INC INC Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 29, 2026

H1 2026 report

INC to mała grupa inwestycyjno-doradcza (private equity/VC, doradztwo, dom maklerski); wynik operacyjny zależy w dużej mierze od wyceny portfela, nie od powtarzalnej sprzedaży usług.

Sentiment

Neutral No guidance change

Website

INC H1 2026 report

Revenue

5.43 m PLN

— YoY

Net income

200 k PLN

— YoY

EBITDA

1.52 m PLN

— YoY

Gross margin

67.44%

— YoY

Summary

Investment thesis

Powtarzalna część biznesu rośnie: przychody z usług 5,4 mln zł (+22,6% r/r), zysk na sprzedaży 3,7 mln zł, marża brutto 67,4%.
Wynik operacyjny spadł do 0,8 mln zł z 3,1 mln zł, bo rok temu wspierała go wycena aktywów finansowych (+3,75 mln zł), a w tym półroczu wycena ciągnie w dół (−1,2 mln zł).
Bilans jest bezpieczny: gotówka 4,8 mln zł i aktywa finansowe 12,9 mln zł przy zadłużeniu odsetkowym z leasingiem 3,3 mln zł (dług netto ujemny).
Zysk netto przypadający akcjonariuszom jest niewielki (0,2 mln zł), bo 270 tys. zł zysku przypada na udziały niedające kontroli; C/WK zależy od zaufania do wyceny portfela.

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Financials

BETA

H1 2026

INC · H1 2026

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

Revenue	5,433	9,218	−41.1%	5,433	−41.1%	reported	—	1.00
Gross profit	3,664	—	—	3,664	—	reported	—	1.00
EBITDA	1,515	—	—	1,515	—	derived	—	0.70
EBIT	779	2,896	−73.1%	779	−73.1%	reported	—	1.00
EBT	455	—	—	455	—	reported	—	1.00
Net income	200	1,515	−86.8%	200	−86.8%	reported	—	1.00
EPS (basic) (PLN)	0.01	0.1	—	0.01	—	reported	—	1.00
D&A	736	—	—	736	—	reported	—	1.00
Interest expense	142	—	—	142	—	reported	—	1.00
Income tax	-15	—	—	-15	—	reported	—	1.00

Gross margin	67.44%	—	—	67.44%	—	derived	—	0.70
EBITDA margin	27.89%	—	—	27.89%	—	derived	—	0.70
EBIT margin	14.34%	31.42%	−17.1 pp	14.34%	−17.1 pp	derived	—	0.70
Net margin	3.68%	16.44%	−12.8 pp	3.68%	−12.8 pp	derived	—	0.70

Cash	4,771	4,029	+18.4%	—	—	reported	—	1.00
Total debt	3,292	3,100	+6.2%	—	—	adjusted	—	0.90
Net debt	-1,479	-929	−59.2%	—	—	derived	—	0.70
Equity	20,724	20,254	+2.3%	—	—	reported	—	1.00
Total assets	27,503	26,602	+3.4%	—	—	reported	—	1.00
Working capital	16,929	16,609	+1.9%	—	—	derived	—	0.70
Current assets	20,474	19,906	+2.9%	—	—	reported	—	1.00
Current liabilities	3,545	3,297	+7.5%	—	—	reported	—	1.00
Non-current liabilities	3,234	3,051	+6%	—	—	reported	—	1.00
Trade receivables	2,824	—	—	—	—	reported	—	1.00
Trade payables	2,507	—	—	—	—	reported	—	0.90
Goodwill	690	762	−9.4%	—	—	reported	—	1.00
Tangible equity	20,034	19,492	+2.8%	—	—	derived	—	0.70

CFO	-677	—	—	-677	—	reported	—	1.00
CapEx	156	—	—	156	—	reported	—	1.00
FCF	-833	—	—	-833	—	derived	—	0.70
Dividends paid	0	—	—	0	—	reported	—	1.00

Current ratio	5.78x	6.04x	−0.26x	—	—	derived	—	0.70
Cash ratio	1.35x	1.22x	+0.13x	—	—	derived	—	0.70
Interest coverage	5.49x	—	—	5.49x	—	derived	—	0.70

Debt / equity	0.16x	0.15x	+0.01x	—	—	derived	—	0.70
Debt / assets	0.12x	0.12x	+0x	—	—	derived	—	0.70
Net debt / equity	-0.07x	-0.05x	−0.02x	—	—	derived	—	0.70

Revenue growth (YoY)	22.59%	62.1%	—	22.59%	—	derived	—	0.70
EBITDA growth (YoY)	-61.31%	—	—	-61.31%	—	derived	—	0.70
EBIT growth (YoY)	-75.14%	—	—	-75.14%	—	derived	—	0.70
Net income growth (YoY)	-62.12%	—	—	-62.12%	—	derived	—	0.70
Gross margin Δ (YoY)	3.02 pp	—	—	3.02 pp	—	derived	—	0.70
EBIT margin Δ (YoY)	-56.37 pp	—	—	-56.37 pp	—	derived	—	0.70
Net margin Δ (YoY)	-8.23 pp	—	—	-8.23 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

5,433 −41.1%

H1 2025: 9,218
YTD 2026: 5,433
Δ YoY: −41.1%

Gross profit

3,664 —

H1 2025: —
YTD 2026: 3,664
Δ YoY: —

EBITDA

1,515 —

H1 2025: —
YTD 2026: 1,515
Δ YoY: —

EBIT

779 −73.1%

H1 2025: 2,896
YTD 2026: 779
Δ YoY: −73.1%

EBT

455 —

H1 2025: —
YTD 2026: 455
Δ YoY: —

Net income

200 −86.8%

H1 2025: 1,515
YTD 2026: 200
Δ YoY: −86.8%

EPS (basic) (PLN)

0.01 —

H1 2025: 0.1
YTD 2026: 0.01
Δ YoY: —

D&A

736 —

H1 2025: —
YTD 2026: 736
Δ YoY: —

Interest expense

142 —

H1 2025: —
YTD 2026: 142
Δ YoY: —

Income tax

-15 —

H1 2025: —
YTD 2026: -15
Δ YoY: —

Gross margin

67.44% —

H1 2025: —
YTD 2026: 67.44%
Δ YoY: —

EBITDA margin

27.89% —

H1 2025: —
YTD 2026: 27.89%
Δ YoY: —

EBIT margin

14.34% −17.1 pp

H1 2025: 31.42%
YTD 2026: 14.34%
Δ YoY: −17.1 pp

Net margin

3.68% −12.8 pp

H1 2025: 16.44%
YTD 2026: 3.68%
Δ YoY: −12.8 pp

Cash

4,771 +18.4%

H1 2025: 4,029
YTD 2026: —
Δ YoY: —

Total debt

3,292 +6.2%

H1 2025: 3,100
YTD 2026: —
Δ YoY: —

Net debt

-1,479 −59.2%

H1 2025: -929
YTD 2026: —
Δ YoY: —

Equity

20,724 +2.3%

H1 2025: 20,254
YTD 2026: —
Δ YoY: —

Total assets

27,503 +3.4%

H1 2025: 26,602
YTD 2026: —
Δ YoY: —

Working capital

16,929 +1.9%

H1 2025: 16,609
YTD 2026: —
Δ YoY: —

Current assets

20,474 +2.9%

H1 2025: 19,906
YTD 2026: —
Δ YoY: —

Current liabilities

3,545 +7.5%

H1 2025: 3,297
YTD 2026: —
Δ YoY: —

Non-current liabilities

3,234 +6%

H1 2025: 3,051
YTD 2026: —
Δ YoY: —

Trade receivables

2,824 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

2,507 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

690 −9.4%

H1 2025: 762
YTD 2026: —
Δ YoY: —

Tangible equity

20,034 +2.8%

H1 2025: 19,492
YTD 2026: —
Δ YoY: —

CFO

-677 —

H1 2025: —
YTD 2026: -677
Δ YoY: —

CapEx

156 —

H1 2025: —
YTD 2026: 156
Δ YoY: —

FCF

-833 —

H1 2025: —
YTD 2026: -833
Δ YoY: —

Dividends paid

0 —

H1 2025: —
YTD 2026: 0
Δ YoY: —

Current ratio

5.78x −0.26x

H1 2025: 6.04x
YTD 2026: —
Δ YoY: —

Cash ratio

1.35x +0.13x

H1 2025: 1.22x
YTD 2026: —
Δ YoY: —

Interest coverage

5.49x —

H1 2025: —
YTD 2026: 5.49x
Δ YoY: —

Debt / equity

0.16x +0.01x

H1 2025: 0.15x
YTD 2026: —
Δ YoY: —

Debt / assets

0.12x +0x

H1 2025: 0.12x
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.07x −0.02x

H1 2025: -0.05x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

22.59% —

H1 2025: 62.1%
YTD 2026: 22.59%
Δ YoY: —

EBITDA growth (YoY)

-61.31% —

H1 2025: —
YTD 2026: -61.31%
Δ YoY: —

EBIT growth (YoY)

-75.14% —

H1 2025: —
YTD 2026: -75.14%
Δ YoY: —

Net income growth (YoY)

-62.12% —

H1 2025: —
YTD 2026: -62.12%
Δ YoY: —

Gross margin Δ (YoY)

3.02 pp —

H1 2025: —
YTD 2026: 3.02 pp
Δ YoY: —

EBIT margin Δ (YoY)

-56.37 pp —

H1 2025: —
YTD 2026: -56.37 pp
Δ YoY: —

Net margin Δ (YoY)

-8.23 pp —

H1 2025: —
YTD 2026: -8.23 pp
Δ YoY: —