SVE SYNTHAVERSE Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026

H1 2026 report

Przychody rosną (+34% r/r do 26,5 mln zł), a EBITDA więcej niż podwoiła się do 5,4 mln zł, ale strata netto pogłębiła się do 6,4 mln zł przez koszty finansowe.

Sentiment

Cautious No guidance change

Website

SVE H1 2026 report

Revenue

26.46 m PLN

— YoY

Net income

-6.37 m PLN

— YoY

EBITDA

5.42 m PLN

— YoY

Gross margin

55.27%

— YoY

Summary

Investment thesis

Cały dług (78,6 mln zł) jest krótkoterminowy, gotówka to 0,35 mln zł, a kowenanty ACP Credit są przekroczone od II poł. 2025 r.
Waiver funduszu ACP obowiązuje do 30.09.2026, czyli do dnia publikacji raportu; refinansowanie i wejście inwestora strategicznego nie zostały sfinalizowane.
Biegły wskazuje istotną niepewność co do kontynuacji działalności; wniosek z przeglądu bez zastrzeżeń.
Poprawa EBIT zależy od jednorazowych 4,0 mln zł kar i odszkodowań; 84,5 mln zł aktywów przeznaczonych do sprzedaży to klucz do delewarowania.

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Financials

BETA

H1 2026

SVE · H1 2026

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

Revenue	26,461	42,009	−37%	26,461	−37%	reported	—	1.00
Gross profit	14,625	23,563	−37.9%	14,625	−37.9%	reported	—	1.00
EBITDA	5,415	-6,543	+182.8%	5,415	+182.8%	reported	—	1.00
EBIT	-1,343	-19,836	+93.2%	-1,343	+93.2%	reported	—	1.00
EBT	-7,559	-23,911	+68.4%	-7,559	+68.4%	reported	—	1.00
Net income	-6,366	-19,932	+68.1%	-6,366	+68.1%	reported	—	1.00
EPS (basic) (PLN)	-0.08	-0.26	—	-0.08	—	reported	—	1.00
EPS (diluted) (PLN)	-0.08	-0.26	—	-0.08	—	reported	—	1.00
D&A	6,759	13,293	−49.2%	6,759	−49.2%	reported	—	1.00
Interest expense	5,231	4,610	+13.5%	5,231	+13.5%	reported	—	1.00
Income tax	-1,193	-3,979	+70%	-1,193	+70%	reported	—	1.00

Gross margin	55.27%	56.09%	−0.8 pp	55.27%	−0.8 pp	reported	—	0.70
EBITDA margin	20.46%	-15.58%	+36 pp	20.46%	+36 pp	reported	—	0.70
EBIT margin	-5.08%	-47.22%	+42.1 pp	-5.08%	+42.1 pp	reported	—	0.70
Net margin	-24.06%	-47.45%	+23.4 pp	-24.06%	+23.4 pp	reported	—	0.70

Cash	350	1,673	−79.1%	—	—	reported	—	1.00
Total debt	83,260	84,646	−1.6%	—	—	derived	—	0.90
Net debt	82,910	82,973	−0.1%	—	—	derived	—	0.90
Equity	118,872	124,676	−4.7%	—	—	reported	—	1.00
Total assets	295,326	304,131	−2.9%	—	—	reported	—	1.00
Working capital (k PLN thousands)	-17,174	-13,073	—	—	—	reported	—	0.70
Current assets	116,725	121,888	−4.2%	—	—	reported	—	1.00
Current liabilities	133,899	134,961	−0.8%	—	—	reported	—	1.00
Non-current liabilities	42,556	44,494	−4.4%	—	—	reported	—	1.00
Inventory	11,310	12,270	−7.8%	—	—	reported	—	1.00
Trade receivables	19,305	22,740	−15.1%	—	—	reported	—	1.00
Trade payables	17,197	16,938	+1.5%	—	—	reported	—	1.00
Goodwill	4,594	—	—	—	—	reported	—	1.00
Tangible equity (k PLN thousands)	114,278	—	—	—	—	reported	—	0.70

CFO	6,294	11,835	−46.8%	6,294	−46.8%	reported	—	1.00
CapEx	661	28,035	−97.6%	661	−97.6%	reported	—	1.00
FCF (k PLN thousands)	5,633	-16,200	—	5,633	—	reported	—	0.70
FCF conversion	104.03%	—	—	104.03%	—	reported	—	0.70
CFO conversion	116.24%	—	—	116.24%	—	reported	—	0.70

Current ratio	0.87x	0.9x	−0.03x	—	—	reported	—	0.70
Cash ratio	0x	—	—	—	—	reported	—	0.70
Interest coverage	-0.26x	-4.3x	+4.04x	-0.26x	+4.04x	reported	—	0.70

Debt / equity	0.7x	0.68x	+0.02x	—	—	reported	—	0.70
Debt / assets	0.28x	0.28x	+0x	—	—	reported	—	0.70
Net debt / equity	0.7x	0.67x	+0.03x	—	—	reported	—	0.70

Revenue growth (YoY)	34.23%	-41.46%	—	34.23%	—	reported	—	0.70
EBITDA growth (YoY)	141.85%	-131.89%	—	141.85%	—	reported	—	0.70
EBIT growth (YoY)	70.98%	-259.65%	—	70.98%	—	reported	—	0.70
Net income growth (YoY)	-20%	-364%	—	-20%	—	reported	—	0.70
Gross margin Δ (YoY)	-7.63 pp	—	—	-7.63 pp	—	reported	—	0.70
EBITDA margin Δ (YoY)	9.11 pp	—	—	9.11 pp	—	reported	—	0.70
EBIT margin Δ (YoY)	18.4 pp	—	—	18.4 pp	—	reported	—	0.70
Net margin Δ (YoY)	2.85 pp	—	—	2.85 pp	—	reported	—	0.70

H1 2026 · Δ YoY

Revenue

26,461 −37%

H1 2025: 42,009
YTD 2026: 26,461
Δ YoY: −37%

Gross profit

14,625 −37.9%

H1 2025: 23,563
YTD 2026: 14,625
Δ YoY: −37.9%

EBITDA

5,415 +182.8%

H1 2025: -6,543
YTD 2026: 5,415
Δ YoY: +182.8%

EBIT

-1,343 +93.2%

H1 2025: -19,836
YTD 2026: -1,343
Δ YoY: +93.2%

EBT

-7,559 +68.4%

H1 2025: -23,911
YTD 2026: -7,559
Δ YoY: +68.4%

Net income

-6,366 +68.1%

H1 2025: -19,932
YTD 2026: -6,366
Δ YoY: +68.1%

EPS (basic) (PLN)

-0.08 —

H1 2025: -0.26
YTD 2026: -0.08
Δ YoY: —

EPS (diluted) (PLN)

-0.08 —

H1 2025: -0.26
YTD 2026: -0.08
Δ YoY: —

D&A

6,759 −49.2%

H1 2025: 13,293
YTD 2026: 6,759
Δ YoY: −49.2%

Interest expense

5,231 +13.5%

H1 2025: 4,610
YTD 2026: 5,231
Δ YoY: +13.5%

Income tax

-1,193 +70%

H1 2025: -3,979
YTD 2026: -1,193
Δ YoY: +70%

Gross margin

55.27% −0.8 pp

H1 2025: 56.09%
YTD 2026: 55.27%
Δ YoY: −0.8 pp

EBITDA margin

20.46% +36 pp

H1 2025: -15.58%
YTD 2026: 20.46%
Δ YoY: +36 pp

EBIT margin

-5.08% +42.1 pp

H1 2025: -47.22%
YTD 2026: -5.08%
Δ YoY: +42.1 pp

Net margin

-24.06% +23.4 pp

H1 2025: -47.45%
YTD 2026: -24.06%
Δ YoY: +23.4 pp

Cash

350 −79.1%

H1 2025: 1,673
YTD 2026: —
Δ YoY: —

Total debt

83,260 −1.6%

H1 2025: 84,646
YTD 2026: —
Δ YoY: —

Net debt

82,910 −0.1%

H1 2025: 82,973
YTD 2026: —
Δ YoY: —

Equity

118,872 −4.7%

H1 2025: 124,676
YTD 2026: —
Δ YoY: —

Total assets

295,326 −2.9%

H1 2025: 304,131
YTD 2026: —
Δ YoY: —

Working capital (k PLN thousands)

-17,174 —

H1 2025: -13,073
YTD 2026: —
Δ YoY: —

Current assets

116,725 −4.2%

H1 2025: 121,888
YTD 2026: —
Δ YoY: —

Current liabilities

133,899 −0.8%

H1 2025: 134,961
YTD 2026: —
Δ YoY: —

Non-current liabilities

42,556 −4.4%

H1 2025: 44,494
YTD 2026: —
Δ YoY: —

Inventory

11,310 −7.8%

H1 2025: 12,270
YTD 2026: —
Δ YoY: —

Trade receivables

19,305 −15.1%

H1 2025: 22,740
YTD 2026: —
Δ YoY: —

Trade payables

17,197 +1.5%

H1 2025: 16,938
YTD 2026: —
Δ YoY: —

Goodwill

4,594 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity (k PLN thousands)

114,278 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

6,294 −46.8%

H1 2025: 11,835
YTD 2026: 6,294
Δ YoY: −46.8%

CapEx

661 −97.6%

H1 2025: 28,035
YTD 2026: 661
Δ YoY: −97.6%

FCF (k PLN thousands)

5,633 —

H1 2025: -16,200
YTD 2026: 5,633
Δ YoY: —

FCF conversion

104.03% —

H1 2025: —
YTD 2026: 104.03%
Δ YoY: —

CFO conversion

116.24% —

H1 2025: —
YTD 2026: 116.24%
Δ YoY: —

Current ratio

0.87x −0.03x

H1 2025: 0.9x
YTD 2026: —
Δ YoY: —

Cash ratio

0x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

-0.26x +4.04x

H1 2025: -4.3x
YTD 2026: -0.26x
Δ YoY: +4.04x

Debt / equity

0.7x +0.02x

H1 2025: 0.68x
YTD 2026: —
Δ YoY: —

Debt / assets

0.28x +0x

H1 2025: 0.28x
YTD 2026: —
Δ YoY: —

Net debt / equity

0.7x +0.03x

H1 2025: 0.67x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

34.23% —

H1 2025: -41.46%
YTD 2026: 34.23%
Δ YoY: —

EBITDA growth (YoY)

141.85% —

H1 2025: -131.89%
YTD 2026: 141.85%
Δ YoY: —

EBIT growth (YoY)

70.98% —

H1 2025: -259.65%
YTD 2026: 70.98%
Δ YoY: —

Net income growth (YoY)

-20% —

H1 2025: -364%
YTD 2026: -20%
Δ YoY: —

Gross margin Δ (YoY)

-7.63 pp —

H1 2025: —
YTD 2026: -7.63 pp
Δ YoY: —

EBITDA margin Δ (YoY)

9.11 pp —

H1 2025: —
YTD 2026: 9.11 pp
Δ YoY: —

EBIT margin Δ (YoY)

18.4 pp —

H1 2025: —
YTD 2026: 18.4 pp
Δ YoY: —

Net margin Δ (YoY)

2.85 pp —

H1 2025: —
YTD 2026: 2.85 pp
Δ YoY: —