H1 2026 report
Przychody półrocza rosną o 11% r/r (138,3 mln zł), ale to wzrost wyłącznie z produkcji telewizyjnej i filmowej — pozostałe segmenty stoją w miejscu lub kurczą się.
Sentiment
Neutral
No guidance change
ATG
H1 2026 report
Revenue
138.27 m PLN
— YoY
Net income
11.13 m PLN
— YoY
EBITDA
25.9 m PLN
— YoY
Gross margin
15.63%
— YoY
Summary
Investment thesis
- Rentowność pogarsza się wyraźnie: marża EBITDA spada z 25,5% do 18,7%, a zysk operacyjny w II kwartale jest o 41% niższy r/r — teza „stabilnego dywidendowca” wymaga dziś ostrożności.
- Bilans pozostaje bardzo mocny: kapitał własny 320,8 mln zł, dług oprocentowany ok. 33 mln zł, po uwzględnieniu lokat spółka jest w pozycji zbliżonej do gotówkowej.
- Wolne przepływy pieniężne są lekko ujemne (CFO 15,6 mln zł wobec CAPEX 17,0 mln zł), a dywidenda 22,8 mln zł przekroczyła zysk półrocza — wypłata poszła z zapasu kapitału, nie z bieżącej gotówki.
- Wartość ukryta to udziały w BoomBit (ok. 29%), nieruchomości inwestycyjne i inwestycje w JV — ale wynik z metody praw własności jest niewielki i zmienny.
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Financials
BETA
ATG · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
|
Revenue
Działalność deweloperska
|
4.65 | 325.12 | −98.6% | 4.65 | −98.6% | reported | Działalność deweloperska | 1.00 |
|
Revenue
Zarządzanie aktywami trwałymi
|
34.39 | 325.12 | −89.4% | 34.39 | −89.4% | reported | Zarządzanie aktywami trwałymi | 1.00 |
|
Revenue
Produkcja telewizyjna i filmowa
|
100.42 | 325.12 | −69.1% | 100.42 | −69.1% | reported | Produkcja telewizyjna i filmowa | 1.00 |
| Revenue | 64.97 | 325.12 | −80% | 138.27 | −57.5% | reported | — | 1.00 |
| Gross profit | 21.61 | 62.01 | −65.2% | 21.61 | −65.2% | reported | — | 1.00 |
|
EBITDA
Działalność deweloperska
|
0.98 | 102.8 | −99% | 0.98 | −99% | reported | Działalność deweloperska | 1.00 |
|
EBITDA
Zarządzanie aktywami trwałymi
|
13.41 | 102.8 | −87% | 13.41 | −87% | reported | Zarządzanie aktywami trwałymi | 1.00 |
|
EBITDA
Produkcja telewizyjna i filmowa
|
12.02 | 102.8 | −88.3% | 12.02 | −88.3% | reported | Produkcja telewizyjna i filmowa | 1.00 |
| EBITDA | 25.9 | 102.8 | −74.8% | 25.9 | −74.8% | derived | — | 0.90 |
|
EBIT
Działalność deweloperska
|
0.94 | 47.67 | −98% | 0.94 | −98% | reported | Działalność deweloperska | 1.00 |
|
EBIT
Zarządzanie aktywami trwałymi
|
2.98 | 47.67 | −93.7% | 2.98 | −93.7% | reported | Zarządzanie aktywami trwałymi | 1.00 |
| EBIT | 7.46 | 47.67 | −84.4% | 14.48 | −69.6% | reported | — | 1.00 |
|
EBIT
Produkcja telewizyjna i filmowa
|
11.09 | 47.67 | −76.7% | 11.09 | −76.7% | reported | Produkcja telewizyjna i filmowa | 1.00 |
| EBT | 14.19 | 48.27 | −70.6% | 14.19 | −70.6% | reported | — | 1.00 |
|
Net income
Produkcja telewizyjna i filmowa
|
8.9 | 37.16 | −76.1% | 8.9 | −76.1% | reported | Produkcja telewizyjna i filmowa | 1.00 |
|
Net income
Zarządzanie aktywami trwałymi
|
0.17 | 37.16 | −99.5% | 0.17 | −99.5% | reported | Zarządzanie aktywami trwałymi | 1.00 |
| Net income | 4.72 | 37.16 | −87.3% | 11.13 | −70.1% | reported | — | 1.00 |
|
Net income
Działalność deweloperska
|
0.72 | 37.16 | −98.1% | 0.72 | −98.1% | reported | Działalność deweloperska | 1.00 |
| EPS (basic) (PLN) | 0.13 | 0.44 | — | 0.13 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.13 | — | — | 0.13 | — | reported | — | 1.00 |
| D&A | 11.42 | 55.13 | −79.3% | 11.42 | −79.3% | reported | — | 1.00 |
| Interest expense | 0.83 | 1.69 | −50.6% | 0.83 | −50.6% | reported | — | 1.00 |
| Income tax | 2.79 | 10.11 | −72.5% | 2.79 | −72.5% | reported | — | 1.00 |
| Gross margin | 15.63% | 19.07% | −3.4 pp | 15.63% | −3.4 pp | derived | — | 0.90 |
| EBITDA margin | 18.73% | 31.62% | −12.9 pp | 18.73% | −12.9 pp | derived | — | 0.90 |
| EBIT margin | 11.48% | 14.66% | −3.2 pp | 10.47% | −4.2 pp | derived | — | 0.90 |
| Net margin | 7.27% | 11.43% | −4.2 pp | 8.05% | −3.4 pp | derived | — | 0.90 |
| Cash | 23.86 | 25.96 | −8.1% | — | — | reported | — | 1.00 |
| Total debt | 33.35 | 26.34 | +26.6% | — | — | derived | — | 0.90 |
| Net debt | 9.49 | 0.38 | +2371.9% | — | — | derived | — | 0.90 |
| Equity | 320.76 | 333.24 | −3.7% | — | — | reported | — | 1.00 |
| Total assets | 429.11 | 444.01 | −3.4% | — | — | reported | — | 1.00 |
| Current assets | 149.35 | 159.84 | −6.6% | — | — | reported | — | 1.00 |
| Current liabilities | 65.33 | 68.34 | −4.4% | — | — | reported | — | 1.00 |
| Non-current liabilities | 43.02 | 42.43 | +1.4% | — | — | reported | — | 1.00 |
| Inventory | 27.27 | 26.46 | +3% | — | — | reported | — | 1.00 |
| Trade receivables | 43.11 | 37.24 | +15.8% | — | — | reported | — | 1.00 |
| Trade payables | 31.55 | 30.79 | +2.5% | — | — | reported | — | 1.00 |
| Goodwill | 1.54 | 1.74 | −11.4% | — | — | derived | — | 0.90 |
| CFO | 15.6 | — | — | 15.6 | — | reported | — | 1.00 |
| CapEx | 17.01 | 52.65 | −67.7% | 17.01 | −67.7% | reported | — | 1.00 |
| FCF | -1.42 | — | — | -1.42 | — | derived | — | 0.90 |
| FCF conversion | -5.5% | — | — | -5.5% | — | derived | — | 0.90 |
| CFO conversion | 60.2% | — | — | 60.2% | — | derived | — | 0.90 |
| Dividends paid | 22.76 | — | — | 22.76 | — | reported | — | 1.00 |
| Current ratio | 2.29x | 2.34x | −0.05x | — | — | derived | — | 0.90 |
| Quick ratio | 1.87x | 1.95x | −0.08x | — | — | derived | — | 0.90 |
| Cash ratio | 0.37x | 0.38x | −0.01x | — | — | derived | — | 0.90 |
| Interest coverage | 17.4x | 28.27x | −10.87x | 17.4x | −10.87x | derived | — | 0.90 |
| Debt / equity | 0.1x | 0.08x | +0.02x | — | — | derived | — | 0.90 |
| Debt / assets | 0.08x | 0.06x | +0.02x | — | — | derived | — | 0.90 |
| Net debt / equity | 0.03x | 0x | +0.03x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 1.42% | 31.87% | — | 11.05% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -18.46% | 68.77% | — | -18.46% | — | derived | — | 0.90 |
| EBIT growth (YoY) | -41.43% | 29.95% | — | -21.46% | — | derived | — | 0.90 |
| Net income growth (YoY) | -46.67% | 38.8% | — | -8.37% | — | derived | — | 0.90 |
| EPS growth (YoY) | -7.14% | — | — | -7.14% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | -3.98 pp | — | — | -3.98 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -6.78 pp | 6.91 pp | — | -6.78 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | -4.34 pp | -0.22 pp | — | -4.34 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -1.7 pp | 0.57 pp | — | -1.7 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
Działalność deweloperska
4.65
−98.6%
Działalność deweloperska
4.65
−98.6%
- H1 2025
- 325.12
- YTD 2026
- 4.65
- Δ YoY
- −98.6%
Revenue
Zarządzanie aktywami trwałymi
34.39
−89.4%
Zarządzanie aktywami trwałymi
34.39
−89.4%
- H1 2025
- 325.12
- YTD 2026
- 34.39
- Δ YoY
- −89.4%
Revenue
Produkcja telewizyjna i filmowa
100.42
−69.1%
Produkcja telewizyjna i filmowa
100.42
−69.1%
- H1 2025
- 325.12
- YTD 2026
- 100.42
- Δ YoY
- −69.1%
Revenue
64.97
−80%
64.97
−80%
- H1 2025
- 325.12
- YTD 2026
- 138.27
- Δ YoY
- −57.5%
Gross profit
21.61
−65.2%
21.61
−65.2%
- H1 2025
- 62.01
- YTD 2026
- 21.61
- Δ YoY
- −65.2%
EBITDA
Działalność deweloperska
0.98
−99%
Działalność deweloperska
0.98
−99%
- H1 2025
- 102.8
- YTD 2026
- 0.98
- Δ YoY
- −99%
EBITDA
Zarządzanie aktywami trwałymi
13.41
−87%
Zarządzanie aktywami trwałymi
13.41
−87%
- H1 2025
- 102.8
- YTD 2026
- 13.41
- Δ YoY
- −87%
EBITDA
Produkcja telewizyjna i filmowa
12.02
−88.3%
Produkcja telewizyjna i filmowa
12.02
−88.3%
- H1 2025
- 102.8
- YTD 2026
- 12.02
- Δ YoY
- −88.3%
EBITDA
25.9
−74.8%
25.9
−74.8%
- H1 2025
- 102.8
- YTD 2026
- 25.9
- Δ YoY
- −74.8%
EBIT
Działalność deweloperska
0.94
−98%
Działalność deweloperska
0.94
−98%
- H1 2025
- 47.67
- YTD 2026
- 0.94
- Δ YoY
- −98%
EBIT
Zarządzanie aktywami trwałymi
2.98
−93.7%
Zarządzanie aktywami trwałymi
2.98
−93.7%
- H1 2025
- 47.67
- YTD 2026
- 2.98
- Δ YoY
- −93.7%
EBIT
7.46
−84.4%
7.46
−84.4%
- H1 2025
- 47.67
- YTD 2026
- 14.48
- Δ YoY
- −69.6%
EBIT
Produkcja telewizyjna i filmowa
11.09
−76.7%
Produkcja telewizyjna i filmowa
11.09
−76.7%
- H1 2025
- 47.67
- YTD 2026
- 11.09
- Δ YoY
- −76.7%
EBT
14.19
−70.6%
14.19
−70.6%
- H1 2025
- 48.27
- YTD 2026
- 14.19
- Δ YoY
- −70.6%
Net income
Produkcja telewizyjna i filmowa
8.9
−76.1%
Produkcja telewizyjna i filmowa
8.9
−76.1%
- H1 2025
- 37.16
- YTD 2026
- 8.9
- Δ YoY
- −76.1%
Net income
Zarządzanie aktywami trwałymi
0.17
−99.5%
Zarządzanie aktywami trwałymi
0.17
−99.5%
- H1 2025
- 37.16
- YTD 2026
- 0.17
- Δ YoY
- −99.5%
Net income
4.72
−87.3%
4.72
−87.3%
- H1 2025
- 37.16
- YTD 2026
- 11.13
- Δ YoY
- −70.1%
Net income
Działalność deweloperska
0.72
−98.1%
Działalność deweloperska
0.72
−98.1%
- H1 2025
- 37.16
- YTD 2026
- 0.72
- Δ YoY
- −98.1%
EPS (basic)
(PLN)
0.13
—
0.13
—
- H1 2025
- 0.44
- YTD 2026
- 0.13
- Δ YoY
- —
EPS (diluted)
(PLN)
0.13
—
0.13
—
- H1 2025
- —
- YTD 2026
- 0.13
- Δ YoY
- —
D&A
11.42
−79.3%
11.42
−79.3%
- H1 2025
- 55.13
- YTD 2026
- 11.42
- Δ YoY
- −79.3%
Interest expense
0.83
−50.6%
0.83
−50.6%
- H1 2025
- 1.69
- YTD 2026
- 0.83
- Δ YoY
- −50.6%
Income tax
2.79
−72.5%
2.79
−72.5%
- H1 2025
- 10.11
- YTD 2026
- 2.79
- Δ YoY
- −72.5%
Gross margin
15.63%
−3.4 pp
15.63%
−3.4 pp
- H1 2025
- 19.07%
- YTD 2026
- 15.63%
- Δ YoY
- −3.4 pp
EBITDA margin
18.73%
−12.9 pp
18.73%
−12.9 pp
- H1 2025
- 31.62%
- YTD 2026
- 18.73%
- Δ YoY
- −12.9 pp
EBIT margin
11.48%
−3.2 pp
11.48%
−3.2 pp
- H1 2025
- 14.66%
- YTD 2026
- 10.47%
- Δ YoY
- −4.2 pp
Net margin
7.27%
−4.2 pp
7.27%
−4.2 pp
- H1 2025
- 11.43%
- YTD 2026
- 8.05%
- Δ YoY
- −3.4 pp
Cash
23.86
−8.1%
23.86
−8.1%
- H1 2025
- 25.96
- YTD 2026
- —
- Δ YoY
- —
Total debt
33.35
+26.6%
33.35
+26.6%
- H1 2025
- 26.34
- YTD 2026
- —
- Δ YoY
- —
Net debt
9.49
+2371.9%
9.49
+2371.9%
- H1 2025
- 0.38
- YTD 2026
- —
- Δ YoY
- —
Equity
320.76
−3.7%
320.76
−3.7%
- H1 2025
- 333.24
- YTD 2026
- —
- Δ YoY
- —
Total assets
429.11
−3.4%
429.11
−3.4%
- H1 2025
- 444.01
- YTD 2026
- —
- Δ YoY
- —
Current assets
149.35
−6.6%
149.35
−6.6%
- H1 2025
- 159.84
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
65.33
−4.4%
65.33
−4.4%
- H1 2025
- 68.34
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
43.02
+1.4%
43.02
+1.4%
- H1 2025
- 42.43
- YTD 2026
- —
- Δ YoY
- —
Inventory
27.27
+3%
27.27
+3%
- H1 2025
- 26.46
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
43.11
+15.8%
43.11
+15.8%
- H1 2025
- 37.24
- YTD 2026
- —
- Δ YoY
- —
Trade payables
31.55
+2.5%
31.55
+2.5%
- H1 2025
- 30.79
- YTD 2026
- —
- Δ YoY
- —
Goodwill
1.54
−11.4%
1.54
−11.4%
- H1 2025
- 1.74
- YTD 2026
- —
- Δ YoY
- —
CFO
15.6
—
15.6
—
- H1 2025
- —
- YTD 2026
- 15.6
- Δ YoY
- —
CapEx
17.01
−67.7%
17.01
−67.7%
- H1 2025
- 52.65
- YTD 2026
- 17.01
- Δ YoY
- −67.7%
FCF
-1.42
—
-1.42
—
- H1 2025
- —
- YTD 2026
- -1.42
- Δ YoY
- —
FCF conversion
-5.5%
—
-5.5%
—
- H1 2025
- —
- YTD 2026
- -5.5%
- Δ YoY
- —
CFO conversion
60.2%
—
60.2%
—
- H1 2025
- —
- YTD 2026
- 60.2%
- Δ YoY
- —
Dividends paid
22.76
—
22.76
—
- H1 2025
- —
- YTD 2026
- 22.76
- Δ YoY
- —
Current ratio
2.29x
−0.05x
2.29x
−0.05x
- H1 2025
- 2.34x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.87x
−0.08x
1.87x
−0.08x
- H1 2025
- 1.95x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.37x
−0.01x
0.37x
−0.01x
- H1 2025
- 0.38x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
17.4x
−10.87x
17.4x
−10.87x
- H1 2025
- 28.27x
- YTD 2026
- 17.4x
- Δ YoY
- −10.87x
Debt / equity
0.1x
+0.02x
0.1x
+0.02x
- H1 2025
- 0.08x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.08x
+0.02x
0.08x
+0.02x
- H1 2025
- 0.06x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.03x
+0.03x
0.03x
+0.03x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
1.42%
—
1.42%
—
- H1 2025
- 31.87%
- YTD 2026
- 11.05%
- Δ YoY
- —
EBITDA growth (YoY)
-18.46%
—
-18.46%
—
- H1 2025
- 68.77%
- YTD 2026
- -18.46%
- Δ YoY
- —
EBIT growth (YoY)
-41.43%
—
-41.43%
—
- H1 2025
- 29.95%
- YTD 2026
- -21.46%
- Δ YoY
- —
Net income growth (YoY)
-46.67%
—
-46.67%
—
- H1 2025
- 38.8%
- YTD 2026
- -8.37%
- Δ YoY
- —
EPS growth (YoY)
-7.14%
—
-7.14%
—
- H1 2025
- —
- YTD 2026
- -7.14%
- Δ YoY
- —
Gross margin Δ (YoY)
-3.98 pp
—
-3.98 pp
—
- H1 2025
- —
- YTD 2026
- -3.98 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-6.78 pp
—
-6.78 pp
—
- H1 2025
- 6.91 pp
- YTD 2026
- -6.78 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-4.34 pp
—
-4.34 pp
—
- H1 2025
- -0.22 pp
- YTD 2026
- -4.34 pp
- Δ YoY
- —
Net margin Δ (YoY)
-1.7 pp
—
-1.7 pp
—
- H1 2025
- 0.57 pp
- YTD 2026
- -1.7 pp
- Δ YoY
- —