H1 2026 report
Strata netto -1,23 mln zł w H1 2026 (wobec zysku 3,36 mln zł rok wcześniej) to efekt niskiego wolumenu przekazań lokali (15 lokali) w okresie, nie utraty popytu - Grupa ma rekordowy portfel 308 sprzedanych, nieprzekazanych lokali o wartości 122,5 mln zł, który zostanie rozpoznany jako przychód w kolejnych kwartałach.
Sentiment
●●●●●●
WIK
H1 2026 report
Revenue
19.08 m PLN
— YoY
Net income
3.36 m PLN
— YoY
EBITDA
4.51 m PLN
— YoY
Gross margin
37.9%
— YoY
Summary
Investment thesis
- Zaliczki od klientów (przychody przyszłych okresów) wzrosły o 68% r/r do 91,9 mln zł, co potwierdza silną przedsprzedaż i tłumaczy, dlaczego mimo straty księgowej operacyjne przepływy pieniężne są silnie dodatnie (+19,6 mln zł).
- Bilans jest wyjątkowo konserwatywny na tle sektora deweloperskiego - dług finansowy (kredyty+obligacje+leasing) to tylko 9,9 mln zł wobec kapitału własnego 154,8 mln zł, Grupa jest w pozycji netto cash.
- Po dniu bilansowym doszło do istotnej zmiany w akcjonariacie - główny akcjonariusz VALUE FIZ zredukował udział z ~62% do 48,49%, a Spółka skupiła 15,87% własnych akcji (10,00 zł/akcję) częściowo pod Program Motywacyjny Zarządu.
- Marża brutto na sprzedaży pozostaje stabilna/rosnąca (39,0% vs 37,9% rok wcześniej) mimo spadku wolumenu - sugeruje to, że problem jest harmonogramowy (timing przekazań), nie cenowy/popytowy.
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Financials
BETA
WIK · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
|
Revenue
deweloperski
|
7.85 | — | — | 7.85 | — | reported | deweloperski | 0.95 |
| Revenue | 19.08 | — | — | 19.08 | — | reported | — | 1.00 |
|
Revenue
najem powierzchni
|
2.77 | — | — | 2.77 | — | reported | najem powierzchni | 0.95 |
| Gross profit | 7.23 | — | — | 7.23 | — | reported | — | 1.00 |
| EBITDA | 4.51 | — | — | 4.51 | — | derived | — | 0.85 |
| EBIT | 4.33 | — | — | 4.33 | — | reported | — | 1.00 |
| EBT | 3.84 | — | — | 3.84 | — | reported | — | 1.00 |
| Net income | 3.36 | — | — | 3.36 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.17 | — | — | 0.17 | — | reported | — | 1.00 |
| D&A | 0.18 | — | — | 0.18 | — | reported | — | 1.00 |
| Interest expense | 0.49 | — | — | 0.49 | — | reported | — | 0.90 |
| Income tax | 0.48 | — | — | 0.48 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 18.9 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 37.9% | — | — | 37.9% | — | derived | — | 0.95 |
| EBITDA margin | 23.65% | — | — | 23.65% | — | derived | — | 0.80 |
| EBIT margin | 22.68% | — | — | 22.68% | — | derived | — | 0.90 |
| EBT margin | -9.79% | — | — | -9.79% | — | derived | — | 0.85 |
| Net margin | 17.61% | — | — | 17.61% | — | derived | — | 0.90 |
| Cash | 14.09 | — | — | — | — | reported | — | 1.00 |
| Total debt | 9.89 | — | — | — | — | reported | — | 0.85 |
| Net debt | -4.2 | — | — | — | — | derived | — | 0.80 |
| Equity | 155.4 | — | — | — | — | reported | — | 1.00 |
| Total assets | 288.04 | — | — | — | — | reported | — | 1.00 |
| Current assets | 239.93 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 102.79 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 30.42 | — | — | — | — | reported | — | 1.00 |
| Inventory | 191.39 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 9.88 | — | — | — | — | reported | — | 0.90 |
| Trade payables | 7.02 | — | — | — | — | reported | — | 0.90 |
| CFO | -7.01 | — | — | -7.01 | — | reported | — | 1.00 |
| CapEx | 0.06 | — | — | 0.06 | — | reported | — | 1.00 |
| FCF | -7.07 | — | — | -7.07 | — | derived | — | 0.85 |
| Dividends paid | 0 | — | — | 0 | — | reported | — | 1.00 |
| Current ratio | 2.33x | — | — | — | — | derived | — | 0.90 |
| Quick ratio | 0.47x | — | — | — | — | derived | — | 0.85 |
| Cash ratio | 0.14x | — | — | — | — | derived | — | 0.85 |
| Interest coverage | -3.46x | — | — | -3.46x | — | derived | — | 0.50 |
| Debt / equity | 0.06x | — | — | — | — | derived | — | 0.85 |
| Debt / assets | 0.03x | — | — | — | — | derived | — | 0.85 |
| Net debt / equity | -0.03x | — | — | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | -44.34% | — | — | -44.34% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -113.48% | — | — | -113.48% | — | derived | — | 0.70 |
| EBIT growth (YoY) | -118.65% | — | — | -118.65% | — | derived | — | 0.75 |
| Net income growth (YoY) | -136.49% | — | — | -136.49% | — | derived | — | 0.85 |
| EPS growth (YoY) | -135.29% | — | — | -135.29% | — | derived | — | 0.85 |
| FCF growth (YoY) | 376.22% | — | — | 376.22% | — | derived | — | 0.60 |
H1 2026 · Δ YoY
Revenue
deweloperski
7.85
—
deweloperski
7.85
—
- H1 2025
- —
- YTD 2026
- 7.85
- Δ YoY
- —
Revenue
19.08
—
19.08
—
- H1 2025
- —
- YTD 2026
- 19.08
- Δ YoY
- —
Revenue
najem powierzchni
2.77
—
najem powierzchni
2.77
—
- H1 2025
- —
- YTD 2026
- 2.77
- Δ YoY
- —
Gross profit
7.23
—
7.23
—
- H1 2025
- —
- YTD 2026
- 7.23
- Δ YoY
- —
EBITDA
4.51
—
4.51
—
- H1 2025
- —
- YTD 2026
- 4.51
- Δ YoY
- —
EBIT
4.33
—
4.33
—
- H1 2025
- —
- YTD 2026
- 4.33
- Δ YoY
- —
EBT
3.84
—
3.84
—
- H1 2025
- —
- YTD 2026
- 3.84
- Δ YoY
- —
Net income
3.36
—
3.36
—
- H1 2025
- —
- YTD 2026
- 3.36
- Δ YoY
- —
EPS (basic)
(PLN)
0.17
—
0.17
—
- H1 2025
- —
- YTD 2026
- 0.17
- Δ YoY
- —
D&A
0.18
—
0.18
—
- H1 2025
- —
- YTD 2026
- 0.18
- Δ YoY
- —
Interest expense
0.49
—
0.49
—
- H1 2025
- —
- YTD 2026
- 0.49
- Δ YoY
- —
Income tax
0.48
—
0.48
—
- H1 2025
- —
- YTD 2026
- 0.48
- Δ YoY
- —
Shares (basic)
(m units)
18.9
—
18.9
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
37.9%
—
37.9%
—
- H1 2025
- —
- YTD 2026
- 37.9%
- Δ YoY
- —
EBITDA margin
23.65%
—
23.65%
—
- H1 2025
- —
- YTD 2026
- 23.65%
- Δ YoY
- —
EBIT margin
22.68%
—
22.68%
—
- H1 2025
- —
- YTD 2026
- 22.68%
- Δ YoY
- —
EBT margin
-9.79%
—
-9.79%
—
- H1 2025
- —
- YTD 2026
- -9.79%
- Δ YoY
- —
Net margin
17.61%
—
17.61%
—
- H1 2025
- —
- YTD 2026
- 17.61%
- Δ YoY
- —
Cash
14.09
—
14.09
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
9.89
—
9.89
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-4.2
—
-4.2
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
155.4
—
155.4
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
288.04
—
288.04
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
239.93
—
239.93
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
102.79
—
102.79
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
30.42
—
30.42
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
191.39
—
191.39
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
9.88
—
9.88
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
7.02
—
7.02
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-7.01
—
-7.01
—
- H1 2025
- —
- YTD 2026
- -7.01
- Δ YoY
- —
CapEx
0.06
—
0.06
—
- H1 2025
- —
- YTD 2026
- 0.06
- Δ YoY
- —
FCF
-7.07
—
-7.07
—
- H1 2025
- —
- YTD 2026
- -7.07
- Δ YoY
- —
Dividends paid
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Current ratio
2.33x
—
2.33x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.47x
—
0.47x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.14x
—
0.14x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-3.46x
—
-3.46x
—
- H1 2025
- —
- YTD 2026
- -3.46x
- Δ YoY
- —
Debt / equity
0.06x
—
0.06x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.03x
—
0.03x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.03x
—
-0.03x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-44.34%
—
-44.34%
—
- H1 2025
- —
- YTD 2026
- -44.34%
- Δ YoY
- —
EBITDA growth (YoY)
-113.48%
—
-113.48%
—
- H1 2025
- —
- YTD 2026
- -113.48%
- Δ YoY
- —
EBIT growth (YoY)
-118.65%
—
-118.65%
—
- H1 2025
- —
- YTD 2026
- -118.65%
- Δ YoY
- —
Net income growth (YoY)
-136.49%
—
-136.49%
—
- H1 2025
- —
- YTD 2026
- -136.49%
- Δ YoY
- —
EPS growth (YoY)
-135.29%
—
-135.29%
—
- H1 2025
- —
- YTD 2026
- -135.29%
- Δ YoY
- —
FCF growth (YoY)
376.22%
—
376.22%
—
- H1 2025
- —
- YTD 2026
- 376.22%
- Δ YoY
- —