PGV
PGF Polska Grupa Fotowoltaiczna (obecnie European Defence Group )
NewConnect · semiannual · publ. October 01, 2026
H1 2026 report
Spółka jest jednostką inwestycyjną bez przychodów ze sprzedaży: wynik to w całości wycena portfela, a ta w I półroczu 2026 dała stratę 12,5 mln zł na aktywach finansowych.
Sentiment
●●●●●●
PGV
H1 2026 report
Net income
-11.53 m PLN
— YoY
Summary
Investment thesis
- Ponad 90% portfela to akcje Military Group S.A. (49,8 mln zł) wyceniane z dyskontem DLOM; spadek ich wartości o ok. 12,7 mln zł zdecydował o stracie netto 11,5 mln zł.
- Płynność jest skrajnie słaba: środki pieniężne 0 zł, zobowiązania krótkoterminowe 6,1 mln zł (w tym 3,9 mln zł publicznoprawnych z karą UKNF), a biegły zwraca uwagę na istotną niepewność kontynuacji działalności.
- Nowa strategia z 7 września 2026 r. zakłada zwrot w stronę sektora obronnego i dual-use, zmianę firmy na European Defence Group S.A. oraz wyjście z Solar Innovation S.A.
- Wartość księgowa 55,2 mln zł (0,55 zł na akcję) opiera się na wycenach poziomu 3 i rezerwie na podatek odroczony; realna możliwość spieniężenia aktywów jest niepewna.
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Financials
BETA
PGV · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| EBIT | -12,853 | — | — | -12,853 | — | reported | — | 1.00 |
| EBT | -12,992 | 17,487 | −174.3% | -12,992 | −174.3% | reported | — | 1.00 |
| Net income | -11,526 | 13,096 | −188% | -11,526 | −188% | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.11 | 0.13 | — | -0.11 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.11 | 0.09 | — | -0.11 | — | reported | — | 1.00 |
| Interest expense | 233 | — | — | 233 | — | reported | — | 0.90 |
| Income tax | -1,466 | -4,391 | +66.6% | -1,466 | +66.6% | reported | — | 1.00 |
| Shares (basic) (m units) | 100.5 | 100.5 | — | — | — | reported | — | 1.00 |
| Total debt | 367 | 303 | +21.1% | — | — | reported | — | 0.90 |
| Net debt | 367 | 303 | +21.1% | — | — | derived | — | 0.90 |
| Equity | 55,229 | 66,755 | −17.3% | — | — | reported | — | 1.00 |
| Total assets | 71,606 | 86,178 | −16.9% | — | — | reported | — | 1.00 |
| Working capital | -832 | — | — | — | — | derived | — | 1.00 |
| Current assets | 5,289 | 374 | +1314.2% | — | — | reported | — | 1.00 |
| Current liabilities | 6,121 | 5,627 | +8.8% | — | — | reported | — | 1.00 |
| Non-current liabilities | 10,256 | 13,796 | −25.7% | — | — | reported | — | 1.00 |
| Trade receivables | 1 | 20 | −95% | — | — | reported | — | 1.00 |
| Trade payables | 1,448 | 1,077 | +34.4% | — | — | reported | — | 1.00 |
| Current ratio | 0.86x | 0.07x | +0.79x | — | — | derived | — | 0.70 |
| Debt / equity | 0.01x | 0x | +0.01x | — | — | derived | — | 0.70 |
| Debt / assets | 0.01x | 0x | +0.01x | — | — | derived | — | 0.70 |
| Net debt / equity | 0.01x | 0x | +0.01x | — | — | derived | — | 0.70 |
| EBIT growth (YoY) | -192.6% | — | — | -192.6% | — | derived | — | 0.70 |
| Net income growth (YoY) | -207.4% | — | — | -207.4% | — | derived | — | 0.70 |
H1 2026 · Δ YoY
EBIT
-12,853
—
-12,853
—
- H1 2025
- —
- YTD 2026
- -12,853
- Δ YoY
- —
EBT
-12,992
−174.3%
-12,992
−174.3%
- H1 2025
- 17,487
- YTD 2026
- -12,992
- Δ YoY
- −174.3%
Net income
-11,526
−188%
-11,526
−188%
- H1 2025
- 13,096
- YTD 2026
- -11,526
- Δ YoY
- −188%
EPS (basic)
(PLN)
-0.11
—
-0.11
—
- H1 2025
- 0.13
- YTD 2026
- -0.11
- Δ YoY
- —
EPS (diluted)
(PLN)
-0.11
—
-0.11
—
- H1 2025
- 0.09
- YTD 2026
- -0.11
- Δ YoY
- —
Interest expense
233
—
233
—
- H1 2025
- —
- YTD 2026
- 233
- Δ YoY
- —
Income tax
-1,466
+66.6%
-1,466
+66.6%
- H1 2025
- -4,391
- YTD 2026
- -1,466
- Δ YoY
- +66.6%
Shares (basic)
(m units)
100.5
—
100.5
—
- H1 2025
- 100.5
- YTD 2026
- —
- Δ YoY
- —
Total debt
367
+21.1%
367
+21.1%
- H1 2025
- 303
- YTD 2026
- —
- Δ YoY
- —
Net debt
367
+21.1%
367
+21.1%
- H1 2025
- 303
- YTD 2026
- —
- Δ YoY
- —
Equity
55,229
−17.3%
55,229
−17.3%
- H1 2025
- 66,755
- YTD 2026
- —
- Δ YoY
- —
Total assets
71,606
−16.9%
71,606
−16.9%
- H1 2025
- 86,178
- YTD 2026
- —
- Δ YoY
- —
Working capital
-832
—
-832
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
5,289
+1314.2%
5,289
+1314.2%
- H1 2025
- 374
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
6,121
+8.8%
6,121
+8.8%
- H1 2025
- 5,627
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
10,256
−25.7%
10,256
−25.7%
- H1 2025
- 13,796
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
1
−95%
1
−95%
- H1 2025
- 20
- YTD 2026
- —
- Δ YoY
- —
Trade payables
1,448
+34.4%
1,448
+34.4%
- H1 2025
- 1,077
- YTD 2026
- —
- Δ YoY
- —
Current ratio
0.86x
+0.79x
0.86x
+0.79x
- H1 2025
- 0.07x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.01x
+0.01x
0.01x
+0.01x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.01x
+0.01x
0.01x
+0.01x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.01x
+0.01x
0.01x
+0.01x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
EBIT growth (YoY)
-192.6%
—
-192.6%
—
- H1 2025
- —
- YTD 2026
- -192.6%
- Δ YoY
- —
Net income growth (YoY)
-207.4%
—
-207.4%
—
- H1 2025
- —
- YTD 2026
- -207.4%
- Δ YoY
- —