PLW PLAYWAY Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 25, 2026

H1 2026 report

Wzrost przychodów o 13,6% r/r do 160,5 mln zł przy utrzymaniu wyjątkowo wysokich marż (EBIT ~56%, EBITDA ~67%), choć obie marże obniżyły się r/r o kilka punktów procentowych.

Sentiment

Positive No guidance change

Website

PLW H1 2026 report

Revenue

160.51 m PLN

— YoY

Net income

89.67 m PLN

— YoY

EBITDA

107.61 m PLN

— YoY

FCF

82.44 m PLN

— YoY

Summary

Investment thesis

Silna, praktycznie bezdłużna pozycja bilansowa - dług finansowy 6,6 mln zł wobec 239,2 mln zł gotówki - oraz przepływy operacyjne (106,5 mln zł) przewyższające zysk netto wskazują na wysoką jakość generowanej gotówki.
Model inkubatora wydawniczego (kilkadziesiąt spółek-studiów, w większości konsolidowanych, część mniejszościowo) dywersyfikuje ryzyko pojedynczego tytułu - żaden produkt nie przekracza 30% przychodów.
Skokowy wzrost zobowiązań krótkoterminowych (z 21,6 do 149,2 mln zł) to w większości efekt uchwalonej 30.06.2026 dywidendy (115,9 mln zł, wypłaconej 17.07.2026), nie pogorszenie kondycji operacyjnej.
Koncentracja kontroli korporacyjnej w rękach założyciela (Krzysztof Kostowski, bezpośrednio i przez Fundację Rodzinną) oraz nieujawniona struktura właścicielska drugiego dużego akcjonariusza (ACRX Investments Limited, 40,5% głosów) to element wymagający uwagi przy ocenie ładu korporacyjnego.

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Financials

BETA

H1 2026

PLW · H1 2026

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

Revenue	160.51	298.21	−46.2%	160.51	−46.2%	reported	—	1.00
EBITDA	107.61	183.17	−41.3%	107.61	−41.3%	reported	—	1.00
EBIT	89.71	150.07	−40.2%	89.71	−40.2%	reported	—	1.00
EBT	99.27	101.67	−2.4%	99.27	−2.4%	reported	—	1.00
Net income	89.67	69.91	+28.3%	89.67	+28.3%	reported	—	1.00
EPS (basic) (PLN)	11.25	10.59	—	11.25	—	reported	—	1.00
EPS (diluted) (PLN)	11.25	—	—	11.25	—	reported	—	1.00
D&A	17.9	33.1	−45.9%	17.9	−45.9%	reported	—	1.00
Income tax	9.6	—	—	9.6	—	reported	—	1.00

EBITDA margin	67.04%	61.42%	+5.6 pp	67.04%	+5.6 pp	derived	—	0.90
EBIT margin	55.89%	50.32%	+5.6 pp	55.89%	+5.6 pp	derived	—	0.90
EBT margin	61.85%	34.09%	+27.8 pp	61.85%	+27.8 pp	derived	—	0.90
Net margin	55.87%	23.44%	+32.4 pp	55.87%	+32.4 pp	derived	—	0.85
D&A margin	11.15%	—	—	11.15%	—	derived	—	0.90

Cash	239.25	112.13	+113.4%	—	—	reported	—	1.00
Total debt	6.57	2.66	+146.6%	—	—	reported	—	0.90
Net debt	-232.68	-109.47	−112.6%	—	—	derived	—	0.85
Equity	383.65	436.52	−12.1%	—	—	reported	—	1.00
Total assets	552.43	474.06	+16.5%	—	—	reported	—	1.00
Working capital	223.2	—	—	—	—	derived	—	0.80
Current assets	372.42	290.16	+28.4%	—	—	reported	—	1.00
Current liabilities	149.23	21.59	+591.2%	—	—	reported	—	1.00
Non-current liabilities	19.55	15.95	+22.5%	—	—	reported	—	1.00
Trade receivables	59.44	—	—	—	—	reported	—	0.80
Trade payables	144.51	—	—	—	—	reported	—	0.60
Goodwill	132.35	126.32	+4.8%	—	—	reported	—	0.70

CFO	106.48	183.69	−42%	106.48	−42%	reported	—	1.00
CapEx	24.04	—	—	24.04	—	reported	—	1.00
FCF	82.44	—	—	82.44	—	derived	—	0.90
Dividends paid	14.94	—	—	14.94	—	reported	—	0.90
Buybacks	0	—	—	0	—	reported	—	0.90

ROE	24.27%	21.6%	+2.7 pp	—	—	derived	—	0.60
ROA	21.89%	—	—	—	—	derived	—	0.55

Current ratio	2.5x	13.44x	−10.94x	—	—	derived	—	0.80
Cash ratio	1.6x	5.19x	−3.59x	—	—	derived	—	0.85

Debt / equity	0.02x	0.01x	+0.01x	—	—	derived	—	0.85
Debt / assets	0.01x	—	—	—	—	derived	—	0.85
Net debt / equity	-0.61x	-0.25x	−0.36x	—	—	derived	—	0.80

Revenue growth (YoY)	13.64%	-1.2%	—	13.64%	—	derived	—	0.95
EBITDA growth (YoY)	7.3%	-12.43%	—	7.3%	—	derived	—	0.95
EBIT growth (YoY)	5.13%	-21.35%	—	5.13%	—	derived	—	0.95
Net income growth (YoY)	17.67%	-59.84%	—	17.67%	—	derived	—	0.90
EPS growth (YoY)	15.86%	-59.86%	—	15.86%	—	derived	—	0.95
EBITDA margin Δ (YoY)	-3.95 pp	-7.88 pp	—	-3.95 pp	—	derived	—	0.85
EBIT margin Δ (YoY)	-4.53 pp	-12.89 pp	—	-4.53 pp	—	derived	—	0.85

H1 2026 · Δ YoY

Revenue

160.51 −46.2%

H1 2025: 298.21
YTD 2026: 160.51
Δ YoY: −46.2%

EBITDA

107.61 −41.3%

H1 2025: 183.17
YTD 2026: 107.61
Δ YoY: −41.3%

EBIT

89.71 −40.2%

H1 2025: 150.07
YTD 2026: 89.71
Δ YoY: −40.2%

EBT

99.27 −2.4%

H1 2025: 101.67
YTD 2026: 99.27
Δ YoY: −2.4%

Net income

89.67 +28.3%

H1 2025: 69.91
YTD 2026: 89.67
Δ YoY: +28.3%

EPS (basic) (PLN)

11.25 —

H1 2025: 10.59
YTD 2026: 11.25
Δ YoY: —

EPS (diluted) (PLN)

11.25 —

H1 2025: —
YTD 2026: 11.25
Δ YoY: —

D&A

17.9 −45.9%

H1 2025: 33.1
YTD 2026: 17.9
Δ YoY: −45.9%

Income tax

9.6 —

H1 2025: —
YTD 2026: 9.6
Δ YoY: —

EBITDA margin

67.04% +5.6 pp

H1 2025: 61.42%
YTD 2026: 67.04%
Δ YoY: +5.6 pp

EBIT margin

55.89% +5.6 pp

H1 2025: 50.32%
YTD 2026: 55.89%
Δ YoY: +5.6 pp

EBT margin

61.85% +27.8 pp

H1 2025: 34.09%
YTD 2026: 61.85%
Δ YoY: +27.8 pp

Net margin

55.87% +32.4 pp

H1 2025: 23.44%
YTD 2026: 55.87%
Δ YoY: +32.4 pp

D&A margin

11.15% —

H1 2025: —
YTD 2026: 11.15%
Δ YoY: —

Cash

239.25 +113.4%

H1 2025: 112.13
YTD 2026: —
Δ YoY: —

Total debt

6.57 +146.6%

H1 2025: 2.66
YTD 2026: —
Δ YoY: —

Net debt

-232.68 −112.6%

H1 2025: -109.47
YTD 2026: —
Δ YoY: —

Equity

383.65 −12.1%

H1 2025: 436.52
YTD 2026: —
Δ YoY: —

Total assets

552.43 +16.5%

H1 2025: 474.06
YTD 2026: —
Δ YoY: —

Working capital

223.2 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

372.42 +28.4%

H1 2025: 290.16
YTD 2026: —
Δ YoY: —

Current liabilities

149.23 +591.2%

H1 2025: 21.59
YTD 2026: —
Δ YoY: —

Non-current liabilities

19.55 +22.5%

H1 2025: 15.95
YTD 2026: —
Δ YoY: —

Trade receivables

59.44 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

144.51 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

132.35 +4.8%

H1 2025: 126.32
YTD 2026: —
Δ YoY: —

CFO

106.48 −42%

H1 2025: 183.69
YTD 2026: 106.48
Δ YoY: −42%

CapEx

24.04 —

H1 2025: —
YTD 2026: 24.04
Δ YoY: —

FCF

82.44 —

H1 2025: —
YTD 2026: 82.44
Δ YoY: —

Dividends paid

14.94 —

H1 2025: —
YTD 2026: 14.94
Δ YoY: —

Buybacks

0 —

H1 2025: —
YTD 2026: 0
Δ YoY: —

ROE

24.27% +2.7 pp

H1 2025: 21.6%
YTD 2026: —
Δ YoY: —

ROA

21.89% —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current ratio

2.5x −10.94x

H1 2025: 13.44x
YTD 2026: —
Δ YoY: —

Cash ratio

1.6x −3.59x

H1 2025: 5.19x
YTD 2026: —
Δ YoY: —

Debt / equity

0.02x +0.01x

H1 2025: 0.01x
YTD 2026: —
Δ YoY: —

Debt / assets

0.01x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.61x −0.36x

H1 2025: -0.25x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

13.64% —

H1 2025: -1.2%
YTD 2026: 13.64%
Δ YoY: —

EBITDA growth (YoY)

7.3% —

H1 2025: -12.43%
YTD 2026: 7.3%
Δ YoY: —

EBIT growth (YoY)

5.13% —

H1 2025: -21.35%
YTD 2026: 5.13%
Δ YoY: —

Net income growth (YoY)

17.67% —

H1 2025: -59.84%
YTD 2026: 17.67%
Δ YoY: —

EPS growth (YoY)

15.86% —

H1 2025: -59.86%
YTD 2026: 15.86%
Δ YoY: —

EBITDA margin Δ (YoY)

-3.95 pp —

H1 2025: -7.88 pp
YTD 2026: -3.95 pp
Δ YoY: —

EBIT margin Δ (YoY)

-4.53 pp —

H1 2025: -12.89 pp
YTD 2026: -4.53 pp
Δ YoY: —