EAH
ESOTIQ & HENDERSON
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 25, 2026
H1 2026 report
Przychody rosną dwucyfrowo (+10,73% r/r) przy niemal stabilnej marży brutto (69,06% vs 69,34%) — sprzedaż nie jest napędzana agresywnymi przecenami.
Sentiment
Cautious
No guidance change
EAH
H1 2026 report
Revenue
157.78 m PLN
— YoY
Net income
2.46 m PLN
— YoY
EBITDA
15.3 m PLN
— YoY
Gross margin
69.06%
— YoY
Summary
Investment thesis
- Zysk netto spadł o 22,75% r/r mimo wzrostu EBIT o 8,07% — winne jest zniknięcie jednorazowego zysku na różnicach kursowych z 2025 r. oraz efektywna stopa podatkowa 25,3% wobec 19% ustawowych.
- Operacyjne przepływy pieniężne odwróciły się z -10,1 mln zł do +5,4 mln zł, ale to w dużej mierze efekt niskiego CAPEX i braku odbudowy zapasów względem wysokiej bazy inwestycyjnej sprzed roku.
- Biegły rewident wystawił zastrzeżenie do jednostkowego sprawozdania w sprawie wyceny udziałów i należności od Esotiq Germany GmbH (14 982 tys. zł potencjalnego zawyżenia aktywów) — Zarząd się nie zgadza, spór pozostaje otwarty do oceny na koniec 2026 r.
- Zapasy stanowią 44,9% aktywów razem przy szacowanym DIO ok. 345 dni, częściowo zastawione jako zabezpieczenie kredytów — typowe dla modowego retailera z importem z Azji, ale ogranicza elastyczność bilansu.
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Financials
BETA
EAH · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 157.78 | 323.56 | −51.2% | 157.78 | −51.2% | reported | — | 1.00 |
| Gross profit | 108.97 | 216.94 | −49.8% | 108.97 | −49.8% | reported | — | 1.00 |
| EBITDA | 15.3 | 31.71 | −51.8% | 15.3 | −51.8% | derived | — | 0.90 |
| EBIT | 6.16 | 14.78 | −58.3% | 6.16 | −58.3% | reported | — | 1.00 |
| EBT | 3.29 | 9.49 | −65.4% | 3.29 | −65.4% | reported | — | 1.00 |
| Net income | 2.46 | 7.77 | −68.4% | 2.46 | −68.4% | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.25 | 5.62 | — | 1.25 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 1.1 | 3.48 | — | 1.1 | — | reported | — | 1.00 |
| D&A | 9.13 | 16.94 | −46.1% | 9.13 | −46.1% | reported | — | 1.00 |
| Interest expense | 2.71 | — | — | 2.71 | — | reported | — | 0.65 |
| Income tax | 0.83 | 1.72 | −51.6% | 0.83 | −51.6% | reported | — | 1.00 |
| Shares (basic) (m units) | 1.96 | 1.38 | — | 1.96 | — | reported | — | 0.90 |
| Shares (diluted) (m units) | 2.23 | 2.23 | — | 2.23 | — | reported | — | 0.90 |
| Gross margin | 69.06% | 67040000% | −67039930.9 pp | 69.06% | −67039930.9 pp | derived | — | 0.95 |
| EBITDA margin | 9.7% | 9800000% | −9799990.3 pp | 9.7% | −9799990.3 pp | derived | — | 0.90 |
| EBIT margin | 3.91% | 4570000% | −4569996.1 pp | 3.91% | −4569996.1 pp | derived | — | 0.95 |
| Net margin | 1.56% | 2400000% | −2399998.4 pp | 1.56% | −2399998.4 pp | derived | — | 0.95 |
| Cash | 4.41 | 6.15 | −28.3% | — | — | reported | — | 1.00 |
| Total debt | 81.48 | 76.16 | +7% | — | — | reported | — | 0.60 |
| Net debt | 77.08 | 70.01 | +10.1% | — | — | derived | — | 0.60 |
| Equity | 65.54 | 69.6 | −5.8% | — | — | reported | — | 1.00 |
| Total assets | 205.47 | 210.25 | −2.3% | — | — | reported | — | 1.00 |
| Working capital | 22.48 | 28.84 | −22.1% | — | — | derived | — | 0.95 |
| Current assets | 114.83 | 121.18 | −5.2% | — | — | reported | — | 1.00 |
| Current liabilities | 92.36 | 92.34 | +0% | — | — | reported | — | 1.00 |
| Non-current liabilities | 47.58 | 48.32 | −1.5% | — | — | reported | — | 1.00 |
| Inventory | 92.24 | 95.59 | −3.5% | — | — | reported | — | 1.00 |
| Trade receivables | 7.53 | 19.44 | −61.3% | — | — | reported | — | 1.00 |
| Trade payables | 35.35 | 59.99 | −41.1% | — | — | reported | — | 1.00 |
| Goodwill | 22.35 | 24.25 | −7.8% | — | — | reported | — | 0.90 |
| Tangible equity | 43.19 | 45.35 | −4.8% | — | — | derived | — | 0.85 |
| CFO | 5.35 | 18.23 | −70.6% | 5.35 | −70.6% | reported | — | 1.00 |
| CapEx | 2.45 | 25.52 | −90.4% | 2.45 | −90.4% | reported | — | 1.00 |
| FCF | 2.91 | -7.29 | +139.8% | 2.91 | +139.8% | derived | — | 0.95 |
| FCF conversion | 18.99% | -22.99% | +42 pp | 18.99% | +42 pp | derived | — | 0.85 |
| CFO conversion | 34.99% | 57470000% | −57469965 pp | 34.99% | −57469965 pp | derived | — | 0.85 |
| Current ratio | 1.24x | 1.31x | −0.07x | — | — | derived | — | 0.95 |
| Quick ratio | 0.24x | 0.28x | −0.04x | — | — | derived | — | 0.95 |
| Cash ratio | 0.05x | 0.07x | −0.02x | — | — | derived | — | 0.95 |
| Interest coverage | 2.28x | 2.8x | −0.52x | 2.28x | −0.52x | derived | — | 0.60 |
| Debt / equity | 1.24x | 1.09x | +0.15x | — | — | derived | — | 0.60 |
| Debt / assets | 0.4x | 0.36x | +0.04x | — | — | derived | — | 0.60 |
| Net debt / equity | 1.18x | 1010000x | −1009998.82x | — | — | derived | — | 0.60 |
| Revenue growth (YoY) | 10.73% | 8.46% | — | 10.73% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 9.69% | -11.79% | — | 9.69% | — | derived | — | 0.85 |
| EBIT growth (YoY) | 8.07% | -19.97% | — | 8.07% | — | derived | — | 0.95 |
| Net income growth (YoY) | -22.75% | -29.35% | — | -22.75% | — | derived | — | 0.95 |
| EPS growth (YoY) | -22.84% | -29.4% | — | -22.84% | — | derived | — | 0.90 |
| FCF growth (YoY) | 109.17% | — | — | 109.17% | — | derived | — | 0.60 |
| Gross margin Δ (YoY) | -0.28 pp | -410000 pp | — | -0.28 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -0.09 pp | -2250000 pp | — | -0.09 pp | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | -0.1 pp | -1620000 pp | — | -0.1 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -0.67 pp | -1290000 pp | — | -0.67 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
157.78
−51.2%
157.78
−51.2%
- H1 2025
- 323.56
- YTD 2026
- 157.78
- Δ YoY
- −51.2%
Gross profit
108.97
−49.8%
108.97
−49.8%
- H1 2025
- 216.94
- YTD 2026
- 108.97
- Δ YoY
- −49.8%
EBITDA
15.3
−51.8%
15.3
−51.8%
- H1 2025
- 31.71
- YTD 2026
- 15.3
- Δ YoY
- −51.8%
EBIT
6.16
−58.3%
6.16
−58.3%
- H1 2025
- 14.78
- YTD 2026
- 6.16
- Δ YoY
- −58.3%
EBT
3.29
−65.4%
3.29
−65.4%
- H1 2025
- 9.49
- YTD 2026
- 3.29
- Δ YoY
- −65.4%
Net income
2.46
−68.4%
2.46
−68.4%
- H1 2025
- 7.77
- YTD 2026
- 2.46
- Δ YoY
- −68.4%
EPS (basic)
(PLN)
1.25
—
1.25
—
- H1 2025
- 5.62
- YTD 2026
- 1.25
- Δ YoY
- —
EPS (diluted)
(PLN)
1.1
—
1.1
—
- H1 2025
- 3.48
- YTD 2026
- 1.1
- Δ YoY
- —
D&A
9.13
−46.1%
9.13
−46.1%
- H1 2025
- 16.94
- YTD 2026
- 9.13
- Δ YoY
- −46.1%
Interest expense
2.71
—
2.71
—
- H1 2025
- —
- YTD 2026
- 2.71
- Δ YoY
- —
Income tax
0.83
−51.6%
0.83
−51.6%
- H1 2025
- 1.72
- YTD 2026
- 0.83
- Δ YoY
- −51.6%
Shares (basic)
(m units)
1.96
—
1.96
—
- H1 2025
- 1.38
- YTD 2026
- 1.96
- Δ YoY
- —
Shares (diluted)
(m units)
2.23
—
2.23
—
- H1 2025
- 2.23
- YTD 2026
- 2.23
- Δ YoY
- —
Gross margin
69.06%
−67039930.9 pp
69.06%
−67039930.9 pp
- H1 2025
- 67040000%
- YTD 2026
- 69.06%
- Δ YoY
- −67039930.9 pp
EBITDA margin
9.7%
−9799990.3 pp
9.7%
−9799990.3 pp
- H1 2025
- 9800000%
- YTD 2026
- 9.7%
- Δ YoY
- −9799990.3 pp
EBIT margin
3.91%
−4569996.1 pp
3.91%
−4569996.1 pp
- H1 2025
- 4570000%
- YTD 2026
- 3.91%
- Δ YoY
- −4569996.1 pp
Net margin
1.56%
−2399998.4 pp
1.56%
−2399998.4 pp
- H1 2025
- 2400000%
- YTD 2026
- 1.56%
- Δ YoY
- −2399998.4 pp
Cash
4.41
−28.3%
4.41
−28.3%
- H1 2025
- 6.15
- YTD 2026
- —
- Δ YoY
- —
Total debt
81.48
+7%
81.48
+7%
- H1 2025
- 76.16
- YTD 2026
- —
- Δ YoY
- —
Net debt
77.08
+10.1%
77.08
+10.1%
- H1 2025
- 70.01
- YTD 2026
- —
- Δ YoY
- —
Equity
65.54
−5.8%
65.54
−5.8%
- H1 2025
- 69.6
- YTD 2026
- —
- Δ YoY
- —
Total assets
205.47
−2.3%
205.47
−2.3%
- H1 2025
- 210.25
- YTD 2026
- —
- Δ YoY
- —
Working capital
22.48
−22.1%
22.48
−22.1%
- H1 2025
- 28.84
- YTD 2026
- —
- Δ YoY
- —
Current assets
114.83
−5.2%
114.83
−5.2%
- H1 2025
- 121.18
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
92.36
+0%
92.36
+0%
- H1 2025
- 92.34
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
47.58
−1.5%
47.58
−1.5%
- H1 2025
- 48.32
- YTD 2026
- —
- Δ YoY
- —
Inventory
92.24
−3.5%
92.24
−3.5%
- H1 2025
- 95.59
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
7.53
−61.3%
7.53
−61.3%
- H1 2025
- 19.44
- YTD 2026
- —
- Δ YoY
- —
Trade payables
35.35
−41.1%
35.35
−41.1%
- H1 2025
- 59.99
- YTD 2026
- —
- Δ YoY
- —
Goodwill
22.35
−7.8%
22.35
−7.8%
- H1 2025
- 24.25
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
43.19
−4.8%
43.19
−4.8%
- H1 2025
- 45.35
- YTD 2026
- —
- Δ YoY
- —
CFO
5.35
−70.6%
5.35
−70.6%
- H1 2025
- 18.23
- YTD 2026
- 5.35
- Δ YoY
- −70.6%
CapEx
2.45
−90.4%
2.45
−90.4%
- H1 2025
- 25.52
- YTD 2026
- 2.45
- Δ YoY
- −90.4%
FCF
2.91
+139.8%
2.91
+139.8%
- H1 2025
- -7.29
- YTD 2026
- 2.91
- Δ YoY
- +139.8%
FCF conversion
18.99%
+42 pp
18.99%
+42 pp
- H1 2025
- -22.99%
- YTD 2026
- 18.99%
- Δ YoY
- +42 pp
CFO conversion
34.99%
−57469965 pp
34.99%
−57469965 pp
- H1 2025
- 57470000%
- YTD 2026
- 34.99%
- Δ YoY
- −57469965 pp
Current ratio
1.24x
−0.07x
1.24x
−0.07x
- H1 2025
- 1.31x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.24x
−0.04x
0.24x
−0.04x
- H1 2025
- 0.28x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.05x
−0.02x
0.05x
−0.02x
- H1 2025
- 0.07x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
2.28x
−0.52x
2.28x
−0.52x
- H1 2025
- 2.8x
- YTD 2026
- 2.28x
- Δ YoY
- −0.52x
Debt / equity
1.24x
+0.15x
1.24x
+0.15x
- H1 2025
- 1.09x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.4x
+0.04x
0.4x
+0.04x
- H1 2025
- 0.36x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
1.18x
−1009998.82x
1.18x
−1009998.82x
- H1 2025
- 1010000x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
10.73%
—
10.73%
—
- H1 2025
- 8.46%
- YTD 2026
- 10.73%
- Δ YoY
- —
EBITDA growth (YoY)
9.69%
—
9.69%
—
- H1 2025
- -11.79%
- YTD 2026
- 9.69%
- Δ YoY
- —
EBIT growth (YoY)
8.07%
—
8.07%
—
- H1 2025
- -19.97%
- YTD 2026
- 8.07%
- Δ YoY
- —
Net income growth (YoY)
-22.75%
—
-22.75%
—
- H1 2025
- -29.35%
- YTD 2026
- -22.75%
- Δ YoY
- —
EPS growth (YoY)
-22.84%
—
-22.84%
—
- H1 2025
- -29.4%
- YTD 2026
- -22.84%
- Δ YoY
- —
FCF growth (YoY)
109.17%
—
109.17%
—
- H1 2025
- —
- YTD 2026
- 109.17%
- Δ YoY
- —
Gross margin Δ (YoY)
-0.28 pp
—
-0.28 pp
—
- H1 2025
- -410000 pp
- YTD 2026
- -0.28 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-0.09 pp
—
-0.09 pp
—
- H1 2025
- -2250000 pp
- YTD 2026
- -0.09 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-0.1 pp
—
-0.1 pp
—
- H1 2025
- -1620000 pp
- YTD 2026
- -0.1 pp
- Δ YoY
- —
Net margin Δ (YoY)
-0.67 pp
—
-0.67 pp
—
- H1 2025
- -1290000 pp
- YTD 2026
- -0.67 pp
- Δ YoY
- —