H1 2026 report
Zysk netto 429 tys. zł po stracie 4,4 mln zł rok wcześniej wynika głównie z niższej amortyzacji i braku odpisów finansowych z 2025 r., nie ze wzrostu sprzedaży.
Sentiment
Cautious
No guidance change
MOV
H1 2026 report
Revenue
3.79 m PLN
— YoY
Net income
310 k PLN
— YoY
EBITDA
2.22 m PLN
— YoY
FCF
-1.24 m PLN
— YoY
Summary
Investment thesis
- Przychody spadły o 40% do 3,8 mln zł, a marża EBITDA wzrosła do 58,7% dzięki niższym usługom obcym.
- Gotówka spadła z 1,7 mln zł do 183 tys. zł; FCF wyniósł -1,2 mln zł przy CAPEX 2,1 mln zł.
- Po dniu bilansowym komornik zajął rachunki spółki w ramach zabezpieczenia roszczenia 5,25 mln zł w sporze z byłym wykonawcą DDS.
- Bilans bez długu bankowego, ale 66% aktywów to wartości niematerialne, a płynność zależy od wpływów z DDS2 na konsolach.
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Financials
BETA
MOV · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,791 | 10,193 | −62.8% | 3,791 | −62.8% | reported | — | 1.00 |
| EBITDA | 2,224 | 3,719 | −40.2% | 2,224 | −40.2% | reported | — | 1.00 |
| EBIT | 522 | -2,114 | +124.7% | 522 | +124.7% | reported | — | 1.00 |
| EBT | 524 | -12,664 | +104.1% | 524 | +104.1% | reported | — | 1.00 |
| Net income | 310 | -11,626 | +102.7% | 310 | +102.7% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.12 | — | — | 0.12 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.12 | — | — | 0.12 | — | reported | — | 1.00 |
| D&A | 1,702 | 5,833 | −70.8% | 1,702 | −70.8% | reported | — | 1.00 |
| Interest expense | 24 | — | — | 24 | — | reported | — | 1.00 |
| Income tax | 95 | — | — | 95 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 2.57 | — | — | 2.57 | — | reported | — | 1.00 |
| EBITDA margin | 58.7% | 36.49% | +22.2 pp | 58.7% | +22.2 pp | reported | — | 0.70 |
| EBIT margin | 13.8% | -20.74% | +34.5 pp | 13.8% | +34.5 pp | reported | — | 0.70 |
| EBT margin | 13.8% | — | — | 13.8% | — | reported | — | 0.70 |
| Net margin | 8.2% | -114.06% | +122.3 pp | 8.2% | +122.3 pp | reported | — | 0.70 |
| D&A margin | 44.9% | — | — | 44.9% | — | reported | — | 0.70 |
| Cash | 183 | 1,735 | −89.5% | — | — | reported | — | 1.00 |
| Total debt | 544 | — | — | — | — | derived | — | 0.90 |
| Net debt | 361 | — | — | — | — | derived | — | 0.90 |
| Equity | 16,539 | 16,110 | +2.7% | — | — | reported | — | 1.00 |
| Total assets | 21,142 | 21,057 | +0.4% | — | — | reported | — | 1.00 |
| Working capital | 3,582 | — | — | — | — | reported | — | 0.70 |
| Current assets | 4,673 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 1,091 | 1,227 | −11.1% | — | — | reported | — | 1.00 |
| Non-current liabilities | 3,512 | 3,720 | −5.6% | — | — | reported | — | 1.00 |
| Trade receivables | 3,445 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 859 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 13,927 | 14,810 | −6% | — | — | reported | — | 1.00 |
| Tangible equity | 2,612 | — | — | — | — | reported | — | 0.70 |
| CFO | 845 | — | — | 845 | — | reported | — | 1.00 |
| CapEx | 2,088 | — | — | 2,088 | — | reported | — | 1.00 |
| FCF | -1,243 | — | — | -1,243 | — | reported | — | 0.70 |
| CFO conversion | 38% | — | — | 38% | — | reported | — | 0.70 |
| Current ratio | 4.28x | — | — | — | — | reported | — | 0.70 |
| Cash ratio | 0.17x | 1.41x | −1.24x | — | — | reported | — | 0.70 |
| Interest coverage | 21.75x | — | — | 21.75x | — | reported | — | 0.70 |
| Debt / equity | 0.03x | — | — | — | — | reported | — | 0.70 |
| Debt / assets | 0.03x | — | — | — | — | reported | — | 0.70 |
| Net debt / equity | 0.02x | — | — | — | — | reported | — | 0.70 |
| Revenue growth (YoY) | -40.3% | -31.44% | — | -40.3% | — | reported | — | 0.70 |
| EBITDA growth (YoY) | -26.7% | — | — | -26.7% | — | reported | — | 0.70 |
| EBIT growth (YoY) | 172.5% | — | — | 172.5% | — | reported | — | 0.70 |
| EBITDA margin Δ (YoY) | 10.9 pp | -0.01 pp | — | 10.9 pp | — | reported | — | 0.70 |
| EBIT margin Δ (YoY) | 25.1 pp | -0.03 pp | — | 25.1 pp | — | reported | — | 0.70 |
H1 2026 · Δ YoY
Revenue
3,791
−62.8%
3,791
−62.8%
- H1 2025
- 10,193
- YTD 2026
- 3,791
- Δ YoY
- −62.8%
EBITDA
2,224
−40.2%
2,224
−40.2%
- H1 2025
- 3,719
- YTD 2026
- 2,224
- Δ YoY
- −40.2%
EBIT
522
+124.7%
522
+124.7%
- H1 2025
- -2,114
- YTD 2026
- 522
- Δ YoY
- +124.7%
EBT
524
+104.1%
524
+104.1%
- H1 2025
- -12,664
- YTD 2026
- 524
- Δ YoY
- +104.1%
Net income
310
+102.7%
310
+102.7%
- H1 2025
- -11,626
- YTD 2026
- 310
- Δ YoY
- +102.7%
EPS (basic)
(PLN)
0.12
—
0.12
—
- H1 2025
- —
- YTD 2026
- 0.12
- Δ YoY
- —
EPS (diluted)
(PLN)
0.12
—
0.12
—
- H1 2025
- —
- YTD 2026
- 0.12
- Δ YoY
- —
D&A
1,702
−70.8%
1,702
−70.8%
- H1 2025
- 5,833
- YTD 2026
- 1,702
- Δ YoY
- −70.8%
Interest expense
24
—
24
—
- H1 2025
- —
- YTD 2026
- 24
- Δ YoY
- —
Income tax
95
—
95
—
- H1 2025
- —
- YTD 2026
- 95
- Δ YoY
- —
Shares (basic)
(m units)
2.57
—
2.57
—
- H1 2025
- —
- YTD 2026
- 2.57
- Δ YoY
- —
EBITDA margin
58.7%
+22.2 pp
58.7%
+22.2 pp
- H1 2025
- 36.49%
- YTD 2026
- 58.7%
- Δ YoY
- +22.2 pp
EBIT margin
13.8%
+34.5 pp
13.8%
+34.5 pp
- H1 2025
- -20.74%
- YTD 2026
- 13.8%
- Δ YoY
- +34.5 pp
EBT margin
13.8%
—
13.8%
—
- H1 2025
- —
- YTD 2026
- 13.8%
- Δ YoY
- —
Net margin
8.2%
+122.3 pp
8.2%
+122.3 pp
- H1 2025
- -114.06%
- YTD 2026
- 8.2%
- Δ YoY
- +122.3 pp
D&A margin
44.9%
—
44.9%
—
- H1 2025
- —
- YTD 2026
- 44.9%
- Δ YoY
- —
Cash
183
−89.5%
183
−89.5%
- H1 2025
- 1,735
- YTD 2026
- —
- Δ YoY
- —
Total debt
544
—
544
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
361
—
361
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
16,539
+2.7%
16,539
+2.7%
- H1 2025
- 16,110
- YTD 2026
- —
- Δ YoY
- —
Total assets
21,142
+0.4%
21,142
+0.4%
- H1 2025
- 21,057
- YTD 2026
- —
- Δ YoY
- —
Working capital
3,582
—
3,582
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
4,673
—
4,673
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
1,091
−11.1%
1,091
−11.1%
- H1 2025
- 1,227
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
3,512
−5.6%
3,512
−5.6%
- H1 2025
- 3,720
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
3,445
—
3,445
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
859
—
859
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
13,927
−6%
13,927
−6%
- H1 2025
- 14,810
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
2,612
—
2,612
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
845
—
845
—
- H1 2025
- —
- YTD 2026
- 845
- Δ YoY
- —
CapEx
2,088
—
2,088
—
- H1 2025
- —
- YTD 2026
- 2,088
- Δ YoY
- —
FCF
-1,243
—
-1,243
—
- H1 2025
- —
- YTD 2026
- -1,243
- Δ YoY
- —
CFO conversion
38%
—
38%
—
- H1 2025
- —
- YTD 2026
- 38%
- Δ YoY
- —
Current ratio
4.28x
—
4.28x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.17x
−1.24x
0.17x
−1.24x
- H1 2025
- 1.41x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
21.75x
—
21.75x
—
- H1 2025
- —
- YTD 2026
- 21.75x
- Δ YoY
- —
Debt / equity
0.03x
—
0.03x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.03x
—
0.03x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.02x
—
0.02x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-40.3%
—
-40.3%
—
- H1 2025
- -31.44%
- YTD 2026
- -40.3%
- Δ YoY
- —
EBITDA growth (YoY)
-26.7%
—
-26.7%
—
- H1 2025
- —
- YTD 2026
- -26.7%
- Δ YoY
- —
EBIT growth (YoY)
172.5%
—
172.5%
—
- H1 2025
- —
- YTD 2026
- 172.5%
- Δ YoY
- —
EBITDA margin Δ (YoY)
10.9 pp
—
10.9 pp
—
- H1 2025
- -0.01 pp
- YTD 2026
- 10.9 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
25.1 pp
—
25.1 pp
—
- H1 2025
- -0.03 pp
- YTD 2026
- 25.1 pp
- Δ YoY
- —