ARL ARLEN Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 24, 2026

H1 2026 report

Grupa Arlen to wiodący w Polsce (i jeden z czołowych w Europie) producent specjalistycznej odzieży ochronnej i wyposażenia dla służb mundurowych, zintegrowany pionowo dzięki własnej produkcji tkanin w spółce Optex S.A.

Sentiment

Cautious No guidance change

Website

ARL H1 2026 report

Revenue

67.12 m PLN

— YoY

Net income

-6.93 m PLN

— YoY

EBITDA

796 k PLN

— YoY

Gross margin

27.72%

— YoY

Summary

Investment thesis

Strata netto w I półroczu 2026 (-5,7 mln zł wobec +20,7 mln zł rok wcześniej) wynika niemal wyłącznie z przesunięcia w czasie rozstrzygnięć przetargów publicznych, a nie utraty kontraktów — spółka podpisała w tym okresie i tuż po nim zamówienia publiczne o łącznej wartości bazowej przekraczającej 300 mln zł (z opcjami znacznie więcej), których realizacja przypadnie głównie na II półrocze.
Bilans pozostaje bardzo mocny: gotówka netto (dług netto ok. -46,2 mln zł), wskaźnik płynności bieżącej 2,84x, brak naruszeń kowenantów — realna poduszka bezpieczeństwa na sfinansowanie zapasów zbudowanych pod kontrakty i akwizycje.
Grupa przyspiesza ekspansję przez akwizycje — w I półroczu przejęła Zakłady Odzieżowe Tarnowskie Góry (53,7%) i Alvi-Polska (100%), a tuż po okresie zamknęła zakup 60% czeskiego producenta obuwia Prabos plus a.s. za 6,4 mln EUR, wchodząc w nowy segment produktowy (obuwie specjalistyczne).
Operacyjny cash flow jest głęboko ujemny (-92,2 mln zł w H1) z powodu budowy zapasów (+61,6 mln zł) pod podpisane kontrakty — normalne w cyklu tej branży, ale wymagające potwierdzenia w postaci realnych dostaw i wpływów gotówkowych w II półroczu.

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Financials

BETA

H1 2026

ARL · H1 2026

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

Revenue	67,115	474,275	−85.8%	67,115	−85.8%	reported	—	1.00
Gross profit	18,608	119,882	−84.5%	18,608	−84.5%	reported	—	1.00
EBITDA	796	77,248	−99%	796	−99%	reported	—	0.90
EBIT	-3,090	70,009	−104.4%	-3,090	−104.4%	reported	—	1.00
EBT	-2,726	70,794	−103.9%	-2,726	−103.9%	reported	—	1.00
Net income	-6,929	53,832	−112.9%	-6,929	−112.9%	reported	—	1.00
EPS (basic) (PLN)	-0.31	2.56	—	-0.31	—	reported	—	1.00
EPS (diluted) (PLN)	-0.31	—	—	-0.31	—	reported	—	1.00
D&A	3,886	7,239	−46.3%	3,886	−46.3%	reported	—	0.90
Interest expense	683	—	—	683	—	reported	—	0.80
Income tax	3,003	14,187	−78.8%	3,003	−78.8%	reported	—	1.00
Shares (basic) (m units)	22.13	22.13	—	22.13	—	reported	—	1.00
Shares (diluted) (m units)	22.13	—	—	22.13	—	reported	—	1.00

Gross margin	27.72%	25.28%	+2.4 pp	27.72%	+2.4 pp	derived	—	0.95
EBITDA margin	1.19%	16.29%	−15.1 pp	1.19%	−15.1 pp	derived	—	0.90
EBIT margin	-4.6%	14.76%	−19.4 pp	-4.6%	−19.4 pp	derived	—	0.95
Net margin	-10.32%	11.35%	−21.7 pp	-10.32%	−21.7 pp	derived	—	0.95

Cash	60,333	177,375	−66%	—	—	reported	—	1.00
Total debt	14,107	14,253	−1%	—	—	reported	—	0.90
Net debt	-46,226	-163,122	+71.7%	—	—	derived	—	0.90
Equity	277,492	293,209	−5.4%	—	—	reported	—	1.00
Total assets	382,290	370,097	+3.3%	—	—	reported	—	1.00
Working capital	137,607	182,437	−24.6%	—	—	derived	—	0.95
Current assets	212,445	230,187	−7.7%	—	—	reported	—	1.00
Current liabilities	74,838	47,750	+56.7%	—	—	reported	—	1.00
Non-current liabilities	29,960	29,138	+2.8%	—	—	reported	—	1.00
Inventory	100,883	39,293	+156.7%	—	—	reported	—	1.00
Trade receivables	25,026	8,284	+202.1%	—	—	reported	—	1.00
Trade payables	32,785	14,458	+126.8%	—	—	reported	—	1.00
Goodwill	7,866	1,055	+645.6%	—	—	reported	—	0.95
Tangible equity	269,626	292,154	−7.7%	—	—	derived	—	0.90

CFO	-92,249	86,983	−206.1%	-92,249	−206.1%	reported	—	1.00
CapEx	12,920	—	—	12,920	—	reported	—	1.00
FCF	-105,169	—	—	-105,169	—	derived	—	0.90
Dividends paid	9,860	—	—	9,860	—	reported	—	0.85

Current ratio	2.84x	4.82x	−1.98x	—	—	derived	—	0.95
Quick ratio	1.49x	4x	−2.51x	—	—	derived	—	0.95
Cash ratio	0.81x	3.71x	−2.9x	—	—	derived	—	0.95
Interest coverage	-4.52x	—	—	-4.52x	—	derived	—	0.85

Debt / equity	0.05x	0.05x	+0x	—	—	derived	—	0.90
Debt / assets	0.04x	0.04x	−0x	—	—	derived	—	0.90
Net debt / equity	-0.17x	-0.56x	+0.39x	—	—	derived	—	0.90

Revenue growth (YoY)	-62.57%	2.8%	—	-62.57%	—	derived	—	0.95
EBITDA growth (YoY)	-97.24%	1.35%	—	-97.24%	—	derived	—	0.90
EBIT growth (YoY)	-112.18%	-0.34%	—	-112.18%	—	derived	—	0.95
Net income growth (YoY)	-136.77%	11.34%	—	-136.77%	—	derived	—	0.90
EPS growth (YoY)	-136.47%	7.56%	—	-136.47%	—	derived	—	0.90
Gross margin Δ (YoY)	0.94 pp	-0.96 pp	—	0.94 pp	—	derived	—	0.90
EBITDA margin Δ (YoY)	-14.91 pp	-0.23 pp	—	-14.91 pp	—	derived	—	0.90
EBIT margin Δ (YoY)	-18.75 pp	-0.47 pp	—	-18.75 pp	—	derived	—	0.90
Net margin Δ (YoY)	-20.83 pp	0.87 pp	—	-20.83 pp	—	derived	—	0.90

H1 2026 · Δ YoY

Revenue

67,115 −85.8%

H1 2025: 474,275
YTD 2026: 67,115
Δ YoY: −85.8%

Gross profit

18,608 −84.5%

H1 2025: 119,882
YTD 2026: 18,608
Δ YoY: −84.5%

EBITDA

796 −99%

H1 2025: 77,248
YTD 2026: 796
Δ YoY: −99%

EBIT

-3,090 −104.4%

H1 2025: 70,009
YTD 2026: -3,090
Δ YoY: −104.4%

EBT

-2,726 −103.9%

H1 2025: 70,794
YTD 2026: -2,726
Δ YoY: −103.9%

Net income

-6,929 −112.9%

H1 2025: 53,832
YTD 2026: -6,929
Δ YoY: −112.9%

EPS (basic) (PLN)

-0.31 —

H1 2025: 2.56
YTD 2026: -0.31
Δ YoY: —

EPS (diluted) (PLN)

-0.31 —

H1 2025: —
YTD 2026: -0.31
Δ YoY: —

D&A

3,886 −46.3%

H1 2025: 7,239
YTD 2026: 3,886
Δ YoY: −46.3%

Interest expense

683 —

H1 2025: —
YTD 2026: 683
Δ YoY: —

Income tax

3,003 −78.8%

H1 2025: 14,187
YTD 2026: 3,003
Δ YoY: −78.8%

Shares (basic) (m units)

22.13 —

H1 2025: 22.13
YTD 2026: 22.13
Δ YoY: —

Shares (diluted) (m units)

22.13 —

H1 2025: —
YTD 2026: 22.13
Δ YoY: —

Gross margin

27.72% +2.4 pp

H1 2025: 25.28%
YTD 2026: 27.72%
Δ YoY: +2.4 pp

EBITDA margin

1.19% −15.1 pp

H1 2025: 16.29%
YTD 2026: 1.19%
Δ YoY: −15.1 pp

EBIT margin

-4.6% −19.4 pp

H1 2025: 14.76%
YTD 2026: -4.6%
Δ YoY: −19.4 pp

Net margin

-10.32% −21.7 pp

H1 2025: 11.35%
YTD 2026: -10.32%
Δ YoY: −21.7 pp

Cash

60,333 −66%

H1 2025: 177,375
YTD 2026: —
Δ YoY: —

Total debt

14,107 −1%

H1 2025: 14,253
YTD 2026: —
Δ YoY: —

Net debt

-46,226 +71.7%

H1 2025: -163,122
YTD 2026: —
Δ YoY: —

Equity

277,492 −5.4%

H1 2025: 293,209
YTD 2026: —
Δ YoY: —

Total assets

382,290 +3.3%

H1 2025: 370,097
YTD 2026: —
Δ YoY: —

Working capital

137,607 −24.6%

H1 2025: 182,437
YTD 2026: —
Δ YoY: —

Current assets

212,445 −7.7%

H1 2025: 230,187
YTD 2026: —
Δ YoY: —

Current liabilities

74,838 +56.7%

H1 2025: 47,750
YTD 2026: —
Δ YoY: —

Non-current liabilities

29,960 +2.8%

H1 2025: 29,138
YTD 2026: —
Δ YoY: —

Inventory

100,883 +156.7%

H1 2025: 39,293
YTD 2026: —
Δ YoY: —

Trade receivables

25,026 +202.1%

H1 2025: 8,284
YTD 2026: —
Δ YoY: —

Trade payables

32,785 +126.8%

H1 2025: 14,458
YTD 2026: —
Δ YoY: —

Goodwill

7,866 +645.6%

H1 2025: 1,055
YTD 2026: —
Δ YoY: —

Tangible equity

269,626 −7.7%

H1 2025: 292,154
YTD 2026: —
Δ YoY: —

CFO

-92,249 −206.1%

H1 2025: 86,983
YTD 2026: -92,249
Δ YoY: −206.1%

CapEx

12,920 —

H1 2025: —
YTD 2026: 12,920
Δ YoY: —

FCF

-105,169 —

H1 2025: —
YTD 2026: -105,169
Δ YoY: —

Dividends paid

9,860 —

H1 2025: —
YTD 2026: 9,860
Δ YoY: —

Current ratio

2.84x −1.98x

H1 2025: 4.82x
YTD 2026: —
Δ YoY: —

Quick ratio

1.49x −2.51x

H1 2025: 4x
YTD 2026: —
Δ YoY: —

Cash ratio

0.81x −2.9x

H1 2025: 3.71x
YTD 2026: —
Δ YoY: —

Interest coverage

-4.52x —

H1 2025: —
YTD 2026: -4.52x
Δ YoY: —

Debt / equity

0.05x +0x

H1 2025: 0.05x
YTD 2026: —
Δ YoY: —

Debt / assets

0.04x −0x

H1 2025: 0.04x
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.17x +0.39x

H1 2025: -0.56x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-62.57% —

H1 2025: 2.8%
YTD 2026: -62.57%
Δ YoY: —

EBITDA growth (YoY)

-97.24% —

H1 2025: 1.35%
YTD 2026: -97.24%
Δ YoY: —

EBIT growth (YoY)

-112.18% —

H1 2025: -0.34%
YTD 2026: -112.18%
Δ YoY: —

Net income growth (YoY)

-136.77% —

H1 2025: 11.34%
YTD 2026: -136.77%
Δ YoY: —

EPS growth (YoY)

-136.47% —

H1 2025: 7.56%
YTD 2026: -136.47%
Δ YoY: —

Gross margin Δ (YoY)

0.94 pp —

H1 2025: -0.96 pp
YTD 2026: 0.94 pp
Δ YoY: —

EBITDA margin Δ (YoY)

-14.91 pp —

H1 2025: -0.23 pp
YTD 2026: -14.91 pp
Δ YoY: —

EBIT margin Δ (YoY)

-18.75 pp —

H1 2025: -0.47 pp
YTD 2026: -18.75 pp
Δ YoY: —

Net margin Δ (YoY)

-20.83 pp —

H1 2025: 0.87 pp
YTD 2026: -20.83 pp
Δ YoY: —