SPR
H1 2026 report
Revenue
324.68 m PLN
— YoY
Net income
17.11 m PLN
— YoY
EBITDA
39.24 m PLN
— YoY
Gross margin
33.9%
— YoY
Summary
Investment thesis
- Marża brutto (+2,9 p.p.) i marża EBIT (+2,1 p.p.) rosną głównie dzięki powrotowi do rentowności segmentu Spyrosoft Solutions po ubiegłorocznej restrukturyzacji w Automotive oraz jednorazowemu zyskowi z okazyjnego nabycia (2,1 mln zł).
- Przepływy operacyjne spadły o 48% r/r (do 10,6 mln zł) przez gwałtowny wzrost należności handlowych (+24% r/r, do 123,5 mln zł) — jakość zysku w tym półroczu wyraźnie gorsza niż sugerowałby wzrost EBITDA.
- Zysk netto przypadający akcjonariuszom jednostki dominującej praktycznie stoi w miejscu (+0,9% r/r), bo znaczna część przyrostu wyniku trafia do udziałowców niekontrolujących (+80% r/r) w spółkach zależnych z mniejszościowym udziałem Spyrosoft.
- Grupa kontynuuje ekspansję przez akwizycje (Carimus, MD Consulting) i nową strategię 2026-2028 opartą m.in. na AI, ale zarząd sam sygnalizuje spowolnienie tempa wzrostu przychodów w kolejnych kwartałach.
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Financials
BETA
SPR · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
|
Revenue
Unravel
|
21.11 | 601.26 | −96.5% | 21.11 | −96.5% | reported | Unravel | 1.00 |
|
Revenue
Spyrosoft Solutions
|
81.99 | 601.26 | −86.4% | 81.99 | −86.4% | reported | Spyrosoft Solutions | 1.00 |
|
Revenue
Spyrosoft GB
|
51.05 | 601.26 | −91.5% | 51.05 | −91.5% | reported | Spyrosoft GB | 1.00 |
|
Revenue
Spyrosoft Synergy PL
|
38.08 | 601.26 | −93.7% | 38.08 | −93.7% | reported | Spyrosoft Synergy PL | 1.00 |
|
Revenue
SpyroSoft PL
|
127.97 | 601.26 | −78.7% | 127.97 | −78.7% | reported | SpyroSoft PL | 1.00 |
|
Revenue
BSG
|
17.27 | 601.26 | −97.1% | 17.27 | −97.1% | reported | BSG | 1.00 |
|
Revenue
Codibly
|
19.71 | 601.26 | −96.7% | 19.71 | −96.7% | reported | Codibly | 1.00 |
|
Revenue
Carimus
|
9.18 | 601.26 | −98.5% | 9.18 | −98.5% | reported | Carimus | 1.00 |
|
Revenue
MD Consulting
|
5.48 | 601.26 | −99.1% | 5.48 | −99.1% | reported | MD Consulting | 1.00 |
| Revenue | 162.54 | 601.26 | −73% | 324.68 | −46% | reported | — | 1.00 |
| Gross profit | 55.4 | 189.4 | −70.8% | 110.07 | −41.9% | reported | — | 1.00 |
| EBITDA | 19.15 | 72.12 | −73.4% | 39.24 | −45.6% | derived | — | 0.80 |
|
EBIT
Codibly
|
3.76 | 59.26 | −93.7% | 3.76 | −93.7% | reported | Codibly | 1.00 |
|
EBIT
BSG
|
2.26 | 59.26 | −96.2% | 2.26 | −96.2% | reported | BSG | 1.00 |
|
EBIT
Carimus
|
-2.12 | 59.26 | −103.6% | -2.12 | −103.6% | reported | Carimus | 1.00 |
|
EBIT
Spyrosoft Synergy PL
|
2.42 | 59.26 | −95.9% | 2.42 | −95.9% | reported | Spyrosoft Synergy PL | 1.00 |
|
EBIT
MD Consulting
|
1.22 | 59.26 | −97.9% | 1.22 | −97.9% | reported | MD Consulting | 1.00 |
|
EBIT
Unravel
|
3.85 | 59.26 | −93.5% | 3.85 | −93.5% | reported | Unravel | 1.00 |
|
EBIT
Spyrosoft Solutions
|
8.18 | 59.26 | −86.2% | 8.18 | −86.2% | reported | Spyrosoft Solutions | 1.00 |
|
EBIT
Spyrosoft GB
|
2.39 | 59.26 | −96% | 2.39 | −96% | reported | Spyrosoft GB | 1.00 |
|
EBIT
SpyroSoft PL
|
7.52 | 59.26 | −87.3% | 7.52 | −87.3% | reported | SpyroSoft PL | 1.00 |
| EBIT | 15.94 | 59.26 | −73.1% | 32.8 | −44.6% | reported | — | 1.00 |
| EBT | 14.28 | 56.24 | −74.6% | 32.68 | −41.9% | reported | — | 1.00 |
| Net income | 7.04 | 40.75 | −82.7% | 17.11 | −58% | reported | — | 1.00 |
| EPS (basic) (PLN) | 6.44 | 37.27 | — | 15.64 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 15.64 | — | — | 15.64 | — | reported | — | 1.00 |
| D&A | 3.21 | 12.86 | −75.1% | 6.44 | −50% | reported | — | 1.00 |
| Interest expense | 1.04 | — | — | 1.04 | — | reported | — | 0.70 |
| Income tax | 6.86 | — | — | 6.86 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 1.09 | 1.09 | — | — | — | reported | — | 0.90 |
| Gross margin | 34.08% | 31.5% | +2.6 pp | 33.9% | +2.4 pp | derived | — | 0.90 |
| EBITDA margin | 11.78% | 12% | −0.2 pp | 12.08% | +0.1 pp | derived | — | 0.80 |
| EBIT margin | 9.81% | 9.9% | −0.1 pp | 10.1% | +0.2 pp | derived | — | 0.90 |
| Net margin | 4.33% | 6.8% | −2.5 pp | 5.27% | −1.5 pp | derived | — | 0.90 |
| Cash | 81.47 | 86.39 | −5.7% | — | — | reported | — | 1.00 |
| Total debt | 21.83 | — | — | — | — | reported | — | 0.60 |
| Net debt | -59.65 | — | — | — | — | derived | — | 0.60 |
| Equity | 234.31 | 210.35 | +11.4% | — | — | reported | — | 1.00 |
| Total assets | 347.26 | 311.49 | +11.5% | — | — | reported | — | 1.00 |
| Working capital | 157.05 | — | — | — | — | derived | — | 1.00 |
| Current assets | 246.38 | 227.2 | +8.4% | — | — | reported | — | 1.00 |
| Current liabilities | 89.33 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 23.62 | — | — | — | — | reported | — | 1.00 |
| Inventory | 0.12 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 123.46 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 44.66 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 65.53 | 41.43 | +58.2% | — | — | reported | — | 1.00 |
| Tangible equity | 168.78 | — | — | — | — | derived | — | 1.00 |
| CFO | 19.35 | 59.19 | −67.3% | 10.61 | −82.1% | reported | — | 1.00 |
| CapEx | 3 | — | — | 4.11 | — | reported | — | 1.00 |
| FCF | 16.36 | — | — | 6.49 | — | derived | — | 1.00 |
| FCF conversion | 85.43% | — | — | 16.55% | — | derived | — | 0.70 |
| CFO conversion | 101.06% | 82.1% | +19 pp | 27.03% | −55.1 pp | derived | — | 0.70 |
| Net acquisitions | 7.23 | — | — | 7.23 | — | reported | — | 0.80 |
| ROE | 19.88% | — | — | — | — | derived | — | 0.50 |
| Current ratio | 2.76x | 2.79x | −0.03x | — | — | derived | — | 0.95 |
| Quick ratio | 2.76x | — | — | — | — | derived | — | 0.95 |
| Cash ratio | 0.91x | — | — | — | — | derived | — | 0.95 |
| Interest coverage | 31.48x | — | — | 31.48x | — | derived | — | 0.60 |
| Debt / equity | 0.09x | — | — | — | — | derived | — | 0.60 |
| Debt / assets | 0.06x | — | — | — | — | derived | — | 0.60 |
| Net debt / equity | -0.25x | — | — | — | — | derived | — | 0.60 |
| Revenue growth (YoY) | 11.73% | 29.2% | — | 12.09% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | 51.28% | 26.8% | — | 32.56% | — | derived | — | 0.75 |
| EBIT growth (YoY) | 68.36% | 31.3% | — | 41.68% | — | derived | — | 0.90 |
| Net income growth (YoY) | -11.06% | 18.9% | — | 0.85% | — | derived | — | 0.90 |
| EPS growth (YoY) | -11.17% | 18.7% | — | 0.71% | — | derived | — | 0.90 |
| FCF growth (YoY) | -56.48% | — | — | -56.48% | — | derived | — | 0.85 |
| Gross margin Δ (YoY) | 2.87 pp | — | — | 2.87 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | 1.86 pp | — | — | 1.86 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 2.11 pp | — | — | 2.11 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -0.59 pp | — | — | -0.59 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
Unravel
21.11
−96.5%
Unravel
21.11
−96.5%
- H1 2025
- 601.26
- YTD 2026
- 21.11
- Δ YoY
- −96.5%
Revenue
Spyrosoft Solutions
81.99
−86.4%
Spyrosoft Solutions
81.99
−86.4%
- H1 2025
- 601.26
- YTD 2026
- 81.99
- Δ YoY
- −86.4%
Revenue
Spyrosoft GB
51.05
−91.5%
Spyrosoft GB
51.05
−91.5%
- H1 2025
- 601.26
- YTD 2026
- 51.05
- Δ YoY
- −91.5%
Revenue
Spyrosoft Synergy PL
38.08
−93.7%
Spyrosoft Synergy PL
38.08
−93.7%
- H1 2025
- 601.26
- YTD 2026
- 38.08
- Δ YoY
- −93.7%
Revenue
SpyroSoft PL
127.97
−78.7%
SpyroSoft PL
127.97
−78.7%
- H1 2025
- 601.26
- YTD 2026
- 127.97
- Δ YoY
- −78.7%
Revenue
BSG
17.27
−97.1%
BSG
17.27
−97.1%
- H1 2025
- 601.26
- YTD 2026
- 17.27
- Δ YoY
- −97.1%
Revenue
Codibly
19.71
−96.7%
Codibly
19.71
−96.7%
- H1 2025
- 601.26
- YTD 2026
- 19.71
- Δ YoY
- −96.7%
Revenue
Carimus
9.18
−98.5%
Carimus
9.18
−98.5%
- H1 2025
- 601.26
- YTD 2026
- 9.18
- Δ YoY
- −98.5%
Revenue
MD Consulting
5.48
−99.1%
MD Consulting
5.48
−99.1%
- H1 2025
- 601.26
- YTD 2026
- 5.48
- Δ YoY
- −99.1%
Revenue
162.54
−73%
162.54
−73%
- H1 2025
- 601.26
- YTD 2026
- 324.68
- Δ YoY
- −46%
Gross profit
55.4
−70.8%
55.4
−70.8%
- H1 2025
- 189.4
- YTD 2026
- 110.07
- Δ YoY
- −41.9%
EBITDA
19.15
−73.4%
19.15
−73.4%
- H1 2025
- 72.12
- YTD 2026
- 39.24
- Δ YoY
- −45.6%
EBIT
Codibly
3.76
−93.7%
Codibly
3.76
−93.7%
- H1 2025
- 59.26
- YTD 2026
- 3.76
- Δ YoY
- −93.7%
EBIT
BSG
2.26
−96.2%
BSG
2.26
−96.2%
- H1 2025
- 59.26
- YTD 2026
- 2.26
- Δ YoY
- −96.2%
EBIT
Carimus
-2.12
−103.6%
Carimus
-2.12
−103.6%
- H1 2025
- 59.26
- YTD 2026
- -2.12
- Δ YoY
- −103.6%
EBIT
Spyrosoft Synergy PL
2.42
−95.9%
Spyrosoft Synergy PL
2.42
−95.9%
- H1 2025
- 59.26
- YTD 2026
- 2.42
- Δ YoY
- −95.9%
EBIT
MD Consulting
1.22
−97.9%
MD Consulting
1.22
−97.9%
- H1 2025
- 59.26
- YTD 2026
- 1.22
- Δ YoY
- −97.9%
EBIT
Unravel
3.85
−93.5%
Unravel
3.85
−93.5%
- H1 2025
- 59.26
- YTD 2026
- 3.85
- Δ YoY
- −93.5%
EBIT
Spyrosoft Solutions
8.18
−86.2%
Spyrosoft Solutions
8.18
−86.2%
- H1 2025
- 59.26
- YTD 2026
- 8.18
- Δ YoY
- −86.2%
EBIT
Spyrosoft GB
2.39
−96%
Spyrosoft GB
2.39
−96%
- H1 2025
- 59.26
- YTD 2026
- 2.39
- Δ YoY
- −96%
EBIT
SpyroSoft PL
7.52
−87.3%
SpyroSoft PL
7.52
−87.3%
- H1 2025
- 59.26
- YTD 2026
- 7.52
- Δ YoY
- −87.3%
EBIT
15.94
−73.1%
15.94
−73.1%
- H1 2025
- 59.26
- YTD 2026
- 32.8
- Δ YoY
- −44.6%
EBT
14.28
−74.6%
14.28
−74.6%
- H1 2025
- 56.24
- YTD 2026
- 32.68
- Δ YoY
- −41.9%
Net income
7.04
−82.7%
7.04
−82.7%
- H1 2025
- 40.75
- YTD 2026
- 17.11
- Δ YoY
- −58%
EPS (basic)
(PLN)
6.44
—
6.44
—
- H1 2025
- 37.27
- YTD 2026
- 15.64
- Δ YoY
- —
EPS (diluted)
(PLN)
15.64
—
15.64
—
- H1 2025
- —
- YTD 2026
- 15.64
- Δ YoY
- —
D&A
3.21
−75.1%
3.21
−75.1%
- H1 2025
- 12.86
- YTD 2026
- 6.44
- Δ YoY
- −50%
Interest expense
1.04
—
1.04
—
- H1 2025
- —
- YTD 2026
- 1.04
- Δ YoY
- —
Income tax
6.86
—
6.86
—
- H1 2025
- —
- YTD 2026
- 6.86
- Δ YoY
- —
Shares (basic)
(m units)
1.09
—
1.09
—
- H1 2025
- 1.09
- YTD 2026
- —
- Δ YoY
- —
Gross margin
34.08%
+2.6 pp
34.08%
+2.6 pp
- H1 2025
- 31.5%
- YTD 2026
- 33.9%
- Δ YoY
- +2.4 pp
EBITDA margin
11.78%
−0.2 pp
11.78%
−0.2 pp
- H1 2025
- 12%
- YTD 2026
- 12.08%
- Δ YoY
- +0.1 pp
EBIT margin
9.81%
−0.1 pp
9.81%
−0.1 pp
- H1 2025
- 9.9%
- YTD 2026
- 10.1%
- Δ YoY
- +0.2 pp
Net margin
4.33%
−2.5 pp
4.33%
−2.5 pp
- H1 2025
- 6.8%
- YTD 2026
- 5.27%
- Δ YoY
- −1.5 pp
Cash
81.47
−5.7%
81.47
−5.7%
- H1 2025
- 86.39
- YTD 2026
- —
- Δ YoY
- —
Total debt
21.83
—
21.83
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-59.65
—
-59.65
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
234.31
+11.4%
234.31
+11.4%
- H1 2025
- 210.35
- YTD 2026
- —
- Δ YoY
- —
Total assets
347.26
+11.5%
347.26
+11.5%
- H1 2025
- 311.49
- YTD 2026
- —
- Δ YoY
- —
Working capital
157.05
—
157.05
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
246.38
+8.4%
246.38
+8.4%
- H1 2025
- 227.2
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
89.33
—
89.33
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
23.62
—
23.62
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
0.12
—
0.12
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
123.46
—
123.46
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
44.66
—
44.66
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
65.53
+58.2%
65.53
+58.2%
- H1 2025
- 41.43
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
168.78
—
168.78
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
19.35
−67.3%
19.35
−67.3%
- H1 2025
- 59.19
- YTD 2026
- 10.61
- Δ YoY
- −82.1%
CapEx
3
—
3
—
- H1 2025
- —
- YTD 2026
- 4.11
- Δ YoY
- —
FCF
16.36
—
16.36
—
- H1 2025
- —
- YTD 2026
- 6.49
- Δ YoY
- —
FCF conversion
85.43%
—
85.43%
—
- H1 2025
- —
- YTD 2026
- 16.55%
- Δ YoY
- —
CFO conversion
101.06%
+19 pp
101.06%
+19 pp
- H1 2025
- 82.1%
- YTD 2026
- 27.03%
- Δ YoY
- −55.1 pp
Net acquisitions
7.23
—
7.23
—
- H1 2025
- —
- YTD 2026
- 7.23
- Δ YoY
- —
ROE
19.88%
—
19.88%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current ratio
2.76x
−0.03x
2.76x
−0.03x
- H1 2025
- 2.79x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
2.76x
—
2.76x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.91x
—
0.91x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
31.48x
—
31.48x
—
- H1 2025
- —
- YTD 2026
- 31.48x
- Δ YoY
- —
Debt / equity
0.09x
—
0.09x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.06x
—
0.06x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.25x
—
-0.25x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
11.73%
—
11.73%
—
- H1 2025
- 29.2%
- YTD 2026
- 12.09%
- Δ YoY
- —
EBITDA growth (YoY)
51.28%
—
51.28%
—
- H1 2025
- 26.8%
- YTD 2026
- 32.56%
- Δ YoY
- —
EBIT growth (YoY)
68.36%
—
68.36%
—
- H1 2025
- 31.3%
- YTD 2026
- 41.68%
- Δ YoY
- —
Net income growth (YoY)
-11.06%
—
-11.06%
—
- H1 2025
- 18.9%
- YTD 2026
- 0.85%
- Δ YoY
- —
EPS growth (YoY)
-11.17%
—
-11.17%
—
- H1 2025
- 18.7%
- YTD 2026
- 0.71%
- Δ YoY
- —
FCF growth (YoY)
-56.48%
—
-56.48%
—
- H1 2025
- —
- YTD 2026
- -56.48%
- Δ YoY
- —
Gross margin Δ (YoY)
2.87 pp
—
2.87 pp
—
- H1 2025
- —
- YTD 2026
- 2.87 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
1.86 pp
—
1.86 pp
—
- H1 2025
- —
- YTD 2026
- 1.86 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
2.11 pp
—
2.11 pp
—
- H1 2025
- —
- YTD 2026
- 2.11 pp
- Δ YoY
- —
Net margin Δ (YoY)
-0.59 pp
—
-0.59 pp
—
- H1 2025
- —
- YTD 2026
- -0.59 pp
- Δ YoY
- —