H1 2026 report
Rainbow rośnie szybciej niż cały rynek zorganizowanej turystyki w Polsce (+10,4% przychodów vs ok. -3% dla branży wg TFG), utrzymując 3. miejsce pod względem przychodów i 1. miejsce pod względem zyskowności za 2025 r. w niezależnym rankingu branżowym.
Sentiment
Neutral
No guidance change
RBW
H1 2026 report
Revenue
1.98 bn PLN
— YoY
Net income
64.97 m PLN
— YoY
EBITDA
90.62 m PLN
— YoY
Gross margin
14.05%
— YoY
Summary
Investment thesis
- Mimo wzrostu sprzedaży zysk operacyjny spadł o 27,3%, a zysk netto Grupy o ok. 29,9% r/r - marża brutto skurczyła się o 1,6 pp na presji cen paliwa i nadpodaży ofert wakacyjnych.
- Największym pojedynczym obciążeniem wyniku jest świeżo przejęta (sierpień 2025) rumuńska Paralela 45 Turism S.A., która w samym I półroczu 2026 r. zanotowała stratę netto -19,0 mln zł i już zdążyła zbyć dwie własne spółki zależne.
- Bilans pozostaje bardzo mocny: 604,4 mln zł gotówki przy ok. 22 mln zł zadłużenia bankowo-leasingowego, a OCF (162,0 mln zł) i FCF (139,9 mln zł) komfortowo pokrywają CAPEX i wypłaconą dywidendę (125,1 mln zł).
- Test na utratę wartości firmy Paralela 45 (39,5 mln zł) z 31.12.2025 r. oparty jest na bardzo agresywnych założeniach wzrostu przychodów (ok. 40% r/r) i nie został formalnie odświeżony na 30.06.2026 r. mimo wykazanej w międzyczasie straty - to kluczowe ryzyko do obserwacji w kolejnych kwartałach.
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Financials
BETA
RBW · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,984,453 | 4,557,807 | −56.5% | 1,984,453 | −56.5% | reported | — | 1.00 |
| Gross profit | 278,815 | 759,999 | −63.3% | 278,815 | −63.3% | reported | — | 1.00 |
| EBITDA | 90,618 | — | — | 90,618 | — | reported | — | 0.95 |
| EBIT | 74,853 | 322,149 | −76.8% | 74,853 | −76.8% | reported | — | 1.00 |
|
EBIT
Działalność touroperatorska - Polska
|
81,783 | 322,149 | −74.6% | 81,783 | −74.6% | reported | Działalność touroperatorska - Polska | 0.90 |
|
EBIT
Działalność touroperatorska - Zagranica
|
-5,193 | 322,149 | −101.6% | -5,193 | −101.6% | reported | Działalność touroperatorska - Zagranica | 0.90 |
|
EBIT
Segment hotelowy - Zagranica
|
-1,473 | 322,149 | −100.5% | -1,473 | −100.5% | reported | Segment hotelowy - Zagranica | 0.90 |
| EBT | 79,232 | 321,474 | −75.4% | 79,232 | −75.4% | reported | — | 1.00 |
| Net income | 64,974 | 259,211 | −74.9% | 64,974 | −74.9% | reported | — | 0.95 |
| EPS (basic) (PLN) | 4.07 | 17.7 | — | 4.07 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 4.07 | 17.7 | — | 4.07 | — | reported | — | 1.00 |
| D&A | 15,765 | 28,065 | −43.8% | 15,765 | −43.8% | reported | — | 1.00 |
| Income tax | 19,970 | 63,909 | −68.8% | 19,970 | −68.8% | reported | — | 1.00 |
| Shares (basic) (m units) | 14.55 | — | — | — | — | reported | — | 0.90 |
| Gross margin | 14.05% | 16.67% | −2.6 pp | 14.05% | −2.6 pp | derived | — | 0.95 |
| EBITDA margin | 4.57% | 7.68% | −3.1 pp | 4.57% | −3.1 pp | derived | — | 0.90 |
| EBIT margin | 3.77% | 7.07% | −3.3 pp | 3.77% | −3.3 pp | derived | — | 0.90 |
| EBT margin | 3.99% | 7.05% | −3.1 pp | 3.99% | −3.1 pp | derived | — | 0.90 |
| Net margin | 2.99% | 5.69% | −2.7 pp | 2.99% | −2.7 pp | derived | — | 0.80 |
| Cash | 604,377 | 470,041 | +28.6% | — | — | reported | — | 1.00 |
| Total debt | 88,904 | 86,441 | +2.8% | — | — | reported | — | 0.70 |
| Net debt | -515,473 | -383,600 | −34.4% | — | — | derived | — | 0.70 |
| Equity | 472,727 | 498,684 | −5.2% | — | — | reported | — | 1.00 |
| Total assets | 1,964,427 | 1,427,974 | +37.6% | — | — | reported | — | 1.00 |
| Working capital | 14,779 | 122,483 | −87.9% | — | — | derived | — | 0.90 |
| Current assets | 1,419,406 | 965,594 | +47% | — | — | reported | — | 1.00 |
| Current liabilities | 1,404,627 | 843,111 | +66.6% | — | — | reported | — | 1.00 |
| Non-current liabilities | 87,073 | 86,179 | +1% | — | — | reported | — | 1.00 |
| Inventory | 1,817 | 302 | +501.7% | — | — | reported | — | 1.00 |
| Trade receivables | 90,331 | 66,554 | +35.7% | — | — | reported | — | 1.00 |
| Trade payables | 395,725 | 154,690 | +155.8% | — | — | reported | — | 1.00 |
| Goodwill | 51,021 | 48,305 | +5.6% | — | — | reported | — | 0.90 |
| Tangible equity | 421,706 | 450,379 | −6.4% | — | — | derived | — | 0.85 |
| CFO | 162,027 | 381,509 | −57.5% | 162,027 | −57.5% | reported | — | 1.00 |
| CapEx | 22,177 | — | — | 22,177 | — | reported | — | 1.00 |
| FCF | 139,850 | — | — | 139,850 | — | derived | — | 0.95 |
| FCF conversion | 154.3% | — | — | 154.3% | — | derived | — | 0.85 |
| CFO conversion | 178.8% | 108.94% | +69.9 pp | 178.8% | +69.9 pp | derived | — | 0.85 |
| Current ratio | 1.01x | 1.15x | −0.14x | — | — | derived | — | 0.90 |
| Quick ratio | 1.01x | 1.14x | −0.13x | — | — | derived | — | 0.90 |
| Cash ratio | 0.43x | 0.56x | −0.13x | — | — | derived | — | 0.90 |
| Debt / equity | 0.19x | 0.17x | +0.02x | — | — | derived | — | 0.75 |
| Debt / assets | 0.05x | 0.06x | −0.01x | — | — | derived | — | 0.75 |
| Net debt / equity | -1.09x | -0.77x | −0.32x | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 10.37% | 12.04% | — | 10.37% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | -22.02% | -6.89% | — | -22.02% | — | derived | — | 0.90 |
| EBIT growth (YoY) | -27.34% | -8.91% | — | -27.34% | — | derived | — | 0.90 |
| Net income growth (YoY) | -29.9% | -8.07% | — | -29.9% | — | derived | — | 0.90 |
| EPS growth (YoY) | -29.95% | -9% | — | -29.95% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | -1.59 pp | -1.71 pp | — | -1.59 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -1.9 pp | -1.57 pp | — | -1.9 pp | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | -1.96 pp | -1.62 pp | — | -1.96 pp | — | derived | — | 0.85 |
| Net margin Δ (YoY) | -1.71 pp | -1.24 pp | — | -1.71 pp | — | derived | — | 0.75 |
H1 2026 · Δ YoY
Revenue
1,984,453
−56.5%
1,984,453
−56.5%
- H1 2025
- 4,557,807
- YTD 2026
- 1,984,453
- Δ YoY
- −56.5%
Gross profit
278,815
−63.3%
278,815
−63.3%
- H1 2025
- 759,999
- YTD 2026
- 278,815
- Δ YoY
- −63.3%
EBITDA
90,618
—
90,618
—
- H1 2025
- —
- YTD 2026
- 90,618
- Δ YoY
- —
EBIT
74,853
−76.8%
74,853
−76.8%
- H1 2025
- 322,149
- YTD 2026
- 74,853
- Δ YoY
- −76.8%
EBIT
Działalność touroperatorska - Polska
81,783
−74.6%
Działalność touroperatorska - Polska
81,783
−74.6%
- H1 2025
- 322,149
- YTD 2026
- 81,783
- Δ YoY
- −74.6%
EBIT
Działalność touroperatorska - Zagranica
-5,193
−101.6%
Działalność touroperatorska - Zagranica
-5,193
−101.6%
- H1 2025
- 322,149
- YTD 2026
- -5,193
- Δ YoY
- −101.6%
EBIT
Segment hotelowy - Zagranica
-1,473
−100.5%
Segment hotelowy - Zagranica
-1,473
−100.5%
- H1 2025
- 322,149
- YTD 2026
- -1,473
- Δ YoY
- −100.5%
EBT
79,232
−75.4%
79,232
−75.4%
- H1 2025
- 321,474
- YTD 2026
- 79,232
- Δ YoY
- −75.4%
Net income
64,974
−74.9%
64,974
−74.9%
- H1 2025
- 259,211
- YTD 2026
- 64,974
- Δ YoY
- −74.9%
EPS (basic)
(PLN)
4.07
—
4.07
—
- H1 2025
- 17.7
- YTD 2026
- 4.07
- Δ YoY
- —
EPS (diluted)
(PLN)
4.07
—
4.07
—
- H1 2025
- 17.7
- YTD 2026
- 4.07
- Δ YoY
- —
D&A
15,765
−43.8%
15,765
−43.8%
- H1 2025
- 28,065
- YTD 2026
- 15,765
- Δ YoY
- −43.8%
Income tax
19,970
−68.8%
19,970
−68.8%
- H1 2025
- 63,909
- YTD 2026
- 19,970
- Δ YoY
- −68.8%
Shares (basic)
(m units)
14.55
—
14.55
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
14.05%
−2.6 pp
14.05%
−2.6 pp
- H1 2025
- 16.67%
- YTD 2026
- 14.05%
- Δ YoY
- −2.6 pp
EBITDA margin
4.57%
−3.1 pp
4.57%
−3.1 pp
- H1 2025
- 7.68%
- YTD 2026
- 4.57%
- Δ YoY
- −3.1 pp
EBIT margin
3.77%
−3.3 pp
3.77%
−3.3 pp
- H1 2025
- 7.07%
- YTD 2026
- 3.77%
- Δ YoY
- −3.3 pp
EBT margin
3.99%
−3.1 pp
3.99%
−3.1 pp
- H1 2025
- 7.05%
- YTD 2026
- 3.99%
- Δ YoY
- −3.1 pp
Net margin
2.99%
−2.7 pp
2.99%
−2.7 pp
- H1 2025
- 5.69%
- YTD 2026
- 2.99%
- Δ YoY
- −2.7 pp
Cash
604,377
+28.6%
604,377
+28.6%
- H1 2025
- 470,041
- YTD 2026
- —
- Δ YoY
- —
Total debt
88,904
+2.8%
88,904
+2.8%
- H1 2025
- 86,441
- YTD 2026
- —
- Δ YoY
- —
Net debt
-515,473
−34.4%
-515,473
−34.4%
- H1 2025
- -383,600
- YTD 2026
- —
- Δ YoY
- —
Equity
472,727
−5.2%
472,727
−5.2%
- H1 2025
- 498,684
- YTD 2026
- —
- Δ YoY
- —
Total assets
1,964,427
+37.6%
1,964,427
+37.6%
- H1 2025
- 1,427,974
- YTD 2026
- —
- Δ YoY
- —
Working capital
14,779
−87.9%
14,779
−87.9%
- H1 2025
- 122,483
- YTD 2026
- —
- Δ YoY
- —
Current assets
1,419,406
+47%
1,419,406
+47%
- H1 2025
- 965,594
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
1,404,627
+66.6%
1,404,627
+66.6%
- H1 2025
- 843,111
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
87,073
+1%
87,073
+1%
- H1 2025
- 86,179
- YTD 2026
- —
- Δ YoY
- —
Inventory
1,817
+501.7%
1,817
+501.7%
- H1 2025
- 302
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
90,331
+35.7%
90,331
+35.7%
- H1 2025
- 66,554
- YTD 2026
- —
- Δ YoY
- —
Trade payables
395,725
+155.8%
395,725
+155.8%
- H1 2025
- 154,690
- YTD 2026
- —
- Δ YoY
- —
Goodwill
51,021
+5.6%
51,021
+5.6%
- H1 2025
- 48,305
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
421,706
−6.4%
421,706
−6.4%
- H1 2025
- 450,379
- YTD 2026
- —
- Δ YoY
- —
CFO
162,027
−57.5%
162,027
−57.5%
- H1 2025
- 381,509
- YTD 2026
- 162,027
- Δ YoY
- −57.5%
CapEx
22,177
—
22,177
—
- H1 2025
- —
- YTD 2026
- 22,177
- Δ YoY
- —
FCF
139,850
—
139,850
—
- H1 2025
- —
- YTD 2026
- 139,850
- Δ YoY
- —
FCF conversion
154.3%
—
154.3%
—
- H1 2025
- —
- YTD 2026
- 154.3%
- Δ YoY
- —
CFO conversion
178.8%
+69.9 pp
178.8%
+69.9 pp
- H1 2025
- 108.94%
- YTD 2026
- 178.8%
- Δ YoY
- +69.9 pp
Current ratio
1.01x
−0.14x
1.01x
−0.14x
- H1 2025
- 1.15x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.01x
−0.13x
1.01x
−0.13x
- H1 2025
- 1.14x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.43x
−0.13x
0.43x
−0.13x
- H1 2025
- 0.56x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.19x
+0.02x
0.19x
+0.02x
- H1 2025
- 0.17x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.05x
−0.01x
0.05x
−0.01x
- H1 2025
- 0.06x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-1.09x
−0.32x
-1.09x
−0.32x
- H1 2025
- -0.77x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
10.37%
—
10.37%
—
- H1 2025
- 12.04%
- YTD 2026
- 10.37%
- Δ YoY
- —
EBITDA growth (YoY)
-22.02%
—
-22.02%
—
- H1 2025
- -6.89%
- YTD 2026
- -22.02%
- Δ YoY
- —
EBIT growth (YoY)
-27.34%
—
-27.34%
—
- H1 2025
- -8.91%
- YTD 2026
- -27.34%
- Δ YoY
- —
Net income growth (YoY)
-29.9%
—
-29.9%
—
- H1 2025
- -8.07%
- YTD 2026
- -29.9%
- Δ YoY
- —
EPS growth (YoY)
-29.95%
—
-29.95%
—
- H1 2025
- -9%
- YTD 2026
- -29.95%
- Δ YoY
- —
Gross margin Δ (YoY)
-1.59 pp
—
-1.59 pp
—
- H1 2025
- -1.71 pp
- YTD 2026
- -1.59 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-1.9 pp
—
-1.9 pp
—
- H1 2025
- -1.57 pp
- YTD 2026
- -1.9 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-1.96 pp
—
-1.96 pp
—
- H1 2025
- -1.62 pp
- YTD 2026
- -1.96 pp
- Δ YoY
- —
Net margin Δ (YoY)
-1.71 pp
—
-1.71 pp
—
- H1 2025
- -1.24 pp
- YTD 2026
- -1.71 pp
- Δ YoY
- —