LBW GPW mWIG40 Periodic report · PAP Biznes
Lubawa SA (LBW) · H1 2026 results and valuation
Share price: 10.04 zł · 2026-11-10
Lubawa SA produces technical fabrics, tents, helmets, bulletproof vests, and safety and occupational health equipment. The company supplies products to military and uniformed services, private enterprises, and individual customers. It operates in the Polish market in the fields of safety equipment and textile products. Sources: Half-year report (2026-09-30) · Wikipedia
Results H1 2026 vs H1 2025 · year over year · published 1 Jun 2026 and 29 May 2025
Net income down 27.5% year on year. The language turned more upbeat.
1 · Numbers
−27.5%
Net income vs H1 2025
Net income 41.4M vs 57.0M
Revenue −17.1%
Why Net income fell because the lower gross profit on sales was caused by a lower volume of deliveries realized in the first half of 2026.
2 · How the report reads
More upbeat
Language tone vs last period
Report language: typical for a company report — more upbeat than in H1 2025.
Weak signal: formal report language, not a call.
3 · What stood out
Lubawa S.A. joined a consortium that secured a contract with the Armament Agency for the "Maskowanie i pozoracja dla systemu Wisła II" valued at 586 million PLN net.
Valuation
Is Lubawa SA undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 20.0% growth a year (3-year revenue growth), the model's fair value is 37.29 zł a share — the stock trades 73% below it. Today's price assumes 1.1% growth a year.
Current price
10.04 zł
close of 2026-11-10
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+1.1% for 10 yrs
Fair value / share
37.29 zł
Buy below
27.97 zł
Price vs fair value
Undervalued 73%
Price vs buy-below price
Undervalued 64%
Read between the lines
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Figure
Lubawa SA signed an agreement with 2 Regionalna Baza Logistyczna on July 22, 2026, for the supply of a mine detection set under procedure no. W/22/2026.
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Figure
The guaranteed net value of the agreement is 25.41 million PLN, with an optional value of 25.41 million PLN, resulting in a maximum total net value of 50.82 million PLN.
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Figure
Gross sales results decreased because of lower delivery volumes realized in the first half of 2026.
Source quote
“The decline in gross margin on sales is caused by a lower volume of deliveries completed in H1 2026”
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Figure
Revenue in the first half of 2025 was record-breaking due to a shift in timing where a significant portion of deliveries were completed in that period.
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: H1 2026. Ring: H1 2025.
Typical for a company report — more upbeat than in H1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.
Sentences that drove the tone
“Net profit per unit amounted to PLN 2.6 million, representing an increase of”
“Higher results in the fabrics and specialized equipment segments had a key impact on improving the consolidated net profit, which more than offset the lower result in the advertising materials segment.”
Full figures
PLN · PAP Biznes report (2026-06-01), consolidated statement; H1 vs the same period a year earlier (restated); net income to parent shareholders
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Revenue | 258.8M | 312.0M | −17.1% |
| Gross profit | 90.0M | 109.9M | −18.1% |
| Operating income | 45.6M | 68.8M | −33.8% |
| Net income | 41.4M | 57.0M | −27.5% |
| P/E today 13.5 | 16.3 | 13.5 | +2.8 |
Topics
Topics are drawn from the full report text, not management commentary.
Most discussed now
- In Turku, she initiated negotiations for agreements with one of the national contractors from the PGZ Group.
- After the end of the interim period, no significant events occurred that were not reflected in the financial statements for the given…
- Condensed interim consolidated statement of financial position of the Lubawa S.A. Group
- It contains input data from the active market and is treated as a source of the most reliable data.
- Products and services characterized by continuous sales throughout the year include: PPE equipment, export processing services, and fabrics…
Faded since H1 2025
- Fading Classes of financial instruments in the statement of comprehensive income
- Fading During the period covered by the report, no sale of investment properties occurred within the Capital Group.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
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The subsidiary Miranda signed a contract for camouflage covers worth 7.3 million PLN gross, increasing the total value of signed contracts with the PGZ Group to 85.2 million PLN gross.
- Half-year report · ESPI periodic · routine
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