H1 2026 report
Grupa działa w niszy oświetlenia przemysłowego/biurowego z ugruntowaną marką, ale wynikami silnie zależnymi od sezonu (I półrocze historycznie najsłabsze) i kursu EUR/PLN, gdyż ok. 40% przychodów pochodzi z eksportu.
Sentiment
Cautious
No guidance change
LEN
H1 2026 report
Revenue
69.89 m PLN
— YoY
Net income
1.12 m PLN
— YoY
EBITDA
5.16 m PLN
— YoY
Gross margin
32.93%
— YoY
Summary
Investment thesis
- Marża brutto na sprzedaży pozostaje solidna i poprawiła się r/r (33,76% vs 32,93%) mimo spadku przychodów o 3,65% — rdzeń biznesu operacyjnego nie ucierpiał, problem I półrocza leży niżej w rachunku wyników.
- Strata netto -1,77 mln zł w I półroczu 2026 wynika niemal w całości ze skokowego wzrostu kosztów sprzedaży (+28,3% r/r, +4,3 mln zł) związanego z udziałem w targach Light & Building — jeśli to koszt jednorazowy/cykliczny, efekt może nie powtórzyć się w kolejnych okresach.
- Przepływy operacyjne są głęboko ujemne (-5,53 mln zł) i istotnie gorsze od księgowej straty — głównie przez wzrost zapasów i należności, częściowo tłumaczony sezonowym zatowarowaniem przed szczytem sprzedaży w II półroczu, ale wymagający potwierdzenia w kolejnym raporcie.
- Bilans pozostaje nisko zadłużony (dług netto/EBITDA TTM ok. 1,6x, dług netto/kapitał własny ok. 9%), z dużym niewykorzystanym limitem kredytowym (20,5 mln zł, wykorzystane 7,6 mln zł) — poduszka bezpieczeństwa na wypadek dalszego pogorszenia koniunktury.
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Financials
BETA
LEN · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 69,892 | 141,752 | −50.7% | 69,892 | −50.7% | reported | — | 1.00 |
| Gross profit | 23,009 | 47,546 | −51.6% | 23,009 | −51.6% | reported | — | 1.00 |
| EBITDA | 5,155 | 9,685 | −46.8% | 5,155 | −46.8% | reported | — | 1.00 |
| EBIT | 1,743 | 2,802 | −37.8% | 1,743 | −37.8% | reported | — | 1.00 |
| EBT | 1,467 | 2,690 | −45.5% | 1,467 | −45.5% | reported | — | 1.00 |
| Net income | 1,118 | 2,045 | −45.3% | 1,118 | −45.3% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.04 | — | — | 0.04 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.04 | — | — | 0.04 | — | reported | — | 1.00 |
| D&A | 3,412 | 6,883 | −50.4% | 3,412 | −50.4% | reported | — | 1.00 |
| Interest expense | 62 | — | — | 62 | — | reported | — | 1.00 |
| Income tax | 349 | — | — | 349 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 24.88 | — | — | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 24.88 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 32.93% | 33.54% | −0.6 pp | 32.93% | −0.6 pp | derived | — | 1.00 |
| EBITDA margin | 7.38% | 6.83% | +0.5 pp | 7.38% | +0.5 pp | derived | — | 1.00 |
| EBIT margin | 2.49% | 1.98% | +0.5 pp | 2.49% | +0.5 pp | derived | — | 1.00 |
| EBT margin | 2.1% | — | — | 2.1% | — | derived | — | 1.00 |
| Net margin | 1.6% | 1.44% | +0.2 pp | 1.6% | +0.2 pp | derived | — | 1.00 |
| Cash | 2,575 | — | — | — | — | reported | — | 1.00 |
| Total debt | 3,221 | — | — | — | — | derived | — | 0.80 |
| Net debt | 646 | — | — | — | — | derived | — | 0.80 |
| Equity | 109,782 | 109,782 | +0% | — | — | reported | — | 1.00 |
| Total assets | 132,247 | 132,247 | +0% | — | — | reported | — | 1.00 |
| Working capital | 57,388 | 57,388 | +0% | — | — | derived | — | 1.00 |
| Current assets | 79,083 | 79,083 | +0% | — | — | reported | — | 1.00 |
| Current liabilities | 21,695 | 21,695 | +0% | — | — | reported | — | 1.00 |
| Non-current liabilities | 770 | — | — | — | — | reported | — | 1.00 |
| Inventory | 39,303 | 39,303 | +0% | — | — | reported | — | 1.00 |
| Trade receivables | 29,225 | 29,225 | +0% | — | — | reported | — | 1.00 |
| Trade payables | 11,102 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 434 | — | — | — | — | reported | — | 0.90 |
| Tangible equity | 109,348 | — | — | — | — | derived | — | 0.90 |
| CFO | 5,310 | — | — | 5,310 | — | reported | — | 1.00 |
| CapEx | 2,255 | — | — | 2,255 | — | reported | — | 1.00 |
| FCF | 3,055 | — | — | 3,055 | — | derived | — | 0.90 |
| FCF conversion | 59.26% | — | — | 59.26% | — | derived | — | 0.90 |
| CFO conversion | 103.01% | — | — | 103.01% | — | derived | — | 0.90 |
| Dividends paid | 0 | 2,488 | −100% | 0 | −100% | reported | — | 1.00 |
| ROE | -0.78% | 1.86% | −2.6 pp | — | — | reported | — | 0.70 |
| ROA | -0.63% | 1.54% | −2.2 pp | — | — | derived | — | 0.70 |
| ROIC | -0.77% | — | — | — | — | derived | — | 0.50 |
| ROCE | -1.03% | 2.53% | −3.6 pp | — | — | derived | — | 0.60 |
| Current ratio | 3.65x | 3.65x | +0x | — | — | derived | — | 1.00 |
| Quick ratio | 1.83x | 1.83x | −0x | — | — | derived | — | 1.00 |
| Cash ratio | 0.12x | — | — | — | — | derived | — | 1.00 |
| Interest coverage | 28.11x | — | — | 28.11x | — | derived | — | 0.90 |
| Net debt / EBITDA | 1.63x | — | — | — | — | reported | — | 0.70 |
| Debt / equity | 0.03x | — | — | — | — | derived | — | 0.80 |
| Debt / assets | 0.02x | — | — | — | — | derived | — | 0.80 |
| Net debt / equity | 0.01x | — | — | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | -3.65% | 3.51% | — | -3.65% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | -72.36% | -5.61% | — | -72.36% | — | derived | — | 1.00 |
| EBIT growth (YoY) | -223.58% | -22.45% | — | -223.58% | — | derived | — | 1.00 |
| Net income growth (YoY) | -258.41% | -18.1% | — | -258.41% | — | derived | — | 1.00 |
| EPS growth (YoY) | -275% | — | — | -275% | — | derived | — | 1.00 |
| FCF growth (YoY) | -398.79% | — | — | -398.79% | — | derived | — | 0.80 |
| Gross margin Δ (YoY) | 0.83 pp | — | — | 0.83 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -5.26 pp | — | — | -5.26 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | -5.69 pp | -0.66 pp | — | -5.69 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -4.23 pp | -0.38 pp | — | -4.23 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
69,892
−50.7%
69,892
−50.7%
- H1 2025
- 141,752
- YTD 2026
- 69,892
- Δ YoY
- −50.7%
Gross profit
23,009
−51.6%
23,009
−51.6%
- H1 2025
- 47,546
- YTD 2026
- 23,009
- Δ YoY
- −51.6%
EBITDA
5,155
−46.8%
5,155
−46.8%
- H1 2025
- 9,685
- YTD 2026
- 5,155
- Δ YoY
- −46.8%
EBIT
1,743
−37.8%
1,743
−37.8%
- H1 2025
- 2,802
- YTD 2026
- 1,743
- Δ YoY
- −37.8%
EBT
1,467
−45.5%
1,467
−45.5%
- H1 2025
- 2,690
- YTD 2026
- 1,467
- Δ YoY
- −45.5%
Net income
1,118
−45.3%
1,118
−45.3%
- H1 2025
- 2,045
- YTD 2026
- 1,118
- Δ YoY
- −45.3%
EPS (basic)
(PLN)
0.04
—
0.04
—
- H1 2025
- —
- YTD 2026
- 0.04
- Δ YoY
- —
EPS (diluted)
(PLN)
0.04
—
0.04
—
- H1 2025
- —
- YTD 2026
- 0.04
- Δ YoY
- —
D&A
3,412
−50.4%
3,412
−50.4%
- H1 2025
- 6,883
- YTD 2026
- 3,412
- Δ YoY
- −50.4%
Interest expense
62
—
62
—
- H1 2025
- —
- YTD 2026
- 62
- Δ YoY
- —
Income tax
349
—
349
—
- H1 2025
- —
- YTD 2026
- 349
- Δ YoY
- —
Shares (basic)
(m units)
24.88
—
24.88
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Shares (diluted)
(m units)
24.88
—
24.88
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
32.93%
−0.6 pp
32.93%
−0.6 pp
- H1 2025
- 33.54%
- YTD 2026
- 32.93%
- Δ YoY
- −0.6 pp
EBITDA margin
7.38%
+0.5 pp
7.38%
+0.5 pp
- H1 2025
- 6.83%
- YTD 2026
- 7.38%
- Δ YoY
- +0.5 pp
EBIT margin
2.49%
+0.5 pp
2.49%
+0.5 pp
- H1 2025
- 1.98%
- YTD 2026
- 2.49%
- Δ YoY
- +0.5 pp
EBT margin
2.1%
—
2.1%
—
- H1 2025
- —
- YTD 2026
- 2.1%
- Δ YoY
- —
Net margin
1.6%
+0.2 pp
1.6%
+0.2 pp
- H1 2025
- 1.44%
- YTD 2026
- 1.6%
- Δ YoY
- +0.2 pp
Cash
2,575
—
2,575
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
3,221
—
3,221
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
646
—
646
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
109,782
+0%
109,782
+0%
- H1 2025
- 109,782
- YTD 2026
- —
- Δ YoY
- —
Total assets
132,247
+0%
132,247
+0%
- H1 2025
- 132,247
- YTD 2026
- —
- Δ YoY
- —
Working capital
57,388
+0%
57,388
+0%
- H1 2025
- 57,388
- YTD 2026
- —
- Δ YoY
- —
Current assets
79,083
+0%
79,083
+0%
- H1 2025
- 79,083
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
21,695
+0%
21,695
+0%
- H1 2025
- 21,695
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
770
—
770
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
39,303
+0%
39,303
+0%
- H1 2025
- 39,303
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
29,225
+0%
29,225
+0%
- H1 2025
- 29,225
- YTD 2026
- —
- Δ YoY
- —
Trade payables
11,102
—
11,102
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
434
—
434
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
109,348
—
109,348
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
5,310
—
5,310
—
- H1 2025
- —
- YTD 2026
- 5,310
- Δ YoY
- —
CapEx
2,255
—
2,255
—
- H1 2025
- —
- YTD 2026
- 2,255
- Δ YoY
- —
FCF
3,055
—
3,055
—
- H1 2025
- —
- YTD 2026
- 3,055
- Δ YoY
- —
FCF conversion
59.26%
—
59.26%
—
- H1 2025
- —
- YTD 2026
- 59.26%
- Δ YoY
- —
CFO conversion
103.01%
—
103.01%
—
- H1 2025
- —
- YTD 2026
- 103.01%
- Δ YoY
- —
Dividends paid
0
−100%
0
−100%
- H1 2025
- 2,488
- YTD 2026
- 0
- Δ YoY
- −100%
ROE
-0.78%
−2.6 pp
-0.78%
−2.6 pp
- H1 2025
- 1.86%
- YTD 2026
- —
- Δ YoY
- —
ROA
-0.63%
−2.2 pp
-0.63%
−2.2 pp
- H1 2025
- 1.54%
- YTD 2026
- —
- Δ YoY
- —
ROIC
-0.77%
—
-0.77%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROCE
-1.03%
−3.6 pp
-1.03%
−3.6 pp
- H1 2025
- 2.53%
- YTD 2026
- —
- Δ YoY
- —
Current ratio
3.65x
+0x
3.65x
+0x
- H1 2025
- 3.65x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.83x
−0x
1.83x
−0x
- H1 2025
- 1.83x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.12x
—
0.12x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
28.11x
—
28.11x
—
- H1 2025
- —
- YTD 2026
- 28.11x
- Δ YoY
- —
Net debt / EBITDA
1.63x
—
1.63x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.03x
—
0.03x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.02x
—
0.02x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.01x
—
0.01x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-3.65%
—
-3.65%
—
- H1 2025
- 3.51%
- YTD 2026
- -3.65%
- Δ YoY
- —
EBITDA growth (YoY)
-72.36%
—
-72.36%
—
- H1 2025
- -5.61%
- YTD 2026
- -72.36%
- Δ YoY
- —
EBIT growth (YoY)
-223.58%
—
-223.58%
—
- H1 2025
- -22.45%
- YTD 2026
- -223.58%
- Δ YoY
- —
Net income growth (YoY)
-258.41%
—
-258.41%
—
- H1 2025
- -18.1%
- YTD 2026
- -258.41%
- Δ YoY
- —
EPS growth (YoY)
-275%
—
-275%
—
- H1 2025
- —
- YTD 2026
- -275%
- Δ YoY
- —
FCF growth (YoY)
-398.79%
—
-398.79%
—
- H1 2025
- —
- YTD 2026
- -398.79%
- Δ YoY
- —
Gross margin Δ (YoY)
0.83 pp
—
0.83 pp
—
- H1 2025
- —
- YTD 2026
- 0.83 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-5.26 pp
—
-5.26 pp
—
- H1 2025
- —
- YTD 2026
- -5.26 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-5.69 pp
—
-5.69 pp
—
- H1 2025
- -0.66 pp
- YTD 2026
- -5.69 pp
- Δ YoY
- —
Net margin Δ (YoY)
-4.23 pp
—
-4.23 pp
—
- H1 2025
- -0.38 pp
- YTD 2026
- -4.23 pp
- Δ YoY
- —