H1 2026 report
Megaron poprawił zysk netto o 75% r/r (357 tys. zł wobec 204 tys. zł) mimo dalszego spadku przychodów o 3,89% r/r, głównie dzięki dyscyplinie kosztowej, wydłużeniu okresów amortyzacji i jednorazowemu zwrotowi CIT (212 tys. zł z ulgi B+R).
Sentiment
Cautious
No guidance change
MEG
H1 2026 report
Revenue
21.17 m PLN
— YoY
Net income
0.2 m PLN
— YoY
EBITDA
1.68 m PLN
— YoY
Gross margin
47.61%
— YoY
Summary
Investment thesis
- Spółka nie spełnia kowenantu finansowego 'marża zysku ze sprzedaży ≥2,00%' w umowie kredytu w rachunku bieżącym z mBank S.A. – raportowana wartość to 0,92%, choć Zarząd ocenia ryzyko wypowiedzenia umowy jako znikome.
- Przepływy operacyjne odwróciły się do ujemnych (-724 tys. zł wobec +2 131 tys. zł rok wcześniej) w wyniku budowy zapasów kluczowych surowców w reakcji na ryzyko zakłóceń dostaw związane z sytuacją w rejonie Zatoki Perskiej.
- Rynek materiałów budowlanych i wykończeniowych w Polsce pozostaje w trendzie spadkowym od maja 2022 r., a Zarząd oczekuje utrzymania słabego popytu co najmniej do końca III kwartału 2026 r.
- Nowa grupa produktowa (mikrocement Microlite z lakierami i gruntem sczepnym), opracowana we własnym laboratorium R&D, jest wskazywana przez Zarząd jako główna szansa na poprawę sprzedaży jeszcze w 2026 r.
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Financials
BETA
MEG · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 39.95 | 39.95 | +0% | 21.17 | −47% | reported | — | 1.00 |
| Gross profit | 10.08 | 18.39 | −45.2% | 10.08 | −45.2% | reported | — | 1.00 |
| EBITDA | 2.94 | 2.94 | +0% | 1.68 | −43.1% | derived | — | 0.90 |
| EBIT | 0.45 | 0.45 | +0% | 0.43 | −4.6% | reported | — | 1.00 |
| EBT | 0.26 | 0.2 | +30.5% | 0.26 | +30.5% | reported | — | 1.00 |
| Net income | 0.11 | 0.11 | +0% | 0.2 | +92.5% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.08 | 0.04 | — | 0.08 | — | reported | — | 1.00 |
| D&A | 1.24 | 2.49 | −50.1% | 1.24 | −50.1% | reported | — | 1.00 |
| Interest expense | 0.15 | 0.22 | −29.8% | 0.15 | −29.8% | reported | — | 1.00 |
| Income tax | 0.06 | 0.09 | −39.4% | 0.06 | −39.4% | reported | — | 1.00 |
| Shares (basic) (m units) | 2.7 | 2.7 | — | — | — | reported | — | 1.00 |
| Gross margin | 47.61% | 46.02% | +1.6 pp | 47.61% | +1.6 pp | derived | — | 0.90 |
| EBITDA margin | 7.91% | 7.37% | +0.5 pp | 7.91% | +0.5 pp | derived | — | 0.90 |
| EBIT margin | 2.04% | 1.13% | +0.9 pp | 2.04% | +0.9 pp | derived | — | 0.90 |
| EBT margin | 1.23% | — | — | 1.23% | — | derived | — | 0.90 |
| Net margin | 0.96% | 0.27% | +0.7 pp | 0.96% | +0.7 pp | derived | — | 0.90 |
| D&A margin | 5.88% | — | — | 5.88% | — | derived | — | 0.90 |
| Cash | 0.5 | 0.24 | +105.4% | — | — | reported | — | 1.00 |
| Total debt | 0.61 | 0.93 | −35.1% | — | — | reported | — | 1.00 |
| Net debt | 0.36 | 0.69 | −47.4% | — | — | derived | — | 0.90 |
| Equity | 20.8 | 20.71 | +0.5% | — | — | reported | — | 1.00 |
| Total assets | 31.51 | 28.76 | +9.5% | — | — | reported | — | 1.00 |
| Working capital | 5 | 5 | +0% | — | — | derived | — | 0.90 |
| Current assets | 11.4 | 9.84 | +15.9% | — | — | reported | — | 1.00 |
| Current liabilities | 6.57 | 4.84 | +35.9% | — | — | reported | — | 1.00 |
| Inventory | 4.72 | 4.2 | +12.3% | — | — | reported | — | 1.00 |
| Trade receivables | 5.16 | 5.16 | +0% | — | — | reported | — | 0.85 |
| Trade payables | 2.18 | 2.18 | +0% | — | — | reported | — | 1.00 |
| Goodwill | 0.74 | 0.74 | +0% | — | — | reported | — | 1.00 |
| Tangible equity | 19.96 | 19.96 | +0% | — | — | derived | — | 0.90 |
| CFO | 2.13 | 3.07 | −30.7% | 2.13 | −30.7% | reported | — | 1.00 |
| CapEx | 0.13 | 0.26 | −50.4% | 0.13 | −50.4% | reported | — | 1.00 |
| FCF | 2 | 2.82 | −28.9% | 2 | −28.9% | derived | — | 0.90 |
| FCF conversion | 119.64% | 95.72% | +23.9 pp | 119.64% | +23.9 pp | derived | — | 0.80 |
| CFO conversion | 127.22% | 104.42% | +22.8 pp | 127.22% | +22.8 pp | derived | — | 0.80 |
| Current ratio | 2.03x | 2.03x | +0x | — | — | derived | — | 0.90 |
| Quick ratio | 1.17x | 1.17x | +0x | — | — | derived | — | 0.90 |
| Cash ratio | 0.05x | 0.05x | +0x | — | — | derived | — | 0.90 |
| Interest coverage | 2.82x | 2.07x | +0.75x | 2.82x | +0.75x | derived | — | 0.80 |
| Debt / equity | 0.03x | 0.05x | −0.02x | — | — | derived | — | 0.90 |
| Debt / assets | 0.02x | 0.03x | −0.01x | — | — | derived | — | 0.90 |
| Net debt / equity | 0.02x | 0.03x | −0.01x | — | — | derived | — | 0.85 |
| Revenue growth (YoY) | -3.89% | -14.79% | — | -3.89% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | -21.91% | -30.93% | — | -21.91% | — | derived | — | 0.85 |
| EBIT growth (YoY) | 22.27% | -70.8% | — | 22.27% | — | derived | — | 0.90 |
| Net income growth (YoY) | 75% | -88.94% | — | 75% | — | derived | — | 0.90 |
| EPS growth (YoY) | 62.5% | — | — | 62.5% | — | derived | — | 0.85 |
| FCF growth (YoY) | -147.11% | — | — | -147.11% | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | 2.4 pp | -2.92 pp | — | 2.4 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -1.48 pp | -1.72 pp | — | -1.48 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 0.55 pp | -2.17 pp | — | 0.55 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 0.79 pp | -1.78 pp | — | 0.79 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
39.95
+0%
39.95
+0%
- H1 2025
- 39.95
- YTD 2026
- 21.17
- Δ YoY
- −47%
Gross profit
10.08
−45.2%
10.08
−45.2%
- H1 2025
- 18.39
- YTD 2026
- 10.08
- Δ YoY
- −45.2%
EBITDA
2.94
+0%
2.94
+0%
- H1 2025
- 2.94
- YTD 2026
- 1.68
- Δ YoY
- −43.1%
EBIT
0.45
+0%
0.45
+0%
- H1 2025
- 0.45
- YTD 2026
- 0.43
- Δ YoY
- −4.6%
EBT
0.26
+30.5%
0.26
+30.5%
- H1 2025
- 0.2
- YTD 2026
- 0.26
- Δ YoY
- +30.5%
Net income
0.11
+0%
0.11
+0%
- H1 2025
- 0.11
- YTD 2026
- 0.2
- Δ YoY
- +92.5%
EPS (basic)
(PLN)
0.08
—
0.08
—
- H1 2025
- 0.04
- YTD 2026
- 0.08
- Δ YoY
- —
D&A
1.24
−50.1%
1.24
−50.1%
- H1 2025
- 2.49
- YTD 2026
- 1.24
- Δ YoY
- −50.1%
Interest expense
0.15
−29.8%
0.15
−29.8%
- H1 2025
- 0.22
- YTD 2026
- 0.15
- Δ YoY
- −29.8%
Income tax
0.06
−39.4%
0.06
−39.4%
- H1 2025
- 0.09
- YTD 2026
- 0.06
- Δ YoY
- −39.4%
Shares (basic)
(m units)
2.7
—
2.7
—
- H1 2025
- 2.7
- YTD 2026
- —
- Δ YoY
- —
Gross margin
47.61%
+1.6 pp
47.61%
+1.6 pp
- H1 2025
- 46.02%
- YTD 2026
- 47.61%
- Δ YoY
- +1.6 pp
EBITDA margin
7.91%
+0.5 pp
7.91%
+0.5 pp
- H1 2025
- 7.37%
- YTD 2026
- 7.91%
- Δ YoY
- +0.5 pp
EBIT margin
2.04%
+0.9 pp
2.04%
+0.9 pp
- H1 2025
- 1.13%
- YTD 2026
- 2.04%
- Δ YoY
- +0.9 pp
EBT margin
1.23%
—
1.23%
—
- H1 2025
- —
- YTD 2026
- 1.23%
- Δ YoY
- —
Net margin
0.96%
+0.7 pp
0.96%
+0.7 pp
- H1 2025
- 0.27%
- YTD 2026
- 0.96%
- Δ YoY
- +0.7 pp
D&A margin
5.88%
—
5.88%
—
- H1 2025
- —
- YTD 2026
- 5.88%
- Δ YoY
- —
Cash
0.5
+105.4%
0.5
+105.4%
- H1 2025
- 0.24
- YTD 2026
- —
- Δ YoY
- —
Total debt
0.61
−35.1%
0.61
−35.1%
- H1 2025
- 0.93
- YTD 2026
- —
- Δ YoY
- —
Net debt
0.36
−47.4%
0.36
−47.4%
- H1 2025
- 0.69
- YTD 2026
- —
- Δ YoY
- —
Equity
20.8
+0.5%
20.8
+0.5%
- H1 2025
- 20.71
- YTD 2026
- —
- Δ YoY
- —
Total assets
31.51
+9.5%
31.51
+9.5%
- H1 2025
- 28.76
- YTD 2026
- —
- Δ YoY
- —
Working capital
5
+0%
5
+0%
- H1 2025
- 5
- YTD 2026
- —
- Δ YoY
- —
Current assets
11.4
+15.9%
11.4
+15.9%
- H1 2025
- 9.84
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
6.57
+35.9%
6.57
+35.9%
- H1 2025
- 4.84
- YTD 2026
- —
- Δ YoY
- —
Inventory
4.72
+12.3%
4.72
+12.3%
- H1 2025
- 4.2
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
5.16
+0%
5.16
+0%
- H1 2025
- 5.16
- YTD 2026
- —
- Δ YoY
- —
Trade payables
2.18
+0%
2.18
+0%
- H1 2025
- 2.18
- YTD 2026
- —
- Δ YoY
- —
Goodwill
0.74
+0%
0.74
+0%
- H1 2025
- 0.74
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
19.96
+0%
19.96
+0%
- H1 2025
- 19.96
- YTD 2026
- —
- Δ YoY
- —
CFO
2.13
−30.7%
2.13
−30.7%
- H1 2025
- 3.07
- YTD 2026
- 2.13
- Δ YoY
- −30.7%
CapEx
0.13
−50.4%
0.13
−50.4%
- H1 2025
- 0.26
- YTD 2026
- 0.13
- Δ YoY
- −50.4%
FCF
2
−28.9%
2
−28.9%
- H1 2025
- 2.82
- YTD 2026
- 2
- Δ YoY
- −28.9%
FCF conversion
119.64%
+23.9 pp
119.64%
+23.9 pp
- H1 2025
- 95.72%
- YTD 2026
- 119.64%
- Δ YoY
- +23.9 pp
CFO conversion
127.22%
+22.8 pp
127.22%
+22.8 pp
- H1 2025
- 104.42%
- YTD 2026
- 127.22%
- Δ YoY
- +22.8 pp
Current ratio
2.03x
+0x
2.03x
+0x
- H1 2025
- 2.03x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.17x
+0x
1.17x
+0x
- H1 2025
- 1.17x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.05x
+0x
0.05x
+0x
- H1 2025
- 0.05x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
2.82x
+0.75x
2.82x
+0.75x
- H1 2025
- 2.07x
- YTD 2026
- 2.82x
- Δ YoY
- +0.75x
Debt / equity
0.03x
−0.02x
0.03x
−0.02x
- H1 2025
- 0.05x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.02x
−0.01x
0.02x
−0.01x
- H1 2025
- 0.03x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.02x
−0.01x
0.02x
−0.01x
- H1 2025
- 0.03x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-3.89%
—
-3.89%
—
- H1 2025
- -14.79%
- YTD 2026
- -3.89%
- Δ YoY
- —
EBITDA growth (YoY)
-21.91%
—
-21.91%
—
- H1 2025
- -30.93%
- YTD 2026
- -21.91%
- Δ YoY
- —
EBIT growth (YoY)
22.27%
—
22.27%
—
- H1 2025
- -70.8%
- YTD 2026
- 22.27%
- Δ YoY
- —
Net income growth (YoY)
75%
—
75%
—
- H1 2025
- -88.94%
- YTD 2026
- 75%
- Δ YoY
- —
EPS growth (YoY)
62.5%
—
62.5%
—
- H1 2025
- —
- YTD 2026
- 62.5%
- Δ YoY
- —
FCF growth (YoY)
-147.11%
—
-147.11%
—
- H1 2025
- —
- YTD 2026
- -147.11%
- Δ YoY
- —
Gross margin Δ (YoY)
2.4 pp
—
2.4 pp
—
- H1 2025
- -2.92 pp
- YTD 2026
- 2.4 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-1.48 pp
—
-1.48 pp
—
- H1 2025
- -1.72 pp
- YTD 2026
- -1.48 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
0.55 pp
—
0.55 pp
—
- H1 2025
- -2.17 pp
- YTD 2026
- 0.55 pp
- Δ YoY
- —
Net margin Δ (YoY)
0.79 pp
—
0.79 pp
—
- H1 2025
- -1.78 pp
- YTD 2026
- 0.79 pp
- Δ YoY
- —