SUN SUNTECH NewConnect · Quarterly · publ. August 14, 2026

Q2 2026 report

Suntech utrzymuje stabilny, powoli rosnacy portfel zamowien od operatorow telekomunikacyjnych (Ameryka Polnocna, Azja-Pacyfik, Azja Poludniowo-Wschodnia) na platforme SunVizion OSS/BSS.

Sentiment

Neutral No guidance change

Website

SUN Q2 2026 report

Revenue

12.12 m PLN

— YoY

Net income

0.04 m PLN

— YoY

EBITDA

0.39 m PLN

— YoY

Summary

Investment thesis

Wynik netto za I polrocze 2026 (175 tys. zl) jest dodatni niemal wylacznie dzieki przychodom finansowym (1,85 mln zl) - dzialalnosc operacyjna wygenerowala strate (EBIT -108 tys. zl).
Pozycja gotowkowa na koniec II kw. jest bardzo niska (58 tys. zl, spadek z 1,44 mln zl rok wczesniej), mimo wysokiego wskaznika plynnosci biezacej opartego glownie o naleznosci i rozliczenia miedzyokresowe.
Dlugoterminowe rozliczenia miedzyokresowe wzrosly ponad trzykrotnie r/r (do 14,9 mln zl) bez wyjasnienia w tresci raportu - pozycja wymaga wyjasnienia w kolejnych sprawozdaniach.
Akcjonariat jest silnie skoncentrowany w rekach zalozycieli/zarzadu (czterej najwieksi akcjonariusze: ok. 56% kapitalu, ok. 67% glosow), co ogranicza rozproszenie wlasnosciowe.

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Financials

BETA

Q2 2026

SUN · Q2 2026

Metric	Q2 2026	Q2 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	12.12	—	—	22.17	—	reported	—	1.00
EBITDA	0.39	—	—	0.6	—	derived	—	0.90
EBIT	0.03	—	—	-0.11	—	reported	—	1.00
EBT	0.04	—	—	0.18	—	reported	—	1.00
Net income	0.04	—	—	0.18	—	reported	—	1.00
D&A	0.35	—	—	0.71	—	reported	—	1.00
Interest expense	0.03	—	—	0.07	—	reported	—	1.00
Income tax	0	—	—	0	—	reported	—	1.00

EBITDA margin	3.2%	—	—	2.72%	—	derived	—	0.90
EBIT margin	0.29%	—	—	-0.49%	—	derived	—	0.90
Net margin	0.33%	—	—	0.79%	—	derived	—	0.90
D&A margin	2.92%	—	—	3.2%	—	derived	—	0.90

Cash	0.06	—	—	—	—	reported	—	1.00
Equity	28.47	—	—	—	—	reported	—	1.00
Total assets	38.21	—	—	—	—	reported	—	1.00
Current assets	19.85	—	—	—	—	reported	—	1.00
Current liabilities	4	—	—	—	—	reported	—	1.00
Non-current liabilities	5.75	—	—	—	—	derived	—	0.60
Inventory	0.02	—	—	—	—	reported	—	1.00
Trade receivables	8.93	—	—	—	—	reported	—	1.00
Trade payables	3.47	—	—	—	—	reported	—	0.70
Goodwill	3.03	—	—	—	—	reported	—	1.00

CFO	—	—	—	1.07	—	reported	—	1.00
CapEx	—	—	—	0.08	—	reported	—	1.00
FCF	—	—	—	0.99	—	derived	—	0.90
FCF conversion	—	—	—	163.76%	—	derived	—	0.50
CFO conversion	—	—	—	177.68%	—	derived	—	0.50

Current ratio	4.97x	—	—	—	—	derived	—	0.90
Quick ratio	4.96x	—	—	—	—	derived	—	0.90
Cash ratio	0.01x	—	—	—	—	derived	—	0.90
Interest coverage	1.03x	—	—	-1.58x	—	derived	—	0.90

Revenue growth (YoY)	3.88%	—	—	0.81%	—	derived	—	0.90
EBITDA growth (YoY)	-60.35%	—	—	-65.6%	—	derived	—	0.85
EBIT growth (YoY)	-93.3%	—	—	-112.32%	—	derived	—	0.85
Net income growth (YoY)	154.15%	—	—	127.77%	—	derived	—	0.85
EBITDA margin Δ (YoY)	-5.18 pp	—	—	-5.24 pp	—	derived	—	0.85
EBIT margin Δ (YoY)	-4.14 pp	—	—	-4.48 pp	—	derived	—	0.85
Net margin Δ (YoY)	0.96 pp	—	—	3.66 pp	—	derived	—	0.85

Q2 2026 · Δ YoY

Revenue

12.12 —

Q2 2025: —
YTD 2026: 22.17
Δ YoY: —

EBITDA

0.39 —

Q2 2025: —
YTD 2026: 0.6
Δ YoY: —

EBIT

0.03 —

Q2 2025: —
YTD 2026: -0.11
Δ YoY: —

EBT

0.04 —

Q2 2025: —
YTD 2026: 0.18
Δ YoY: —

Net income

0.04 —

Q2 2025: —
YTD 2026: 0.18
Δ YoY: —

D&A

0.35 —

Q2 2025: —
YTD 2026: 0.71
Δ YoY: —

Interest expense

0.03 —

Q2 2025: —
YTD 2026: 0.07
Δ YoY: —

Income tax

0 —

Q2 2025: —
YTD 2026: 0
Δ YoY: —

EBITDA margin

3.2% —

Q2 2025: —
YTD 2026: 2.72%
Δ YoY: —

EBIT margin

0.29% —

Q2 2025: —
YTD 2026: -0.49%
Δ YoY: —

Net margin

0.33% —

Q2 2025: —
YTD 2026: 0.79%
Δ YoY: —

D&A margin

2.92% —

Q2 2025: —
YTD 2026: 3.2%
Δ YoY: —

Cash

0.06 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Equity

28.47 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total assets

38.21 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current assets

19.85 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

4 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

5.75 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Inventory

0.02 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

8.93 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

3.47 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

3.03 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

CFO

— —

Q2 2025: —
YTD 2026: 1.07
Δ YoY: —

CapEx

— —

Q2 2025: —
YTD 2026: 0.08
Δ YoY: —

FCF

— —

Q2 2025: —
YTD 2026: 0.99
Δ YoY: —

FCF conversion

— —

Q2 2025: —
YTD 2026: 163.76%
Δ YoY: —

CFO conversion

— —

Q2 2025: —
YTD 2026: 177.68%
Δ YoY: —

Current ratio

4.97x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

4.96x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.01x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

1.03x —

Q2 2025: —
YTD 2026: -1.58x
Δ YoY: —

Revenue growth (YoY)

3.88% —

Q2 2025: —
YTD 2026: 0.81%
Δ YoY: —

EBITDA growth (YoY)

-60.35% —

Q2 2025: —
YTD 2026: -65.6%
Δ YoY: —

EBIT growth (YoY)

-93.3% —

Q2 2025: —
YTD 2026: -112.32%
Δ YoY: —

Net income growth (YoY)

154.15% —

Q2 2025: —
YTD 2026: 127.77%
Δ YoY: —

EBITDA margin Δ (YoY)

-5.18 pp —

Q2 2025: —
YTD 2026: -5.24 pp
Δ YoY: —

EBIT margin Δ (YoY)

-4.14 pp —

Q2 2025: —
YTD 2026: -4.48 pp
Δ YoY: —

Net margin Δ (YoY)

0.96 pp —

Q2 2025: —
YTD 2026: 3.66 pp
Δ YoY: —