H1 2026 report
Przychody i zyski spadły r/r (-8% przychody, -11% zysk netto), głównie z powodu 18,7% spadku sprzedaży w Europie.
Sentiment
Neutral
No guidance change
SWG
H1 2026 report
Revenue
356.3 m PLN
— YoY
Net income
8.65 m PLN
— YoY
EBITDA
23.57 m PLN
— YoY
Gross margin
20.73%
— YoY
Summary
Investment thesis
- Portfel zamówień rośnie (740,3 mln zł, +9% r/r) i przewyższa bieżącą sprzedaż (book-to-bill 1,15x) — sygnał odwrócenia trendu przychodowego w kolejnych okresach.
- Rosnący backlog zamraża kapitał obrotowy (aktywa kontraktowe +37,2% r/r), co dało ujemny OCF (-19,9 mln zł) i wymusiło wzrost krótkoterminowego zadłużenia o 89% w ciągu półrocza.
- Struktura bilansu pozostaje umiarkowanie zadłużona (dług/aktywa 21,9%, dług netto/kapitał własny 0,43x, płynność bieżąca 1,21x) mimo szybkiego wzrostu długu krótkoterminowego.
- Spółka wypłaciła dywidendę 8,7 mln zł (1,20 zł/akcję) mimo ujemnego OCF w tym samym okresie — sfinansowaną częściowo przyrostem kredytów.
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Financials
BETA
SWG · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 356,303 | 745,923 | −52.2% | 356,303 | −52.2% | reported | — | 1.00 |
| Gross profit | 73,860 | 167,362 | −55.9% | 73,860 | −55.9% | reported | — | 1.00 |
| EBITDA | 23,565 | 64,189 | −63.3% | 23,565 | −63.3% | derived | — | 0.90 |
| EBIT | 12,935 | 43,089 | −70% | 12,935 | −70% | reported | — | 1.00 |
| EBT | 11,326 | 36,932 | −69.3% | 11,326 | −69.3% | reported | — | 1.00 |
| Net income | 8,651 | 26,113 | −66.9% | 8,651 | −66.9% | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.15 | 3.82 | — | 1.15 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 1.15 | — | — | 1.15 | — | reported | — | 1.00 |
| D&A | 10,630 | 21,100 | −49.6% | 10,630 | −49.6% | reported | — | 1.00 |
| Interest expense | 4,899 | — | — | 4,899 | — | reported | — | 0.85 |
| Income tax | 2,674 | — | — | 2,674 | — | reported | — | 1.00 |
| Gross margin | 20.73% | 22.44% | −1.7 pp | 20.73% | −1.7 pp | reported | — | 1.00 |
| EBITDA margin | 6.61% | 8.61% | −2 pp | 6.61% | −2 pp | reported | — | 0.90 |
| EBIT margin | 3.63% | 5.78% | −2.2 pp | 3.63% | −2.2 pp | reported | — | 1.00 |
| EBT margin | 3.18% | 4.95% | −1.8 pp | 3.18% | −1.8 pp | reported | — | 1.00 |
| Net margin | 2.43% | 3.5% | −1.1 pp | 2.43% | −1.1 pp | reported | — | 1.00 |
| D&A margin | 2.98% | 2.83% | +0.1 pp | 2.98% | +0.1 pp | reported | — | 1.00 |
| Cash | 56,916 | 59,600 | −4.5% | — | — | reported | — | 1.00 |
| Total debt | 158,010 | — | — | — | — | reported | — | 0.90 |
| Net debt | 101,094 | — | — | — | — | derived | — | 0.90 |
| Equity | 234,984 | 230,209 | +2.1% | — | — | reported | — | 1.00 |
| Total assets | 723,061 | 649,997 | +11.2% | — | — | reported | — | 1.00 |
| Working capital | 81,771 | — | — | — | — | derived | — | 1.00 |
| Current assets | 471,634 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 389,863 | 321,134 | +21.4% | — | — | reported | — | 1.00 |
| Non-current liabilities | 98,214 | 98,654 | −0.4% | — | — | reported | — | 1.00 |
| Inventory | 94,598 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 119,352 | 94,345 | +26.5% | — | — | reported | — | 1.00 |
| Trade payables | 104,707 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 81,972 | — | — | — | — | reported | — | 0.95 |
| Tangible equity | 153,012 | — | — | — | — | derived | — | 0.90 |
| CFO | -19,885 | -4,386 | −353.4% | -19,885 | −353.4% | reported | — | 1.00 |
| CapEx | 13,965 | 41,000 | −65.9% | 13,965 | −65.9% | reported | — | 1.00 |
| FCF | -33,850 | -45,386 | +25.4% | -33,850 | +25.4% | derived | — | 0.90 |
| FCF conversion | -143.65% | — | — | -143.65% | — | reported | — | 0.60 |
| CFO conversion | -84.38% | -6.83% | −77.6 pp | -84.38% | −77.6 pp | reported | — | 0.60 |
| Dividends paid | 8,723 | — | — | 8,723 | — | reported | — | 1.00 |
| Current ratio | 1.21x | — | — | — | — | reported | — | 1.00 |
| Quick ratio | 0.97x | — | — | — | — | reported | — | 1.00 |
| Cash ratio | 0.15x | — | — | — | — | reported | — | 1.00 |
| Interest coverage | 2.64x | — | — | 2.64x | — | reported | — | 0.80 |
| Debt / equity | 0.67x | — | — | — | — | reported | — | 0.90 |
| Debt / assets | 0.22x | — | — | — | — | reported | — | 0.90 |
| Net debt / equity | 0.43x | — | — | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | -8.01% | 4.64% | — | -8.01% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -21.24% | — | — | -21.24% | — | reported | — | 0.85 |
| EBIT growth (YoY) | -32.77% | 35.68% | — | -32.77% | — | reported | — | 1.00 |
| Net income growth (YoY) | -11.44% | 7.34% | — | -11.44% | — | reported | — | 1.00 |
| EPS growth (YoY) | 4.55% | 35.94% | — | 4.55% | — | reported | — | 1.00 |
| Gross margin Δ (YoY) | -0.04 pp | 0 pp | — | -0.04 pp | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | -1.11 pp | — | — | -1.11 pp | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | -1.34 pp | 0 pp | — | -1.34 pp | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -0.09 pp | 0 pp | — | -0.09 pp | — | reported | — | 1.00 |
H1 2026 · Δ YoY
Revenue
356,303
−52.2%
356,303
−52.2%
- H1 2025
- 745,923
- YTD 2026
- 356,303
- Δ YoY
- −52.2%
Gross profit
73,860
−55.9%
73,860
−55.9%
- H1 2025
- 167,362
- YTD 2026
- 73,860
- Δ YoY
- −55.9%
EBITDA
23,565
−63.3%
23,565
−63.3%
- H1 2025
- 64,189
- YTD 2026
- 23,565
- Δ YoY
- −63.3%
EBIT
12,935
−70%
12,935
−70%
- H1 2025
- 43,089
- YTD 2026
- 12,935
- Δ YoY
- −70%
EBT
11,326
−69.3%
11,326
−69.3%
- H1 2025
- 36,932
- YTD 2026
- 11,326
- Δ YoY
- −69.3%
Net income
8,651
−66.9%
8,651
−66.9%
- H1 2025
- 26,113
- YTD 2026
- 8,651
- Δ YoY
- −66.9%
EPS (basic)
(PLN)
1.15
—
1.15
—
- H1 2025
- 3.82
- YTD 2026
- 1.15
- Δ YoY
- —
EPS (diluted)
(PLN)
1.15
—
1.15
—
- H1 2025
- —
- YTD 2026
- 1.15
- Δ YoY
- —
D&A
10,630
−49.6%
10,630
−49.6%
- H1 2025
- 21,100
- YTD 2026
- 10,630
- Δ YoY
- −49.6%
Interest expense
4,899
—
4,899
—
- H1 2025
- —
- YTD 2026
- 4,899
- Δ YoY
- —
Income tax
2,674
—
2,674
—
- H1 2025
- —
- YTD 2026
- 2,674
- Δ YoY
- —
Gross margin
20.73%
−1.7 pp
20.73%
−1.7 pp
- H1 2025
- 22.44%
- YTD 2026
- 20.73%
- Δ YoY
- −1.7 pp
EBITDA margin
6.61%
−2 pp
6.61%
−2 pp
- H1 2025
- 8.61%
- YTD 2026
- 6.61%
- Δ YoY
- −2 pp
EBIT margin
3.63%
−2.2 pp
3.63%
−2.2 pp
- H1 2025
- 5.78%
- YTD 2026
- 3.63%
- Δ YoY
- −2.2 pp
EBT margin
3.18%
−1.8 pp
3.18%
−1.8 pp
- H1 2025
- 4.95%
- YTD 2026
- 3.18%
- Δ YoY
- −1.8 pp
Net margin
2.43%
−1.1 pp
2.43%
−1.1 pp
- H1 2025
- 3.5%
- YTD 2026
- 2.43%
- Δ YoY
- −1.1 pp
D&A margin
2.98%
+0.1 pp
2.98%
+0.1 pp
- H1 2025
- 2.83%
- YTD 2026
- 2.98%
- Δ YoY
- +0.1 pp
Cash
56,916
−4.5%
56,916
−4.5%
- H1 2025
- 59,600
- YTD 2026
- —
- Δ YoY
- —
Total debt
158,010
—
158,010
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
101,094
—
101,094
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
234,984
+2.1%
234,984
+2.1%
- H1 2025
- 230,209
- YTD 2026
- —
- Δ YoY
- —
Total assets
723,061
+11.2%
723,061
+11.2%
- H1 2025
- 649,997
- YTD 2026
- —
- Δ YoY
- —
Working capital
81,771
—
81,771
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
471,634
—
471,634
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
389,863
+21.4%
389,863
+21.4%
- H1 2025
- 321,134
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
98,214
−0.4%
98,214
−0.4%
- H1 2025
- 98,654
- YTD 2026
- —
- Δ YoY
- —
Inventory
94,598
—
94,598
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
119,352
+26.5%
119,352
+26.5%
- H1 2025
- 94,345
- YTD 2026
- —
- Δ YoY
- —
Trade payables
104,707
—
104,707
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
81,972
—
81,972
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
153,012
—
153,012
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-19,885
−353.4%
-19,885
−353.4%
- H1 2025
- -4,386
- YTD 2026
- -19,885
- Δ YoY
- −353.4%
CapEx
13,965
−65.9%
13,965
−65.9%
- H1 2025
- 41,000
- YTD 2026
- 13,965
- Δ YoY
- −65.9%
FCF
-33,850
+25.4%
-33,850
+25.4%
- H1 2025
- -45,386
- YTD 2026
- -33,850
- Δ YoY
- +25.4%
FCF conversion
-143.65%
—
-143.65%
—
- H1 2025
- —
- YTD 2026
- -143.65%
- Δ YoY
- —
CFO conversion
-84.38%
−77.6 pp
-84.38%
−77.6 pp
- H1 2025
- -6.83%
- YTD 2026
- -84.38%
- Δ YoY
- −77.6 pp
Dividends paid
8,723
—
8,723
—
- H1 2025
- —
- YTD 2026
- 8,723
- Δ YoY
- —
Current ratio
1.21x
—
1.21x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.97x
—
0.97x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.15x
—
0.15x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
2.64x
—
2.64x
—
- H1 2025
- —
- YTD 2026
- 2.64x
- Δ YoY
- —
Debt / equity
0.67x
—
0.67x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.22x
—
0.22x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.43x
—
0.43x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-8.01%
—
-8.01%
—
- H1 2025
- 4.64%
- YTD 2026
- -8.01%
- Δ YoY
- —
EBITDA growth (YoY)
-21.24%
—
-21.24%
—
- H1 2025
- —
- YTD 2026
- -21.24%
- Δ YoY
- —
EBIT growth (YoY)
-32.77%
—
-32.77%
—
- H1 2025
- 35.68%
- YTD 2026
- -32.77%
- Δ YoY
- —
Net income growth (YoY)
-11.44%
—
-11.44%
—
- H1 2025
- 7.34%
- YTD 2026
- -11.44%
- Δ YoY
- —
EPS growth (YoY)
4.55%
—
4.55%
—
- H1 2025
- 35.94%
- YTD 2026
- 4.55%
- Δ YoY
- —
Gross margin Δ (YoY)
-0.04 pp
—
-0.04 pp
—
- H1 2025
- 0 pp
- YTD 2026
- -0.04 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-1.11 pp
—
-1.11 pp
—
- H1 2025
- —
- YTD 2026
- -1.11 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-1.34 pp
—
-1.34 pp
—
- H1 2025
- 0 pp
- YTD 2026
- -1.34 pp
- Δ YoY
- —
Net margin Δ (YoY)
-0.09 pp
—
-0.09 pp
—
- H1 2025
- 0 pp
- YTD 2026
- -0.09 pp
- Δ YoY
- —