CAV
Cavatina Holding
Giełda Papierów Wartościowych w Warszawie · Skonsolidowany raport okresowy półroczny (PSr) · publ. September 25, 2026
H1 2026 report
Przychody Grupy wzrosły o 41% r/r do 187,7 mln PLN dzięki przekazaniom mieszkań (WiMa Apartments C, Belg Apartamenty) oraz rosnącemu wynikowi z najmu, ale za większość wzrostu zysku operacyjnego odpowiada przeszacowanie wartości nieruchomości inwestycyjnych (55,4 mln PLN), a nie sama działalność operacyjna.
Sentiment
●●●●●●
CAV
H1 2026 report
Revenue
187.68 m PLN
— YoY
Net income
5.35 m PLN
— YoY
EBITDA
96.25 m PLN
— YoY
Gross margin
30.76%
— YoY
Summary
Investment thesis
- Zysk netto spadł o 62% r/r do 5,4 mln PLN (EPS 0,21 PLN), głównie z powodu wyższych kosztów finansowych (95,6 mln PLN, +17% r/r) i braku jednorazowego zysku z różnic kursowych, który zawyżał wynik roku poprzedniego.
- Marża na sprzedaży mieszkań skurczyła się z 40,4% do 7,1% r/r - w tym półroczu zdominowały ją niżej marżowe przekazania lokali, co wymaga wyjaśnienia projektowego, a nie musi oznaczać trwałego pogorszenia jakości portfela.
- Struktura finansowania przesuwa się w stronę długu: udział kapitału własnego w sumie bilansowej spadł do 28,4% (z 37,4% w 2023 r.), przy relacji dług netto/kapitał własny ok. 2,0x i pokryciu odsetek zyskiem operacyjnym na poziomie 1,4x (a bez przeszacowań nieruchomości - poniżej 1x).
- Przepływy operacyjne wróciły do dodatnich (43,0 mln PLN wobec -66,7 mln PLN rok wcześniej), ale konwersja gotówkowa EBITDA pozostaje niska (ok. 4% FCF/EBITDA), a poprawa OCF wynika w dużej mierze z rosnących zaliczek klientów na mieszkania (+80% r/r), a nie z poprawy marż operacyjnych.
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Financials
BETA
CAV · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 187.68 | — | — | 187.68 | — | reported | — | 1.00 |
| Gross profit | 57.72 | — | — | 57.72 | — | derived | — | 0.95 |
| EBITDA | 96.25 | — | — | 96.25 | — | derived | — | 0.90 |
| EBIT | 93.32 | — | — | 93.32 | — | reported | — | 1.00 |
| EBT | 7.42 | — | — | 7.42 | — | reported | — | 1.00 |
| Net income | 5.35 | — | — | 5.35 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.21 | — | — | 0.21 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.21 | — | — | 0.21 | — | reported | — | 1.00 |
| D&A | 2.93 | — | — | 2.93 | — | reported | — | 1.00 |
| Interest expense | 65.17 | — | — | 65.17 | — | reported | — | 0.90 |
| Income tax | 2.07 | — | — | 2.07 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 25.43 | — | — | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 25.43 | — | — | — | — | reported | — | 0.90 |
| Gross margin | 30.76% | — | — | 30.76% | — | reported | — | 0.95 |
| EBITDA margin | 51.29% | — | — | 51.29% | — | reported | — | 0.90 |
| EBIT margin | 49.72% | — | — | 49.72% | — | reported | — | 0.95 |
| Net margin | 2.85% | — | — | 2.85% | — | reported | — | 0.95 |
| Cash | 42.93 | — | — | — | — | reported | — | 1.00 |
| Total debt | 2,428.45 | — | — | — | — | derived | — | 0.85 |
| Net debt | 2,385.52 | — | — | — | — | derived | — | 0.85 |
| Equity | 1,191.13 | — | — | — | — | reported | — | 1.00 |
| Total assets | 4,190.58 | — | — | — | — | reported | — | 1.00 |
| Working capital (m PLN (mln)) | 669.03 | — | — | — | — | reported | — | 0.95 |
| Current assets | 1,596.87 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 927.84 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 2,071.61 | — | — | — | — | reported | — | 1.00 |
| Inventory | 1,354.16 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 63.93 | — | — | — | — | reported | — | 0.80 |
| Trade payables | 178.73 | — | — | — | — | reported | — | 0.85 |
| Goodwill | 82.6 | — | — | — | — | reported | — | 0.95 |
| CFO | 43 | — | — | 43 | — | reported | — | 1.00 |
| CapEx | 39.19 | — | — | 39.19 | — | reported | — | 0.95 |
| FCF | 3.8 | — | — | 3.8 | — | derived | — | 0.90 |
| FCF conversion | 3.95% | — | — | 3.95% | — | reported | — | 0.80 |
| CFO conversion | 44.67% | — | — | 44.67% | — | reported | — | 0.85 |
| Current ratio | 1.72x | — | — | — | — | reported | — | 0.95 |
| Quick ratio | 0.26x | — | — | — | — | reported | — | 0.95 |
| Cash ratio | 0.05x | — | — | — | — | reported | — | 0.95 |
| Interest coverage | 0.58x | — | — | 0.58x | — | reported | — | 0.80 |
| Debt / equity | 2.04x | — | — | — | — | reported | — | 0.85 |
| Debt / assets | 0.58x | — | — | — | — | reported | — | 0.85 |
| Net debt / equity | 2x | — | — | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | 41.32% | — | — | 41.32% | — | reported | — | 0.95 |
| EBITDA growth (YoY) | 16.81% | — | — | 16.81% | — | reported | — | 0.85 |
| EBIT growth (YoY) | 17.67% | — | — | 17.67% | — | reported | — | 0.95 |
| Net income growth (YoY) | -62.31% | — | — | -62.31% | — | reported | — | 0.95 |
| EPS growth (YoY) | -62.5% | — | — | -62.5% | — | reported | — | 0.95 |
| Gross margin Δ (YoY) | -21.18 pp | — | — | -21.18 pp | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | -10.77 pp | — | — | -10.77 pp | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | -9.99 pp | — | — | -9.99 pp | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -7.84 pp | — | — | -7.84 pp | — | reported | — | 0.90 |
H1 2026 · Δ YoY
Revenue
187.68
—
187.68
—
- H1 2025
- —
- YTD 2026
- 187.68
- Δ YoY
- —
Gross profit
57.72
—
57.72
—
- H1 2025
- —
- YTD 2026
- 57.72
- Δ YoY
- —
EBITDA
96.25
—
96.25
—
- H1 2025
- —
- YTD 2026
- 96.25
- Δ YoY
- —
EBIT
93.32
—
93.32
—
- H1 2025
- —
- YTD 2026
- 93.32
- Δ YoY
- —
EBT
7.42
—
7.42
—
- H1 2025
- —
- YTD 2026
- 7.42
- Δ YoY
- —
Net income
5.35
—
5.35
—
- H1 2025
- —
- YTD 2026
- 5.35
- Δ YoY
- —
EPS (basic)
(PLN)
0.21
—
0.21
—
- H1 2025
- —
- YTD 2026
- 0.21
- Δ YoY
- —
EPS (diluted)
(PLN)
0.21
—
0.21
—
- H1 2025
- —
- YTD 2026
- 0.21
- Δ YoY
- —
D&A
2.93
—
2.93
—
- H1 2025
- —
- YTD 2026
- 2.93
- Δ YoY
- —
Interest expense
65.17
—
65.17
—
- H1 2025
- —
- YTD 2026
- 65.17
- Δ YoY
- —
Income tax
2.07
—
2.07
—
- H1 2025
- —
- YTD 2026
- 2.07
- Δ YoY
- —
Shares (basic)
(m units)
25.43
—
25.43
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Shares (diluted)
(m units)
25.43
—
25.43
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
30.76%
—
30.76%
—
- H1 2025
- —
- YTD 2026
- 30.76%
- Δ YoY
- —
EBITDA margin
51.29%
—
51.29%
—
- H1 2025
- —
- YTD 2026
- 51.29%
- Δ YoY
- —
EBIT margin
49.72%
—
49.72%
—
- H1 2025
- —
- YTD 2026
- 49.72%
- Δ YoY
- —
Net margin
2.85%
—
2.85%
—
- H1 2025
- —
- YTD 2026
- 2.85%
- Δ YoY
- —
Cash
42.93
—
42.93
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
2,428.45
—
2,428.45
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
2,385.52
—
2,385.52
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
1,191.13
—
1,191.13
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
4,190.58
—
4,190.58
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
(m PLN (mln))
669.03
—
669.03
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
1,596.87
—
1,596.87
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
927.84
—
927.84
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
2,071.61
—
2,071.61
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
1,354.16
—
1,354.16
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
63.93
—
63.93
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
178.73
—
178.73
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
82.6
—
82.6
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
43
—
43
—
- H1 2025
- —
- YTD 2026
- 43
- Δ YoY
- —
CapEx
39.19
—
39.19
—
- H1 2025
- —
- YTD 2026
- 39.19
- Δ YoY
- —
FCF
3.8
—
3.8
—
- H1 2025
- —
- YTD 2026
- 3.8
- Δ YoY
- —
FCF conversion
3.95%
—
3.95%
—
- H1 2025
- —
- YTD 2026
- 3.95%
- Δ YoY
- —
CFO conversion
44.67%
—
44.67%
—
- H1 2025
- —
- YTD 2026
- 44.67%
- Δ YoY
- —
Current ratio
1.72x
—
1.72x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.26x
—
0.26x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.05x
—
0.05x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
0.58x
—
0.58x
—
- H1 2025
- —
- YTD 2026
- 0.58x
- Δ YoY
- —
Debt / equity
2.04x
—
2.04x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.58x
—
0.58x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
2x
—
2x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
41.32%
—
41.32%
—
- H1 2025
- —
- YTD 2026
- 41.32%
- Δ YoY
- —
EBITDA growth (YoY)
16.81%
—
16.81%
—
- H1 2025
- —
- YTD 2026
- 16.81%
- Δ YoY
- —
EBIT growth (YoY)
17.67%
—
17.67%
—
- H1 2025
- —
- YTD 2026
- 17.67%
- Δ YoY
- —
Net income growth (YoY)
-62.31%
—
-62.31%
—
- H1 2025
- —
- YTD 2026
- -62.31%
- Δ YoY
- —
EPS growth (YoY)
-62.5%
—
-62.5%
—
- H1 2025
- —
- YTD 2026
- -62.5%
- Δ YoY
- —
Gross margin Δ (YoY)
-21.18 pp
—
-21.18 pp
—
- H1 2025
- —
- YTD 2026
- -21.18 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-10.77 pp
—
-10.77 pp
—
- H1 2025
- —
- YTD 2026
- -10.77 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-9.99 pp
—
-9.99 pp
—
- H1 2025
- —
- YTD 2026
- -9.99 pp
- Δ YoY
- —
Net margin Δ (YoY)
-7.84 pp
—
-7.84 pp
—
- H1 2025
- —
- YTD 2026
- -7.84 pp
- Δ YoY
- —