RNC REINO CAPITAL Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 29, 2026

H1 2026 report

REINO Capital szybko zmienia się w konsolidatora usług dla nieruchomości: przychody wzrosły o 190% r/r do 62,1 mln zł, głównie dzięki włączeniu PZN (facility management).

Sentiment

Positive No guidance change

Website

RNC H1 2026 report

Revenue

62,116,565 PLN

— YoY

Net income

2,683,872 PLN

— YoY

EBITDA

6,050,000 PLN

— YoY

FCF

4,643,181 PLN

— YoY

Summary

Investment thesis

Rentowność poprawiła się wyraźnie: EBITDA 6,05 mln zł (marża 9,7% wobec 5,3%), zysk netto 2,7 mln zł wobec straty 0,3 mln zł rok wcześniej.
Jakość zysku jest przyzwoita – OCF 5,0 mln zł (ok. 83% EBITDA) i FCF 4,6 mln zł, ale należności rosną, a bieżąca płynność wynosi 0,90.
Bilans jest obciążony długiem (dług odsetkowy z leasingiem ok. 19,9 mln zł, w tym obligacje EUR 12,75%) i portfelem inwestycji w spółki notowane wycenianym przez OCI (22,1 mln zł).
Strategia zakłada kolejne przejęcia (spółki FM i AM do końca 2026 r.), co oznacza ryzyko wykonawcze i rozwodnienie akcjonariuszy.

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Financials

BETA

H1 2026

RNC · H1 2026

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

Revenue	62,116,565	75,009,000	−17.2%	62,116,565	−17.2%	reported	—	1.00
EBITDA	6,050,000	6,220,000	−2.7%	6,050,000	−2.7%	reported	—	0.90
EBIT	4,563,391	4,099,000	+11.3%	4,563,391	+11.3%	reported	—	1.00
EBT	3,326,394	2,159,000	+54.1%	3,326,394	+54.1%	reported	—	1.00
Net income	2,683,872	1,522,000	+76.3%	2,683,872	+76.3%	reported	—	1.00
EPS (basic)	0.03	0.02	+67.6%	0.03	+67.6%	reported	—	1.00
EPS (diluted)	0.03	—	—	0.03	—	reported	—	1.00
D&A	1,486,895	2,121,000	−29.9%	1,486,895	−29.9%	reported	—	1.00
Income tax	642,522	636,000	+1%	642,522	+1%	reported	—	1.00
Shares (basic) (units)	87,442,895	—	—	87,442,895	—	reported	—	1.00

EBITDA margin	9.74%	8.29%	+1.5 pp	9.74%	+1.5 pp	derived	—	0.70
EBIT margin	7.35%	5.46%	+1.9 pp	7.35%	+1.9 pp	derived	—	0.70
Net margin	4.32%	2.03%	+2.3 pp	4.32%	+2.3 pp	derived	—	0.70
D&A margin	2.39%	—	—	2.39%	—	derived	—	0.70

Cash	2,638,759	2,432,000	+8.5%	—	—	reported	—	1.00
Total debt	19,941,644	—	—	—	—	reported	—	0.85
Net debt	17,302,885	—	—	—	—	derived	—	0.70
Equity	26,891,104	25,613,000	+5%	—	—	reported	—	1.00
Total assets	66,094,708	66,310,000	−0.3%	—	—	reported	—	1.00
Working capital	-2,496,452	-4,746,000	+47.4%	—	—	derived	—	0.70
Current assets	23,103,059	21,664,000	+6.6%	—	—	reported	—	1.00
Current liabilities	25,599,511	26,410,000	−3.1%	—	—	reported	—	1.00
Non-current liabilities	13,604,093	14,287,000	−4.8%	—	—	reported	—	1.00
Inventory	395,511	—	—	—	—	reported	—	1.00
Trade receivables	18,438,437	—	—	—	—	reported	—	0.85
Trade payables	13,877,789	—	—	—	—	reported	—	1.00
Goodwill	9,635,809	8,818,000	+9.3%	—	—	reported	—	1.00
Tangible equity	17,255,295	—	—	—	—	derived	—	0.70

CFO	4,995,279	5,662,000	−11.8%	4,995,279	−11.8%	reported	—	1.00
CapEx	352,098	—	—	352,098	—	reported	—	1.00
FCF	4,643,181	—	—	4,643,181	—	derived	—	0.70
FCF conversion	76.7%	—	—	76.7%	—	derived	—	0.70
CFO conversion	82.6%	91.03%	−8.4 pp	82.6%	−8.4 pp	derived	—	0.70

Current ratio	0.9x	0.82x	+0.08x	—	—	derived	—	0.70
Quick ratio	0.89x	—	—	—	—	derived	—	0.70
Cash ratio	0.1x	0.09x	+0.01x	—	—	derived	—	0.70

Debt / equity	0.74x	—	—	—	—	derived	—	0.70
Debt / assets	0.3x	—	—	—	—	derived	—	0.70
Net debt / equity	0.64x	—	—	—	—	derived	—	0.70

Revenue growth (YoY)	190.3%	114.26%	—	190.3%	—	derived	—	0.70
EBITDA growth (YoY)	434.6%	—	—	434.6%	—	derived	—	0.70
EBIT growth (YoY)	1198.5%	—	—	1198.5%	—	derived	—	0.70
Net income growth (YoY)	897%	—	—	897%	—	derived	—	0.70
EBITDA margin Δ (YoY)	4.45 pp	4.13 pp	—	4.45 pp	—	derived	—	0.70
EBIT margin Δ (YoY)	5.71 pp	4.87 pp	—	5.71 pp	—	derived	—	0.70
Net margin Δ (YoY)	5.89 pp	33.14 pp	—	5.89 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

62,116,565 −17.2%

H1 2025: 75,009,000
YTD 2026: 62,116,565
Δ YoY: −17.2%

EBITDA

6,050,000 −2.7%

H1 2025: 6,220,000
YTD 2026: 6,050,000
Δ YoY: −2.7%

EBIT

4,563,391 +11.3%

H1 2025: 4,099,000
YTD 2026: 4,563,391
Δ YoY: +11.3%

EBT

3,326,394 +54.1%

H1 2025: 2,159,000
YTD 2026: 3,326,394
Δ YoY: +54.1%

Net income

2,683,872 +76.3%

H1 2025: 1,522,000
YTD 2026: 2,683,872
Δ YoY: +76.3%

EPS (basic)

0.03 +67.6%

H1 2025: 0.02
YTD 2026: 0.03
Δ YoY: +67.6%

EPS (diluted)

0.03 —

H1 2025: —
YTD 2026: 0.03
Δ YoY: —

D&A

1,486,895 −29.9%

H1 2025: 2,121,000
YTD 2026: 1,486,895
Δ YoY: −29.9%

Income tax

642,522 +1%

H1 2025: 636,000
YTD 2026: 642,522
Δ YoY: +1%

Shares (basic) (units)

87,442,895 —

H1 2025: —
YTD 2026: 87,442,895
Δ YoY: —

EBITDA margin

9.74% +1.5 pp

H1 2025: 8.29%
YTD 2026: 9.74%
Δ YoY: +1.5 pp

EBIT margin

7.35% +1.9 pp

H1 2025: 5.46%
YTD 2026: 7.35%
Δ YoY: +1.9 pp

Net margin

4.32% +2.3 pp

H1 2025: 2.03%
YTD 2026: 4.32%
Δ YoY: +2.3 pp

D&A margin

2.39% —

H1 2025: —
YTD 2026: 2.39%
Δ YoY: —

Cash

2,638,759 +8.5%

H1 2025: 2,432,000
YTD 2026: —
Δ YoY: —

Total debt

19,941,644 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

17,302,885 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

26,891,104 +5%

H1 2025: 25,613,000
YTD 2026: —
Δ YoY: —

Total assets

66,094,708 −0.3%

H1 2025: 66,310,000
YTD 2026: —
Δ YoY: —

Working capital

-2,496,452 +47.4%

H1 2025: -4,746,000
YTD 2026: —
Δ YoY: —

Current assets

23,103,059 +6.6%

H1 2025: 21,664,000
YTD 2026: —
Δ YoY: —

Current liabilities

25,599,511 −3.1%

H1 2025: 26,410,000
YTD 2026: —
Δ YoY: —

Non-current liabilities

13,604,093 −4.8%

H1 2025: 14,287,000
YTD 2026: —
Δ YoY: —

Inventory

395,511 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

18,438,437 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

13,877,789 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

9,635,809 +9.3%

H1 2025: 8,818,000
YTD 2026: —
Δ YoY: —

Tangible equity

17,255,295 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

4,995,279 −11.8%

H1 2025: 5,662,000
YTD 2026: 4,995,279
Δ YoY: −11.8%

CapEx

352,098 —

H1 2025: —
YTD 2026: 352,098
Δ YoY: —

FCF

4,643,181 —

H1 2025: —
YTD 2026: 4,643,181
Δ YoY: —

FCF conversion

76.7% —

H1 2025: —
YTD 2026: 76.7%
Δ YoY: —

CFO conversion

82.6% −8.4 pp

H1 2025: 91.03%
YTD 2026: 82.6%
Δ YoY: −8.4 pp

Current ratio

0.9x +0.08x

H1 2025: 0.82x
YTD 2026: —
Δ YoY: —

Quick ratio

0.89x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.1x +0.01x

H1 2025: 0.09x
YTD 2026: —
Δ YoY: —

Debt / equity

0.74x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.3x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.64x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

190.3% —

H1 2025: 114.26%
YTD 2026: 190.3%
Δ YoY: —

EBITDA growth (YoY)

434.6% —

H1 2025: —
YTD 2026: 434.6%
Δ YoY: —

EBIT growth (YoY)

1198.5% —

H1 2025: —
YTD 2026: 1198.5%
Δ YoY: —

Net income growth (YoY)

897% —

H1 2025: —
YTD 2026: 897%
Δ YoY: —

EBITDA margin Δ (YoY)

4.45 pp —

H1 2025: 4.13 pp
YTD 2026: 4.45 pp
Δ YoY: —

EBIT margin Δ (YoY)

5.71 pp —

H1 2025: 4.87 pp
YTD 2026: 5.71 pp
Δ YoY: —

Net margin Δ (YoY)

5.89 pp —

H1 2025: 33.14 pp
YTD 2026: 5.89 pp
Δ YoY: —