LBW LUBAWA Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026

H1 2026 report

Spadek wyniku o ok. 28% r/r wynika z wysokiej bazy w segmencie sprzętu specjalistycznego, a nie z osłabienia marży brutto (34,8% vs 35,2%).

Sentiment

Positive No guidance change

Website

LBW H1 2026 report

Revenue

258.83 m PLN

— YoY

Net income

41.35 m PLN

— YoY

EBITDA

53.51 m PLN

— YoY

Gross margin

34.77%

— YoY

Summary

Investment thesis

Segment tkanin rośnie: sprzedaż zewnętrzna +59,4% do 100,9 mln zł, wynik segmentu +56,7% do 31,5 mln zł.
Kontrakt Wisła II (ok. 586 mln zł netto, 30.05.2026) i list intencyjny NAREW (potencjalnie ponad 2 mld zł) zwiększają widoczność przychodów.
Bilans bez długu odsetkowego: 61,0 mln zł gotówki i 206,2 mln zł lokat przy kapitale własnym 629,5 mln zł.
Przepływy operacyjne ujemne (−33,5 mln zł) przy zysku netto 41,2 mln zł — jakość zysku w tym półroczu jest słaba.

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Financials

BETA

H1 2026

LBW · H1 2026

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

Revenue	258.83	—	—	258.83	—	reported	—	1.00
Gross profit	89.98	—	—	89.98	—	reported	—	1.00
EBITDA	53.51	—	—	53.51	—	derived	—	0.90
EBIT	45.57	—	—	45.57	—	reported	—	1.00
EBT	50.84	—	—	50.84	—	reported	—	1.00
Net income	41.35	—	—	41.35	—	reported	—	1.00
EPS (basic) (PLN)	0.28	—	—	0.28	—	reported	—	1.00
EPS (diluted) (PLN)	0.28	—	—	0.28	—	reported	—	1.00
D&A	7.94	—	—	7.94	—	reported	—	1.00
Interest expense	0.07	—	—	0.07	—	reported	—	1.00
Income tax	9.61	—	—	9.61	—	reported	—	1.00

Gross margin	34.77%	—	—	34.77%	—	reported	—	0.70
EBITDA margin	20.67%	—	—	20.67%	—	reported	—	0.70
EBIT margin	17.61%	—	—	17.61%	—	reported	—	0.70
EBT margin	19.64%	—	—	19.64%	—	reported	—	0.70
Net margin	15.98%	—	—	15.98%	—	reported	—	0.70
D&A margin	3.07%	—	—	3.07%	—	reported	—	0.70

Cash	60.96	—	—	—	—	reported	—	1.00
Total debt	2.25	—	—	—	—	reported	—	0.90
Net debt	-58.71	—	—	—	—	derived	—	0.90
Equity	629.53	—	—	—	—	reported	—	1.00
Total assets	754.98	—	—	—	—	reported	—	1.00
Working capital	393.88	—	—	—	—	reported	—	0.70
Current assets	494.72	—	—	—	—	reported	—	1.00
Current liabilities	100.85	—	—	—	—	reported	—	1.00
Non-current liabilities	24.61	—	—	—	—	reported	—	1.00
Inventory	100.54	—	—	—	—	reported	—	1.00
Trade receivables	125.42	—	—	—	—	reported	—	0.80
Trade payables	79.23	—	—	—	—	reported	—	0.80
Goodwill	60.84	—	—	—	—	reported	—	1.00
Tangible equity	568.68	—	—	—	—	reported	—	0.70

CFO	-33.54	—	—	-33.54	—	reported	—	1.00
CapEx	9.59	—	—	9.59	—	reported	—	1.00
FCF	-43.13	—	—	-43.13	—	reported	—	0.70

Current ratio	4.91x	—	—	—	—	reported	—	0.70
Quick ratio	3.91x	—	—	—	—	reported	—	0.70
Cash ratio	0.6x	—	—	—	—	reported	—	0.70

Debt / equity	0x	—	—	—	—	reported	—	0.70
Debt / assets	0x	—	—	—	—	reported	—	0.70
Net debt / equity	-0.09x	—	—	—	—	reported	—	0.70

Revenue growth (YoY)	-17.06%	—	—	-17.06%	—	reported	—	0.70
EBITDA growth (YoY)	-30.21%	—	—	-30.21%	—	reported	—	0.70
EBIT growth (YoY)	-33.78%	—	—	-33.78%	—	reported	—	0.70
Net income growth (YoY)	-27.46%	—	—	-27.46%	—	reported	—	0.70
EPS growth (YoY)	-26.32%	—	—	-26.32%	—	reported	—	0.70
Gross margin Δ (YoY)	-0.46 pp	—	—	-0.46 pp	—	reported	—	0.70
EBIT margin Δ (YoY)	-4.44 pp	—	—	-4.44 pp	—	reported	—	0.70
Net margin Δ (YoY)	-2.29 pp	—	—	-2.29 pp	—	reported	—	0.70

H1 2026 · Δ YoY

Revenue

258.83 —

H1 2025: —
YTD 2026: 258.83
Δ YoY: —

Gross profit

89.98 —

H1 2025: —
YTD 2026: 89.98
Δ YoY: —

EBITDA

53.51 —

H1 2025: —
YTD 2026: 53.51
Δ YoY: —

EBIT

45.57 —

H1 2025: —
YTD 2026: 45.57
Δ YoY: —

EBT

50.84 —

H1 2025: —
YTD 2026: 50.84
Δ YoY: —

Net income

41.35 —

H1 2025: —
YTD 2026: 41.35
Δ YoY: —

EPS (basic) (PLN)

0.28 —

H1 2025: —
YTD 2026: 0.28
Δ YoY: —

EPS (diluted) (PLN)

0.28 —

H1 2025: —
YTD 2026: 0.28
Δ YoY: —

D&A

7.94 —

H1 2025: —
YTD 2026: 7.94
Δ YoY: —

Interest expense

0.07 —

H1 2025: —
YTD 2026: 0.07
Δ YoY: —

Income tax

9.61 —

H1 2025: —
YTD 2026: 9.61
Δ YoY: —

Gross margin

34.77% —

H1 2025: —
YTD 2026: 34.77%
Δ YoY: —

EBITDA margin

20.67% —

H1 2025: —
YTD 2026: 20.67%
Δ YoY: —

EBIT margin

17.61% —

H1 2025: —
YTD 2026: 17.61%
Δ YoY: —

EBT margin

19.64% —

H1 2025: —
YTD 2026: 19.64%
Δ YoY: —

Net margin

15.98% —

H1 2025: —
YTD 2026: 15.98%
Δ YoY: —

D&A margin

3.07% —

H1 2025: —
YTD 2026: 3.07%
Δ YoY: —

Cash

60.96 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

2.25 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

-58.71 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

629.53 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total assets

754.98 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Working capital

393.88 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

494.72 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

100.85 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

24.61 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

100.54 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

125.42 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

79.23 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

60.84 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity

568.68 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-33.54 —

H1 2025: —
YTD 2026: -33.54
Δ YoY: —

CapEx

9.59 —

H1 2025: —
YTD 2026: 9.59
Δ YoY: —

FCF

-43.13 —

H1 2025: —
YTD 2026: -43.13
Δ YoY: —

Current ratio

4.91x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

3.91x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.6x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

0x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.09x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-17.06% —

H1 2025: —
YTD 2026: -17.06%
Δ YoY: —

EBITDA growth (YoY)

-30.21% —

H1 2025: —
YTD 2026: -30.21%
Δ YoY: —

EBIT growth (YoY)

-33.78% —

H1 2025: —
YTD 2026: -33.78%
Δ YoY: —

Net income growth (YoY)

-27.46% —

H1 2025: —
YTD 2026: -27.46%
Δ YoY: —

EPS growth (YoY)

-26.32% —

H1 2025: —
YTD 2026: -26.32%
Δ YoY: —

Gross margin Δ (YoY)

-0.46 pp —

H1 2025: —
YTD 2026: -0.46 pp
Δ YoY: —

EBIT margin Δ (YoY)

-4.44 pp —

H1 2025: —
YTD 2026: -4.44 pp
Δ YoY: —

Net margin Δ (YoY)

-2.29 pp —

H1 2025: —
YTD 2026: -2.29 pp
Δ YoY: —