ACT ACTION Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 25, 2026

H1 2026 report

Dystrybutor IT/RTV-AGD o strukturalnie niskich marżach, który w I półroczu 2026 poprawił marżę brutto z 8,70% do 10,01% dzięki przesunięciu miksu w stronę komponentów IT (+38% r/r) i RTV/AGD (+43% r/r).

Sentiment

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Website

ACT H1 2026 report

Revenue

1.46 bn PLN

— YoY

Net income

29.21 m PLN

— YoY

EBITDA

37.66 m PLN

— YoY

Gross margin

10.01%

— YoY

Summary

Investment thesis

Zysk netto akcjonariuszy wzrósł o 57% r/r (18,6 → 29,2 mln zł), a EPS o 83% r/r dzięki dodatkowej dźwigni z trwającego skupu i umorzenia akcji własnych (14,1 mln → 12,9 mln akcji po dniu bilansowym).
Czysta pozycja gotówkowa netto (-47,7 mln zł) i praktycznie zerowe zadłużenie bankowe, ale płynność bieżąca i szybka wyraźnie spadły r/r w wyniku finansowania skupu akcji z bilansu.
Rekordowy OCF (79,96 mln zł, +43% r/r) w istotnej części napędzony wydłużeniem terminów płatności dostawcom (zobowiązania handlowe +32% r/r) — jakość tej części przepływów wymaga obserwacji w kolejnych okresach.
Spółka nie publikuje prognoz i nie wypłaca dywidendy — cały nadmiarowy kapitał od lat kieruje w skup akcji własnych, co systematycznie zawęża free float.

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Financials

BETA

H1 2026

ACT · H1 2026

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

Revenue	1,458.71	2,994.45	−51.3%	1,458.71	−51.3%	reported	—	1.00
Gross profit	145.96	259.03	−43.6%	145.96	−43.6%	reported	—	1.00
EBITDA	37.66	60.49	−37.7%	37.66	−37.7%	reported	—	1.00
EBIT	32.3	58.05	−44.4%	32.3	−44.4%	reported	—	1.00
EBT	36.7	—	—	36.7	—	reported	—	1.00
Net income	29.21	45.72	−36.1%	29.21	−36.1%	reported	—	1.00
EPS (basic) (PLN)	2.07	2.91	—	2.07	—	reported	—	1.00
EPS (diluted) (PLN)	2.07	—	—	2.07	—	reported	—	1.00
D&A	5.36	2.44	+119.9%	5.36	+119.9%	reported	—	1.00
Interest expense	0.1	—	—	0.1	—	reported	—	0.80
Income tax	7.33	—	—	7.33	—	reported	—	1.00
Shares (basic) (m units)	14.1	15.69	—	—	—	reported	—	1.00

Gross margin	10.01%	8.65%	+1.4 pp	10.01%	+1.4 pp	derived	—	0.90
EBITDA margin	2.58%	2.02%	+0.6 pp	2.58%	+0.6 pp	derived	—	0.90
EBIT margin	2.21%	1.94%	+0.3 pp	2.21%	+0.3 pp	derived	—	0.90
Net margin	2%	1.53%	+0.5 pp	2%	+0.5 pp	derived	—	0.90

Cash	53.69	—	—	—	—	reported	—	1.00
Total debt	6.03	—	—	—	—	reported	—	1.00
Net debt	-47.67	—	—	—	—	derived	—	0.95
Equity	404.88	410.06	−1.3%	—	—	reported	—	1.00
Total assets	782.58	721.07	+8.5%	—	—	reported	—	1.00
Current assets	611.8	—	—	—	—	reported	—	1.00
Current liabilities	351.94	276.64	+27.2%	—	—	reported	—	1.00
Non-current liabilities	25.76	33.73	−23.6%	—	—	reported	—	1.00
Inventory	389.78	—	—	—	—	reported	—	1.00
Trade receivables	142.82	—	—	—	—	reported	—	1.00
Trade payables	331.26	—	—	—	—	reported	—	0.80
Goodwill	32.48	—	—	—	—	reported	—	1.00
Tangible equity	372.4	—	—	—	—	derived	—	0.90

CFO	79.96	36.72	+117.8%	79.96	+117.8%	reported	—	1.00
CapEx	9.42	—	—	9.42	—	reported	—	1.00
FCF	70.54	—	—	70.54	—	derived	—	0.95
FCF conversion	187.4%	—	—	187.4%	—	derived	—	0.70
CFO conversion	212.3%	—	—	212.3%	—	derived	—	0.70

ROE	14.12%	11.15%	+3 pp	—	—	derived	—	0.60

Current ratio	1.74x	1.98x	−0.24x	—	—	derived	—	0.85
Quick ratio	0.63x	0.64x	−0.01x	—	—	derived	—	0.85
Cash ratio	0.15x	0.08x	+0.07x	—	—	derived	—	0.90
Interest coverage	310.6x	—	—	—	—	derived	—	0.60

Debt / equity	0.01x	—	—	—	—	derived	—	0.90
Debt / assets	0.01x	—	—	—	—	derived	—	0.90
Net debt / equity	-0.12x	—	—	—	—	derived	—	0.90

Revenue growth (YoY)	5.95%	18.17%	—	5.95%	—	derived	—	0.95
EBITDA growth (YoY)	28.87%	9%	—	28.87%	—	derived	—	0.90
EBIT growth (YoY)	32.2%	25.29%	—	32.2%	—	derived	—	0.95
Net income growth (YoY)	56.91%	11.05%	—	56.91%	—	derived	—	0.95
EPS growth (YoY)	83.19%	24.36%	—	83.19%	—	derived	—	0.90
FCF growth (YoY)	46.11%	—	—	46.11%	—	derived	—	0.85
Gross margin Δ (YoY)	1.3 pp	0.14 pp	—	1.3 pp	—	derived	—	0.85
EBITDA margin Δ (YoY)	0.46 pp	-0.17 pp	—	0.46 pp	—	derived	—	0.80
EBIT margin Δ (YoY)	0.44 pp	—	—	0.44 pp	—	derived	—	0.80
Net margin Δ (YoY)	0.65 pp	-0.09 pp	—	0.65 pp	—	derived	—	0.80

H1 2026 · Δ YoY

Revenue

1,458.71 −51.3%

H1 2025: 2,994.45
YTD 2026: 1,458.71
Δ YoY: −51.3%

Gross profit

145.96 −43.6%

H1 2025: 259.03
YTD 2026: 145.96
Δ YoY: −43.6%

EBITDA

37.66 −37.7%

H1 2025: 60.49
YTD 2026: 37.66
Δ YoY: −37.7%

EBIT

32.3 −44.4%

H1 2025: 58.05
YTD 2026: 32.3
Δ YoY: −44.4%

EBT

36.7 —

H1 2025: —
YTD 2026: 36.7
Δ YoY: —

Net income

29.21 −36.1%

H1 2025: 45.72
YTD 2026: 29.21
Δ YoY: −36.1%

EPS (basic) (PLN)

2.07 —

H1 2025: 2.91
YTD 2026: 2.07
Δ YoY: —

EPS (diluted) (PLN)

2.07 —

H1 2025: —
YTD 2026: 2.07
Δ YoY: —

D&A

5.36 +119.9%

H1 2025: 2.44
YTD 2026: 5.36
Δ YoY: +119.9%

Interest expense

0.1 —

H1 2025: —
YTD 2026: 0.1
Δ YoY: —

Income tax

7.33 —

H1 2025: —
YTD 2026: 7.33
Δ YoY: —

Shares (basic) (m units)

14.1 —

H1 2025: 15.69
YTD 2026: —
Δ YoY: —

Gross margin

10.01% +1.4 pp

H1 2025: 8.65%
YTD 2026: 10.01%
Δ YoY: +1.4 pp

EBITDA margin

2.58% +0.6 pp

H1 2025: 2.02%
YTD 2026: 2.58%
Δ YoY: +0.6 pp

EBIT margin

2.21% +0.3 pp

H1 2025: 1.94%
YTD 2026: 2.21%
Δ YoY: +0.3 pp

Net margin

2% +0.5 pp

H1 2025: 1.53%
YTD 2026: 2%
Δ YoY: +0.5 pp

Cash

53.69 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

6.03 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

-47.67 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

404.88 −1.3%

H1 2025: 410.06
YTD 2026: —
Δ YoY: —

Total assets

782.58 +8.5%

H1 2025: 721.07
YTD 2026: —
Δ YoY: —

Current assets

611.8 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

351.94 +27.2%

H1 2025: 276.64
YTD 2026: —
Δ YoY: —

Non-current liabilities

25.76 −23.6%

H1 2025: 33.73
YTD 2026: —
Δ YoY: —

Inventory

389.78 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

142.82 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

331.26 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

32.48 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity

372.4 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

79.96 +117.8%

H1 2025: 36.72
YTD 2026: 79.96
Δ YoY: +117.8%

CapEx

9.42 —

H1 2025: —
YTD 2026: 9.42
Δ YoY: —

FCF

70.54 —

H1 2025: —
YTD 2026: 70.54
Δ YoY: —

FCF conversion

187.4% —

H1 2025: —
YTD 2026: 187.4%
Δ YoY: —

CFO conversion

212.3% —

H1 2025: —
YTD 2026: 212.3%
Δ YoY: —

ROE

14.12% +3 pp

H1 2025: 11.15%
YTD 2026: —
Δ YoY: —

Current ratio

1.74x −0.24x

H1 2025: 1.98x
YTD 2026: —
Δ YoY: —

Quick ratio

0.63x −0.01x

H1 2025: 0.64x
YTD 2026: —
Δ YoY: —

Cash ratio

0.15x +0.07x

H1 2025: 0.08x
YTD 2026: —
Δ YoY: —

Interest coverage

310.6x —

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

-0.12x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

5.95% —

H1 2025: 18.17%
YTD 2026: 5.95%
Δ YoY: —

EBITDA growth (YoY)

28.87% —

H1 2025: 9%
YTD 2026: 28.87%
Δ YoY: —

EBIT growth (YoY)

32.2% —

H1 2025: 25.29%
YTD 2026: 32.2%
Δ YoY: —

Net income growth (YoY)

56.91% —

H1 2025: 11.05%
YTD 2026: 56.91%
Δ YoY: —

EPS growth (YoY)

83.19% —

H1 2025: 24.36%
YTD 2026: 83.19%
Δ YoY: —

FCF growth (YoY)

46.11% —

H1 2025: —
YTD 2026: 46.11%
Δ YoY: —

Gross margin Δ (YoY)

1.3 pp —

H1 2025: 0.14 pp
YTD 2026: 1.3 pp
Δ YoY: —

EBITDA margin Δ (YoY)

0.46 pp —

H1 2025: -0.17 pp
YTD 2026: 0.46 pp
Δ YoY: —

EBIT margin Δ (YoY)

0.44 pp —

H1 2025: —
YTD 2026: 0.44 pp
Δ YoY: —

Net margin Δ (YoY)

0.65 pp —

H1 2025: -0.09 pp
YTD 2026: 0.65 pp
Δ YoY: —