MXC MAXCOM Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 29, 2026

H1 2026 report

Maxcom to dystrybutor elektroniki użytkowej (telefony dla seniorów, wearables, Maxcom Pay); w H1 2026 przychody spadły o 15,2% r/r do 38,4 mln zł, a Grupa pozostaje na stracie netto (−2,1 mln zł).

Sentiment

Cautious No guidance change

Website

MXC H1 2026 report

Revenue

38.45 m PLN

— YoY

Net income

-2.13 m PLN

— YoY

EBITDA

-1.97 m PLN

— YoY

Gross margin

31.46%

— YoY

Summary

Investment thesis

Strata operacyjna zmalała do 0,95 mln zł z 2,37 mln zł dzięki wyższej marży brutto (31,5% wobec 26,7%) i niższym kosztom operacyjnym.
Zapasy wzrosły o 27,8% w półroczu do 45,0 mln zł, mimo spadku sprzedaży; to zamroziło gotówkę i przełożyło się na ujemny CFO (−7,8 mln zł).
Kredyty i pożyczki wzrosły do 13,4 mln zł z 8,3 mln zł, gotówka spadła do 1,7 mln zł; płynność opiera się na limitach kredytowych zabezpieczonych zastawem na zapasach.
Zarząd wskazuje na sezonowość — istotna część sprzedaży przypada na drugie półrocze — i nie publikuje prognoz, więc ocena zależy od tego, czy rosnące zapasy zostaną sprzedane jesienią.

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Financials

BETA

H1 2026

MXC · H1 2026

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

Revenue	38,446	102,339	−62.4%	38,446	−62.4%	reported	—	1.00
Gross profit	12,094	—	—	12,094	—	reported	—	0.90
EBITDA	-1,970	—	—	-1,970	—	derived	—	0.70
EBIT	-950	668	−242.2%	-950	−242.2%	reported	—	1.00
EBT	-2,094	-1,204	−73.9%	-2,094	−73.9%	reported	—	1.00
Net income	-2,128	-1,577	−34.9%	-2,128	−34.9%	reported	—	1.00
EPS (basic) (PLN)	-0.79	-0.58	—	-0.79	—	reported	—	1.00
EPS (diluted) (PLN)	-0.79	—	—	-0.79	—	reported	—	1.00
D&A	380	—	—	380	—	reported	—	1.00
Interest expense	334	—	—	334	—	reported	—	0.90
Income tax	34	—	—	34	—	reported	—	1.00
Shares (basic) (m units)	2.7	2.7	—	2.7	—	reported	—	1.00

Gross margin	31.46%	—	—	31.46%	—	derived	—	0.70
EBITDA margin	-1.48%	—	—	-1.48%	—	derived	—	0.70
EBIT margin	-2.47%	0.65%	−3.1 pp	-2.47%	−3.1 pp	derived	—	0.70
EBT margin	-5.45%	—	—	-5.45%	—	derived	—	0.70
Net margin	-5.54%	-1.54%	−4 pp	-5.54%	−4 pp	derived	—	0.70

Cash	1,732	4,932	−64.9%	—	—	reported	—	1.00
Total debt	13,832	8,791	+57.3%	—	—	derived	—	0.80
Net debt	12,100	3,859	+213.6%	—	—	derived	—	0.80
Equity	50,776	53,031	−4.3%	—	—	reported	—	1.00
Total assets	76,774	73,348	+4.7%	—	—	reported	—	1.00
Current assets	67,658	63,705	+6.2%	—	—	reported	—	1.00
Current liabilities	25,419	19,651	+29.4%	—	—	reported	—	1.00
Non-current liabilities	579	666	−13.1%	—	—	reported	—	1.00
Inventory	44,981	35,195	+27.8%	—	—	reported	—	1.00
Trade receivables	20,934	23,568	−11.2%	—	—	reported	—	0.90
Trade payables	10,220	9,781	+4.5%	—	—	reported	—	0.90
Goodwill	23	—	—	—	—	reported	—	1.00

CFO	-7,836	6,573	−219.2%	-7,836	−219.2%	reported	—	1.00
CapEx	78	—	—	78	—	reported	—	1.00
FCF	-7,914	—	—	-7,914	—	derived	—	0.70

Current ratio	2.66x	3.24x	−0.58x	—	—	derived	—	0.70
Quick ratio	0.89x	1.45x	−0.56x	—	—	derived	—	0.70
Cash ratio	0.07x	0.25x	−0.18x	—	—	derived	—	0.70

Debt / equity	0.27x	0.17x	+0.1x	—	—	derived	—	0.70
Debt / assets	0.18x	0.12x	+0.06x	—	—	derived	—	0.70
Net debt / equity	0.24x	0.07x	+0.17x	—	—	derived	—	0.70

Revenue growth (YoY)	-15.19%	-9.04%	—	-15.19%	—	derived	—	0.70
Gross margin Δ (YoY)	4.8 pp	—	—	4.8 pp	—	derived	—	0.70
EBIT margin Δ (YoY)	2.76 pp	-0.16 pp	—	2.76 pp	—	derived	—	0.70
Net margin Δ (YoY)	1.22 pp	—	—	1.22 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

38,446 −62.4%

H1 2025: 102,339
YTD 2026: 38,446
Δ YoY: −62.4%

Gross profit

12,094 —

H1 2025: —
YTD 2026: 12,094
Δ YoY: —

EBITDA

-1,970 —

H1 2025: —
YTD 2026: -1,970
Δ YoY: —

EBIT

-950 −242.2%

H1 2025: 668
YTD 2026: -950
Δ YoY: −242.2%

EBT

-2,094 −73.9%

H1 2025: -1,204
YTD 2026: -2,094
Δ YoY: −73.9%

Net income

-2,128 −34.9%

H1 2025: -1,577
YTD 2026: -2,128
Δ YoY: −34.9%

EPS (basic) (PLN)

-0.79 —

H1 2025: -0.58
YTD 2026: -0.79
Δ YoY: —

EPS (diluted) (PLN)

-0.79 —

H1 2025: —
YTD 2026: -0.79
Δ YoY: —

D&A

380 —

H1 2025: —
YTD 2026: 380
Δ YoY: —

Interest expense

334 —

H1 2025: —
YTD 2026: 334
Δ YoY: —

Income tax

34 —

H1 2025: —
YTD 2026: 34
Δ YoY: —

Shares (basic) (m units)

2.7 —

H1 2025: 2.7
YTD 2026: 2.7
Δ YoY: —

Gross margin

31.46% —

H1 2025: —
YTD 2026: 31.46%
Δ YoY: —

EBITDA margin

-1.48% —

H1 2025: —
YTD 2026: -1.48%
Δ YoY: —

EBIT margin

-2.47% −3.1 pp

H1 2025: 0.65%
YTD 2026: -2.47%
Δ YoY: −3.1 pp

EBT margin

-5.45% —

H1 2025: —
YTD 2026: -5.45%
Δ YoY: —

Net margin

-5.54% −4 pp

H1 2025: -1.54%
YTD 2026: -5.54%
Δ YoY: −4 pp

Cash

1,732 −64.9%

H1 2025: 4,932
YTD 2026: —
Δ YoY: —

Total debt

13,832 +57.3%

H1 2025: 8,791
YTD 2026: —
Δ YoY: —

Net debt

12,100 +213.6%

H1 2025: 3,859
YTD 2026: —
Δ YoY: —

Equity

50,776 −4.3%

H1 2025: 53,031
YTD 2026: —
Δ YoY: —

Total assets

76,774 +4.7%

H1 2025: 73,348
YTD 2026: —
Δ YoY: —

Current assets

67,658 +6.2%

H1 2025: 63,705
YTD 2026: —
Δ YoY: —

Current liabilities

25,419 +29.4%

H1 2025: 19,651
YTD 2026: —
Δ YoY: —

Non-current liabilities

579 −13.1%

H1 2025: 666
YTD 2026: —
Δ YoY: —

Inventory

44,981 +27.8%

H1 2025: 35,195
YTD 2026: —
Δ YoY: —

Trade receivables

20,934 −11.2%

H1 2025: 23,568
YTD 2026: —
Δ YoY: —

Trade payables

10,220 +4.5%

H1 2025: 9,781
YTD 2026: —
Δ YoY: —

Goodwill

23 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-7,836 −219.2%

H1 2025: 6,573
YTD 2026: -7,836
Δ YoY: −219.2%

CapEx

78 —

H1 2025: —
YTD 2026: 78
Δ YoY: —

FCF

-7,914 —

H1 2025: —
YTD 2026: -7,914
Δ YoY: —

Current ratio

2.66x −0.58x

H1 2025: 3.24x
YTD 2026: —
Δ YoY: —

Quick ratio

0.89x −0.56x

H1 2025: 1.45x
YTD 2026: —
Δ YoY: —

Cash ratio

0.07x −0.18x

H1 2025: 0.25x
YTD 2026: —
Δ YoY: —

Debt / equity

0.27x +0.1x

H1 2025: 0.17x
YTD 2026: —
Δ YoY: —

Debt / assets

0.18x +0.06x

H1 2025: 0.12x
YTD 2026: —
Δ YoY: —

Net debt / equity

0.24x +0.17x

H1 2025: 0.07x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-15.19% —

H1 2025: -9.04%
YTD 2026: -15.19%
Δ YoY: —

Gross margin Δ (YoY)

4.8 pp —

H1 2025: —
YTD 2026: 4.8 pp
Δ YoY: —

EBIT margin Δ (YoY)

2.76 pp —

H1 2025: -0.16 pp
YTD 2026: 2.76 pp
Δ YoY: —

Net margin Δ (YoY)

1.22 pp —

H1 2025: —
YTD 2026: 1.22 pp
Δ YoY: —