PXM
POLIMEX MOSTOSTAL
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. August 31, 2026
H1 2026 report
Wykonawca infrastrukturalny z portfelem zamówień 8,66 mld zł (Energetyka 5,09 mld zł) i zyskiem netto 59,7 mln zł w H1 2026 (−22% r/r).
Sentiment
Neutral
No guidance change
PXM
H1 2026 report
Revenue
1.87 bn PLN
— YoY
Net income
59.68 m PLN
— YoY
EBITDA
111.12 m PLN
— YoY
Gross margin
8.6%
— YoY
Summary
Investment thesis
- Bilans z gotówką netto: gotówka 677 mln zł wobec długu brutto ok. 94 mln zł; kapitał własny 797 mln zł.
- Marże zmniejszają się: EBIT 4,4% (5,4%), EBITDA 6,0% (6,8%); koszty ogólnego zarządu +17% przy przychodach −2,4%.
- Przepływy operacyjne ujemne (−52,4 mln zł) i FCF −105 mln zł wskutek rozliczania zaliczek i wyższego CAPEX (52,8 mln zł).
- Duży spór z Grupą Azoty Puławy (pozew 489,3 mln zł, kara 239,3 mln zł) oraz zobowiązania warunkowe 2,17 mld zł są głównymi ryzykami.
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Financials
BETA
PXM · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,004,368 | 4,130,489 | −75.7% | 1,865,618 | −54.8% | reported | — | 1.00 |
| Gross profit (m PLN) | 91.07 | 336 | — | 161,183 | — | reported | — | 1.00 |
| EBITDA | 111,124 | 242,698 | −54.2% | 111,124 | −54.2% | derived | — | 0.80 |
| EBIT | 50,676 | 187,895 | −73% | 81,228 | −56.8% | reported | — | 1.00 |
| EBT (m PLN) | 49.82 | 177.58 | — | 83,340 | — | reported | — | 1.00 |
| Net income | 39,750 | 134,312 | −70.4% | 59,678 | −55.6% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.16 | 0.54 | — | 0.24 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.23 | — | — | 0.23 | — | reported | — | 1.00 |
| D&A | 29,896 | 54,803 | −45.4% | 29,896 | −45.4% | reported | — | 1.00 |
| Interest expense | 5,293 | 24,841 | −78.7% | 5,293 | −78.7% | reported | — | 1.00 |
| Income tax | 23,662 | 43,267 | −45.3% | 23,662 | −45.3% | reported | — | 1.00 |
| Gross margin | 9.07% | 8130% | −8120.9 pp | 8.6% | −8121.4 pp | derived | — | 0.95 |
| EBITDA margin | 6% | 5880% | −5874 pp | 6% | −5874 pp | derived | — | 0.90 |
| EBIT margin | 5.05% | 4550% | −4545 pp | 4.4% | −4545.6 pp | derived | — | 0.95 |
| Net margin | 3.96% | 3250% | −3246 pp | 3.2% | −3246.8 pp | derived | — | 0.95 |
| Cash | 676,531 | 813,142 | −16.8% | — | — | reported | — | 1.00 |
| Total debt | 94,267 | 119,801 | −21.3% | — | — | derived | — | 0.80 |
| Net debt | -582,264 | -693,341 | +16% | — | — | derived | — | 0.80 |
| Equity | 796,900 | 731,491 | +8.9% | — | — | reported | — | 1.00 |
| Total assets | 2,909,894 | 3,051,505 | −4.6% | — | — | reported | — | 1.00 |
| Working capital | 52,618 | -14,881 | +453.6% | — | — | derived | — | 0.90 |
| Current assets | 2,006,425 | 2,140,020 | −6.2% | — | — | reported | — | 1.00 |
| Current liabilities | 1,953,807 | 2,154,901 | −9.3% | — | — | reported | — | 1.00 |
| Non-current liabilities | 159,187 | 165,113 | −3.6% | — | — | reported | — | 1.00 |
| Inventory | 174,466 | 173,740 | +0.4% | — | — | reported | — | 1.00 |
| Trade receivables | 653,044 | 750,207 | −13% | — | — | reported | — | 1.00 |
| Trade payables | 746,656 | 823,414 | −9.3% | — | — | reported | — | 1.00 |
| Goodwill | 95,774 | 95,889 | −0.1% | — | — | derived | — | 0.90 |
| Tangible equity (m PLN) | 701.13 | 635.6 | — | — | — | derived | — | 0.90 |
| CFO | -52,379 | 267,467 | −119.6% | -52,379 | −119.6% | reported | — | 1.00 |
| CapEx | 52,845 | 38,679 | +36.6% | 52,845 | +36.6% | reported | — | 1.00 |
| FCF | -105,224 | 228,788 | −146% | -105,224 | −146% | derived | — | 0.80 |
| FCF conversion | -94.69% | — | — | -94.69% | — | derived | — | 0.85 |
| CFO conversion | -47.13% | 110.2% | −157.3 pp | -47.13% | −157.3 pp | derived | — | 0.85 |
| Current ratio | 1.03x | 990x | −988.97x | — | — | derived | — | 0.90 |
| Quick ratio | 0.94x | 900x | −899.06x | — | — | derived | — | 0.90 |
| Cash ratio | 0.35x | 380x | −379.65x | — | — | derived | — | 0.90 |
| Interest coverage | 21.92x | 7560x | −7538.08x | 21.92x | −7538.08x | derived | — | 0.70 |
| Debt / equity | 0.12x | 160x | −159.88x | — | — | derived | — | 0.80 |
| Debt / assets | 0.03x | 40x | −39.97x | — | — | derived | — | 0.80 |
| Net debt / equity | -0.73x | -950x | +949.27x | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | -3.03% | 44640% | — | -2.4% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | -14.1% | 169240% | — | -14.1% | — | derived | — | 0.80 |
| EBIT growth (YoY) | -21.82% | 147060% | — | -21.9% | — | derived | — | 0.95 |
| Net income growth (YoY) | -19.59% | 138530% | — | -22.4% | — | derived | — | 0.95 |
| EPS growth (YoY) | -23.6% | 137660% | — | -23.6% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | -0.6 pp | 17210 pp | — | -0.6 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -0.82 pp | 18160 pp | — | -0.82 pp | — | derived | — | 0.80 |
| EBIT margin Δ (YoY) | -1.1 pp | 18530 pp | — | -1.1 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -0.8 pp | 15460 pp | — | -0.8 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
1,004,368
−75.7%
1,004,368
−75.7%
- H1 2025
- 4,130,489
- YTD 2026
- 1,865,618
- Δ YoY
- −54.8%
Gross profit
(m PLN)
91.07
—
91.07
—
- H1 2025
- 336
- YTD 2026
- 161,183
- Δ YoY
- —
EBITDA
111,124
−54.2%
111,124
−54.2%
- H1 2025
- 242,698
- YTD 2026
- 111,124
- Δ YoY
- −54.2%
EBIT
50,676
−73%
50,676
−73%
- H1 2025
- 187,895
- YTD 2026
- 81,228
- Δ YoY
- −56.8%
EBT
(m PLN)
49.82
—
49.82
—
- H1 2025
- 177.58
- YTD 2026
- 83,340
- Δ YoY
- —
Net income
39,750
−70.4%
39,750
−70.4%
- H1 2025
- 134,312
- YTD 2026
- 59,678
- Δ YoY
- −55.6%
EPS (basic)
(PLN)
0.16
—
0.16
—
- H1 2025
- 0.54
- YTD 2026
- 0.24
- Δ YoY
- —
EPS (diluted)
(PLN)
0.23
—
0.23
—
- H1 2025
- —
- YTD 2026
- 0.23
- Δ YoY
- —
D&A
29,896
−45.4%
29,896
−45.4%
- H1 2025
- 54,803
- YTD 2026
- 29,896
- Δ YoY
- −45.4%
Interest expense
5,293
−78.7%
5,293
−78.7%
- H1 2025
- 24,841
- YTD 2026
- 5,293
- Δ YoY
- −78.7%
Income tax
23,662
−45.3%
23,662
−45.3%
- H1 2025
- 43,267
- YTD 2026
- 23,662
- Δ YoY
- −45.3%
Gross margin
9.07%
−8120.9 pp
9.07%
−8120.9 pp
- H1 2025
- 8130%
- YTD 2026
- 8.6%
- Δ YoY
- −8121.4 pp
EBITDA margin
6%
−5874 pp
6%
−5874 pp
- H1 2025
- 5880%
- YTD 2026
- 6%
- Δ YoY
- −5874 pp
EBIT margin
5.05%
−4545 pp
5.05%
−4545 pp
- H1 2025
- 4550%
- YTD 2026
- 4.4%
- Δ YoY
- −4545.6 pp
Net margin
3.96%
−3246 pp
3.96%
−3246 pp
- H1 2025
- 3250%
- YTD 2026
- 3.2%
- Δ YoY
- −3246.8 pp
Cash
676,531
−16.8%
676,531
−16.8%
- H1 2025
- 813,142
- YTD 2026
- —
- Δ YoY
- —
Total debt
94,267
−21.3%
94,267
−21.3%
- H1 2025
- 119,801
- YTD 2026
- —
- Δ YoY
- —
Net debt
-582,264
+16%
-582,264
+16%
- H1 2025
- -693,341
- YTD 2026
- —
- Δ YoY
- —
Equity
796,900
+8.9%
796,900
+8.9%
- H1 2025
- 731,491
- YTD 2026
- —
- Δ YoY
- —
Total assets
2,909,894
−4.6%
2,909,894
−4.6%
- H1 2025
- 3,051,505
- YTD 2026
- —
- Δ YoY
- —
Working capital
52,618
+453.6%
52,618
+453.6%
- H1 2025
- -14,881
- YTD 2026
- —
- Δ YoY
- —
Current assets
2,006,425
−6.2%
2,006,425
−6.2%
- H1 2025
- 2,140,020
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
1,953,807
−9.3%
1,953,807
−9.3%
- H1 2025
- 2,154,901
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
159,187
−3.6%
159,187
−3.6%
- H1 2025
- 165,113
- YTD 2026
- —
- Δ YoY
- —
Inventory
174,466
+0.4%
174,466
+0.4%
- H1 2025
- 173,740
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
653,044
−13%
653,044
−13%
- H1 2025
- 750,207
- YTD 2026
- —
- Δ YoY
- —
Trade payables
746,656
−9.3%
746,656
−9.3%
- H1 2025
- 823,414
- YTD 2026
- —
- Δ YoY
- —
Goodwill
95,774
−0.1%
95,774
−0.1%
- H1 2025
- 95,889
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
(m PLN)
701.13
—
701.13
—
- H1 2025
- 635.6
- YTD 2026
- —
- Δ YoY
- —
CFO
-52,379
−119.6%
-52,379
−119.6%
- H1 2025
- 267,467
- YTD 2026
- -52,379
- Δ YoY
- −119.6%
CapEx
52,845
+36.6%
52,845
+36.6%
- H1 2025
- 38,679
- YTD 2026
- 52,845
- Δ YoY
- +36.6%
FCF
-105,224
−146%
-105,224
−146%
- H1 2025
- 228,788
- YTD 2026
- -105,224
- Δ YoY
- −146%
FCF conversion
-94.69%
—
-94.69%
—
- H1 2025
- —
- YTD 2026
- -94.69%
- Δ YoY
- —
CFO conversion
-47.13%
−157.3 pp
-47.13%
−157.3 pp
- H1 2025
- 110.2%
- YTD 2026
- -47.13%
- Δ YoY
- −157.3 pp
Current ratio
1.03x
−988.97x
1.03x
−988.97x
- H1 2025
- 990x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.94x
−899.06x
0.94x
−899.06x
- H1 2025
- 900x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.35x
−379.65x
0.35x
−379.65x
- H1 2025
- 380x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
21.92x
−7538.08x
21.92x
−7538.08x
- H1 2025
- 7560x
- YTD 2026
- 21.92x
- Δ YoY
- −7538.08x
Debt / equity
0.12x
−159.88x
0.12x
−159.88x
- H1 2025
- 160x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.03x
−39.97x
0.03x
−39.97x
- H1 2025
- 40x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.73x
+949.27x
-0.73x
+949.27x
- H1 2025
- -950x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-3.03%
—
-3.03%
—
- H1 2025
- 44640%
- YTD 2026
- -2.4%
- Δ YoY
- —
EBITDA growth (YoY)
-14.1%
—
-14.1%
—
- H1 2025
- 169240%
- YTD 2026
- -14.1%
- Δ YoY
- —
EBIT growth (YoY)
-21.82%
—
-21.82%
—
- H1 2025
- 147060%
- YTD 2026
- -21.9%
- Δ YoY
- —
Net income growth (YoY)
-19.59%
—
-19.59%
—
- H1 2025
- 138530%
- YTD 2026
- -22.4%
- Δ YoY
- —
EPS growth (YoY)
-23.6%
—
-23.6%
—
- H1 2025
- 137660%
- YTD 2026
- -23.6%
- Δ YoY
- —
Gross margin Δ (YoY)
-0.6 pp
—
-0.6 pp
—
- H1 2025
- 17210 pp
- YTD 2026
- -0.6 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-0.82 pp
—
-0.82 pp
—
- H1 2025
- 18160 pp
- YTD 2026
- -0.82 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-1.1 pp
—
-1.1 pp
—
- H1 2025
- 18530 pp
- YTD 2026
- -1.1 pp
- Δ YoY
- —
Net margin Δ (YoY)
-0.8 pp
—
-0.8 pp
—
- H1 2025
- 15460 pp
- YTD 2026
- -0.8 pp
- Δ YoY
- —