ENE
Centrum Medyczne ENEL-MED
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 24, 2026
H1 2026 report
Przychody wzrosły o 16% r/r do 479,2 mln PLN, ze wzrostem we wszystkich kanałach sprzedaży (FFS +11%, ryczałt +19%, NFZ +25%, POZ +75%, AOS +113%).
Sentiment
●●●●●●
ENE
H1 2026 report
Revenue
479.21 m PLN
— YoY
Net income
7.46 m PLN
— YoY
EBITDA
62.91 m PLN
— YoY
Gross margin
9.85%
— YoY
Summary
Investment thesis
- Marża netto niemal podwoiła się r/r (0,8%→1,6%), zysk netto wzrósł o 113% do 7,46 mln PLN, poprawa widoczna na każdym poziomie rachunku wyników.
- Nominalna dźwignia jest wysoka (wskaźnik zadłużenia ogólnego 0,71, current ratio 0,64), ale w przeważającej mierze to efekt zobowiązań leasingowych MSSF 16 (329,4 mln PLN) - czyste zadłużenie bankowe (33,6 mln PLN) jest w praktyce zbilansowane gotówką (33,9 mln PLN).
- Wolne przepływy pieniężne spadły o 52% r/r (25,0→12,1 mln PLN) wskutek podwojenia CAPEX (25,4→50,9 mln PLN) - Spółka weszła w wyraźny cykl inwestycyjny rozbudowy sieci.
- Brak istotnych postępowań sądowych, brak transakcji z podmiotami powiązanymi na warunkach innych niż rynkowe, brak zastrzeżeń audytora - czysty obraz korporacyjny.
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
ENE · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 479,209 | 854,268 | −43.9% | 479,209 | −43.9% | reported | — | 1.00 |
| Gross profit | 47,174 | 79,645 | −40.8% | 47,174 | −40.8% | reported | — | 1.00 |
| EBITDA | 62,907 | 105,439 | −40.3% | 62,907 | −40.3% | derived | — | 0.85 |
| EBIT | 19,406 | 23,809 | −18.5% | 19,406 | −18.5% | reported | — | 1.00 |
| EBT | 9,599 | 16,308 | −41.1% | 9,599 | −41.1% | reported | — | 1.00 |
| Net income | 7,458 | 12,892 | −42.2% | 7,458 | −42.2% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.26 | 0.46 | — | 0.26 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.26 | 0.46 | — | 0.26 | — | reported | — | 1.00 |
| D&A | 43,501 | 81,630 | −46.7% | 43,501 | −46.7% | reported | — | 1.00 |
| Income tax | 2,141 | 3,416 | −37.3% | 2,141 | −37.3% | reported | — | 1.00 |
| Shares (basic) (m units) | 28.28 | 28.28 | — | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 28.28 | 28.28 | — | — | — | reported | — | 1.00 |
| Gross margin | 9.85% | 9.32% | +0.5 pp | 9.85% | +0.5 pp | reported | — | 1.00 |
| EBITDA margin | 13.13% | 12.34% | +0.8 pp | 13.13% | +0.8 pp | reported | — | 0.85 |
| EBIT margin | 4.05% | 2.79% | +1.3 pp | 4.05% | +1.3 pp | reported | — | 1.00 |
| EBT margin | 2% | 1.91% | +0.1 pp | 2% | +0.1 pp | reported | — | 1.00 |
| Net margin | 1.56% | 1.51% | +0.1 pp | 1.56% | +0.1 pp | reported | — | 1.00 |
| D&A margin | 9.08% | 9.56% | −0.5 pp | 9.08% | −0.5 pp | reported | — | 1.00 |
| Cash | 33,868 | 33,667 | +0.6% | — | — | reported | — | 1.00 |
| Total debt | 362,988 | 341,521 | +6.3% | — | — | derived | — | 0.90 |
| Net debt | 329,120 | 307,854 | +6.9% | — | — | derived | — | 0.90 |
| Equity | 193,257 | 185,828 | +4% | — | — | reported | — | 1.00 |
| Total assets | 659,468 | 638,833 | +3.2% | — | — | reported | — | 1.00 |
| Working capital | -59,252 | -65,388 | +9.4% | — | — | derived | — | 1.00 |
| Current assets | 104,993 | 100,067 | +4.9% | — | — | reported | — | 1.00 |
| Current liabilities | 164,245 | 165,455 | −0.7% | — | — | reported | — | 1.00 |
| Non-current liabilities | 301,966 | 287,550 | +5% | — | — | reported | — | 1.00 |
| Inventory | 4,135 | 4,434 | −6.7% | — | — | reported | — | 1.00 |
| Trade receivables | 65,339 | 60,285 | +8.4% | — | — | reported | — | 1.00 |
| Trade payables | 96,082 | 103,311 | −7% | — | — | reported | — | 0.70 |
| CFO | 63,025 | 109,560 | −42.5% | 63,025 | −42.5% | reported | — | 1.00 |
| CapEx | 50,936 | 77,596 | −34.4% | 50,936 | −34.4% | reported | — | 1.00 |
| FCF | 12,089 | 31,964 | −62.2% | 12,089 | −62.2% | derived | — | 1.00 |
| FCF conversion | 19.22% | 30.32% | −11.1 pp | 19.22% | −11.1 pp | reported | — | 0.80 |
| CFO conversion | 100.19% | 103.91% | −3.7 pp | 100.19% | −3.7 pp | reported | — | 0.80 |
| ROE | 8.89% | 7.19% | +1.7 pp | — | — | reported | — | 0.60 |
| Current ratio | 0.64x | 0.61x | +0.04x | — | — | reported | — | 1.00 |
| Quick ratio | 0.61x | 0.58x | +0.03x | — | — | reported | — | 1.00 |
| Cash ratio | 0.21x | 0.2x | +0.01x | — | — | reported | — | 1.00 |
| Debt / equity | 1.88x | 1.84x | +0.04x | — | — | reported | — | 0.90 |
| Debt / assets | 0.55x | 0.54x | +0.02x | — | — | reported | — | 0.90 |
| Net debt / equity | 1.7x | 1.66x | +0.04x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 15.92% | 16.13% | — | 15.92% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 31.79% | 1.96% | — | 31.79% | — | reported | — | 0.80 |
| EBIT growth (YoY) | 148.31% | -14.81% | — | 148.31% | — | reported | — | 1.00 |
| Net income growth (YoY) | 113.15% | -11.75% | — | 113.15% | — | reported | — | 1.00 |
| EPS growth (YoY) | 116.67% | -11.54% | — | 116.67% | — | reported | — | 1.00 |
| FCF growth (YoY) | -51.72% | -45.2% | — | -51.72% | — | reported | — | 1.00 |
| Gross margin Δ (YoY) | 1.82 pp | 0 pp | — | 1.82 pp | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 1.58 pp | 0 pp | — | 1.58 pp | — | reported | — | 0.80 |
| EBIT margin Δ (YoY) | 2.16 pp | 0 pp | — | 2.16 pp | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 0.71 pp | 0 pp | — | 0.71 pp | — | reported | — | 1.00 |
H1 2026 · Δ YoY
Revenue
479,209
−43.9%
479,209
−43.9%
- H1 2025
- 854,268
- YTD 2026
- 479,209
- Δ YoY
- −43.9%
Gross profit
47,174
−40.8%
47,174
−40.8%
- H1 2025
- 79,645
- YTD 2026
- 47,174
- Δ YoY
- −40.8%
EBITDA
62,907
−40.3%
62,907
−40.3%
- H1 2025
- 105,439
- YTD 2026
- 62,907
- Δ YoY
- −40.3%
EBIT
19,406
−18.5%
19,406
−18.5%
- H1 2025
- 23,809
- YTD 2026
- 19,406
- Δ YoY
- −18.5%
EBT
9,599
−41.1%
9,599
−41.1%
- H1 2025
- 16,308
- YTD 2026
- 9,599
- Δ YoY
- −41.1%
Net income
7,458
−42.2%
7,458
−42.2%
- H1 2025
- 12,892
- YTD 2026
- 7,458
- Δ YoY
- −42.2%
EPS (basic)
(PLN)
0.26
—
0.26
—
- H1 2025
- 0.46
- YTD 2026
- 0.26
- Δ YoY
- —
EPS (diluted)
(PLN)
0.26
—
0.26
—
- H1 2025
- 0.46
- YTD 2026
- 0.26
- Δ YoY
- —
D&A
43,501
−46.7%
43,501
−46.7%
- H1 2025
- 81,630
- YTD 2026
- 43,501
- Δ YoY
- −46.7%
Income tax
2,141
−37.3%
2,141
−37.3%
- H1 2025
- 3,416
- YTD 2026
- 2,141
- Δ YoY
- −37.3%
Shares (basic)
(m units)
28.28
—
28.28
—
- H1 2025
- 28.28
- YTD 2026
- —
- Δ YoY
- —
Shares (diluted)
(m units)
28.28
—
28.28
—
- H1 2025
- 28.28
- YTD 2026
- —
- Δ YoY
- —
Gross margin
9.85%
+0.5 pp
9.85%
+0.5 pp
- H1 2025
- 9.32%
- YTD 2026
- 9.85%
- Δ YoY
- +0.5 pp
EBITDA margin
13.13%
+0.8 pp
13.13%
+0.8 pp
- H1 2025
- 12.34%
- YTD 2026
- 13.13%
- Δ YoY
- +0.8 pp
EBIT margin
4.05%
+1.3 pp
4.05%
+1.3 pp
- H1 2025
- 2.79%
- YTD 2026
- 4.05%
- Δ YoY
- +1.3 pp
EBT margin
2%
+0.1 pp
2%
+0.1 pp
- H1 2025
- 1.91%
- YTD 2026
- 2%
- Δ YoY
- +0.1 pp
Net margin
1.56%
+0.1 pp
1.56%
+0.1 pp
- H1 2025
- 1.51%
- YTD 2026
- 1.56%
- Δ YoY
- +0.1 pp
D&A margin
9.08%
−0.5 pp
9.08%
−0.5 pp
- H1 2025
- 9.56%
- YTD 2026
- 9.08%
- Δ YoY
- −0.5 pp
Cash
33,868
+0.6%
33,868
+0.6%
- H1 2025
- 33,667
- YTD 2026
- —
- Δ YoY
- —
Total debt
362,988
+6.3%
362,988
+6.3%
- H1 2025
- 341,521
- YTD 2026
- —
- Δ YoY
- —
Net debt
329,120
+6.9%
329,120
+6.9%
- H1 2025
- 307,854
- YTD 2026
- —
- Δ YoY
- —
Equity
193,257
+4%
193,257
+4%
- H1 2025
- 185,828
- YTD 2026
- —
- Δ YoY
- —
Total assets
659,468
+3.2%
659,468
+3.2%
- H1 2025
- 638,833
- YTD 2026
- —
- Δ YoY
- —
Working capital
-59,252
+9.4%
-59,252
+9.4%
- H1 2025
- -65,388
- YTD 2026
- —
- Δ YoY
- —
Current assets
104,993
+4.9%
104,993
+4.9%
- H1 2025
- 100,067
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
164,245
−0.7%
164,245
−0.7%
- H1 2025
- 165,455
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
301,966
+5%
301,966
+5%
- H1 2025
- 287,550
- YTD 2026
- —
- Δ YoY
- —
Inventory
4,135
−6.7%
4,135
−6.7%
- H1 2025
- 4,434
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
65,339
+8.4%
65,339
+8.4%
- H1 2025
- 60,285
- YTD 2026
- —
- Δ YoY
- —
Trade payables
96,082
−7%
96,082
−7%
- H1 2025
- 103,311
- YTD 2026
- —
- Δ YoY
- —
CFO
63,025
−42.5%
63,025
−42.5%
- H1 2025
- 109,560
- YTD 2026
- 63,025
- Δ YoY
- −42.5%
CapEx
50,936
−34.4%
50,936
−34.4%
- H1 2025
- 77,596
- YTD 2026
- 50,936
- Δ YoY
- −34.4%
FCF
12,089
−62.2%
12,089
−62.2%
- H1 2025
- 31,964
- YTD 2026
- 12,089
- Δ YoY
- −62.2%
FCF conversion
19.22%
−11.1 pp
19.22%
−11.1 pp
- H1 2025
- 30.32%
- YTD 2026
- 19.22%
- Δ YoY
- −11.1 pp
CFO conversion
100.19%
−3.7 pp
100.19%
−3.7 pp
- H1 2025
- 103.91%
- YTD 2026
- 100.19%
- Δ YoY
- −3.7 pp
ROE
8.89%
+1.7 pp
8.89%
+1.7 pp
- H1 2025
- 7.19%
- YTD 2026
- —
- Δ YoY
- —
Current ratio
0.64x
+0.04x
0.64x
+0.04x
- H1 2025
- 0.61x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.61x
+0.03x
0.61x
+0.03x
- H1 2025
- 0.58x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.21x
+0.01x
0.21x
+0.01x
- H1 2025
- 0.2x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
1.88x
+0.04x
1.88x
+0.04x
- H1 2025
- 1.84x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.55x
+0.02x
0.55x
+0.02x
- H1 2025
- 0.54x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
1.7x
+0.04x
1.7x
+0.04x
- H1 2025
- 1.66x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
15.92%
—
15.92%
—
- H1 2025
- 16.13%
- YTD 2026
- 15.92%
- Δ YoY
- —
EBITDA growth (YoY)
31.79%
—
31.79%
—
- H1 2025
- 1.96%
- YTD 2026
- 31.79%
- Δ YoY
- —
EBIT growth (YoY)
148.31%
—
148.31%
—
- H1 2025
- -14.81%
- YTD 2026
- 148.31%
- Δ YoY
- —
Net income growth (YoY)
113.15%
—
113.15%
—
- H1 2025
- -11.75%
- YTD 2026
- 113.15%
- Δ YoY
- —
EPS growth (YoY)
116.67%
—
116.67%
—
- H1 2025
- -11.54%
- YTD 2026
- 116.67%
- Δ YoY
- —
FCF growth (YoY)
-51.72%
—
-51.72%
—
- H1 2025
- -45.2%
- YTD 2026
- -51.72%
- Δ YoY
- —
Gross margin Δ (YoY)
1.82 pp
—
1.82 pp
—
- H1 2025
- 0 pp
- YTD 2026
- 1.82 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
1.58 pp
—
1.58 pp
—
- H1 2025
- 0 pp
- YTD 2026
- 1.58 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
2.16 pp
—
2.16 pp
—
- H1 2025
- 0 pp
- YTD 2026
- 2.16 pp
- Δ YoY
- —
Net margin Δ (YoY)
0.71 pp
—
0.71 pp
—
- H1 2025
- 0 pp
- YTD 2026
- 0.71 pp
- Δ YoY
- —