H1 2026 report
Grupa FoodHub jest w fazie restrukturyzacji: przychody spadły o 2,8% r/r do 425,3 mln zł, a strata netto akcjonariuszy pogłębiła się do 26,2 mln zł (H1 2025: 22,3 mln zł).
Sentiment
●●●●●●
FHB
H1 2026 report
Revenue
425.28 m PLN
— YoY
Net income
-26.21 m PLN
— YoY
EBITDA
-623 k PLN
— YoY
Gross margin
19.57%
— YoY
Summary
Investment thesis
- Wynik dołują spółki zależne Kwidzyn (EBIT −16,4 mln zł) i Mitmar (EBIT −6,8 mln zł); jedynym wyraźnym pozytywem jest Makłowicz i Synowie (przychody 72,0 mln zł, EBIT +2,8 mln zł) oraz jednostkowy FoodHub S.A. z zyskiem netto 3,2 mln zł.
- Dodatni przepływ operacyjny 16,1 mln zł to głównie efekt wyprzedaży zapasów (−68,4 mln zł od końca 2025 r.), w części poniżej kosztu wytworzenia — jednorazowe uwolnienie kapitału, nie trwała zdolność generowania gotówki.
- Bilans jest napięty: dług oprocentowany ok. 233 mln zł, płynność bieżąca 0,60, niespełnione wskaźniki kredytowe (6,5 mln zł zreklasyfikowane na krótkoterminowe) i trwające negocjacje z bankami o przedłużeniu finansowania.
- Teza zależy od realizacji programu naprawczego i kamieni milowych wobec banków (dokapitalizowanie 20 mln zł i pożyczka ARP do 30 mln zł już pozyskane) oraz od nowych kontraktów, m.in. przetargu KOWR na 20,7 mln zł.
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Financials
BETA
FHB · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 425,278 | 907,045 | −53.1% | 425,278 | −53.1% | reported | — | 1.00 |
| Gross profit | 83,241 | 173,570 | −52% | 83,241 | −52% | reported | — | 1.00 |
| EBITDA | -623 | 25,758 | −102.4% | -623 | −102.4% | derived | — | 0.70 |
| EBIT | -16,025 | 472 | −3495.1% | -16,025 | −3495.1% | reported | — | 1.00 |
| EBT | -26,093 | -15,079 | −73% | -26,093 | −73% | reported | — | 1.00 |
| Net income | -26,211 | -7,686 | −241% | -26,211 | −241% | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.56 | — | — | -0.56 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.56 | — | — | -0.56 | — | reported | — | 1.00 |
| D&A | 15,402 | — | — | 15,402 | — | reported | — | 1.00 |
| Interest expense | 9,213 | — | — | 9,213 | — | reported | — | 0.90 |
| Income tax | 197 | -7,393 | +102.7% | 197 | +102.7% | reported | — | 1.00 |
| Gross margin | 19.57% | 19.14% | +0.4 pp | 19.57% | +0.4 pp | derived | — | 0.70 |
| EBITDA margin | -0.15% | 2.84% | −3 pp | -0.15% | −3 pp | derived | — | 0.70 |
| EBIT margin | -3.77% | 0.05% | −3.8 pp | -3.77% | −3.8 pp | derived | — | 0.70 |
| EBT margin | -6.14% | — | — | -6.14% | — | derived | — | 0.70 |
| Net margin | -6.16% | -0.85% | −5.3 pp | -6.16% | −5.3 pp | derived | — | 0.70 |
| D&A margin | 3.62% | — | — | 3.62% | — | derived | — | 0.70 |
| Cash | 13,773 | 7,264 | +89.6% | — | — | reported | — | 1.00 |
| Total debt | 233,497 | — | — | — | — | reported | — | 0.80 |
| Net debt | 219,724 | — | — | — | — | derived | — | 0.70 |
| Equity | 100,728 | 159,570 | −36.9% | — | — | reported | — | 1.00 |
| Total assets | 566,632 | 686,314 | −17.4% | — | — | reported | — | 1.00 |
| Working capital | -148,656 | -165,192 | +10% | — | — | derived | — | 0.70 |
| Current assets | 220,141 | 319,495 | −31.1% | — | — | reported | — | 1.00 |
| Current liabilities | 368,797 | 395,849 | −6.8% | — | — | reported | — | 1.00 |
| Non-current liabilities | 97,107 | 67,014 | +44.9% | — | — | reported | — | 1.00 |
| Inventory | 88,713 | 185,283 | −52.1% | — | — | reported | — | 1.00 |
| Trade receivables | 100,111 | 91,871 | +9% | — | — | reported | — | 0.90 |
| Trade payables | 168,110 | — | — | — | — | reported | — | 0.90 |
| Goodwill | 6,781 | 7,608 | −10.9% | — | — | reported | — | 0.90 |
| Tangible equity | 93,947 | 122,638 | −23.4% | — | — | derived | — | 0.70 |
| CFO | 16,096 | — | — | 16,096 | — | reported | — | 1.00 |
| CapEx | 1,834 | — | — | 1,834 | — | reported | — | 1.00 |
| FCF | 14,262 | — | — | 14,262 | — | derived | — | 0.70 |
| Current ratio | 0.6x | 0.81x | −0.21x | — | — | derived | — | 0.70 |
| Quick ratio | 0.36x | 0.26x | +0.1x | — | — | derived | — | 0.70 |
| Cash ratio | 0.04x | 0.01x | +0.03x | — | — | derived | — | 0.70 |
| Interest coverage | -1.74x | -1.27x | −0.47x | -1.74x | −0.47x | derived | — | 0.70 |
| Debt / equity | 2.32x | — | — | — | — | derived | — | 0.70 |
| Debt / assets | 0.41x | — | — | — | — | derived | — | 0.70 |
| Net debt / equity | 2.18x | — | — | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | -2.84% | -2.57% | — | -2.84% | — | derived | — | 0.70 |
| EBITDA growth (YoY) | -143.8% | -104.11% | — | -143.8% | — | derived | — | 0.70 |
| EBIT growth (YoY) | -21.19% | — | — | -21.19% | — | derived | — | 0.70 |
| Net income growth (YoY) | -17.48% | -578.6% | — | -17.48% | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | 1.1 pp | -0.57 pp | — | 1.1 pp | — | derived | — | 0.70 |
| EBITDA margin Δ (YoY) | -0.48 pp | -2.96 pp | — | -0.48 pp | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | -0.75 pp | — | — | -0.75 pp | — | derived | — | 0.70 |
| Net margin Δ (YoY) | -1.06 pp | -5.05 pp | — | -1.06 pp | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Revenue
425,278
−53.1%
425,278
−53.1%
- H1 2025
- 907,045
- YTD 2026
- 425,278
- Δ YoY
- −53.1%
Gross profit
83,241
−52%
83,241
−52%
- H1 2025
- 173,570
- YTD 2026
- 83,241
- Δ YoY
- −52%
EBITDA
-623
−102.4%
-623
−102.4%
- H1 2025
- 25,758
- YTD 2026
- -623
- Δ YoY
- −102.4%
EBIT
-16,025
−3495.1%
-16,025
−3495.1%
- H1 2025
- 472
- YTD 2026
- -16,025
- Δ YoY
- −3495.1%
EBT
-26,093
−73%
-26,093
−73%
- H1 2025
- -15,079
- YTD 2026
- -26,093
- Δ YoY
- −73%
Net income
-26,211
−241%
-26,211
−241%
- H1 2025
- -7,686
- YTD 2026
- -26,211
- Δ YoY
- −241%
EPS (basic)
(PLN)
-0.56
—
-0.56
—
- H1 2025
- —
- YTD 2026
- -0.56
- Δ YoY
- —
EPS (diluted)
(PLN)
-0.56
—
-0.56
—
- H1 2025
- —
- YTD 2026
- -0.56
- Δ YoY
- —
D&A
15,402
—
15,402
—
- H1 2025
- —
- YTD 2026
- 15,402
- Δ YoY
- —
Interest expense
9,213
—
9,213
—
- H1 2025
- —
- YTD 2026
- 9,213
- Δ YoY
- —
Income tax
197
+102.7%
197
+102.7%
- H1 2025
- -7,393
- YTD 2026
- 197
- Δ YoY
- +102.7%
Gross margin
19.57%
+0.4 pp
19.57%
+0.4 pp
- H1 2025
- 19.14%
- YTD 2026
- 19.57%
- Δ YoY
- +0.4 pp
EBITDA margin
-0.15%
−3 pp
-0.15%
−3 pp
- H1 2025
- 2.84%
- YTD 2026
- -0.15%
- Δ YoY
- −3 pp
EBIT margin
-3.77%
−3.8 pp
-3.77%
−3.8 pp
- H1 2025
- 0.05%
- YTD 2026
- -3.77%
- Δ YoY
- −3.8 pp
EBT margin
-6.14%
—
-6.14%
—
- H1 2025
- —
- YTD 2026
- -6.14%
- Δ YoY
- —
Net margin
-6.16%
−5.3 pp
-6.16%
−5.3 pp
- H1 2025
- -0.85%
- YTD 2026
- -6.16%
- Δ YoY
- −5.3 pp
D&A margin
3.62%
—
3.62%
—
- H1 2025
- —
- YTD 2026
- 3.62%
- Δ YoY
- —
Cash
13,773
+89.6%
13,773
+89.6%
- H1 2025
- 7,264
- YTD 2026
- —
- Δ YoY
- —
Total debt
233,497
—
233,497
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
219,724
—
219,724
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
100,728
−36.9%
100,728
−36.9%
- H1 2025
- 159,570
- YTD 2026
- —
- Δ YoY
- —
Total assets
566,632
−17.4%
566,632
−17.4%
- H1 2025
- 686,314
- YTD 2026
- —
- Δ YoY
- —
Working capital
-148,656
+10%
-148,656
+10%
- H1 2025
- -165,192
- YTD 2026
- —
- Δ YoY
- —
Current assets
220,141
−31.1%
220,141
−31.1%
- H1 2025
- 319,495
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
368,797
−6.8%
368,797
−6.8%
- H1 2025
- 395,849
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
97,107
+44.9%
97,107
+44.9%
- H1 2025
- 67,014
- YTD 2026
- —
- Δ YoY
- —
Inventory
88,713
−52.1%
88,713
−52.1%
- H1 2025
- 185,283
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
100,111
+9%
100,111
+9%
- H1 2025
- 91,871
- YTD 2026
- —
- Δ YoY
- —
Trade payables
168,110
—
168,110
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
6,781
−10.9%
6,781
−10.9%
- H1 2025
- 7,608
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
93,947
−23.4%
93,947
−23.4%
- H1 2025
- 122,638
- YTD 2026
- —
- Δ YoY
- —
CFO
16,096
—
16,096
—
- H1 2025
- —
- YTD 2026
- 16,096
- Δ YoY
- —
CapEx
1,834
—
1,834
—
- H1 2025
- —
- YTD 2026
- 1,834
- Δ YoY
- —
FCF
14,262
—
14,262
—
- H1 2025
- —
- YTD 2026
- 14,262
- Δ YoY
- —
Current ratio
0.6x
−0.21x
0.6x
−0.21x
- H1 2025
- 0.81x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.36x
+0.1x
0.36x
+0.1x
- H1 2025
- 0.26x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.04x
+0.03x
0.04x
+0.03x
- H1 2025
- 0.01x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-1.74x
−0.47x
-1.74x
−0.47x
- H1 2025
- -1.27x
- YTD 2026
- -1.74x
- Δ YoY
- −0.47x
Debt / equity
2.32x
—
2.32x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.41x
—
0.41x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
2.18x
—
2.18x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-2.84%
—
-2.84%
—
- H1 2025
- -2.57%
- YTD 2026
- -2.84%
- Δ YoY
- —
EBITDA growth (YoY)
-143.8%
—
-143.8%
—
- H1 2025
- -104.11%
- YTD 2026
- -143.8%
- Δ YoY
- —
EBIT growth (YoY)
-21.19%
—
-21.19%
—
- H1 2025
- —
- YTD 2026
- -21.19%
- Δ YoY
- —
Net income growth (YoY)
-17.48%
—
-17.48%
—
- H1 2025
- -578.6%
- YTD 2026
- -17.48%
- Δ YoY
- —
Gross margin Δ (YoY)
1.1 pp
—
1.1 pp
—
- H1 2025
- -0.57 pp
- YTD 2026
- 1.1 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-0.48 pp
—
-0.48 pp
—
- H1 2025
- -2.96 pp
- YTD 2026
- -0.48 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-0.75 pp
—
-0.75 pp
—
- H1 2025
- —
- YTD 2026
- -0.75 pp
- Δ YoY
- —
Net margin Δ (YoY)
-1.06 pp
—
-1.06 pp
—
- H1 2025
- -5.05 pp
- YTD 2026
- -1.06 pp
- Δ YoY
- —