BPN Black Point NewConnect · quarterly · publ. August 14, 2026

Q2 2026 report

Malejące przychody (-15,4% r/r w II kw.), ale wyraźna poprawa rentowności dzięki dyscyplinie kosztowej.

Sentiment

Neutral No guidance change

Website

BPN Q2 2026 report

Revenue

4,084,397 PLN

— YoY

Net income

-21,940 PLN

— YoY

EBITDA

90,705 PLN

— YoY

Gross margin

47.53%

— YoY

Summary

Investment thesis

Segment DRUK stabilny mimo kurczącego się rynku; segment ERGO (KENOKO) słabszy niż zakładano, w trakcie repozycjonowania marki na III kw. 2026.
Spółka niemal całkowicie zredukowała zadłużenie oprocentowane r/r i poprawiła płynność (current ratio 2,72x vs 1,91x).
Znacząca poprawa OCF/FCF narastająco w dużej mierze wynika z jednorazowego uwolnienia kapitału obrotowego, nie z organicznej poprawy marż — sam II kwartał miał ujemny FCF.
List Zarządu zawiera nieścisłość względem bilansu w kwestii zadłużenia z kredytów i pożyczek, co obniża wiarygodność komunikacji.

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Financials

BETA

Q2 2026

BPN · Q2 2026

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

Revenue	4,084,397	—	—	8,839,039	—	reported	—	1.00
Gross profit	1,941,328	—	—	4,122,057	—	reported	—	1.00
EBITDA	90,705	—	—	-475,577	—	reported	—	1.00
EBIT	13,808	—	—	-626,234	—	reported	—	1.00
EBT	30,578	—	—	-690,281	—	reported	—	1.00
Net income	-21,940	—	—	-736,979	—	reported	—	1.00
Interest expense	7,300	—	—	23,021	—	reported	—	1.00
Income tax	5,268	—	—	14,435	—	reported	—	1.00

Gross margin	47.53%	—	—	46.64%	—	derived	—	0.95
EBITDA margin	2.22%	—	—	-5.38%	—	derived	—	0.90
EBIT margin	0.34%	—	—	-7.08%	—	derived	—	0.95
Net margin	-0.54%	—	—	-8.34%	—	derived	—	0.98

Cash	740,096	—	—	—	—	reported	—	1.00
Total debt	1,266,675	—	—	—	—	derived	—	0.85
Net debt	526,579	—	—	—	—	derived	—	0.85
Equity	8,659,999	—	—	—	—	reported	—	1.00
Total assets	13,773,853	—	—	—	—	reported	—	1.00
Working capital	3,935,622	—	—	—	—	derived	—	0.90
Current assets	8,250,343	—	—	—	—	reported	—	1.00
Current liabilities	4,314,720	—	—	—	—	reported	—	1.00
Inventory	3,950,644	—	—	—	—	reported	—	1.00
Trade receivables	2,940,155	—	—	—	—	reported	—	1.00
Goodwill	293,066	—	—	—	—	reported	—	0.90

CFO	60,734	—	—	782,881	—	reported	—	1.00
CapEx	0	—	—	24,821	—	reported	—	1.00
FCF	60,734	—	—	758,060	—	derived	—	0.90
FCF conversion	66.96%	—	—	320.63%	—	derived	—	0.85
CFO conversion	66.96%	—	—	334.8%	—	derived	—	0.85

ROE	-24.57%	—	—	—	—	reported	—	0.75
ROA	-15.45%	—	—	—	—	reported	—	0.75

Current ratio	1.91x	—	—	—	—	derived	—	0.95
Quick ratio	1x	—	—	—	—	derived	—	0.80
Cash ratio	0.17x	—	—	—	—	derived	—	0.80

Debt / equity	0.15x	—	—	—	—	derived	—	0.80
Debt / assets	0.09x	—	—	—	—	derived	—	0.80
Net debt / equity	0.06x	—	—	—	—	derived	—	0.80

Revenue growth (YoY)	-15.41%	—	—	-11.8%	—	derived	—	0.98
EBITDA growth (YoY)	33.42%	—	—	138.24%	—	derived	—	0.90
EBIT growth (YoY)	263.94%	—	—	105.75%	—	derived	—	0.85
Net income growth (YoY)	203.55%	—	—	99.28%	—	derived	—	0.80
Gross margin Δ (YoY)	5.89 pp	—	—	—	—	derived	—	0.90
EBITDA margin Δ (YoY)	1.28 pp	—	—	—	—	derived	—	0.90
EBIT margin Δ (YoY)	1.12 pp	—	—	—	—	derived	—	0.90
Net margin Δ (YoY)	1.2 pp	—	—	—	—	derived	—	0.90

Q2 2026 · Δ YoY

Revenue

4,084,397 —

Q2 2025: —
YTD 2026: 8,839,039
Δ YoY: —

Gross profit

1,941,328 —

Q2 2025: —
YTD 2026: 4,122,057
Δ YoY: —

EBITDA

90,705 —

Q2 2025: —
YTD 2026: -475,577
Δ YoY: —

EBIT

13,808 —

Q2 2025: —
YTD 2026: -626,234
Δ YoY: —

EBT

30,578 —

Q2 2025: —
YTD 2026: -690,281
Δ YoY: —

Net income

-21,940 —

Q2 2025: —
YTD 2026: -736,979
Δ YoY: —

Interest expense

7,300 —

Q2 2025: —
YTD 2026: 23,021
Δ YoY: —

Income tax

5,268 —

Q2 2025: —
YTD 2026: 14,435
Δ YoY: —

Gross margin

47.53% —

Q2 2025: —
YTD 2026: 46.64%
Δ YoY: —

EBITDA margin

2.22% —

Q2 2025: —
YTD 2026: -5.38%
Δ YoY: —

EBIT margin

0.34% —

Q2 2025: —
YTD 2026: -7.08%
Δ YoY: —

Net margin

-0.54% —

Q2 2025: —
YTD 2026: -8.34%
Δ YoY: —

Cash

740,096 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total debt

1,266,675 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt

526,579 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Equity

8,659,999 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total assets

13,773,853 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Working capital

3,935,622 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current assets

8,250,343 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

4,314,720 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Inventory

3,950,644 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

2,940,155 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

293,066 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

CFO

60,734 —

Q2 2025: —
YTD 2026: 782,881
Δ YoY: —

CapEx

0 —

Q2 2025: —
YTD 2026: 24,821
Δ YoY: —

FCF

60,734 —

Q2 2025: —
YTD 2026: 758,060
Δ YoY: —

FCF conversion

66.96% —

Q2 2025: —
YTD 2026: 320.63%
Δ YoY: —

CFO conversion

66.96% —

Q2 2025: —
YTD 2026: 334.8%
Δ YoY: —

ROE

-24.57% —

Q2 2025: —
YTD 2026: —
Δ YoY: —

ROA

-15.45% —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current ratio

1.91x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

1x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.17x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

0.15x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.09x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.06x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-15.41% —

Q2 2025: —
YTD 2026: -11.8%
Δ YoY: —

EBITDA growth (YoY)

33.42% —

Q2 2025: —
YTD 2026: 138.24%
Δ YoY: —

EBIT growth (YoY)

263.94% —

Q2 2025: —
YTD 2026: 105.75%
Δ YoY: —

Net income growth (YoY)

203.55% —

Q2 2025: —
YTD 2026: 99.28%
Δ YoY: —

Gross margin Δ (YoY)

5.89 pp —

Q2 2025: —
YTD 2026: —
Δ YoY: —

EBITDA margin Δ (YoY)

1.28 pp —

Q2 2025: —
YTD 2026: —
Δ YoY: —

EBIT margin Δ (YoY)

1.12 pp —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net margin Δ (YoY)

1.2 pp —

Q2 2025: —
YTD 2026: —
Δ YoY: —