H1 2026 report
Grupa zmieniła profil z finansowania SP ZOZ na mikro-holding (naczepy, najem wagonów, żwir, obrót wyrobami wojskowymi): przychody 3 580 tys. zł wobec 556 tys. zł, ale koszty działalności operacyjnej 8 907 tys. zł.
Sentiment
Cautious
No guidance change
MWT
H1 2026 report
Revenue
3.58 m PLN
— YoY
Net income
-7.04 m PLN
— YoY
EBITDA
-9.04 m PLN
— YoY
Gross margin
-148.8%
— YoY
Summary
Investment thesis
- Strata netto 9,6 mln zł zawiera niepieniężny, jednorazowy koszt usługi uzyskania notowania 4 210 tys. zł; bazowa strata operacyjna to ok. 5,3 mln zł i nie maleje kwartał do kwartału.
- Środki pieniężne spadły do 1 391 tys. zł z 5 359 tys. zł (CFO −3,9 mln zł); biegły zwrócił uwagę na istotną niepewność co do kontynuacji działalności.
- Plan płynności opiera się na pożyczkach, leasingu wagonów podmiotowi spoza grupy, sprzedaży lokali biurowych i części pakietu spółki zależnej — wszystko „w toku”.
- Kontrakt obronny (oferta MW Rail 67,0 mln zł brutto) jest zablokowany wyrokiem KIO z 10.07.2026; umowy brak.
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Financials
BETA
MWT · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,580 | 3,268 | +9.5% | 3,580 | +9.5% | reported | — | 1.00 |
| Gross profit | -5,327 | -6,153 | +13.4% | -5,327 | +13.4% | reported | — | 0.70 |
| EBITDA | -9,035 | -5,841 | −54.7% | -9,035 | −54.7% | derived | — | 0.70 |
| EBIT | -9,498 | -6,623 | −43.4% | -9,498 | −43.4% | reported | — | 1.00 |
| EBT | -9,548 | -6,430 | −48.5% | -9,548 | −48.5% | reported | — | 1.00 |
| Net income | -7,035 | -6,418 | −9.6% | -7,035 | −9.6% | reported | — | 1.00 |
| EPS (basic) (PLN) | -2.76 | -2.51 | — | -2.76 | — | reported | — | 0.80 |
| EPS (diluted) (PLN) | -2.76 | — | — | -2.76 | — | reported | — | 0.80 |
| D&A | 463 | 782 | −40.8% | 463 | −40.8% | reported | — | 1.00 |
| Interest expense | 74 | — | — | 74 | — | reported | — | 1.00 |
| Income tax | 83 | — | — | 83 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 2.55 | 2.55 | — | 2.55 | — | reported | — | 1.00 |
| Gross margin | -148.8% | -188.3% | +39.5 pp | -148.8% | +39.5 pp | derived | — | 0.60 |
| EBITDA margin | -252.37% | -178.7% | −73.7 pp | -252.37% | −73.7 pp | derived | — | 0.70 |
| EBIT margin | -265.31% | -202.7% | −62.6 pp | -265.31% | −62.6 pp | derived | — | 0.70 |
| EBT margin | -266.7% | — | — | -266.7% | — | derived | — | 0.70 |
| Net margin | -196.51% | -196.4% | −0.1 pp | -196.51% | −0.1 pp | derived | — | 0.70 |
| Cash | 1,391 | 5,359 | −74% | — | — | reported | — | 1.00 |
| Total debt | 1,280 | 1,283 | −0.2% | — | — | reported | — | 0.90 |
| Net debt | -111 | -4,076 | +97.3% | — | — | derived | — | 0.90 |
| Equity | 12,289 | 17,637 | −30.3% | — | — | reported | — | 1.00 |
| Total assets | 15,956 | 21,035 | −24.1% | — | — | reported | — | 1.00 |
| Working capital | 1,883 | 6,785 | −72.2% | — | — | derived | — | 0.70 |
| Current assets | 4,458 | 9,074 | −50.9% | — | — | reported | — | 1.00 |
| Current liabilities | 2,575 | 2,289 | +12.5% | — | — | reported | — | 1.00 |
| Non-current liabilities | 1,092 | 1,110 | −1.6% | — | — | reported | — | 1.00 |
| Inventory | 1,266 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 1,366 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 93 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 12,196 | — | — | — | — | derived | — | 0.70 |
| CFO | -3,912 | -5,139 | +23.9% | -3,912 | +23.9% | reported | — | 0.80 |
| CapEx | 78 | — | — | 78 | — | reported | — | 1.00 |
| FCF | -3,990 | — | — | -3,990 | — | derived | — | 0.70 |
| Current ratio | 1.73x | 3.96x | −2.23x | — | — | derived | — | 0.70 |
| Quick ratio | 1.24x | — | — | — | — | derived | — | 0.70 |
| Cash ratio | 0.54x | — | — | — | — | derived | — | 0.70 |
| Debt / equity | 0.1x | 0.07x | +0.03x | — | — | derived | — | 0.70 |
| Debt / assets | 0.08x | 0.06x | +0.02x | — | — | derived | — | 0.70 |
| Net debt / equity | -0.01x | -0.23x | +0.22x | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 543.88% | 598.3% | — | 543.88% | — | derived | — | 0.70 |
| Net income growth (YoY) | -369.31% | — | — | -369.31% | — | derived | — | 0.60 |
H1 2026 · Δ YoY
Revenue
3,580
+9.5%
3,580
+9.5%
- H1 2025
- 3,268
- YTD 2026
- 3,580
- Δ YoY
- +9.5%
Gross profit
-5,327
+13.4%
-5,327
+13.4%
- H1 2025
- -6,153
- YTD 2026
- -5,327
- Δ YoY
- +13.4%
EBITDA
-9,035
−54.7%
-9,035
−54.7%
- H1 2025
- -5,841
- YTD 2026
- -9,035
- Δ YoY
- −54.7%
EBIT
-9,498
−43.4%
-9,498
−43.4%
- H1 2025
- -6,623
- YTD 2026
- -9,498
- Δ YoY
- −43.4%
EBT
-9,548
−48.5%
-9,548
−48.5%
- H1 2025
- -6,430
- YTD 2026
- -9,548
- Δ YoY
- −48.5%
Net income
-7,035
−9.6%
-7,035
−9.6%
- H1 2025
- -6,418
- YTD 2026
- -7,035
- Δ YoY
- −9.6%
EPS (basic)
(PLN)
-2.76
—
-2.76
—
- H1 2025
- -2.51
- YTD 2026
- -2.76
- Δ YoY
- —
EPS (diluted)
(PLN)
-2.76
—
-2.76
—
- H1 2025
- —
- YTD 2026
- -2.76
- Δ YoY
- —
D&A
463
−40.8%
463
−40.8%
- H1 2025
- 782
- YTD 2026
- 463
- Δ YoY
- −40.8%
Interest expense
74
—
74
—
- H1 2025
- —
- YTD 2026
- 74
- Δ YoY
- —
Income tax
83
—
83
—
- H1 2025
- —
- YTD 2026
- 83
- Δ YoY
- —
Shares (basic)
(m units)
2.55
—
2.55
—
- H1 2025
- 2.55
- YTD 2026
- 2.55
- Δ YoY
- —
Gross margin
-148.8%
+39.5 pp
-148.8%
+39.5 pp
- H1 2025
- -188.3%
- YTD 2026
- -148.8%
- Δ YoY
- +39.5 pp
EBITDA margin
-252.37%
−73.7 pp
-252.37%
−73.7 pp
- H1 2025
- -178.7%
- YTD 2026
- -252.37%
- Δ YoY
- −73.7 pp
EBIT margin
-265.31%
−62.6 pp
-265.31%
−62.6 pp
- H1 2025
- -202.7%
- YTD 2026
- -265.31%
- Δ YoY
- −62.6 pp
EBT margin
-266.7%
—
-266.7%
—
- H1 2025
- —
- YTD 2026
- -266.7%
- Δ YoY
- —
Net margin
-196.51%
−0.1 pp
-196.51%
−0.1 pp
- H1 2025
- -196.4%
- YTD 2026
- -196.51%
- Δ YoY
- −0.1 pp
Cash
1,391
−74%
1,391
−74%
- H1 2025
- 5,359
- YTD 2026
- —
- Δ YoY
- —
Total debt
1,280
−0.2%
1,280
−0.2%
- H1 2025
- 1,283
- YTD 2026
- —
- Δ YoY
- —
Net debt
-111
+97.3%
-111
+97.3%
- H1 2025
- -4,076
- YTD 2026
- —
- Δ YoY
- —
Equity
12,289
−30.3%
12,289
−30.3%
- H1 2025
- 17,637
- YTD 2026
- —
- Δ YoY
- —
Total assets
15,956
−24.1%
15,956
−24.1%
- H1 2025
- 21,035
- YTD 2026
- —
- Δ YoY
- —
Working capital
1,883
−72.2%
1,883
−72.2%
- H1 2025
- 6,785
- YTD 2026
- —
- Δ YoY
- —
Current assets
4,458
−50.9%
4,458
−50.9%
- H1 2025
- 9,074
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
2,575
+12.5%
2,575
+12.5%
- H1 2025
- 2,289
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
1,092
−1.6%
1,092
−1.6%
- H1 2025
- 1,110
- YTD 2026
- —
- Δ YoY
- —
Inventory
1,266
—
1,266
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
1,366
—
1,366
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
93
—
93
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
12,196
—
12,196
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-3,912
+23.9%
-3,912
+23.9%
- H1 2025
- -5,139
- YTD 2026
- -3,912
- Δ YoY
- +23.9%
CapEx
78
—
78
—
- H1 2025
- —
- YTD 2026
- 78
- Δ YoY
- —
FCF
-3,990
—
-3,990
—
- H1 2025
- —
- YTD 2026
- -3,990
- Δ YoY
- —
Current ratio
1.73x
−2.23x
1.73x
−2.23x
- H1 2025
- 3.96x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.24x
—
1.24x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.54x
—
0.54x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.1x
+0.03x
0.1x
+0.03x
- H1 2025
- 0.07x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.08x
+0.02x
0.08x
+0.02x
- H1 2025
- 0.06x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.01x
+0.22x
-0.01x
+0.22x
- H1 2025
- -0.23x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
543.88%
—
543.88%
—
- H1 2025
- 598.3%
- YTD 2026
- 543.88%
- Δ YoY
- —
Net income growth (YoY)
-369.31%
—
-369.31%
—
- H1 2025
- —
- YTD 2026
- -369.31%
- Δ YoY
- —