H1 2026 report
Rentowność operacyjna poprawiła się skokowo r/r — EBITDA +199,8% (27,5 mln zł → 82,4 mln zł), EBIT z ujemnego na +43,1 mln zł — dzięki zakończeniu wielkich inwestycji modernizacyjnych i lepszym spreadom cenowym na stali.
Sentiment
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COG
H1 2026 report
Revenue
1.24 bn PLN
— YoY
Net income
5.32 m PLN
— YoY
EBITDA
82.44 m PLN
— YoY
Gross margin
8.06%
— YoY
Summary
Investment thesis
- Mimo poprawy wyniku, Grupa łamie kowenanty finansowe niemal we wszystkich umowach kredytowych i obligacyjnych na 30.06.2026 — dług netto/LTM EBITDA sięga 37,6x wg własnych danych Zarządu, wielokrotnie powyżej umownych limitów rzędu 3,5-4,0x.
- Operacyjne przepływy pieniężne pozostają głęboko ujemne (-55,9 mln zł) mimo dodatniego zysku netto — kapitał obrotowy (zapasy +130 mln zł, należności +119 mln zł) pochłania gotówkę szybciej, niż generuje ją poprawiająca się rentowność.
- Struktura kapitałowa została wzmocniona w 2025 r. emisją akcji (300 mln zł) i pożyczką podporządkowaną od podmiotu kontrolującego (87 mln zł), ale poziom zadłużenia pozostaje bardzo wysoki, a naruszenia kowenantów są dotychczas akceptowane warunkowo przez wierzycieli.
- Transakcje z podmiotami powiązanymi (pożyczka od PS HoldCo, umowa budowy obiektu dla Prezesa Zarządu na zasadzie koszt+marża) oraz koncentracja akcjonariatu (55,9%+ w rękach jednego udziałowca) wymagają dodatkowej czujności w ocenie ładu korporacyjnego.
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Financials
BETA
COG · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 649.98 | 2,080.84 | −68.8% | 1,241.24 | −40.3% | reported | — | 1.00 |
| Gross profit | 62.66 | 46.19 | +35.7% | 100.04 | +116.6% | reported | — | 1.00 |
| EBITDA | 82.44 | -32.93 | +350.4% | 82.44 | +350.4% | reported | — | 1.00 |
| EBIT | 31.16 | -91.16 | +134.2% | 43.14 | +147.3% | reported | — | 1.00 |
| EBT | 10.33 | -151.32 | +106.8% | 8.24 | +105.4% | reported | — | 1.00 |
| Net income | 6.38 | -130.27 | +104.9% | 5.32 | +104.1% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.02 | — | — | 0.02 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.02 | — | — | 0.02 | — | reported | — | 1.00 |
| D&A | 39.3 | 58.23 | −32.5% | 39.3 | −32.5% | reported | — | 1.00 |
| Interest expense | 37.54 | — | — | 37.54 | — | reported | — | 1.00 |
| Income tax | 2.5 | — | — | 2.5 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 231.42 | — | — | 231.42 | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 251.42 | — | — | 251.42 | — | reported | — | 1.00 |
| Gross margin | 9.64% | 2220000% | −2219990.4 pp | 8.06% | −2219991.9 pp | derived | — | 0.95 |
| EBITDA margin | 6.64% | -1600000% | +1600006.6 pp | 6.64% | +1600006.6 pp | derived | — | 0.95 |
| EBIT margin | 4.79% | -4380000% | +4380004.8 pp | 3.48% | +4380003.5 pp | derived | — | 0.95 |
| EBT margin | 0.66% | — | — | 0.66% | — | derived | — | 0.95 |
| Net margin | 0.98% | -6300000% | +6300001 pp | 0.43% | +6300000.4 pp | derived | — | 0.95 |
| D&A margin | 3.17% | — | — | 3.17% | — | derived | — | 0.95 |
| Cash | 97.89 | — | — | — | — | reported | — | 1.00 |
| Total debt | 924.68 | — | — | — | — | derived | — | 0.95 |
| Net debt | 826.78 | 697.75 | +18.5% | — | — | derived | — | 1.00 |
| Equity | 1,410.31 | 1,403.72 | +0.5% | — | — | reported | — | 1.00 |
| Total assets | 2,954.95 | — | — | — | — | reported | — | 1.00 |
| Working capital | -258.61 | — | — | — | — | derived | — | 0.95 |
| Current assets | 1,069.65 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 1,328.26 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 216.39 | — | — | — | — | reported | — | 1.00 |
| Inventory | 604.88 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 362.61 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 589.02 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 16.63 | — | — | — | — | reported | — | 0.80 |
| Tangible equity | 1,393.67 | — | — | — | — | derived | — | 0.90 |
| CFO | -55.87 | — | — | -55.87 | — | reported | — | 1.00 |
| CapEx | 61.35 | — | — | 61.35 | — | reported | — | 1.00 |
| FCF | -117.22 | — | — | -117.22 | — | derived | — | 0.95 |
| FCF conversion | -142.16% | — | — | -142.16% | — | derived | — | 0.95 |
| CFO conversion | -67.77% | — | — | -67.77% | — | derived | — | 0.95 |
| Net acquisitions | 0.38 | — | — | 0.38 | — | reported | — | 1.00 |
| Current ratio | 0.81x | 0x | +0.81x | — | — | derived | — | 1.00 |
| Quick ratio | 0.35x | 0.48x | −0.13x | — | — | derived | — | 1.00 |
| Cash ratio | 0.07x | — | — | — | — | derived | — | 0.95 |
| Interest coverage | 1.15x | — | — | 1.15x | — | derived | — | 0.90 |
| Net debt / EBITDA | 37.55x | -21.2x | +58.75x | — | — | derived | — | 0.90 |
| Debt / equity | 0.66x | — | — | — | — | derived | — | 0.90 |
| Debt / assets | 0.31x | — | — | — | — | derived | — | 0.90 |
| Net debt / equity | 0.59x | — | — | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 9.26% | -9.27% | — | 9.05% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 199.84% | -233980000% | — | 199.84% | — | derived | — | 0.95 |
| EBIT growth (YoY) | 16198.9% | -250.68% | — | 16198.9% | — | derived | — | 0.50 |
| Net income growth (YoY) | 121.09% | -126530000% | — | 121.09% | — | derived | — | 0.90 |
| EPS growth (YoY) | 113.33% | — | — | 113.33% | — | derived | — | 0.80 |
| FCF growth (YoY) | -4.26% | — | — | -4.26% | — | derived | — | 0.85 |
| Gross margin Δ (YoY) | 2.87 pp | — | — | 2.87 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | 4.22 pp | — | — | 4.22 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 3.5 pp | — | — | 3.5 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 2.65 pp | — | — | 2.65 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
649.98
−68.8%
649.98
−68.8%
- H1 2025
- 2,080.84
- YTD 2026
- 1,241.24
- Δ YoY
- −40.3%
Gross profit
62.66
+35.7%
62.66
+35.7%
- H1 2025
- 46.19
- YTD 2026
- 100.04
- Δ YoY
- +116.6%
EBITDA
82.44
+350.4%
82.44
+350.4%
- H1 2025
- -32.93
- YTD 2026
- 82.44
- Δ YoY
- +350.4%
EBIT
31.16
+134.2%
31.16
+134.2%
- H1 2025
- -91.16
- YTD 2026
- 43.14
- Δ YoY
- +147.3%
EBT
10.33
+106.8%
10.33
+106.8%
- H1 2025
- -151.32
- YTD 2026
- 8.24
- Δ YoY
- +105.4%
Net income
6.38
+104.9%
6.38
+104.9%
- H1 2025
- -130.27
- YTD 2026
- 5.32
- Δ YoY
- +104.1%
EPS (basic)
(PLN)
0.02
—
0.02
—
- H1 2025
- —
- YTD 2026
- 0.02
- Δ YoY
- —
EPS (diluted)
(PLN)
0.02
—
0.02
—
- H1 2025
- —
- YTD 2026
- 0.02
- Δ YoY
- —
D&A
39.3
−32.5%
39.3
−32.5%
- H1 2025
- 58.23
- YTD 2026
- 39.3
- Δ YoY
- −32.5%
Interest expense
37.54
—
37.54
—
- H1 2025
- —
- YTD 2026
- 37.54
- Δ YoY
- —
Income tax
2.5
—
2.5
—
- H1 2025
- —
- YTD 2026
- 2.5
- Δ YoY
- —
Shares (basic)
(m units)
231.42
—
231.42
—
- H1 2025
- —
- YTD 2026
- 231.42
- Δ YoY
- —
Shares (diluted)
(m units)
251.42
—
251.42
—
- H1 2025
- —
- YTD 2026
- 251.42
- Δ YoY
- —
Gross margin
9.64%
−2219990.4 pp
9.64%
−2219990.4 pp
- H1 2025
- 2220000%
- YTD 2026
- 8.06%
- Δ YoY
- −2219991.9 pp
EBITDA margin
6.64%
+1600006.6 pp
6.64%
+1600006.6 pp
- H1 2025
- -1600000%
- YTD 2026
- 6.64%
- Δ YoY
- +1600006.6 pp
EBIT margin
4.79%
+4380004.8 pp
4.79%
+4380004.8 pp
- H1 2025
- -4380000%
- YTD 2026
- 3.48%
- Δ YoY
- +4380003.5 pp
EBT margin
0.66%
—
0.66%
—
- H1 2025
- —
- YTD 2026
- 0.66%
- Δ YoY
- —
Net margin
0.98%
+6300001 pp
0.98%
+6300001 pp
- H1 2025
- -6300000%
- YTD 2026
- 0.43%
- Δ YoY
- +6300000.4 pp
D&A margin
3.17%
—
3.17%
—
- H1 2025
- —
- YTD 2026
- 3.17%
- Δ YoY
- —
Cash
97.89
—
97.89
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
924.68
—
924.68
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
826.78
+18.5%
826.78
+18.5%
- H1 2025
- 697.75
- YTD 2026
- —
- Δ YoY
- —
Equity
1,410.31
+0.5%
1,410.31
+0.5%
- H1 2025
- 1,403.72
- YTD 2026
- —
- Δ YoY
- —
Total assets
2,954.95
—
2,954.95
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
-258.61
—
-258.61
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
1,069.65
—
1,069.65
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
1,328.26
—
1,328.26
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
216.39
—
216.39
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
604.88
—
604.88
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
362.61
—
362.61
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
589.02
—
589.02
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
16.63
—
16.63
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
1,393.67
—
1,393.67
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-55.87
—
-55.87
—
- H1 2025
- —
- YTD 2026
- -55.87
- Δ YoY
- —
CapEx
61.35
—
61.35
—
- H1 2025
- —
- YTD 2026
- 61.35
- Δ YoY
- —
FCF
-117.22
—
-117.22
—
- H1 2025
- —
- YTD 2026
- -117.22
- Δ YoY
- —
FCF conversion
-142.16%
—
-142.16%
—
- H1 2025
- —
- YTD 2026
- -142.16%
- Δ YoY
- —
CFO conversion
-67.77%
—
-67.77%
—
- H1 2025
- —
- YTD 2026
- -67.77%
- Δ YoY
- —
Net acquisitions
0.38
—
0.38
—
- H1 2025
- —
- YTD 2026
- 0.38
- Δ YoY
- —
Current ratio
0.81x
+0.81x
0.81x
+0.81x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.35x
−0.13x
0.35x
−0.13x
- H1 2025
- 0.48x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.07x
—
0.07x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
1.15x
—
1.15x
—
- H1 2025
- —
- YTD 2026
- 1.15x
- Δ YoY
- —
Net debt / EBITDA
37.55x
+58.75x
37.55x
+58.75x
- H1 2025
- -21.2x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.66x
—
0.66x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.31x
—
0.31x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.59x
—
0.59x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
9.26%
—
9.26%
—
- H1 2025
- -9.27%
- YTD 2026
- 9.05%
- Δ YoY
- —
EBITDA growth (YoY)
199.84%
—
199.84%
—
- H1 2025
- -233980000%
- YTD 2026
- 199.84%
- Δ YoY
- —
EBIT growth (YoY)
16198.9%
—
16198.9%
—
- H1 2025
- -250.68%
- YTD 2026
- 16198.9%
- Δ YoY
- —
Net income growth (YoY)
121.09%
—
121.09%
—
- H1 2025
- -126530000%
- YTD 2026
- 121.09%
- Δ YoY
- —
EPS growth (YoY)
113.33%
—
113.33%
—
- H1 2025
- —
- YTD 2026
- 113.33%
- Δ YoY
- —
FCF growth (YoY)
-4.26%
—
-4.26%
—
- H1 2025
- —
- YTD 2026
- -4.26%
- Δ YoY
- —
Gross margin Δ (YoY)
2.87 pp
—
2.87 pp
—
- H1 2025
- —
- YTD 2026
- 2.87 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
4.22 pp
—
4.22 pp
—
- H1 2025
- —
- YTD 2026
- 4.22 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
3.5 pp
—
3.5 pp
—
- H1 2025
- —
- YTD 2026
- 3.5 pp
- Δ YoY
- —
Net margin Δ (YoY)
2.65 pp
—
2.65 pp
—
- H1 2025
- —
- YTD 2026
- 2.65 pp
- Δ YoY
- —