H1 2026 report
onesano to producent suplementów diety i nutraceutyków (marki EstroVita, PostVital/Yaast, OneVital, VitalPet) notowany na głównym rynku GPW, wchodzący w skład grupy kapitałowej Boryszew (Boryszew S.A. posiada 42,50% akcji, a łącznie z R. Karkosikiem i podmiotami zależnymi — 45,51% głosów).
Sentiment
Neutral
No guidance change
ONO
H1 2026 report
Revenue
6.64 m PLN
— YoY
Net income
-1.87 m PLN
— YoY
EBITDA
-1.72 m PLN
— YoY
Gross margin
30.43%
— YoY
Summary
Investment thesis
- Przychody w I półroczu 2026 r. wzrosły o 25% r/r do 6,64 mln zł, napędzane głównie produkcją kontraktową (64% przychodów ze sprzedaży produktów), w tym istotnym udziałem powiązanej spółki z grupy Boryszew (ERG Sochaczew, 15% łącznych przychodów).
- Mimo wzrostu sprzedaży spółka wciąż jest głęboko stratna operacyjnie (-1,93 mln zł EBIT), a marża brutto na sprzedaży spadła z 42,3% do 30,4% r/r — choć strata netto zawęziła się o 12% r/r dzięki znacznie niższym kosztom sprzedaży.
- Płynność jest napięta i pogarsza się: wskaźnik płynności szybkiej (0,5) i bieżącej (1,4) poniżej pożądanych przez zarząd przedziałów (0,8-1,2 i 1,5-2,0), a pokrycie zobowiązań należnościami spadło do 1,0x — sama spółka ocenia prawdopodobieństwo materializacji ryzyka płynnościowego jako wysokie.
- Spółka toczy dwa istotne spory: z PARP o zwrot ok. 1,35 mln zł dotacji wraz z odsetkami (środki już raz zajęte egzekucyjnie z rachunków bankowych we wrześniu 2025 r., skarga kasacyjna w toku) oraz z Ostrovit o znak towarowy EstroVita, w którym uzyskała korzystne zabezpieczenie sądowe w czerwcu 2026 r.
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Financials
BETA
ONO · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,642 | 11,931 | −44.3% | 6,642 | −44.3% | reported | — | 1.00 |
| Gross profit | 2,021 | 4,567 | −55.7% | 2,021 | −55.7% | reported | — | 1.00 |
| EBITDA | -1,724 | -4,026 | +57.2% | -1,724 | +57.2% | derived | — | 0.90 |
| EBIT | -1,931 | -4,482 | +56.9% | -1,931 | +56.9% | reported | — | 1.00 |
| EBT | -1,943 | -4,769 | +59.3% | -1,943 | +59.3% | reported | — | 1.00 |
| Net income | -1,866 | -4,793 | +61.1% | -1,866 | +61.1% | 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 | 207 | 456 | −54.6% | 207 | −54.6% | reported | — | 1.00 |
| Interest expense | 130 | 215 | −39.5% | 130 | −39.5% | reported | — | 1.00 |
| Income tax | -77 | 24 | −420.8% | -77 | −420.8% | reported | — | 1.00 |
| Shares (basic) (units) | 65,880,000 | — | — | — | — | reported | — | 1.00 |
| Shares (diluted) (units) | 65,880,000 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 30.43% | 38.28% | −7.9 pp | 30.43% | −7.9 pp | derived | — | 0.90 |
| EBITDA margin | -25.96% | -33.74% | +7.8 pp | -25.96% | +7.8 pp | derived | — | 0.90 |
| EBIT margin | -29.07% | -37.57% | +8.5 pp | -29.07% | +8.5 pp | derived | — | 0.90 |
| EBT margin | -29.25% | — | — | -29.25% | — | derived | — | 0.90 |
| Net margin | -28.09% | -40.18% | +12.1 pp | -28.09% | +12.1 pp | derived | — | 0.90 |
| D&A margin | 3.12% | — | — | 3.12% | — | derived | — | 0.90 |
| Cash | 232 | 314 | −26.1% | — | — | reported | — | 1.00 |
| Total debt | 1,733 | 2,597 | −33.3% | — | — | reported | — | 0.80 |
| Net debt | 1,501 | 2,283 | −34.3% | — | — | derived | — | 0.80 |
| Equity | 2,999 | 4,865 | −38.4% | — | — | reported | — | 1.00 |
| Total assets | 7,631 | 9,264 | −17.6% | — | — | reported | — | 1.00 |
| Working capital | 1,754 | — | — | — | — | derived | — | 0.90 |
| Current assets | 5,690 | 7,209 | −21.1% | — | — | reported | — | 1.00 |
| Current liabilities | 3,936 | 3,979 | −1.1% | — | — | reported | — | 1.00 |
| Non-current liabilities | 223 | — | — | — | — | reported | — | 1.00 |
| Inventory | 3,673 | 5,161 | −28.8% | — | — | reported | — | 1.00 |
| Trade receivables | 1,565 | 1,676 | −6.6% | — | — | reported | — | 1.00 |
| Trade payables | 1,579 | 798 | +97.9% | — | — | reported | — | 1.00 |
| Goodwill | 247 | 336 | −26.5% | — | — | reported | — | 1.00 |
| Tangible equity | 2,752 | — | — | — | — | derived | — | 0.90 |
| CFO | -92 | -3,184 | +97.1% | -92 | +97.1% | reported | — | 1.00 |
| CapEx | 10 | 170 | −94.1% | 10 | −94.1% | reported | — | 1.00 |
| FCF | -102 | -3,354 | +97% | -102 | +97% | derived | — | 0.90 |
| Dividends paid | 0 | — | — | 0 | — | reported | — | 1.00 |
| ROE | -86.13% | -66% | −20.1 pp | — | — | derived | — | 0.60 |
| Current ratio | 1.45x | 1.81x | −0.36x | — | — | derived | — | 0.90 |
| Quick ratio | 0.51x | 0.51x | +0x | — | — | derived | — | 0.90 |
| Cash ratio | 0.06x | 0.08x | −0.02x | — | — | derived | — | 0.90 |
| Interest coverage | -14.85x | -20.85x | +6x | -14.85x | +6x | derived | — | 0.70 |
| Debt / equity | 0.58x | 0.53x | +0.05x | — | — | derived | — | 0.80 |
| Debt / assets | 0.23x | — | — | — | — | derived | — | 0.80 |
| Net debt / equity | 0.5x | 0.47x | +0.03x | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | 25.34% | 11.58% | — | 25.34% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | 0.69% | — | — | 0.69% | — | derived | — | 0.90 |
| EBIT growth (YoY) | 1.53% | 27.3% | — | 1.53% | — | derived | — | 0.90 |
| Net income growth (YoY) | 12.02% | 17.32% | — | 12.02% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | -11.86 pp | — | — | -11.86 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 7.93 pp | — | — | 7.93 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 11.93 pp | — | — | 11.93 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
6,642
−44.3%
6,642
−44.3%
- H1 2025
- 11,931
- YTD 2026
- 6,642
- Δ YoY
- −44.3%
Gross profit
2,021
−55.7%
2,021
−55.7%
- H1 2025
- 4,567
- YTD 2026
- 2,021
- Δ YoY
- −55.7%
EBITDA
-1,724
+57.2%
-1,724
+57.2%
- H1 2025
- -4,026
- YTD 2026
- -1,724
- Δ YoY
- +57.2%
EBIT
-1,931
+56.9%
-1,931
+56.9%
- H1 2025
- -4,482
- YTD 2026
- -1,931
- Δ YoY
- +56.9%
EBT
-1,943
+59.3%
-1,943
+59.3%
- H1 2025
- -4,769
- YTD 2026
- -1,943
- Δ YoY
- +59.3%
Net income
-1,866
+61.1%
-1,866
+61.1%
- H1 2025
- -4,793
- YTD 2026
- -1,866
- Δ YoY
- +61.1%
EPS (basic)
(PLN)
-0.03
—
-0.03
—
- H1 2025
- -0.07
- YTD 2026
- -0.03
- Δ YoY
- —
EPS (diluted)
(PLN)
-0.03
—
-0.03
—
- H1 2025
- —
- YTD 2026
- -0.03
- Δ YoY
- —
D&A
207
−54.6%
207
−54.6%
- H1 2025
- 456
- YTD 2026
- 207
- Δ YoY
- −54.6%
Interest expense
130
−39.5%
130
−39.5%
- H1 2025
- 215
- YTD 2026
- 130
- Δ YoY
- −39.5%
Income tax
-77
−420.8%
-77
−420.8%
- H1 2025
- 24
- YTD 2026
- -77
- Δ YoY
- −420.8%
Shares (basic)
(units)
65,880,000
—
65,880,000
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Shares (diluted)
(units)
65,880,000
—
65,880,000
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
30.43%
−7.9 pp
30.43%
−7.9 pp
- H1 2025
- 38.28%
- YTD 2026
- 30.43%
- Δ YoY
- −7.9 pp
EBITDA margin
-25.96%
+7.8 pp
-25.96%
+7.8 pp
- H1 2025
- -33.74%
- YTD 2026
- -25.96%
- Δ YoY
- +7.8 pp
EBIT margin
-29.07%
+8.5 pp
-29.07%
+8.5 pp
- H1 2025
- -37.57%
- YTD 2026
- -29.07%
- Δ YoY
- +8.5 pp
EBT margin
-29.25%
—
-29.25%
—
- H1 2025
- —
- YTD 2026
- -29.25%
- Δ YoY
- —
Net margin
-28.09%
+12.1 pp
-28.09%
+12.1 pp
- H1 2025
- -40.18%
- YTD 2026
- -28.09%
- Δ YoY
- +12.1 pp
D&A margin
3.12%
—
3.12%
—
- H1 2025
- —
- YTD 2026
- 3.12%
- Δ YoY
- —
Cash
232
−26.1%
232
−26.1%
- H1 2025
- 314
- YTD 2026
- —
- Δ YoY
- —
Total debt
1,733
−33.3%
1,733
−33.3%
- H1 2025
- 2,597
- YTD 2026
- —
- Δ YoY
- —
Net debt
1,501
−34.3%
1,501
−34.3%
- H1 2025
- 2,283
- YTD 2026
- —
- Δ YoY
- —
Equity
2,999
−38.4%
2,999
−38.4%
- H1 2025
- 4,865
- YTD 2026
- —
- Δ YoY
- —
Total assets
7,631
−17.6%
7,631
−17.6%
- H1 2025
- 9,264
- YTD 2026
- —
- Δ YoY
- —
Working capital
1,754
—
1,754
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
5,690
−21.1%
5,690
−21.1%
- H1 2025
- 7,209
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
3,936
−1.1%
3,936
−1.1%
- H1 2025
- 3,979
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
223
—
223
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
3,673
−28.8%
3,673
−28.8%
- H1 2025
- 5,161
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
1,565
−6.6%
1,565
−6.6%
- H1 2025
- 1,676
- YTD 2026
- —
- Δ YoY
- —
Trade payables
1,579
+97.9%
1,579
+97.9%
- H1 2025
- 798
- YTD 2026
- —
- Δ YoY
- —
Goodwill
247
−26.5%
247
−26.5%
- H1 2025
- 336
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
2,752
—
2,752
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-92
+97.1%
-92
+97.1%
- H1 2025
- -3,184
- YTD 2026
- -92
- Δ YoY
- +97.1%
CapEx
10
−94.1%
10
−94.1%
- H1 2025
- 170
- YTD 2026
- 10
- Δ YoY
- −94.1%
FCF
-102
+97%
-102
+97%
- H1 2025
- -3,354
- YTD 2026
- -102
- Δ YoY
- +97%
Dividends paid
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
ROE
-86.13%
−20.1 pp
-86.13%
−20.1 pp
- H1 2025
- -66%
- YTD 2026
- —
- Δ YoY
- —
Current ratio
1.45x
−0.36x
1.45x
−0.36x
- H1 2025
- 1.81x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.51x
+0x
0.51x
+0x
- H1 2025
- 0.51x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.06x
−0.02x
0.06x
−0.02x
- H1 2025
- 0.08x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-14.85x
+6x
-14.85x
+6x
- H1 2025
- -20.85x
- YTD 2026
- -14.85x
- Δ YoY
- +6x
Debt / equity
0.58x
+0.05x
0.58x
+0.05x
- H1 2025
- 0.53x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.23x
—
0.23x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.5x
+0.03x
0.5x
+0.03x
- H1 2025
- 0.47x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
25.34%
—
25.34%
—
- H1 2025
- 11.58%
- YTD 2026
- 25.34%
- Δ YoY
- —
EBITDA growth (YoY)
0.69%
—
0.69%
—
- H1 2025
- —
- YTD 2026
- 0.69%
- Δ YoY
- —
EBIT growth (YoY)
1.53%
—
1.53%
—
- H1 2025
- 27.3%
- YTD 2026
- 1.53%
- Δ YoY
- —
Net income growth (YoY)
12.02%
—
12.02%
—
- H1 2025
- 17.32%
- YTD 2026
- 12.02%
- Δ YoY
- —
Gross margin Δ (YoY)
-11.86 pp
—
-11.86 pp
—
- H1 2025
- —
- YTD 2026
- -11.86 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
7.93 pp
—
7.93 pp
—
- H1 2025
- —
- YTD 2026
- 7.93 pp
- Δ YoY
- —
Net margin Δ (YoY)
11.93 pp
—
11.93 pp
—
- H1 2025
- —
- YTD 2026
- 11.93 pp
- Δ YoY
- —