H1 2026 report
DGA S.A. to spółka o dwóch obliczach: mała firma doradczo-projektowa (segment „Projekty Europejskie”) połączona z dużym portfelem inwestycji kapitałowych (głównie akcje PTWP S.A., ok. 18 mln zł = 49% aktywów).
Sentiment
Neutral
No guidance change
DGA
H1 2026 report
Revenue
2.68 m PLN
— YoY
Net income
3.97 m PLN
— YoY
EBITDA
-1.11 m PLN
— YoY
Gross margin
-22.24%
— YoY
Summary
Investment thesis
- Segment operacyjny wyszedł na plus (806 tys. zł zysku wobec 743 tys. zł straty rok wcześniej) przy przychodach wyższych o 107% r/r, głównie dzięki nowym projektom unijnym.
- Wynik netto spadł o 85% r/r (606 tys. zł vs 3.973 tys. zł), ale to efekt bazy — w I półroczu 2025 r. spółka rozpoznała jednorazową aktualizację wyceny akcji PTWP na 5,96 mln zł, w tym roku tylko 458 tys. zł.
- Bilans jest bardzo konserwatywny: zero zadłużenia oprocentowanego, kapitał własny finansuje w całości aktywa trwałe, ale OCF jest ujemny (-2,6 mln zł) mimo dodatniego zysku netto.
- Trwa proces wydzielenia działalności doradczej do osobnej spółki i poszukiwania inwestora/partnera dla obu części biznesu — kluczowy katalizator/ryzyko na najbliższe kwartały.
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Financials
BETA
DGA · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.68 | 6.59 | −59.2% | 2.68 | −59.2% | reported | — | 1.00 |
| Gross profit | -0.6 | — | — | -0.6 | — | reported | — | 1.00 |
| EBITDA | -1.11 | -2.18 | +48.9% | -1.11 | +48.9% | reported | — | 1.00 |
| EBIT | -1.15 | -2.25 | +48.9% | -1.15 | +48.9% | reported | — | 1.00 |
| EBT | 4.88 | 8.73 | −44.1% | 4.88 | −44.1% | reported | — | 1.00 |
| Net income | 3.97 | 6.94 | −42.8% | 3.97 | −42.8% | reported | — | 1.00 |
| EPS (basic) (PLN) | 3.52 | 6.14 | — | 3.52 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.54 | 6.14 | — | 0.54 | — | reported | — | 1.00 |
| D&A | 0.04 | 0.07 | −47.2% | 0.04 | −47.2% | reported | — | 1.00 |
| Income tax | 0.91 | 1.79 | −49.1% | 0.91 | −49.1% | reported | — | 1.00 |
| Shares (basic) (m units) | 1.13 | — | — | — | — | reported | — | 1.00 |
| Gross margin | -22.24% | — | — | -22.24% | — | reported | — | 1.00 |
| EBITDA margin | -41.51% | -33.12% | −8.4 pp | -41.51% | −8.4 pp | reported | — | 1.00 |
| EBIT margin | -42.92% | -34.21% | −8.7 pp | -42.92% | −8.7 pp | reported | — | 1.00 |
| EBT margin | 181.89% | 132.54% | +49.3 pp | 181.89% | +49.3 pp | reported | — | 1.00 |
| Net margin | 148.02% | 105.41% | +42.6 pp | 148.02% | +42.6 pp | reported | — | 1.00 |
| D&A margin | 0.58% | — | — | 0.58% | — | reported | — | 0.90 |
| Cash | 8.92 | 8.92 | +0% | — | — | reported | — | 1.00 |
| Total debt | 0 | 0 | — | — | — | reported | — | 1.00 |
| Net debt | -6.67 | -8.92 | +25.3% | — | — | reported | — | 1.00 |
| Equity | 20.82 | 20.82 | +0% | — | — | reported | — | 1.00 |
| Total assets | 39.51 | 39.51 | +0% | — | — | reported | — | 1.00 |
| Working capital | 20.84 | 20.67 | +0.8% | — | — | reported | — | 1.00 |
| Current assets | 34.09 | 36 | −5.3% | — | — | reported | — | 1.00 |
| Current liabilities | 13.25 | 15.33 | −13.6% | — | — | reported | — | 1.00 |
| Non-current liabilities | 3.44 | 3.35 | +2.5% | — | — | reported | — | 1.00 |
| Trade receivables | 0.35 | 0.31 | +15.4% | — | — | reported | — | 1.00 |
| Trade payables | 0.27 | 0.72 | −63.1% | — | — | reported | — | 1.00 |
| CFO | -1.69 | -2.99 | +43.4% | -1.69 | +43.4% | reported | — | 1.00 |
| CapEx | 0.52 | 0.74 | −29.5% | 0.52 | −29.5% | reported | — | 1.00 |
| FCF | -2.21 | -3.73 | +40.6% | -2.21 | +40.6% | reported | — | 1.00 |
| Current ratio | 2.57x | 2.35x | +0.22x | — | — | reported | — | 1.00 |
| Quick ratio | 2.57x | 2.35x | +0.22x | — | — | reported | — | 1.00 |
| Cash ratio | 0.5x | 0.58x | −0.08x | — | — | reported | — | 1.00 |
| Debt / equity | 0x | 0x | +0x | — | — | reported | — | 1.00 |
| Debt / assets | 0x | 0x | +0x | — | — | reported | — | 1.00 |
| Net debt / equity | -0.31x | -0.43x | +0.12x | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | 106.85% | 183.35% | — | 106.85% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 123.7% | — | — | 123.7% | — | reported | — | 1.00 |
| EBIT growth (YoY) | 120.14% | 34.14% | — | 120.14% | — | reported | — | 1.00 |
| Net income growth (YoY) | -84.75% | — | — | -84.75% | — | reported | — | 1.00 |
| EPS growth (YoY) | -84.66% | — | — | -84.66% | — | reported | — | 1.00 |
| FCF growth (YoY) | -37.4% | — | — | -37.4% | — | reported | — | 0.90 |
| Gross margin Δ (YoY) | 38.13 pp | — | — | 38.13 pp | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 46.27 pp | — | — | 46.27 pp | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | 47.1 pp | 0 pp | — | 47.1 pp | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -137.1 pp | — | — | -137.1 pp | — | reported | — | 1.00 |
H1 2026 · Δ YoY
Revenue
2.68
−59.2%
2.68
−59.2%
- H1 2025
- 6.59
- YTD 2026
- 2.68
- Δ YoY
- −59.2%
Gross profit
-0.6
—
-0.6
—
- H1 2025
- —
- YTD 2026
- -0.6
- Δ YoY
- —
EBITDA
-1.11
+48.9%
-1.11
+48.9%
- H1 2025
- -2.18
- YTD 2026
- -1.11
- Δ YoY
- +48.9%
EBIT
-1.15
+48.9%
-1.15
+48.9%
- H1 2025
- -2.25
- YTD 2026
- -1.15
- Δ YoY
- +48.9%
EBT
4.88
−44.1%
4.88
−44.1%
- H1 2025
- 8.73
- YTD 2026
- 4.88
- Δ YoY
- −44.1%
Net income
3.97
−42.8%
3.97
−42.8%
- H1 2025
- 6.94
- YTD 2026
- 3.97
- Δ YoY
- −42.8%
EPS (basic)
(PLN)
3.52
—
3.52
—
- H1 2025
- 6.14
- YTD 2026
- 3.52
- Δ YoY
- —
EPS (diluted)
(PLN)
0.54
—
0.54
—
- H1 2025
- 6.14
- YTD 2026
- 0.54
- Δ YoY
- —
D&A
0.04
−47.2%
0.04
−47.2%
- H1 2025
- 0.07
- YTD 2026
- 0.04
- Δ YoY
- −47.2%
Income tax
0.91
−49.1%
0.91
−49.1%
- H1 2025
- 1.79
- YTD 2026
- 0.91
- Δ YoY
- −49.1%
Shares (basic)
(m units)
1.13
—
1.13
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
-22.24%
—
-22.24%
—
- H1 2025
- —
- YTD 2026
- -22.24%
- Δ YoY
- —
EBITDA margin
-41.51%
−8.4 pp
-41.51%
−8.4 pp
- H1 2025
- -33.12%
- YTD 2026
- -41.51%
- Δ YoY
- −8.4 pp
EBIT margin
-42.92%
−8.7 pp
-42.92%
−8.7 pp
- H1 2025
- -34.21%
- YTD 2026
- -42.92%
- Δ YoY
- −8.7 pp
EBT margin
181.89%
+49.3 pp
181.89%
+49.3 pp
- H1 2025
- 132.54%
- YTD 2026
- 181.89%
- Δ YoY
- +49.3 pp
Net margin
148.02%
+42.6 pp
148.02%
+42.6 pp
- H1 2025
- 105.41%
- YTD 2026
- 148.02%
- Δ YoY
- +42.6 pp
D&A margin
0.58%
—
0.58%
—
- H1 2025
- —
- YTD 2026
- 0.58%
- Δ YoY
- —
Cash
8.92
+0%
8.92
+0%
- H1 2025
- 8.92
- YTD 2026
- —
- Δ YoY
- —
Total debt
0
—
0
—
- H1 2025
- 0
- YTD 2026
- —
- Δ YoY
- —
Net debt
-6.67
+25.3%
-6.67
+25.3%
- H1 2025
- -8.92
- YTD 2026
- —
- Δ YoY
- —
Equity
20.82
+0%
20.82
+0%
- H1 2025
- 20.82
- YTD 2026
- —
- Δ YoY
- —
Total assets
39.51
+0%
39.51
+0%
- H1 2025
- 39.51
- YTD 2026
- —
- Δ YoY
- —
Working capital
20.84
+0.8%
20.84
+0.8%
- H1 2025
- 20.67
- YTD 2026
- —
- Δ YoY
- —
Current assets
34.09
−5.3%
34.09
−5.3%
- H1 2025
- 36
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
13.25
−13.6%
13.25
−13.6%
- H1 2025
- 15.33
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
3.44
+2.5%
3.44
+2.5%
- H1 2025
- 3.35
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
0.35
+15.4%
0.35
+15.4%
- H1 2025
- 0.31
- YTD 2026
- —
- Δ YoY
- —
Trade payables
0.27
−63.1%
0.27
−63.1%
- H1 2025
- 0.72
- YTD 2026
- —
- Δ YoY
- —
CFO
-1.69
+43.4%
-1.69
+43.4%
- H1 2025
- -2.99
- YTD 2026
- -1.69
- Δ YoY
- +43.4%
CapEx
0.52
−29.5%
0.52
−29.5%
- H1 2025
- 0.74
- YTD 2026
- 0.52
- Δ YoY
- −29.5%
FCF
-2.21
+40.6%
-2.21
+40.6%
- H1 2025
- -3.73
- YTD 2026
- -2.21
- Δ YoY
- +40.6%
Current ratio
2.57x
+0.22x
2.57x
+0.22x
- H1 2025
- 2.35x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
2.57x
+0.22x
2.57x
+0.22x
- H1 2025
- 2.35x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.5x
−0.08x
0.5x
−0.08x
- H1 2025
- 0.58x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0x
+0x
0x
+0x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0x
+0x
0x
+0x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.31x
+0.12x
-0.31x
+0.12x
- H1 2025
- -0.43x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
106.85%
—
106.85%
—
- H1 2025
- 183.35%
- YTD 2026
- 106.85%
- Δ YoY
- —
EBITDA growth (YoY)
123.7%
—
123.7%
—
- H1 2025
- —
- YTD 2026
- 123.7%
- Δ YoY
- —
EBIT growth (YoY)
120.14%
—
120.14%
—
- H1 2025
- 34.14%
- YTD 2026
- 120.14%
- Δ YoY
- —
Net income growth (YoY)
-84.75%
—
-84.75%
—
- H1 2025
- —
- YTD 2026
- -84.75%
- Δ YoY
- —
EPS growth (YoY)
-84.66%
—
-84.66%
—
- H1 2025
- —
- YTD 2026
- -84.66%
- Δ YoY
- —
FCF growth (YoY)
-37.4%
—
-37.4%
—
- H1 2025
- —
- YTD 2026
- -37.4%
- Δ YoY
- —
Gross margin Δ (YoY)
38.13 pp
—
38.13 pp
—
- H1 2025
- —
- YTD 2026
- 38.13 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
46.27 pp
—
46.27 pp
—
- H1 2025
- —
- YTD 2026
- 46.27 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
47.1 pp
—
47.1 pp
—
- H1 2025
- 0 pp
- YTD 2026
- 47.1 pp
- Δ YoY
- —
Net margin Δ (YoY)
-137.1 pp
—
-137.1 pp
—
- H1 2025
- —
- YTD 2026
- -137.1 pp
- Δ YoY
- —