IZB IZOBLOK Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 25, 2026

H1 2026 report

Przychody Grupy wzrosły o 17,9% r/r do 175,1 mln zł, a EBITDA poprawiła się blisko sześciokrotnie do 19,9 mln zł, ale ok. 3,2 mln zł tej poprawy to jednorazowe rozwiązanie rezerwy na spór z PGNiG (obecnie MyORLEN).

Sentiment

Positive No guidance change

Website

IZB H1 2026 report

Revenue

175.12 m PLN

— YoY

Net income

3.79 m PLN

— YoY

EBITDA

19.86 m PLN

— YoY

FCF

24.96 m PLN

— YoY

Summary

Investment thesis

Tuż po dniu bilansowym Sąd Arbitrażowy zasądził od Spółki 1,37 mln zł na rzecz MyORLEN — część 'papierowego' zysku z rozwiązania rezerwy trzeba będzie odwrócić w II półroczu.
Silny operacyjny cash flow (29,0 mln zł wobec -3,6 mln zł rok wcześniej) w dużej mierze napędzany jest wzrostem zobowiązań krótkoterminowych, w tym 26,8 mln zł zaliczki na projekt z BMW — to efekt czasowy, nie trwała poprawa marż.
Najważniejsze wydarzenie okresu: norweska grupa BEWI (poprzez BEWI Poland) przejęła w wezwaniu 95,2% akcji, ogłosiła przymusowy wykup pozostałych 4,8% akcjonariuszy, a GPW zawiesiła obrót akcjami od 8 września 2026 r. — spółka zmierza do wycofania z giełdy.
Zadłużenie pozostaje umiarkowanie wysokie (dług netto/kapitał własny ok. 1,17x), ale płynność bieżąca (1,39x) i brak zgłaszanych zatorów płatniczych wskazują na stabilną sytuację operacyjną.

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Financials

BETA

H1 2026

IZB · H1 2026

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

Revenue	175.12	301.34	−41.9%	175.12	−41.9%	reported	—	1.00
EBITDA	19.86	24.19	−17.9%	19.86	−17.9%	reported	—	1.00
EBIT	11.36	8.6	+32%	11.36	+32%	reported	—	1.00
EBT	5.34	-1.77	+401.7%	5.34	+401.7%	reported	—	1.00
Net income	3.79	-1.86	+303.9%	3.79	+303.9%	reported	—	1.00
EPS (basic) (PLN)	2.99	—	—	2.99	—	reported	—	1.00
D&A	8.51	15.59	−45.4%	8.51	−45.4%	reported	—	1.00
Interest expense	5.09	10.77	−52.7%	5.09	−52.7%	reported	—	1.00
Income tax	1.55	0.09	+1661.4%	1.55	+1661.4%	reported	—	1.00
Shares (basic) (m units)	1.27	—	—	—	—	reported	—	1.00

EBITDA margin	11.34%	8.03%	+3.3 pp	11.34%	+3.3 pp	derived	—	0.90
EBIT margin	6.49%	2.85%	+3.6 pp	6.49%	+3.6 pp	derived	—	0.90
Net margin	2.16%	-0.62%	+2.8 pp	2.16%	+2.8 pp	derived	—	0.90

Cash	16.32	5.69	+186.7%	—	—	reported	—	1.00
Total debt	138.12	—	—	—	—	reported	—	1.00
Net debt	121.79	—	—	—	—	derived	—	0.90
Equity	104.3	99.76	+4.5%	—	—	reported	—	1.00
Total assets	334.92	300.74	+11.4%	—	—	reported	—	1.00
Current assets	149.95	113.13	+32.5%	—	—	reported	—	1.00
Current liabilities	107.75	77.47	+39.1%	—	—	reported	—	1.00
Non-current liabilities	122.87	123.51	−0.5%	—	—	reported	—	1.00
Inventory	44.91	39.54	+13.6%	—	—	reported	—	1.00
Trade receivables	55.56	48.67	+14.2%	—	—	reported	—	1.00
Trade payables	38.46	—	—	—	—	reported	—	1.00

CFO	29.04	12.77	+127.5%	29.04	+127.5%	reported	—	1.00
CapEx	4.08	36.48	−88.8%	4.08	−88.8%	reported	—	1.00
FCF	24.96	-23.71	+205.3%	24.96	+205.3%	derived	—	0.90
FCF conversion	125.66%	—	—	125.66%	—	derived	—	0.85
CFO conversion	146.19%	52.76%	+93.4 pp	146.19%	+93.4 pp	derived	—	0.85

Current ratio	1.39x	1.46x	−0.07x	—	—	derived	—	0.90
Quick ratio	0.97x	0.95x	+0.02x	—	—	derived	—	0.90
Cash ratio	0.15x	0.07x	+0.08x	—	—	derived	—	0.90
Interest coverage	2.23x	0.8x	+1.43x	2.23x	+1.43x	derived	—	0.85

Debt / equity	1.32x	—	—	—	—	derived	—	0.90
Debt / assets	0.41x	—	—	—	—	derived	—	0.90
Net debt / equity	1.17x	—	—	—	—	derived	—	0.85

Revenue growth (YoY)	17.89%	19.45%	—	17.89%	—	derived	—	0.90
EBITDA growth (YoY)	437.85%	43.58%	—	437.85%	—	derived	—	0.90
EBIT growth (YoY)	432.82%	39.08%	—	432.82%	—	derived	—	0.85
Net income growth (YoY)	144.33%	—	—	144.33%	—	derived	—	0.85
EPS growth (YoY)	144.36%	—	—	144.36%	—	derived	—	0.85
EBITDA margin Δ (YoY)	8.86 pp	1.35 pp	—	8.86 pp	—	derived	—	0.85
EBIT margin Δ (YoY)	8.78 pp	0.4 pp	—	8.78 pp	—	derived	—	0.85
Net margin Δ (YoY)	7.91 pp	-6.11 pp	—	7.91 pp	—	derived	—	0.85

H1 2026 · Δ YoY

Revenue

175.12 −41.9%

H1 2025: 301.34
YTD 2026: 175.12
Δ YoY: −41.9%

EBITDA

19.86 −17.9%

H1 2025: 24.19
YTD 2026: 19.86
Δ YoY: −17.9%

EBIT

11.36 +32%

H1 2025: 8.6
YTD 2026: 11.36
Δ YoY: +32%

EBT

5.34 +401.7%

H1 2025: -1.77
YTD 2026: 5.34
Δ YoY: +401.7%

Net income

3.79 +303.9%

H1 2025: -1.86
YTD 2026: 3.79
Δ YoY: +303.9%

EPS (basic) (PLN)

2.99 —

H1 2025: —
YTD 2026: 2.99
Δ YoY: —

D&A

8.51 −45.4%

H1 2025: 15.59
YTD 2026: 8.51
Δ YoY: −45.4%

Interest expense

5.09 −52.7%

H1 2025: 10.77
YTD 2026: 5.09
Δ YoY: −52.7%

Income tax

1.55 +1661.4%

H1 2025: 0.09
YTD 2026: 1.55
Δ YoY: +1661.4%

Shares (basic) (m units)

1.27 —

H1 2025: —
YTD 2026: —
Δ YoY: —

EBITDA margin

11.34% +3.3 pp

H1 2025: 8.03%
YTD 2026: 11.34%
Δ YoY: +3.3 pp

EBIT margin

6.49% +3.6 pp

H1 2025: 2.85%
YTD 2026: 6.49%
Δ YoY: +3.6 pp

Net margin

2.16% +2.8 pp

H1 2025: -0.62%
YTD 2026: 2.16%
Δ YoY: +2.8 pp

Cash

16.32 +186.7%

H1 2025: 5.69
YTD 2026: —
Δ YoY: —

Total debt

138.12 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

121.79 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

104.3 +4.5%

H1 2025: 99.76
YTD 2026: —
Δ YoY: —

Total assets

334.92 +11.4%

H1 2025: 300.74
YTD 2026: —
Δ YoY: —

Current assets

149.95 +32.5%

H1 2025: 113.13
YTD 2026: —
Δ YoY: —

Current liabilities

107.75 +39.1%

H1 2025: 77.47
YTD 2026: —
Δ YoY: —

Non-current liabilities

122.87 −0.5%

H1 2025: 123.51
YTD 2026: —
Δ YoY: —

Inventory

44.91 +13.6%

H1 2025: 39.54
YTD 2026: —
Δ YoY: —

Trade receivables

55.56 +14.2%

H1 2025: 48.67
YTD 2026: —
Δ YoY: —

Trade payables

38.46 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

29.04 +127.5%

H1 2025: 12.77
YTD 2026: 29.04
Δ YoY: +127.5%

CapEx

4.08 −88.8%

H1 2025: 36.48
YTD 2026: 4.08
Δ YoY: −88.8%

FCF

24.96 +205.3%

H1 2025: -23.71
YTD 2026: 24.96
Δ YoY: +205.3%

FCF conversion

125.66% —

H1 2025: —
YTD 2026: 125.66%
Δ YoY: —

CFO conversion

146.19% +93.4 pp

H1 2025: 52.76%
YTD 2026: 146.19%
Δ YoY: +93.4 pp

Current ratio

1.39x −0.07x

H1 2025: 1.46x
YTD 2026: —
Δ YoY: —

Quick ratio

0.97x +0.02x

H1 2025: 0.95x
YTD 2026: —
Δ YoY: —

Cash ratio

0.15x +0.08x

H1 2025: 0.07x
YTD 2026: —
Δ YoY: —

Interest coverage

2.23x +1.43x

H1 2025: 0.8x
YTD 2026: 2.23x
Δ YoY: +1.43x

Debt / equity

1.32x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.41x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

1.17x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

17.89% —

H1 2025: 19.45%
YTD 2026: 17.89%
Δ YoY: —

EBITDA growth (YoY)

437.85% —

H1 2025: 43.58%
YTD 2026: 437.85%
Δ YoY: —

EBIT growth (YoY)

432.82% —

H1 2025: 39.08%
YTD 2026: 432.82%
Δ YoY: —

Net income growth (YoY)

144.33% —

H1 2025: —
YTD 2026: 144.33%
Δ YoY: —

EPS growth (YoY)

144.36% —

H1 2025: —
YTD 2026: 144.36%
Δ YoY: —

EBITDA margin Δ (YoY)

8.86 pp —

H1 2025: 1.35 pp
YTD 2026: 8.86 pp
Δ YoY: —

EBIT margin Δ (YoY)

8.78 pp —

H1 2025: 0.4 pp
YTD 2026: 8.78 pp
Δ YoY: —

Net margin Δ (YoY)

7.91 pp —

H1 2025: -6.11 pp
YTD 2026: 7.91 pp
Δ YoY: —