Enter Air (ENT) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 increased by 17.8% year-over-year to 1,478,142 thousand PLN, driven by expanded operations and higher flight activity, but the period ended with a net loss of 130,312 thousand PLN compared to a net profit of 187,781 thousand PLN in H1 2025.

• The loss was primarily due to a significant rise in operating costs, especially fuel, impacted by geopolitical tensions in Eastern Europe and the Middle East, partially offset by fuel surcharges and higher sales.

• Cash flow from operations remained strong at 265,459 thousand PLN, and the group maintained positive net cash flow of 40,465 thousand PLN for the period.

• The group acquired 85% of Nekera Sp. z o.o., expanding into the tourism sector, and established Romanian Carriage S.R.L. to strengthen its presence in Central and Eastern Europe.

Financial highlights

• Revenue: 1,478,142 thousand PLN (up from 1,255,012 thousand PLN year-over-year).

• Gross profit: 43,499 thousand PLN (down from 99,795 thousand PLN year-over-year).

• Operating profit: 17,034 thousand PLN (down from 59,204 thousand PLN year-over-year).

• Net loss: 130,312 thousand PLN (vs. net profit of 187,781 thousand PLN year-over-year).

• Basic and diluted EPS: -7.44 PLN (down from 10.70 PLN year-over-year).

• Cash and equivalents at period end: 288,912 thousand PLN.

• Equity: 324,495 thousand PLN (down from 499,676 thousand PLN at year-end 2025).

Outlook and guidance

• Management does not foresee significant factors that could impact results in the next half-year.

• The group continues to monitor geopolitical risks and fuel price volatility, with ongoing efforts to optimize costs and adapt to market conditions.