mBank downgrades Amica stock to Neutral after profit recovery

Published on 10/19/2026 at 01:43 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half revenue fell to PLN 1,111.5 million, while EBITDA rose 7.00 percent year over year. The next results date for Amica stock is November 20, 2026.

Profit recovery meets analyst caution

On September 21, 2026, mBank moved its Amica recommendation from Overweight to Neutral.
First-half 2026 revenue was PLN 1,111.5 million, down 3.3 percent year over year.
The next third-quarter report is scheduled for November 20, 2026.

Amica, PLAMICA00010, Illustration mit AI erstellt.

Amica (PLAMICA00010) returned to profit in the first half of 2026, but mBank downgraded its recommendation from Overweight to Neutral on September 21, 2026, according to Fintel. The rating change followed first-half net income of PLN 7.0 million after a PLN 1.2 million loss in the comparable period, as reported in the company report dated September 18, 2026.

Why did mBank cut its rating?

The downgrade shows that improving profitability did not remove the pressure on sales. Amica's first-half revenue from contracts with customers fell to PLN 1,111.5 million from PLN 1,149.2 million, a decline of 3.3 percent year over year, while the group's EBITDA rose to PLN 53.2 million from PLN 49.9 million, according to Amica.

What changed in first half?

The operating result increased to PLN 23.3 million from PLN 19.2 million, while the gross margin on sales reached 28.2 percent from 27.0 percent. The mix was uneven: Western markets generated more than half of sales and rose 2.00 percent year over year, while sales in Spain increased 64.00 percent, according to Parkiet.

Three dated turning points

In September 2025, Amica's strategy set a target EBITDA margin of 5.00 percent for 2027, according to Parkiet. On September 18, 2026, the first-half report showed PLN 7.0 million of net income and PLN 53.2 million of EBITDA. On September 21, 2026, mBank changed its rating from Overweight to Neutral, as Fintel reported.

When are results due?

Amica's next substantiated reporting date is November 20, 2026, when the company is scheduled to publish its third-quarter 2026 report, according to MB-IG. That date gives investors a defined checkpoint for testing whether margin gains can continue while sales remain under pressure.

What does the balance sheet change mean?

Amica reduced net debt by 71.00 percent to below PLN 55.0 million by the end of June 2026, while operating cash flow improved by PLN 80.0 million year over year. The company also had 7.67 million shares outstanding as of September 18, 2026, according to Eulerpool.

Warsaw listing and key facts

Amica is listed on the Warsaw Stock Exchange under ticker AMC and operates in household durables. The first-half figures point to a clear split: profitability and cash generation improved, but the revenue decline and the rating downgrade keep execution in view.