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VOX GPW mWIG40 Periodic report · PAP Biznes

Voxel SA (VOX) · Q2 2026 results and valuation

Share price: 151.00 zł · 2026-11-10

Voxel SA operates in the medical services market, providing diagnostic imaging services in radiology and nuclear medicine. The company operates a network of diagnostic centers and offers products and services related to medical technology. It operates on the Polish market. Source: Half-year report (2026-09-03)

Results Q2 2026 vs Q2 2025 · year over year · published 3 Sep 2026 and 28 Aug 2025

Net income up 48.7% year on year. The language turned more cautious.

Only a basic analysis is available for this company at the moment.

1 · Numbers

+48.7%

Net income vs Q2 2025

Outlook given

Net income 32.5M vs 21.9M

Revenue +45.1%

2 · How the report reads

More cautious

Language tone vs last period

Report language: typical for a company report — more cautious than in Q2 2025.

Weak signal: formal report language, not a call.

3 · What stood out

Voxel SA recorded a 1% year-over-year increase in the volume of key tests in 1H26 compared to 1H25.

Valuation

Is Voxel 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 17.4% growth a year (3-year revenue growth), the model's fair value is 72.12 zł a share — the stock trades 109% above it. Today's price assumes 27.3% growth a year.

Current price

151.00 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.

+27.3% for 10 yrs

Fair value / share

72.12 zł

Buy below

54.09 zł

Price vs fair value

Overvalued 109%

Price vs buy-below price

Overvalued 179%

Official channels

The company's own website and social media accounts.

Read between the lines

No major shifts flagged this 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: Q2 2026. Ring: Q2 2025.

Report language Typical (was upbeat)

Typical for a company report — more cautious than in Q2 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone
“There is a risk of losing key nurses and doctors due to chance events or others, which could have a significant, negative impact on the Capital Group's activities, especially in the medium and long term.”
“Despite the introduction of these changes and thanks to the large number of tests performed in 1Q26, the Group recorded a slight increase in the volumes of key tests in 1H26 compared to both 1H25 (an increase of 1% y/y),...”
“The potential dissemination of false and negative information could exert a temporary, but adverse impact on the negotiating position, and thereby negatively affect the financial situation.”

Full figures

PLN · PAP Biznes report (2026-09-03)

Metric Q2 2026 Q2 2025 Change
Revenue 184.8M 127.3M +45.1%
Gross profit 53.1M 37.5M +41.4%
Operating income 85.7M 62.4M +37.3%
Net income 32.5M 21.9M +48.7%
EPS 3.10 2.08 +49.0%
P/E today 16.2 14.4 18.3 −3.9

Topics

Topics are drawn from the full report text, not management commentary.

Most discussed now

  • In 1H26, the company reported revenues of 8.5 million PLN, representing an increase of almost
  • Rising I hyperactivity of the pads, − organic growth – new locations for providing services in the field of diagnostic imaging and nuclear…
  • Fading For the first half of 2026, it also allows for a significant reduction in the transport time of radiopharmaceuticals to recipients…
  • The chart below indicates the share of sales to external customers of individual segments in the Group's revenues for the first half of…
  • The Capital Group recorded an increase in gross profit from sales in 1H26 by 24.3 million PLN, i.e., by 31% y/y, and in 2Q26 by 15.5…

Faded since Q2 2025

  • Fading In the first half of 2025, there was a visible increase in revenue from key research, which amounted to 11% y/y (including in 2Q25)
  • Fading Higher revenues were primarily driven by large sales of medical equipment amounting to PLN 40.5 million (including PLN 10.8 million in…
  • Fading The dominant entity recorded higher revenue from the sale of radiopharmaceuticals – in H1

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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