MSW MOSTOSTAL WARSZAWA Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026

H1 2026 report

Wynik półrocza (zysk netto 15,9 mln zł) jest jakościowo słaby: wynika głównie z jednorazowej waloryzacji cen na kontraktach S7 Płońsk–Czosnów i Obwodnica Opatowa (ok. 55,8 mln zł dodatkowych przychodów w II kwartale), przy przychodach niższych o 19% r/r.

Sentiment

Cautious No guidance change

Website

MSW H1 2026 report

Revenue

551.62 m PLN

— YoY

Net income

15.64 m PLN

— YoY

EBITDA

65.14 m PLN

— YoY

Gross margin

12.39%

— YoY

Summary

Investment thesis

Przepływy operacyjne są dramatycznie ujemne (-234,8 mln zł), a gotówka spadła z 224,4 do 98,9 mln zł; spółka sfinansowała to kredytami i pożyczkami (wpływy 126,6 mln zł).
Kapitał własny Grupy jest ujemny (-6,3 mln zł), a Mostostal Warszawa S.A. — zdaniem zarządu — wymaga podwyższenia kapitału; biegły wskazał istotną niepewność co do kontynuacji działalności.
Zarząd szacuje zapotrzebowanie na dodatkowe finansowanie w II półroczu 2026 r. na 375–520 mln zł; linie kredytowe, faktoring i faktoring odwrotny zostały zamrożone przez banki.
Portfel zleceń Grupy 1,82 mld zł daje widoczność przychodów, ale realizacja wymaga kapitału obrotowego, którego spółka nie ma bez wsparcia akcjonariusza (Acciona, 62,13% głosów).

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Financials

BETA

H1 2026

MSW · H1 2026

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

Revenue	551,616	1,309,494	−57.9%	551,616	−57.9%	reported	—	1.00
Gross profit	62,436	-40,537	+254%	62,436	+254%	reported	—	1.00
EBITDA	65,135	-66,445	+198%	65,135	+198%	derived	—	0.70
EBIT	36,087	-129,368	+127.9%	36,087	+127.9%	reported	—	1.00
EBT	23,639	-110,829	+121.3%	23,639	+121.3%	reported	—	1.00
Net income	15,638	-102,811	+115.2%	15,638	+115.2%	reported	—	1.00
EPS (basic) (PLN)	0.78	-5.14	—	0.78	—	reported	—	1.00
EPS (diluted) (PLN)	0.4	—	—	0.4	—	reported	—	1.00
D&A	29,048	62,923	−53.8%	29,048	−53.8%	reported	—	1.00
Interest expense	14,551	—	—	14,551	—	reported	—	1.00
Income tax	7,712	—	—	7,712	—	reported	—	1.00

Gross margin	12.39%	-3.1%	+15.5 pp	12.39%	+15.5 pp	reported	—	0.70
EBITDA margin	12.11%	-5.07%	+17.2 pp	12.11%	+17.2 pp	reported	—	0.70
EBIT margin	5.64%	-9.88%	+15.5 pp	5.64%	+15.5 pp	reported	—	0.70
EBT margin	4.29%	-8.46%	+12.8 pp	4.29%	+12.8 pp	derived	—	0.70
Net margin	1.98%	-7.85%	+9.8 pp	1.98%	+9.8 pp	reported	—	0.70
D&A margin	5.27%	—	—	5.27%	—	derived	—	0.70

Cash	98,862	224,369	−55.9%	—	—	reported	—	1.00
Total debt	323,480	106,103	+204.9%	—	—	reported	—	0.90
Net debt	224,618	-118,266	+289.9%	—	—	derived	—	0.90
Equity	-6,348	-22,032	+71.2%	—	—	reported	—	1.00
Total assets	922,271	979,033	−5.8%	—	—	reported	—	1.00
Working capital	-21,154	—	—	—	—	derived	—	0.70
Current assets	734,135	—	—	—	—	reported	—	1.00
Current liabilities	755,289	818,529	−7.7%	—	—	reported	—	1.00
Non-current liabilities	173,330	182,536	−5%	—	—	reported	—	1.00
Inventory	39,457	—	—	—	—	reported	—	1.00
Trade receivables	288,792	—	—	—	—	reported	—	0.80
Trade payables	284,223	—	—	—	—	reported	—	0.80
Goodwill	544	—	—	—	—	reported	—	0.90
Tangible equity	-6,892	—	—	—	—	derived	—	0.70

CFO	-234,776	113,949	−306%	-234,776	−306%	reported	—	1.00
CapEx	2,571	10,066	−74.5%	2,571	−74.5%	reported	—	1.00
FCF	-237,347	103,883	−328.5%	-237,347	−328.5%	derived	—	0.70
FCF conversion	-364.4%	—	—	-364.4%	—	derived	—	0.70
CFO conversion	-360.4%	—	—	-360.4%	—	derived	—	0.70

Current ratio	0.95x	—	—	—	—	reported	—	0.70
Quick ratio	0.92x	—	—	—	—	reported	—	0.70
Cash ratio	0.15x	—	—	—	—	reported	—	0.70
Interest coverage	1.55x	—	—	1.55x	—	reported	—	0.70

Debt / assets	0.39x	—	—	—	—	reported	—	0.70

Revenue growth (YoY)	-25.9%	-17.05%	—	-25.9%	—	reported	—	0.70
EBITDA growth (YoY)	125.1%	—	—	125.1%	—	reported	—	0.70
EBIT growth (YoY)	245.1%	-729.97%	—	245.1%	—	reported	—	0.70
Net income growth (YoY)	4472.3%	-282.14%	—	4472.3%	—	reported	—	0.70
EPS growth (YoY)	875%	-280.74%	—	875%	—	derived	—	0.70
Gross margin Δ (YoY)	8.89 pp	—	—	8.89 pp	—	reported	—	0.70
EBITDA margin Δ (YoY)	8.12 pp	—	—	8.12 pp	—	reported	—	0.70
EBIT margin Δ (YoY)	8.52 pp	—	—	8.52 pp	—	reported	—	0.70
Net margin Δ (YoY)	1.95 pp	—	—	1.95 pp	—	reported	—	0.70

H1 2026 · Δ YoY

Revenue

551,616 −57.9%

H1 2025: 1,309,494
YTD 2026: 551,616
Δ YoY: −57.9%

Gross profit

62,436 +254%

H1 2025: -40,537
YTD 2026: 62,436
Δ YoY: +254%

EBITDA

65,135 +198%

H1 2025: -66,445
YTD 2026: 65,135
Δ YoY: +198%

EBIT

36,087 +127.9%

H1 2025: -129,368
YTD 2026: 36,087
Δ YoY: +127.9%

EBT

23,639 +121.3%

H1 2025: -110,829
YTD 2026: 23,639
Δ YoY: +121.3%

Net income

15,638 +115.2%

H1 2025: -102,811
YTD 2026: 15,638
Δ YoY: +115.2%

EPS (basic) (PLN)

0.78 —

H1 2025: -5.14
YTD 2026: 0.78
Δ YoY: —

EPS (diluted) (PLN)

0.4 —

H1 2025: —
YTD 2026: 0.4
Δ YoY: —

D&A

29,048 −53.8%

H1 2025: 62,923
YTD 2026: 29,048
Δ YoY: −53.8%

Interest expense

14,551 —

H1 2025: —
YTD 2026: 14,551
Δ YoY: —

Income tax

7,712 —

H1 2025: —
YTD 2026: 7,712
Δ YoY: —

Gross margin

12.39% +15.5 pp

H1 2025: -3.1%
YTD 2026: 12.39%
Δ YoY: +15.5 pp

EBITDA margin

12.11% +17.2 pp

H1 2025: -5.07%
YTD 2026: 12.11%
Δ YoY: +17.2 pp

EBIT margin

5.64% +15.5 pp

H1 2025: -9.88%
YTD 2026: 5.64%
Δ YoY: +15.5 pp

EBT margin

4.29% +12.8 pp

H1 2025: -8.46%
YTD 2026: 4.29%
Δ YoY: +12.8 pp

Net margin

1.98% +9.8 pp

H1 2025: -7.85%
YTD 2026: 1.98%
Δ YoY: +9.8 pp

D&A margin

5.27% —

H1 2025: —
YTD 2026: 5.27%
Δ YoY: —

Cash

98,862 −55.9%

H1 2025: 224,369
YTD 2026: —
Δ YoY: —

Total debt

323,480 +204.9%

H1 2025: 106,103
YTD 2026: —
Δ YoY: —

Net debt

224,618 +289.9%

H1 2025: -118,266
YTD 2026: —
Δ YoY: —

Equity

-6,348 +71.2%

H1 2025: -22,032
YTD 2026: —
Δ YoY: —

Total assets

922,271 −5.8%

H1 2025: 979,033
YTD 2026: —
Δ YoY: —

Working capital

-21,154 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

734,135 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

755,289 −7.7%

H1 2025: 818,529
YTD 2026: —
Δ YoY: —

Non-current liabilities

173,330 −5%

H1 2025: 182,536
YTD 2026: —
Δ YoY: —

Inventory

39,457 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

288,792 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

284,223 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

544 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity

-6,892 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-234,776 −306%

H1 2025: 113,949
YTD 2026: -234,776
Δ YoY: −306%

CapEx

2,571 −74.5%

H1 2025: 10,066
YTD 2026: 2,571
Δ YoY: −74.5%

FCF

-237,347 −328.5%

H1 2025: 103,883
YTD 2026: -237,347
Δ YoY: −328.5%

FCF conversion

-364.4% —

H1 2025: —
YTD 2026: -364.4%
Δ YoY: —

CFO conversion

-360.4% —

H1 2025: —
YTD 2026: -360.4%
Δ YoY: —

Current ratio

0.95x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

0.92x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.15x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

1.55x —

H1 2025: —
YTD 2026: 1.55x
Δ YoY: —

Debt / assets

0.39x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-25.9% —

H1 2025: -17.05%
YTD 2026: -25.9%
Δ YoY: —

EBITDA growth (YoY)

125.1% —

H1 2025: —
YTD 2026: 125.1%
Δ YoY: —

EBIT growth (YoY)

245.1% —

H1 2025: -729.97%
YTD 2026: 245.1%
Δ YoY: —

Net income growth (YoY)

4472.3% —

H1 2025: -282.14%
YTD 2026: 4472.3%
Δ YoY: —

EPS growth (YoY)

875% —

H1 2025: -280.74%
YTD 2026: 875%
Δ YoY: —

Gross margin Δ (YoY)

8.89 pp —

H1 2025: —
YTD 2026: 8.89 pp
Δ YoY: —

EBITDA margin Δ (YoY)

8.12 pp —

H1 2025: —
YTD 2026: 8.12 pp
Δ YoY: —

EBIT margin Δ (YoY)

8.52 pp —

H1 2025: —
YTD 2026: 8.52 pp
Δ YoY: —

Net margin Δ (YoY)

1.95 pp —

H1 2025: —
YTD 2026: 1.95 pp
Δ YoY: —