THG
H1 2026 report
Revenue
20.5 m PLN
— YoY
Net income
-1.07 m PLN
— YoY
EBITDA
309 k PLN
— YoY
FCF
-47 k PLN
— YoY
Summary
Investment thesis
- Lab Systems (+21% przychodów, 19% marży segmentowej) to jedyny segment, który realnie zarabia; największy segment Software Development & Cybersec traci 30% przychodów i jest na stracie operacyjnej.
- Strata netto −1,07 mln zł wynika w większości z nie-gotówkowego wyniku na aktywach do zbycia (−963 tys. zł) oraz rozwiązania aktywa podatkowego; to koszt wcześniejszych inwestycji venture.
- Bilans jest bezpieczny pod kątem zadłużenia (dług netto ok. 0,2 mln zł), ale wartość firmy stanowi 74% kapitału własnego, a gotówka ledwie pokrywa krótkoterminowy kredyt.
- Nowe ryzyko prawne: pozew w Delaware (szkoda > 580 tys. USD) po wcześniejszej propozycji ugody 2,25 mln USD; skala ekspozycji jest istotna wobec kapitału własnego 11,6 mln zł.
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Financials
BETA
THG · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
|
Revenue
Usługi holdingowe
|
674 | 44,899 | −98.5% | 674 | −98.5% | reported | Usługi holdingowe | 1.00 |
|
Revenue
Venture building
|
230 | 44,899 | −99.5% | 230 | −99.5% | reported | Venture building | 1.00 |
|
Revenue
Lab Systems
|
8,240 | 44,899 | −81.6% | 8,240 | −81.6% | reported | Lab Systems | 1.00 |
|
Revenue
Digital Design & Marketing
|
2,648 | 44,899 | −94.1% | 2,648 | −94.1% | reported | Digital Design & Marketing | 1.00 |
|
Revenue
Software Development & Cybersec
|
9,178 | 44,899 | −79.6% | 9,178 | −79.6% | reported | Software Development & Cybersec | 1.00 |
| Revenue | 20,503 | 44,899 | −54.3% | 20,503 | −54.3% | reported | — | 1.00 |
| EBITDA | 309 | -2,561 | +112.1% | 309 | +112.1% | reported | — | 1.00 |
|
EBIT
Software Development & Cybersec
|
-1,056 | -2,984 | +64.6% | -1,056 | +64.6% | reported | Software Development & Cybersec | 0.90 |
|
EBIT
Digital Design & Marketing
|
-472 | -2,984 | +84.2% | -472 | +84.2% | reported | Digital Design & Marketing | 0.90 |
|
EBIT
Lab Systems
|
1,554 | -2,984 | +152.1% | 1,554 | +152.1% | reported | Lab Systems | 0.90 |
| EBIT | 137 | -2,984 | +104.6% | 137 | +104.6% | reported | — | 1.00 |
|
EBIT
Venture building
|
-67 | -2,984 | +97.8% | -67 | +97.8% | reported | Venture building | 0.90 |
|
EBIT
Usługi holdingowe
|
5,181 | -2,984 | +273.6% | 5,181 | +273.6% | reported | Usługi holdingowe | 0.90 |
| EBT | 207 | -4,125 | +105% | 207 | +105% | reported | — | 1.00 |
| Net income | -1,071 | -6,225 | +82.8% | -1,071 | +82.8% | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.47 | — | — | -0.47 | — | reported | — | 1.00 |
| D&A | 171 | 423 | −59.6% | 171 | −59.6% | reported | — | 1.00 |
| Interest expense | 71 | 299 | −76.3% | 71 | −76.3% | reported | — | 0.90 |
| Income tax | 321 | 1,868 | −82.8% | 321 | −82.8% | reported | — | 1.00 |
| Shares (basic) (m units) | 2.29 | — | — | 2.29 | — | reported | — | 1.00 |
| EBITDA margin | 1.51% | -5.7% | +7.2 pp | 1.51% | +7.2 pp | derived | — | 0.70 |
| EBIT margin | 0.67% | -6.65% | +7.3 pp | 0.67% | +7.3 pp | derived | — | 0.70 |
| Net margin | -5.22% | -13.86% | +8.6 pp | -5.22% | +8.6 pp | derived | — | 0.70 |
| Cash | 1,473 | 2,452 | −39.9% | — | — | reported | — | 1.00 |
| Total debt | 1,706 | 2,734 | −37.6% | — | — | reported | — | 0.90 |
| Net debt | 233 | 282 | −17.4% | — | — | derived | — | 0.70 |
| Equity | 11,648 | 12,716 | −8.4% | — | — | reported | — | 1.00 |
| Total assets | 19,096 | 21,330 | −10.5% | — | — | reported | — | 1.00 |
| Working capital | 1,741 | 2,392 | −27.2% | — | — | derived | — | 0.70 |
| Current assets | 9,176 | 10,328 | −11.2% | — | — | reported | — | 1.00 |
| Current liabilities | 7,435 | 7,936 | −6.3% | — | — | reported | — | 1.00 |
| Non-current liabilities | 13 | 678 | −98.1% | — | — | reported | — | 1.00 |
| Inventory | 106 | 10 | +960% | — | — | reported | — | 1.00 |
| Trade receivables | 7,586 | 7,855 | −3.4% | — | — | reported | — | 0.90 |
| Trade payables | 5,449 | 5,441 | +0.1% | — | — | reported | — | 0.90 |
| Goodwill | 8,793 | 8,922 | −1.4% | — | — | reported | — | 1.00 |
| Tangible equity | 2,855 | 3,794 | −24.7% | — | — | derived | — | 0.70 |
| CFO | -31 | 562 | −105.5% | -31 | −105.5% | reported | — | 1.00 |
| CapEx | 16 | 0 | — | 16 | — | reported | — | 1.00 |
| FCF | -47 | 562 | −108.4% | -47 | −108.4% | derived | — | 0.70 |
| Current ratio | 1.23x | 1.3x | −0.07x | — | — | derived | — | 0.70 |
| Quick ratio | 1.22x | 1.3x | −0.08x | — | — | derived | — | 0.70 |
| Cash ratio | 0.2x | 0.31x | −0.11x | — | — | derived | — | 0.70 |
| Interest coverage | 1.93x | — | — | 1.93x | — | derived | — | 0.70 |
| Debt / equity | 0.15x | 0.22x | −0.07x | — | — | derived | — | 0.70 |
| Debt / assets | 0.09x | 0.13x | −0.04x | — | — | derived | — | 0.70 |
| Net debt / equity | 0.02x | 0.02x | +0x | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | -10.96% | -9.49% | — | -10.96% | — | derived | — | 0.70 |
| EBITDA growth (YoY) | -70.49% | -213.46% | — | -70.49% | — | derived | — | 0.70 |
| EBIT growth (YoY) | -83.27% | -58.55% | — | -83.27% | — | derived | — | 0.70 |
| Net income growth (YoY) | -429.54% | -68.06% | — | -429.54% | — | derived | — | 0.70 |
| EBITDA margin Δ (YoY) | -3.04 pp | -4.06 pp | — | -3.04 pp | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | -2.89 pp | -2.85 pp | — | -2.89 pp | — | derived | — | 0.70 |
| Net margin Δ (YoY) | -6.63 pp | -6.4 pp | — | -6.63 pp | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Revenue
Usługi holdingowe
674
−98.5%
Usługi holdingowe
674
−98.5%
- H1 2025
- 44,899
- YTD 2026
- 674
- Δ YoY
- −98.5%
Revenue
Venture building
230
−99.5%
Venture building
230
−99.5%
- H1 2025
- 44,899
- YTD 2026
- 230
- Δ YoY
- −99.5%
Revenue
Lab Systems
8,240
−81.6%
Lab Systems
8,240
−81.6%
- H1 2025
- 44,899
- YTD 2026
- 8,240
- Δ YoY
- −81.6%
Revenue
Digital Design & Marketing
2,648
−94.1%
Digital Design & Marketing
2,648
−94.1%
- H1 2025
- 44,899
- YTD 2026
- 2,648
- Δ YoY
- −94.1%
Revenue
Software Development & Cybersec
9,178
−79.6%
Software Development & Cybersec
9,178
−79.6%
- H1 2025
- 44,899
- YTD 2026
- 9,178
- Δ YoY
- −79.6%
Revenue
20,503
−54.3%
20,503
−54.3%
- H1 2025
- 44,899
- YTD 2026
- 20,503
- Δ YoY
- −54.3%
EBITDA
309
+112.1%
309
+112.1%
- H1 2025
- -2,561
- YTD 2026
- 309
- Δ YoY
- +112.1%
EBIT
Software Development & Cybersec
-1,056
+64.6%
Software Development & Cybersec
-1,056
+64.6%
- H1 2025
- -2,984
- YTD 2026
- -1,056
- Δ YoY
- +64.6%
EBIT
Digital Design & Marketing
-472
+84.2%
Digital Design & Marketing
-472
+84.2%
- H1 2025
- -2,984
- YTD 2026
- -472
- Δ YoY
- +84.2%
EBIT
Lab Systems
1,554
+152.1%
Lab Systems
1,554
+152.1%
- H1 2025
- -2,984
- YTD 2026
- 1,554
- Δ YoY
- +152.1%
EBIT
137
+104.6%
137
+104.6%
- H1 2025
- -2,984
- YTD 2026
- 137
- Δ YoY
- +104.6%
EBIT
Venture building
-67
+97.8%
Venture building
-67
+97.8%
- H1 2025
- -2,984
- YTD 2026
- -67
- Δ YoY
- +97.8%
EBIT
Usługi holdingowe
5,181
+273.6%
Usługi holdingowe
5,181
+273.6%
- H1 2025
- -2,984
- YTD 2026
- 5,181
- Δ YoY
- +273.6%
EBT
207
+105%
207
+105%
- H1 2025
- -4,125
- YTD 2026
- 207
- Δ YoY
- +105%
Net income
-1,071
+82.8%
-1,071
+82.8%
- H1 2025
- -6,225
- YTD 2026
- -1,071
- Δ YoY
- +82.8%
EPS (basic)
(PLN)
-0.47
—
-0.47
—
- H1 2025
- —
- YTD 2026
- -0.47
- Δ YoY
- —
D&A
171
−59.6%
171
−59.6%
- H1 2025
- 423
- YTD 2026
- 171
- Δ YoY
- −59.6%
Interest expense
71
−76.3%
71
−76.3%
- H1 2025
- 299
- YTD 2026
- 71
- Δ YoY
- −76.3%
Income tax
321
−82.8%
321
−82.8%
- H1 2025
- 1,868
- YTD 2026
- 321
- Δ YoY
- −82.8%
Shares (basic)
(m units)
2.29
—
2.29
—
- H1 2025
- —
- YTD 2026
- 2.29
- Δ YoY
- —
EBITDA margin
1.51%
+7.2 pp
1.51%
+7.2 pp
- H1 2025
- -5.7%
- YTD 2026
- 1.51%
- Δ YoY
- +7.2 pp
EBIT margin
0.67%
+7.3 pp
0.67%
+7.3 pp
- H1 2025
- -6.65%
- YTD 2026
- 0.67%
- Δ YoY
- +7.3 pp
Net margin
-5.22%
+8.6 pp
-5.22%
+8.6 pp
- H1 2025
- -13.86%
- YTD 2026
- -5.22%
- Δ YoY
- +8.6 pp
Cash
1,473
−39.9%
1,473
−39.9%
- H1 2025
- 2,452
- YTD 2026
- —
- Δ YoY
- —
Total debt
1,706
−37.6%
1,706
−37.6%
- H1 2025
- 2,734
- YTD 2026
- —
- Δ YoY
- —
Net debt
233
−17.4%
233
−17.4%
- H1 2025
- 282
- YTD 2026
- —
- Δ YoY
- —
Equity
11,648
−8.4%
11,648
−8.4%
- H1 2025
- 12,716
- YTD 2026
- —
- Δ YoY
- —
Total assets
19,096
−10.5%
19,096
−10.5%
- H1 2025
- 21,330
- YTD 2026
- —
- Δ YoY
- —
Working capital
1,741
−27.2%
1,741
−27.2%
- H1 2025
- 2,392
- YTD 2026
- —
- Δ YoY
- —
Current assets
9,176
−11.2%
9,176
−11.2%
- H1 2025
- 10,328
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
7,435
−6.3%
7,435
−6.3%
- H1 2025
- 7,936
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
13
−98.1%
13
−98.1%
- H1 2025
- 678
- YTD 2026
- —
- Δ YoY
- —
Inventory
106
+960%
106
+960%
- H1 2025
- 10
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
7,586
−3.4%
7,586
−3.4%
- H1 2025
- 7,855
- YTD 2026
- —
- Δ YoY
- —
Trade payables
5,449
+0.1%
5,449
+0.1%
- H1 2025
- 5,441
- YTD 2026
- —
- Δ YoY
- —
Goodwill
8,793
−1.4%
8,793
−1.4%
- H1 2025
- 8,922
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
2,855
−24.7%
2,855
−24.7%
- H1 2025
- 3,794
- YTD 2026
- —
- Δ YoY
- —
CFO
-31
−105.5%
-31
−105.5%
- H1 2025
- 562
- YTD 2026
- -31
- Δ YoY
- −105.5%
CapEx
16
—
16
—
- H1 2025
- 0
- YTD 2026
- 16
- Δ YoY
- —
FCF
-47
−108.4%
-47
−108.4%
- H1 2025
- 562
- YTD 2026
- -47
- Δ YoY
- −108.4%
Current ratio
1.23x
−0.07x
1.23x
−0.07x
- H1 2025
- 1.3x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.22x
−0.08x
1.22x
−0.08x
- H1 2025
- 1.3x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.2x
−0.11x
0.2x
−0.11x
- H1 2025
- 0.31x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
1.93x
—
1.93x
—
- H1 2025
- —
- YTD 2026
- 1.93x
- Δ YoY
- —
Debt / equity
0.15x
−0.07x
0.15x
−0.07x
- H1 2025
- 0.22x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.09x
−0.04x
0.09x
−0.04x
- H1 2025
- 0.13x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.02x
+0x
0.02x
+0x
- H1 2025
- 0.02x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-10.96%
—
-10.96%
—
- H1 2025
- -9.49%
- YTD 2026
- -10.96%
- Δ YoY
- —
EBITDA growth (YoY)
-70.49%
—
-70.49%
—
- H1 2025
- -213.46%
- YTD 2026
- -70.49%
- Δ YoY
- —
EBIT growth (YoY)
-83.27%
—
-83.27%
—
- H1 2025
- -58.55%
- YTD 2026
- -83.27%
- Δ YoY
- —
Net income growth (YoY)
-429.54%
—
-429.54%
—
- H1 2025
- -68.06%
- YTD 2026
- -429.54%
- Δ YoY
- —
EBITDA margin Δ (YoY)
-3.04 pp
—
-3.04 pp
—
- H1 2025
- -4.06 pp
- YTD 2026
- -3.04 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-2.89 pp
—
-2.89 pp
—
- H1 2025
- -2.85 pp
- YTD 2026
- -2.89 pp
- Δ YoY
- —
Net margin Δ (YoY)
-6.63 pp
—
-6.63 pp
—
- H1 2025
- -6.4 pp
- YTD 2026
- -6.63 pp
- Δ YoY
- —