H1 2026 report
Spółka jednoproduktowa (Medieval Dynasty) o wysokiej i rosnącej rentowności — marża netto 46,4% w I półroczu 2026 r. (+13,5 pp r/r) przy zerowym zadłużeniu i ~21,2 mln zł gotówki netto.
Sentiment
Neutral
No guidance change
RND
H1 2026 report
Revenue
8.13 m PLN
— YoY
Net income
3.77 m PLN
— YoY
EBITDA
6.33 m PLN
— YoY
Gross margin
70.61%
— YoY
Summary
Investment thesis
- Niemal 100% przychodów pochodzi od Toplitz Productions GmbH — podmiotu w 100% zależnego od Iridium Media Group GmbH, głównego akcjonariusza Render Cube (55,72% akcji) — brak niezależnego benchmarku rynkowości tej relacji.
- Rosnąca kapitalizacja kosztów produkcji drugiego, nienazwanego tytułu (zapasy +74% r/r do 8,3 mln zł) bez ujawnionego budżetu czy daty premiery — kluczowe, ale niewymierne ryzyko/szansa na przyszłość.
- Czysty wniosek z przeglądu biegłego rewidenta, wysoka konwersja zysku netto na przepływy operacyjne (~99%) — brak sygnałów agresywnej rachunkowości.
- Efektywna stopa podatkowa istotnie poniżej 19% (ok. 12% w I półroczu 2026 r., ok. 5% w 2025 r.) wynika z różnic przejściowych związanych z odroczonym podatkiem od kapitalizowanych prac rozwojowych — efekt przejściowy, wymaga monitorowania przy prognozowaniu zysku netto.
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Financials
BETA
RND · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.13 | 16.98 | −52.1% | 8.13 | −52.1% | reported | — | 1.00 |
| Gross profit | 5.74 | 11.25 | −49% | 5.74 | −49% | reported | — | 1.00 |
| EBITDA | 6.33 | 12.78 | −50.4% | 6.33 | −50.4% | derived | — | 0.90 |
| EBIT | 4.09 | 8.14 | −49.8% | 4.09 | −49.8% | reported | — | 1.00 |
| EBT | 4.28 | 8.14 | −47.4% | 4.28 | −47.4% | reported | — | 1.00 |
| Net income | 3.77 | 7.71 | −51.1% | 3.77 | −51.1% | reported | — | 1.00 |
| EPS (basic) (PLN) | 3.5 | 7.16 | — | 3.5 | — | reported | — | 1.00 |
| D&A | 2.25 | 4.64 | −51.6% | 2.25 | −51.6% | reported | — | 1.00 |
| Income tax | 0.51 | 0.43 | +18.2% | 0.51 | +18.2% | reported | — | 1.00 |
| Shares (basic) (m units) | 1.08 | 1.08 | — | — | — | reported | — | 1.00 |
| Gross margin | 70.61% | 66.25% | +4.4 pp | 70.61% | +4.4 pp | derived | — | 0.90 |
| EBITDA margin | 77.91% | 75.3% | +2.6 pp | 77.91% | +2.6 pp | derived | — | 0.90 |
| EBIT margin | 50.27% | 47.96% | +2.3 pp | 50.27% | +2.3 pp | derived | — | 0.90 |
| Net margin | 46.37% | 45.42% | +0.9 pp | 46.37% | +0.9 pp | derived | — | 0.90 |
| Cash | 21.2 | 17.54 | +20.9% | — | — | reported | — | 1.00 |
| Total debt | 0 | 0 | — | — | — | reported | — | 1.00 |
| Net debt | -21.2 | -17.54 | −20.9% | — | — | derived | — | 1.00 |
| Equity | 37.58 | 33.81 | +11.2% | — | — | reported | — | 1.00 |
| Total assets | 39.45 | 35.14 | +12.3% | — | — | reported | — | 1.00 |
| Current assets | 31.64 | 25.43 | +24.4% | — | — | reported | — | 1.00 |
| Current liabilities | 1.35 | 0.62 | +118.7% | — | — | reported | — | 1.00 |
| Non-current liabilities | 0 | — | — | — | — | reported | — | 1.00 |
| Inventory | 8.3 | 4.77 | +74% | — | — | reported | — | 1.00 |
| Trade receivables | 2.13 | 2.44 | −12.5% | — | — | reported | — | 1.00 |
| Trade payables | 0.07 | 0.57 | −88.5% | — | — | reported | — | 1.00 |
| Goodwill | 5.82 | 7.95 | −26.8% | — | — | reported | — | 1.00 |
| Tangible equity | 31.76 | 25.86 | +22.8% | — | — | derived | — | 0.90 |
| CFO | 3.75 | 5.79 | −35.3% | 3.75 | −35.3% | reported | — | 1.00 |
| CapEx | 0.05 | 0.35 | −85.2% | 0.05 | −85.2% | reported | — | 1.00 |
| FCF | 3.7 | 5.45 | −32.1% | 3.7 | −32.1% | derived | — | 1.00 |
| FCF conversion | 58.39% | 42.63% | +15.8 pp | 58.39% | +15.8 pp | derived | — | 0.80 |
| CFO conversion | 59.19% | 45.32% | +13.9 pp | 59.19% | +13.9 pp | derived | — | 0.80 |
| Dividends paid | 0 | 14.54 | −100% | 0 | −100% | reported | — | 1.00 |
| ROE | 27.05% | 20.71% | +6.3 pp | — | — | derived | — | 0.60 |
| ROIC | 52.68% | — | — | — | — | derived | — | 0.50 |
| ROCE | 24.16% | 23.79% | +0.4 pp | — | — | derived | — | 0.60 |
| Current ratio | 23.52x | 41.38x | −17.86x | — | — | derived | — | 0.90 |
| Quick ratio | 17.35x | 33.62x | −16.27x | — | — | derived | — | 0.90 |
| Cash ratio | 15.76x | 28.55x | −12.79x | — | — | derived | — | 0.90 |
| Net debt / EBITDA | -1.54x | -1.37x | −0.17x | — | — | derived | — | 0.60 |
| Debt / equity | 0x | 0x | +0x | — | — | derived | — | 1.00 |
| Debt / assets | 0x | 0x | +0x | — | — | derived | — | 1.00 |
| Net debt / equity | -0.56x | -0.52x | −0.04x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 5.94% | -1.19% | — | 5.94% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | 18.9% | — | — | 18.9% | — | derived | — | 0.80 |
| EBIT growth (YoY) | 35.34% | -14% | — | 35.34% | — | derived | — | 0.90 |
| Net income growth (YoY) | 49.23% | 7.81% | — | 49.23% | — | derived | — | 0.90 |
| EPS growth (YoY) | 48.94% | — | — | 48.94% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | 13.03 pp | — | — | 13.03 pp | — | derived | — | 0.80 |
| EBITDA margin Δ (YoY) | 8.5 pp | — | — | 8.5 pp | — | derived | — | 0.80 |
| EBIT margin Δ (YoY) | 10.92 pp | -7.15 pp | — | 10.92 pp | — | derived | — | 0.80 |
| Net margin Δ (YoY) | 13.45 pp | 3.8 pp | — | 13.45 pp | — | derived | — | 0.80 |
H1 2026 · Δ YoY
Revenue
8.13
−52.1%
8.13
−52.1%
- H1 2025
- 16.98
- YTD 2026
- 8.13
- Δ YoY
- −52.1%
Gross profit
5.74
−49%
5.74
−49%
- H1 2025
- 11.25
- YTD 2026
- 5.74
- Δ YoY
- −49%
EBITDA
6.33
−50.4%
6.33
−50.4%
- H1 2025
- 12.78
- YTD 2026
- 6.33
- Δ YoY
- −50.4%
EBIT
4.09
−49.8%
4.09
−49.8%
- H1 2025
- 8.14
- YTD 2026
- 4.09
- Δ YoY
- −49.8%
EBT
4.28
−47.4%
4.28
−47.4%
- H1 2025
- 8.14
- YTD 2026
- 4.28
- Δ YoY
- −47.4%
Net income
3.77
−51.1%
3.77
−51.1%
- H1 2025
- 7.71
- YTD 2026
- 3.77
- Δ YoY
- −51.1%
EPS (basic)
(PLN)
3.5
—
3.5
—
- H1 2025
- 7.16
- YTD 2026
- 3.5
- Δ YoY
- —
D&A
2.25
−51.6%
2.25
−51.6%
- H1 2025
- 4.64
- YTD 2026
- 2.25
- Δ YoY
- −51.6%
Income tax
0.51
+18.2%
0.51
+18.2%
- H1 2025
- 0.43
- YTD 2026
- 0.51
- Δ YoY
- +18.2%
Shares (basic)
(m units)
1.08
—
1.08
—
- H1 2025
- 1.08
- YTD 2026
- —
- Δ YoY
- —
Gross margin
70.61%
+4.4 pp
70.61%
+4.4 pp
- H1 2025
- 66.25%
- YTD 2026
- 70.61%
- Δ YoY
- +4.4 pp
EBITDA margin
77.91%
+2.6 pp
77.91%
+2.6 pp
- H1 2025
- 75.3%
- YTD 2026
- 77.91%
- Δ YoY
- +2.6 pp
EBIT margin
50.27%
+2.3 pp
50.27%
+2.3 pp
- H1 2025
- 47.96%
- YTD 2026
- 50.27%
- Δ YoY
- +2.3 pp
Net margin
46.37%
+0.9 pp
46.37%
+0.9 pp
- H1 2025
- 45.42%
- YTD 2026
- 46.37%
- Δ YoY
- +0.9 pp
Cash
21.2
+20.9%
21.2
+20.9%
- H1 2025
- 17.54
- YTD 2026
- —
- Δ YoY
- —
Total debt
0
—
0
—
- H1 2025
- 0
- YTD 2026
- —
- Δ YoY
- —
Net debt
-21.2
−20.9%
-21.2
−20.9%
- H1 2025
- -17.54
- YTD 2026
- —
- Δ YoY
- —
Equity
37.58
+11.2%
37.58
+11.2%
- H1 2025
- 33.81
- YTD 2026
- —
- Δ YoY
- —
Total assets
39.45
+12.3%
39.45
+12.3%
- H1 2025
- 35.14
- YTD 2026
- —
- Δ YoY
- —
Current assets
31.64
+24.4%
31.64
+24.4%
- H1 2025
- 25.43
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
1.35
+118.7%
1.35
+118.7%
- H1 2025
- 0.62
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
0
—
0
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
8.3
+74%
8.3
+74%
- H1 2025
- 4.77
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
2.13
−12.5%
2.13
−12.5%
- H1 2025
- 2.44
- YTD 2026
- —
- Δ YoY
- —
Trade payables
0.07
−88.5%
0.07
−88.5%
- H1 2025
- 0.57
- YTD 2026
- —
- Δ YoY
- —
Goodwill
5.82
−26.8%
5.82
−26.8%
- H1 2025
- 7.95
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
31.76
+22.8%
31.76
+22.8%
- H1 2025
- 25.86
- YTD 2026
- —
- Δ YoY
- —
CFO
3.75
−35.3%
3.75
−35.3%
- H1 2025
- 5.79
- YTD 2026
- 3.75
- Δ YoY
- −35.3%
CapEx
0.05
−85.2%
0.05
−85.2%
- H1 2025
- 0.35
- YTD 2026
- 0.05
- Δ YoY
- −85.2%
FCF
3.7
−32.1%
3.7
−32.1%
- H1 2025
- 5.45
- YTD 2026
- 3.7
- Δ YoY
- −32.1%
FCF conversion
58.39%
+15.8 pp
58.39%
+15.8 pp
- H1 2025
- 42.63%
- YTD 2026
- 58.39%
- Δ YoY
- +15.8 pp
CFO conversion
59.19%
+13.9 pp
59.19%
+13.9 pp
- H1 2025
- 45.32%
- YTD 2026
- 59.19%
- Δ YoY
- +13.9 pp
Dividends paid
0
−100%
0
−100%
- H1 2025
- 14.54
- YTD 2026
- 0
- Δ YoY
- −100%
ROE
27.05%
+6.3 pp
27.05%
+6.3 pp
- H1 2025
- 20.71%
- YTD 2026
- —
- Δ YoY
- —
ROIC
52.68%
—
52.68%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROCE
24.16%
+0.4 pp
24.16%
+0.4 pp
- H1 2025
- 23.79%
- YTD 2026
- —
- Δ YoY
- —
Current ratio
23.52x
−17.86x
23.52x
−17.86x
- H1 2025
- 41.38x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
17.35x
−16.27x
17.35x
−16.27x
- H1 2025
- 33.62x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
15.76x
−12.79x
15.76x
−12.79x
- H1 2025
- 28.55x
- YTD 2026
- —
- Δ YoY
- —
Net debt / EBITDA
-1.54x
−0.17x
-1.54x
−0.17x
- H1 2025
- -1.37x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0x
+0x
0x
+0x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0x
+0x
0x
+0x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.56x
−0.04x
-0.56x
−0.04x
- H1 2025
- -0.52x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
5.94%
—
5.94%
—
- H1 2025
- -1.19%
- YTD 2026
- 5.94%
- Δ YoY
- —
EBITDA growth (YoY)
18.9%
—
18.9%
—
- H1 2025
- —
- YTD 2026
- 18.9%
- Δ YoY
- —
EBIT growth (YoY)
35.34%
—
35.34%
—
- H1 2025
- -14%
- YTD 2026
- 35.34%
- Δ YoY
- —
Net income growth (YoY)
49.23%
—
49.23%
—
- H1 2025
- 7.81%
- YTD 2026
- 49.23%
- Δ YoY
- —
EPS growth (YoY)
48.94%
—
48.94%
—
- H1 2025
- —
- YTD 2026
- 48.94%
- Δ YoY
- —
Gross margin Δ (YoY)
13.03 pp
—
13.03 pp
—
- H1 2025
- —
- YTD 2026
- 13.03 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
8.5 pp
—
8.5 pp
—
- H1 2025
- —
- YTD 2026
- 8.5 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
10.92 pp
—
10.92 pp
—
- H1 2025
- -7.15 pp
- YTD 2026
- 10.92 pp
- Δ YoY
- —
Net margin Δ (YoY)
13.45 pp
—
13.45 pp
—
- H1 2025
- 3.8 pp
- YTD 2026
- 13.45 pp
- Δ YoY
- —