PGM PMPG POLSKIE MEDIA Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 24, 2026

H1 2026 report

PMPG poprawia marże i ogranicza stratę r/r dyscypliną kosztową, ale robi to przy kurczących się przychodach (-6,7% r/r) — to redukcja strat, nie powrót do wzrostu.

Sentiment

Cautious No guidance change

Website

PGM H1 2026 report

Revenue

13.93 m PLN

— YoY

Net income

-1.45 m PLN

— YoY

EBITDA

-1.99 m PLN

— YoY

Gross margin

44.29%

— YoY

Summary

Investment thesis

Biegły rewident zawarł w raporcie z przeglądu paragraf o istotnej niepewności dotyczącej kontynuacji działalności Grupy, wynikającej ze skumulowanych strat jednostek zależnych z lat 2024-2026 — to najważniejszy element tego raportu.
Kapitał własny Grupy kurczy się trzeci okres z rzędu (25,5 → 20,4 → 18,5 mln zł) — presja bilansowa jest realna, choć spółka pozostaje bez długu bankowego.
Debiut Do Rzeczy S.A. na NewConnect (kwiecień 2026) urealnił wycenę tej części Grupy (>60 mln zł) i przyniósł ok. 5 mln zł kapitału — konkretny, pozytywny krok w kierunku dywersyfikacji finansowania spółek portfelowych.
Dodatnie przepływy inwestycyjne, które ratują saldo gotówkowe, pochodzą ze spieniężania wcześniej zgromadzonych aktywów finansowych, a nie z organicznej działalności operacyjnej — nie jest to powtarzalne źródło płynności.

Read the full analysis

Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.

Financials

BETA

H1 2026

PGM · H1 2026

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

Revenue	13.93	32.18	−56.7%	13.93	−56.7%	reported	—	1.00
Gross profit	6.17	13.63	−54.7%	6.17	−54.7%	reported	—	1.00
EBITDA	-1.99	-4.12	+51.8%	-1.99	+51.8%	derived	—	0.95
EBIT	-2.4	-4.98	+51.8%	-2.4	+51.8%	reported	—	1.00
EBT	-2.28	-8.71	+73.8%	-2.28	+73.8%	reported	—	1.00
Net income	-1.45	-8.59	+83.1%	-1.45	+83.1%	reported	—	1.00
EPS (basic) (PLN)	-0.14	—	—	-0.14	—	reported	—	1.00
EPS (diluted) (PLN)	-0.14	—	—	-0.14	—	reported	—	1.00
D&A	0.41	—	—	0.41	—	reported	—	1.00
Interest expense	0.01	—	—	0.01	—	reported	—	1.00
Income tax	-0.41	—	—	-0.41	—	reported	—	1.00

Gross margin	44.29%	42.34%	+1.9 pp	44.29%	+1.9 pp	derived	—	1.00
EBITDA margin	-14.26%	-12.79%	−1.5 pp	-14.26%	−1.5 pp	derived	—	0.95
EBIT margin	-17.22%	-15.46%	−1.8 pp	-17.22%	−1.8 pp	derived	—	1.00
Net margin	-10.43%	-26.7%	+16.3 pp	-10.43%	+16.3 pp	derived	—	1.00

Cash	4.21	—	—	—	—	reported	—	1.00
Total debt	0.82	—	—	—	—	reported	—	0.90
Net debt	-3.4	—	—	—	—	derived	—	0.90
Equity	18.5	20.38	−9.2%	—	—	reported	—	1.00
Total assets	26.14	27.94	−6.5%	—	—	reported	—	1.00
Current assets	14.08	14.45	−2.6%	—	—	reported	—	1.00
Current liabilities	7.29	6.64	+9.8%	—	—	reported	—	1.00
Non-current liabilities	0.34	0.92	−62.5%	—	—	reported	—	1.00
Inventory	0.24	—	—	—	—	reported	—	1.00
Trade receivables	8.73	—	—	—	—	reported	—	0.70
Trade payables	6.67	—	—	—	—	reported	—	0.70
Goodwill	8.68	—	—	—	—	reported	—	1.00

CFO	-1.01	—	—	-1.01	—	reported	—	1.00
CapEx	0.13	—	—	0.13	—	reported	—	1.00
FCF	-1.14	—	—	-1.14	—	derived	—	1.00
Dividends paid	0	—	—	0	—	reported	—	1.00
Buybacks	0	—	—	0	—	reported	—	1.00

ROE	-33.72%	-37.49%	+3.8 pp	—	—	derived	—	0.70

Current ratio	1.93x	2.18x	−0.25x	—	—	derived	—	1.00
Quick ratio	1.9x	—	—	—	—	derived	—	1.00
Cash ratio	0.58x	—	—	—	—	derived	—	1.00

Debt / equity	0.04x	—	—	—	—	derived	—	0.90
Debt / assets	0.03x	—	—	—	—	derived	—	0.90
Net debt / equity	-0.18x	—	—	—	—	derived	—	0.90

Revenue growth (YoY)	-6.68%	-3.6%	—	-6.68%	—	derived	—	1.00
EBITDA growth (YoY)	36.41%	19.05%	—	36.41%	—	derived	—	0.90
EBIT growth (YoY)	31.92%	17.4%	—	31.92%	—	derived	—	1.00
Net income growth (YoY)	39.98%	-3.57%	—	39.98%	—	derived	—	1.00
EPS growth (YoY)	39.13%	—	—	39.13%	—	derived	—	1.00
FCF growth (YoY)	-493.75%	—	—	-493.75%	—	derived	—	0.90
Gross margin Δ (YoY)	2.41 pp	3.16 pp	—	2.41 pp	—	derived	—	1.00
EBITDA margin Δ (YoY)	6.66 pp	—	—	6.66 pp	—	derived	—	0.90
EBIT margin Δ (YoY)	6.39 pp	—	—	6.39 pp	—	derived	—	1.00
Net margin Δ (YoY)	5.79 pp	—	—	5.79 pp	—	derived	—	1.00

H1 2026 · Δ YoY

Revenue

13.93 −56.7%

H1 2025: 32.18
YTD 2026: 13.93
Δ YoY: −56.7%

Gross profit

6.17 −54.7%

H1 2025: 13.63
YTD 2026: 6.17
Δ YoY: −54.7%

EBITDA

-1.99 +51.8%

H1 2025: -4.12
YTD 2026: -1.99
Δ YoY: +51.8%

EBIT

-2.4 +51.8%

H1 2025: -4.98
YTD 2026: -2.4
Δ YoY: +51.8%

EBT

-2.28 +73.8%

H1 2025: -8.71
YTD 2026: -2.28
Δ YoY: +73.8%

Net income

-1.45 +83.1%

H1 2025: -8.59
YTD 2026: -1.45
Δ YoY: +83.1%

EPS (basic) (PLN)

-0.14 —

H1 2025: —
YTD 2026: -0.14
Δ YoY: —

EPS (diluted) (PLN)

-0.14 —

H1 2025: —
YTD 2026: -0.14
Δ YoY: —

D&A

0.41 —

H1 2025: —
YTD 2026: 0.41
Δ YoY: —

Interest expense

0.01 —

H1 2025: —
YTD 2026: 0.01
Δ YoY: —

Income tax

-0.41 —

H1 2025: —
YTD 2026: -0.41
Δ YoY: —

Gross margin

44.29% +1.9 pp

H1 2025: 42.34%
YTD 2026: 44.29%
Δ YoY: +1.9 pp

EBITDA margin

-14.26% −1.5 pp

H1 2025: -12.79%
YTD 2026: -14.26%
Δ YoY: −1.5 pp

EBIT margin

-17.22% −1.8 pp

H1 2025: -15.46%
YTD 2026: -17.22%
Δ YoY: −1.8 pp

Net margin

-10.43% +16.3 pp

H1 2025: -26.7%
YTD 2026: -10.43%
Δ YoY: +16.3 pp

Cash

4.21 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

0.82 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

-3.4 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

18.5 −9.2%

H1 2025: 20.38
YTD 2026: —
Δ YoY: —

Total assets

26.14 −6.5%

H1 2025: 27.94
YTD 2026: —
Δ YoY: —

Current assets

14.08 −2.6%

H1 2025: 14.45
YTD 2026: —
Δ YoY: —

Current liabilities

7.29 +9.8%

H1 2025: 6.64
YTD 2026: —
Δ YoY: —

Non-current liabilities

0.34 −62.5%

H1 2025: 0.92
YTD 2026: —
Δ YoY: —

Inventory

0.24 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

8.73 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

6.67 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

8.68 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-1.01 —

H1 2025: —
YTD 2026: -1.01
Δ YoY: —

CapEx

0.13 —

H1 2025: —
YTD 2026: 0.13
Δ YoY: —

FCF

-1.14 —

H1 2025: —
YTD 2026: -1.14
Δ YoY: —

Dividends paid

0 —

H1 2025: —
YTD 2026: 0
Δ YoY: —

Buybacks

0 —

H1 2025: —
YTD 2026: 0
Δ YoY: —

ROE

-33.72% +3.8 pp

H1 2025: -37.49%
YTD 2026: —
Δ YoY: —

Current ratio

1.93x −0.25x

H1 2025: 2.18x
YTD 2026: —
Δ YoY: —

Quick ratio

1.9x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.58x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

0.04x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.03x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.18x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-6.68% —

H1 2025: -3.6%
YTD 2026: -6.68%
Δ YoY: —

EBITDA growth (YoY)

36.41% —

H1 2025: 19.05%
YTD 2026: 36.41%
Δ YoY: —

EBIT growth (YoY)

31.92% —

H1 2025: 17.4%
YTD 2026: 31.92%
Δ YoY: —

Net income growth (YoY)

39.98% —

H1 2025: -3.57%
YTD 2026: 39.98%
Δ YoY: —

EPS growth (YoY)

39.13% —

H1 2025: —
YTD 2026: 39.13%
Δ YoY: —

FCF growth (YoY)

-493.75% —

H1 2025: —
YTD 2026: -493.75%
Δ YoY: —

Gross margin Δ (YoY)

2.41 pp —

H1 2025: 3.16 pp
YTD 2026: 2.41 pp
Δ YoY: —

EBITDA margin Δ (YoY)

6.66 pp —

H1 2025: —
YTD 2026: 6.66 pp
Δ YoY: —

EBIT margin Δ (YoY)

6.39 pp —

H1 2025: —
YTD 2026: 6.39 pp
Δ YoY: —

Net margin Δ (YoY)

5.79 pp —

H1 2025: —
YTD 2026: 5.79 pp
Δ YoY: —