H1 2026 report
Operacyjnie lepiej: EBITDA rośnie o 48% r/r do 5,99 mln EUR przy przychodach niższych o 4,8% – marża EBITDA 13,2% wobec 8,5% rok wcześniej, głównie dzięki niższym kosztom osobowym i pozostałym kosztom operacyjnym.
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PEN
H1 2026 report
Revenue
45.46 m EUR
— YoY
Net income
-4.92 m EUR
— YoY
EBITDA
5.99 m EUR
— YoY
FCF
6.97 m EUR
— YoY
Summary
Investment thesis
- Zysk netto nadal ujemny (-4,9 mln EUR): EBIT zaledwie 1,1 mln EUR nie pokrywa kosztów finansowych 6,5 mln EUR, a pokrycie odsetek wynosi 0,17x.
- Bilans jest mocno zadłużony: dług oprocentowany ok. 170,8 mln EUR przy kapitale własnym 51,7 mln EUR (dług/kapitał 3,3x), a gotówka swobodna to tylko 2,4 mln EUR.
- Przepływy operacyjne 7,3 mln EUR (122% EBITDA) i niemal wstrzymany CAPEX (0,36 mln EUR wobec 5,3 mln EUR) pozwalają obsługiwać odsetki (4,8 mln EUR) i spłaty kredytów, ale częściowo dzięki wzrostowi zobowiązań i zmianom kapitału obrotowego.
- Teza zależy od refinansowania obligacji i kredytów oraz dalszej poprawy marż; płynność bieżąca (1,0x) nie zostawia marginesu na błędy.
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Financials
BETA Data may contain errors — check the source report to confirm.
PEN · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Group has filter matches — stays expanded | ||||||||
| Revenue | 45,456 | — | — | 45,456 | — | reported | — | 1.00 |
| EBITDA | 5,989 | — | — | 5,989 | — | reported | — | 1.00 |
| EBIT | 1,100 | — | — | 1,100 | — | reported | — | 1.00 |
| EBT | -4,997 | — | — | -4,997 | — | reported | — | 1.00 |
| Net income | -4,923 | — | — | -4,923 | — | reported | — | 1.00 |
| EPS (basic) (EUR) | -0.08 | — | — | -0.08 | — | reported | — | 1.00 |
| EPS (diluted) (EUR) | -0.08 | — | — | -0.08 | — | reported | — | 1.00 |
| D&A | 5,147 | — | — | 5,147 | — | reported | — | 1.00 |
| Interest expense | 6,508 | — | — | 6,508 | — | reported | — | 1.00 |
| Income tax | -49 | — | — | -49 | — | reported | — | 1.00 |
| Group has filter matches — stays expanded | ||||||||
| EBITDA margin | 13.18% | — | — | 13.18% | — | derived | — | 0.70 |
| EBIT margin | 2.42% | — | — | 2.42% | — | derived | — | 0.70 |
| Net margin | -10.83% | — | — | -10.83% | — | derived | — | 0.70 |
| D&A margin | 11.32% | — | — | 11.32% | — | derived | — | 0.70 |
| Group has filter matches — stays expanded | ||||||||
| Cash | 2,403 | — | — | — | — | reported | — | 1.00 |
| Total debt | 170,780 | — | — | — | — | derived | — | 0.90 |
| Net debt | 168,377 | — | — | — | — | derived | — | 0.90 |
| Equity | 51,675 | — | — | — | — | reported | — | 1.00 |
| Total assets | 268,425 | — | — | — | — | reported | — | 1.00 |
| Working capital | 92 | — | — | — | — | derived | — | 0.70 |
| Current assets | 46,871 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 46,779 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 169,971 | — | — | — | — | reported | — | 1.00 |
| Inventory | 3,620 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 11,209 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 14,776 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 16,176 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 35,499 | — | — | — | — | derived | — | 0.70 |
| Group has filter matches — stays expanded | ||||||||
| CFO | 7,330 | — | — | 7,330 | — | reported | — | 1.00 |
| CapEx | 356 | — | — | 356 | — | reported | — | 1.00 |
| FCF | 6,974 | — | — | 6,974 | — | derived | — | 0.70 |
| FCF conversion | 116.45% | — | — | 116.45% | — | derived | — | 0.70 |
| CFO conversion | 122.39% | — | — | 122.39% | — | derived | — | 0.70 |
| Group has filter matches — stays expanded | ||||||||
| Current ratio | 1x | — | — | — | — | derived | — | 0.70 |
| Quick ratio | 0.92x | — | — | — | — | derived | — | 0.70 |
| Cash ratio | 0.05x | — | — | — | — | derived | — | 0.70 |
| Interest coverage | 0.17x | — | — | 0.17x | — | derived | — | 0.70 |
| Group has filter matches — stays expanded | ||||||||
| Debt / equity | 3.31x | — | — | — | — | derived | — | 0.70 |
| Debt / assets | 0.64x | — | — | — | — | derived | — | 0.70 |
| Net debt / equity | 3.26x | — | — | — | — | derived | — | 0.70 |
| Group has filter matches — stays expanded | ||||||||
| Revenue growth (YoY) | -4.82% | — | — | -4.82% | — | derived | — | 0.70 |
| EBITDA growth (YoY) | 48.06% | — | — | 48.06% | — | derived | — | 0.70 |
| EBIT growth (YoY) | 186.01% | — | — | 186.01% | — | derived | — | 0.70 |
| Net income growth (YoY) | 29.08% | — | — | 29.08% | — | derived | — | 0.70 |
| EPS growth (YoY) | 29.31% | — | — | 29.31% | — | derived | — | 0.70 |
| EBITDA margin Δ (YoY) | 4.71 pp | — | — | 4.71 pp | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | 5.1 pp | — | — | 5.1 pp | — | derived | — | 0.70 |
| Net margin Δ (YoY) | 3.71 pp | — | — | 3.71 pp | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Group has filter matches — stays expanded
Revenue
45,456
—
45,456
—
- H1 2025
- —
- YTD 2026
- 45,456
- Δ YoY
- —
EBITDA
5,989
—
5,989
—
- H1 2025
- —
- YTD 2026
- 5,989
- Δ YoY
- —
EBIT
1,100
—
1,100
—
- H1 2025
- —
- YTD 2026
- 1,100
- Δ YoY
- —
EBT
-4,997
—
-4,997
—
- H1 2025
- —
- YTD 2026
- -4,997
- Δ YoY
- —
Net income
-4,923
—
-4,923
—
- H1 2025
- —
- YTD 2026
- -4,923
- Δ YoY
- —
EPS (basic)
(EUR)
-0.08
—
-0.08
—
- H1 2025
- —
- YTD 2026
- -0.08
- Δ YoY
- —
EPS (diluted)
(EUR)
-0.08
—
-0.08
—
- H1 2025
- —
- YTD 2026
- -0.08
- Δ YoY
- —
D&A
5,147
—
5,147
—
- H1 2025
- —
- YTD 2026
- 5,147
- Δ YoY
- —
Interest expense
6,508
—
6,508
—
- H1 2025
- —
- YTD 2026
- 6,508
- Δ YoY
- —
Income tax
-49
—
-49
—
- H1 2025
- —
- YTD 2026
- -49
- Δ YoY
- —
Group has filter matches — stays expanded
EBITDA margin
13.18%
—
13.18%
—
- H1 2025
- —
- YTD 2026
- 13.18%
- Δ YoY
- —
EBIT margin
2.42%
—
2.42%
—
- H1 2025
- —
- YTD 2026
- 2.42%
- Δ YoY
- —
Net margin
-10.83%
—
-10.83%
—
- H1 2025
- —
- YTD 2026
- -10.83%
- Δ YoY
- —
D&A margin
11.32%
—
11.32%
—
- H1 2025
- —
- YTD 2026
- 11.32%
- Δ YoY
- —
Group has filter matches — stays expanded
Cash
2,403
—
2,403
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
170,780
—
170,780
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
168,377
—
168,377
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
51,675
—
51,675
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
268,425
—
268,425
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
92
—
92
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
46,871
—
46,871
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
46,779
—
46,779
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
169,971
—
169,971
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
3,620
—
3,620
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
11,209
—
11,209
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
14,776
—
14,776
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
16,176
—
16,176
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
35,499
—
35,499
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Group has filter matches — stays expanded
CFO
7,330
—
7,330
—
- H1 2025
- —
- YTD 2026
- 7,330
- Δ YoY
- —
CapEx
356
—
356
—
- H1 2025
- —
- YTD 2026
- 356
- Δ YoY
- —
FCF
6,974
—
6,974
—
- H1 2025
- —
- YTD 2026
- 6,974
- Δ YoY
- —
FCF conversion
116.45%
—
116.45%
—
- H1 2025
- —
- YTD 2026
- 116.45%
- Δ YoY
- —
CFO conversion
122.39%
—
122.39%
—
- H1 2025
- —
- YTD 2026
- 122.39%
- Δ YoY
- —
Group has filter matches — stays expanded
Current ratio
1x
—
1x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.92x
—
0.92x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.05x
—
0.05x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
0.17x
—
0.17x
—
- H1 2025
- —
- YTD 2026
- 0.17x
- Δ YoY
- —
Group has filter matches — stays expanded
Debt / equity
3.31x
—
3.31x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.64x
—
0.64x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
3.26x
—
3.26x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Group has filter matches — stays expanded
Revenue growth (YoY)
-4.82%
—
-4.82%
—
- H1 2025
- —
- YTD 2026
- -4.82%
- Δ YoY
- —
EBITDA growth (YoY)
48.06%
—
48.06%
—
- H1 2025
- —
- YTD 2026
- 48.06%
- Δ YoY
- —
EBIT growth (YoY)
186.01%
—
186.01%
—
- H1 2025
- —
- YTD 2026
- 186.01%
- Δ YoY
- —
Net income growth (YoY)
29.08%
—
29.08%
—
- H1 2025
- —
- YTD 2026
- 29.08%
- Δ YoY
- —
EPS growth (YoY)
29.31%
—
29.31%
—
- H1 2025
- —
- YTD 2026
- 29.31%
- Δ YoY
- —
EBITDA margin Δ (YoY)
4.71 pp
—
4.71 pp
—
- H1 2025
- —
- YTD 2026
- 4.71 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
5.1 pp
—
5.1 pp
—
- H1 2025
- —
- YTD 2026
- 5.1 pp
- Δ YoY
- —
Net margin Δ (YoY)
3.71 pp
—
3.71 pp
—
- H1 2025
- —
- YTD 2026
- 3.71 pp
- Δ YoY
- —