ZMT ZAMET Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 25, 2026

H1 2026 report

Zamet S.A. jest dziś spółką bez działalności operacyjnej — po sprzedaży w 2025 r. wszystkich aktywów przemysłowych zarządza wyłącznie portfelem gotówki i obligacji korporacyjnych.

Sentiment

Neutral No guidance change

Website

ZMT H1 2026 report

Revenue

512 k PLN

— YoY

Net income

31.32 m PLN

— YoY

EBITDA

-3.92 m PLN

— YoY

Gross margin

52.15%

— YoY

Summary

Investment thesis

Cały zysk netto (1 580 tys. zł w I półroczu 2026) pochodzi z odsetek od obligacji PKO Leasing i PKO Banku Hipotecznego, nie z działalności biznesowej.
WZA z 30 czerwca 2026 uchwaliło jednocześnie dywidendę 30,7 mln zł (wypłaconą 8 lipca) oraz obniżenie kapitału zakładowego o 62,5 mln zł, obecnie w toku postępowania konwokacyjnego.
Bilans jest praktycznie bez zadłużenia (jedynie 161 tys. zł leasingu), ale po realizacji obu zwrotów kapitału suma bilansowa drastycznie się skurczy.
Brak jasno zakomunikowanej strategii dalszego zaangażowania kapitałowego — decyzje spółki są w praktyce zależne od większościowego akcjonariusza TDJ S.A. (56,43% głosów).

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Financials

BETA

H1 2026

ZMT · H1 2026

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

Revenue	7	512	−98.6%	512	+0%	reported	—	1.00
Gross profit	267	267	+0%	267	+0%	reported	—	1.00
EBITDA	-3,921	—	—	-3,921	—	reported	—	1.00
EBIT	-1,279	-4,642	+72.4%	-4,029	+13.2%	reported	—	1.00
EBT	31,483	33,360	−5.6%	31,483	−5.6%	reported	—	1.00
Net income	-70	33,244	−100.2%	31,319	−5.8%	reported	—	1.00
EPS (basic) (PLN)	0.3	0.31	—	0.3	—	reported	—	1.00
EPS (diluted) (PLN)	0.3	0.31	—	0.3	—	reported	—	1.00
D&A	108	158	−31.6%	108	−31.6%	reported	—	1.00
Income tax	-164	116	−241.4%	-164	−241.4%	reported	—	1.00
Shares (basic) (m units)	105.92	105.92	—	—	—	reported	—	1.00
Shares (diluted) (m units)	105.92	—	—	—	—	reported	—	1.00

Gross margin	52.15%	52.15%	+0 pp	52.15%	+0 pp	derived	—	1.00
EBITDA margin	-765.82%	—	—	-765.82%	—	derived	—	1.00
EBIT margin	-786.91%	-906.64%	+119.7 pp	-786.91%	+119.7 pp	derived	—	1.00
Net margin	6116.99%	6493%	−376 pp	6116.99%	−376 pp	derived	—	0.70

Cash	3,695	3,695	+0%	—	—	reported	—	1.00
Total debt	193	193	+0%	—	—	reported	—	1.00
Net debt	-3,502	-3,502	+0%	—	—	derived	—	0.90
Equity	103,394	103,394	+0%	—	—	reported	—	1.00
Total assets	104,296	104,296	+0%	—	—	reported	—	1.00
Working capital	103,317	103,317	+0%	—	—	derived	—	0.90
Current assets	104,028	104,028	+0%	—	—	reported	—	1.00
Current liabilities	711	711	+0%	—	—	reported	—	1.00
Non-current liabilities	191	191	+0%	—	—	reported	—	1.00
Trade receivables	6	6	+0%	—	—	reported	—	1.00
Trade payables	493	493	+0%	—	—	reported	—	1.00

CFO	-6,442	-7,170	+10.2%	-6,442	+10.2%	reported	—	1.00
CapEx	6	—	—	6	—	reported	—	1.00
FCF	-6,448	—	—	-6,448	—	derived	—	0.90

Current ratio	146.31x	146.31x	+0x	—	—	derived	—	1.00
Quick ratio	146.31x	—	—	—	—	derived	—	0.90
Cash ratio	5.2x	5.2x	+0x	—	—	derived	—	0.90

Debt / equity	0x	0x	−0x	—	—	derived	—	0.90
Debt / assets	0x	—	—	—	—	derived	—	0.90
Net debt / equity	-0.03x	—	—	—	—	derived	—	0.90

Revenue growth (YoY)	-100%	-84.91%	—	-100%	—	derived	—	1.00
EBITDA growth (YoY)	89.09%	—	—	89.09%	—	derived	—	0.90
EBIT growth (YoY)	88.23%	-107.28%	—	88.23%	—	derived	—	0.90
Net income growth (YoY)	-94.96%	660.3%	—	-94.96%	—	derived	—	0.70
EPS growth (YoY)	-94.96%	660.05%	—	-94.96%	—	derived	—	0.70
FCF growth (YoY)	96.08%	—	—	96.08%	—	derived	—	0.90

H1 2026 · Δ YoY

Revenue

7 −98.6%

H1 2025: 512
YTD 2026: 512
Δ YoY: +0%

Gross profit

267 +0%

H1 2025: 267
YTD 2026: 267
Δ YoY: +0%

EBITDA

-3,921 —

H1 2025: —
YTD 2026: -3,921
Δ YoY: —

EBIT

-1,279 +72.4%

H1 2025: -4,642
YTD 2026: -4,029
Δ YoY: +13.2%

EBT

31,483 −5.6%

H1 2025: 33,360
YTD 2026: 31,483
Δ YoY: −5.6%

Net income

-70 −100.2%

H1 2025: 33,244
YTD 2026: 31,319
Δ YoY: −5.8%

EPS (basic) (PLN)

0.3 —

H1 2025: 0.31
YTD 2026: 0.3
Δ YoY: —

EPS (diluted) (PLN)

0.3 —

H1 2025: 0.31
YTD 2026: 0.3
Δ YoY: —

D&A

108 −31.6%

H1 2025: 158
YTD 2026: 108
Δ YoY: −31.6%

Income tax

-164 −241.4%

H1 2025: 116
YTD 2026: -164
Δ YoY: −241.4%

Shares (basic) (m units)

105.92 —

H1 2025: 105.92
YTD 2026: —
Δ YoY: —

Shares (diluted) (m units)

105.92 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Gross margin

52.15% +0 pp

H1 2025: 52.15%
YTD 2026: 52.15%
Δ YoY: +0 pp

EBITDA margin

-765.82% —

H1 2025: —
YTD 2026: -765.82%
Δ YoY: —

EBIT margin

-786.91% +119.7 pp

H1 2025: -906.64%
YTD 2026: -786.91%
Δ YoY: +119.7 pp

Net margin

6116.99% −376 pp

H1 2025: 6493%
YTD 2026: 6116.99%
Δ YoY: −376 pp

Cash

3,695 +0%

H1 2025: 3,695
YTD 2026: —
Δ YoY: —

Total debt

193 +0%

H1 2025: 193
YTD 2026: —
Δ YoY: —

Net debt

-3,502 +0%

H1 2025: -3,502
YTD 2026: —
Δ YoY: —

Equity

103,394 +0%

H1 2025: 103,394
YTD 2026: —
Δ YoY: —

Total assets

104,296 +0%

H1 2025: 104,296
YTD 2026: —
Δ YoY: —

Working capital

103,317 +0%

H1 2025: 103,317
YTD 2026: —
Δ YoY: —

Current assets

104,028 +0%

H1 2025: 104,028
YTD 2026: —
Δ YoY: —

Current liabilities

711 +0%

H1 2025: 711
YTD 2026: —
Δ YoY: —

Non-current liabilities

191 +0%

H1 2025: 191
YTD 2026: —
Δ YoY: —

Trade receivables

6 +0%

H1 2025: 6
YTD 2026: —
Δ YoY: —

Trade payables

493 +0%

H1 2025: 493
YTD 2026: —
Δ YoY: —

CFO

-6,442 +10.2%

H1 2025: -7,170
YTD 2026: -6,442
Δ YoY: +10.2%

CapEx

6 —

H1 2025: —
YTD 2026: 6
Δ YoY: —

FCF

-6,448 —

H1 2025: —
YTD 2026: -6,448
Δ YoY: —

Current ratio

146.31x +0x

H1 2025: 146.31x
YTD 2026: —
Δ YoY: —

Quick ratio

146.31x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

5.2x +0x

H1 2025: 5.2x
YTD 2026: —
Δ YoY: —

Debt / equity

0x −0x

H1 2025: 0x
YTD 2026: —
Δ YoY: —

Debt / assets

0x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.03x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-100% —

H1 2025: -84.91%
YTD 2026: -100%
Δ YoY: —

EBITDA growth (YoY)

89.09% —

H1 2025: —
YTD 2026: 89.09%
Δ YoY: —

EBIT growth (YoY)

88.23% —

H1 2025: -107.28%
YTD 2026: 88.23%
Δ YoY: —

Net income growth (YoY)

-94.96% —

H1 2025: 660.3%
YTD 2026: -94.96%
Δ YoY: —

EPS growth (YoY)

-94.96% —

H1 2025: 660.05%
YTD 2026: -94.96%
Δ YoY: —

FCF growth (YoY)

96.08% —

H1 2025: —
YTD 2026: 96.08%
Δ YoY: —