H1 2026 report
Grupa Herkules realizuje zatwierdzony w sierpniu 2025 r. układ restrukturyzacyjny — kapitał własny wzrósł r/r o 42% do 114,5 mln zł, a zobowiązania spadły o 35%, głównie dzięki redukcji/rozterminowaniu zobowiązań wobec BGK w ramach układu, nie dzięki organicznej rentowności.
Sentiment
Cautious
No guidance change
HRS
H1 2026 report
Revenue
49.23 m PLN
— YoY
Net income
-2.45 m PLN
— YoY
EBITDA
7.21 m PLN
— YoY
Net debt / EBITDA
0.2x
— YoY
Summary
Investment thesis
- Przychody wzrosły o 12% r/r do 49,2 mln zł, ale wzrost ciągną segmenty produkcji prefabrykatów (+68%) i budownictwa telekomunikacyjnego (+21%), podczas gdy podstawowy segment wynajmu żurawi wieżowych — 70% przychodów Grupy — pozostaje praktycznie płaski, a dział żurawi wieżowych stracił 15% sprzedaży.
- Grupa wciąż notuje stratę netto (-2,45 mln zł) i ujemny wynik na sprzedaży (-2,9 mln zł); poprawa wyniku operacyjnego częściowo pochodzi z rozwiązania odpisu na należność od spółki powiązanej, nie tylko z podstawowej działalności.
- EBITDA wzrosła ponad dwukrotnie r/r (7,2 mln zł vs 3,0 mln zł), a wskaźnik dług netto/EBITDA (LTM) spadł do 0,2x z 2,17x — istotna i realna poprawa struktury zadłużenia, potwierdzona dodatnim OCF i FCF.
- Po dniu bilansowym spółka otrzymała nakaz zapłaty na 8,6 mln zł od Nokia Solutions and Networks w związku z historycznie stratnym Kontraktem GSM-R — złożyła sprzeciw, ale ryzyko dla płynności w kolejnych okresach pozostaje otwarte.
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Financials
BETA
HRS · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 49,234 | 103,809 | −52.6% | 49,234 | −52.6% | reported | — | 1.00 |
| EBITDA | 7,212 | 47,834 | −84.9% | 7,212 | −84.9% | reported | — | 1.00 |
| EBIT | -615 | 31,039 | −102% | -615 | −102% | reported | — | 1.00 |
| EBT | -3,008 | 28,838 | −110.4% | -3,008 | −110.4% | reported | — | 1.00 |
| Net income | -2,450 | 29,995 | −108.2% | -2,450 | −108.2% | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.07 | 0.88 | — | -0.07 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.07 | — | — | -0.07 | — | reported | — | 1.00 |
| D&A | 7,827 | 16,795 | −53.4% | 7,827 | −53.4% | reported | — | 1.00 |
| Interest expense | 1,013 | 2,694 | −62.4% | 1,013 | −62.4% | reported | — | 0.90 |
| Income tax | -558 | -1,154 | +51.6% | -558 | +51.6% | reported | — | 1.00 |
| Shares (basic) (units) | 34,119,105 | 34,119,105 | — | 34,119,105 | — | reported | — | 1.00 |
| Shares (diluted) (units) | 34,119,105 | — | — | 34,119,105 | — | reported | — | 1.00 |
| EBITDA margin | 14.65% | 46.1% | −31.5 pp | 14.65% | −31.5 pp | derived | — | 0.95 |
| EBIT margin | -1.25% | 29.9% | −31.2 pp | -1.25% | −31.2 pp | derived | — | 0.95 |
| EBT margin | -6.11% | 27.8% | −33.9 pp | -6.11% | −33.9 pp | derived | — | 0.95 |
| Net margin | -4.98% | 28.9% | −33.9 pp | -4.98% | −33.9 pp | derived | — | 0.98 |
| D&A margin | 15.9% | 16.2% | −0.3 pp | 15.9% | −0.3 pp | derived | — | 0.95 |
| Cash | 17,274 | 14,159 | +22% | — | — | reported | — | 1.00 |
| Total debt | 27,416 | 32,346 | −15.2% | — | — | reported | — | 0.90 |
| Net debt | 10,142 | 18,187 | −44.2% | — | — | derived | — | 0.90 |
| Equity | 114,536 | 116,986 | −2.1% | — | — | reported | — | 1.00 |
| Total assets | 213,006 | 220,982 | −3.6% | — | — | reported | — | 1.00 |
| Working capital | -10,143 | -14,696 | +31% | — | — | derived | — | 0.95 |
| Current assets | 48,262 | 46,620 | +3.5% | — | — | reported | — | 1.00 |
| Current liabilities | 58,405 | 61,316 | −4.7% | — | — | reported | — | 1.00 |
| Non-current liabilities | 40,065 | 42,680 | −6.1% | — | — | reported | — | 1.00 |
| Inventory | 4,492 | 3,090 | +45.4% | — | — | reported | — | 1.00 |
| Trade receivables | 19,666 | 26,844 | −26.7% | — | — | reported | — | 1.00 |
| Trade payables | 13,989 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 12,716 | 12,725 | −0.1% | — | — | reported | — | 1.00 |
| Tangible equity | 101,820 | 104,261 | −2.3% | — | — | derived | — | 0.95 |
| CFO | 8,150 | 10,542 | −22.7% | 8,150 | −22.7% | reported | — | 1.00 |
| CapEx | 202 | — | — | 202 | — | reported | — | 1.00 |
| FCF | 7,948 | — | — | 7,948 | — | derived | — | 0.95 |
| FCF conversion | 110.21% | — | — | 110.21% | — | derived | — | 0.90 |
| CFO conversion | 113.01% | — | — | 113.01% | — | derived | — | 0.90 |
| ROE | 34.4% | 29.4% | +5 pp | — | — | derived | — | 0.60 |
| ROA | 15.08% | 12.8% | +2.3 pp | — | — | derived | — | 0.60 |
| Current ratio | 0.83x | 0.76x | +0.07x | — | — | derived | — | 0.98 |
| Quick ratio | 0.75x | 0.71x | +0.04x | — | — | derived | — | 0.98 |
| Cash ratio | 0.3x | 0.23x | +0.07x | — | — | derived | — | 0.95 |
| Interest coverage | -0.61x | 11.52x | −12.13x | -0.61x | −12.13x | derived | — | 0.85 |
| Net debt / EBITDA | 0.2x | 0.38x | −0.18x | — | — | derived | — | 0.85 |
| Debt / equity | 0.24x | 0.28x | −0.04x | — | — | derived | — | 0.90 |
| Debt / assets | 0.13x | 0.15x | −0.02x | — | — | derived | — | 0.90 |
| Net debt / equity | 0.09x | 0.16x | −0.07x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 11.78% | -4% | — | 11.78% | — | derived | — | 0.98 |
| EBITDA growth (YoY) | 137.08% | — | — | 137.08% | — | derived | — | 0.95 |
| EBIT growth (YoY) | 89% | — | — | 89% | — | derived | — | 0.95 |
| Net income growth (YoY) | 59.69% | — | — | 59.69% | — | derived | — | 0.98 |
| EPS growth (YoY) | 61.11% | — | — | 61.11% | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | 7.74 pp | — | — | 7.74 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 11.45 pp | — | — | 11.45 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 8.82 pp | — | — | 8.82 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
49,234
−52.6%
49,234
−52.6%
- H1 2025
- 103,809
- YTD 2026
- 49,234
- Δ YoY
- −52.6%
EBITDA
7,212
−84.9%
7,212
−84.9%
- H1 2025
- 47,834
- YTD 2026
- 7,212
- Δ YoY
- −84.9%
EBIT
-615
−102%
-615
−102%
- H1 2025
- 31,039
- YTD 2026
- -615
- Δ YoY
- −102%
EBT
-3,008
−110.4%
-3,008
−110.4%
- H1 2025
- 28,838
- YTD 2026
- -3,008
- Δ YoY
- −110.4%
Net income
-2,450
−108.2%
-2,450
−108.2%
- H1 2025
- 29,995
- YTD 2026
- -2,450
- Δ YoY
- −108.2%
EPS (basic)
(PLN)
-0.07
—
-0.07
—
- H1 2025
- 0.88
- YTD 2026
- -0.07
- Δ YoY
- —
EPS (diluted)
(PLN)
-0.07
—
-0.07
—
- H1 2025
- —
- YTD 2026
- -0.07
- Δ YoY
- —
D&A
7,827
−53.4%
7,827
−53.4%
- H1 2025
- 16,795
- YTD 2026
- 7,827
- Δ YoY
- −53.4%
Interest expense
1,013
−62.4%
1,013
−62.4%
- H1 2025
- 2,694
- YTD 2026
- 1,013
- Δ YoY
- −62.4%
Income tax
-558
+51.6%
-558
+51.6%
- H1 2025
- -1,154
- YTD 2026
- -558
- Δ YoY
- +51.6%
Shares (basic)
(units)
34,119,105
—
34,119,105
—
- H1 2025
- 34,119,105
- YTD 2026
- 34,119,105
- Δ YoY
- —
Shares (diluted)
(units)
34,119,105
—
34,119,105
—
- H1 2025
- —
- YTD 2026
- 34,119,105
- Δ YoY
- —
EBITDA margin
14.65%
−31.5 pp
14.65%
−31.5 pp
- H1 2025
- 46.1%
- YTD 2026
- 14.65%
- Δ YoY
- −31.5 pp
EBIT margin
-1.25%
−31.2 pp
-1.25%
−31.2 pp
- H1 2025
- 29.9%
- YTD 2026
- -1.25%
- Δ YoY
- −31.2 pp
EBT margin
-6.11%
−33.9 pp
-6.11%
−33.9 pp
- H1 2025
- 27.8%
- YTD 2026
- -6.11%
- Δ YoY
- −33.9 pp
Net margin
-4.98%
−33.9 pp
-4.98%
−33.9 pp
- H1 2025
- 28.9%
- YTD 2026
- -4.98%
- Δ YoY
- −33.9 pp
D&A margin
15.9%
−0.3 pp
15.9%
−0.3 pp
- H1 2025
- 16.2%
- YTD 2026
- 15.9%
- Δ YoY
- −0.3 pp
Cash
17,274
+22%
17,274
+22%
- H1 2025
- 14,159
- YTD 2026
- —
- Δ YoY
- —
Total debt
27,416
−15.2%
27,416
−15.2%
- H1 2025
- 32,346
- YTD 2026
- —
- Δ YoY
- —
Net debt
10,142
−44.2%
10,142
−44.2%
- H1 2025
- 18,187
- YTD 2026
- —
- Δ YoY
- —
Equity
114,536
−2.1%
114,536
−2.1%
- H1 2025
- 116,986
- YTD 2026
- —
- Δ YoY
- —
Total assets
213,006
−3.6%
213,006
−3.6%
- H1 2025
- 220,982
- YTD 2026
- —
- Δ YoY
- —
Working capital
-10,143
+31%
-10,143
+31%
- H1 2025
- -14,696
- YTD 2026
- —
- Δ YoY
- —
Current assets
48,262
+3.5%
48,262
+3.5%
- H1 2025
- 46,620
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
58,405
−4.7%
58,405
−4.7%
- H1 2025
- 61,316
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
40,065
−6.1%
40,065
−6.1%
- H1 2025
- 42,680
- YTD 2026
- —
- Δ YoY
- —
Inventory
4,492
+45.4%
4,492
+45.4%
- H1 2025
- 3,090
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
19,666
−26.7%
19,666
−26.7%
- H1 2025
- 26,844
- YTD 2026
- —
- Δ YoY
- —
Trade payables
13,989
—
13,989
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
12,716
−0.1%
12,716
−0.1%
- H1 2025
- 12,725
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
101,820
−2.3%
101,820
−2.3%
- H1 2025
- 104,261
- YTD 2026
- —
- Δ YoY
- —
CFO
8,150
−22.7%
8,150
−22.7%
- H1 2025
- 10,542
- YTD 2026
- 8,150
- Δ YoY
- −22.7%
CapEx
202
—
202
—
- H1 2025
- —
- YTD 2026
- 202
- Δ YoY
- —
FCF
7,948
—
7,948
—
- H1 2025
- —
- YTD 2026
- 7,948
- Δ YoY
- —
FCF conversion
110.21%
—
110.21%
—
- H1 2025
- —
- YTD 2026
- 110.21%
- Δ YoY
- —
CFO conversion
113.01%
—
113.01%
—
- H1 2025
- —
- YTD 2026
- 113.01%
- Δ YoY
- —
ROE
34.4%
+5 pp
34.4%
+5 pp
- H1 2025
- 29.4%
- YTD 2026
- —
- Δ YoY
- —
ROA
15.08%
+2.3 pp
15.08%
+2.3 pp
- H1 2025
- 12.8%
- YTD 2026
- —
- Δ YoY
- —
Current ratio
0.83x
+0.07x
0.83x
+0.07x
- H1 2025
- 0.76x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.75x
+0.04x
0.75x
+0.04x
- H1 2025
- 0.71x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.3x
+0.07x
0.3x
+0.07x
- H1 2025
- 0.23x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-0.61x
−12.13x
-0.61x
−12.13x
- H1 2025
- 11.52x
- YTD 2026
- -0.61x
- Δ YoY
- −12.13x
Net debt / EBITDA
0.2x
−0.18x
0.2x
−0.18x
- H1 2025
- 0.38x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.24x
−0.04x
0.24x
−0.04x
- H1 2025
- 0.28x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.13x
−0.02x
0.13x
−0.02x
- H1 2025
- 0.15x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.09x
−0.07x
0.09x
−0.07x
- H1 2025
- 0.16x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
11.78%
—
11.78%
—
- H1 2025
- -4%
- YTD 2026
- 11.78%
- Δ YoY
- —
EBITDA growth (YoY)
137.08%
—
137.08%
—
- H1 2025
- —
- YTD 2026
- 137.08%
- Δ YoY
- —
EBIT growth (YoY)
89%
—
89%
—
- H1 2025
- —
- YTD 2026
- 89%
- Δ YoY
- —
Net income growth (YoY)
59.69%
—
59.69%
—
- H1 2025
- —
- YTD 2026
- 59.69%
- Δ YoY
- —
EPS growth (YoY)
61.11%
—
61.11%
—
- H1 2025
- —
- YTD 2026
- 61.11%
- Δ YoY
- —
EBITDA margin Δ (YoY)
7.74 pp
—
7.74 pp
—
- H1 2025
- —
- YTD 2026
- 7.74 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
11.45 pp
—
11.45 pp
—
- H1 2025
- —
- YTD 2026
- 11.45 pp
- Δ YoY
- —
Net margin Δ (YoY)
8.82 pp
—
8.82 pp
—
- H1 2025
- —
- YTD 2026
- 8.82 pp
- Δ YoY
- —