H1 2026 report
Spółka w trakcie wykonywania prawomocnie zatwierdzonego układu restrukturyzacyjnego (kwiecień 2025); audytor potwierdza istotną niepewność co do kontynuacji działalności.
Sentiment
●●●●●●
ASM
H1 2026 report
Revenue
107.36 m PLN
— YoY
Net income
-2.74 m PLN
— YoY
EBITDA
-1.78 m PLN
— YoY
Net debt / EBITDA
4.69x
— YoY
Summary
Investment thesis
- Wyniki I półrocza 2026 pogorszyły się: przychody −7,9% r/r do 107,4 mln zł, EBIT −2,2 mln zł, strata netto przypisana jednostce dominującej −2,7 mln zł.
- Wniosek z zastrzeżeniem z przeglądu: brak możliwości oceny ujęcia podatków IRES i IRAP po wyroku turyńskiego sądu podatkowego wobec Trade S.r.l.; ugodowa propozycja sądu to 2,5 mln EUR (łącznie z VAT).
- Bilans obciąża wartość firmy 71,4 mln zł (44% sumy bilansowej) przy ujemnym kapitale rzeczowym (po odjęciu wartości firmy) (−11,0 mln zł); płynność bieżąca 0,97.
- Teza zależy od utrzymania płynności na obsługę rat układowych, rozstrzygnięcia sporów podatkowych we Włoszech i odbudowy marży w II półroczu.
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Financials
BETA
ASM · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 107,359 | 243,526 | −55.9% | 107,359 | −55.9% | reported | — | 1.00 |
|
Revenue
Merchandising
|
119,267 | 243,526 | −51% | 119,267 | −51% | reported | Merchandising | 0.85 |
|
Revenue
Field marketing
|
30,588 | 243,526 | −87.4% | 30,588 | −87.4% | reported | Field marketing | 0.85 |
| EBITDA | 6,706 | 7,878 | −14.9% | -1,775 | −122.5% | derived | — | 0.60 |
| EBIT | -2,184 | 5,847 | −137.4% | -2,184 | −137.4% | reported | — | 1.00 |
| EBT | -2,962 | 4,005 | −174% | -2,962 | −174% | reported | — | 1.00 |
| Net income | -2,743 | 531 | −616.6% | -2,743 | −616.6% | reported | — | 0.95 |
| D&A | 409 | — | — | 409 | — | reported | — | 1.00 |
| Income tax | 134 | — | — | 134 | — | reported | — | 1.00 |
| EBITDA margin | -1.65% | 3.23% | −4.9 pp | -1.65% | −4.9 pp | derived | — | 0.95 |
| EBIT margin | -2.03% | 2.4% | −4.4 pp | -2.03% | −4.4 pp | derived | — | 0.95 |
| Net margin | -2.55% | 0.22% | −2.8 pp | -2.55% | −2.8 pp | derived | — | 0.95 |
| Cash | 7,952 | — | — | — | — | reported | — | 1.00 |
| Total debt | 39,418 | — | — | — | — | derived | — | 0.60 |
| Net debt | 31,466 | — | — | — | — | derived | — | 0.60 |
| Equity | 61,740 | 64,774 | −4.7% | — | — | reported | — | 1.00 |
| Total assets | 160,974 | 163,512 | −1.6% | — | — | reported | — | 1.00 |
| Working capital | -2,067 | 13,218 | −115.6% | — | — | derived | — | 0.95 |
| Current assets | 69,526 | 83,912 | −17.1% | — | — | reported | — | 1.00 |
| Current liabilities | 71,593 | 70,694 | +1.3% | — | — | reported | — | 1.00 |
| Non-current liabilities | 19,951 | 28,045 | −28.9% | — | — | reported | — | 1.00 |
| Trade receivables | 47,153 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 18,725 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 72,753 | 71,446 | +1.8% | — | — | reported | — | 1.00 |
| Tangible equity | -11,013 | — | — | — | — | derived | — | 0.95 |
| CFO | -483 | — | — | -483 | — | reported | — | 1.00 |
| Current ratio | 0.97x | 1.19x | −0.22x | — | — | derived | — | 0.95 |
| Cash ratio | 0.11x | — | — | — | — | derived | — | 0.95 |
| Net debt / EBITDA | 4.69x | — | — | — | — | derived | — | 0.50 |
| Debt / equity | 0.64x | — | — | — | — | derived | — | 0.60 |
| Debt / assets | 0.24x | — | — | — | — | derived | — | 0.60 |
| Net debt / equity | 0.51x | — | — | — | — | derived | — | 0.60 |
| Revenue growth (YoY) | -7.89% | 1.95% | — | -7.89% | — | derived | — | 1.00 |
| EBIT margin Δ (YoY) | -1.33 pp | -1.83 pp | — | -1.33 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
107,359
−55.9%
107,359
−55.9%
- H1 2025
- 243,526
- YTD 2026
- 107,359
- Δ YoY
- −55.9%
Revenue
Merchandising
119,267
−51%
Merchandising
119,267
−51%
- H1 2025
- 243,526
- YTD 2026
- 119,267
- Δ YoY
- −51%
Revenue
Field marketing
30,588
−87.4%
Field marketing
30,588
−87.4%
- H1 2025
- 243,526
- YTD 2026
- 30,588
- Δ YoY
- −87.4%
EBITDA
6,706
−14.9%
6,706
−14.9%
- H1 2025
- 7,878
- YTD 2026
- -1,775
- Δ YoY
- −122.5%
EBIT
-2,184
−137.4%
-2,184
−137.4%
- H1 2025
- 5,847
- YTD 2026
- -2,184
- Δ YoY
- −137.4%
EBT
-2,962
−174%
-2,962
−174%
- H1 2025
- 4,005
- YTD 2026
- -2,962
- Δ YoY
- −174%
Net income
-2,743
−616.6%
-2,743
−616.6%
- H1 2025
- 531
- YTD 2026
- -2,743
- Δ YoY
- −616.6%
D&A
409
—
409
—
- H1 2025
- —
- YTD 2026
- 409
- Δ YoY
- —
Income tax
134
—
134
—
- H1 2025
- —
- YTD 2026
- 134
- Δ YoY
- —
EBITDA margin
-1.65%
−4.9 pp
-1.65%
−4.9 pp
- H1 2025
- 3.23%
- YTD 2026
- -1.65%
- Δ YoY
- −4.9 pp
EBIT margin
-2.03%
−4.4 pp
-2.03%
−4.4 pp
- H1 2025
- 2.4%
- YTD 2026
- -2.03%
- Δ YoY
- −4.4 pp
Net margin
-2.55%
−2.8 pp
-2.55%
−2.8 pp
- H1 2025
- 0.22%
- YTD 2026
- -2.55%
- Δ YoY
- −2.8 pp
Cash
7,952
—
7,952
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
39,418
—
39,418
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
31,466
—
31,466
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
61,740
−4.7%
61,740
−4.7%
- H1 2025
- 64,774
- YTD 2026
- —
- Δ YoY
- —
Total assets
160,974
−1.6%
160,974
−1.6%
- H1 2025
- 163,512
- YTD 2026
- —
- Δ YoY
- —
Working capital
-2,067
−115.6%
-2,067
−115.6%
- H1 2025
- 13,218
- YTD 2026
- —
- Δ YoY
- —
Current assets
69,526
−17.1%
69,526
−17.1%
- H1 2025
- 83,912
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
71,593
+1.3%
71,593
+1.3%
- H1 2025
- 70,694
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
19,951
−28.9%
19,951
−28.9%
- H1 2025
- 28,045
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
47,153
—
47,153
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
18,725
—
18,725
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
72,753
+1.8%
72,753
+1.8%
- H1 2025
- 71,446
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
-11,013
—
-11,013
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-483
—
-483
—
- H1 2025
- —
- YTD 2026
- -483
- Δ YoY
- —
Current ratio
0.97x
−0.22x
0.97x
−0.22x
- H1 2025
- 1.19x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.11x
—
0.11x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / EBITDA
4.69x
—
4.69x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.64x
—
0.64x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.24x
—
0.24x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.51x
—
0.51x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-7.89%
—
-7.89%
—
- H1 2025
- 1.95%
- YTD 2026
- -7.89%
- Δ YoY
- —
EBIT margin Δ (YoY)
-1.33 pp
—
-1.33 pp
—
- H1 2025
- -1.83 pp
- YTD 2026
- -1.33 pp
- Δ YoY
- —