PBF PBS FINANSE Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026

H1 2026 report

Mikro-deweloper z Częstochowy: przychody I półrocza 2026 spadły o 64% r/r do 927 tys. zł, wynik netto to strata 291 tys. zł wobec zysku 31 tys. zł rok wcześniej.

Sentiment

Neutral No guidance change

Website

PBF H1 2026 report

Revenue

927 k PLN

— YoY

Net income

-291 k PLN

— YoY

EBITDA

-351 k PLN

— YoY

Gross margin

27.83%

— YoY

Summary

Investment thesis

Bilans bez zadłużenia oprocentowanego: gotówka 2,47 mln zł, kapitał własny 8,6 mln zł (74% aktywów), wskaźnik bieżącej płynności 3,3x.
Koszty ogólnego zarządu (611 tys. zł) przewyższają zysk brutto ze sprzedaży (258 tys. zł) — strata operacyjna ma charakter strukturalny przy skali kilku domków rocznie.
Zmiana kontroli: 26.05.2026 pakiet 65,45% przejął od syndyka masy upadłości Podkarpackiego Banku Spółdzielczego Krzysztof Wróblewski, a od 23.06.2026 rada nadzorcza to głównie osoby o nazwisku Wróblewski — intencje nowego właściciela nie zostały opisane.
Dodatni OCF (483 tys. zł) wynika ze wzrostu zobowiązań i zaliczek (724 tys. zł), nie z wyniku; zapasy urosły o 40% do 5,65 mln zł.

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Financials

BETA

H1 2026

PBF · H1 2026

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

Revenue	927	3,558	−73.9%	927	−73.9%	reported	—	1.00
Gross profit	258	745	−65.4%	258	−65.4%	reported	—	1.00
EBITDA	-351	-417	+15.8%	-351	+15.8%	derived	—	0.70
EBIT	-352	-417	+15.6%	-352	+15.6%	reported	—	1.00
EBT	-291	116	−350.9%	-291	−350.9%	reported	—	1.00
Net income	-291	110	−364.5%	-291	−364.5%	reported	—	1.00
EPS (basic) (PLN)	-0.03	0.01	—	-0.03	—	reported	—	0.80
D&A	1	—	—	1	—	reported	—	1.00
Shares (basic) (m units)	10.45	10.45	—	10.45	—	reported	—	1.00

Gross margin	27.83%	20.94%	+6.9 pp	27.83%	+6.9 pp	derived	—	0.70
EBITDA margin	-37.86%	-11.72%	−26.1 pp	-37.86%	−26.1 pp	derived	—	0.70
EBIT margin	-37.97%	-11.72%	−26.3 pp	-37.97%	−26.3 pp	derived	—	0.70
EBT margin	-31.39%	—	—	-31.39%	—	derived	—	0.70
Net margin	-31.39%	3.09%	−34.5 pp	-31.39%	−34.5 pp	derived	—	0.70

Cash	2,469	1,939	+27.3%	—	—	reported	—	1.00
Total debt	0	0	—	—	—	reported	—	1.00
Net debt	-2,469	-1,939	−27.3%	—	—	derived	—	0.90
Equity	8,623	8,914	−3.3%	—	—	reported	—	1.00
Total assets	11,693	10,234	+14.3%	—	—	reported	—	1.00
Working capital	6,903	7.19	+95895%	—	—	derived	—	0.70
Current assets	9,955	8,496	+17.2%	—	—	reported	—	1.00
Current liabilities	3,052	1,305	+133.9%	—	—	reported	—	1.00
Non-current liabilities	18	15	+20%	—	—	reported	—	1.00
Inventory	5,650	4,032	+40.1%	—	—	reported	—	1.00
Trade receivables	59	785	−92.5%	—	—	reported	—	1.00
Trade payables	229	41	+458.5%	—	—	reported	—	1.00

CFO	483	-941	+151.3%	483	+151.3%	reported	—	1.00

Current ratio	3.26x	6.51x	−3.25x	—	—	derived	—	0.70
Quick ratio	1.41x	3.42x	−2.01x	—	—	derived	—	0.70
Cash ratio	0.81x	1.49x	−0.68x	—	—	derived	—	0.70

Debt / equity	0x	0x	+0x	—	—	derived	—	0.70
Debt / assets	0x	0x	+0x	—	—	derived	—	0.70
Net debt / equity	-0.29x	-0.22x	−0.07x	—	—	derived	—	0.70

Revenue growth (YoY)	-64.36%	-22.64%	—	-64.36%	—	derived	—	0.70
EBIT growth (YoY)	-506.9%	-167.31%	—	-506.9%	—	derived	—	0.60
Net income growth (YoY)	-1038.71%	218.28%	—	-1038.71%	—	derived	—	0.60
Gross margin Δ (YoY)	8.19 pp	1.24 pp	—	8.19 pp	—	derived	—	0.70
EBIT margin Δ (YoY)	-35.74 pp	-8.33 pp	—	-35.74 pp	—	derived	—	0.70
Net margin Δ (YoY)	-32.58 pp	5.11 pp	—	-32.58 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

927 −73.9%

H1 2025: 3,558
YTD 2026: 927
Δ YoY: −73.9%

Gross profit

258 −65.4%

H1 2025: 745
YTD 2026: 258
Δ YoY: −65.4%

EBITDA

-351 +15.8%

H1 2025: -417
YTD 2026: -351
Δ YoY: +15.8%

EBIT

-352 +15.6%

H1 2025: -417
YTD 2026: -352
Δ YoY: +15.6%

EBT

-291 −350.9%

H1 2025: 116
YTD 2026: -291
Δ YoY: −350.9%

Net income

-291 −364.5%

H1 2025: 110
YTD 2026: -291
Δ YoY: −364.5%

EPS (basic) (PLN)

-0.03 —

H1 2025: 0.01
YTD 2026: -0.03
Δ YoY: —

D&A

1 —

H1 2025: —
YTD 2026: 1
Δ YoY: —

Shares (basic) (m units)

10.45 —

H1 2025: 10.45
YTD 2026: 10.45
Δ YoY: —

Gross margin

27.83% +6.9 pp

H1 2025: 20.94%
YTD 2026: 27.83%
Δ YoY: +6.9 pp

EBITDA margin

-37.86% −26.1 pp

H1 2025: -11.72%
YTD 2026: -37.86%
Δ YoY: −26.1 pp

EBIT margin

-37.97% −26.3 pp

H1 2025: -11.72%
YTD 2026: -37.97%
Δ YoY: −26.3 pp

EBT margin

-31.39% —

H1 2025: —
YTD 2026: -31.39%
Δ YoY: —

Net margin

-31.39% −34.5 pp

H1 2025: 3.09%
YTD 2026: -31.39%
Δ YoY: −34.5 pp

Cash

2,469 +27.3%

H1 2025: 1,939
YTD 2026: —
Δ YoY: —

Total debt

0 —

H1 2025: 0
YTD 2026: —
Δ YoY: —

Net debt

-2,469 −27.3%

H1 2025: -1,939
YTD 2026: —
Δ YoY: —

Equity

8,623 −3.3%

H1 2025: 8,914
YTD 2026: —
Δ YoY: —

Total assets

11,693 +14.3%

H1 2025: 10,234
YTD 2026: —
Δ YoY: —

Working capital

6,903 +95895%

H1 2025: 7.19
YTD 2026: —
Δ YoY: —

Current assets

9,955 +17.2%

H1 2025: 8,496
YTD 2026: —
Δ YoY: —

Current liabilities

3,052 +133.9%

H1 2025: 1,305
YTD 2026: —
Δ YoY: —

Non-current liabilities

18 +20%

H1 2025: 15
YTD 2026: —
Δ YoY: —

Inventory

5,650 +40.1%

H1 2025: 4,032
YTD 2026: —
Δ YoY: —

Trade receivables

59 −92.5%

H1 2025: 785
YTD 2026: —
Δ YoY: —

Trade payables

229 +458.5%

H1 2025: 41
YTD 2026: —
Δ YoY: —

CFO

483 +151.3%

H1 2025: -941
YTD 2026: 483
Δ YoY: +151.3%

Current ratio

3.26x −3.25x

H1 2025: 6.51x
YTD 2026: —
Δ YoY: —

Quick ratio

1.41x −2.01x

H1 2025: 3.42x
YTD 2026: —
Δ YoY: —

Cash ratio

0.81x −0.68x

H1 2025: 1.49x
YTD 2026: —
Δ YoY: —

Debt / equity

0x +0x

H1 2025: 0x
YTD 2026: —
Δ YoY: —

Debt / assets

0x +0x

H1 2025: 0x
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.29x −0.07x

H1 2025: -0.22x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-64.36% —

H1 2025: -22.64%
YTD 2026: -64.36%
Δ YoY: —

EBIT growth (YoY)

-506.9% —

H1 2025: -167.31%
YTD 2026: -506.9%
Δ YoY: —

Net income growth (YoY)

-1038.71% —

H1 2025: 218.28%
YTD 2026: -1038.71%
Δ YoY: —

Gross margin Δ (YoY)

8.19 pp —

H1 2025: 1.24 pp
YTD 2026: 8.19 pp
Δ YoY: —

EBIT margin Δ (YoY)

-35.74 pp —

H1 2025: -8.33 pp
YTD 2026: -35.74 pp
Δ YoY: —

Net margin Δ (YoY)

-32.58 pp —

H1 2025: 5.11 pp
YTD 2026: -32.58 pp
Δ YoY: —