ENT ENTER AIR Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 29, 2026

H1 2026 report

Przychody +17,8% do 1 478 mln zł, ale marża brutto spadła z 8,0% do 2,9% przez paliwo i koszty operacyjne.

Sentiment

Cautious No guidance change

Website

ENT H1 2026 report

Revenue

1.48 bn PLN

— YoY

Net income

-130.47 m PLN

— YoY

EBITDA

212.66 m PLN

— YoY

Gross margin

2.94%

— YoY

Summary

Investment thesis

Strata netto 130 mln zł wynika głównie z wyników finansowych −174 mln zł (różnice kursowe leasingu, pochodne, odsetki).
OCF 265 mln zł i gotówka 289 mln zł potwierdzają odporność modelu przedpłat.
Dług netto ok. 2,24 mld zł, kapitał własny 324 mln zł (−35% od grudnia), wskaźnik bieżący 0,67.
Brak prognoz na 2026 r.; wynik zależy od paliwa, kursu złotego i sezonu letniego.

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Financials

BETA

H1 2026

ENT · H1 2026

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

Revenue	1,478.14	2,952.24	−49.9%	1,478.14	−49.9%	reported	—	1.00
Gross profit	43.5	228.28	−80.9%	43.5	−80.9%	reported	—	1.00
EBITDA	212.66	566.66	−62.5%	212.66	−62.5%	derived	—	0.70
EBIT	17.03	141.91	−88%	17.03	−88%	reported	—	1.00
EBT	-160.25	66.58	−340.7%	-160.25	−340.7%	reported	—	1.00
Net income	-130.47	222.63	−158.6%	-130.47	−158.6%	reported	—	1.00
EPS (basic) (PLN)	-7.44	3.07	—	-7.44	—	reported	—	1.00
EPS (diluted) (PLN)	-7.44	3.07	—	-7.44	—	reported	—	1.00
D&A	195.62	424.75	−53.9%	195.62	−53.9%	reported	—	1.00
Interest expense	56.09	110.77	−49.4%	56.09	−49.4%	reported	—	1.00
Income tax	-29.94	12.7	−335.8%	-29.94	−335.8%	reported	—	0.90

Gross margin	2.94%	99990000%	−99989997.1 pp	2.94%	−99989997.1 pp	reported	—	0.70
EBITDA margin	14.39%	97080000%	−97079985.6 pp	14.39%	−97079985.6 pp	reported	—	0.70
EBIT margin	1.15%	96960000%	−96959998.9 pp	1.15%	−96959998.9 pp	reported	—	0.70
Net margin	-8.83%	81650000%	−81650008.8 pp	-8.83%	−81650008.8 pp	reported	—	0.70

Cash	288.91	245.66	+17.6%	—	—	reported	—	1.00
Total debt	2,528.43	2,069.26	+22.2%	—	—	derived	—	0.90
Net debt	2,239.52	1,823.59	+22.8%	—	—	derived	—	0.70
Equity	324.5	499.68	−35.1%	—	—	reported	—	1.00
Total assets	3,682.3	2,950.01	+24.8%	—	—	reported	—	1.00
Current assets	861.79	476.9	+80.7%	—	—	reported	—	1.00
Current liabilities	1,291.84	708.86	+82.2%	—	—	reported	—	1.00
Non-current liabilities	2,065.97	1,741.47	+18.6%	—	—	reported	—	1.00
Inventory	16.27	11.13	+46.1%	—	—	reported	—	1.00
Trade receivables	535.22	126.78	+322.2%	—	—	reported	—	1.00
Goodwill	10.98	—	—	—	—	reported	—	1.00

CFO	265.46	39.59	+570.5%	265.46	+570.5%	reported	—	1.00
CapEx	15.88	0.03	+63412%	15.88	+63412%	reported	—	1.00
FCF	84.68	39.57	+114%	84.68	+114%	reported	—	0.70

Current ratio	0.67x	2950000x	−2949999.33x	—	—	reported	—	0.70

Debt / equity	7.79x	200000x	−199992.21x	—	—	reported	—	0.70
Debt / assets	0.69x	160000x	−159999.31x	—	—	reported	—	0.70
Net debt / equity	6.9x	130000x	−129993.1x	—	—	reported	—	0.70

Revenue growth (YoY)	17.78%	3130000%	—	17.78%	—	reported	—	0.70
EBIT growth (YoY)	-71.23%	1520%	—	-71.23%	—	reported	—	0.70

H1 2026 · Δ YoY

Revenue

1,478.14 −49.9%

H1 2025: 2,952.24
YTD 2026: 1,478.14
Δ YoY: −49.9%

Gross profit

43.5 −80.9%

H1 2025: 228.28
YTD 2026: 43.5
Δ YoY: −80.9%

EBITDA

212.66 −62.5%

H1 2025: 566.66
YTD 2026: 212.66
Δ YoY: −62.5%

EBIT

17.03 −88%

H1 2025: 141.91
YTD 2026: 17.03
Δ YoY: −88%

EBT

-160.25 −340.7%

H1 2025: 66.58
YTD 2026: -160.25
Δ YoY: −340.7%

Net income

-130.47 −158.6%

H1 2025: 222.63
YTD 2026: -130.47
Δ YoY: −158.6%

EPS (basic) (PLN)

-7.44 —

H1 2025: 3.07
YTD 2026: -7.44
Δ YoY: —

EPS (diluted) (PLN)

-7.44 —

H1 2025: 3.07
YTD 2026: -7.44
Δ YoY: —

D&A

195.62 −53.9%

H1 2025: 424.75
YTD 2026: 195.62
Δ YoY: −53.9%

Interest expense

56.09 −49.4%

H1 2025: 110.77
YTD 2026: 56.09
Δ YoY: −49.4%

Income tax

-29.94 −335.8%

H1 2025: 12.7
YTD 2026: -29.94
Δ YoY: −335.8%

Gross margin

2.94% −99989997.1 pp

H1 2025: 99990000%
YTD 2026: 2.94%
Δ YoY: −99989997.1 pp

EBITDA margin

14.39% −97079985.6 pp

H1 2025: 97080000%
YTD 2026: 14.39%
Δ YoY: −97079985.6 pp

EBIT margin

1.15% −96959998.9 pp

H1 2025: 96960000%
YTD 2026: 1.15%
Δ YoY: −96959998.9 pp

Net margin

-8.83% −81650008.8 pp

H1 2025: 81650000%
YTD 2026: -8.83%
Δ YoY: −81650008.8 pp

Cash

288.91 +17.6%

H1 2025: 245.66
YTD 2026: —
Δ YoY: —

Total debt

2,528.43 +22.2%

H1 2025: 2,069.26
YTD 2026: —
Δ YoY: —

Net debt

2,239.52 +22.8%

H1 2025: 1,823.59
YTD 2026: —
Δ YoY: —

Equity

324.5 −35.1%

H1 2025: 499.68
YTD 2026: —
Δ YoY: —

Total assets

3,682.3 +24.8%

H1 2025: 2,950.01
YTD 2026: —
Δ YoY: —

Current assets

861.79 +80.7%

H1 2025: 476.9
YTD 2026: —
Δ YoY: —

Current liabilities

1,291.84 +82.2%

H1 2025: 708.86
YTD 2026: —
Δ YoY: —

Non-current liabilities

2,065.97 +18.6%

H1 2025: 1,741.47
YTD 2026: —
Δ YoY: —

Inventory

16.27 +46.1%

H1 2025: 11.13
YTD 2026: —
Δ YoY: —

Trade receivables

535.22 +322.2%

H1 2025: 126.78
YTD 2026: —
Δ YoY: —

Goodwill

10.98 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

265.46 +570.5%

H1 2025: 39.59
YTD 2026: 265.46
Δ YoY: +570.5%

CapEx

15.88 +63412%

H1 2025: 0.03
YTD 2026: 15.88
Δ YoY: +63412%

FCF

84.68 +114%

H1 2025: 39.57
YTD 2026: 84.68
Δ YoY: +114%

Current ratio

0.67x −2949999.33x

H1 2025: 2950000x
YTD 2026: —
Δ YoY: —

Debt / equity

7.79x −199992.21x

H1 2025: 200000x
YTD 2026: —
Δ YoY: —

Debt / assets

0.69x −159999.31x

H1 2025: 160000x
YTD 2026: —
Δ YoY: —

Net debt / equity

6.9x −129993.1x

H1 2025: 130000x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

17.78% —

H1 2025: 3130000%
YTD 2026: 17.78%
Δ YoY: —

EBIT growth (YoY)

-71.23% —

H1 2025: 1520%
YTD 2026: -71.23%
Δ YoY: —