WAS WASKO Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 11, 2026

H1 2026 report

Przychody +33,4% r/r i zysk netto +449% r/r w 1H2026, przy poprawie rentowności we wszystkich 7 segmentach operacyjnych jednocześnie.

Sentiment

Positive No guidance change

Website

WAS H1 2026 report

Revenue

231.75 m PLN

— YoY

Net income

4.17 m PLN

— YoY

EBITDA

11.41 m PLN

— YoY

Gross margin

17.64%

— YoY

Summary

Investment thesis

Grupa jest w wyraźnej pozycji net cash (ok. -113,6 mln zł), z niewykorzystanym limitem kredytowym i minimalnym zadłużeniem odsetkowym.
Portfel nowo podpisanych kontraktów publicznych (NASK, GDDKiA, PARP) o maksymalnej wartości >220 mln zł daje widoczność przychodów na kolejne kwartały/lata.
Jakość zysku wymaga obserwacji: konwersja zysku brutto na OCF to tylko 47%, głównie z powodu zamrożenia 46,6 mln zł w zapasach (+656% r/r) bez szczegółowego wyjaśnienia przyczyn.
Dywidenda za 2025 wzrosła ponad 3-krotnie do 9,12 mln zł (0,10 zł/akcję), co potwierdza rosnącą pewność zarządu co do trwałości wyniku.

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Financials

BETA

H1 2026

WAS · H1 2026

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

Revenue	231.75	388.47	−40.3%	231.75	−40.3%	reported	—	1.00
Gross profit	40.89	89.66	−54.4%	40.89	−54.4%	reported	—	1.00
EBITDA	11.41	10.68	+6.9%	11.41	+6.9%	derived	—	0.90
EBIT	4.66	40.73	−88.6%	4.66	−88.6%	reported	—	1.00
EBT	6.53	43.99	−85.1%	6.53	−85.1%	reported	—	1.00
Net income	4.17	35.14	−88.1%	4.17	−88.1%	reported	—	1.00
EPS (basic) (PLN)	0.05	0.39	—	0.05	—	reported	—	0.90
D&A	6.75	5.96	+13.3%	6.75	+13.3%	reported	—	1.00
Income tax	2.12	8.85	−76%	2.12	−76%	reported	—	1.00
Shares (basic) (m units)	91.19	91.19	—	—	—	reported	—	1.00

Gross margin	17.64%	23.08%	−5.4 pp	17.64%	−5.4 pp	reported	—	1.00
EBITDA margin	4.92%	12.02%	−7.1 pp	4.92%	−7.1 pp	reported	—	0.90
EBIT margin	2.01%	10.48%	−8.5 pp	2.01%	−8.5 pp	reported	—	1.00
Net margin	1.9%	9.05%	−7.2 pp	1.9%	−7.2 pp	reported	—	1.00

Cash	176.06	116.44	+51.2%	—	—	reported	—	1.00
Total debt	34.71	27.12	+28%	—	—	derived	—	0.85
Net debt	-141.36	-89.33	−58.2%	—	—	reported	—	0.85
Equity	302.77	242.56	+24.8%	—	—	reported	—	1.00
Total assets	555.73	437.77	+26.9%	—	—	reported	—	1.00
Working capital	164.06	85.38	+92.2%	—	—	reported	—	0.95
Current assets	374.56	244.63	+53.1%	—	—	reported	—	1.00
Current liabilities	210.49	159.26	+32.2%	—	—	reported	—	1.00
Non-current liabilities	42.47	35.95	+18.1%	—	—	reported	—	1.00
Inventory	7.11	5.46	+30.2%	—	—	reported	—	1.00
Trade receivables	126.69	91.83	+38%	—	—	reported	—	1.00
Trade payables	72.88	106.65	−31.7%	—	—	reported	—	1.00
Goodwill	28.81	2.34	+1132.7%	—	—	reported	—	1.00
Tangible equity	273.97	240.22	+14%	—	—	derived	—	0.90

CFO	-13.07	73.36	−117.8%	-13.07	−117.8%	reported	—	1.00
CapEx	6.64	7.45	−10.9%	6.64	−10.9%	reported	—	1.00
FCF	-19.71	65.91	−129.9%	-19.71	−129.9%	derived	—	0.90
FCF conversion	-172.8%	141.2%	−314 pp	-172.8%	−314 pp	reported	—	0.85
CFO conversion	-114.6%	157.1%	−271.7 pp	-114.6%	−271.7 pp	reported	—	0.90
Dividends paid	0.67	2.74	−75.4%	0.67	−75.4%	reported	—	0.90

ROE	4.77%	15.53%	−10.8 pp	—	—	reported	—	0.75

Current ratio	1.72x	1.54x	+0.18x	—	—	reported	—	1.00
Quick ratio	1.61x	1.5x	+0.11x	—	—	reported	—	1.00

Debt / equity	0.12x	0.11x	+0x	—	—	reported	—	0.85
Debt / assets	0.05x	0.06x	−0.01x	—	—	reported	—	0.85
Net debt / equity	-0.47x	-0.37x	−0.1x	—	—	reported	—	0.85

Revenue growth (YoY)	33.44%	14.88%	—	33.44%	—	reported	—	1.00
EBITDA growth (YoY)	205.6%	337.4%	—	205.6%	—	reported	—	0.85
EBIT growth (YoY)	481.1%	977.9%	—	481.1%	—	reported	—	1.00
Net income growth (YoY)	449.4%	1002.2%	—	449.4%	—	reported	—	1.00
EPS growth (YoY)	400%	1200%	—	400%	—	reported	—	0.90
Gross margin Δ (YoY)	6.51 pp	0 pp	—	6.51 pp	—	reported	—	1.00
EBITDA margin Δ (YoY)	6.36 pp	0 pp	—	6.36 pp	—	reported	—	0.90
EBIT margin Δ (YoY)	6.74 pp	0 pp	—	6.74 pp	—	reported	—	1.00
Net margin Δ (YoY)	5.62 pp	0 pp	—	5.62 pp	—	reported	—	1.00

H1 2026 · Δ YoY

Revenue

231.75 −40.3%

H1 2025: 388.47
YTD 2026: 231.75
Δ YoY: −40.3%

Gross profit

40.89 −54.4%

H1 2025: 89.66
YTD 2026: 40.89
Δ YoY: −54.4%

EBITDA

11.41 +6.9%

H1 2025: 10.68
YTD 2026: 11.41
Δ YoY: +6.9%

EBIT

4.66 −88.6%

H1 2025: 40.73
YTD 2026: 4.66
Δ YoY: −88.6%

EBT

6.53 −85.1%

H1 2025: 43.99
YTD 2026: 6.53
Δ YoY: −85.1%

Net income

4.17 −88.1%

H1 2025: 35.14
YTD 2026: 4.17
Δ YoY: −88.1%

EPS (basic) (PLN)

0.05 —

H1 2025: 0.39
YTD 2026: 0.05
Δ YoY: —

D&A

6.75 +13.3%

H1 2025: 5.96
YTD 2026: 6.75
Δ YoY: +13.3%

Income tax

2.12 −76%

H1 2025: 8.85
YTD 2026: 2.12
Δ YoY: −76%

Shares (basic) (m units)

91.19 —

H1 2025: 91.19
YTD 2026: —
Δ YoY: —

Gross margin

17.64% −5.4 pp

H1 2025: 23.08%
YTD 2026: 17.64%
Δ YoY: −5.4 pp

EBITDA margin

4.92% −7.1 pp

H1 2025: 12.02%
YTD 2026: 4.92%
Δ YoY: −7.1 pp

EBIT margin

2.01% −8.5 pp

H1 2025: 10.48%
YTD 2026: 2.01%
Δ YoY: −8.5 pp

Net margin

1.9% −7.2 pp

H1 2025: 9.05%
YTD 2026: 1.9%
Δ YoY: −7.2 pp

Cash

176.06 +51.2%

H1 2025: 116.44
YTD 2026: —
Δ YoY: —

Total debt

34.71 +28%

H1 2025: 27.12
YTD 2026: —
Δ YoY: —

Net debt

-141.36 −58.2%

H1 2025: -89.33
YTD 2026: —
Δ YoY: —

Equity

302.77 +24.8%

H1 2025: 242.56
YTD 2026: —
Δ YoY: —

Total assets

555.73 +26.9%

H1 2025: 437.77
YTD 2026: —
Δ YoY: —

Working capital

164.06 +92.2%

H1 2025: 85.38
YTD 2026: —
Δ YoY: —

Current assets

374.56 +53.1%

H1 2025: 244.63
YTD 2026: —
Δ YoY: —

Current liabilities

210.49 +32.2%

H1 2025: 159.26
YTD 2026: —
Δ YoY: —

Non-current liabilities

42.47 +18.1%

H1 2025: 35.95
YTD 2026: —
Δ YoY: —

Inventory

7.11 +30.2%

H1 2025: 5.46
YTD 2026: —
Δ YoY: —

Trade receivables

126.69 +38%

H1 2025: 91.83
YTD 2026: —
Δ YoY: —

Trade payables

72.88 −31.7%

H1 2025: 106.65
YTD 2026: —
Δ YoY: —

Goodwill

28.81 +1132.7%

H1 2025: 2.34
YTD 2026: —
Δ YoY: —

Tangible equity

273.97 +14%

H1 2025: 240.22
YTD 2026: —
Δ YoY: —

CFO

-13.07 −117.8%

H1 2025: 73.36
YTD 2026: -13.07
Δ YoY: −117.8%

CapEx

6.64 −10.9%

H1 2025: 7.45
YTD 2026: 6.64
Δ YoY: −10.9%

FCF

-19.71 −129.9%

H1 2025: 65.91
YTD 2026: -19.71
Δ YoY: −129.9%

FCF conversion

-172.8% −314 pp

H1 2025: 141.2%
YTD 2026: -172.8%
Δ YoY: −314 pp

CFO conversion

-114.6% −271.7 pp

H1 2025: 157.1%
YTD 2026: -114.6%
Δ YoY: −271.7 pp

Dividends paid

0.67 −75.4%

H1 2025: 2.74
YTD 2026: 0.67
Δ YoY: −75.4%

ROE

4.77% −10.8 pp

H1 2025: 15.53%
YTD 2026: —
Δ YoY: —

Current ratio

1.72x +0.18x

H1 2025: 1.54x
YTD 2026: —
Δ YoY: —

Quick ratio

1.61x +0.11x

H1 2025: 1.5x
YTD 2026: —
Δ YoY: —

Debt / equity

0.12x +0x

H1 2025: 0.11x
YTD 2026: —
Δ YoY: —

Debt / assets

0.05x −0.01x

H1 2025: 0.06x
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.47x −0.1x

H1 2025: -0.37x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

33.44% —

H1 2025: 14.88%
YTD 2026: 33.44%
Δ YoY: —

EBITDA growth (YoY)

205.6% —

H1 2025: 337.4%
YTD 2026: 205.6%
Δ YoY: —

EBIT growth (YoY)

481.1% —

H1 2025: 977.9%
YTD 2026: 481.1%
Δ YoY: —

Net income growth (YoY)

449.4% —

H1 2025: 1002.2%
YTD 2026: 449.4%
Δ YoY: —

EPS growth (YoY)

400% —

H1 2025: 1200%
YTD 2026: 400%
Δ YoY: —

Gross margin Δ (YoY)

6.51 pp —

H1 2025: 0 pp
YTD 2026: 6.51 pp
Δ YoY: —

EBITDA margin Δ (YoY)

6.36 pp —

H1 2025: 0 pp
YTD 2026: 6.36 pp
Δ YoY: —

EBIT margin Δ (YoY)

6.74 pp —

H1 2025: 0 pp
YTD 2026: 6.74 pp
Δ YoY: —

Net margin Δ (YoY)

5.62 pp —

H1 2025: 0 pp
YTD 2026: 5.62 pp
Δ YoY: —