H1 2026 report
Nexity Global to spółka bez realnej działalności operacyjnej — przychody ze sprzedaży usług wyniosły zaledwie 1 041 zł za całe I półrocze 2026 r., identycznie jak rok wcześniej.
Sentiment
Cautious
No guidance change
NXG
H1 2026 report
Revenue
1,041 PLN
— YoY
Net income
-163,929 PLN
— YoY
EBITDA
-85,579 PLN
— YoY
FCF
-125,182 PLN
— YoY
Summary
Investment thesis
- Kapitał własny jest głęboko ujemny (-1 446 385 zł) i pogłębia się kwartał po kwartale, a zobowiązania (1 784 509 zł) ponad pięciokrotnie przewyższają sumę aktywów (338 125 zł).
- Ponad 95% zadłużenia odsetkowego Spółki (1 304 600 zł z 1 366 909 zł) pochodzi od dwóch powiązanych akcjonariuszy — Januarego Ciszewskiego i Columbus Energy S.A. — co czyni dalsze istnienie Spółki bezpośrednio zależnym od ich dobrej woli.
- Biegły rewident wydał opinię bez zastrzeżeń, ale z paragrafem objaśniającym wprost wskazującym na istotną niepewność co do zdolności Spółki do kontynuacji działalności.
- Jedyny konkretny plan rozwojowy (połączenie z The Batteries) zakończył się rozwiązaniem umowy w grudniu 2025 r., a nowo ogłoszony (kwiecień 2026 r.) kierunek — dystrybucja biopaliw stałych w modelu asset-light — pozostaje na etapie czysto koncepcyjnym, bez umów i bez przychodów w okresie.
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Financials
BETA
NXG · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 520 | 2,083 | −75% | 1,041 | −50% | reported | — | 0.95 |
| EBITDA | -42,545 | -123,302 | +65.5% | -85,579 | +30.6% | derived | — | 0.90 |
| EBIT | -42,545 | -126,392 | +66.3% | -85,579 | +32.3% | reported | — | 0.95 |
| EBT | -86,871 | -235,773 | +63.2% | -157,210 | +33.3% | reported | — | 0.95 |
| Net income | -90,247 | -251,282 | +64.1% | -163,929 | +34.8% | reported | — | 0.95 |
| EPS (basic) | -0.01 | -0.03 | +66.7% | -0.02 | +33.3% | reported | — | 0.95 |
| EPS (diluted) | -0.01 | — | — | -0.02 | — | reported | — | 0.95 |
| D&A | 0 | 3,090 | −100% | 0 | −100% | reported | — | 0.90 |
| Interest expense | 71,631 | 109,382 | −34.5% | 71,631 | −34.5% | reported | — | 0.90 |
| Income tax | 3,377 | 15,509 | −78.2% | 6,719 | −56.7% | reported | — | 0.90 |
| Shares (basic) (m units) | 10 | 10 | — | — | — | reported | — | 1.00 |
| EBITDA margin | -8220.8% | -5919.4% | −2301.4 pp | -8220.8% | −2301.4 pp | derived | — | 0.30 |
| EBIT margin | -8220.8% | -6067.8% | −2153 pp | -8220.8% | −2153 pp | derived | — | 0.30 |
| EBT margin | -15102.9% | — | — | -15102.9% | — | derived | — | 0.30 |
| Net margin | -15747.3% | -12063.5% | −3683.8 pp | -15747.3% | −3683.8 pp | derived | — | 0.30 |
| Cash | 160 | 2,342 | −93.2% | — | — | reported | — | 1.00 |
| Total debt | 1,366,909 | 1,186,547 | +15.2% | — | — | reported | — | 0.95 |
| Net debt | 1,366,749 | 1,184,205 | +15.4% | — | — | derived | — | 0.90 |
| Equity | -1,446,385 | -1,282,456 | −12.8% | — | — | reported | — | 1.00 |
| Total assets | 338,125 | 310,944 | +8.7% | — | — | reported | — | 0.95 |
| Working capital | -58,077 | — | — | — | — | derived | — | 0.90 |
| Current assets | 338,125 | 310,944 | +8.7% | — | — | reported | — | 0.95 |
| Current liabilities | 396,202 | 390,634 | +1.4% | — | — | reported | — | 0.95 |
| Non-current liabilities | 1,388,307 | 1,202,766 | +15.4% | — | — | reported | — | 0.95 |
| Inventory | 0 | — | — | — | — | reported | — | 0.90 |
| Trade receivables | 0 | — | — | — | — | reported | — | 0.90 |
| Trade payables | 278,457 | 258,420 | +7.8% | — | — | reported | — | 0.70 |
| Goodwill | 0 | — | — | — | — | reported | — | 0.90 |
| Tangible equity | -1,446,385 | — | — | — | — | derived | — | 0.90 |
| CFO | -125,182 | -217,685 | +42.5% | -125,182 | +42.5% | reported | — | 1.00 |
| CapEx | 0 | — | — | 0 | — | reported | — | 0.90 |
| FCF | -125,182 | -217,685 | +42.5% | -125,182 | +42.5% | derived | — | 0.90 |
| FCF conversion | 146.3% | — | — | 146.3% | — | derived | — | 0.30 |
| CFO conversion | 146.3% | — | — | 146.3% | — | derived | — | 0.30 |
| Current ratio | 0.85x | 0.8x | +0.05x | — | — | derived | — | 0.90 |
| Quick ratio | 0.85x | — | — | — | — | derived | — | 0.90 |
| Cash ratio | 0x | 0.01x | −0.01x | — | — | derived | — | 0.90 |
| Interest coverage | -1.19x | -1.16x | −0.03x | -1.19x | −0.03x | derived | — | 0.85 |
| Debt / equity | -0.95x | -0.93x | −0.01x | — | — | derived | — | 0.70 |
| Debt / assets | 4.04x | 3.82x | +0.22x | — | — | derived | — | 0.90 |
| Net debt / equity | -0.95x | -0.92x | −0.02x | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 0% | -26.2% | — | 0% | — | derived | — | 0.80 |
| EBITDA growth (YoY) | 39.57% | — | — | 37.89% | — | derived | — | 0.75 |
| EBIT growth (YoY) | 40.45% | 80.7% | — | 38.8% | — | derived | — | 0.80 |
| Net income growth (YoY) | 19.24% | 70.2% | — | 20.36% | — | derived | — | 0.80 |
| EPS growth (YoY) | 0% | — | — | 0% | — | derived | — | 0.40 |
| FCF growth (YoY) | 32.83% | — | — | 32.83% | — | derived | — | 0.80 |
H1 2026 · Δ YoY
Revenue
520
−75%
520
−75%
- H1 2025
- 2,083
- YTD 2026
- 1,041
- Δ YoY
- −50%
EBITDA
-42,545
+65.5%
-42,545
+65.5%
- H1 2025
- -123,302
- YTD 2026
- -85,579
- Δ YoY
- +30.6%
EBIT
-42,545
+66.3%
-42,545
+66.3%
- H1 2025
- -126,392
- YTD 2026
- -85,579
- Δ YoY
- +32.3%
EBT
-86,871
+63.2%
-86,871
+63.2%
- H1 2025
- -235,773
- YTD 2026
- -157,210
- Δ YoY
- +33.3%
Net income
-90,247
+64.1%
-90,247
+64.1%
- H1 2025
- -251,282
- YTD 2026
- -163,929
- Δ YoY
- +34.8%
EPS (basic)
-0.01
+66.7%
-0.01
+66.7%
- H1 2025
- -0.03
- YTD 2026
- -0.02
- Δ YoY
- +33.3%
EPS (diluted)
-0.01
—
-0.01
—
- H1 2025
- —
- YTD 2026
- -0.02
- Δ YoY
- —
D&A
0
−100%
0
−100%
- H1 2025
- 3,090
- YTD 2026
- 0
- Δ YoY
- −100%
Interest expense
71,631
−34.5%
71,631
−34.5%
- H1 2025
- 109,382
- YTD 2026
- 71,631
- Δ YoY
- −34.5%
Income tax
3,377
−78.2%
3,377
−78.2%
- H1 2025
- 15,509
- YTD 2026
- 6,719
- Δ YoY
- −56.7%
Shares (basic)
(m units)
10
—
10
—
- H1 2025
- 10
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
-8220.8%
−2301.4 pp
-8220.8%
−2301.4 pp
- H1 2025
- -5919.4%
- YTD 2026
- -8220.8%
- Δ YoY
- −2301.4 pp
EBIT margin
-8220.8%
−2153 pp
-8220.8%
−2153 pp
- H1 2025
- -6067.8%
- YTD 2026
- -8220.8%
- Δ YoY
- −2153 pp
EBT margin
-15102.9%
—
-15102.9%
—
- H1 2025
- —
- YTD 2026
- -15102.9%
- Δ YoY
- —
Net margin
-15747.3%
−3683.8 pp
-15747.3%
−3683.8 pp
- H1 2025
- -12063.5%
- YTD 2026
- -15747.3%
- Δ YoY
- −3683.8 pp
Cash
160
−93.2%
160
−93.2%
- H1 2025
- 2,342
- YTD 2026
- —
- Δ YoY
- —
Total debt
1,366,909
+15.2%
1,366,909
+15.2%
- H1 2025
- 1,186,547
- YTD 2026
- —
- Δ YoY
- —
Net debt
1,366,749
+15.4%
1,366,749
+15.4%
- H1 2025
- 1,184,205
- YTD 2026
- —
- Δ YoY
- —
Equity
-1,446,385
−12.8%
-1,446,385
−12.8%
- H1 2025
- -1,282,456
- YTD 2026
- —
- Δ YoY
- —
Total assets
338,125
+8.7%
338,125
+8.7%
- H1 2025
- 310,944
- YTD 2026
- —
- Δ YoY
- —
Working capital
-58,077
—
-58,077
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
338,125
+8.7%
338,125
+8.7%
- H1 2025
- 310,944
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
396,202
+1.4%
396,202
+1.4%
- H1 2025
- 390,634
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
1,388,307
+15.4%
1,388,307
+15.4%
- H1 2025
- 1,202,766
- YTD 2026
- —
- Δ YoY
- —
Inventory
0
—
0
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
0
—
0
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
278,457
+7.8%
278,457
+7.8%
- H1 2025
- 258,420
- YTD 2026
- —
- Δ YoY
- —
Goodwill
0
—
0
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
-1,446,385
—
-1,446,385
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-125,182
+42.5%
-125,182
+42.5%
- H1 2025
- -217,685
- YTD 2026
- -125,182
- Δ YoY
- +42.5%
CapEx
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
FCF
-125,182
+42.5%
-125,182
+42.5%
- H1 2025
- -217,685
- YTD 2026
- -125,182
- Δ YoY
- +42.5%
FCF conversion
146.3%
—
146.3%
—
- H1 2025
- —
- YTD 2026
- 146.3%
- Δ YoY
- —
CFO conversion
146.3%
—
146.3%
—
- H1 2025
- —
- YTD 2026
- 146.3%
- Δ YoY
- —
Current ratio
0.85x
+0.05x
0.85x
+0.05x
- H1 2025
- 0.8x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.85x
—
0.85x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0x
−0.01x
0x
−0.01x
- H1 2025
- 0.01x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-1.19x
−0.03x
-1.19x
−0.03x
- H1 2025
- -1.16x
- YTD 2026
- -1.19x
- Δ YoY
- −0.03x
Debt / equity
-0.95x
−0.01x
-0.95x
−0.01x
- H1 2025
- -0.93x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
4.04x
+0.22x
4.04x
+0.22x
- H1 2025
- 3.82x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.95x
−0.02x
-0.95x
−0.02x
- H1 2025
- -0.92x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
0%
—
0%
—
- H1 2025
- -26.2%
- YTD 2026
- 0%
- Δ YoY
- —
EBITDA growth (YoY)
39.57%
—
39.57%
—
- H1 2025
- —
- YTD 2026
- 37.89%
- Δ YoY
- —
EBIT growth (YoY)
40.45%
—
40.45%
—
- H1 2025
- 80.7%
- YTD 2026
- 38.8%
- Δ YoY
- —
Net income growth (YoY)
19.24%
—
19.24%
—
- H1 2025
- 70.2%
- YTD 2026
- 20.36%
- Δ YoY
- —
EPS growth (YoY)
0%
—
0%
—
- H1 2025
- —
- YTD 2026
- 0%
- Δ YoY
- —
FCF growth (YoY)
32.83%
—
32.83%
—
- H1 2025
- —
- YTD 2026
- 32.83%
- Δ YoY
- —