H1 2026 report
Przychody wzrosly o 12,3% r/r do 59,49 mln zl, a segment manicure/pedicure (75% przychodow) rosl jeszcze szybciej (+15% r/r), potwierdzajac sile portfolio marek Claresa i PALU.
Sentiment
Positive
No guidance change
4MS
H1 2026 report
Revenue
59.49 m PLN
— YoY
Net income
8.01 m PLN
— YoY
EBITDA
12.21 m PLN
— YoY
FCF
3.88 m PLN
— YoY
Summary
Investment thesis
- Dynamika kosztow operacyjnych (+5,0% r/r) byla wyraznie nizsza niz dynamika przychodow (+12,3% r/r), co podnioslo marze na sprzedazy z 12,4% do 18,1%, a marze netto z 9,4% do 13,5% - zysk netto wzrosl o 60,6% r/r do 8,01 mln zl.
- Bilans jest bardzo mocny: gotowka i depozyty 17,13 mln zl przy zadluzeniu oprocentowanym ok. 5,65 mln zl (pozycja netto gotowkowa), wskaznik plynnosci biezacej 5,48, a spolka od kilku okresow finansuje skup akcji wlasnych (2,02 mln zl w I pol. 2026) zamiast wyplacac dywidende.
- Model biznesowy opiera sie w istotnej mierze na jednym duzym kliencie private label (Jeronimo Martins Polska, 32% przychodow Spolki) - sama Spolka ocenia to ryzyko koncentracji jako wysokie pod wzgledem skutkow, choc nisko prawdopodobne.
- Spolka nie publikuje prognoz finansowych i nie zglasza zadnych nietypowych zdarzen ani toczacych sie postepowan sadowych w okresie - przeglad bieglego rewidenta (Misters Audytor Adviser) nie wniosl zastrzezen.
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Financials
BETA
4MS · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 59,488.5 | 109,528.9 | −45.7% | 59,488.5 | −45.7% | reported | — | 1.00 |
| EBITDA | 12,212.02 | 18,261.28 | −33.1% | 12,212.02 | −33.1% | reported | — | 0.95 |
| EBIT | 10,245.06 | 14,324.91 | −28.5% | 10,245.06 | −28.5% | reported | — | 1.00 |
| EBT | 9,688.45 | 12,760.37 | −24.1% | 9,688.45 | −24.1% | reported | — | 1.00 |
| Net income | 8,014.18 | 10,410.65 | −23% | 8,014.18 | −23% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.33 | 0.43 | — | 0.33 | — | reported | — | 0.95 |
| D&A | 1,966.96 | 3,936.38 | −50% | 1,966.96 | −50% | reported | — | 1.00 |
| Interest expense | 231.67 | 642.41 | −63.9% | 231.67 | −63.9% | reported | — | 0.90 |
| Income tax | 1,674.27 | 2,349.72 | −28.7% | 1,674.27 | −28.7% | reported | — | 1.00 |
| EBITDA margin | 20.53% | 0% | +20.5 pp | 20.53% | +20.5 pp | derived | — | 0.90 |
| EBIT margin | 17.22% | 0% | +17.2 pp | 17.22% | +17.2 pp | derived | — | 0.90 |
| EBT margin | 16.29% | 0% | +16.3 pp | 16.29% | +16.3 pp | derived | — | 0.90 |
| Net margin | 13.47% | 0% | +13.5 pp | 13.47% | +13.5 pp | derived | — | 0.95 |
| D&A margin | 3.31% | 0% | +3.3 pp | 3.31% | +3.3 pp | derived | — | 0.90 |
| Cash | 17,130.72 | 16,207.84 | +5.7% | — | — | reported | — | 1.00 |
| Total debt | 5,654.35 | 6,578.65 | −14% | — | — | derived | — | 0.85 |
| Net debt | -11,476.37 | -9,629.19 | −19.2% | — | — | derived | — | 0.85 |
| Equity | 90,439.96 | 82,425.78 | +9.7% | — | — | reported | — | 1.00 |
| Total assets | 112,485.06 | 104,058.86 | +8.1% | — | — | reported | — | 1.00 |
| Working capital | 57,005.21 | 50,191.48 | +13.6% | — | — | derived | — | 0.90 |
| Current assets | 69,720.68 | 62,027.38 | +12.4% | — | — | reported | — | 1.00 |
| Current liabilities | 12,715.47 | 11,835.91 | +7.4% | — | — | reported | — | 0.90 |
| Non-current liabilities | 5,044.81 | 5,285.74 | −4.6% | — | — | reported | — | 1.00 |
| Inventory | 41,321.63 | 36,728.58 | +12.5% | — | — | reported | — | 1.00 |
| Trade receivables | 8,985.17 | 7,131.64 | +26% | — | — | reported | — | 1.00 |
| Trade payables | 5,275.5 | 4,537.47 | +16.3% | — | — | reported | — | 1.00 |
| Goodwill | 735.24 | 1,037.84 | −29.2% | — | — | reported | — | 0.85 |
| CFO | 4,354.08 | 18,501.24 | −76.5% | 4,354.08 | −76.5% | reported | — | 1.00 |
| CapEx | 478.8 | 2,398.2 | −80% | 478.8 | −80% | reported | — | 1.00 |
| FCF | 3,875.28 | 16,103.05 | −75.9% | 3,875.28 | −75.9% | derived | — | 0.90 |
| Dividends paid | 0 | 0 | — | 0 | — | reported | — | 1.00 |
| Buybacks | 2,016.45 | 6,042.06 | −66.6% | 2,016.45 | −66.6% | reported | — | 1.00 |
| Current ratio | 5.48x | 0x | +5.48x | — | — | derived | — | 0.95 |
| Quick ratio | 2.23x | 0x | +2.23x | — | — | derived | — | 0.95 |
| Cash ratio | 1.35x | 0x | +1.35x | — | — | derived | — | 0.85 |
| Debt / equity | 0.06x | 0x | +0.06x | — | — | derived | — | 0.80 |
| Debt / assets | 0.05x | 0x | +0.05x | — | — | derived | — | 0.80 |
| Net debt / equity | -0.13x | 0x | −0.13x | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | 12.3% | 0% | — | 12.3% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 38.71% | 0% | — | 38.71% | — | derived | — | 0.90 |
| EBIT growth (YoY) | 50.32% | 0% | — | 50.32% | — | derived | — | 0.95 |
| Net income growth (YoY) | 60.66% | 0% | — | 60.66% | — | derived | — | 0.95 |
| EPS growth (YoY) | 57.14% | 0% | — | 57.14% | — | derived | — | 0.75 |
| FCF growth (YoY) | -16.53% | 280.5% | — | -16.53% | — | derived | — | 0.80 |
| EBITDA margin Δ (YoY) | 3.91 pp | -2.8 pp | — | 3.91 pp | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | 4.35 pp | -3.56 pp | — | 4.35 pp | — | derived | — | 0.85 |
| Net margin Δ (YoY) | 4.05 pp | -4.6 pp | — | 4.05 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
59,488.5
−45.7%
59,488.5
−45.7%
- H1 2025
- 109,528.9
- YTD 2026
- 59,488.5
- Δ YoY
- −45.7%
EBITDA
12,212.02
−33.1%
12,212.02
−33.1%
- H1 2025
- 18,261.28
- YTD 2026
- 12,212.02
- Δ YoY
- −33.1%
EBIT
10,245.06
−28.5%
10,245.06
−28.5%
- H1 2025
- 14,324.91
- YTD 2026
- 10,245.06
- Δ YoY
- −28.5%
EBT
9,688.45
−24.1%
9,688.45
−24.1%
- H1 2025
- 12,760.37
- YTD 2026
- 9,688.45
- Δ YoY
- −24.1%
Net income
8,014.18
−23%
8,014.18
−23%
- H1 2025
- 10,410.65
- YTD 2026
- 8,014.18
- Δ YoY
- −23%
EPS (basic)
(PLN)
0.33
—
0.33
—
- H1 2025
- 0.43
- YTD 2026
- 0.33
- Δ YoY
- —
D&A
1,966.96
−50%
1,966.96
−50%
- H1 2025
- 3,936.38
- YTD 2026
- 1,966.96
- Δ YoY
- −50%
Interest expense
231.67
−63.9%
231.67
−63.9%
- H1 2025
- 642.41
- YTD 2026
- 231.67
- Δ YoY
- −63.9%
Income tax
1,674.27
−28.7%
1,674.27
−28.7%
- H1 2025
- 2,349.72
- YTD 2026
- 1,674.27
- Δ YoY
- −28.7%
EBITDA margin
20.53%
+20.5 pp
20.53%
+20.5 pp
- H1 2025
- 0%
- YTD 2026
- 20.53%
- Δ YoY
- +20.5 pp
EBIT margin
17.22%
+17.2 pp
17.22%
+17.2 pp
- H1 2025
- 0%
- YTD 2026
- 17.22%
- Δ YoY
- +17.2 pp
EBT margin
16.29%
+16.3 pp
16.29%
+16.3 pp
- H1 2025
- 0%
- YTD 2026
- 16.29%
- Δ YoY
- +16.3 pp
Net margin
13.47%
+13.5 pp
13.47%
+13.5 pp
- H1 2025
- 0%
- YTD 2026
- 13.47%
- Δ YoY
- +13.5 pp
D&A margin
3.31%
+3.3 pp
3.31%
+3.3 pp
- H1 2025
- 0%
- YTD 2026
- 3.31%
- Δ YoY
- +3.3 pp
Cash
17,130.72
+5.7%
17,130.72
+5.7%
- H1 2025
- 16,207.84
- YTD 2026
- —
- Δ YoY
- —
Total debt
5,654.35
−14%
5,654.35
−14%
- H1 2025
- 6,578.65
- YTD 2026
- —
- Δ YoY
- —
Net debt
-11,476.37
−19.2%
-11,476.37
−19.2%
- H1 2025
- -9,629.19
- YTD 2026
- —
- Δ YoY
- —
Equity
90,439.96
+9.7%
90,439.96
+9.7%
- H1 2025
- 82,425.78
- YTD 2026
- —
- Δ YoY
- —
Total assets
112,485.06
+8.1%
112,485.06
+8.1%
- H1 2025
- 104,058.86
- YTD 2026
- —
- Δ YoY
- —
Working capital
57,005.21
+13.6%
57,005.21
+13.6%
- H1 2025
- 50,191.48
- YTD 2026
- —
- Δ YoY
- —
Current assets
69,720.68
+12.4%
69,720.68
+12.4%
- H1 2025
- 62,027.38
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
12,715.47
+7.4%
12,715.47
+7.4%
- H1 2025
- 11,835.91
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
5,044.81
−4.6%
5,044.81
−4.6%
- H1 2025
- 5,285.74
- YTD 2026
- —
- Δ YoY
- —
Inventory
41,321.63
+12.5%
41,321.63
+12.5%
- H1 2025
- 36,728.58
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
8,985.17
+26%
8,985.17
+26%
- H1 2025
- 7,131.64
- YTD 2026
- —
- Δ YoY
- —
Trade payables
5,275.5
+16.3%
5,275.5
+16.3%
- H1 2025
- 4,537.47
- YTD 2026
- —
- Δ YoY
- —
Goodwill
735.24
−29.2%
735.24
−29.2%
- H1 2025
- 1,037.84
- YTD 2026
- —
- Δ YoY
- —
CFO
4,354.08
−76.5%
4,354.08
−76.5%
- H1 2025
- 18,501.24
- YTD 2026
- 4,354.08
- Δ YoY
- −76.5%
CapEx
478.8
−80%
478.8
−80%
- H1 2025
- 2,398.2
- YTD 2026
- 478.8
- Δ YoY
- −80%
FCF
3,875.28
−75.9%
3,875.28
−75.9%
- H1 2025
- 16,103.05
- YTD 2026
- 3,875.28
- Δ YoY
- −75.9%
Dividends paid
0
—
0
—
- H1 2025
- 0
- YTD 2026
- 0
- Δ YoY
- —
Buybacks
2,016.45
−66.6%
2,016.45
−66.6%
- H1 2025
- 6,042.06
- YTD 2026
- 2,016.45
- Δ YoY
- −66.6%
Current ratio
5.48x
+5.48x
5.48x
+5.48x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
2.23x
+2.23x
2.23x
+2.23x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
1.35x
+1.35x
1.35x
+1.35x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.06x
+0.06x
0.06x
+0.06x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.05x
+0.05x
0.05x
+0.05x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.13x
−0.13x
-0.13x
−0.13x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
12.3%
—
12.3%
—
- H1 2025
- 0%
- YTD 2026
- 12.3%
- Δ YoY
- —
EBITDA growth (YoY)
38.71%
—
38.71%
—
- H1 2025
- 0%
- YTD 2026
- 38.71%
- Δ YoY
- —
EBIT growth (YoY)
50.32%
—
50.32%
—
- H1 2025
- 0%
- YTD 2026
- 50.32%
- Δ YoY
- —
Net income growth (YoY)
60.66%
—
60.66%
—
- H1 2025
- 0%
- YTD 2026
- 60.66%
- Δ YoY
- —
EPS growth (YoY)
57.14%
—
57.14%
—
- H1 2025
- 0%
- YTD 2026
- 57.14%
- Δ YoY
- —
FCF growth (YoY)
-16.53%
—
-16.53%
—
- H1 2025
- 280.5%
- YTD 2026
- -16.53%
- Δ YoY
- —
EBITDA margin Δ (YoY)
3.91 pp
—
3.91 pp
—
- H1 2025
- -2.8 pp
- YTD 2026
- 3.91 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
4.35 pp
—
4.35 pp
—
- H1 2025
- -3.56 pp
- YTD 2026
- 4.35 pp
- Δ YoY
- —
Net margin Δ (YoY)
4.05 pp
—
4.05 pp
—
- H1 2025
- -4.6 pp
- YTD 2026
- 4.05 pp
- Δ YoY
- —