MGT
MANGATA HOLDING
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 10, 2026
H1 2026 report
Przychody Grupy rosną (+3,9% r/r do 412,5 mln PLN) dzięki wzrostom we wszystkich trzech głównych segmentach, ale wzrost ten okupiony jest wyraźną erozją marż.
Sentiment
Cautious
No guidance change
MGT
H1 2026 report
Revenue
412.47 m PLN
— YoY
Net income
16.18 m PLN
— YoY
EBITDA
43.43 m PLN
— YoY
Gross margin
19.9%
— YoY
Summary
Investment thesis
- Marża EBITDA spadła z 12,6% do 10,5%, a zysk netto obniżył się o 13,0% r/r – presja kosztowa (energia, transport, stal) nie jest w pełni kompensowana indeksacją cen sprzedaży.
- Przepływy operacyjne skurczyły się z 47,5 mln PLN do 18,3 mln PLN, głównie przez wzrost należności handlowych (rotacja +16 dni), a wolne przepływy pieniężne są ujemne (-0,4 mln PLN) – mimo to spółka wypłaciła 30 mln PLN dywidendy.
- Dług netto wzrósł o 34,6 mln PLN, a wskaźnik dług netto/EBITDA Grupy podniósł się z 1,37x do 1,85x; jedna ze spółek zależnych naruszyła własny, bardziej rygorystyczny kowenant bankowy (5,27x wobec limitu 4,5x), choć banki po dacie bilansowej odstąpiły od sankcji.
- Zarząd świadomie zrezygnował z publikacji prognozy na 2026 rok, powołując się na niepewność geopolityczną (Ukraina, Bliski Wschód) i makroekonomiczną – widoczność na kolejne kwartały jest ograniczona.
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Financials
BETA
MGT · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 206,646 | 768,869 | −73.1% | 412,465 | −46.4% | reported | — | 1.00 |
| Gross profit | 44,942 | 154,105 | −70.8% | 82,068 | −46.7% | reported | — | 1.00 |
| EBITDA | 43,426 | 97,094 | −55.3% | 43,426 | −55.3% | derived | — | 1.00 |
| EBIT | 14,307 | 51,283 | −72.1% | 21,947 | −57.2% | reported | — | 1.00 |
| EBT | 12,672 | 41,692 | −69.6% | 20,074 | −51.9% | reported | — | 1.00 |
| Net income | 10,158 | 41,357 | −75.4% | 16,177 | −60.9% | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.52 | — | — | 2.42 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 1.52 | — | — | 2.42 | — | reported | — | 1.00 |
| D&A | 21,479 | 45,811 | −53.1% | 21,479 | −53.1% | reported | — | 1.00 |
| Interest expense | 3,379 | 10,964 | −69.2% | 3,379 | −69.2% | reported | — | 0.90 |
| Income tax | 3,948 | 335 | +1078.5% | 3,948 | +1078.5% | reported | — | 1.00 |
| Shares (basic) (m units) | 6.68 | — | — | 6.68 | — | reported | — | 1.00 |
| Gross margin | 21.75% | 20.04% | +1.7 pp | 19.9% | −0.1 pp | derived | — | 1.00 |
| EBITDA margin | 10.53% | 12.63% | −2.1 pp | 10.53% | −2.1 pp | derived | — | 1.00 |
| EBIT margin | 6.92% | 6.67% | +0.3 pp | 5.32% | −1.3 pp | derived | — | 1.00 |
| EBT margin | 4.87% | 5.42% | −0.6 pp | 4.87% | −0.6 pp | derived | — | 1.00 |
| Net margin | 4.92% | 5.38% | −0.5 pp | 3.92% | −1.5 pp | derived | — | 1.00 |
| D&A margin | 5.21% | 5.96% | −0.8 pp | 5.21% | −0.8 pp | derived | — | 1.00 |
| Cash | 30,145 | 39,537 | −23.8% | — | — | reported | — | 1.00 |
| Total debt | 197,407 | 172,182 | +14.7% | — | — | reported | — | 1.00 |
| Net debt | 167,262 | 132,645 | +26.1% | — | — | reported | — | 1.00 |
| Equity | 528,691 | 546,494 | −3.3% | — | — | reported | — | 1.00 |
| Total assets | 905,363 | 874,538 | +3.5% | — | — | reported | — | 1.00 |
| Current assets | 374,824 | 341,913 | +9.6% | — | — | reported | — | 1.00 |
| Current liabilities | 295,733 | 221,905 | +33.3% | — | — | reported | — | 1.00 |
| Non-current liabilities | 80,939 | 106,139 | −23.7% | — | — | reported | — | 1.00 |
| Inventory | 166,494 | 168,132 | −1% | — | — | reported | — | 1.00 |
| Trade receivables | 147,578 | 127,953 | +15.3% | — | — | reported | — | 0.90 |
| Trade payables | 96,230 | 108,126 | −11% | — | — | reported | — | 1.00 |
| Goodwill | 66,536 | 64,735 | +2.8% | — | — | reported | — | 1.00 |
| CFO | 18,309 | 123,398 | −85.2% | 18,309 | −85.2% | reported | — | 1.00 |
| CapEx | 18,700 | 16,145 | +15.8% | 18,700 | +15.8% | reported | — | 1.00 |
| FCF | -391 | 107,253 | −100.4% | -391 | −100.4% | derived | — | 1.00 |
| FCF conversion | -0.9% | 110.46% | −111.4 pp | -0.9% | −111.4 pp | derived | — | 1.00 |
| CFO conversion | 42.16% | 127.09% | −84.9 pp | 42.16% | −84.9 pp | derived | — | 1.00 |
| Dividends paid | 30,046 | 36,950 | −18.7% | 30,046 | −18.7% | reported | — | 1.00 |
| Current ratio | 1.27x | 1.54x | −0.27x | — | — | derived | — | 1.00 |
| Quick ratio | 0.7x | 0.78x | −0.08x | — | — | derived | — | 1.00 |
| Cash ratio | 0.1x | 0.18x | −0.08x | — | — | derived | — | 1.00 |
| Interest coverage | 6.5x | 4.68x | +1.82x | 6.5x | +1.82x | derived | — | 0.90 |
| Net debt / EBITDA | 1.85x | 1.37x | +0.48x | — | — | derived | — | 1.00 |
| Debt / equity | 0.37x | 0.32x | +0.05x | — | — | derived | — | 1.00 |
| Debt / assets | 0.22x | 0.2x | +0.02x | — | — | derived | — | 1.00 |
| Net debt / equity | 0.32x | 0.24x | +0.08x | — | — | derived | — | 1.00 |
| Revenue growth (YoY) | 2.91% | -1.15% | — | 3.93% | — | derived | — | 1.00 |
| Revenue growth (QoQ) | 0.4% | — | — | — | — | derived | — | 1.00 |
| EBITDA growth (YoY) | -13.19% | 7.66% | — | -13.19% | — | derived | — | 1.00 |
| EBIT growth (YoY) | -3.08% | 13.84% | — | -17.65% | — | derived | — | 1.00 |
| Net income growth (YoY) | -5.11% | 35.83% | — | -12.96% | — | derived | — | 1.00 |
| EPS growth (YoY) | -5% | — | — | -12.95% | — | derived | — | 1.00 |
| FCF growth (YoY) | -101.01% | — | — | -101.01% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | 0.06 pp | 0.07 pp | — | -0.18 pp | — | derived | — | 1.00 |
| EBITDA margin Δ (YoY) | -2.08 pp | 1.03 pp | — | -2.08 pp | — | derived | — | 1.00 |
| EBIT margin Δ (YoY) | -0.43 pp | 0.88 pp | — | -1.4 pp | — | derived | — | 1.00 |
| Net margin Δ (YoY) | -0.42 pp | 1.46 pp | — | -0.76 pp | — | derived | — | 1.00 |
H1 2026 · Δ YoY
Revenue
206,646
−73.1%
206,646
−73.1%
- H1 2025
- 768,869
- YTD 2026
- 412,465
- Δ YoY
- −46.4%
Gross profit
44,942
−70.8%
44,942
−70.8%
- H1 2025
- 154,105
- YTD 2026
- 82,068
- Δ YoY
- −46.7%
EBITDA
43,426
−55.3%
43,426
−55.3%
- H1 2025
- 97,094
- YTD 2026
- 43,426
- Δ YoY
- −55.3%
EBIT
14,307
−72.1%
14,307
−72.1%
- H1 2025
- 51,283
- YTD 2026
- 21,947
- Δ YoY
- −57.2%
EBT
12,672
−69.6%
12,672
−69.6%
- H1 2025
- 41,692
- YTD 2026
- 20,074
- Δ YoY
- −51.9%
Net income
10,158
−75.4%
10,158
−75.4%
- H1 2025
- 41,357
- YTD 2026
- 16,177
- Δ YoY
- −60.9%
EPS (basic)
(PLN)
1.52
—
1.52
—
- H1 2025
- —
- YTD 2026
- 2.42
- Δ YoY
- —
EPS (diluted)
(PLN)
1.52
—
1.52
—
- H1 2025
- —
- YTD 2026
- 2.42
- Δ YoY
- —
D&A
21,479
−53.1%
21,479
−53.1%
- H1 2025
- 45,811
- YTD 2026
- 21,479
- Δ YoY
- −53.1%
Interest expense
3,379
−69.2%
3,379
−69.2%
- H1 2025
- 10,964
- YTD 2026
- 3,379
- Δ YoY
- −69.2%
Income tax
3,948
+1078.5%
3,948
+1078.5%
- H1 2025
- 335
- YTD 2026
- 3,948
- Δ YoY
- +1078.5%
Shares (basic)
(m units)
6.68
—
6.68
—
- H1 2025
- —
- YTD 2026
- 6.68
- Δ YoY
- —
Gross margin
21.75%
+1.7 pp
21.75%
+1.7 pp
- H1 2025
- 20.04%
- YTD 2026
- 19.9%
- Δ YoY
- −0.1 pp
EBITDA margin
10.53%
−2.1 pp
10.53%
−2.1 pp
- H1 2025
- 12.63%
- YTD 2026
- 10.53%
- Δ YoY
- −2.1 pp
EBIT margin
6.92%
+0.3 pp
6.92%
+0.3 pp
- H1 2025
- 6.67%
- YTD 2026
- 5.32%
- Δ YoY
- −1.3 pp
EBT margin
4.87%
−0.6 pp
4.87%
−0.6 pp
- H1 2025
- 5.42%
- YTD 2026
- 4.87%
- Δ YoY
- −0.6 pp
Net margin
4.92%
−0.5 pp
4.92%
−0.5 pp
- H1 2025
- 5.38%
- YTD 2026
- 3.92%
- Δ YoY
- −1.5 pp
D&A margin
5.21%
−0.8 pp
5.21%
−0.8 pp
- H1 2025
- 5.96%
- YTD 2026
- 5.21%
- Δ YoY
- −0.8 pp
Cash
30,145
−23.8%
30,145
−23.8%
- H1 2025
- 39,537
- YTD 2026
- —
- Δ YoY
- —
Total debt
197,407
+14.7%
197,407
+14.7%
- H1 2025
- 172,182
- YTD 2026
- —
- Δ YoY
- —
Net debt
167,262
+26.1%
167,262
+26.1%
- H1 2025
- 132,645
- YTD 2026
- —
- Δ YoY
- —
Equity
528,691
−3.3%
528,691
−3.3%
- H1 2025
- 546,494
- YTD 2026
- —
- Δ YoY
- —
Total assets
905,363
+3.5%
905,363
+3.5%
- H1 2025
- 874,538
- YTD 2026
- —
- Δ YoY
- —
Current assets
374,824
+9.6%
374,824
+9.6%
- H1 2025
- 341,913
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
295,733
+33.3%
295,733
+33.3%
- H1 2025
- 221,905
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
80,939
−23.7%
80,939
−23.7%
- H1 2025
- 106,139
- YTD 2026
- —
- Δ YoY
- —
Inventory
166,494
−1%
166,494
−1%
- H1 2025
- 168,132
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
147,578
+15.3%
147,578
+15.3%
- H1 2025
- 127,953
- YTD 2026
- —
- Δ YoY
- —
Trade payables
96,230
−11%
96,230
−11%
- H1 2025
- 108,126
- YTD 2026
- —
- Δ YoY
- —
Goodwill
66,536
+2.8%
66,536
+2.8%
- H1 2025
- 64,735
- YTD 2026
- —
- Δ YoY
- —
CFO
18,309
−85.2%
18,309
−85.2%
- H1 2025
- 123,398
- YTD 2026
- 18,309
- Δ YoY
- −85.2%
CapEx
18,700
+15.8%
18,700
+15.8%
- H1 2025
- 16,145
- YTD 2026
- 18,700
- Δ YoY
- +15.8%
FCF
-391
−100.4%
-391
−100.4%
- H1 2025
- 107,253
- YTD 2026
- -391
- Δ YoY
- −100.4%
FCF conversion
-0.9%
−111.4 pp
-0.9%
−111.4 pp
- H1 2025
- 110.46%
- YTD 2026
- -0.9%
- Δ YoY
- −111.4 pp
CFO conversion
42.16%
−84.9 pp
42.16%
−84.9 pp
- H1 2025
- 127.09%
- YTD 2026
- 42.16%
- Δ YoY
- −84.9 pp
Dividends paid
30,046
−18.7%
30,046
−18.7%
- H1 2025
- 36,950
- YTD 2026
- 30,046
- Δ YoY
- −18.7%
Current ratio
1.27x
−0.27x
1.27x
−0.27x
- H1 2025
- 1.54x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.7x
−0.08x
0.7x
−0.08x
- H1 2025
- 0.78x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.1x
−0.08x
0.1x
−0.08x
- H1 2025
- 0.18x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
6.5x
+1.82x
6.5x
+1.82x
- H1 2025
- 4.68x
- YTD 2026
- 6.5x
- Δ YoY
- +1.82x
Net debt / EBITDA
1.85x
+0.48x
1.85x
+0.48x
- H1 2025
- 1.37x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.37x
+0.05x
0.37x
+0.05x
- H1 2025
- 0.32x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.22x
+0.02x
0.22x
+0.02x
- H1 2025
- 0.2x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.32x
+0.08x
0.32x
+0.08x
- H1 2025
- 0.24x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
2.91%
—
2.91%
—
- H1 2025
- -1.15%
- YTD 2026
- 3.93%
- Δ YoY
- —
Revenue growth (QoQ)
0.4%
—
0.4%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA growth (YoY)
-13.19%
—
-13.19%
—
- H1 2025
- 7.66%
- YTD 2026
- -13.19%
- Δ YoY
- —
EBIT growth (YoY)
-3.08%
—
-3.08%
—
- H1 2025
- 13.84%
- YTD 2026
- -17.65%
- Δ YoY
- —
Net income growth (YoY)
-5.11%
—
-5.11%
—
- H1 2025
- 35.83%
- YTD 2026
- -12.96%
- Δ YoY
- —
EPS growth (YoY)
-5%
—
-5%
—
- H1 2025
- —
- YTD 2026
- -12.95%
- Δ YoY
- —
FCF growth (YoY)
-101.01%
—
-101.01%
—
- H1 2025
- —
- YTD 2026
- -101.01%
- Δ YoY
- —
Gross margin Δ (YoY)
0.06 pp
—
0.06 pp
—
- H1 2025
- 0.07 pp
- YTD 2026
- -0.18 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-2.08 pp
—
-2.08 pp
—
- H1 2025
- 1.03 pp
- YTD 2026
- -2.08 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-0.43 pp
—
-0.43 pp
—
- H1 2025
- 0.88 pp
- YTD 2026
- -1.4 pp
- Δ YoY
- —
Net margin Δ (YoY)
-0.42 pp
—
-0.42 pp
—
- H1 2025
- 1.46 pp
- YTD 2026
- -0.76 pp
- Δ YoY
- —