H1 2026 report
OPTeam wraca do rentowności operacyjnej (EBIT +0,82 mln zł vs -5,25 mln zł rok wcześniej) dzięki realnej zmianie miksu sprzedaży w stronę wyżej marżowego własnego oprogramowania i usług (+59,3% r/r), kosztem niżej marżowej odsprzedaży sprzętu (-14,0% r/r).
Sentiment
●●●●●●
OPM
H1 2026 report
Revenue
46.26 m PLN
— YoY
Net income
0.35 m PLN
— YoY
EBITDA
2.46 m PLN
— YoY
Gross margin
24.38%
— YoY
Summary
Investment thesis
- Bilans jest bardzo bezpieczny: praktycznie zerowe zadłużenie bankowe (obie linie kredytowe niewykorzystane), pozycja gotówkowa netto ok. -10,8 mln zł, current ratio 2,53x.
- Cash flow operacyjny w I półroczu jest głęboko ujemny (-5,25 mln zł) pomimo dodatniego zysku netto - w większości to efekt rozliczenia dużych zaliczek od klientów i spłaty zobowiązań handlowych narosłych na koniec 2025 r., a nie erozja bazowej rentowności gotówkowej (po oczyszczeniu z wahadła kapitału obrotowego OCF byłby dodatni).
- Efektywna stopa podatkowa (~62%) jest nietypowo wysoka dla spółki działającej w SSE i wymaga wyjaśnienia - najprawdopodobniej to jednorazowy efekt korekty retrospektywnej MSSF15/amortyzacji z 2025 r., a nie trwała zmiana obciążeń podatkowych.
- Wyniki I półrocza trzeba interpretować przez pryzmat silnej sezonowości branży IT (spółka sama wskazuje, że I kwartał jest najsłabszy, a IV najsilniejszy) - bezwzględne poziomy zysku są niewielkie i nie należy ich wprost ekstrapolować na cały rok.
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Financials
BETA
OPM · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 46.26 | 100.22 | −53.8% | 46.26 | −53.8% | reported | — | 1.00 |
|
Revenue
Przedsiębiorstwa
|
14.3 | 100.22 | −85.7% | 14.3 | −85.7% | reported | Przedsiębiorstwa | 1.00 |
|
Revenue
Instytucje publiczne
|
11.51 | 100.22 | −88.5% | 11.51 | −88.5% | reported | Instytucje publiczne | 1.00 |
|
Revenue
BU Low-Code
|
1.03 | 100.22 | −99% | 1.03 | −99% | reported | BU Low-Code | 1.00 |
|
Revenue
Infrastruktura
|
17.88 | 100.22 | −82.2% | 17.88 | −82.2% | reported | Infrastruktura | 1.00 |
|
Revenue
Pozostałe
|
1.55 | 100.22 | −98.5% | 1.55 | −98.5% | reported | Pozostałe | 1.00 |
| Gross profit | 11.28 | 27.72 | −59.3% | 11.28 | −59.3% | reported | — | 1.00 |
| EBITDA | 2.46 | 7.53 | −67.3% | 2.46 | −67.3% | derived | — | 0.90 |
| EBIT | 0.82 | 2.43 | −66.4% | 0.82 | −66.4% | reported | — | 1.00 |
| EBT | 0.91 | 3 | −69.5% | 0.91 | −69.5% | reported | — | 1.00 |
| Net income | 0.35 | 3.07 | −88.7% | 0.35 | −88.7% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.04 | 0.39 | — | 0.04 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.04 | — | — | 0.04 | — | reported | — | 1.00 |
| D&A | 1.65 | 5.1 | −67.7% | 1.65 | −67.7% | reported | — | 1.00 |
| Interest expense | 0.04 | — | — | 0.04 | — | reported | — | 0.80 |
| Income tax | 0.57 | -0.07 | +898.3% | 0.57 | +898.3% | reported | — | 1.00 |
| Shares (basic) (m units) | 7.87 | 7.87 | — | 7.87 | — | reported | — | 1.00 |
| Gross margin | 24.38% | 27.66% | −3.3 pp | 24.38% | −3.3 pp | derived | — | 0.90 |
| EBITDA margin | 5.32% | 7.51% | −2.2 pp | 5.32% | −2.2 pp | derived | — | 0.90 |
| EBIT margin | 1.76% | 2.42% | −0.7 pp | 1.76% | −0.7 pp | derived | — | 0.90 |
| EBT margin | 1.98% | — | — | 1.98% | — | derived | — | 0.90 |
| Net margin | 0.75% | 3.06% | −2.3 pp | 0.75% | −2.3 pp | derived | — | 0.90 |
| D&A margin | 3.56% | — | — | 3.56% | — | derived | — | 0.90 |
| Cash | 11.07 | 16.31 | −32.1% | — | — | reported | — | 1.00 |
| Total debt | 0.28 | 0 | — | — | — | reported | — | 1.00 |
| Net debt | -10.79 | -16.31 | +33.8% | — | — | derived | — | 0.90 |
| Equity | 32.48 | 33.94 | −4.3% | — | — | reported | — | 1.00 |
| Total assets | 52.97 | 60.46 | −12.4% | — | — | reported | — | 1.00 |
| Working capital | 21.59 | 20.38 | +6% | — | — | derived | — | 0.90 |
| Current assets | 35.69 | 41.39 | −13.8% | — | — | reported | — | 1.00 |
| Current liabilities | 14.1 | 21.01 | −32.9% | — | — | reported | — | 1.00 |
| Non-current liabilities | 6.38 | 5.51 | +15.7% | — | — | reported | — | 1.00 |
| Inventory | 10.74 | 7.03 | +52.8% | — | — | reported | — | 1.00 |
| Trade receivables | 9.84 | 14.54 | −32.3% | — | — | reported | — | 1.00 |
| Trade payables | 5.74 | 10.36 | −44.7% | — | — | reported | — | 1.00 |
| Goodwill | 3.79 | 4.85 | −21.9% | — | — | reported | — | 1.00 |
| Tangible equity | 28.7 | — | — | — | — | derived | — | 0.90 |
| CFO | -5.25 | 8.92 | −158.8% | -5.25 | −158.8% | reported | — | 1.00 |
| CapEx | 0.22 | 0.15 | +49.1% | 0.22 | +49.1% | reported | — | 1.00 |
| FCF | -5.46 | 8.77 | −162.3% | -5.46 | −162.3% | derived | — | 0.90 |
| FCF conversion | -221.96% | 116.5% | −338.5 pp | -221.96% | −338.5 pp | derived | — | 0.80 |
| CFO conversion | -213.1% | — | — | -213.1% | — | derived | — | 0.80 |
| Current ratio | 2.53x | 1.97x | +0.56x | — | — | derived | — | 0.90 |
| Quick ratio | 1.77x | — | — | — | — | derived | — | 0.90 |
| Cash ratio | 0.78x | — | — | — | — | derived | — | 0.90 |
| Interest coverage | 18.78x | — | — | 18.78x | — | derived | — | 0.70 |
| Debt / equity | 0.01x | 0x | +0.01x | — | — | derived | — | 0.90 |
| Debt / assets | 0.01x | — | — | — | — | derived | — | 0.90 |
| Net debt / equity | -0.33x | -0.48x | +0.15x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 18.32% | 42.56% | — | 18.32% | — | derived | — | 0.90 |
|
Revenue growth (YoY)
Przedsiębiorstwa
|
29.58% | 42.56% | — | 29.58% | — | derived | Przedsiębiorstwa | 0.85 |
|
Revenue growth (YoY)
Instytucje publiczne
|
66.88% | 42.56% | — | 66.88% | — | derived | Instytucje publiczne | 0.85 |
|
Revenue growth (YoY)
BU Low-Code
|
444.1% | 42.56% | — | 444.1% | — | derived | BU Low-Code | 0.70 |
|
Revenue growth (YoY)
Infrastruktura
|
-11.83% | 42.56% | — | -11.83% | — | derived | Infrastruktura | 0.85 |
|
Revenue growth (YoY)
Pozostałe
|
118.56% | 42.56% | — | 118.56% | — | derived | Pozostałe | 0.70 |
| EBITDA growth (YoY) | 213.19% | — | — | 213.19% | — | derived | — | 0.75 |
| EBIT growth (YoY) | 115.54% | 122.16% | — | 115.54% | — | derived | — | 0.75 |
| Net income growth (YoY) | 107.59% | 129.93% | — | 107.59% | — | derived | — | 0.75 |
| EPS growth (YoY) | 106.9% | 130% | — | 106.9% | — | derived | — | 0.75 |
| Gross margin Δ (YoY) | 5.88 pp | — | — | 5.88 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | 10.88 pp | — | — | 10.88 pp | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | 15.2 pp | — | — | 15.2 pp | — | derived | — | 0.85 |
| Net margin Δ (YoY) | 12.45 pp | — | — | 12.45 pp | — | derived | — | 0.85 |
H1 2026 · Δ YoY
Revenue
46.26
−53.8%
46.26
−53.8%
- H1 2025
- 100.22
- YTD 2026
- 46.26
- Δ YoY
- −53.8%
Revenue
Przedsiębiorstwa
14.3
−85.7%
Przedsiębiorstwa
14.3
−85.7%
- H1 2025
- 100.22
- YTD 2026
- 14.3
- Δ YoY
- −85.7%
Revenue
Instytucje publiczne
11.51
−88.5%
Instytucje publiczne
11.51
−88.5%
- H1 2025
- 100.22
- YTD 2026
- 11.51
- Δ YoY
- −88.5%
Revenue
BU Low-Code
1.03
−99%
BU Low-Code
1.03
−99%
- H1 2025
- 100.22
- YTD 2026
- 1.03
- Δ YoY
- −99%
Revenue
Infrastruktura
17.88
−82.2%
Infrastruktura
17.88
−82.2%
- H1 2025
- 100.22
- YTD 2026
- 17.88
- Δ YoY
- −82.2%
Revenue
Pozostałe
1.55
−98.5%
Pozostałe
1.55
−98.5%
- H1 2025
- 100.22
- YTD 2026
- 1.55
- Δ YoY
- −98.5%
Gross profit
11.28
−59.3%
11.28
−59.3%
- H1 2025
- 27.72
- YTD 2026
- 11.28
- Δ YoY
- −59.3%
EBITDA
2.46
−67.3%
2.46
−67.3%
- H1 2025
- 7.53
- YTD 2026
- 2.46
- Δ YoY
- −67.3%
EBIT
0.82
−66.4%
0.82
−66.4%
- H1 2025
- 2.43
- YTD 2026
- 0.82
- Δ YoY
- −66.4%
EBT
0.91
−69.5%
0.91
−69.5%
- H1 2025
- 3
- YTD 2026
- 0.91
- Δ YoY
- −69.5%
Net income
0.35
−88.7%
0.35
−88.7%
- H1 2025
- 3.07
- YTD 2026
- 0.35
- Δ YoY
- −88.7%
EPS (basic)
(PLN)
0.04
—
0.04
—
- H1 2025
- 0.39
- YTD 2026
- 0.04
- Δ YoY
- —
EPS (diluted)
(PLN)
0.04
—
0.04
—
- H1 2025
- —
- YTD 2026
- 0.04
- Δ YoY
- —
D&A
1.65
−67.7%
1.65
−67.7%
- H1 2025
- 5.1
- YTD 2026
- 1.65
- Δ YoY
- −67.7%
Interest expense
0.04
—
0.04
—
- H1 2025
- —
- YTD 2026
- 0.04
- Δ YoY
- —
Income tax
0.57
+898.3%
0.57
+898.3%
- H1 2025
- -0.07
- YTD 2026
- 0.57
- Δ YoY
- +898.3%
Shares (basic)
(m units)
7.87
—
7.87
—
- H1 2025
- 7.87
- YTD 2026
- 7.87
- Δ YoY
- —
Gross margin
24.38%
−3.3 pp
24.38%
−3.3 pp
- H1 2025
- 27.66%
- YTD 2026
- 24.38%
- Δ YoY
- −3.3 pp
EBITDA margin
5.32%
−2.2 pp
5.32%
−2.2 pp
- H1 2025
- 7.51%
- YTD 2026
- 5.32%
- Δ YoY
- −2.2 pp
EBIT margin
1.76%
−0.7 pp
1.76%
−0.7 pp
- H1 2025
- 2.42%
- YTD 2026
- 1.76%
- Δ YoY
- −0.7 pp
EBT margin
1.98%
—
1.98%
—
- H1 2025
- —
- YTD 2026
- 1.98%
- Δ YoY
- —
Net margin
0.75%
−2.3 pp
0.75%
−2.3 pp
- H1 2025
- 3.06%
- YTD 2026
- 0.75%
- Δ YoY
- −2.3 pp
D&A margin
3.56%
—
3.56%
—
- H1 2025
- —
- YTD 2026
- 3.56%
- Δ YoY
- —
Cash
11.07
−32.1%
11.07
−32.1%
- H1 2025
- 16.31
- YTD 2026
- —
- Δ YoY
- —
Total debt
0.28
—
0.28
—
- H1 2025
- 0
- YTD 2026
- —
- Δ YoY
- —
Net debt
-10.79
+33.8%
-10.79
+33.8%
- H1 2025
- -16.31
- YTD 2026
- —
- Δ YoY
- —
Equity
32.48
−4.3%
32.48
−4.3%
- H1 2025
- 33.94
- YTD 2026
- —
- Δ YoY
- —
Total assets
52.97
−12.4%
52.97
−12.4%
- H1 2025
- 60.46
- YTD 2026
- —
- Δ YoY
- —
Working capital
21.59
+6%
21.59
+6%
- H1 2025
- 20.38
- YTD 2026
- —
- Δ YoY
- —
Current assets
35.69
−13.8%
35.69
−13.8%
- H1 2025
- 41.39
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
14.1
−32.9%
14.1
−32.9%
- H1 2025
- 21.01
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
6.38
+15.7%
6.38
+15.7%
- H1 2025
- 5.51
- YTD 2026
- —
- Δ YoY
- —
Inventory
10.74
+52.8%
10.74
+52.8%
- H1 2025
- 7.03
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
9.84
−32.3%
9.84
−32.3%
- H1 2025
- 14.54
- YTD 2026
- —
- Δ YoY
- —
Trade payables
5.74
−44.7%
5.74
−44.7%
- H1 2025
- 10.36
- YTD 2026
- —
- Δ YoY
- —
Goodwill
3.79
−21.9%
3.79
−21.9%
- H1 2025
- 4.85
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
28.7
—
28.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-5.25
−158.8%
-5.25
−158.8%
- H1 2025
- 8.92
- YTD 2026
- -5.25
- Δ YoY
- −158.8%
CapEx
0.22
+49.1%
0.22
+49.1%
- H1 2025
- 0.15
- YTD 2026
- 0.22
- Δ YoY
- +49.1%
FCF
-5.46
−162.3%
-5.46
−162.3%
- H1 2025
- 8.77
- YTD 2026
- -5.46
- Δ YoY
- −162.3%
FCF conversion
-221.96%
−338.5 pp
-221.96%
−338.5 pp
- H1 2025
- 116.5%
- YTD 2026
- -221.96%
- Δ YoY
- −338.5 pp
CFO conversion
-213.1%
—
-213.1%
—
- H1 2025
- —
- YTD 2026
- -213.1%
- Δ YoY
- —
Current ratio
2.53x
+0.56x
2.53x
+0.56x
- H1 2025
- 1.97x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.77x
—
1.77x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.78x
—
0.78x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
18.78x
—
18.78x
—
- H1 2025
- —
- YTD 2026
- 18.78x
- Δ YoY
- —
Debt / equity
0.01x
+0.01x
0.01x
+0.01x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.01x
—
0.01x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.33x
+0.15x
-0.33x
+0.15x
- H1 2025
- -0.48x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
18.32%
—
18.32%
—
- H1 2025
- 42.56%
- YTD 2026
- 18.32%
- Δ YoY
- —
Revenue growth (YoY)
Przedsiębiorstwa
29.58%
—
Przedsiębiorstwa
29.58%
—
- H1 2025
- 42.56%
- YTD 2026
- 29.58%
- Δ YoY
- —
Revenue growth (YoY)
Instytucje publiczne
66.88%
—
Instytucje publiczne
66.88%
—
- H1 2025
- 42.56%
- YTD 2026
- 66.88%
- Δ YoY
- —
Revenue growth (YoY)
BU Low-Code
444.1%
—
BU Low-Code
444.1%
—
- H1 2025
- 42.56%
- YTD 2026
- 444.1%
- Δ YoY
- —
Revenue growth (YoY)
Infrastruktura
-11.83%
—
Infrastruktura
-11.83%
—
- H1 2025
- 42.56%
- YTD 2026
- -11.83%
- Δ YoY
- —
Revenue growth (YoY)
Pozostałe
118.56%
—
Pozostałe
118.56%
—
- H1 2025
- 42.56%
- YTD 2026
- 118.56%
- Δ YoY
- —
EBITDA growth (YoY)
213.19%
—
213.19%
—
- H1 2025
- —
- YTD 2026
- 213.19%
- Δ YoY
- —
EBIT growth (YoY)
115.54%
—
115.54%
—
- H1 2025
- 122.16%
- YTD 2026
- 115.54%
- Δ YoY
- —
Net income growth (YoY)
107.59%
—
107.59%
—
- H1 2025
- 129.93%
- YTD 2026
- 107.59%
- Δ YoY
- —
EPS growth (YoY)
106.9%
—
106.9%
—
- H1 2025
- 130%
- YTD 2026
- 106.9%
- Δ YoY
- —
Gross margin Δ (YoY)
5.88 pp
—
5.88 pp
—
- H1 2025
- —
- YTD 2026
- 5.88 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
10.88 pp
—
10.88 pp
—
- H1 2025
- —
- YTD 2026
- 10.88 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
15.2 pp
—
15.2 pp
—
- H1 2025
- —
- YTD 2026
- 15.2 pp
- Δ YoY
- —
Net margin Δ (YoY)
12.45 pp
—
12.45 pp
—
- H1 2025
- —
- YTD 2026
- 12.45 pp
- Δ YoY
- —