SON Sonel Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 23, 2026

H1 2026 report

Naglowkowy spadek przychodow Grupy o 37,7% r/r to w calosci efekt ksiegowy zmiany metody konsolidacji Foxytecha (z pelnej na prawa wlasnosci od 01.07.2025), nie pogorszenie biznesu.

Sentiment

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Website

SON H1 2026 report

Revenue

126.65 m PLN

— YoY

Net income

6.2 m PLN

— YoY

EBITDA

14.7 m PLN

— YoY

Gross margin

19.35%

— YoY

Summary

Investment thesis

Sama Sonel S.A. (87,8% sprzedazy Grupy) rosnie organicznie o 4,7% r/r, a marze Grupy poprawily sie wyraznie po wylaczeniu nizej marzowego Foxytecha z konsolidacji.
Bilans praktycznie bez dlugu odsetkowego (tylko leasing, 1,5 mln zl), z gleboko ujemnym dlugiem netto (-21,1 mln zl) i kapitalem wlasnym finansujacym 73% pasywow.
Jakosc gotowki wyraznie sie pogorszyla w tym polroczu - OCF spadl o 53,6% r/r, a konwersja FCF/EBITDA z 71% do 22%, glownie z powodu budowy zapasow o 8,5 mln zl.
Efektywna stopa podatkowa skoczyla z 9,1% do 20,9% r/r bez pelnego wyjasnienia przyczyny, a wrzesniowe przetasowanie wlascicielskie i zarzadcze w stowarzyszonym Foxytechu wymaga dalszego sledzenia.

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Financials

BETA

H1 2026

SON · H1 2026

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

Revenue	126.65	—	—	126.65	—	reported	—	1.00
Gross profit	24.51	—	—	24.51	—	reported	—	1.00
EBITDA	14.7	—	—	14.7	—	derived	—	0.90
EBIT	9.23	—	—	9.23	—	reported	—	1.00
EBT	8.38	—	—	8.38	—	reported	—	1.00
Net income	6.2	—	—	6.2	—	reported	—	1.00
EPS (basic) (PLN)	0.44	—	—	0.44	—	reported	—	1.00
EPS (diluted) (PLN)	0.39	—	—	0.39	—	reported	—	1.00
D&A	5.48	—	—	5.48	—	reported	—	1.00
Income tax	1.05	—	—	1.05	—	reported	—	1.00
Shares (basic) (m units)	14	—	—	—	—	reported	—	0.90

Gross margin	19.35%	—	—	19.35%	—	derived	—	0.95
EBITDA margin	11.61%	—	—	11.61%	—	derived	—	0.90
EBIT margin	7.28%	—	—	7.28%	—	derived	—	0.95
EBT margin	6.62%	—	—	6.62%	—	derived	—	0.95
Net margin	4.9%	—	—	4.9%	—	derived	—	0.95

Cash	20.2	—	—	—	—	reported	—	1.00
Total debt	1.58	—	—	—	—	derived	—	0.90
Net debt	-18.62	—	—	—	—	derived	—	0.90
Equity	121.38	—	—	—	—	reported	—	1.00
Total assets	149.14	—	—	—	—	reported	—	1.00
Working capital	56.93	—	—	—	—	derived	—	0.90
Current assets	94.75	—	—	—	—	reported	—	1.00
Current liabilities	37.81	—	—	—	—	reported	—	1.00
Non-current liabilities	4.71	—	—	—	—	reported	—	1.00
Inventory	37.12	—	—	—	—	reported	—	1.00
Trade receivables	22.96	—	—	—	—	reported	—	0.85
Trade payables	32.82	—	—	—	—	reported	—	0.80

CFO	15.48	—	—	15.48	—	reported	—	1.00
CapEx	4.98	—	—	4.98	—	reported	—	1.00
FCF	10.5	—	—	10.5	—	derived	—	0.95
FCF conversion	71.44%	—	—	71.44%	—	derived	—	0.85
CFO conversion	105.32%	—	—	105.32%	—	derived	—	0.85
Dividends paid	0	—	—	0	—	reported	—	0.95

ROE	9.22%	—	—	—	—	derived	—	0.60

Current ratio	2.51x	—	—	—	—	derived	—	0.90
Quick ratio	1.3x	—	—	—	—	derived	—	0.90
Cash ratio	0.6x	—	—	—	—	derived	—	0.90

Debt / equity	0.01x	—	—	—	—	derived	—	0.85
Debt / assets	0.01x	—	—	—	—	derived	—	0.85
Net debt / equity	-0.18x	—	—	—	—	derived	—	0.85

Revenue growth (YoY)	-37.69%	—	—	-37.69%	—	derived	—	0.95
EBITDA growth (YoY)	-15.06%	—	—	-15.06%	—	derived	—	0.85
EBIT growth (YoY)	-24.58%	—	—	-24.58%	—	derived	—	0.95
Net income growth (YoY)	-12.05%	—	—	-12.05%	—	derived	—	0.95
EPS growth (YoY)	-11.36%	—	—	-11.36%	—	derived	—	0.95
FCF growth (YoY)	-73.8%	—	—	-73.8%	—	derived	—	0.90
Gross margin Δ (YoY)	6.62 pp	—	—	6.62 pp	—	derived	—	0.90
EBITDA margin Δ (YoY)	4.22 pp	—	—	4.22 pp	—	derived	—	0.85
EBIT margin Δ (YoY)	1.54 pp	—	—	1.54 pp	—	derived	—	0.90
Net margin Δ (YoY)	2.02 pp	—	—	2.02 pp	—	derived	—	0.90

H1 2026 · Δ YoY

Revenue

126.65 —

H1 2025: —
YTD 2026: 126.65
Δ YoY: —

Gross profit

24.51 —

H1 2025: —
YTD 2026: 24.51
Δ YoY: —

EBITDA

14.7 —

H1 2025: —
YTD 2026: 14.7
Δ YoY: —

EBIT

9.23 —

H1 2025: —
YTD 2026: 9.23
Δ YoY: —

EBT

8.38 —

H1 2025: —
YTD 2026: 8.38
Δ YoY: —

Net income

6.2 —

H1 2025: —
YTD 2026: 6.2
Δ YoY: —

EPS (basic) (PLN)

0.44 —

H1 2025: —
YTD 2026: 0.44
Δ YoY: —

EPS (diluted) (PLN)

0.39 —

H1 2025: —
YTD 2026: 0.39
Δ YoY: —

D&A

5.48 —

H1 2025: —
YTD 2026: 5.48
Δ YoY: —

Income tax

1.05 —

H1 2025: —
YTD 2026: 1.05
Δ YoY: —

Shares (basic) (m units)

14 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Gross margin

19.35% —

H1 2025: —
YTD 2026: 19.35%
Δ YoY: —

EBITDA margin

11.61% —

H1 2025: —
YTD 2026: 11.61%
Δ YoY: —

EBIT margin

7.28% —

H1 2025: —
YTD 2026: 7.28%
Δ YoY: —

EBT margin

6.62% —

H1 2025: —
YTD 2026: 6.62%
Δ YoY: —

Net margin

4.9% —

H1 2025: —
YTD 2026: 4.9%
Δ YoY: —

Cash

20.2 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

1.58 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

-18.62 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

121.38 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total assets

149.14 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Working capital

56.93 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

94.75 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

37.81 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

4.71 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

37.12 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

22.96 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

32.82 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

15.48 —

H1 2025: —
YTD 2026: 15.48
Δ YoY: —

CapEx

4.98 —

H1 2025: —
YTD 2026: 4.98
Δ YoY: —

FCF

10.5 —

H1 2025: —
YTD 2026: 10.5
Δ YoY: —

FCF conversion

71.44% —

H1 2025: —
YTD 2026: 71.44%
Δ YoY: —

CFO conversion

105.32% —

H1 2025: —
YTD 2026: 105.32%
Δ YoY: —

Dividends paid

0 —

H1 2025: —
YTD 2026: 0
Δ YoY: —

ROE

9.22% —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current ratio

2.51x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

1.3x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.6x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

0.01x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.01x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.18x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-37.69% —

H1 2025: —
YTD 2026: -37.69%
Δ YoY: —

EBITDA growth (YoY)

-15.06% —

H1 2025: —
YTD 2026: -15.06%
Δ YoY: —

EBIT growth (YoY)

-24.58% —

H1 2025: —
YTD 2026: -24.58%
Δ YoY: —

Net income growth (YoY)

-12.05% —

H1 2025: —
YTD 2026: -12.05%
Δ YoY: —

EPS growth (YoY)

-11.36% —

H1 2025: —
YTD 2026: -11.36%
Δ YoY: —

FCF growth (YoY)

-73.8% —

H1 2025: —
YTD 2026: -73.8%
Δ YoY: —

Gross margin Δ (YoY)

6.62 pp —

H1 2025: —
YTD 2026: 6.62 pp
Δ YoY: —

EBITDA margin Δ (YoY)

4.22 pp —

H1 2025: —
YTD 2026: 4.22 pp
Δ YoY: —

EBIT margin Δ (YoY)

1.54 pp —

H1 2025: —
YTD 2026: 1.54 pp
Δ YoY: —

Net margin Δ (YoY)

2.02 pp —

H1 2025: —
YTD 2026: 2.02 pp
Δ YoY: —