H1 2026 report
Dwucyfrowy wzrost przychodów (+10,4% r/r do 717,7 mln EUR) przy znacznie szybszym wzroście EBITDA (+37,5%) – efekt dźwigni operacyjnej i marek leków przejętych pod koniec 2024 r.
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SPH
H1 2026 report
Revenue
717.74 m EUR
— YoY
Net income
50.84 m EUR
— YoY
EBITDA
74.63 m EUR
— YoY
FCF
11.1 m EUR
— YoY
Summary
Investment thesis
- Marża EBITDA wzrosła z 8,3% do 10,4%, a marża EBIT z 5,6% do 7,5% – wyraźna poprawa rentowności grupy farmaceutycznej o dużym udziale niskomarżowej dystrybucji.
- Silny bilans: kapitał własny 554 mln EUR (+11% od końca 2025), dług netto / kapitał własny ok. 0,46, a krótkoterminowe zobowiązania spadły o 9,7%.
- Spółka wypłaca dywidendę (zaliczka 23,2 mln EUR w styczniu, pełna dywidenda za 2025 – 28,0 mln EUR, 0,052 EUR/akcję) i finansuje się częściowo sprzedażą akcji własnych.
- Główne ryzyko tezy to jakość przepływów: cash conversion CFO/EBITDA tylko ok. 36% z powodu wzrostu należności i zapasów, a zysk wspierają jednorazowe zyski (sprzedaż Biopharm Sliven, udział w jednostkach stowarzyszonych).
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Financials
BETA Data may contain errors — check the source report to confirm.
SPH · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Group has filter matches — stays expanded | ||||||||
| Revenue | 717,735 | — | — | 717,735 | — | reported | — | 1.00 |
| EBITDA | 74,625 | — | — | 74,625 | — | reported | — | 1.00 |
| EBIT | 53,472 | — | — | 53,472 | — | reported | — | 1.00 |
| EBT | 58,814 | — | — | 58,814 | — | reported | — | 1.00 |
| Net income | 50,842 | — | — | 50,842 | — | reported | — | 1.00 |
| EPS (basic) (EUR) | 0.09 | — | — | 0.09 | — | reported | — | 0.80 |
| D&A | 21,153 | — | — | 21,153 | — | reported | — | 1.00 |
| Income tax | 5,994 | — | — | 5,994 | — | reported | — | 1.00 |
| Group has filter matches — stays expanded | ||||||||
| EBITDA margin | 10.4% | — | — | 10.4% | — | derived | — | 0.70 |
| EBIT margin | 7.45% | — | — | 7.45% | — | derived | — | 0.70 |
| Net margin | 7.08% | — | — | 7.08% | — | derived | — | 0.70 |
| Group has filter matches — stays expanded | ||||||||
| Cash | 24,548 | — | — | — | — | reported | — | 1.00 |
| Total debt | 277,234 | — | — | — | — | derived | — | 0.90 |
| Net debt | 252,686 | — | — | — | — | derived | — | 0.90 |
| Equity | 554,081 | — | — | — | — | reported | — | 1.00 |
| Total assets | 1,081,107 | — | — | — | — | reported | — | 1.00 |
| Working capital | 171,594 | — | — | — | — | derived | — | 0.70 |
| Current assets | 571,006 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 399,412 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 127,614 | — | — | — | — | reported | — | 1.00 |
| Inventory | 265,107 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 253,097 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 155,511 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 128,687 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 425,394 | — | — | — | — | derived | — | 0.70 |
| Group has filter matches — stays expanded | ||||||||
| CFO | 26,916 | — | — | 26,916 | — | reported | — | 1.00 |
| CapEx | 15,814 | — | — | 15,814 | — | reported | — | 0.90 |
| FCF | 11,102 | — | — | 11,102 | — | derived | — | 0.70 |
| FCF conversion | 14.88% | — | — | 14.88% | — | derived | — | 0.70 |
| CFO conversion | 36.07% | — | — | 36.07% | — | derived | — | 0.70 |
| Dividends paid | 23,250 | — | — | 23,250 | — | reported | — | 1.00 |
| Group has filter matches — stays expanded | ||||||||
| Current ratio | 1.43x | — | — | — | — | derived | — | 0.70 |
| Quick ratio | 0.77x | — | — | — | — | derived | — | 0.70 |
| Cash ratio | 0.06x | — | — | — | — | derived | — | 0.70 |
| Group has filter matches — stays expanded | ||||||||
| Debt / equity | 0.5x | — | — | — | — | derived | — | 0.70 |
| Debt / assets | 0.26x | — | — | — | — | derived | — | 0.70 |
| Net debt / equity | 0.46x | — | — | — | — | derived | — | 0.70 |
| Group has filter matches — stays expanded | ||||||||
| Revenue growth (YoY) | 10.35% | — | — | 10.35% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | 37.5% | — | — | 37.5% | — | derived | — | 0.90 |
| EBIT growth (YoY) | 46.26% | — | — | 46.26% | — | derived | — | 0.90 |
| Net income growth (YoY) | 41.26% | — | — | 41.26% | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | 2.05 pp | — | — | 2.05 pp | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | 1.83 pp | — | — | 1.83 pp | — | derived | — | 0.70 |
| Net margin Δ (YoY) | 1.55 pp | — | — | 1.55 pp | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Group has filter matches — stays expanded
Revenue
717,735
—
717,735
—
- H1 2025
- —
- YTD 2026
- 717,735
- Δ YoY
- —
EBITDA
74,625
—
74,625
—
- H1 2025
- —
- YTD 2026
- 74,625
- Δ YoY
- —
EBIT
53,472
—
53,472
—
- H1 2025
- —
- YTD 2026
- 53,472
- Δ YoY
- —
EBT
58,814
—
58,814
—
- H1 2025
- —
- YTD 2026
- 58,814
- Δ YoY
- —
Net income
50,842
—
50,842
—
- H1 2025
- —
- YTD 2026
- 50,842
- Δ YoY
- —
EPS (basic)
(EUR)
0.09
—
0.09
—
- H1 2025
- —
- YTD 2026
- 0.09
- Δ YoY
- —
D&A
21,153
—
21,153
—
- H1 2025
- —
- YTD 2026
- 21,153
- Δ YoY
- —
Income tax
5,994
—
5,994
—
- H1 2025
- —
- YTD 2026
- 5,994
- Δ YoY
- —
Group has filter matches — stays expanded
EBITDA margin
10.4%
—
10.4%
—
- H1 2025
- —
- YTD 2026
- 10.4%
- Δ YoY
- —
EBIT margin
7.45%
—
7.45%
—
- H1 2025
- —
- YTD 2026
- 7.45%
- Δ YoY
- —
Net margin
7.08%
—
7.08%
—
- H1 2025
- —
- YTD 2026
- 7.08%
- Δ YoY
- —
Group has filter matches — stays expanded
Cash
24,548
—
24,548
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
277,234
—
277,234
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
252,686
—
252,686
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
554,081
—
554,081
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
1,081,107
—
1,081,107
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
171,594
—
171,594
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
571,006
—
571,006
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
399,412
—
399,412
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
127,614
—
127,614
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
265,107
—
265,107
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
253,097
—
253,097
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
155,511
—
155,511
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
128,687
—
128,687
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
425,394
—
425,394
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Group has filter matches — stays expanded
CFO
26,916
—
26,916
—
- H1 2025
- —
- YTD 2026
- 26,916
- Δ YoY
- —
CapEx
15,814
—
15,814
—
- H1 2025
- —
- YTD 2026
- 15,814
- Δ YoY
- —
FCF
11,102
—
11,102
—
- H1 2025
- —
- YTD 2026
- 11,102
- Δ YoY
- —
FCF conversion
14.88%
—
14.88%
—
- H1 2025
- —
- YTD 2026
- 14.88%
- Δ YoY
- —
CFO conversion
36.07%
—
36.07%
—
- H1 2025
- —
- YTD 2026
- 36.07%
- Δ YoY
- —
Dividends paid
23,250
—
23,250
—
- H1 2025
- —
- YTD 2026
- 23,250
- Δ YoY
- —
Group has filter matches — stays expanded
Current ratio
1.43x
—
1.43x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.77x
—
0.77x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.06x
—
0.06x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Group has filter matches — stays expanded
Debt / equity
0.5x
—
0.5x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.26x
—
0.26x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.46x
—
0.46x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Group has filter matches — stays expanded
Revenue growth (YoY)
10.35%
—
10.35%
—
- H1 2025
- —
- YTD 2026
- 10.35%
- Δ YoY
- —
EBITDA growth (YoY)
37.5%
—
37.5%
—
- H1 2025
- —
- YTD 2026
- 37.5%
- Δ YoY
- —
EBIT growth (YoY)
46.26%
—
46.26%
—
- H1 2025
- —
- YTD 2026
- 46.26%
- Δ YoY
- —
Net income growth (YoY)
41.26%
—
41.26%
—
- H1 2025
- —
- YTD 2026
- 41.26%
- Δ YoY
- —
EBITDA margin Δ (YoY)
2.05 pp
—
2.05 pp
—
- H1 2025
- —
- YTD 2026
- 2.05 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
1.83 pp
—
1.83 pp
—
- H1 2025
- —
- YTD 2026
- 1.83 pp
- Δ YoY
- —
Net margin Δ (YoY)
1.55 pp
—
1.55 pp
—
- H1 2025
- —
- YTD 2026
- 1.55 pp
- Δ YoY
- —