ABE AB Giełda Papierów Wartościowych w Warszawie · Half-year · publ. June 08, 2026

H1 2026 report

GK AB opublikowala historycznie najlepsze wyniki za I polrocze roku obrotowego 2025/26 (01.10.2025-31.03.2026): przychody 8,98 mld PLN (+8,2% r/r), EBITDA 209,3 mln PLN (+28% r/r), zysk netto 135,3 mln PLN (+33% r/r). Ekspansja marzy – brutto 4,08% vs 3,80% – odzwierciedla wzrost udzialu VAD i enterprise w mixie sprzedazy. Kluczowym zdarzeniem jest Projekt Laboratoria AI: kontrakt rzadowy na dostarczenie infrastruktury AI, ktory spowoodowal jednorazowy wzrost zapasow o ~500 mln PLN i ujemne CFO (-221 mln PLN). Po rozliczeniu dostaw w H2 FY2025/26 spodziewany jest silny naplyow gotowki. Dzwignia finansowa pozostaje niska (Net Debt/EBITDA 0,68x). Wycena atrakcyjna na tle sektora (P/E ~9x annualizowane).

Sentiment

Positive No guidance change

Website

ABE H1 2026 report

Revenue

8,976,097 PLN_thousands

— YoY

Net income

135,270 PLN_thousands

— YoY

EBITDA

209,270 PLN_thousands

— YoY

Gross margin

4.08 percent

— YoY

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Financials

BETA

H1 2026

ABE · H1 2026

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

Revenue	8,976,097	—	—	8,976,097	—	reported	—	—
Gross profit	366,142	—	—	366,142	—	reported	—	—
EBITDA	209,270	—	—	209,270	—	derived	—	—
EBIT	198,725	—	—	198,725	—	reported	—	—
EBT	171,975	—	—	171,975	—	reported	—	—
Net income	135,270	—	—	135,270	—	reported	—	—
EPS (basic) (PLN)	8.63	—	—	8.63	—	reported	—	—
EPS (diluted) (PLN)	8.63	—	—	8.63	—	reported	—	—
D&A	10,545	—	—	10,545	—	reported	—	—
Interest expense	27,184	—	—	27,184	—	reported	—	—
Shares (basic) (shares)	15,679,242	—	—	15,679,242	—	reported	—	—
Shares (diluted) (shares)	15,679,242	—	—	15,679,242	—	reported	—	—

Gross margin	4.08	—	—	4.08	—	derived	—	—
EBITDA margin	2.33	—	—	2.33	—	derived	—	—
EBIT margin	2.21	—	—	2.21	—	derived	—	—
Net margin	1.51	—	—	1.51	—	derived	—	—

Cash	53,010	—	—	53,010	—	reported	—	—
Total debt	337,697	—	—	337,697	—	reported	—	—
Net debt	284,687	—	—	284,687	—	reported	—	—
Equity	1,538,392	—	—	1,538,392	—	reported	—	—
Total assets	4,538,892	—	—	4,538,892	—	reported	—	—
Working capital	1,270,662	—	—	1,270,662	—	reported	—	—
Current assets	4,205,606	—	—	4,205,606	—	reported	—	—
Current liabilities	2,934,944	—	—	2,934,944	—	reported	—	—
Goodwill	44,125	—	—	44,125	—	reported	—	—
Tangible equity	1,466,810	—	—	1,466,810	—	reported	—	—

CFO	-221,473	—	—	-221,473	—	reported	—	—
CapEx	3,681	—	—	3,681	—	reported	—	—
FCF	-225,154	—	—	-225,154	—	reported	—	—
FCF conversion	-1.66x	—	—	-1.66x	—	derived	—	—
CFO conversion	-1.64x	—	—	-1.64x	—	derived	—	—
Dividends paid	0	—	—	0	—	reported	—	—
Buybacks	5,525	—	—	5,525	—	reported	—	—
Net acquisitions	0	—	—	0	—	reported	—	—

ROE	14.41	—	—	14.41	—	derived	—	—
ROA	4.58	—	—	4.58	—	derived	—	—

Current ratio	1.43x	—	—	1.43x	—	derived	—	—
Quick ratio	0.48x	—	—	0.48x	—	derived	—	—
Cash ratio	0.02x	—	—	0.02x	—	derived	—	—
Interest coverage	7.31x	—	—	7.31x	—	derived	—	—

Net debt / EBITDA	0.68x	—	—	0.68x	—	derived	—	—
Debt / equity	0.22x	—	—	0.22x	—	derived	—	—

Revenue growth (YoY)	8.2	—	—	8.2	—	derived	—	—
EBIT growth (YoY)	30.4	—	—	30.4	—	derived	—	—
Net income growth (YoY)	33.4	—	—	33.4	—	derived	—	—
EPS growth (YoY)	34.4	—	—	34.4	—	derived	—	—
Gross margin Δ (YoY)	0.28 pp	—	—	0.28 pp	—	derived	—	—
EBITDA margin Δ (YoY)	0.36 pp	—	—	0.36 pp	—	derived	—	—
EBIT margin Δ (YoY)	0.37 pp	—	—	0.37 pp	—	derived	—	—
Net margin Δ (YoY)	0.29 pp	—	—	0.29 pp	—	derived	—	—

Market cap	2,400,000	—	—	2,400,000	—	adjusted	—	—

H1 2026 · Δ YoY

Revenue

8,976,097 —

H1 2025: —
YTD 2026: 8,976,097
Δ YoY: —

Gross profit

366,142 —

H1 2025: —
YTD 2026: 366,142
Δ YoY: —

EBITDA

209,270 —

H1 2025: —
YTD 2026: 209,270
Δ YoY: —

EBIT

198,725 —

H1 2025: —
YTD 2026: 198,725
Δ YoY: —

EBT

171,975 —

H1 2025: —
YTD 2026: 171,975
Δ YoY: —

Net income

135,270 —

H1 2025: —
YTD 2026: 135,270
Δ YoY: —

EPS (basic) (PLN)

8.63 —

H1 2025: —
YTD 2026: 8.63
Δ YoY: —

EPS (diluted) (PLN)

8.63 —

H1 2025: —
YTD 2026: 8.63
Δ YoY: —

D&A

10,545 —

H1 2025: —
YTD 2026: 10,545
Δ YoY: —

Interest expense

27,184 —

H1 2025: —
YTD 2026: 27,184
Δ YoY: —

Shares (basic) (shares)

15,679,242 —

H1 2025: —
YTD 2026: 15,679,242
Δ YoY: —

Shares (diluted) (shares)

15,679,242 —

H1 2025: —
YTD 2026: 15,679,242
Δ YoY: —

Gross margin

4.08 —

H1 2025: —
YTD 2026: 4.08
Δ YoY: —

EBITDA margin

2.33 —

H1 2025: —
YTD 2026: 2.33
Δ YoY: —

EBIT margin

2.21 —

H1 2025: —
YTD 2026: 2.21
Δ YoY: —

Net margin

1.51 —

H1 2025: —
YTD 2026: 1.51
Δ YoY: —

Cash

53,010 —

H1 2025: —
YTD 2026: 53,010
Δ YoY: —

Total debt

337,697 —

H1 2025: —
YTD 2026: 337,697
Δ YoY: —

Net debt

284,687 —

H1 2025: —
YTD 2026: 284,687
Δ YoY: —

Equity

1,538,392 —

H1 2025: —
YTD 2026: 1,538,392
Δ YoY: —

Total assets

4,538,892 —

H1 2025: —
YTD 2026: 4,538,892
Δ YoY: —

Working capital

1,270,662 —

H1 2025: —
YTD 2026: 1,270,662
Δ YoY: —

Current assets

4,205,606 —

H1 2025: —
YTD 2026: 4,205,606
Δ YoY: —

Current liabilities

2,934,944 —

H1 2025: —
YTD 2026: 2,934,944
Δ YoY: —

Goodwill

44,125 —

H1 2025: —
YTD 2026: 44,125
Δ YoY: —

Tangible equity

1,466,810 —

H1 2025: —
YTD 2026: 1,466,810
Δ YoY: —

CFO

-221,473 —

H1 2025: —
YTD 2026: -221,473
Δ YoY: —

CapEx

3,681 —

H1 2025: —
YTD 2026: 3,681
Δ YoY: —

FCF

-225,154 —

H1 2025: —
YTD 2026: -225,154
Δ YoY: —

FCF conversion

-1.66x —

H1 2025: —
YTD 2026: -1.66x
Δ YoY: —

CFO conversion

-1.64x —

H1 2025: —
YTD 2026: -1.64x
Δ YoY: —

Dividends paid

0 —

H1 2025: —
YTD 2026: 0
Δ YoY: —

Buybacks

5,525 —

H1 2025: —
YTD 2026: 5,525
Δ YoY: —

Net acquisitions

0 —

H1 2025: —
YTD 2026: 0
Δ YoY: —

ROE

14.41 —

H1 2025: —
YTD 2026: 14.41
Δ YoY: —

ROA

4.58 —

H1 2025: —
YTD 2026: 4.58
Δ YoY: —

Current ratio

1.43x —

H1 2025: —
YTD 2026: 1.43x
Δ YoY: —

Quick ratio

0.48x —

H1 2025: —
YTD 2026: 0.48x
Δ YoY: —

Cash ratio

0.02x —

H1 2025: —
YTD 2026: 0.02x
Δ YoY: —

Interest coverage

7.31x —

H1 2025: —
YTD 2026: 7.31x
Δ YoY: —

Net debt / EBITDA

0.68x —

H1 2025: —
YTD 2026: 0.68x
Δ YoY: —

Debt / equity

0.22x —

H1 2025: —
YTD 2026: 0.22x
Δ YoY: —

Revenue growth (YoY)

8.2 —

H1 2025: —
YTD 2026: 8.2
Δ YoY: —

EBIT growth (YoY)

30.4 —

H1 2025: —
YTD 2026: 30.4
Δ YoY: —

Net income growth (YoY)

33.4 —

H1 2025: —
YTD 2026: 33.4
Δ YoY: —

EPS growth (YoY)

34.4 —

H1 2025: —
YTD 2026: 34.4
Δ YoY: —

Gross margin Δ (YoY)

0.28 pp —

H1 2025: —
YTD 2026: 0.28 pp
Δ YoY: —

EBITDA margin Δ (YoY)

0.36 pp —

H1 2025: —
YTD 2026: 0.36 pp
Δ YoY: —

EBIT margin Δ (YoY)

0.37 pp —

H1 2025: —
YTD 2026: 0.37 pp
Δ YoY: —

Net margin Δ (YoY)

0.29 pp —

H1 2025: —
YTD 2026: 0.29 pp
Δ YoY: —

Market cap

2,400,000 —

H1 2025: —
YTD 2026: 2,400,000
Δ YoY: —