MON Monnari Trade Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026

H1 2026 report

Przychody +6,9% (175,6 mln zł) dzięki rozbudowie sieci do 345 salonów (+13% r/r) i sprzedaży stacjonarnej +18%; marka MONNARI -3,6%, hurt -84,8%.

Sentiment

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Website

MON H1 2026 report

Revenue

175.58 m PLN

— YoY

Net income

-1.73 m PLN

— YoY

EBITDA

6.6 m PLN

— YoY

Gross margin

65.63%

— YoY

Summary

Investment thesis

Marża brutto wzrosła o 5,2 pp do 65,6%, lecz SG&A +19,9% (64,7% przychodów) obniżyło EBIT o 70% do 2,6 mln zł i EBITDA o 49,8% do 6,6 mln zł.
Strata netto -1,7 mln zł (akcjonariusze) przy ETR ok. 193% - podatek 3,7 mln zł przy zysku przed opodatkowaniem 1,9 mln zł; II kwartał dodatni (zysk netto 3,1 mln zł).
OCF -19,7 mln zł (zapasy +9,6 mln zł, należności +6,6 mln zł) sfinansowany kredytem 18,2 mln zł; gotówka 16,4 mln zł wobec 33,7 mln zł rok wcześniej.
Silny bilans (kapitał własny 326,7 mln zł, płynność bieżąca 3,4), ale zapasy 164 mln zł i zobowiązanie ok. 49 mln zł na nieruchomości w Strykowie do końca 2026.

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Financials

BETA

H1 2026

MON · H1 2026

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

Revenue	87,979	355,881	−75.3%	175,584	−50.7%	reported	—	1.00
Gross profit	59,973	221,725	−73%	115,246	−48%	reported	—	1.00
EBITDA	6,604	34,866	−81.1%	6,604	−81.1%	derived	—	0.95
EBIT	5,565	26,906	−79.3%	2,626	−90.2%	reported	—	1.00
EBT	1,923	29,045	−93.4%	1,923	−93.4%	reported	—	1.00
Net income	3,114	23,581	−86.8%	-1,734	−107.4%	reported	—	1.00
EPS (basic) (PLN)	-0.07	0.77	—	-0.07	—	reported	—	1.00
EPS (diluted) (PLN)	-0.07	—	—	-0.07	—	reported	—	1.00
D&A	3,978	—	—	3,978	—	reported	—	1.00
Interest expense	799	—	—	799	—	reported	—	0.80
Income tax	3,704	6,168	−39.9%	3,704	−39.9%	reported	—	1.00

Gross margin	65.63%	62.3%	+3.3 pp	65.63%	+3.3 pp	reported	—	0.70
EBITDA margin	3.76%	9.8%	−6 pp	3.76%	−6 pp	reported	—	0.70
EBIT margin	1.5%	7.6%	−6.1 pp	1.5%	−6.1 pp	reported	—	0.70
EBT margin	1.1%	—	—	1.1%	—	reported	—	0.70
Net margin	-0.99%	6.6%	−7.6 pp	-0.99%	−7.6 pp	reported	—	0.70
D&A margin	2.27%	—	—	2.27%	—	reported	—	0.70

Cash	16,434	22,300	−26.3%	—	—	reported	—	1.00
Total debt	35,155	16,700	+110.5%	—	—	derived	—	0.90
Net debt	18,721	-5,600	+434.3%	—	—	derived	—	0.90
Equity	326,650	330,000	−1%	—	—	reported	—	1.00
Total assets	418,663	408,700	+2.4%	—	—	reported	—	1.00
Working capital (k PLN thousands)	155,823	157,800	—	—	—	reported	—	0.70
Current assets	220,710	208,700	+5.8%	—	—	reported	—	1.00
Current liabilities	64,887	50,900	+27.5%	—	—	reported	—	1.00
Non-current liabilities	27,126	27,800	−2.4%	—	—	reported	—	1.00
Inventory	164,031	154,400	+6.2%	—	—	reported	—	1.00
Trade receivables	26,559	—	—	—	—	reported	—	0.90
Trade payables	41,874	—	—	—	—	reported	—	0.90
Goodwill	8,490	—	—	—	—	derived	—	0.90
Tangible equity (k PLN thousands)	318,160	—	—	—	—	reported	—	0.70

CFO	-19,742	—	—	-19,742	—	reported	—	1.00
CapEx	1,155	—	—	1,155	—	reported	—	1.00
FCF (k PLN thousands)	-20,897	—	—	-20,897	—	reported	—	0.80
CFO conversion	-298.94%	—	—	-298.94%	—	reported	—	0.60
Buybacks	1,427	—	—	1,427	—	reported	—	1.00

Current ratio	3.4x	4.1x	−0.7x	—	—	reported	—	0.70
Quick ratio	0.87x	1.1x	−0.23x	—	—	reported	—	0.70
Cash ratio	0.25x	0.4x	−0.15x	—	—	reported	—	0.70

Debt / equity	0.11x	0.05x	+0.06x	—	—	reported	—	0.70
Debt / assets	0.08x	0.04x	+0.04x	—	—	reported	—	0.70
Net debt / equity	0.06x	-0.02x	+0.08x	—	—	reported	—	0.70

Revenue growth (YoY)	6.89%	13%	—	6.89%	—	reported	—	0.70
EBITDA growth (YoY)	-49.77%	32.5%	—	-49.77%	—	reported	—	0.70
EBIT growth (YoY)	-70.35%	52.5%	—	-70.35%	—	reported	—	0.70
Net income growth (YoY)	-124.87%	7.5%	—	-124.87%	—	reported	—	0.70
Gross margin Δ (YoY)	5.19 pp	0 pp	—	5.19 pp	—	reported	—	0.70
EBITDA margin Δ (YoY)	-4.24 pp	0 pp	—	-4.24 pp	—	reported	—	0.70
EBIT margin Δ (YoY)	-3.89 pp	0 pp	—	-3.89 pp	—	reported	—	0.70
Net margin Δ (YoY)	-5.23 pp	0 pp	—	-5.23 pp	—	reported	—	0.70

H1 2026 · Δ YoY

Revenue

87,979 −75.3%

H1 2025: 355,881
YTD 2026: 175,584
Δ YoY: −50.7%

Gross profit

59,973 −73%

H1 2025: 221,725
YTD 2026: 115,246
Δ YoY: −48%

EBITDA

6,604 −81.1%

H1 2025: 34,866
YTD 2026: 6,604
Δ YoY: −81.1%

EBIT

5,565 −79.3%

H1 2025: 26,906
YTD 2026: 2,626
Δ YoY: −90.2%

EBT

1,923 −93.4%

H1 2025: 29,045
YTD 2026: 1,923
Δ YoY: −93.4%

Net income

3,114 −86.8%

H1 2025: 23,581
YTD 2026: -1,734
Δ YoY: −107.4%

EPS (basic) (PLN)

-0.07 —

H1 2025: 0.77
YTD 2026: -0.07
Δ YoY: —

EPS (diluted) (PLN)

-0.07 —

H1 2025: —
YTD 2026: -0.07
Δ YoY: —

D&A

3,978 —

H1 2025: —
YTD 2026: 3,978
Δ YoY: —

Interest expense

799 —

H1 2025: —
YTD 2026: 799
Δ YoY: —

Income tax

3,704 −39.9%

H1 2025: 6,168
YTD 2026: 3,704
Δ YoY: −39.9%

Gross margin

65.63% +3.3 pp

H1 2025: 62.3%
YTD 2026: 65.63%
Δ YoY: +3.3 pp

EBITDA margin

3.76% −6 pp

H1 2025: 9.8%
YTD 2026: 3.76%
Δ YoY: −6 pp

EBIT margin

1.5% −6.1 pp

H1 2025: 7.6%
YTD 2026: 1.5%
Δ YoY: −6.1 pp

EBT margin

1.1% —

H1 2025: —
YTD 2026: 1.1%
Δ YoY: —

Net margin

-0.99% −7.6 pp

H1 2025: 6.6%
YTD 2026: -0.99%
Δ YoY: −7.6 pp

D&A margin

2.27% —

H1 2025: —
YTD 2026: 2.27%
Δ YoY: —

Cash

16,434 −26.3%

H1 2025: 22,300
YTD 2026: —
Δ YoY: —

Total debt

35,155 +110.5%

H1 2025: 16,700
YTD 2026: —
Δ YoY: —

Net debt

18,721 +434.3%

H1 2025: -5,600
YTD 2026: —
Δ YoY: —

Equity

326,650 −1%

H1 2025: 330,000
YTD 2026: —
Δ YoY: —

Total assets

418,663 +2.4%

H1 2025: 408,700
YTD 2026: —
Δ YoY: —

Working capital (k PLN thousands)

155,823 —

H1 2025: 157,800
YTD 2026: —
Δ YoY: —

Current assets

220,710 +5.8%

H1 2025: 208,700
YTD 2026: —
Δ YoY: —

Current liabilities

64,887 +27.5%

H1 2025: 50,900
YTD 2026: —
Δ YoY: —

Non-current liabilities

27,126 −2.4%

H1 2025: 27,800
YTD 2026: —
Δ YoY: —

Inventory

164,031 +6.2%

H1 2025: 154,400
YTD 2026: —
Δ YoY: —

Trade receivables

26,559 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

41,874 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

8,490 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity (k PLN thousands)

318,160 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-19,742 —

H1 2025: —
YTD 2026: -19,742
Δ YoY: —

CapEx

1,155 —

H1 2025: —
YTD 2026: 1,155
Δ YoY: —

FCF (k PLN thousands)

-20,897 —

H1 2025: —
YTD 2026: -20,897
Δ YoY: —

CFO conversion

-298.94% —

H1 2025: —
YTD 2026: -298.94%
Δ YoY: —

Buybacks

1,427 —

H1 2025: —
YTD 2026: 1,427
Δ YoY: —

Current ratio

3.4x −0.7x

H1 2025: 4.1x
YTD 2026: —
Δ YoY: —

Quick ratio

0.87x −0.23x

H1 2025: 1.1x
YTD 2026: —
Δ YoY: —

Cash ratio

0.25x −0.15x

H1 2025: 0.4x
YTD 2026: —
Δ YoY: —

Debt / equity

0.11x +0.06x

H1 2025: 0.05x
YTD 2026: —
Δ YoY: —

Debt / assets

0.08x +0.04x

H1 2025: 0.04x
YTD 2026: —
Δ YoY: —

Net debt / equity

0.06x +0.08x

H1 2025: -0.02x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

6.89% —

H1 2025: 13%
YTD 2026: 6.89%
Δ YoY: —

EBITDA growth (YoY)

-49.77% —

H1 2025: 32.5%
YTD 2026: -49.77%
Δ YoY: —

EBIT growth (YoY)

-70.35% —

H1 2025: 52.5%
YTD 2026: -70.35%
Δ YoY: —

Net income growth (YoY)

-124.87% —

H1 2025: 7.5%
YTD 2026: -124.87%
Δ YoY: —

Gross margin Δ (YoY)

5.19 pp —

H1 2025: 0 pp
YTD 2026: 5.19 pp
Δ YoY: —

EBITDA margin Δ (YoY)

-4.24 pp —

H1 2025: 0 pp
YTD 2026: -4.24 pp
Δ YoY: —

EBIT margin Δ (YoY)

-3.89 pp —

H1 2025: 0 pp
YTD 2026: -3.89 pp
Δ YoY: —

Net margin Δ (YoY)

-5.23 pp —

H1 2025: 0 pp
YTD 2026: -5.23 pp
Δ YoY: —