MDI MDI ENERGIA Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 18, 2026

H1 2026 report

Przychody spadły o 46% r/r (do 69,7 mln zł), ale zysk netto się podwoił (1,3 mln zł vs 0,6 mln zł) dzięki zakończeniu obciążających marżę kontraktów z lat 2022-2024 i większej dyscyplinie kosztowej.

Sentiment

Neutral No guidance change

Website

MDI H1 2026 report

Revenue

69.68 m PLN

— YoY

Net income

1.32 m PLN

— YoY

EBITDA

2.04 m PLN

— YoY

Gross margin

6.65%

— YoY

Summary

Investment thesis

Q2 2026 samodzielnie zamknął się stratą operacyjną (-662 tys. zł) mimo wyższych przychodów niż w Q1 — poprawa rentowności całego półrocza pochodzi głównie z pierwszego kwartału.
OCF jest głęboko ujemny (-14,4 mln zł, gorzej niż rok wcześniej) mimo dodatniego zysku netto — spółka rozliczała w tym okresie zobowiązania z tytułu wcześniej zrealizowanych kontraktów.
Bilans bez długu bankowego i ze spełnionymi kowenantami, ale gotówka spadła o 89% w pół roku (z 18,6 mln zł do 2,1 mln zł) — poduszka płynnościowa istotnie się skurczyła.
Wysoka koncentracja akcjonariatu (IPOPEMA 12 FIZAN 65,5% + Prezes Zarządu 10,15% = 75,6% głosów) oraz ujawnione transakcje z podmiotami powiązanymi osobowo z rodziną Prezesa.

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Financials

BETA

H1 2026

MDI · H1 2026

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

Revenue	37,750	256,127	−85.3%	69,679	−72.8%	reported	—	1.00
Gross profit	519	11,186	−95.4%	4,636	−58.6%	reported	—	1.00
EBITDA	2,037	4,363	−53.3%	2,037	−53.3%	derived	—	0.90
EBIT	-662	3,888	−117%	1,880	−51.6%	reported	—	1.00
EBT	1,746	4,073	−57.1%	1,746	−57.1%	reported	—	1.00
Net income	579	3,237	−82.1%	1,323	−59.1%	reported	—	1.00
EPS (basic) (PLN)	0.03	0.07	—	0.03	—	reported	—	1.00
EPS (diluted) (PLN)	0.03	—	—	0.03	—	reported	—	1.00
D&A	157	475	−66.9%	157	−66.9%	reported	—	1.00
Interest expense	212	390	−45.6%	212	−45.6%	reported	—	0.70
Income tax	423	836	−49.4%	423	−49.4%	reported	—	1.00
Shares (basic) (m units)	46.11	46.11	—	—	—	reported	—	1.00

Gross margin	1.37%	4.37%	−3 pp	6.65%	+2.3 pp	derived	—	1.00
EBITDA margin	2.92%	1.7%	+1.2 pp	2.92%	+1.2 pp	derived	—	0.90
EBIT margin	-1.75%	1.52%	−3.3 pp	2.7%	+1.2 pp	derived	—	1.00
Net margin	1.9%	1.26%	+0.6 pp	1.9%	+0.6 pp	derived	—	1.00

Cash	2,105	18,645	−88.7%	—	—	reported	—	1.00
Total debt	1,009	1,128	−10.5%	—	—	reported	—	0.90
Net debt	-1,096	-17,517	+93.7%	—	—	derived	—	0.90
Equity	17,908	16,585	+8%	—	—	reported	—	1.00
Total assets	62,149	81,702	−23.9%	—	—	reported	—	1.00
Working capital	14,842	14,889	−0.3%	—	—	derived	—	1.00
Current assets	52,061	72,440	−28.1%	—	—	reported	—	1.00
Current liabilities	37,219	57,551	−35.3%	—	—	reported	—	1.00
Non-current liabilities	7,022	7,566	−7.2%	—	—	reported	—	1.00
Inventory	4,473	533	+739.2%	—	—	reported	—	1.00
Trade receivables	37,208	28,479	+30.7%	—	—	reported	—	1.00
Trade payables	29,014	39,749	−27%	—	—	reported	—	1.00

CFO	-14,392	12,111	−218.8%	-14,392	−218.8%	reported	—	1.00
CapEx	105	—	—	105	—	reported	—	0.60
FCF	-14,497	12,111	−219.7%	-14,497	−219.7%	derived	—	0.60

Current ratio	1.4x	1.26x	+0.14x	—	—	derived	—	1.00
Quick ratio	1.28x	1.25x	+0.03x	—	—	derived	—	1.00
Cash ratio	0.06x	0.32x	−0.26x	—	—	derived	—	1.00
Interest coverage	8.87x	9.97x	−1.1x	8.87x	−1.1x	derived	—	0.70

Debt / equity	0.06x	0.07x	−0.01x	—	—	derived	—	0.90
Debt / assets	0.02x	0.01x	+0.01x	—	—	derived	—	0.90
Net debt / equity	-0.06x	-1.06x	+1x	—	—	derived	—	0.90

Revenue growth (YoY)	-42.18%	27.3%	—	-45.87%	—	derived	—	1.00
Revenue growth (QoQ)	18.24%	—	—	—	—	derived	—	0.60
EBITDA growth (YoY)	82.37%	247%	—	82.37%	—	derived	—	0.90
EBIT growth (YoY)	-199.1%	208.8%	—	110.76%	—	derived	—	1.00
Net income growth (YoY)	33.41%	201.6%	—	119.4%	—	derived	—	1.00
EPS growth (YoY)	200%	—	—	200%	—	derived	—	0.50
Gross margin Δ (YoY)	3.89 pp	2.98 pp	—	3.89 pp	—	derived	—	1.00
EBITDA margin Δ (YoY)	2.05 pp	3.18 pp	—	2.05 pp	—	derived	—	0.90
Net margin Δ (YoY)	1.43 pp	2.85 pp	—	1.43 pp	—	derived	—	1.00

H1 2026 · Δ YoY

Revenue

37,750 −85.3%

H1 2025: 256,127
YTD 2026: 69,679
Δ YoY: −72.8%

Gross profit

519 −95.4%

H1 2025: 11,186
YTD 2026: 4,636
Δ YoY: −58.6%

EBITDA

2,037 −53.3%

H1 2025: 4,363
YTD 2026: 2,037
Δ YoY: −53.3%

EBIT

-662 −117%

H1 2025: 3,888
YTD 2026: 1,880
Δ YoY: −51.6%

EBT

1,746 −57.1%

H1 2025: 4,073
YTD 2026: 1,746
Δ YoY: −57.1%

Net income

579 −82.1%

H1 2025: 3,237
YTD 2026: 1,323
Δ YoY: −59.1%

EPS (basic) (PLN)

0.03 —

H1 2025: 0.07
YTD 2026: 0.03
Δ YoY: —

EPS (diluted) (PLN)

0.03 —

H1 2025: —
YTD 2026: 0.03
Δ YoY: —

D&A

157 −66.9%

H1 2025: 475
YTD 2026: 157
Δ YoY: −66.9%

Interest expense

212 −45.6%

H1 2025: 390
YTD 2026: 212
Δ YoY: −45.6%

Income tax

423 −49.4%

H1 2025: 836
YTD 2026: 423
Δ YoY: −49.4%

Shares (basic) (m units)

46.11 —

H1 2025: 46.11
YTD 2026: —
Δ YoY: —

Gross margin

1.37% −3 pp

H1 2025: 4.37%
YTD 2026: 6.65%
Δ YoY: +2.3 pp

EBITDA margin

2.92% +1.2 pp

H1 2025: 1.7%
YTD 2026: 2.92%
Δ YoY: +1.2 pp

EBIT margin

-1.75% −3.3 pp

H1 2025: 1.52%
YTD 2026: 2.7%
Δ YoY: +1.2 pp

Net margin

1.9% +0.6 pp

H1 2025: 1.26%
YTD 2026: 1.9%
Δ YoY: +0.6 pp

Cash

2,105 −88.7%

H1 2025: 18,645
YTD 2026: —
Δ YoY: —

Total debt

1,009 −10.5%

H1 2025: 1,128
YTD 2026: —
Δ YoY: —

Net debt

-1,096 +93.7%

H1 2025: -17,517
YTD 2026: —
Δ YoY: —

Equity

17,908 +8%

H1 2025: 16,585
YTD 2026: —
Δ YoY: —

Total assets

62,149 −23.9%

H1 2025: 81,702
YTD 2026: —
Δ YoY: —

Working capital

14,842 −0.3%

H1 2025: 14,889
YTD 2026: —
Δ YoY: —

Current assets

52,061 −28.1%

H1 2025: 72,440
YTD 2026: —
Δ YoY: —

Current liabilities

37,219 −35.3%

H1 2025: 57,551
YTD 2026: —
Δ YoY: —

Non-current liabilities

7,022 −7.2%

H1 2025: 7,566
YTD 2026: —
Δ YoY: —

Inventory

4,473 +739.2%

H1 2025: 533
YTD 2026: —
Δ YoY: —

Trade receivables

37,208 +30.7%

H1 2025: 28,479
YTD 2026: —
Δ YoY: —

Trade payables

29,014 −27%

H1 2025: 39,749
YTD 2026: —
Δ YoY: —

CFO

-14,392 −218.8%

H1 2025: 12,111
YTD 2026: -14,392
Δ YoY: −218.8%

CapEx

105 —

H1 2025: —
YTD 2026: 105
Δ YoY: —

FCF

-14,497 −219.7%

H1 2025: 12,111
YTD 2026: -14,497
Δ YoY: −219.7%

Current ratio

1.4x +0.14x

H1 2025: 1.26x
YTD 2026: —
Δ YoY: —

Quick ratio

1.28x +0.03x

H1 2025: 1.25x
YTD 2026: —
Δ YoY: —

Cash ratio

0.06x −0.26x

H1 2025: 0.32x
YTD 2026: —
Δ YoY: —

Interest coverage

8.87x −1.1x

H1 2025: 9.97x
YTD 2026: 8.87x
Δ YoY: −1.1x

Debt / equity

0.06x −0.01x

H1 2025: 0.07x
YTD 2026: —
Δ YoY: —

Debt / assets

0.02x +0.01x

H1 2025: 0.01x
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.06x +1x

H1 2025: -1.06x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-42.18% —

H1 2025: 27.3%
YTD 2026: -45.87%
Δ YoY: —

Revenue growth (QoQ)

18.24% —

H1 2025: —
YTD 2026: —
Δ YoY: —

EBITDA growth (YoY)

82.37% —

H1 2025: 247%
YTD 2026: 82.37%
Δ YoY: —

EBIT growth (YoY)

-199.1% —

H1 2025: 208.8%
YTD 2026: 110.76%
Δ YoY: —

Net income growth (YoY)

33.41% —

H1 2025: 201.6%
YTD 2026: 119.4%
Δ YoY: —

EPS growth (YoY)

200% —

H1 2025: —
YTD 2026: 200%
Δ YoY: —

Gross margin Δ (YoY)

3.89 pp —

H1 2025: 2.98 pp
YTD 2026: 3.89 pp
Δ YoY: —

EBITDA margin Δ (YoY)

2.05 pp —

H1 2025: 3.18 pp
YTD 2026: 2.05 pp
Δ YoY: —

Net margin Δ (YoY)

1.43 pp —

H1 2025: 2.85 pp
YTD 2026: 1.43 pp
Δ YoY: —