4MB 4MOBILITY NewConnect · quarterly · publ. August 14, 2026

Q2 2026 report

Przychody kurczą się drugi kwartał z rzędu (-51,4% r/r, -12,5% k/k) w wyniku świadomej redukcji floty i wygaszania najmniej rentownych usług wynajmu.

Sentiment

Neutral No guidance change

Website

4MB Q2 2026 report

Revenue

3,321.42 k PLN

— YoY

Net income

154.11 k PLN

— YoY

EBITDA

178.52 k PLN

— YoY

FCF

-283.64 k PLN

— YoY

Summary

Investment thesis

Mimo kurczącej się skali marże rosną wyraźnie: marża EBITDA w Q2 wzrosła z 5,4% do 8,2% r/r, a marża netto z 4,6% do 5,9%.
Płynność gotówkowa jest krytycznie niska — 4,3 tys. zł środków pieniężnych na koniec kwartału, praktycznie zerowa poduszka bezpieczeństwa.
Zadłużenie odsetkowe wzrosło o 175% r/r (302 tys. → 829 tys. zł), a operacyjne przepływy pieniężne w Q2 były ujemne mimo dodatniego zysku netto.
Struktura akcjonariatu jest silnie skoncentrowana — Cetusmobility Sp. z o.o. kontroluje 80,9% głosów, co typowo dla spółki kontrolowanej ogranicza wpływ mniejszościowych akcjonariuszy.

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Financials

BETA

Q2 2026

4MB · Q2 2026

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

Revenue	3,321.42	—	—	5,900.22	—	reported	—	1.00
EBITDA	178.52	—	—	75.47	—	derived	—	0.90
EBIT	162.69	—	—	50.92	—	reported	—	1.00
EBT	154.11	—	—	33.78	—	reported	—	1.00
Net income	154.11	—	—	33.78	—	reported	—	1.00
D&A	15.83	—	—	24.56	—	reported	—	0.80
Interest expense	0	—	—	9.07	—	reported	—	0.70
Income tax	0	—	—	0	—	reported	—	1.00

EBITDA margin	5.37%	—	—	1.28%	—	derived	—	0.85
EBIT margin	4.9%	—	—	0.86%	—	derived	—	0.90
Net margin	4.64%	—	—	0.57%	—	derived	—	0.90

Cash	14.62	—	—	—	—	reported	—	1.00
Total debt	302.02	—	—	—	—	reported	—	1.00
Net debt	287.39	—	—	—	—	derived	—	0.90
Equity	2,246.08	—	—	—	—	reported	—	1.00
Total assets	7,792.63	—	—	—	—	reported	—	1.00
Working capital	1,480.91	—	—	—	—	derived	—	0.90
Current assets	6,931.66	—	—	—	—	reported	—	1.00
Current liabilities	5,450.75	—	—	—	—	reported	—	1.00
Non-current liabilities	0	—	—	—	—	reported	—	1.00
Inventory	40.86	—	—	—	—	reported	—	1.00
Trade receivables	3,879.63	—	—	—	—	reported	—	1.00
Trade payables	4,797.87	—	—	—	—	reported	—	1.00

CFO	-163.68	—	—	214.93	—	reported	—	1.00
CapEx	119.96	—	—	539.7	—	reported	—	1.00
FCF	-283.64	—	—	-324.77	—	derived	—	0.90
FCF conversion	-158.89%	—	—	-430.35%	—	derived	—	0.80
CFO conversion	-91.69%	—	—	284.75%	—	derived	—	0.80

Current ratio	1.27x	—	—	—	—	derived	—	0.90
Quick ratio	1.26x	—	—	—	—	derived	—	0.90
Cash ratio	0x	—	—	—	—	derived	—	0.90
Interest coverage	3.85x	—	—	5.61x	—	derived	—	0.85

Debt / equity	0.13x	—	—	—	—	derived	—	0.90
Debt / assets	0.04x	—	—	—	—	derived	—	0.90
Net debt / equity	0.13x	—	—	—	—	derived	—	0.85

Revenue growth (YoY)	-51.4%	—	—	-41.39%	—	derived	—	0.90
Revenue growth (QoQ)	-12.5%	—	—	—	—	derived	—	0.75
EBITDA growth (YoY)	-25.53%	—	—	195.85%	—	derived	—	0.80
EBIT growth (YoY)	-33.41%	—	—	241.3%	—	derived	—	0.85
Net income growth (YoY)	-38.76%	—	—	333.36%	—	derived	—	0.90
EBITDA margin Δ (YoY)	2.87 pp	—	—	5.18 pp	—	derived	—	0.80
EBIT margin Δ (YoY)	1.81 pp	—	—	4.16 pp	—	derived	—	0.85
Net margin Δ (YoY)	1.21 pp	—	—	3.66 pp	—	derived	—	0.85

Q2 2026 · Δ YoY

Revenue

3,321.42 —

Q2 2025: —
YTD 2026: 5,900.22
Δ YoY: —

EBITDA

178.52 —

Q2 2025: —
YTD 2026: 75.47
Δ YoY: —

EBIT

162.69 —

Q2 2025: —
YTD 2026: 50.92
Δ YoY: —

EBT

154.11 —

Q2 2025: —
YTD 2026: 33.78
Δ YoY: —

Net income

154.11 —

Q2 2025: —
YTD 2026: 33.78
Δ YoY: —

D&A

15.83 —

Q2 2025: —
YTD 2026: 24.56
Δ YoY: —

Interest expense

0 —

Q2 2025: —
YTD 2026: 9.07
Δ YoY: —

Income tax

0 —

Q2 2025: —
YTD 2026: 0
Δ YoY: —

EBITDA margin

5.37% —

Q2 2025: —
YTD 2026: 1.28%
Δ YoY: —

EBIT margin

4.9% —

Q2 2025: —
YTD 2026: 0.86%
Δ YoY: —

Net margin

4.64% —

Q2 2025: —
YTD 2026: 0.57%
Δ YoY: —

Cash

14.62 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total debt

302.02 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt

287.39 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Equity

2,246.08 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total assets

7,792.63 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Working capital

1,480.91 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current assets

6,931.66 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

5,450.75 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

0 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Inventory

40.86 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

3,879.63 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

4,797.87 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

CFO

-163.68 —

Q2 2025: —
YTD 2026: 214.93
Δ YoY: —

CapEx

119.96 —

Q2 2025: —
YTD 2026: 539.7
Δ YoY: —

FCF

-283.64 —

Q2 2025: —
YTD 2026: -324.77
Δ YoY: —

FCF conversion

-158.89% —

Q2 2025: —
YTD 2026: -430.35%
Δ YoY: —

CFO conversion

-91.69% —

Q2 2025: —
YTD 2026: 284.75%
Δ YoY: —

Current ratio

1.27x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

1.26x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

3.85x —

Q2 2025: —
YTD 2026: 5.61x
Δ YoY: —

Debt / equity

0.13x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.04x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.13x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-51.4% —

Q2 2025: —
YTD 2026: -41.39%
Δ YoY: —

Revenue growth (QoQ)

-12.5% —

Q2 2025: —
YTD 2026: —
Δ YoY: —

EBITDA growth (YoY)

-25.53% —

Q2 2025: —
YTD 2026: 195.85%
Δ YoY: —

EBIT growth (YoY)

-33.41% —

Q2 2025: —
YTD 2026: 241.3%
Δ YoY: —

Net income growth (YoY)

-38.76% —

Q2 2025: —
YTD 2026: 333.36%
Δ YoY: —

EBITDA margin Δ (YoY)

2.87 pp —

Q2 2025: —
YTD 2026: 5.18 pp
Δ YoY: —

EBIT margin Δ (YoY)

1.81 pp —

Q2 2025: —
YTD 2026: 4.16 pp
Δ YoY: —

Net margin Δ (YoY)

1.21 pp —

Q2 2025: —
YTD 2026: 3.66 pp
Δ YoY: —