DCR Decora Giełda Papierów Wartościowych w Warszawie · Half-year · publ. August 27, 2026

H1 2026 report

Lider rynku podłóg SPC i akcesoriów wykończeniowych w Polsce, z rosnącym udziałem eksportu (63% przychodów w walutach obcych) i ekspansją na 5 kontynentach

Sentiment

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Website

DCR H1 2026 report

Revenue

358.99 m PLN

— YoY

Net income

39.39 m PLN

— YoY

EBITDA

67.33 m PLN

— YoY

Gross margin

41.59%

— YoY

Summary

Investment thesis

Nowy segment Ściana (panele ścienne SPC pod marką MODEE) rośnie o 36,4% r/r i osiąga wyższą marżę brutto niż dojrzały segment Podłoga - realna dywersyfikacja modelu wzrostu
Bardzo bezpieczny bilans: dług netto/EBITDA (TTM) na poziomie ok. 0,18x, kapitał własny finansuje 60,5% aktywów
Trwający program inwestycyjny w rozbudowę mocy produkcyjnych SPC (dwa kredyty inwestycyjne łącznie ok. 32 mln EUR podpisane po dniu bilansowym) - potencjalny motor wzrostu przychodów w kolejnych latach, ale też ryzyko wykonania
Kara UOKiK w wysokości 28,3 mln zł za zmowę cenową (w pełni zarezerwowana, przedmiot odwołania do sądu) to istotne ryzyko prawne i reputacyjne ciążące nad spółką

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Financials

BETA

H1 2026

DCR · H1 2026

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

Revenue	358,992	—	—	358,992	—	reported	—	1.00
Gross profit	149,285	—	—	149,285	—	reported	—	1.00
EBITDA	67,332	—	—	67,332	—	reported	—	1.00
EBIT	51,474	—	—	51,474	—	reported	—	1.00
EBT	51,002	—	—	51,002	—	reported	—	1.00
Net income	39,385	—	—	39,385	—	reported	—	1.00
EPS (basic) (PLN)	3.73	—	—	3.73	—	reported	—	1.00
EPS (diluted) (PLN)	3.73	—	—	3.73	—	reported	—	1.00
D&A	15,857	—	—	15,857	—	reported	—	1.00
Interest expense	1,173	—	—	1,173	—	reported	—	1.00
Income tax	11,617	—	—	11,617	—	reported	—	1.00
Shares (basic) (m units)	10.55	—	—	—	—	reported	—	0.90
Shares (diluted) (m units)	10.55	—	—	—	—	reported	—	0.70

Gross margin	41.59%	—	—	41.59%	—	reported	—	0.90
EBITDA margin	18.76%	—	—	18.76%	—	reported	—	0.90
EBIT margin	14.34%	—	—	14.34%	—	reported	—	0.90
EBT margin	14.21%	—	—	14.21%	—	reported	—	0.90
Net margin	10.97%	—	—	10.97%	—	reported	—	0.90
D&A margin	4.42%	—	—	4.42%	—	reported	—	0.90

Cash	38,872	—	—	—	—	reported	—	1.00
Total debt	62,663	—	—	—	—	derived	—	0.90
Net debt	23,791	—	—	—	—	reported	—	0.90
Equity	374,090	—	—	—	—	reported	—	1.00
Total assets	618,462	—	—	—	—	reported	—	1.00
Working capital	167,787	—	—	—	—	reported	—	0.90
Current assets	334,246	—	—	—	—	reported	—	1.00
Current liabilities	166,459	—	—	—	—	reported	—	1.00
Non-current liabilities	77,913	—	—	—	—	reported	—	1.00
Inventory	158,101	—	—	—	—	reported	—	1.00
Trade receivables	121,745	—	—	—	—	reported	—	1.00
Trade payables	87,215	—	—	—	—	reported	—	1.00
Goodwill	34,853	—	—	—	—	derived	—	0.90
Tangible equity	339,237	—	—	—	—	reported	—	0.80

CFO	36,737	—	—	36,737	—	reported	—	1.00
CapEx	22,317	—	—	22,317	—	reported	—	1.00
FCF	14,420	—	—	14,420	—	reported	—	0.90
FCF conversion	21.42%	—	—	21.42%	—	reported	—	0.85
CFO conversion	54.56%	—	—	54.56%	—	reported	—	0.90
Dividends paid	0	—	—	0	—	reported	—	1.00

ROE	22.25%	—	—	—	—	reported	—	0.70
ROA	14.14%	—	—	—	—	reported	—	0.70
ROIC	20.47%	—	—	—	—	reported	—	0.65
ROCE	22.78%	—	—	—	—	reported	—	0.70

Current ratio	2.01x	—	—	—	—	reported	—	0.95
Quick ratio	1.06x	—	—	—	—	reported	—	0.95
Cash ratio	0.23x	—	—	—	—	reported	—	0.95
Interest coverage	43.89x	—	—	43.89x	—	reported	—	0.85

Net debt / EBITDA	0.18x	—	—	—	—	reported	—	0.80
Debt / equity	0.17x	—	—	—	—	reported	—	0.85
Debt / assets	0.1x	—	—	—	—	reported	—	0.85
Net debt / equity	0.06x	—	—	—	—	reported	—	0.85

Revenue growth (YoY)	10.28%	—	—	10.28%	—	reported	—	0.95
EBITDA growth (YoY)	9.02%	—	—	9.02%	—	reported	—	0.95
EBIT growth (YoY)	4.7%	—	—	4.7%	—	reported	—	0.95
Net income growth (YoY)	1.75%	—	—	1.75%	—	reported	—	0.95
EPS growth (YoY)	1.63%	—	—	1.63%	—	reported	—	0.90
FCF growth (YoY)	-63.08%	—	—	-63.08%	—	reported	—	0.85
Gross margin Δ (YoY)	0.8 pp	—	—	0.8 pp	—	reported	—	0.90
EBITDA margin Δ (YoY)	-0.22 pp	—	—	-0.22 pp	—	reported	—	0.90
EBIT margin Δ (YoY)	-0.76 pp	—	—	-0.76 pp	—	reported	—	0.90
Net margin Δ (YoY)	-0.92 pp	—	—	-0.92 pp	—	reported	—	0.90

H1 2026 · Δ YoY

Revenue

358,992 —

H1 2025: —
YTD 2026: 358,992
Δ YoY: —

Gross profit

149,285 —

H1 2025: —
YTD 2026: 149,285
Δ YoY: —

EBITDA

67,332 —

H1 2025: —
YTD 2026: 67,332
Δ YoY: —

EBIT

51,474 —

H1 2025: —
YTD 2026: 51,474
Δ YoY: —

EBT

51,002 —

H1 2025: —
YTD 2026: 51,002
Δ YoY: —

Net income

39,385 —

H1 2025: —
YTD 2026: 39,385
Δ YoY: —

EPS (basic) (PLN)

3.73 —

H1 2025: —
YTD 2026: 3.73
Δ YoY: —

EPS (diluted) (PLN)

3.73 —

H1 2025: —
YTD 2026: 3.73
Δ YoY: —

D&A

15,857 —

H1 2025: —
YTD 2026: 15,857
Δ YoY: —

Interest expense

1,173 —

H1 2025: —
YTD 2026: 1,173
Δ YoY: —

Income tax

11,617 —

H1 2025: —
YTD 2026: 11,617
Δ YoY: —

Shares (basic) (m units)

10.55 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Shares (diluted) (m units)

10.55 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Gross margin

41.59% —

H1 2025: —
YTD 2026: 41.59%
Δ YoY: —

EBITDA margin

18.76% —

H1 2025: —
YTD 2026: 18.76%
Δ YoY: —

EBIT margin

14.34% —

H1 2025: —
YTD 2026: 14.34%
Δ YoY: —

EBT margin

14.21% —

H1 2025: —
YTD 2026: 14.21%
Δ YoY: —

Net margin

10.97% —

H1 2025: —
YTD 2026: 10.97%
Δ YoY: —

D&A margin

4.42% —

H1 2025: —
YTD 2026: 4.42%
Δ YoY: —

Cash

38,872 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

62,663 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

23,791 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

374,090 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total assets

618,462 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Working capital

167,787 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

334,246 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

166,459 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

77,913 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

158,101 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

121,745 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

87,215 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

34,853 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity

339,237 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

36,737 —

H1 2025: —
YTD 2026: 36,737
Δ YoY: —

CapEx

22,317 —

H1 2025: —
YTD 2026: 22,317
Δ YoY: —

FCF

14,420 —

H1 2025: —
YTD 2026: 14,420
Δ YoY: —

FCF conversion

21.42% —

H1 2025: —
YTD 2026: 21.42%
Δ YoY: —

CFO conversion

54.56% —

H1 2025: —
YTD 2026: 54.56%
Δ YoY: —

Dividends paid

0 —

H1 2025: —
YTD 2026: 0
Δ YoY: —

ROE

22.25% —

H1 2025: —
YTD 2026: —
Δ YoY: —

ROA

14.14% —

H1 2025: —
YTD 2026: —
Δ YoY: —

ROIC

20.47% —

H1 2025: —
YTD 2026: —
Δ YoY: —

ROCE

22.78% —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current ratio

2.01x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

1.06x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.23x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

43.89x —

H1 2025: —
YTD 2026: 43.89x
Δ YoY: —

Net debt / EBITDA

0.18x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

0.17x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.1x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.06x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

10.28% —

H1 2025: —
YTD 2026: 10.28%
Δ YoY: —

EBITDA growth (YoY)

9.02% —

H1 2025: —
YTD 2026: 9.02%
Δ YoY: —

EBIT growth (YoY)

4.7% —

H1 2025: —
YTD 2026: 4.7%
Δ YoY: —

Net income growth (YoY)

1.75% —

H1 2025: —
YTD 2026: 1.75%
Δ YoY: —

EPS growth (YoY)

1.63% —

H1 2025: —
YTD 2026: 1.63%
Δ YoY: —

FCF growth (YoY)

-63.08% —

H1 2025: —
YTD 2026: -63.08%
Δ YoY: —

Gross margin Δ (YoY)

0.8 pp —

H1 2025: —
YTD 2026: 0.8 pp
Δ YoY: —

EBITDA margin Δ (YoY)

-0.22 pp —

H1 2025: —
YTD 2026: -0.22 pp
Δ YoY: —

EBIT margin Δ (YoY)

-0.76 pp —

H1 2025: —
YTD 2026: -0.76 pp
Δ YoY: —

Net margin Δ (YoY)

-0.92 pp —

H1 2025: —
YTD 2026: -0.92 pp
Δ YoY: —