CDL CDRL Giełda Papierów Wartościowych w Warszawie · Half-year · publ. August 21, 2026

H1 2026 report

Grupa wróciła do rentowności w H1 2026 dzięki wyraźnej poprawie marży handlowej (55,1%→59,3%), a nie wzrostowi wolumenu sprzedaży (+6,1%).

Sentiment

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Website

CDL H1 2026 report

Revenue

120.76 m PLN

— YoY

Net income

-1.92 m PLN

— YoY

EBITDA

1.86 m PLN

— YoY

Gross margin

55.1%

— YoY

Summary

Investment thesis

Poprawa wyniku ma pokrycie w gotówce — OCF +6.446 tys. zł wobec -3.748 tys. zł rok wcześniej, FCF dodatni po raz pierwszy od dawna.
Zadłużenie finansowe spada (-26% r/r), ale na dzień bilansowy Spółka nie spełniła kowenantu bankowego dot. rotacji zapasów wobec Erste Bank Polska.
Ekspansja zagraniczna (Rumunia, Czechy, Słowacja, marketplace'y) wciąż generuje stratę operacyjną, choć się kurczy.
Pierwsza od kilku lat zapowiedź dywidendy (0,75 zł/akcję, uchwała po dniu bilansowym) sygnalizuje odbudowę zaufania Zarządu do trwałości poprawy.

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Financials

BETA

H1 2026

CDL · H1 2026

Metric	H1 2026	H1 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	120.76	—	—	120.76	—	reported	—	1.00
EBITDA	1.86	—	—	1.86	—	reported	—	1.00
EBIT	-3.78	—	—	-3.78	—	reported	—	1.00
EBT	-2.03	—	—	-2.03	—	reported	—	1.00
Net income	-1.92	—	—	-1.92	—	reported	—	1.00
EPS (basic) (PLN)	-0.32	—	—	-0.32	—	reported	—	1.00
EPS (diluted) (PLN)	0.29	—	—	0.29	—	reported	—	1.00
D&A	5.65	—	—	5.65	—	reported	—	1.00
Interest expense	1.19	—	—	1.19	—	reported	—	0.90
Income tax	-0.11	—	—	-0.11	—	reported	—	1.00
Shares (basic) (m units)	6.01	—	—	—	—	reported	—	1.00
Shares (diluted) (m units)	6.01	—	—	—	—	reported	—	1.00

Gross margin	55.1%	—	—	55.1%	—	reported	—	0.90
EBITDA margin	1.5%	—	—	1.5%	—	reported	—	1.00
EBIT margin	-3.13%	—	—	-3.13%	—	reported	—	0.90
Net margin	-1.59%	—	—	-1.59%	—	reported	—	0.90

Cash	3.14	—	—	—	—	reported	—	1.00
Total debt	37.15	—	—	—	—	derived	—	0.90
Net debt	34.02	—	—	—	—	reported	—	0.90
Equity	92.99	—	—	—	—	reported	—	1.00
Total assets	188.18	—	—	—	—	reported	—	1.00
Working capital	34.45	—	—	—	—	reported	—	1.00
Current assets	123.95	—	—	—	—	reported	—	1.00
Current liabilities	89.5	—	—	—	—	reported	—	1.00
Non-current liabilities	4.64	—	—	—	—	reported	—	1.00
Inventory	96.74	—	—	—	—	reported	—	1.00
Trade receivables	12.87	—	—	—	—	reported	—	0.80
Trade payables	49.21	—	—	—	—	reported	—	0.80
Goodwill	6.42	—	—	—	—	reported	—	1.00

CFO	-3.75	—	—	-3.75	—	reported	—	1.00
CapEx	3.27	—	—	3.27	—	reported	—	1.00
FCF	-7.02	—	—	-7.02	—	derived	—	0.90
FCF conversion	47%	—	—	47%	—	reported	—	0.80
CFO conversion	59.7%	—	—	59.7%	—	reported	—	0.80

Current ratio	1.38x	—	—	—	—	reported	—	0.90
Quick ratio	0.26x	—	—	—	—	reported	—	0.90
Cash ratio	0.05x	—	—	—	—	reported	—	0.90
Interest coverage	-3.17x	—	—	-3.17x	—	reported	—	0.80

Debt / equity	0.4x	—	—	—	—	reported	—	0.90
Debt / assets	0.15x	—	—	—	—	reported	—	0.90
Net debt / equity	0.37x	—	—	—	—	reported	—	0.90

Revenue growth (YoY)	6.1%	—	—	6.1%	—	reported	—	1.00
EBITDA growth (YoY)	479.2%	—	—	479.2%	—	reported	—	0.90
EBIT growth (YoY)	272.6%	—	—	272.6%	—	reported	—	0.90
Net income growth (YoY)	189.4%	—	—	189.4%	—	reported	—	0.90
EPS growth (YoY)	190.6%	—	—	190.6%	—	reported	—	0.90
Gross margin Δ (YoY)	4.2 pp	—	—	4.2 pp	—	reported	—	0.90
EBITDA margin Δ (YoY)	6.9 pp	—	—	6.9 pp	—	reported	—	1.00
EBIT margin Δ (YoY)	8.22 pp	—	—	8.22 pp	—	reported	—	0.90
Net margin Δ (YoY)	2.93 pp	—	—	2.93 pp	—	reported	—	0.90

H1 2026 · Δ YoY

Revenue

120.76 —

H1 2025: —
YTD 2026: 120.76
Δ YoY: —

EBITDA

1.86 —

H1 2025: —
YTD 2026: 1.86
Δ YoY: —

EBIT

-3.78 —

H1 2025: —
YTD 2026: -3.78
Δ YoY: —

EBT

-2.03 —

H1 2025: —
YTD 2026: -2.03
Δ YoY: —

Net income

-1.92 —

H1 2025: —
YTD 2026: -1.92
Δ YoY: —

EPS (basic) (PLN)

-0.32 —

H1 2025: —
YTD 2026: -0.32
Δ YoY: —

EPS (diluted) (PLN)

0.29 —

H1 2025: —
YTD 2026: 0.29
Δ YoY: —

D&A

5.65 —

H1 2025: —
YTD 2026: 5.65
Δ YoY: —

Interest expense

1.19 —

H1 2025: —
YTD 2026: 1.19
Δ YoY: —

Income tax

-0.11 —

H1 2025: —
YTD 2026: -0.11
Δ YoY: —

Shares (basic) (m units)

6.01 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Shares (diluted) (m units)

6.01 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Gross margin

55.1% —

H1 2025: —
YTD 2026: 55.1%
Δ YoY: —

EBITDA margin

1.5% —

H1 2025: —
YTD 2026: 1.5%
Δ YoY: —

EBIT margin

-3.13% —

H1 2025: —
YTD 2026: -3.13%
Δ YoY: —

Net margin

-1.59% —

H1 2025: —
YTD 2026: -1.59%
Δ YoY: —

Cash

3.14 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

37.15 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

34.02 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

92.99 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total assets

188.18 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Working capital

34.45 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

123.95 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

89.5 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

4.64 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

96.74 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

12.87 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

49.21 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

6.42 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-3.75 —

H1 2025: —
YTD 2026: -3.75
Δ YoY: —

CapEx

3.27 —

H1 2025: —
YTD 2026: 3.27
Δ YoY: —

FCF

-7.02 —

H1 2025: —
YTD 2026: -7.02
Δ YoY: —

FCF conversion

47% —

H1 2025: —
YTD 2026: 47%
Δ YoY: —

CFO conversion

59.7% —

H1 2025: —
YTD 2026: 59.7%
Δ YoY: —

Current ratio

1.38x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

0.26x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.05x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

-3.17x —

H1 2025: —
YTD 2026: -3.17x
Δ YoY: —

Debt / equity

0.4x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.15x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.37x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

6.1% —

H1 2025: —
YTD 2026: 6.1%
Δ YoY: —

EBITDA growth (YoY)

479.2% —

H1 2025: —
YTD 2026: 479.2%
Δ YoY: —

EBIT growth (YoY)

272.6% —

H1 2025: —
YTD 2026: 272.6%
Δ YoY: —

Net income growth (YoY)

189.4% —

H1 2025: —
YTD 2026: 189.4%
Δ YoY: —

EPS growth (YoY)

190.6% —

H1 2025: —
YTD 2026: 190.6%
Δ YoY: —

Gross margin Δ (YoY)

4.2 pp —

H1 2025: —
YTD 2026: 4.2 pp
Δ YoY: —

EBITDA margin Δ (YoY)

6.9 pp —

H1 2025: —
YTD 2026: 6.9 pp
Δ YoY: —

EBIT margin Δ (YoY)

8.22 pp —

H1 2025: —
YTD 2026: 8.22 pp
Δ YoY: —

Net margin Δ (YoY)

2.93 pp —

H1 2025: —
YTD 2026: 2.93 pp
Δ YoY: —