H1 2026 report
Benefit Systems dowiózł bardzo mocne półrocze - przychody 2 843,6 mln zł (+39,0% rdr), EBIT 497,9 mln zł (+64,6%), skorygowany EBIT 568,5 mln zł przy marży 20,0% - napędzane wzrostem bazy kart sportowych do 2 695 tys. (+15% rdr) i sieci klubów własnych do 590 obiektów.
Sentiment
●●●●●●
BFT
H1 2026 report
Revenue
2,843.62 m PLN
— YoY
Net income
451.77 m PLN
— YoY
EBITDA
872.9 m PLN
— YoY
Gross margin
34.13%
— YoY
Summary
Investment thesis
- Nagłówkowy zysk netto 451,8 mln zł i EPS 136,99 zł są istotnie zawyżone przez niepieniężny zysk hiperinflacyjny z Turcji (MSR 29) w kwocie 207,1 mln zł, czyli 34% zysku brutto - sam Zarząd wyłącza ten efekt z bazy dywidendowej w Polityce Dywidendowej 2026-2028.
- Połowa poprawy EBIT (96,8 z 195,3 mln zł) pochodzi z Turcji, gdzie rok porównawczy był niepełny (Grupa MAC konsolidowana od 07.05.2025); polski rdzeń urósł przychodowo o 18,2%, ale marża EBIT segmentu spadła z 24,0% do 23,6%, a marża EBITDA stanęła w miejscu - ekspansja klubowa na razie nie daje dźwigni operacyjnej.
- Gotówkowość biznesu jest realnym atutem: OCF 810,8 mln zł (+115,9%), konwersja OCF/EBITDA 92,9%, FCF 471,9 mln zł - model przedpłaconych abonamentów finansuje sam siebie mimo CAPEX 338,9 mln zł.
- Ceną wzrostu jest bilans: dług netto z leasingiem 2 701,4 mln zł (1,06x kapitał własny), płynność bieżąca 0,62 (spadek z 0,76), kapitał obrotowy -805,7 mln zł, wartość firmy i WNiP 2 852,7 mln zł przewyższające kapitał własny oraz dwa postępowania UOKiK z ustawowym pułapem kary 10% obrotu wobec rezerwy 40,6 mln zł.
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Financials
BETA
BFT · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,459.71 | — | — | 2,843.62 | — | reported | — | 1.00 |
|
Revenue
Polska
|
1,646.11 | — | — | 1,646.11 | — | reported | Polska | 1.00 |
|
Revenue
Zagranica UE
|
725.51 | — | — | 725.51 | — | reported | Zagranica UE | 1.00 |
|
Revenue
Turcja
|
477.4 | — | — | 477.4 | — | reported | Turcja | 1.00 |
| Gross profit | 524.92 | — | — | 970.44 | — | reported | — | 1.00 |
| EBITDA | 459.13 | — | — | 872.9 | — | reported | — | 1.00 |
| EBIT | 265.73 | — | — | 497.88 | — | reported | — | 1.00 |
|
EBIT
Polska
|
388.99 | — | — | 388.99 | — | reported | Polska | 1.00 |
|
EBIT
Zagranica UE
|
59.13 | — | — | 59.13 | — | reported | Zagranica UE | 1.00 |
|
EBIT
Turcja
|
69.1 | — | — | 69.1 | — | reported | Turcja | 1.00 |
| EBT | 605.08 | — | — | 605.08 | — | reported | — | 1.00 |
| Net income | 222.2 | — | — | 451.77 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 137 | — | — | 137 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 136 | — | — | 136 | — | reported | — | 1.00 |
| D&A | 193.4 | — | — | 375.03 | — | reported | — | 1.00 |
| Interest expense | 117.92 | — | — | 117.92 | — | reported | — | 1.00 |
| Income tax | 151.1 | — | — | 151.1 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 3.3 | — | — | 3.3 | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 3.31 | — | — | 3.31 | — | reported | — | 1.00 |
| Gross margin | 34.13% | — | — | 34.13% | — | reported | — | 1.00 |
| EBITDA margin | 31.45% | — | — | 30.7% | — | reported | — | 1.00 |
| EBIT margin | 18.2% | — | — | 17.51% | — | reported | — | 1.00 |
| EBT margin | 21.28% | — | — | 21.28% | — | reported | — | 1.00 |
| Net margin | 15.89% | — | — | 15.89% | — | reported | — | 1.00 |
| D&A margin | 13.19% | — | — | 13.19% | — | reported | — | 1.00 |
| Cash | 709.69 | — | — | 709.69 | — | reported | — | 1.00 |
| Total debt | 3,411.14 | — | — | 3,411.14 | — | derived | — | 0.90 |
| Net debt | 2,701.45 | — | — | 2,701.45 | — | derived | — | 0.90 |
| Equity | 2,554.78 | — | — | 2,554.78 | — | reported | — | 1.00 |
| Total assets | 7,793.38 | — | — | 7,793.38 | — | reported | — | 1.00 |
| Working capital | -805.74 | — | — | -805.74 | — | reported | — | 1.00 |
| Current assets | 1,287.82 | — | — | 1,287.82 | — | reported | — | 1.00 |
| Current liabilities | 2,093.56 | — | — | 2,093.56 | — | reported | — | 1.00 |
| Non-current liabilities | 3,145.04 | — | — | 3,145.04 | — | reported | — | 1.00 |
| Inventory | 15.01 | — | — | 15.01 | — | reported | — | 1.00 |
| Trade receivables | 524.5 | — | — | 524.5 | — | reported | — | 1.00 |
| Trade payables | 677.08 | — | — | 677.08 | — | reported | — | 1.00 |
| Goodwill | 2,852.75 | — | — | 2,852.75 | — | derived | — | 1.00 |
| Tangible equity | -297.97 | — | — | -297.97 | — | reported | — | 1.00 |
| CFO | 810.78 | — | — | 810.78 | — | reported | — | 1.00 |
| CapEx | 338.91 | — | — | 338.91 | — | derived | — | 1.00 |
| FCF | 471.87 | — | — | 471.87 | — | derived | — | 0.90 |
| FCF conversion | 54.06% | — | — | 54.06% | — | reported | — | 0.90 |
| CFO conversion | 92.88% | — | — | 92.88% | — | reported | — | 1.00 |
| Dividends paid | 0.56 | — | — | 0.56 | — | reported | — | 1.00 |
| Net acquisitions | 85.24 | — | — | 85.24 | — | reported | — | 1.00 |
| Current ratio | 0.62x | — | — | 0.62x | — | reported | — | 1.00 |
| Quick ratio | 0.61x | — | — | 0.61x | — | reported | — | 1.00 |
| Cash ratio | 0.34x | — | — | 0.34x | — | reported | — | 1.00 |
| Interest coverage | 4.22x | — | — | 4.22x | — | reported | — | 0.90 |
| Debt / equity | 1.34x | — | — | 1.34x | — | reported | — | 0.90 |
| Debt / assets | 0.44x | — | — | 0.44x | — | reported | — | 0.90 |
| Net debt / equity | 1.06x | — | — | 1.06x | — | reported | — | 0.90 |
| Revenue growth (YoY) | 33.43% | — | — | 38.99% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 66.28% | — | — | 66.28% | — | reported | — | 1.00 |
| EBIT growth (YoY) | 64.57% | — | — | 64.57% | — | reported | — | 1.00 |
| Net income growth (YoY) | 126.33% | — | — | 126.33% | — | reported | — | 1.00 |
| EPS growth (YoY) | 111.24% | — | — | 111.24% | — | reported | — | 1.00 |
| FCF growth (YoY) | 281.35% | — | — | 281.35% | — | reported | — | 0.90 |
| Gross margin Δ (YoY) | 0.84 pp | — | — | 0.84 pp | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 5.04 pp | — | — | 5.04 pp | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | 2.72 pp | — | — | 2.72 pp | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 6.13 pp | — | — | 6.13 pp | — | reported | — | 1.00 |
H1 2026 · Δ YoY
Revenue
1,459.71
—
1,459.71
—
- H1 2025
- —
- YTD 2026
- 2,843.62
- Δ YoY
- —
Revenue
Polska
1,646.11
—
Polska
1,646.11
—
- H1 2025
- —
- YTD 2026
- 1,646.11
- Δ YoY
- —
Revenue
Zagranica UE
725.51
—
Zagranica UE
725.51
—
- H1 2025
- —
- YTD 2026
- 725.51
- Δ YoY
- —
Revenue
Turcja
477.4
—
Turcja
477.4
—
- H1 2025
- —
- YTD 2026
- 477.4
- Δ YoY
- —
Gross profit
524.92
—
524.92
—
- H1 2025
- —
- YTD 2026
- 970.44
- Δ YoY
- —
EBITDA
459.13
—
459.13
—
- H1 2025
- —
- YTD 2026
- 872.9
- Δ YoY
- —
EBIT
265.73
—
265.73
—
- H1 2025
- —
- YTD 2026
- 497.88
- Δ YoY
- —
EBIT
Polska
388.99
—
Polska
388.99
—
- H1 2025
- —
- YTD 2026
- 388.99
- Δ YoY
- —
EBIT
Zagranica UE
59.13
—
Zagranica UE
59.13
—
- H1 2025
- —
- YTD 2026
- 59.13
- Δ YoY
- —
EBIT
Turcja
69.1
—
Turcja
69.1
—
- H1 2025
- —
- YTD 2026
- 69.1
- Δ YoY
- —
EBT
605.08
—
605.08
—
- H1 2025
- —
- YTD 2026
- 605.08
- Δ YoY
- —
Net income
222.2
—
222.2
—
- H1 2025
- —
- YTD 2026
- 451.77
- Δ YoY
- —
EPS (basic)
(PLN)
137
—
137
—
- H1 2025
- —
- YTD 2026
- 137
- Δ YoY
- —
EPS (diluted)
(PLN)
136
—
136
—
- H1 2025
- —
- YTD 2026
- 136
- Δ YoY
- —
D&A
193.4
—
193.4
—
- H1 2025
- —
- YTD 2026
- 375.03
- Δ YoY
- —
Interest expense
117.92
—
117.92
—
- H1 2025
- —
- YTD 2026
- 117.92
- Δ YoY
- —
Income tax
151.1
—
151.1
—
- H1 2025
- —
- YTD 2026
- 151.1
- Δ YoY
- —
Shares (basic)
(m units)
3.3
—
3.3
—
- H1 2025
- —
- YTD 2026
- 3.3
- Δ YoY
- —
Shares (diluted)
(m units)
3.31
—
3.31
—
- H1 2025
- —
- YTD 2026
- 3.31
- Δ YoY
- —
Gross margin
34.13%
—
34.13%
—
- H1 2025
- —
- YTD 2026
- 34.13%
- Δ YoY
- —
EBITDA margin
31.45%
—
31.45%
—
- H1 2025
- —
- YTD 2026
- 30.7%
- Δ YoY
- —
EBIT margin
18.2%
—
18.2%
—
- H1 2025
- —
- YTD 2026
- 17.51%
- Δ YoY
- —
EBT margin
21.28%
—
21.28%
—
- H1 2025
- —
- YTD 2026
- 21.28%
- Δ YoY
- —
Net margin
15.89%
—
15.89%
—
- H1 2025
- —
- YTD 2026
- 15.89%
- Δ YoY
- —
D&A margin
13.19%
—
13.19%
—
- H1 2025
- —
- YTD 2026
- 13.19%
- Δ YoY
- —
Cash
709.69
—
709.69
—
- H1 2025
- —
- YTD 2026
- 709.69
- Δ YoY
- —
Total debt
3,411.14
—
3,411.14
—
- H1 2025
- —
- YTD 2026
- 3,411.14
- Δ YoY
- —
Net debt
2,701.45
—
2,701.45
—
- H1 2025
- —
- YTD 2026
- 2,701.45
- Δ YoY
- —
Equity
2,554.78
—
2,554.78
—
- H1 2025
- —
- YTD 2026
- 2,554.78
- Δ YoY
- —
Total assets
7,793.38
—
7,793.38
—
- H1 2025
- —
- YTD 2026
- 7,793.38
- Δ YoY
- —
Working capital
-805.74
—
-805.74
—
- H1 2025
- —
- YTD 2026
- -805.74
- Δ YoY
- —
Current assets
1,287.82
—
1,287.82
—
- H1 2025
- —
- YTD 2026
- 1,287.82
- Δ YoY
- —
Current liabilities
2,093.56
—
2,093.56
—
- H1 2025
- —
- YTD 2026
- 2,093.56
- Δ YoY
- —
Non-current liabilities
3,145.04
—
3,145.04
—
- H1 2025
- —
- YTD 2026
- 3,145.04
- Δ YoY
- —
Inventory
15.01
—
15.01
—
- H1 2025
- —
- YTD 2026
- 15.01
- Δ YoY
- —
Trade receivables
524.5
—
524.5
—
- H1 2025
- —
- YTD 2026
- 524.5
- Δ YoY
- —
Trade payables
677.08
—
677.08
—
- H1 2025
- —
- YTD 2026
- 677.08
- Δ YoY
- —
Goodwill
2,852.75
—
2,852.75
—
- H1 2025
- —
- YTD 2026
- 2,852.75
- Δ YoY
- —
Tangible equity
-297.97
—
-297.97
—
- H1 2025
- —
- YTD 2026
- -297.97
- Δ YoY
- —
CFO
810.78
—
810.78
—
- H1 2025
- —
- YTD 2026
- 810.78
- Δ YoY
- —
CapEx
338.91
—
338.91
—
- H1 2025
- —
- YTD 2026
- 338.91
- Δ YoY
- —
FCF
471.87
—
471.87
—
- H1 2025
- —
- YTD 2026
- 471.87
- Δ YoY
- —
FCF conversion
54.06%
—
54.06%
—
- H1 2025
- —
- YTD 2026
- 54.06%
- Δ YoY
- —
CFO conversion
92.88%
—
92.88%
—
- H1 2025
- —
- YTD 2026
- 92.88%
- Δ YoY
- —
Dividends paid
0.56
—
0.56
—
- H1 2025
- —
- YTD 2026
- 0.56
- Δ YoY
- —
Net acquisitions
85.24
—
85.24
—
- H1 2025
- —
- YTD 2026
- 85.24
- Δ YoY
- —
Current ratio
0.62x
—
0.62x
—
- H1 2025
- —
- YTD 2026
- 0.62x
- Δ YoY
- —
Quick ratio
0.61x
—
0.61x
—
- H1 2025
- —
- YTD 2026
- 0.61x
- Δ YoY
- —
Cash ratio
0.34x
—
0.34x
—
- H1 2025
- —
- YTD 2026
- 0.34x
- Δ YoY
- —
Interest coverage
4.22x
—
4.22x
—
- H1 2025
- —
- YTD 2026
- 4.22x
- Δ YoY
- —
Debt / equity
1.34x
—
1.34x
—
- H1 2025
- —
- YTD 2026
- 1.34x
- Δ YoY
- —
Debt / assets
0.44x
—
0.44x
—
- H1 2025
- —
- YTD 2026
- 0.44x
- Δ YoY
- —
Net debt / equity
1.06x
—
1.06x
—
- H1 2025
- —
- YTD 2026
- 1.06x
- Δ YoY
- —
Revenue growth (YoY)
33.43%
—
33.43%
—
- H1 2025
- —
- YTD 2026
- 38.99%
- Δ YoY
- —
EBITDA growth (YoY)
66.28%
—
66.28%
—
- H1 2025
- —
- YTD 2026
- 66.28%
- Δ YoY
- —
EBIT growth (YoY)
64.57%
—
64.57%
—
- H1 2025
- —
- YTD 2026
- 64.57%
- Δ YoY
- —
Net income growth (YoY)
126.33%
—
126.33%
—
- H1 2025
- —
- YTD 2026
- 126.33%
- Δ YoY
- —
EPS growth (YoY)
111.24%
—
111.24%
—
- H1 2025
- —
- YTD 2026
- 111.24%
- Δ YoY
- —
FCF growth (YoY)
281.35%
—
281.35%
—
- H1 2025
- —
- YTD 2026
- 281.35%
- Δ YoY
- —
Gross margin Δ (YoY)
0.84 pp
—
0.84 pp
—
- H1 2025
- —
- YTD 2026
- 0.84 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
5.04 pp
—
5.04 pp
—
- H1 2025
- —
- YTD 2026
- 5.04 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
2.72 pp
—
2.72 pp
—
- H1 2025
- —
- YTD 2026
- 2.72 pp
- Δ YoY
- —
Net margin Δ (YoY)
6.13 pp
—
6.13 pp
—
- H1 2025
- —
- YTD 2026
- 6.13 pp
- Δ YoY
- —