H1 2026 report
Wittchen odnotował w I półroczu 2026 r. spadek przychodów o 7,4% r/r i przeszedł od zysku netto 9,7 mln zł do straty netto 4,7 mln zł, głównie przez osłabiony popyt konsumencki i słabszą kategorię travel (sytuacja na Bliskim Wschodzie).
Sentiment
Cautious
No guidance change
WTN
H1 2026 report
Revenue
205.92 m PLN
— YoY
Net income
9.66 m PLN
— YoY
EBITDA
29.32 m PLN
— YoY
Gross margin
61.4%
— YoY
Summary
Investment thesis
- Mimo straty księgowej, przepływy operacyjne były wyraźnie dodatnie (+17,6 mln zł wobec -0,1 mln zł rok wcześniej) dzięki uwolnieniu kapitału obrotowego – głównie redukcji zapasów o 12,3 mln zł.
- Spółka całkowicie spłaciła zadłużenie bankowe (z 66 mln zł rok wcześniej do zera) i dysponuje niewykorzystaną linią kredytową 90 mln zł w PKO BP, co znacząco poprawia bufor płynnościowy mimo słabszych wyników.
- Segment B2B pozostaje stabilizatorem wyników (zysk 5,2 mln zł, +12% r/r), podczas gdy segment detaliczny zanotował stratę operacyjną 6,7 mln zł wobec zysku 8,8 mln zł rok wcześniej.
- Zdarzenia po dniu bilansowym – częściowe odstąpienie od linii finansowania pod ewentualny skup akcji własnych oraz kolejna w tym roku zmiana na stanowisku CFO (powrót Pawła Urbaniaka) – sygnalizują zmianę priorytetów kapitałowych i są warte dopytania na konferencji wynikowej.
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
WTN · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 104.69 | 476.74 | −78% | 205.92 | −56.8% | reported | — | 1.00 |
| Gross profit | 126.43 | 294.08 | −57% | 126.43 | −57% | reported | — | 1.00 |
| EBITDA | 29.32 | 80 | −63.3% | 29.32 | −63.3% | derived | — | 0.90 |
| EBIT | 13.37 | 47.86 | −72.1% | 13.37 | −72.1% | reported | — | 1.00 |
| EBT | 13.99 | 45.5 | −69.2% | 13.99 | −69.2% | reported | — | 1.00 |
| Net income | 9.66 | 35.32 | −72.6% | 9.66 | −72.6% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.52 | 1.91 | — | 0.52 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.25 | — | — | -0.25 | — | reported | — | 1.00 |
| D&A | 15.95 | — | — | 15.95 | — | reported | — | 1.00 |
| Interest expense | 3.85 | — | — | 3.85 | — | reported | — | 0.70 |
| Income tax | 4.33 | 10.18 | −57.5% | 4.33 | −57.5% | reported | — | 1.00 |
| Shares (basic) (m units) | 18.47 | 18.46 | — | — | — | reported | — | 1.00 |
| Gross margin | 61.4% | 61.68% | −0.3 pp | 61.4% | −0.3 pp | derived | — | 0.90 |
| EBITDA margin | 14.24% | 16.78% | −2.5 pp | 14.24% | −2.5 pp | derived | — | 0.90 |
| EBIT margin | 6.49% | 10.04% | −3.5 pp | 6.49% | −3.5 pp | derived | — | 0.90 |
| EBT margin | 6.8% | — | — | 6.8% | — | derived | — | 0.90 |
| Net margin | 4.69% | 7.41% | −2.7 pp | 4.69% | −2.7 pp | derived | — | 0.90 |
| D&A margin | 7.75% | — | — | 7.75% | — | derived | — | 0.90 |
| Cash | 9.75 | 27.71 | −64.8% | — | — | reported | — | 1.00 |
| Total debt | 130.43 | 63.2 | +106.4% | — | — | reported | — | 1.00 |
| Net debt | 120.68 | 35.5 | +239.9% | — | — | reported | — | 1.00 |
| Equity | 195.62 | 221.15 | −11.5% | — | — | reported | — | 1.00 |
| Total assets | 377.5 | 344.22 | +9.7% | — | — | reported | — | 1.00 |
| Working capital | 75.93 | 103.25 | −26.5% | — | — | derived | — | 0.90 |
| Current assets | 206.72 | 183.92 | +12.4% | — | — | reported | — | 1.00 |
| Current liabilities | 130.79 | 80.68 | +62.1% | — | — | reported | — | 1.00 |
| Non-current liabilities | 45.6 | 42.4 | +7.6% | — | — | reported | — | 1.00 |
| Inventory | 141.08 | 109.48 | +28.9% | — | — | reported | — | 1.00 |
| Trade receivables | 22.9 | 36.97 | −38.1% | — | — | reported | — | 0.90 |
| Trade payables | 32.31 | 35.62 | −9.3% | — | — | reported | — | 1.00 |
| Goodwill | 29.19 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 166.43 | — | — | — | — | derived | — | 0.90 |
| CFO | -0.11 | 92.92 | −100.1% | -0.11 | −100.1% | reported | — | 1.00 |
| CapEx | 6.7 | — | — | 6.7 | — | reported | — | 1.00 |
| FCF | -6.81 | — | — | -6.81 | — | derived | — | 0.90 |
| FCF conversion | -23.24% | — | — | -23.24% | — | derived | — | 0.80 |
| CFO conversion | -0.38% | 116.15% | −116.5 pp | -0.38% | −116.5 pp | derived | — | 0.80 |
| Current ratio | 1.58x | 2.28x | −0.7x | — | — | derived | — | 0.90 |
| Quick ratio | 0.5x | 0.92x | −0.42x | — | — | derived | — | 0.90 |
| Cash ratio | 0.07x | 0.34x | −0.27x | — | — | derived | — | 0.90 |
| Interest coverage | 3.47x | — | — | 3.47x | — | derived | — | 0.70 |
| Debt / equity | 0.67x | 0.29x | +0.38x | — | — | derived | — | 0.90 |
| Debt / assets | 0.35x | 0.18x | +0.17x | — | — | derived | — | 0.90 |
| Net debt / equity | 0.62x | 0.16x | +0.46x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | -7.48% | 4.97% | — | -7.48% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -50.32% | -3.38% | — | -50.32% | — | derived | — | 0.85 |
| EBIT growth (YoY) | -111.75% | -7.46% | — | -111.75% | — | derived | — | 0.90 |
| Net income growth (YoY) | -148.47% | 3.15% | — | -148.47% | — | derived | — | 0.90 |
| EPS growth (YoY) | -148.08% | — | — | -148.08% | — | derived | — | 0.90 |
| FCF growth (YoY) | 288.1% | — | — | 288.1% | — | derived | — | 0.60 |
| Gross margin Δ (YoY) | -0.57 pp | -0.1 pp | — | -0.57 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -6.59 pp | -1.4 pp | — | -6.59 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | -7.31 pp | -1.4 pp | — | -7.31 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -7.15 pp | -0.1 pp | — | -7.15 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
104.69
−78%
104.69
−78%
- H1 2025
- 476.74
- YTD 2026
- 205.92
- Δ YoY
- −56.8%
Gross profit
126.43
−57%
126.43
−57%
- H1 2025
- 294.08
- YTD 2026
- 126.43
- Δ YoY
- −57%
EBITDA
29.32
−63.3%
29.32
−63.3%
- H1 2025
- 80
- YTD 2026
- 29.32
- Δ YoY
- −63.3%
EBIT
13.37
−72.1%
13.37
−72.1%
- H1 2025
- 47.86
- YTD 2026
- 13.37
- Δ YoY
- −72.1%
EBT
13.99
−69.2%
13.99
−69.2%
- H1 2025
- 45.5
- YTD 2026
- 13.99
- Δ YoY
- −69.2%
Net income
9.66
−72.6%
9.66
−72.6%
- H1 2025
- 35.32
- YTD 2026
- 9.66
- Δ YoY
- −72.6%
EPS (basic)
(PLN)
0.52
—
0.52
—
- H1 2025
- 1.91
- YTD 2026
- 0.52
- Δ YoY
- —
EPS (diluted)
(PLN)
-0.25
—
-0.25
—
- H1 2025
- —
- YTD 2026
- -0.25
- Δ YoY
- —
D&A
15.95
—
15.95
—
- H1 2025
- —
- YTD 2026
- 15.95
- Δ YoY
- —
Interest expense
3.85
—
3.85
—
- H1 2025
- —
- YTD 2026
- 3.85
- Δ YoY
- —
Income tax
4.33
−57.5%
4.33
−57.5%
- H1 2025
- 10.18
- YTD 2026
- 4.33
- Δ YoY
- −57.5%
Shares (basic)
(m units)
18.47
—
18.47
—
- H1 2025
- 18.46
- YTD 2026
- —
- Δ YoY
- —
Gross margin
61.4%
−0.3 pp
61.4%
−0.3 pp
- H1 2025
- 61.68%
- YTD 2026
- 61.4%
- Δ YoY
- −0.3 pp
EBITDA margin
14.24%
−2.5 pp
14.24%
−2.5 pp
- H1 2025
- 16.78%
- YTD 2026
- 14.24%
- Δ YoY
- −2.5 pp
EBIT margin
6.49%
−3.5 pp
6.49%
−3.5 pp
- H1 2025
- 10.04%
- YTD 2026
- 6.49%
- Δ YoY
- −3.5 pp
EBT margin
6.8%
—
6.8%
—
- H1 2025
- —
- YTD 2026
- 6.8%
- Δ YoY
- —
Net margin
4.69%
−2.7 pp
4.69%
−2.7 pp
- H1 2025
- 7.41%
- YTD 2026
- 4.69%
- Δ YoY
- −2.7 pp
D&A margin
7.75%
—
7.75%
—
- H1 2025
- —
- YTD 2026
- 7.75%
- Δ YoY
- —
Cash
9.75
−64.8%
9.75
−64.8%
- H1 2025
- 27.71
- YTD 2026
- —
- Δ YoY
- —
Total debt
130.43
+106.4%
130.43
+106.4%
- H1 2025
- 63.2
- YTD 2026
- —
- Δ YoY
- —
Net debt
120.68
+239.9%
120.68
+239.9%
- H1 2025
- 35.5
- YTD 2026
- —
- Δ YoY
- —
Equity
195.62
−11.5%
195.62
−11.5%
- H1 2025
- 221.15
- YTD 2026
- —
- Δ YoY
- —
Total assets
377.5
+9.7%
377.5
+9.7%
- H1 2025
- 344.22
- YTD 2026
- —
- Δ YoY
- —
Working capital
75.93
−26.5%
75.93
−26.5%
- H1 2025
- 103.25
- YTD 2026
- —
- Δ YoY
- —
Current assets
206.72
+12.4%
206.72
+12.4%
- H1 2025
- 183.92
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
130.79
+62.1%
130.79
+62.1%
- H1 2025
- 80.68
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
45.6
+7.6%
45.6
+7.6%
- H1 2025
- 42.4
- YTD 2026
- —
- Δ YoY
- —
Inventory
141.08
+28.9%
141.08
+28.9%
- H1 2025
- 109.48
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
22.9
−38.1%
22.9
−38.1%
- H1 2025
- 36.97
- YTD 2026
- —
- Δ YoY
- —
Trade payables
32.31
−9.3%
32.31
−9.3%
- H1 2025
- 35.62
- YTD 2026
- —
- Δ YoY
- —
Goodwill
29.19
—
29.19
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
166.43
—
166.43
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-0.11
−100.1%
-0.11
−100.1%
- H1 2025
- 92.92
- YTD 2026
- -0.11
- Δ YoY
- −100.1%
CapEx
6.7
—
6.7
—
- H1 2025
- —
- YTD 2026
- 6.7
- Δ YoY
- —
FCF
-6.81
—
-6.81
—
- H1 2025
- —
- YTD 2026
- -6.81
- Δ YoY
- —
FCF conversion
-23.24%
—
-23.24%
—
- H1 2025
- —
- YTD 2026
- -23.24%
- Δ YoY
- —
CFO conversion
-0.38%
−116.5 pp
-0.38%
−116.5 pp
- H1 2025
- 116.15%
- YTD 2026
- -0.38%
- Δ YoY
- −116.5 pp
Current ratio
1.58x
−0.7x
1.58x
−0.7x
- H1 2025
- 2.28x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.5x
−0.42x
0.5x
−0.42x
- H1 2025
- 0.92x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.07x
−0.27x
0.07x
−0.27x
- H1 2025
- 0.34x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
3.47x
—
3.47x
—
- H1 2025
- —
- YTD 2026
- 3.47x
- Δ YoY
- —
Debt / equity
0.67x
+0.38x
0.67x
+0.38x
- H1 2025
- 0.29x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.35x
+0.17x
0.35x
+0.17x
- H1 2025
- 0.18x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.62x
+0.46x
0.62x
+0.46x
- H1 2025
- 0.16x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-7.48%
—
-7.48%
—
- H1 2025
- 4.97%
- YTD 2026
- -7.48%
- Δ YoY
- —
EBITDA growth (YoY)
-50.32%
—
-50.32%
—
- H1 2025
- -3.38%
- YTD 2026
- -50.32%
- Δ YoY
- —
EBIT growth (YoY)
-111.75%
—
-111.75%
—
- H1 2025
- -7.46%
- YTD 2026
- -111.75%
- Δ YoY
- —
Net income growth (YoY)
-148.47%
—
-148.47%
—
- H1 2025
- 3.15%
- YTD 2026
- -148.47%
- Δ YoY
- —
EPS growth (YoY)
-148.08%
—
-148.08%
—
- H1 2025
- —
- YTD 2026
- -148.08%
- Δ YoY
- —
FCF growth (YoY)
288.1%
—
288.1%
—
- H1 2025
- —
- YTD 2026
- 288.1%
- Δ YoY
- —
Gross margin Δ (YoY)
-0.57 pp
—
-0.57 pp
—
- H1 2025
- -0.1 pp
- YTD 2026
- -0.57 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-6.59 pp
—
-6.59 pp
—
- H1 2025
- -1.4 pp
- YTD 2026
- -6.59 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-7.31 pp
—
-7.31 pp
—
- H1 2025
- -1.4 pp
- YTD 2026
- -7.31 pp
- Δ YoY
- —
Net margin Δ (YoY)
-7.15 pp
—
-7.15 pp
—
- H1 2025
- -0.1 pp
- YTD 2026
- -7.15 pp
- Δ YoY
- —