H1 2026 report
Przychody Grupy wzrosły o 85,7% r/r do 90,4 mln zł, ale marża brutto na sprzedaży spadła do 4,4% — wzrost skali nie przekłada się na poprawę rentowności jednostkowej.
Sentiment
Cautious
No guidance change
PRM
H1 2026 report
Revenue
90.38 m PLN
— YoY
Net income
-8.89 m PLN
— YoY
EBITDA
-2.26 m PLN
— YoY
Gross margin
4.4%
— YoY
Summary
Investment thesis
- Segment generalnego wykonawstwa, główny motor wzrostu przychodów (+470% r/r), pogłębił stratę segmentową mimo skokowego wzrostu skali.
- Kapitał własny ogółem skurczył się o 34,6% w pół roku (26,8 do 17,5 mln zł), głównie z bieżącej straty netto, a wskaźnik płynności bieżącej spadł poniżej 1,0 (0,84).
- Przepływy operacyjne są dodatnie (+1,47 mln zł) wbrew stracie księgowej, ale w istotnej części dzięki wydłużeniu zobowiązań handlowych (+36% r/r), nie odzyskowi należności.
- Spółka jest stroną dziesięciu postępowań sądowych, w tym pięciu powództw podwykonawców o łączną wartość ok. 6 mln zł (ok. 34% kapitału własnego) — wzorzec sporów rozliczeniowych na kilku kontraktach jednocześnie.
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Financials
BETA
PRM · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 90.38 | 64.29 | +40.6% | 90.38 | +40.6% | reported | — | 1.00 |
| Gross profit | 3.98 | -5.54 | +171.8% | 3.98 | +171.8% | reported | — | 1.00 |
| EBITDA | -2.26 | -11.25 | +79.9% | -2.26 | +79.9% | derived | — | 0.90 |
| EBIT | -6.33 | -14.68 | +56.9% | -6.33 | +56.9% | reported | — | 1.00 |
| EBT | -8.06 | -5.21 | −54.8% | -8.06 | −54.8% | reported | — | 1.00 |
| Net income | -8.89 | -5.85 | −51.9% | -8.89 | −51.9% | reported | — | 1.00 |
| EPS (basic) (PLN) | -4.43 | -2.92 | — | -4.43 | — | reported | — | 1.00 |
| D&A | 4.07 | 3.44 | +18.4% | 4.07 | +18.4% | reported | — | 1.00 |
| Interest expense | 1.03 | 2.43 | −57.5% | 1.03 | −57.5% | reported | — | 0.80 |
| Income tax | -1.08 | 0.64 | −268% | -1.08 | −268% | reported | — | 1.00 |
| Shares (basic) (m units) | 2.01 | 2.01 | — | — | — | reported | — | 1.00 |
| Gross margin | 4.4% | -8.62% | +13 pp | 4.4% | +13 pp | derived | — | 1.00 |
| EBITDA margin | -2.5% | -17.49% | +15 pp | -2.5% | +15 pp | derived | — | 0.90 |
| EBIT margin | -7.01% | -22.84% | +15.8 pp | -7.01% | +15.8 pp | derived | — | 1.00 |
| Net margin | -9.83% | -9.1% | −0.7 pp | -9.83% | −0.7 pp | derived | — | 1.00 |
| Cash | 3.1 | 0.87 | +254.9% | — | — | reported | — | 1.00 |
| Total debt | 6.45 | 35.94 | −82.1% | — | — | reported | — | 1.00 |
| Net debt | 3.35 | 35.07 | −90.5% | — | — | derived | — | 1.00 |
| Equity | 17.5 | 4.04 | +333.3% | — | — | reported | — | 1.00 |
| Total assets | 116.54 | 92.68 | +25.7% | — | — | reported | — | 1.00 |
| Working capital | -11.76 | 7.47 | −257.4% | — | — | derived | — | 1.00 |
| Current assets | 62.89 | 60.22 | +4.4% | — | — | reported | — | 1.00 |
| Current liabilities | 74.65 | 52.75 | +41.5% | — | — | reported | — | 1.00 |
| Non-current liabilities | 24.38 | 35.89 | −32.1% | — | — | reported | — | 1.00 |
| Inventory | 1.52 | 0.05 | +2870.6% | — | — | reported | — | 1.00 |
| Trade receivables | 30.1 | 34.57 | −12.9% | — | — | reported | — | 1.00 |
| Trade payables | 51.78 | 32.97 | +57.1% | — | — | reported | — | 1.00 |
| CFO | 1.47 | -7.54 | +119.5% | 1.47 | +119.5% | reported | — | 1.00 |
| CapEx | 0.48 | 0.3 | +57.6% | 0.48 | +57.6% | reported | — | 1.00 |
| FCF | 1 | -7.84 | +112.7% | 1 | +112.7% | derived | — | 1.00 |
| Current ratio | 0.84x | 1.14x | −0.3x | — | — | derived | — | 1.00 |
| Quick ratio | 0.82x | 1.14x | −0.32x | — | — | derived | — | 0.90 |
| Cash ratio | 0.04x | 0.02x | +0.02x | — | — | derived | — | 0.90 |
| Debt / equity | 0.37x | 8.9x | −8.53x | — | — | derived | — | 1.00 |
| Debt / assets | 0.06x | 0.39x | −0.33x | — | — | derived | — | 1.00 |
| Net debt / equity | 0.19x | 8.68x | −8.49x | — | — | derived | — | 1.00 |
| Revenue growth (YoY) | 85.72% | 0.65% | — | 85.72% | — | derived | — | 1.00 |
| EBIT growth (YoY) | 7.84% | 41.62% | — | 7.84% | — | derived | — | 0.90 |
| Net income growth (YoY) | 19.11% | 79.44% | — | 19.11% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | -0.8 pp | -3.02 pp | — | -0.8 pp | — | derived | — | 0.80 |
H1 2026 · Δ YoY
Revenue
90.38
+40.6%
90.38
+40.6%
- H1 2025
- 64.29
- YTD 2026
- 90.38
- Δ YoY
- +40.6%
Gross profit
3.98
+171.8%
3.98
+171.8%
- H1 2025
- -5.54
- YTD 2026
- 3.98
- Δ YoY
- +171.8%
EBITDA
-2.26
+79.9%
-2.26
+79.9%
- H1 2025
- -11.25
- YTD 2026
- -2.26
- Δ YoY
- +79.9%
EBIT
-6.33
+56.9%
-6.33
+56.9%
- H1 2025
- -14.68
- YTD 2026
- -6.33
- Δ YoY
- +56.9%
EBT
-8.06
−54.8%
-8.06
−54.8%
- H1 2025
- -5.21
- YTD 2026
- -8.06
- Δ YoY
- −54.8%
Net income
-8.89
−51.9%
-8.89
−51.9%
- H1 2025
- -5.85
- YTD 2026
- -8.89
- Δ YoY
- −51.9%
EPS (basic)
(PLN)
-4.43
—
-4.43
—
- H1 2025
- -2.92
- YTD 2026
- -4.43
- Δ YoY
- —
D&A
4.07
+18.4%
4.07
+18.4%
- H1 2025
- 3.44
- YTD 2026
- 4.07
- Δ YoY
- +18.4%
Interest expense
1.03
−57.5%
1.03
−57.5%
- H1 2025
- 2.43
- YTD 2026
- 1.03
- Δ YoY
- −57.5%
Income tax
-1.08
−268%
-1.08
−268%
- H1 2025
- 0.64
- YTD 2026
- -1.08
- Δ YoY
- −268%
Shares (basic)
(m units)
2.01
—
2.01
—
- H1 2025
- 2.01
- YTD 2026
- —
- Δ YoY
- —
Gross margin
4.4%
+13 pp
4.4%
+13 pp
- H1 2025
- -8.62%
- YTD 2026
- 4.4%
- Δ YoY
- +13 pp
EBITDA margin
-2.5%
+15 pp
-2.5%
+15 pp
- H1 2025
- -17.49%
- YTD 2026
- -2.5%
- Δ YoY
- +15 pp
EBIT margin
-7.01%
+15.8 pp
-7.01%
+15.8 pp
- H1 2025
- -22.84%
- YTD 2026
- -7.01%
- Δ YoY
- +15.8 pp
Net margin
-9.83%
−0.7 pp
-9.83%
−0.7 pp
- H1 2025
- -9.1%
- YTD 2026
- -9.83%
- Δ YoY
- −0.7 pp
Cash
3.1
+254.9%
3.1
+254.9%
- H1 2025
- 0.87
- YTD 2026
- —
- Δ YoY
- —
Total debt
6.45
−82.1%
6.45
−82.1%
- H1 2025
- 35.94
- YTD 2026
- —
- Δ YoY
- —
Net debt
3.35
−90.5%
3.35
−90.5%
- H1 2025
- 35.07
- YTD 2026
- —
- Δ YoY
- —
Equity
17.5
+333.3%
17.5
+333.3%
- H1 2025
- 4.04
- YTD 2026
- —
- Δ YoY
- —
Total assets
116.54
+25.7%
116.54
+25.7%
- H1 2025
- 92.68
- YTD 2026
- —
- Δ YoY
- —
Working capital
-11.76
−257.4%
-11.76
−257.4%
- H1 2025
- 7.47
- YTD 2026
- —
- Δ YoY
- —
Current assets
62.89
+4.4%
62.89
+4.4%
- H1 2025
- 60.22
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
74.65
+41.5%
74.65
+41.5%
- H1 2025
- 52.75
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
24.38
−32.1%
24.38
−32.1%
- H1 2025
- 35.89
- YTD 2026
- —
- Δ YoY
- —
Inventory
1.52
+2870.6%
1.52
+2870.6%
- H1 2025
- 0.05
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
30.1
−12.9%
30.1
−12.9%
- H1 2025
- 34.57
- YTD 2026
- —
- Δ YoY
- —
Trade payables
51.78
+57.1%
51.78
+57.1%
- H1 2025
- 32.97
- YTD 2026
- —
- Δ YoY
- —
CFO
1.47
+119.5%
1.47
+119.5%
- H1 2025
- -7.54
- YTD 2026
- 1.47
- Δ YoY
- +119.5%
CapEx
0.48
+57.6%
0.48
+57.6%
- H1 2025
- 0.3
- YTD 2026
- 0.48
- Δ YoY
- +57.6%
FCF
1
+112.7%
1
+112.7%
- H1 2025
- -7.84
- YTD 2026
- 1
- Δ YoY
- +112.7%
Current ratio
0.84x
−0.3x
0.84x
−0.3x
- H1 2025
- 1.14x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.82x
−0.32x
0.82x
−0.32x
- H1 2025
- 1.14x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.04x
+0.02x
0.04x
+0.02x
- H1 2025
- 0.02x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.37x
−8.53x
0.37x
−8.53x
- H1 2025
- 8.9x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.06x
−0.33x
0.06x
−0.33x
- H1 2025
- 0.39x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.19x
−8.49x
0.19x
−8.49x
- H1 2025
- 8.68x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
85.72%
—
85.72%
—
- H1 2025
- 0.65%
- YTD 2026
- 85.72%
- Δ YoY
- —
EBIT growth (YoY)
7.84%
—
7.84%
—
- H1 2025
- 41.62%
- YTD 2026
- 7.84%
- Δ YoY
- —
Net income growth (YoY)
19.11%
—
19.11%
—
- H1 2025
- 79.44%
- YTD 2026
- 19.11%
- Δ YoY
- —
Gross margin Δ (YoY)
-0.8 pp
—
-0.8 pp
—
- H1 2025
- -3.02 pp
- YTD 2026
- -0.8 pp
- Δ YoY
- —