H1 2026 report
Grupa jest pionowo zintegrowanym holdingiem mięsnym z dominującą pozycją w segmencie przetwórstwa i dystrybucji wieprzowiny (99% przychodów zewnętrznych), kontrolowanym w 91% przez CEDROB S.A.
Sentiment
●●●●●●
GOB
H1 2026 report
Revenue
1,897,834 k PLN
— YoY
Net income
-22,673 k PLN
— YoY
EBITDA
32,807 k PLN
— YoY
Gross margin
9.16%
— YoY
Summary
Investment thesis
- I półrocze 2026 przyniosło stratę netto -22,7 mln zł wobec zysku +13,9 mln zł rok wcześniej — mechanizm jest sektorowy (spadek cen żywca wieprzowego o 18-29% r/r w Europie), nie strukturalny.
- Segment Trzoda Chlewna przeszedł z zysku operacyjnego +21,0 mln zł do straty -11,3 mln zł, odpowiadając niemal w całości za spadek wyniku Grupy; segment przetwórczy Mięso i Wędliny pozostał rentowny.
- Przepływy operacyjne poprawiły się r/r (+25,3 mln zł vs +10,8 mln zł) mimo straty netto, co potwierdza, że jakość wyniku nie jest zagrożona odpływem gotówki, choć FCF wciąż ujemny (-6,8 mln zł).
- Rosnąca zależność płynnościowa od większościowego akcjonariusza CEDROB S.A. (pożyczka wewnątrzgrupowa 64,2 mln zł w okresie, rosnące zobowiązania handlowe wobec Grupy Cedrob) — realne wsparcie, ale i koncentracja ryzyka na jednym podmiocie.
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Financials
BETA
GOB · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 931,887 | — | — | 1,897,834 | — | reported | — | 1.00 |
|
Revenue
Zboża
|
3,263 | — | — | 3,263 | — | reported | Zboża | 1.00 |
|
Revenue
Trzoda chlewna
|
19,005 | — | — | 19,005 | — | reported | Trzoda chlewna | 1.00 |
|
Revenue
Mięso i wędliny
|
1,875,566 | — | — | 1,875,566 | — | reported | Mięso i wędliny | 1.00 |
| Gross profit | 88,239 | — | — | 173,807 | — | reported | — | 1.00 |
| EBITDA | 21,259 | — | — | 32,807 | — | reported | — | 1.00 |
|
EBIT
Zboża
|
396 | — | — | 396 | — | reported | Zboża | 1.00 |
|
EBIT
Trzoda chlewna
|
-11,345 | — | — | -11,345 | — | reported | Trzoda chlewna | 1.00 |
|
EBIT
Mięso i wędliny
|
6,026 | — | — | 6,026 | — | reported | Mięso i wędliny | 1.00 |
| EBIT | 1,632 | — | — | -4,923 | — | reported | — | 1.00 |
| EBT | -5,507 | — | — | -19,743 | — | reported | — | 1.00 |
| Net income | -7,950 | — | — | -22,673 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.29 | — | — | -0.82 | — | reported | — | 1.00 |
| D&A | 37,263 | — | — | 37,263 | — | reported | — | 1.00 |
| Interest expense | 14,388 | — | — | 14,388 | — | reported | — | 0.90 |
| Income tax | 2,930 | — | — | 2,930 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 27.8 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 9.47% | — | — | 9.16% | — | derived | — | 0.90 |
| EBITDA margin | 2.28% | — | — | 1.73% | — | derived | — | 0.90 |
| EBIT margin | 0.18% | — | — | -0.26% | — | derived | — | 0.90 |
| EBT margin | -1.04% | — | — | -1.04% | — | derived | — | 0.90 |
| Net margin | -0.85% | — | — | -1.19% | — | derived | — | 0.90 |
| D&A margin | 1.96% | — | — | 1.96% | — | derived | — | 0.90 |
| Cash | 39,773 | — | — | 39,773 | — | reported | — | 1.00 |
| Total debt | 332,737 | — | — | 332,737 | — | reported | — | 1.00 |
| Net debt | 292,964 | — | — | 292,964 | — | derived | — | 0.95 |
| Equity | 518,951 | — | — | 518,951 | — | reported | — | 1.00 |
| Total assets | 1,469,843 | — | — | 1,469,843 | — | reported | — | 1.00 |
| Working capital | -75,889 | — | — | -75,889 | — | derived | — | 0.95 |
| Current assets | 578,717 | — | — | 578,717 | — | reported | — | 1.00 |
| Current liabilities | 654,606 | — | — | 654,606 | — | reported | — | 1.00 |
| Non-current liabilities | 296,286 | — | — | 296,286 | — | reported | — | 1.00 |
| Inventory | 82,735 | — | — | 82,735 | — | reported | — | 1.00 |
| Trade receivables | 317,751 | — | — | 317,751 | — | reported | — | 1.00 |
| Trade payables | 402,226 | — | — | 402,226 | — | reported | — | 1.00 |
| Goodwill | 128,533 | — | — | 128,533 | — | derived | — | 0.90 |
| Tangible equity | 390,418 | — | — | 390,418 | — | derived | — | 0.85 |
| CFO | 25,326 | — | — | 25,326 | — | reported | — | 1.00 |
| CapEx | 32,092 | — | — | 32,092 | — | reported | — | 1.00 |
| FCF | -6,766 | — | — | -6,766 | — | derived | — | 0.95 |
| FCF conversion | -20.62% | — | — | -20.62% | — | derived | — | 0.85 |
| CFO conversion | 77.2% | — | — | 77.2% | — | derived | — | 0.85 |
| ROE | -13.12% | — | — | — | — | derived | — | 0.60 |
| ROA | -4.92% | — | — | — | — | derived | — | 0.60 |
| Current ratio | 0.88x | — | — | 0.88x | — | derived | — | 0.90 |
| Quick ratio | 0.76x | — | — | 0.76x | — | derived | — | 0.90 |
| Cash ratio | 0.06x | — | — | 0.06x | — | derived | — | 0.90 |
| Interest coverage | -0.34x | — | — | -0.34x | — | derived | — | 0.85 |
| Debt / equity | 0.64x | — | — | 0.64x | — | derived | — | 0.90 |
| Debt / assets | 0.23x | — | — | 0.23x | — | derived | — | 0.90 |
| Net debt / equity | 0.56x | — | — | 0.56x | — | derived | — | 0.90 |
| Revenue growth (YoY) | -5.72% | — | — | 0.03% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -48.82% | — | — | -46.41% | — | derived | — | 0.90 |
| EBIT growth (YoY) | -93.88% | — | — | -116.33% | — | derived | — | 0.90 |
| Net income growth (YoY) | -144.82% | — | — | -262.69% | — | derived | — | 0.90 |
| EPS growth (YoY) | -145.31% | — | — | -264% | — | derived | — | 0.90 |
| FCF growth (YoY) | 88.24% | — | — | 88.24% | — | derived | — | 0.85 |
| Gross margin Δ (YoY) | -1.15 pp | — | — | -0.56 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -1.5 pp | — | — | -1.5 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | -1.85 pp | — | — | -1.85 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -1.93 pp | — | — | -1.93 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
931,887
—
931,887
—
- H1 2025
- —
- YTD 2026
- 1,897,834
- Δ YoY
- —
Revenue
Zboża
3,263
—
Zboża
3,263
—
- H1 2025
- —
- YTD 2026
- 3,263
- Δ YoY
- —
Revenue
Trzoda chlewna
19,005
—
Trzoda chlewna
19,005
—
- H1 2025
- —
- YTD 2026
- 19,005
- Δ YoY
- —
Revenue
Mięso i wędliny
1,875,566
—
Mięso i wędliny
1,875,566
—
- H1 2025
- —
- YTD 2026
- 1,875,566
- Δ YoY
- —
Gross profit
88,239
—
88,239
—
- H1 2025
- —
- YTD 2026
- 173,807
- Δ YoY
- —
EBITDA
21,259
—
21,259
—
- H1 2025
- —
- YTD 2026
- 32,807
- Δ YoY
- —
EBIT
Zboża
396
—
Zboża
396
—
- H1 2025
- —
- YTD 2026
- 396
- Δ YoY
- —
EBIT
Trzoda chlewna
-11,345
—
Trzoda chlewna
-11,345
—
- H1 2025
- —
- YTD 2026
- -11,345
- Δ YoY
- —
EBIT
Mięso i wędliny
6,026
—
Mięso i wędliny
6,026
—
- H1 2025
- —
- YTD 2026
- 6,026
- Δ YoY
- —
EBIT
1,632
—
1,632
—
- H1 2025
- —
- YTD 2026
- -4,923
- Δ YoY
- —
EBT
-5,507
—
-5,507
—
- H1 2025
- —
- YTD 2026
- -19,743
- Δ YoY
- —
Net income
-7,950
—
-7,950
—
- H1 2025
- —
- YTD 2026
- -22,673
- Δ YoY
- —
EPS (basic)
(PLN)
-0.29
—
-0.29
—
- H1 2025
- —
- YTD 2026
- -0.82
- Δ YoY
- —
D&A
37,263
—
37,263
—
- H1 2025
- —
- YTD 2026
- 37,263
- Δ YoY
- —
Interest expense
14,388
—
14,388
—
- H1 2025
- —
- YTD 2026
- 14,388
- Δ YoY
- —
Income tax
2,930
—
2,930
—
- H1 2025
- —
- YTD 2026
- 2,930
- Δ YoY
- —
Shares (basic)
(m units)
27.8
—
27.8
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
9.47%
—
9.47%
—
- H1 2025
- —
- YTD 2026
- 9.16%
- Δ YoY
- —
EBITDA margin
2.28%
—
2.28%
—
- H1 2025
- —
- YTD 2026
- 1.73%
- Δ YoY
- —
EBIT margin
0.18%
—
0.18%
—
- H1 2025
- —
- YTD 2026
- -0.26%
- Δ YoY
- —
EBT margin
-1.04%
—
-1.04%
—
- H1 2025
- —
- YTD 2026
- -1.04%
- Δ YoY
- —
Net margin
-0.85%
—
-0.85%
—
- H1 2025
- —
- YTD 2026
- -1.19%
- Δ YoY
- —
D&A margin
1.96%
—
1.96%
—
- H1 2025
- —
- YTD 2026
- 1.96%
- Δ YoY
- —
Cash
39,773
—
39,773
—
- H1 2025
- —
- YTD 2026
- 39,773
- Δ YoY
- —
Total debt
332,737
—
332,737
—
- H1 2025
- —
- YTD 2026
- 332,737
- Δ YoY
- —
Net debt
292,964
—
292,964
—
- H1 2025
- —
- YTD 2026
- 292,964
- Δ YoY
- —
Equity
518,951
—
518,951
—
- H1 2025
- —
- YTD 2026
- 518,951
- Δ YoY
- —
Total assets
1,469,843
—
1,469,843
—
- H1 2025
- —
- YTD 2026
- 1,469,843
- Δ YoY
- —
Working capital
-75,889
—
-75,889
—
- H1 2025
- —
- YTD 2026
- -75,889
- Δ YoY
- —
Current assets
578,717
—
578,717
—
- H1 2025
- —
- YTD 2026
- 578,717
- Δ YoY
- —
Current liabilities
654,606
—
654,606
—
- H1 2025
- —
- YTD 2026
- 654,606
- Δ YoY
- —
Non-current liabilities
296,286
—
296,286
—
- H1 2025
- —
- YTD 2026
- 296,286
- Δ YoY
- —
Inventory
82,735
—
82,735
—
- H1 2025
- —
- YTD 2026
- 82,735
- Δ YoY
- —
Trade receivables
317,751
—
317,751
—
- H1 2025
- —
- YTD 2026
- 317,751
- Δ YoY
- —
Trade payables
402,226
—
402,226
—
- H1 2025
- —
- YTD 2026
- 402,226
- Δ YoY
- —
Goodwill
128,533
—
128,533
—
- H1 2025
- —
- YTD 2026
- 128,533
- Δ YoY
- —
Tangible equity
390,418
—
390,418
—
- H1 2025
- —
- YTD 2026
- 390,418
- Δ YoY
- —
CFO
25,326
—
25,326
—
- H1 2025
- —
- YTD 2026
- 25,326
- Δ YoY
- —
CapEx
32,092
—
32,092
—
- H1 2025
- —
- YTD 2026
- 32,092
- Δ YoY
- —
FCF
-6,766
—
-6,766
—
- H1 2025
- —
- YTD 2026
- -6,766
- Δ YoY
- —
FCF conversion
-20.62%
—
-20.62%
—
- H1 2025
- —
- YTD 2026
- -20.62%
- Δ YoY
- —
CFO conversion
77.2%
—
77.2%
—
- H1 2025
- —
- YTD 2026
- 77.2%
- Δ YoY
- —
ROE
-13.12%
—
-13.12%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROA
-4.92%
—
-4.92%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current ratio
0.88x
—
0.88x
—
- H1 2025
- —
- YTD 2026
- 0.88x
- Δ YoY
- —
Quick ratio
0.76x
—
0.76x
—
- H1 2025
- —
- YTD 2026
- 0.76x
- Δ YoY
- —
Cash ratio
0.06x
—
0.06x
—
- H1 2025
- —
- YTD 2026
- 0.06x
- Δ YoY
- —
Interest coverage
-0.34x
—
-0.34x
—
- H1 2025
- —
- YTD 2026
- -0.34x
- Δ YoY
- —
Debt / equity
0.64x
—
0.64x
—
- H1 2025
- —
- YTD 2026
- 0.64x
- Δ YoY
- —
Debt / assets
0.23x
—
0.23x
—
- H1 2025
- —
- YTD 2026
- 0.23x
- Δ YoY
- —
Net debt / equity
0.56x
—
0.56x
—
- H1 2025
- —
- YTD 2026
- 0.56x
- Δ YoY
- —
Revenue growth (YoY)
-5.72%
—
-5.72%
—
- H1 2025
- —
- YTD 2026
- 0.03%
- Δ YoY
- —
EBITDA growth (YoY)
-48.82%
—
-48.82%
—
- H1 2025
- —
- YTD 2026
- -46.41%
- Δ YoY
- —
EBIT growth (YoY)
-93.88%
—
-93.88%
—
- H1 2025
- —
- YTD 2026
- -116.33%
- Δ YoY
- —
Net income growth (YoY)
-144.82%
—
-144.82%
—
- H1 2025
- —
- YTD 2026
- -262.69%
- Δ YoY
- —
EPS growth (YoY)
-145.31%
—
-145.31%
—
- H1 2025
- —
- YTD 2026
- -264%
- Δ YoY
- —
FCF growth (YoY)
88.24%
—
88.24%
—
- H1 2025
- —
- YTD 2026
- 88.24%
- Δ YoY
- —
Gross margin Δ (YoY)
-1.15 pp
—
-1.15 pp
—
- H1 2025
- —
- YTD 2026
- -0.56 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-1.5 pp
—
-1.5 pp
—
- H1 2025
- —
- YTD 2026
- -1.5 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-1.85 pp
—
-1.85 pp
—
- H1 2025
- —
- YTD 2026
- -1.85 pp
- Δ YoY
- —
Net margin Δ (YoY)
-1.93 pp
—
-1.93 pp
—
- H1 2025
- —
- YTD 2026
- -1.93 pp
- Δ YoY
- —