VGO
VIGO PHOTONICS
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 25, 2026
H1 2026 report
Powrót do zysku operacyjnego: EBIT 2,7 mln zł wobec straty 3,1 mln zł rok wcześniej, przy przychodach wyższych o 27% r/r (54,0 mln zł).
Sentiment
Neutral
No guidance change
VGO
H1 2026 report
Revenue
53.98 m PLN
— YoY
Net income
229 k PLN
— YoY
EBITDA
11.25 m PLN
— YoY
Gross margin
48.2%
— YoY
Summary
Investment thesis
- Portfel zamówień jednostki dominującej ponad trzykrotnie wyższy niż rok temu — to główny argument za przyspieszeniem w II półroczu.
- Akwizycja InfraRed Associates (8,4 mln USD) dała lokalną produkcję w USA, ale też 6,8 mln zł wartości firmy i wyższy dług.
- Emisja serii G za 63 mln zł (po dniu bilansowym) finansuje uruchomienie produkcji matryc podczerwieni i łagodzi presję na bilans.
- Zysk netto to zaledwie 0,2 mln zł; CAPEX 35,8 mln zł zjadł z nawiązką dodatni OCF, więc teza opiera się na realizacji projektów rozwojowych.
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Financials
BETA
VGO · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 53,975 | 93,012 | −42% | 53,975 | −42% | reported | — | 1.00 |
| Gross profit | 26,001 | 45,844 | −43.3% | 26,001 | −43.3% | reported | — | 1.00 |
| EBITDA | 11,247 | 9,435 | +19.2% | 11,247 | +19.2% | adjusted | — | 1.00 |
| EBIT | 2,676 | -4,118 | +165% | 2,676 | +165% | reported | — | 1.00 |
| EBT | 838 | -6,803 | +112.3% | 838 | +112.3% | reported | — | 1.00 |
| Net income | 229 | -15,095 | +101.5% | 229 | +101.5% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.26 | -17.26 | — | 0.26 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.26 | -17.26 | — | 0.26 | — | reported | — | 1.00 |
| D&A | 7,464 | 13,553 | −44.9% | 7,464 | −44.9% | reported | — | 1.00 |
| Interest expense | 1,703 | 3,116 | −45.3% | 1,703 | −45.3% | reported | — | 1.00 |
| Income tax | 609 | 8,292 | −92.7% | 609 | −92.7% | reported | — | 1.00 |
| Shares (basic) (units) | 874,799 | 874,799 | — | — | — | reported | — | 1.00 |
| Gross margin | 48.2% | 49.29% | −1.1 pp | 48.2% | −1.1 pp | derived | — | 0.70 |
| EBITDA margin | 18.8% | 10.14% | +8.7 pp | 18.8% | +8.7 pp | derived | — | 0.70 |
| EBIT margin | 5% | -4.43% | +9.4 pp | 5% | +9.4 pp | derived | — | 0.70 |
| EBT margin | 1.6% | -7.31% | +8.9 pp | 1.6% | +8.9 pp | derived | — | 0.70 |
| Net margin | 0.4% | -16.23% | +16.6 pp | 0.4% | +16.6 pp | derived | — | 0.70 |
| D&A margin | 13.8% | 14.57% | −0.8 pp | 13.8% | −0.8 pp | derived | — | 0.70 |
| Cash | 9,936 | 5,956 | +66.8% | — | — | reported | — | 1.00 |
| Total debt | 52,013 | 19,730 | +163.6% | — | — | reported | — | 0.95 |
| Net debt | 42,077 | 13,774 | +205.5% | — | — | derived | — | 0.70 |
| Equity | 157,313 | 157,185 | +0.1% | — | — | reported | — | 1.00 |
| Total assets | 244,443 | 210,919 | +15.9% | — | — | reported | — | 1.00 |
| Working capital | 28,501 | 24,583 | +15.9% | — | — | derived | — | 0.70 |
| Current assets | 64,075 | 51,305 | +24.9% | — | — | reported | — | 1.00 |
| Current liabilities | 35,574 | 26,722 | +33.1% | — | — | reported | — | 1.00 |
| Non-current liabilities | 51,556 | 27,012 | +90.9% | — | — | reported | — | 1.00 |
| Inventory | 22,591 | 16,542 | +36.6% | — | — | reported | — | 1.00 |
| Trade receivables | 25,956 | 21,781 | +19.2% | — | — | reported | — | 1.00 |
| Trade payables | 6,738 | 5,812 | +15.9% | — | — | reported | — | 0.90 |
| Goodwill | 38,481 | 38,147 | +0.9% | — | — | reported | — | 0.90 |
| Tangible equity | 118,832 | 119,038 | −0.2% | — | — | derived | — | 0.70 |
| CFO | 8,860 | -7,573 | +217% | 8,860 | +217% | reported | — | 1.00 |
| CapEx | 35,803 | 11,520 | +210.8% | 35,803 | +210.8% | reported | — | 0.95 |
| FCF | -26,943 | -19,093 | −41.1% | -26,943 | −41.1% | derived | — | 0.70 |
| FCF conversion | -265.7% | -202.36% | −63.3 pp | -265.7% | −63.3 pp | derived | — | 0.70 |
| CFO conversion | 87.4% | -80.26% | +167.7 pp | 87.4% | +167.7 pp | derived | — | 0.70 |
| Current ratio | 1.8x | 1.92x | −0.12x | — | — | derived | — | 0.70 |
| Quick ratio | 1.17x | 1.3x | −0.13x | — | — | derived | — | 0.70 |
| Cash ratio | 0.28x | 0.22x | +0.06x | — | — | derived | — | 0.70 |
| Interest coverage | 1.57x | -1.32x | +2.89x | 1.57x | +2.89x | derived | — | 0.70 |
| Debt / equity | 0.33x | 0.13x | +0.2x | — | — | derived | — | 0.70 |
| Debt / assets | 0.21x | 0.09x | +0.12x | — | — | derived | — | 0.70 |
| Net debt / equity | 0.27x | 0.09x | +0.18x | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 27.4% | 18.78% | — | 27.4% | — | derived | — | 0.70 |
| EBITDA growth (YoY) | 177.7% | 5.68% | — | 177.7% | — | derived | — | 0.70 |
| EBIT growth (YoY) | 185.5% | 7.44% | — | 185.5% | — | derived | — | 0.70 |
| Net income growth (YoY) | 108.6% | -286.16% | — | 108.6% | — | derived | — | 0.70 |
| EPS growth (YoY) | 119% | -286.13% | — | 119% | — | derived | — | 0.70 |
| FCF growth (YoY) | -143.51% | — | — | -143.51% | — | derived | — | 0.85 |
| Gross margin Δ (YoY) | -0.3 pp | -1.23 pp | — | -0.3 pp | — | derived | — | 0.70 |
| EBITDA margin Δ (YoY) | 10.2 pp | -1.26 pp | — | 10.2 pp | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | 12.4 pp | 1.25 pp | — | 12.4 pp | — | derived | — | 0.70 |
| Net margin Δ (YoY) | 6.7 pp | -11.24 pp | — | 6.7 pp | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Revenue
53,975
−42%
53,975
−42%
- H1 2025
- 93,012
- YTD 2026
- 53,975
- Δ YoY
- −42%
Gross profit
26,001
−43.3%
26,001
−43.3%
- H1 2025
- 45,844
- YTD 2026
- 26,001
- Δ YoY
- −43.3%
EBITDA
11,247
+19.2%
11,247
+19.2%
- H1 2025
- 9,435
- YTD 2026
- 11,247
- Δ YoY
- +19.2%
EBIT
2,676
+165%
2,676
+165%
- H1 2025
- -4,118
- YTD 2026
- 2,676
- Δ YoY
- +165%
EBT
838
+112.3%
838
+112.3%
- H1 2025
- -6,803
- YTD 2026
- 838
- Δ YoY
- +112.3%
Net income
229
+101.5%
229
+101.5%
- H1 2025
- -15,095
- YTD 2026
- 229
- Δ YoY
- +101.5%
EPS (basic)
(PLN)
0.26
—
0.26
—
- H1 2025
- -17.26
- YTD 2026
- 0.26
- Δ YoY
- —
EPS (diluted)
(PLN)
0.26
—
0.26
—
- H1 2025
- -17.26
- YTD 2026
- 0.26
- Δ YoY
- —
D&A
7,464
−44.9%
7,464
−44.9%
- H1 2025
- 13,553
- YTD 2026
- 7,464
- Δ YoY
- −44.9%
Interest expense
1,703
−45.3%
1,703
−45.3%
- H1 2025
- 3,116
- YTD 2026
- 1,703
- Δ YoY
- −45.3%
Income tax
609
−92.7%
609
−92.7%
- H1 2025
- 8,292
- YTD 2026
- 609
- Δ YoY
- −92.7%
Shares (basic)
(units)
874,799
—
874,799
—
- H1 2025
- 874,799
- YTD 2026
- —
- Δ YoY
- —
Gross margin
48.2%
−1.1 pp
48.2%
−1.1 pp
- H1 2025
- 49.29%
- YTD 2026
- 48.2%
- Δ YoY
- −1.1 pp
EBITDA margin
18.8%
+8.7 pp
18.8%
+8.7 pp
- H1 2025
- 10.14%
- YTD 2026
- 18.8%
- Δ YoY
- +8.7 pp
EBIT margin
5%
+9.4 pp
5%
+9.4 pp
- H1 2025
- -4.43%
- YTD 2026
- 5%
- Δ YoY
- +9.4 pp
EBT margin
1.6%
+8.9 pp
1.6%
+8.9 pp
- H1 2025
- -7.31%
- YTD 2026
- 1.6%
- Δ YoY
- +8.9 pp
Net margin
0.4%
+16.6 pp
0.4%
+16.6 pp
- H1 2025
- -16.23%
- YTD 2026
- 0.4%
- Δ YoY
- +16.6 pp
D&A margin
13.8%
−0.8 pp
13.8%
−0.8 pp
- H1 2025
- 14.57%
- YTD 2026
- 13.8%
- Δ YoY
- −0.8 pp
Cash
9,936
+66.8%
9,936
+66.8%
- H1 2025
- 5,956
- YTD 2026
- —
- Δ YoY
- —
Total debt
52,013
+163.6%
52,013
+163.6%
- H1 2025
- 19,730
- YTD 2026
- —
- Δ YoY
- —
Net debt
42,077
+205.5%
42,077
+205.5%
- H1 2025
- 13,774
- YTD 2026
- —
- Δ YoY
- —
Equity
157,313
+0.1%
157,313
+0.1%
- H1 2025
- 157,185
- YTD 2026
- —
- Δ YoY
- —
Total assets
244,443
+15.9%
244,443
+15.9%
- H1 2025
- 210,919
- YTD 2026
- —
- Δ YoY
- —
Working capital
28,501
+15.9%
28,501
+15.9%
- H1 2025
- 24,583
- YTD 2026
- —
- Δ YoY
- —
Current assets
64,075
+24.9%
64,075
+24.9%
- H1 2025
- 51,305
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
35,574
+33.1%
35,574
+33.1%
- H1 2025
- 26,722
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
51,556
+90.9%
51,556
+90.9%
- H1 2025
- 27,012
- YTD 2026
- —
- Δ YoY
- —
Inventory
22,591
+36.6%
22,591
+36.6%
- H1 2025
- 16,542
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
25,956
+19.2%
25,956
+19.2%
- H1 2025
- 21,781
- YTD 2026
- —
- Δ YoY
- —
Trade payables
6,738
+15.9%
6,738
+15.9%
- H1 2025
- 5,812
- YTD 2026
- —
- Δ YoY
- —
Goodwill
38,481
+0.9%
38,481
+0.9%
- H1 2025
- 38,147
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
118,832
−0.2%
118,832
−0.2%
- H1 2025
- 119,038
- YTD 2026
- —
- Δ YoY
- —
CFO
8,860
+217%
8,860
+217%
- H1 2025
- -7,573
- YTD 2026
- 8,860
- Δ YoY
- +217%
CapEx
35,803
+210.8%
35,803
+210.8%
- H1 2025
- 11,520
- YTD 2026
- 35,803
- Δ YoY
- +210.8%
FCF
-26,943
−41.1%
-26,943
−41.1%
- H1 2025
- -19,093
- YTD 2026
- -26,943
- Δ YoY
- −41.1%
FCF conversion
-265.7%
−63.3 pp
-265.7%
−63.3 pp
- H1 2025
- -202.36%
- YTD 2026
- -265.7%
- Δ YoY
- −63.3 pp
CFO conversion
87.4%
+167.7 pp
87.4%
+167.7 pp
- H1 2025
- -80.26%
- YTD 2026
- 87.4%
- Δ YoY
- +167.7 pp
Current ratio
1.8x
−0.12x
1.8x
−0.12x
- H1 2025
- 1.92x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.17x
−0.13x
1.17x
−0.13x
- H1 2025
- 1.3x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.28x
+0.06x
0.28x
+0.06x
- H1 2025
- 0.22x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
1.57x
+2.89x
1.57x
+2.89x
- H1 2025
- -1.32x
- YTD 2026
- 1.57x
- Δ YoY
- +2.89x
Debt / equity
0.33x
+0.2x
0.33x
+0.2x
- H1 2025
- 0.13x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.21x
+0.12x
0.21x
+0.12x
- H1 2025
- 0.09x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.27x
+0.18x
0.27x
+0.18x
- H1 2025
- 0.09x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
27.4%
—
27.4%
—
- H1 2025
- 18.78%
- YTD 2026
- 27.4%
- Δ YoY
- —
EBITDA growth (YoY)
177.7%
—
177.7%
—
- H1 2025
- 5.68%
- YTD 2026
- 177.7%
- Δ YoY
- —
EBIT growth (YoY)
185.5%
—
185.5%
—
- H1 2025
- 7.44%
- YTD 2026
- 185.5%
- Δ YoY
- —
Net income growth (YoY)
108.6%
—
108.6%
—
- H1 2025
- -286.16%
- YTD 2026
- 108.6%
- Δ YoY
- —
EPS growth (YoY)
119%
—
119%
—
- H1 2025
- -286.13%
- YTD 2026
- 119%
- Δ YoY
- —
FCF growth (YoY)
-143.51%
—
-143.51%
—
- H1 2025
- —
- YTD 2026
- -143.51%
- Δ YoY
- —
Gross margin Δ (YoY)
-0.3 pp
—
-0.3 pp
—
- H1 2025
- -1.23 pp
- YTD 2026
- -0.3 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
10.2 pp
—
10.2 pp
—
- H1 2025
- -1.26 pp
- YTD 2026
- 10.2 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
12.4 pp
—
12.4 pp
—
- H1 2025
- 1.25 pp
- YTD 2026
- 12.4 pp
- Δ YoY
- —
Net margin Δ (YoY)
6.7 pp
—
6.7 pp
—
- H1 2025
- -11.24 pp
- YTD 2026
- 6.7 pp
- Δ YoY
- —