H1 2026 report
Mabion łączy realny, choć skoncentrowany, wzrost przychodów CDMO (+31% r/r narastająco) z głęboką niepewnością co do zdolności finansowania działalności w kolejnych 12 miesiącach.
Sentiment
Cautious
No guidance change
MAB
H1 2026 report
Revenue
7.83 m PLN
— YoY
Net income
-24.68 m PLN
— YoY
EBITDA
-18.69 m PLN
— YoY
Gross margin
-79.96%
— YoY
Summary
Investment thesis
- Audytor po raz pierwszy w tym cyklu odmówił wyrażenia wniosku z przeglądu — nie z powodu jednej wątpliwej pozycji, ale trzech naraz: testu na utratę wartości RZAT, wyceny zapasów i samej zasady kontynuacji działalności.
- Płynność jest dziś utrzymywana wyłącznie dzięki pożyczkom od obecnych akcjonariuszy i podmiotów trzecich, z których część już skonwertowano na akcje po dniu bilansowym — koszt finansowania przenosi się na rozwodnienie, nie na odsetki.
- Aneks z Novavax wydłużający współpracę do 2029 roku oraz potwierdzenie spotkania z FDA dla MabionCD20 to realne, ale średnioterminowe katalizatory — nie rozwiązują one bieżącej luki płynnościowej.
- Kapitał własny spadł o połowę w ciągu 6 miesięcy; bez zapowiadanej emisji akcji z kapitału docelowego lub kolejnych kontraktów produkcyjnych spółka może zbliżyć się do ujemnego kapitału własnego.
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Financials
BETA
MAB · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.26 | 15.76 | −79.3% | 7.83 | −50.3% | reported | — | 1.00 |
| Gross profit | -3.42 | -17.42 | +80.4% | -6.26 | +64% | reported | — | 1.00 |
| EBITDA | -11.71 | -50.5 | +76.8% | -18.69 | +63% | derived | — | 0.90 |
| EBIT | -13.8 | -59.59 | +76.8% | -22.99 | +61.4% | reported | — | 1.00 |
| EBT | -24.68 | -62.61 | +60.6% | -24.68 | +60.6% | reported | — | 1.00 |
| Net income | -14.94 | -62.61 | +76.1% | -24.68 | +60.6% | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.92 | -3.87 | — | -1.53 | — | reported | — | 1.00 |
| D&A | 2.1 | 9.1 | −77% | 4.3 | −52.7% | reported | — | 1.00 |
| Interest expense | 1.31 | — | — | 1.31 | — | reported | — | 1.00 |
| Income tax | 0 | — | — | 0 | — | reported | — | 1.00 |
| Gross margin | -104.69% | -110.52% | +5.8 pp | -79.96% | +30.6 pp | derived | — | 0.90 |
| EBITDA margin | -358.9% | -320.49% | −38.4 pp | -238.6% | +81.9 pp | derived | — | 0.85 |
| EBIT margin | -423.1% | -378.21% | −44.9 pp | -293.4% | +84.8 pp | derived | — | 0.90 |
| Net margin | -457.8% | -397.37% | −60.4 pp | -315% | +82.4 pp | derived | — | 0.90 |
| Cash | 5.8 | 6.37 | −9.1% | — | — | reported | — | 1.00 |
| Total debt | 32.44 | 12.69 | +155.7% | — | — | reported | — | 0.90 |
| Net debt | 26.64 | 6.32 | +321.8% | — | — | derived | — | 0.85 |
| Equity | 24.15 | 48.83 | −50.5% | — | — | reported | — | 1.00 |
| Total assets | 102.2 | 110.43 | −7.5% | — | — | reported | — | 1.00 |
| Working capital | -31.82 | -31.06 | −2.4% | — | — | derived | — | 0.90 |
| Current assets | 14.82 | 12.8 | +15.8% | — | — | reported | — | 1.00 |
| Current liabilities | 46.64 | 43.85 | +6.4% | — | — | reported | — | 1.00 |
| Non-current liabilities | 31.41 | 17.75 | +77% | — | — | reported | — | 1.00 |
| Inventory | 6.11 | 1.41 | +334.5% | — | — | reported | — | 1.00 |
| Trade receivables | 1.08 | 1.91 | −43.6% | — | — | reported | — | 1.00 |
| Trade payables | 5.74 | 6.13 | −6.4% | — | — | reported | — | 1.00 |
| Goodwill | 0.12 | 0.16 | −25.2% | — | — | reported | — | 1.00 |
| Tangible equity | 24.03 | 48.67 | −50.6% | — | — | derived | — | 0.90 |
| CFO | -18.53 | -41.59 | +55.4% | -18.53 | +55.4% | reported | — | 1.00 |
| CapEx | 0.82 | 0.89 | −7.8% | 0.82 | −7.8% | reported | — | 1.00 |
| FCF | -19.35 | -42.48 | +54.4% | -19.35 | +54.4% | derived | — | 0.90 |
| Current ratio | 0.32x | 0.29x | +0.03x | — | — | derived | — | 0.90 |
| Quick ratio | 0.19x | 0.26x | −0.07x | — | — | derived | — | 0.90 |
| Cash ratio | 0.12x | 0.15x | −0.03x | — | — | derived | — | 0.90 |
| Debt / equity | 1.34x | 0.26x | +1.08x | — | — | derived | — | 0.85 |
| Debt / assets | 0.32x | 0.11x | +0.21x | — | — | derived | — | 0.85 |
| Net debt / equity | 1.1x | 0.13x | +0.97x | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | 0.06% | -77.17% | — | 31.06% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | 4.41% | — | — | 21.9% | — | derived | — | 0.80 |
| EBIT growth (YoY) | 5.69% | — | — | 19.97% | — | derived | — | 0.90 |
| Net income growth (YoY) | 3.12% | -888.54% | — | 19.55% | — | derived | — | 0.90 |
| EPS growth (YoY) | 3.16% | — | — | 19.47% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | 105.48 pp | -170.15 pp | — | 105.48 pp | — | derived | — | 0.80 |
| EBITDA margin Δ (YoY) | 161.8 pp | — | — | 161.8 pp | — | derived | — | 0.75 |
| EBIT margin Δ (YoY) | 187.2 pp | -367.8 pp | — | 187.2 pp | — | derived | — | 0.80 |
| Net margin Δ (YoY) | 198.2 pp | -388.2 pp | — | 198.2 pp | — | derived | — | 0.80 |
H1 2026 · Δ YoY
Revenue
3.26
−79.3%
3.26
−79.3%
- H1 2025
- 15.76
- YTD 2026
- 7.83
- Δ YoY
- −50.3%
Gross profit
-3.42
+80.4%
-3.42
+80.4%
- H1 2025
- -17.42
- YTD 2026
- -6.26
- Δ YoY
- +64%
EBITDA
-11.71
+76.8%
-11.71
+76.8%
- H1 2025
- -50.5
- YTD 2026
- -18.69
- Δ YoY
- +63%
EBIT
-13.8
+76.8%
-13.8
+76.8%
- H1 2025
- -59.59
- YTD 2026
- -22.99
- Δ YoY
- +61.4%
EBT
-24.68
+60.6%
-24.68
+60.6%
- H1 2025
- -62.61
- YTD 2026
- -24.68
- Δ YoY
- +60.6%
Net income
-14.94
+76.1%
-14.94
+76.1%
- H1 2025
- -62.61
- YTD 2026
- -24.68
- Δ YoY
- +60.6%
EPS (basic)
(PLN)
-0.92
—
-0.92
—
- H1 2025
- -3.87
- YTD 2026
- -1.53
- Δ YoY
- —
D&A
2.1
−77%
2.1
−77%
- H1 2025
- 9.1
- YTD 2026
- 4.3
- Δ YoY
- −52.7%
Interest expense
1.31
—
1.31
—
- H1 2025
- —
- YTD 2026
- 1.31
- Δ YoY
- —
Income tax
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Gross margin
-104.69%
+5.8 pp
-104.69%
+5.8 pp
- H1 2025
- -110.52%
- YTD 2026
- -79.96%
- Δ YoY
- +30.6 pp
EBITDA margin
-358.9%
−38.4 pp
-358.9%
−38.4 pp
- H1 2025
- -320.49%
- YTD 2026
- -238.6%
- Δ YoY
- +81.9 pp
EBIT margin
-423.1%
−44.9 pp
-423.1%
−44.9 pp
- H1 2025
- -378.21%
- YTD 2026
- -293.4%
- Δ YoY
- +84.8 pp
Net margin
-457.8%
−60.4 pp
-457.8%
−60.4 pp
- H1 2025
- -397.37%
- YTD 2026
- -315%
- Δ YoY
- +82.4 pp
Cash
5.8
−9.1%
5.8
−9.1%
- H1 2025
- 6.37
- YTD 2026
- —
- Δ YoY
- —
Total debt
32.44
+155.7%
32.44
+155.7%
- H1 2025
- 12.69
- YTD 2026
- —
- Δ YoY
- —
Net debt
26.64
+321.8%
26.64
+321.8%
- H1 2025
- 6.32
- YTD 2026
- —
- Δ YoY
- —
Equity
24.15
−50.5%
24.15
−50.5%
- H1 2025
- 48.83
- YTD 2026
- —
- Δ YoY
- —
Total assets
102.2
−7.5%
102.2
−7.5%
- H1 2025
- 110.43
- YTD 2026
- —
- Δ YoY
- —
Working capital
-31.82
−2.4%
-31.82
−2.4%
- H1 2025
- -31.06
- YTD 2026
- —
- Δ YoY
- —
Current assets
14.82
+15.8%
14.82
+15.8%
- H1 2025
- 12.8
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
46.64
+6.4%
46.64
+6.4%
- H1 2025
- 43.85
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
31.41
+77%
31.41
+77%
- H1 2025
- 17.75
- YTD 2026
- —
- Δ YoY
- —
Inventory
6.11
+334.5%
6.11
+334.5%
- H1 2025
- 1.41
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
1.08
−43.6%
1.08
−43.6%
- H1 2025
- 1.91
- YTD 2026
- —
- Δ YoY
- —
Trade payables
5.74
−6.4%
5.74
−6.4%
- H1 2025
- 6.13
- YTD 2026
- —
- Δ YoY
- —
Goodwill
0.12
−25.2%
0.12
−25.2%
- H1 2025
- 0.16
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
24.03
−50.6%
24.03
−50.6%
- H1 2025
- 48.67
- YTD 2026
- —
- Δ YoY
- —
CFO
-18.53
+55.4%
-18.53
+55.4%
- H1 2025
- -41.59
- YTD 2026
- -18.53
- Δ YoY
- +55.4%
CapEx
0.82
−7.8%
0.82
−7.8%
- H1 2025
- 0.89
- YTD 2026
- 0.82
- Δ YoY
- −7.8%
FCF
-19.35
+54.4%
-19.35
+54.4%
- H1 2025
- -42.48
- YTD 2026
- -19.35
- Δ YoY
- +54.4%
Current ratio
0.32x
+0.03x
0.32x
+0.03x
- H1 2025
- 0.29x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.19x
−0.07x
0.19x
−0.07x
- H1 2025
- 0.26x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.12x
−0.03x
0.12x
−0.03x
- H1 2025
- 0.15x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
1.34x
+1.08x
1.34x
+1.08x
- H1 2025
- 0.26x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.32x
+0.21x
0.32x
+0.21x
- H1 2025
- 0.11x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
1.1x
+0.97x
1.1x
+0.97x
- H1 2025
- 0.13x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
0.06%
—
0.06%
—
- H1 2025
- -77.17%
- YTD 2026
- 31.06%
- Δ YoY
- —
EBITDA growth (YoY)
4.41%
—
4.41%
—
- H1 2025
- —
- YTD 2026
- 21.9%
- Δ YoY
- —
EBIT growth (YoY)
5.69%
—
5.69%
—
- H1 2025
- —
- YTD 2026
- 19.97%
- Δ YoY
- —
Net income growth (YoY)
3.12%
—
3.12%
—
- H1 2025
- -888.54%
- YTD 2026
- 19.55%
- Δ YoY
- —
EPS growth (YoY)
3.16%
—
3.16%
—
- H1 2025
- —
- YTD 2026
- 19.47%
- Δ YoY
- —
Gross margin Δ (YoY)
105.48 pp
—
105.48 pp
—
- H1 2025
- -170.15 pp
- YTD 2026
- 105.48 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
161.8 pp
—
161.8 pp
—
- H1 2025
- —
- YTD 2026
- 161.8 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
187.2 pp
—
187.2 pp
—
- H1 2025
- -367.8 pp
- YTD 2026
- 187.2 pp
- Δ YoY
- —
Net margin Δ (YoY)
198.2 pp
—
198.2 pp
—
- H1 2025
- -388.2 pp
- YTD 2026
- 198.2 pp
- Δ YoY
- —