Q2 2026 report
Grupa Apanet (holding + operacyjna Apanet Green System) odnotowała w II kw. 2026 gwałtowny spadek przychodów (-42,7% r/r) przy jeszcze szybszym wzroście kosztów operacyjnych (+137,6% r/r), co zamieniło zeszłoroczny zysk operacyjny w stratę.
Sentiment
Neutral
No guidance change
APA
Q2 2026 report
Revenue
0.25 m PLN
— YoY
Net income
-0.12 m PLN
— YoY
EBITDA
-0.1 m PLN
— YoY
FCF
0.03 m PLN
— YoY
Summary
Investment thesis
- Kapitał własny Grupy skurczył się o 56,3% r/r do 95,0 tys. zł, a gotówka na koniec okresu to zaledwie 13,5 tys. zł – bardzo cienki bufor bezpieczeństwa dla spółki tej skali.
- Zarząd deklaruje rosnący portfel zamówień i nową współpracę dystrybucyjną jako podstawę poprawy wyników w III kwartale 2026 r. – konkretna, ale jeszcze niepotwierdzona liczbowo zapowiedź.
- Kluczowa bariera wzrostu – finansowanie w formule ESCO dla klientów z sektora JST – pozostaje nierozwiązana od lat mimo deklarowanego wznowienia rozmów w 2025 r.
- Bilans pozostaje nisko lewarowany (zero zadłużenia długoterminowego), ale skrajnie mała skala działalności (852 tys. zł sumy bilansowej, 3,5 etatu) oznacza wysoką wrażliwość na pojedyncze zdarzenia.
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Financials
BETA
APA · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.25 | — | — | 0.49 | — | reported | — | 1.00 |
| EBITDA | -0.1 | — | — | -0.24 | — | derived | — | 0.80 |
| EBIT | -0.11 | — | — | -0.26 | — | reported | — | 1.00 |
| Net income | -0.12 | — | — | -0.28 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.04 | — | — | -0.09 | — | derived | — | 0.70 |
| D&A | 0.01 | — | — | 0.02 | — | reported | — | 1.00 |
| Interest expense | 0.01 | — | — | 0.01 | — | reported | — | 1.00 |
| Income tax | 0 | — | — | 0 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 3.25 | — | — | — | — | reported | — | 0.90 |
| EBITDA margin | -40.31% | — | — | -48.04% | — | reported | — | 0.80 |
| EBIT margin | -45.08% | — | — | -52.81% | — | reported | — | 1.00 |
| Net margin | -50.26% | — | — | -56.78% | — | reported | — | 1.00 |
| Cash | 0.01 | — | — | — | — | reported | — | 0.90 |
| Equity | 0.1 | — | — | — | — | reported | — | 1.00 |
| Total assets | 0.85 | — | — | — | — | reported | — | 1.00 |
| Working capital | 0.08 | — | — | — | — | reported | — | 0.90 |
| Current assets | 0.76 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 0.68 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 0 | — | — | — | — | reported | — | 1.00 |
| Inventory | 0.46 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 0.29 | — | — | — | — | reported | — | 1.00 |
| CFO | 0.03 | — | — | -0.17 | — | reported | — | 1.00 |
| CapEx | 0 | — | — | 0 | — | reported | — | 1.00 |
| FCF | 0.03 | — | — | -0.17 | — | derived | — | 0.90 |
| Current ratio | 1.12x | — | — | — | — | reported | — | 0.90 |
| Quick ratio | 0.45x | — | — | — | — | reported | — | 0.90 |
| Cash ratio | 0.02x | — | — | — | — | reported | — | 0.80 |
| Interest coverage | -12.47x | — | — | -24.38x | — | reported | — | 0.90 |
| Revenue growth (YoY) | -42.7% | — | — | -9.78% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -133.67% | — | — | -205.48% | — | reported | — | 0.80 |
| EBIT growth (YoY) | -139.23% | — | — | -229.48% | — | reported | — | 1.00 |
| Net income growth (YoY) | -144.42% | — | — | -248.49% | — | reported | — | 1.00 |
Q2 2026 · Δ YoY
Revenue
0.25
—
0.25
—
- Q2 2025
- —
- YTD 2026
- 0.49
- Δ YoY
- —
EBITDA
-0.1
—
-0.1
—
- Q2 2025
- —
- YTD 2026
- -0.24
- Δ YoY
- —
EBIT
-0.11
—
-0.11
—
- Q2 2025
- —
- YTD 2026
- -0.26
- Δ YoY
- —
Net income
-0.12
—
-0.12
—
- Q2 2025
- —
- YTD 2026
- -0.28
- Δ YoY
- —
EPS (basic)
(PLN)
-0.04
—
-0.04
—
- Q2 2025
- —
- YTD 2026
- -0.09
- Δ YoY
- —
D&A
0.01
—
0.01
—
- Q2 2025
- —
- YTD 2026
- 0.02
- Δ YoY
- —
Interest expense
0.01
—
0.01
—
- Q2 2025
- —
- YTD 2026
- 0.01
- Δ YoY
- —
Income tax
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Shares (basic)
(m units)
3.25
—
3.25
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
-40.31%
—
-40.31%
—
- Q2 2025
- —
- YTD 2026
- -48.04%
- Δ YoY
- —
EBIT margin
-45.08%
—
-45.08%
—
- Q2 2025
- —
- YTD 2026
- -52.81%
- Δ YoY
- —
Net margin
-50.26%
—
-50.26%
—
- Q2 2025
- —
- YTD 2026
- -56.78%
- Δ YoY
- —
Cash
0.01
—
0.01
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
0.1
—
0.1
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
0.85
—
0.85
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
0.08
—
0.08
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
0.76
—
0.76
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
0.68
—
0.68
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
0
—
0
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
0.46
—
0.46
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
0.29
—
0.29
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
0.03
—
0.03
—
- Q2 2025
- —
- YTD 2026
- -0.17
- Δ YoY
- —
CapEx
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
FCF
0.03
—
0.03
—
- Q2 2025
- —
- YTD 2026
- -0.17
- Δ YoY
- —
Current ratio
1.12x
—
1.12x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.45x
—
0.45x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.02x
—
0.02x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-12.47x
—
-12.47x
—
- Q2 2025
- —
- YTD 2026
- -24.38x
- Δ YoY
- —
Revenue growth (YoY)
-42.7%
—
-42.7%
—
- Q2 2025
- —
- YTD 2026
- -9.78%
- Δ YoY
- —
EBITDA growth (YoY)
-133.67%
—
-133.67%
—
- Q2 2025
- —
- YTD 2026
- -205.48%
- Δ YoY
- —
EBIT growth (YoY)
-139.23%
—
-139.23%
—
- Q2 2025
- —
- YTD 2026
- -229.48%
- Δ YoY
- —
Net income growth (YoY)
-144.42%
—
-144.42%
—
- Q2 2025
- —
- YTD 2026
- -248.49%
- Δ YoY
- —