ALL AILLERON Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 28, 2026

H1 2026 report

Skonsolidowany zysk netto Grupy jest praktycznie płaski r/r (23,4 vs 23,2 mln zł), ale 59% z niego trafia do udziałów niekontrolujących — zysk przypadający akcjonariuszom Ailleron rośnie wyraźnie szybciej (+27% r/r), co lepiej oddaje sytuację inwestorów giełdowych niż nagłówkowy wynik Grupy.

Sentiment

Neutral No guidance change

Website

ALL H1 2026 report

Revenue

289.91 m PLN

— YoY

Net income

9.68 m PLN

— YoY

EBITDA

39.4 m PLN

— YoY

Gross margin

24.59%

— YoY

Summary

Investment thesis

Segment TECHNOLOGY SERVICES (Software Mind, IT outsourcing T&M) odpowiada za 89% przychodów i praktycznie cały wynik operacyjny Grupy, przy praktycznie płaskim wyniku segmentu r/r; segment FINTECH (LiveBank) wyraźnie ogranicza stratę operacyjną i podwaja EBITDA.
Bilans obciążony dwiema świeżo ujawnionymi korektami błędów lat poprzednich (utrata wartości najmu biura DUNA, błędy w kalkulacji ECL w spółkach Software Mind) o łącznym wpływie -7,0 mln zł na kapitał własny na 31.12.2025 — sygnał do obserwacji procesów kontrolnych w rozproszonej strukturze grupy.
Konwersja FCF/EBITDA spadła z 33,8% do 19,9% r/r z powodu wydłużenia cyklu należności — mimo dodatniego FCF w obu okresach, spadek jakości konwersji zysku na gotówkę wymaga wyjaśnienia.
Zadłużenie netto stabilne, ale wskaźnik dług/kapitał własny spada (0,78×→0,67×) dzięki aktywnej spłacie kredytów akwizycyjnych; tangible equity ujemne, lecz trend się poprawia.

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Financials

BETA

H1 2026

ALL · H1 2026

Metric	H1 2026	H1 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	289.91	579.66	−50%	289.91	−50%	reported	—	1.00
Gross profit	71.29	160.4	−55.6%	71.29	−55.6%	reported	—	1.00
EBITDA	39.4	79.24	−50.3%	39.4	−50.3%	reported	—	1.00
EBIT	27.66	56.98	−51.5%	27.66	−51.5%	reported	—	1.00
EBT	29.01	52.64	−44.9%	29.01	−44.9%	reported	—	1.00
Net income	9.68	25.66	−62.3%	9.68	−62.3%	reported	—	1.00
EPS (basic) (PLN)	0.78	2.08	—	0.78	—	reported	—	1.00
EPS (diluted) (PLN)	0.76	1.95	—	0.76	—	reported	—	1.00
D&A	11.71	23.74	−50.7%	11.71	−50.7%	reported	—	1.00
Income tax	5.58	-8.8	+163.5%	5.58	+163.5%	reported	—	1.00

Gross margin	24.59%	27.67%	−3.1 pp	24.59%	−3.1 pp	derived	—	0.90
EBITDA margin	13.59%	13.67%	−0.1 pp	13.59%	−0.1 pp	derived	—	0.90
EBIT margin	9.54%	9.83%	−0.3 pp	9.54%	−0.3 pp	derived	—	0.90
Net margin	3.34%	4.43%	−1.1 pp	3.34%	−1.1 pp	derived	—	0.80

Cash	79.24	95.89	−17.4%	—	—	reported	—	1.00
Total debt	219.4	234.96	−6.6%	—	—	reported	—	0.90
Net debt	140.16	139.07	+0.8%	—	—	derived	—	0.80
Equity	325.83	309.1	+5.4%	—	—	reported	—	1.00
Total assets	611.67	613.42	−0.3%	—	—	reported	—	1.00
Working capital	101.56	102.5	−0.9%	—	—	derived	—	0.90
Current assets	211.45	215.87	−2%	—	—	reported	—	1.00
Current liabilities	109.89	113.37	−3.1%	—	—	reported	—	1.00
Non-current liabilities	175.95	190.95	−7.9%	—	—	reported	—	1.00
Inventory	1.02	0.46	+120.3%	—	—	reported	—	1.00
Trade receivables	102.56	91.1	+12.6%	—	—	reported	—	1.00
Trade payables	41.41	42.07	−1.6%	—	—	reported	—	1.00
Goodwill	334.53	331.78	+0.8%	—	—	reported	—	0.90
Tangible equity	-8.7	-22.68	+61.6%	—	—	derived	—	0.80

CFO	12.66	68.72	−81.6%	12.66	−81.6%	reported	—	1.00
CapEx	4.82	4.31	+11.8%	4.82	+11.8%	reported	—	1.00
FCF	7.85	64.41	−87.8%	7.85	−87.8%	derived	—	0.90
FCF conversion	19.92%	81.29%	−61.4 pp	19.92%	−61.4 pp	derived	—	0.80
CFO conversion	32.14%	86.72%	−54.6 pp	32.14%	−54.6 pp	derived	—	0.80

Current ratio	1.92x	1.9x	+0.02x	—	—	derived	—	0.90
Quick ratio	1.92x	1.9x	+0.02x	—	—	derived	—	0.90
Cash ratio	0.72x	0.85x	−0.13x	—	—	derived	—	0.90

Debt / equity	0.67x	0.76x	−0.09x	—	—	derived	—	0.80
Debt / assets	0.36x	0.38x	−0.02x	—	—	derived	—	0.80
Net debt / equity	0.43x	0.45x	−0.02x	—	—	derived	—	0.80

Revenue growth (YoY)	2.37%	4.13%	—	2.37%	—	derived	—	1.00
EBITDA growth (YoY)	6.74%	-4.72%	—	6.74%	—	derived	—	1.00
EBIT growth (YoY)	6.2%	-8.39%	—	6.2%	—	derived	—	1.00
Net income growth (YoY)	26.76%	12.37%	—	26.76%	—	derived	—	0.90
EPS growth (YoY)	25.81%	12.43%	—	25.81%	—	derived	—	1.00
Gross margin Δ (YoY)	-1.24 pp	0.08 pp	—	-1.24 pp	—	derived	—	0.90
EBITDA margin Δ (YoY)	0.56 pp	-1.27 pp	—	0.56 pp	—	derived	—	0.90
EBIT margin Δ (YoY)	0.35 pp	-1.34 pp	—	0.35 pp	—	derived	—	0.90
Net margin Δ (YoY)	0.64 pp	0.32 pp	—	0.64 pp	—	derived	—	0.80

H1 2026 · Δ YoY

Revenue

289.91 −50%

H1 2025: 579.66
YTD 2026: 289.91
Δ YoY: −50%

Gross profit

71.29 −55.6%

H1 2025: 160.4
YTD 2026: 71.29
Δ YoY: −55.6%

EBITDA

39.4 −50.3%

H1 2025: 79.24
YTD 2026: 39.4
Δ YoY: −50.3%

EBIT

27.66 −51.5%

H1 2025: 56.98
YTD 2026: 27.66
Δ YoY: −51.5%

EBT

29.01 −44.9%

H1 2025: 52.64
YTD 2026: 29.01
Δ YoY: −44.9%

Net income

9.68 −62.3%

H1 2025: 25.66
YTD 2026: 9.68
Δ YoY: −62.3%

EPS (basic) (PLN)

0.78 —

H1 2025: 2.08
YTD 2026: 0.78
Δ YoY: —

EPS (diluted) (PLN)

0.76 —

H1 2025: 1.95
YTD 2026: 0.76
Δ YoY: —

D&A

11.71 −50.7%

H1 2025: 23.74
YTD 2026: 11.71
Δ YoY: −50.7%

Income tax

5.58 +163.5%

H1 2025: -8.8
YTD 2026: 5.58
Δ YoY: +163.5%

Gross margin

24.59% −3.1 pp

H1 2025: 27.67%
YTD 2026: 24.59%
Δ YoY: −3.1 pp

EBITDA margin

13.59% −0.1 pp

H1 2025: 13.67%
YTD 2026: 13.59%
Δ YoY: −0.1 pp

EBIT margin

9.54% −0.3 pp

H1 2025: 9.83%
YTD 2026: 9.54%
Δ YoY: −0.3 pp

Net margin

3.34% −1.1 pp

H1 2025: 4.43%
YTD 2026: 3.34%
Δ YoY: −1.1 pp

Cash

79.24 −17.4%

H1 2025: 95.89
YTD 2026: —
Δ YoY: —

Total debt

219.4 −6.6%

H1 2025: 234.96
YTD 2026: —
Δ YoY: —

Net debt

140.16 +0.8%

H1 2025: 139.07
YTD 2026: —
Δ YoY: —

Equity

325.83 +5.4%

H1 2025: 309.1
YTD 2026: —
Δ YoY: —

Total assets

611.67 −0.3%

H1 2025: 613.42
YTD 2026: —
Δ YoY: —

Working capital

101.56 −0.9%

H1 2025: 102.5
YTD 2026: —
Δ YoY: —

Current assets

211.45 −2%

H1 2025: 215.87
YTD 2026: —
Δ YoY: —

Current liabilities

109.89 −3.1%

H1 2025: 113.37
YTD 2026: —
Δ YoY: —

Non-current liabilities

175.95 −7.9%

H1 2025: 190.95
YTD 2026: —
Δ YoY: —

Inventory

1.02 +120.3%

H1 2025: 0.46
YTD 2026: —
Δ YoY: —

Trade receivables

102.56 +12.6%

H1 2025: 91.1
YTD 2026: —
Δ YoY: —

Trade payables

41.41 −1.6%

H1 2025: 42.07
YTD 2026: —
Δ YoY: —

Goodwill

334.53 +0.8%

H1 2025: 331.78
YTD 2026: —
Δ YoY: —

Tangible equity

-8.7 +61.6%

H1 2025: -22.68
YTD 2026: —
Δ YoY: —

CFO

12.66 −81.6%

H1 2025: 68.72
YTD 2026: 12.66
Δ YoY: −81.6%

CapEx

4.82 +11.8%

H1 2025: 4.31
YTD 2026: 4.82
Δ YoY: +11.8%

FCF

7.85 −87.8%

H1 2025: 64.41
YTD 2026: 7.85
Δ YoY: −87.8%

FCF conversion

19.92% −61.4 pp

H1 2025: 81.29%
YTD 2026: 19.92%
Δ YoY: −61.4 pp

CFO conversion

32.14% −54.6 pp

H1 2025: 86.72%
YTD 2026: 32.14%
Δ YoY: −54.6 pp

Current ratio

1.92x +0.02x

H1 2025: 1.9x
YTD 2026: —
Δ YoY: —

Quick ratio

1.92x +0.02x

H1 2025: 1.9x
YTD 2026: —
Δ YoY: —

Cash ratio

0.72x −0.13x

H1 2025: 0.85x
YTD 2026: —
Δ YoY: —

Debt / equity

0.67x −0.09x

H1 2025: 0.76x
YTD 2026: —
Δ YoY: —

Debt / assets

0.36x −0.02x

H1 2025: 0.38x
YTD 2026: —
Δ YoY: —

Net debt / equity

0.43x −0.02x

H1 2025: 0.45x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

2.37% —

H1 2025: 4.13%
YTD 2026: 2.37%
Δ YoY: —

EBITDA growth (YoY)

6.74% —

H1 2025: -4.72%
YTD 2026: 6.74%
Δ YoY: —

EBIT growth (YoY)

6.2% —

H1 2025: -8.39%
YTD 2026: 6.2%
Δ YoY: —

Net income growth (YoY)

26.76% —

H1 2025: 12.37%
YTD 2026: 26.76%
Δ YoY: —

EPS growth (YoY)

25.81% —

H1 2025: 12.43%
YTD 2026: 25.81%
Δ YoY: —

Gross margin Δ (YoY)

-1.24 pp —

H1 2025: 0.08 pp
YTD 2026: -1.24 pp
Δ YoY: —

EBITDA margin Δ (YoY)

0.56 pp —

H1 2025: -1.27 pp
YTD 2026: 0.56 pp
Δ YoY: —

EBIT margin Δ (YoY)

0.35 pp —

H1 2025: -1.34 pp
YTD 2026: 0.35 pp
Δ YoY: —

Net margin Δ (YoY)

0.64 pp —

H1 2025: 0.32 pp
YTD 2026: 0.64 pp
Δ YoY: —