DIG
DIGITAL NETWORK
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 15, 2026
H1 2026 report
Przychody skonsolidowane wzrosły o 189% r/r do 103,7 mln zł, głównie dzięki pełnej konsolidacji Braughman Group Media Outdoor przejętej w IV kw. 2025 roku.
Sentiment
Positive
No guidance change
DIG
H1 2026 report
Revenue
103.73 m PLN
— YoY
Net income
20.58 m PLN
— YoY
EBITDA
60.87 m PLN
— YoY
Gross margin
49.18%
— YoY
Summary
Investment thesis
- EBITDA urosła o 183% do 60,9 mln zł, ale marża brutto na sprzedaży spadła z 57% do 49% — nowy segment Premium Outdoor ma strukturalnie niższą rentowność niż dotychczasowy DOOH.
- Zysk netto rośnie wolniej niż EBIT (57% vs 151%) z powodu skokowego wzrostu kosztów finansowych (0,9 → 9,8 mln zł) związanych z długiem zaciągniętym na akwizycję.
- Nowa polityka dywidendowa na lata 2026–2030 (min. 30 mln zł za 2026, potem 60–100% zysku netto) świadczy o pewności Zarządu co do przyszłej zdolności generowania gotówki.
- Wskaźnik pokrycia odsetek spadł z 16,7x do 3,95x, a płynność bieżąca jest poniżej 1 — sygnały wymagające monitorowania mimo że dług netto lekko się obniżył.
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Financials
BETA
DIG · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 103.73 | 112.92 | −8.1% | 103.73 | −8.1% | reported | — | 1.00 |
| Gross profit | 51.01 | — | — | 51.01 | — | reported | — | 1.00 |
| EBITDA | 60.87 | 66.91 | −9% | 60.87 | −9% | derived | — | 0.95 |
| EBIT | 38.54 | 50.52 | −23.7% | 38.54 | −23.7% | reported | — | 1.00 |
| EBT | 29.46 | 49.78 | −40.8% | 29.46 | −40.8% | reported | — | 1.00 |
| Net income | 20.58 | 37.61 | −45.3% | 20.58 | −45.3% | reported | — | 1.00 |
| EPS (basic) (PLN) | 4.67 | 9.03 | — | 4.67 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 4.39 | 8.98 | — | 4.39 | — | reported | — | 1.00 |
| D&A | 22.34 | 16.39 | +36.3% | 22.34 | +36.3% | reported | — | 1.00 |
| Interest expense | 9.76 | — | — | 9.76 | — | reported | — | 1.00 |
| Income tax | 8.88 | — | — | 8.88 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 4.23 | 4.17 | — | 4.23 | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 4.5 | — | — | 4.5 | — | reported | — | 1.00 |
| Gross margin | 49.18% | — | — | 49.18% | — | derived | — | 0.95 |
| EBITDA margin | 58.68% | 59.25% | −0.6 pp | 58.68% | −0.6 pp | derived | — | 0.95 |
| EBIT margin | 37.15% | 44.74% | −7.6 pp | 37.15% | −7.6 pp | derived | — | 0.95 |
| Net margin | 19.84% | 33.31% | −13.5 pp | 19.84% | −13.5 pp | derived | — | 0.95 |
| Cash | 37.95 | 24.13 | +57.3% | — | — | reported | — | 1.00 |
| Total debt | 215.37 | 205.66 | +4.7% | — | — | reported | — | 0.90 |
| Net debt | 177.41 | 181.53 | −2.3% | — | — | derived | — | 0.90 |
| Equity | 120.07 | 108.35 | +10.8% | — | — | reported | — | 1.00 |
| Total assets | 407.04 | 364.44 | +11.7% | — | — | reported | — | 1.00 |
| Working capital | -13.59 | -18.26 | +25.5% | — | — | derived | — | 0.95 |
| Current assets | 94.36 | 81.63 | +15.6% | — | — | reported | — | 1.00 |
| Current liabilities | 107.95 | 99.89 | +8.1% | — | — | reported | — | 1.00 |
| Non-current liabilities | 179.02 | 156.2 | +14.6% | — | — | reported | — | 1.00 |
| Trade receivables | 39.45 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 19.22 | 24.07 | −20.1% | — | — | reported | — | 1.00 |
| Goodwill | 125.91 | 126.27 | −0.3% | — | — | reported | — | 1.00 |
| CFO | 46.53 | 53.95 | −13.7% | 46.53 | −13.7% | reported | — | 1.00 |
| CapEx | 12.31 | — | — | 12.31 | — | reported | — | 1.00 |
| FCF | 34.22 | — | — | 34.22 | — | derived | — | 0.85 |
| FCF conversion | 56.23% | — | — | 56.23% | — | derived | — | 0.85 |
| CFO conversion | 76.45% | 80.63% | −4.2 pp | 76.45% | −4.2 pp | derived | — | 0.90 |
| Dividends paid | 0.37 | 10.04 | −96.3% | 0.37 | −96.3% | reported | — | 1.00 |
| Current ratio | 0.87x | 0.82x | +0.05x | — | — | derived | — | 0.95 |
| Cash ratio | 0.35x | 0.24x | +0.11x | — | — | derived | — | 0.95 |
| Interest coverage | 3.95x | — | — | 3.95x | — | derived | — | 0.90 |
| Debt / equity | 1.79x | 1.9x | −0.11x | — | — | derived | — | 0.90 |
| Debt / assets | 0.53x | 0.56x | −0.03x | — | — | derived | — | 0.90 |
| Net debt / equity | 1.48x | 1.68x | −0.2x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 189.24% | 0% | — | 189.24% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 183.49% | 0% | — | 183.49% | — | derived | — | 0.90 |
| EBIT growth (YoY) | 151.36% | 59.37% | — | 151.36% | — | derived | — | 0.95 |
| Net income growth (YoY) | 57.12% | 49.55% | — | 57.12% | — | derived | — | 0.95 |
| EPS growth (YoY) | 59.93% | 49.5% | — | 59.93% | — | derived | — | 0.90 |
| FCF growth (YoY) | 72.94% | — | — | 72.94% | — | derived | — | 0.85 |
| Gross margin Δ (YoY) | -7.54 pp | — | — | -7.54 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -1.2 pp | 0.7 pp | — | -1.2 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | -5.6 pp | 2.28 pp | — | -5.6 pp | — | derived | — | 0.85 |
| Net margin Δ (YoY) | -16.67 pp | — | — | -16.67 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
103.73
−8.1%
103.73
−8.1%
- H1 2025
- 112.92
- YTD 2026
- 103.73
- Δ YoY
- −8.1%
Gross profit
51.01
—
51.01
—
- H1 2025
- —
- YTD 2026
- 51.01
- Δ YoY
- —
EBITDA
60.87
−9%
60.87
−9%
- H1 2025
- 66.91
- YTD 2026
- 60.87
- Δ YoY
- −9%
EBIT
38.54
−23.7%
38.54
−23.7%
- H1 2025
- 50.52
- YTD 2026
- 38.54
- Δ YoY
- −23.7%
EBT
29.46
−40.8%
29.46
−40.8%
- H1 2025
- 49.78
- YTD 2026
- 29.46
- Δ YoY
- −40.8%
Net income
20.58
−45.3%
20.58
−45.3%
- H1 2025
- 37.61
- YTD 2026
- 20.58
- Δ YoY
- −45.3%
EPS (basic)
(PLN)
4.67
—
4.67
—
- H1 2025
- 9.03
- YTD 2026
- 4.67
- Δ YoY
- —
EPS (diluted)
(PLN)
4.39
—
4.39
—
- H1 2025
- 8.98
- YTD 2026
- 4.39
- Δ YoY
- —
D&A
22.34
+36.3%
22.34
+36.3%
- H1 2025
- 16.39
- YTD 2026
- 22.34
- Δ YoY
- +36.3%
Interest expense
9.76
—
9.76
—
- H1 2025
- —
- YTD 2026
- 9.76
- Δ YoY
- —
Income tax
8.88
—
8.88
—
- H1 2025
- —
- YTD 2026
- 8.88
- Δ YoY
- —
Shares (basic)
(m units)
4.23
—
4.23
—
- H1 2025
- 4.17
- YTD 2026
- 4.23
- Δ YoY
- —
Shares (diluted)
(m units)
4.5
—
4.5
—
- H1 2025
- —
- YTD 2026
- 4.5
- Δ YoY
- —
Gross margin
49.18%
—
49.18%
—
- H1 2025
- —
- YTD 2026
- 49.18%
- Δ YoY
- —
EBITDA margin
58.68%
−0.6 pp
58.68%
−0.6 pp
- H1 2025
- 59.25%
- YTD 2026
- 58.68%
- Δ YoY
- −0.6 pp
EBIT margin
37.15%
−7.6 pp
37.15%
−7.6 pp
- H1 2025
- 44.74%
- YTD 2026
- 37.15%
- Δ YoY
- −7.6 pp
Net margin
19.84%
−13.5 pp
19.84%
−13.5 pp
- H1 2025
- 33.31%
- YTD 2026
- 19.84%
- Δ YoY
- −13.5 pp
Cash
37.95
+57.3%
37.95
+57.3%
- H1 2025
- 24.13
- YTD 2026
- —
- Δ YoY
- —
Total debt
215.37
+4.7%
215.37
+4.7%
- H1 2025
- 205.66
- YTD 2026
- —
- Δ YoY
- —
Net debt
177.41
−2.3%
177.41
−2.3%
- H1 2025
- 181.53
- YTD 2026
- —
- Δ YoY
- —
Equity
120.07
+10.8%
120.07
+10.8%
- H1 2025
- 108.35
- YTD 2026
- —
- Δ YoY
- —
Total assets
407.04
+11.7%
407.04
+11.7%
- H1 2025
- 364.44
- YTD 2026
- —
- Δ YoY
- —
Working capital
-13.59
+25.5%
-13.59
+25.5%
- H1 2025
- -18.26
- YTD 2026
- —
- Δ YoY
- —
Current assets
94.36
+15.6%
94.36
+15.6%
- H1 2025
- 81.63
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
107.95
+8.1%
107.95
+8.1%
- H1 2025
- 99.89
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
179.02
+14.6%
179.02
+14.6%
- H1 2025
- 156.2
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
39.45
—
39.45
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
19.22
−20.1%
19.22
−20.1%
- H1 2025
- 24.07
- YTD 2026
- —
- Δ YoY
- —
Goodwill
125.91
−0.3%
125.91
−0.3%
- H1 2025
- 126.27
- YTD 2026
- —
- Δ YoY
- —
CFO
46.53
−13.7%
46.53
−13.7%
- H1 2025
- 53.95
- YTD 2026
- 46.53
- Δ YoY
- −13.7%
CapEx
12.31
—
12.31
—
- H1 2025
- —
- YTD 2026
- 12.31
- Δ YoY
- —
FCF
34.22
—
34.22
—
- H1 2025
- —
- YTD 2026
- 34.22
- Δ YoY
- —
FCF conversion
56.23%
—
56.23%
—
- H1 2025
- —
- YTD 2026
- 56.23%
- Δ YoY
- —
CFO conversion
76.45%
−4.2 pp
76.45%
−4.2 pp
- H1 2025
- 80.63%
- YTD 2026
- 76.45%
- Δ YoY
- −4.2 pp
Dividends paid
0.37
−96.3%
0.37
−96.3%
- H1 2025
- 10.04
- YTD 2026
- 0.37
- Δ YoY
- −96.3%
Current ratio
0.87x
+0.05x
0.87x
+0.05x
- H1 2025
- 0.82x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.35x
+0.11x
0.35x
+0.11x
- H1 2025
- 0.24x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
3.95x
—
3.95x
—
- H1 2025
- —
- YTD 2026
- 3.95x
- Δ YoY
- —
Debt / equity
1.79x
−0.11x
1.79x
−0.11x
- H1 2025
- 1.9x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.53x
−0.03x
0.53x
−0.03x
- H1 2025
- 0.56x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
1.48x
−0.2x
1.48x
−0.2x
- H1 2025
- 1.68x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
189.24%
—
189.24%
—
- H1 2025
- 0%
- YTD 2026
- 189.24%
- Δ YoY
- —
EBITDA growth (YoY)
183.49%
—
183.49%
—
- H1 2025
- 0%
- YTD 2026
- 183.49%
- Δ YoY
- —
EBIT growth (YoY)
151.36%
—
151.36%
—
- H1 2025
- 59.37%
- YTD 2026
- 151.36%
- Δ YoY
- —
Net income growth (YoY)
57.12%
—
57.12%
—
- H1 2025
- 49.55%
- YTD 2026
- 57.12%
- Δ YoY
- —
EPS growth (YoY)
59.93%
—
59.93%
—
- H1 2025
- 49.5%
- YTD 2026
- 59.93%
- Δ YoY
- —
FCF growth (YoY)
72.94%
—
72.94%
—
- H1 2025
- —
- YTD 2026
- 72.94%
- Δ YoY
- —
Gross margin Δ (YoY)
-7.54 pp
—
-7.54 pp
—
- H1 2025
- —
- YTD 2026
- -7.54 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-1.2 pp
—
-1.2 pp
—
- H1 2025
- 0.7 pp
- YTD 2026
- -1.2 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-5.6 pp
—
-5.6 pp
—
- H1 2025
- 2.28 pp
- YTD 2026
- -5.6 pp
- Δ YoY
- —
Net margin Δ (YoY)
-16.67 pp
—
-16.67 pp
—
- H1 2025
- —
- YTD 2026
- -16.67 pp
- Δ YoY
- —