	0.70
Net margin	6.13%	9.8%	−3.7 pp	6.13%	−3.7 pp	derived	—	0.70

Cash	24.49	21.81	+12.3%	—	—	reported	—	1.00
Total debt	0.11	0.12	−11.3%	—	—	reported	—	1.00
Net debt	-24.38	-21.68	−12.5%	—	—	derived	—	0.85
Equity	126.78	125.73	+0.8%	—	—	reported	—	1.00
Total assets	194.43	178.46	+8.9%	—	—	reported	—	1.00
Current assets	137.72	120.22	+14.6%	—	—	reported	—	1.00
Current liabilities	61.28	48.04	+27.6%	—	—	reported	—	1.00
Non-current liabilities	6.37	4.7	+35.6%	—	—	reported	—	1.00
Inventory	68.13	66.26	+2.8%	—	—	reported	—	1.00
Trade receivables	37.86	23.4	+61.8%	—	—	reported	—	0.85
Trade payables	55.75	41.29	+35%	—	—	reported	—	0.85
Goodwill	21.8	21.35	+2.1%	—	—	reported	—	1.00

CFO	2.87	28.94	−90.1%	2.87	−90.1%	reported	—	1.00
CapEx	0.85	4.3	−80.3%	0.85	−80.3%	reported	—	1.00
FCF	2.03	24.64	−91.8%	2.03	−91.8%	derived	—	0.85
Dividends paid	4.77	0	—	4.77	—	reported	—	0.90

Current ratio	2.25x	2.5x	−0.25x	—	—	derived	—	0.70
Quick ratio	1.14x	1.1x	+0.04x	—	—	derived	—	0.70
Cash ratio	0.4x	—	—	—	—	derived	—	0.70

Debt / equity	0x	0x	+0x	—	—	derived	—	0.70
Debt / assets	0x	—	—	—	—	derived	—	0.70
Net debt / equity	-0.19x	-0.17x	−0.02x	—	—	derived	—	0.70

Revenue growth (YoY)	59.17%	66%	—	59.17%	—	derived	—	0.70
EBITDA growth (YoY)	22.58%	328.9%	—	22.58%	—	derived	—	0.70
EBIT growth (YoY)	57.78%	1215.5%	—	57.78%	—	derived	—	0.70
Net income growth (YoY)	101.94%	677.2%	—	101.94%	—	derived	—	0.70
EPS growth (YoY)	103.33%	681.8%	—	103.33%	—	derived	—	0.70
Gross margin Δ (YoY)	-3.61 pp	11.7 pp	—	-3.61 pp	—	derived	—	0.70
EBITDA margin Δ (YoY)	-2.57 pp	10.1 pp	—	-2.57 pp	—	derived	—	0.70
EBIT margin Δ (YoY)	-0.06 pp	—	—	-0.06 pp	—	derived	—	0.70
Net margin Δ (YoY)	1.3 pp	—	—	1.3 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

94.84 −24.4%

H1 2025: 125.4
YTD 2026: 94.84
Δ YoY: −24.4%

Gross profit

11.89 −54.3%

H1 2025: 26
YTD 2026: 11.89
Δ YoY: −54.3%

EBITDA

8.16 −60.5%

H1 2025: 20.68
YTD 2026: 8.16
Δ YoY: −60.5%

EBIT

6.6 −58%

H1 2025: 15.7
YTD 2026: 6.6
Δ YoY: −58%

EBT

7.03 −53.3%

H1 2025: 15.05
YTD 2026: 7.03
Δ YoY: −53.3%

Net income

5.82 −52.5%

H1 2025: 12.24
YTD 2026: 5.82
Δ YoY: −52.5%

EPS (basic) (PLN)

0.61 —

H1 2025: 1.28
YTD 2026: 0.61
Δ YoY: —

EPS (diluted) (PLN)

0.61 —

H1 2025: 1.28
YTD 2026: 0.61
Δ YoY: —

D&A

1.56 —

H1 2025: —
YTD 2026: 1.56
Δ YoY: —

Interest expense

0.19 −73.4%

H1 2025: 0.72
YTD 2026: 0.19
Δ YoY: −73.4%

Income tax

1.22 −56.7%

H1 2025: 2.81
YTD 2026: 1.22
Δ YoY: −56.7%

Shares (basic) (m units)

9.54 —

H1 2025: 9.54
YTD 2026: —
Δ YoY: —

Gross margin

12.54% −8.2 pp

H1 2025: 20.7%
YTD 2026: 12.54%
Δ YoY: −8.2 pp

EBITDA margin

8.6% −7.9 pp

H1 2025: 16.5%
YTD 2026: 8.6%
Δ YoY: −7.9 pp

EBIT margin

6.96% −5.5 pp

H1 2025: 12.5%
YTD 2026: 6.96%
Δ YoY: −5.5 pp

Net margin

6.13% −3.7 pp

H1 2025: 9.8%
YTD 2026: 6.13%
Δ YoY: −3.7 pp

Cash

24.49 +12.3%

H1 2025: 21.81
YTD 2026: —
Δ YoY: —

Total debt

0.11 −11.3%

H1 2025: 0.12
YTD 2026: —
Δ YoY: —

Net debt

-24.38 −12.5%

H1 2025: -21.68
YTD 2026: —
Δ YoY: —

Equity

126.78 +0.8%

H1 2025: 125.73
YTD 2026: —
Δ YoY: —

Total assets

194.43 +8.9%

H1 2025: 178.46
YTD 2026: —
Δ YoY: —

Current assets

137.72 +14.6%

H1 2025: 120.22
YTD 2026: —
Δ YoY: —

Current liabilities

61.28 +27.6%

H1 2025: 48.04
YTD 2026: —
Δ YoY: —

Non-current liabilities

6.37 +35.6%

H1 2025: 4.7
YTD 2026: —
Δ YoY: —

Inventory

68.13 +2.8%

H1 2025: 66.26
YTD 2026: —
Δ YoY: —

Trade receivables

37.86 +61.8%

H1 2025: 23.4
YTD 2026: —
Δ YoY: —

Trade payables

55.75 +35%

H1 2025: 41.29
YTD 2026: —
Δ YoY: —

Goodwill

21.8 +2.1%

H1 2025: 21.35
YTD 2026: —
Δ YoY: —

CFO

2.87 −90.1%

H1 2025: 28.94
YTD 2026: 2.87
Δ YoY: −90.1%

CapEx

0.85 −80.3%

H1 2025: 4.3
YTD 2026: 0.85
Δ YoY: −80.3%

FCF

2.03 −91.8%

H1 2025: 24.64
YTD 2026: 2.03
Δ YoY: −91.8%

Dividends paid

4.77 —

H1 2025: 0
YTD 2026: 4.77
Δ YoY: —

Current ratio

2.25x −0.25x

H1 2025: 2.5x
YTD 2026: —
Δ YoY: —

Quick ratio

1.14x +0.04x

H1 2025: 1.1x
YTD 2026: —
Δ YoY: —

Cash ratio

0.4x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

0x +0x

H1 2025: 0x
YTD 2026: —
Δ YoY: —

Debt / assets

0x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.19x −0.02x

H1 2025: -0.17x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

59.17% —

H1 2025: 66%
YTD 2026: 59.17%
Δ YoY: —

EBITDA growth (YoY)

22.58% —

H1 2025: 328.9%
YTD 2026: 22.58%
Δ YoY: —

EBIT growth (YoY)

57.78% —

H1 2025: 1215.5%
YTD 2026: 57.78%
Δ YoY: —

Net income growth (YoY)

101.94% —

H1 2025: 677.2%
YTD 2026: 101.94%
Δ YoY: —

EPS growth (YoY)

103.33% —

H1 2025: 681.8%
YTD 2026: 103.33%
Δ YoY: —

Gross margin Δ (YoY)

-3.61 pp —

H1 2025: 11.7 pp
YTD 2026: -3.61 pp
Δ YoY: —

EBITDA margin Δ (YoY)

-2.57 pp —

H1 2025: 10.1 pp
YTD 2026: -2.57 pp
Δ YoY: —

EBIT margin Δ (YoY)

-0.06 pp —

H1 2025: —
YTD 2026: -0.06 pp
Δ YoY: —

Net margin Δ (YoY)

1.3 pp —

H1 2025: —
YTD 2026: 1.3 pp
Δ YoY: —