BLT Balticon NewConnect · quarterly · publ. August 14, 2026

Q2 2026 report

Grupa Balticon (naprawy, serwis i wynajem kontenerow, transport oraz agencja celna) odnotowala szeroko zakrojony wzrost przychodow o 32% r/r w II kw. 2026 r., z niemal identyczna dynamika we wszystkich trzech glownych filarach biznesu (Transport +31%, Depot+Terminal +33%, Eco Containers +32%) - to sygnal zdrowego, zdywersyfikowanego wzrostu, nie jednorazowego skoku w jednym segmencie.

Sentiment

Positive No guidance change

Website

BLT Q2 2026 report

Revenue

98,789,604 PLN

— YoY

Net income

603,660 PLN

— YoY

EBITDA

3,902,759 PLN

— YoY

Summary

Investment thesis

Mimo silnego wzrostu przychodow rentownosc EBITDA skonsolidowanej Grupy obnizyla sie r/r (3,95% wobec 4,08% w II kw., 5,86% wobec 6,60% narastajaco) - koszty operacyjne (uslugi obce, wynagrodzenia, wartosc sprzedanych towarow) rosna w tempie zblizonym lub szybszym niz przychody.
Zysk netto grupy wzrosl do 603,7 tys. zl w II kw. 2026 z zaledwie 85,3 tys. zl rok wczesniej - spektakularny wzrost procentowy wynika w duzej mierze z bardzo niskiej bazy porownawczej (II kw. 2025 byl kwartalem blisko progu rentownosci), nie z jednorazowej poprawy o podobnej skali co do wartosci bezwzglednej.
Grupa aktywnie finansuje rozbudowe floty kontenerow i sprzetu przeladunkowego dlugiem (6,7 mln zl nowych kredytow i pozyczek narastajaco) oraz leasingiem, w tym leasingiem zwrotnym (sale-and-leaseback) kontenerow i ukladarek - model kapitalochlonny, typowy dla branzy, ale wart monitorowania pod katem lewarowania.
Operacyjne przeplywy pieniezne byly dodatnie narastajaco (1,4 mln zl), ale w duzej mierze dzieki jednorazowo duzemu wzrostowi zobowiazan krotkoterminowych (+17,8 mln zl), ktory sfinansowal rosnace zapasy i naleznosci - jakosc tego wyniku gotowkowego warto zweryfikowac w kolejnych kwartalach.

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Financials

BETA

Q2 2026

BLT · Q2 2026

Metric	Q2 2026	Q2 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	98,789,604	—	—	185,060,504	—	reported	—	1.00
EBITDA	3,902,759	—	—	10,845,407	—	derived	—	1.00
EBIT	1,292,240	—	—	5,645,437	—	reported	—	1.00
EBT	817,145	—	—	3,915,703	—	reported	—	1.00
Net income	603,660	—	—	2,962,076	—	reported	—	1.00
EPS (basic)	0.19	—	—	0.95	—	derived	—	0.80
D&A	2,610,519	—	—	5,199,970	—	reported	—	1.00
Interest expense	667,422	—	—	1,298,941	—	reported	—	1.00
Income tax	325,333	—	—	892,252	—	reported	—	1.00
Shares (basic) (m units)	3.11	—	—	—	—	reported	—	1.00

EBITDA margin	3.95%	—	—	5.86%	—	derived	—	1.00
EBIT margin	1.31%	—	—	3.05%	—	derived	—	1.00
Net margin	0.61%	—	—	1.6%	—	derived	—	1.00

Cash	2,169,130	—	—	—	—	reported	—	1.00
Equity	72,035,112	—	—	—	—	reported	—	1.00
Total assets	200,042,404	—	—	—	—	reported	—	1.00
Working capital	20,635,352	—	—	—	—	derived	—	1.00
Current assets	100,987,868	—	—	—	—	reported	—	1.00
Current liabilities	80,352,516	—	—	—	—	reported	—	1.00
Non-current liabilities	32,060,567	—	—	—	—	reported	—	1.00
Inventory	46,093,723	—	—	—	—	reported	—	1.00
Trade receivables	49,532,304	—	—	—	—	reported	—	1.00
Goodwill	4,371,108	—	—	—	—	reported	—	1.00

CFO	—	—	—	1,398,816	—	reported	—	1.00
CapEx	—	—	—	1,867,247	—	reported	—	1.00
FCF	—	—	—	-468,431	—	derived	—	1.00
Dividends paid	—	—	—	12,000	—	reported	—	0.70

Current ratio	1.26x	—	—	—	—	derived	—	1.00
Quick ratio	0.68x	—	—	—	—	derived	—	1.00
Cash ratio	0.03x	—	—	—	—	derived	—	1.00

Revenue growth (YoY)	32.28%	—	—	24.67%	—	derived	—	1.00
EBITDA growth (YoY)	28.12%	—	—	10.76%	—	derived	—	1.00
EBIT growth (YoY)	131.41%	—	—	14.07%	—	derived	—	1.00
Net income growth (YoY)	608.03%	—	—	24.36%	—	derived	—	1.00
EBITDA margin Δ (YoY)	-0.13 pp	—	—	-0.74 pp	—	derived	—	1.00
EBIT margin Δ (YoY)	0.56 pp	—	—	-0.28 pp	—	derived	—	0.90
Net margin Δ (YoY)	0.5 pp	—	—	0 pp	—	derived	—	0.90

Q2 2026 · Δ YoY

Revenue

98,789,604 —

Q2 2025: —
YTD 2026: 185,060,504
Δ YoY: —

EBITDA

3,902,759 —

Q2 2025: —
YTD 2026: 10,845,407
Δ YoY: —

EBIT

1,292,240 —

Q2 2025: —
YTD 2026: 5,645,437
Δ YoY: —

EBT

817,145 —

Q2 2025: —
YTD 2026: 3,915,703
Δ YoY: —

Net income

603,660 —

Q2 2025: —
YTD 2026: 2,962,076
Δ YoY: —

EPS (basic)

0.19 —

Q2 2025: —
YTD 2026: 0.95
Δ YoY: —

D&A

2,610,519 —

Q2 2025: —
YTD 2026: 5,199,970
Δ YoY: —

Interest expense

667,422 —

Q2 2025: —
YTD 2026: 1,298,941
Δ YoY: —

Income tax

325,333 —

Q2 2025: —
YTD 2026: 892,252
Δ YoY: —

Shares (basic) (m units)

3.11 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

EBITDA margin

3.95% —

Q2 2025: —
YTD 2026: 5.86%
Δ YoY: —

EBIT margin

1.31% —

Q2 2025: —
YTD 2026: 3.05%
Δ YoY: —

Net margin

0.61% —

Q2 2025: —
YTD 2026: 1.6%
Δ YoY: —

Cash

2,169,130 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Equity

72,035,112 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total assets

200,042,404 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Working capital

20,635,352 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current assets

100,987,868 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

80,352,516 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

32,060,567 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Inventory

46,093,723 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

49,532,304 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

4,371,108 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

CFO

— —

Q2 2025: —
YTD 2026: 1,398,816
Δ YoY: —

CapEx

— —

Q2 2025: —
YTD 2026: 1,867,247
Δ YoY: —

FCF

— —

Q2 2025: —
YTD 2026: -468,431
Δ YoY: —

Dividends paid

— —

Q2 2025: —
YTD 2026: 12,000
Δ YoY: —

Current ratio

1.26x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

0.68x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.03x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

32.28% —

Q2 2025: —
YTD 2026: 24.67%
Δ YoY: —

EBITDA growth (YoY)

28.12% —

Q2 2025: —
YTD 2026: 10.76%
Δ YoY: —

EBIT growth (YoY)

131.41% —

Q2 2025: —
YTD 2026: 14.07%
Δ YoY: —

Net income growth (YoY)

608.03% —

Q2 2025: —
YTD 2026: 24.36%
Δ YoY: —

EBITDA margin Δ (YoY)

-0.13 pp —

Q2 2025: —
YTD 2026: -0.74 pp
Δ YoY: —

EBIT margin Δ (YoY)

0.56 pp —

Q2 2025: —
YTD 2026: -0.28 pp
Δ YoY: —

Net margin Δ (YoY)

0.5 pp —

Q2 2025: —
YTD 2026: 0 pp
Δ YoY: —