ECK Eurosnack NewConnect · quarterly · publ. August 14, 2026

Q2 2026 report

Stabilny, jednocyfrowy wzrost przychodów (+7,0% narastająco po H1 2026) w niszy słonych przekąsek i pieczywa cukierniczego na NewConnect.

Sentiment

Neutral No guidance change

Website

ECK Q2 2026 report

Revenue

43.35 m PLN

— YoY

Net income

3.6 m PLN

— YoY

EBITDA

6.02 m PLN

— YoY

FCF

2.34 m PLN

— YoY

Summary

Investment thesis

Marża pod presją w samym II kwartale — koszty operacyjne rosły szybciej niż sprzedaż, EBIT i zysk netto kwartału spadły r/r.
Zdecydowana poprawa jakości gotówkowej wyniku — OCF narastająco niemal się podwoił, głównie dzięki lżejszemu zapotrzebowaniu na kapitał obrotowy.
Bilans wzmocniony wzrostem gotówki (~7,7x r/r) i spadkiem długu netto, mimo wzrostu zadłużenia brutto.
Raport bardzo skrócony (brak not) — struktura części zadłużenia i governance wymagają dalszej weryfikacji poza tym dokumentem.

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Financials

BETA

Q2 2026

ECK · Q2 2026

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

Revenue	43.35	—	—	82.52	—	reported	—	1.00
EBITDA	6.02	—	—	11.01	—	derived	—	0.90
EBIT	4.71	—	—	8.41	—	reported	—	1.00
EBT	4.4	—	—	6.98	—	reported	—	1.00
Net income	3.6	—	—	5.49	—	reported	—	1.00
D&A	1.32	—	—	2.6	—	reported	—	1.00
Interest expense	0.47	—	—	1	—	reported	—	1.00
Income tax	0.93	—	—	1.49	—	reported	—	1.00

EBITDA margin	13.9%	—	—	13.34%	—	derived	—	0.70
EBIT margin	10.86%	—	—	10.19%	—	derived	—	0.70
Net margin	8.3%	—	—	6.66%	—	derived	—	0.70

Cash	0.94	—	—	—	—	reported	—	1.00
Total debt	20.79	—	—	—	—	derived	—	0.90
Net debt	19.86	—	—	—	—	derived	—	0.90
Equity	32.22	—	—	—	—	reported	—	1.00
Total assets	81.01	—	—	—	—	reported	—	1.00
Current assets	31.12	—	—	—	—	reported	—	1.00
Current liabilities	33.17	—	—	—	—	reported	—	1.00
Non-current liabilities	11.07	—	—	—	—	reported	—	1.00
Inventory	13.05	—	—	—	—	reported	—	1.00
Trade receivables	10.41	—	—	—	—	reported	—	1.00
Trade payables	13.21	—	—	—	—	reported	—	1.00
Goodwill	0.5	—	—	—	—	reported	—	1.00
Tangible equity	31.72	—	—	—	—	derived	—	0.90

CFO	3.55	—	—	5.53	—	reported	—	1.00
CapEx	1.21	—	—	3.83	—	reported	—	1.00
FCF	2.34	—	—	1.7	—	derived	—	0.90
FCF conversion	38.87%	—	—	15.41%	—	derived	—	0.70
CFO conversion	58.98%	—	—	50.21%	—	derived	—	0.70

Current ratio	0.94x	—	—	—	—	derived	—	0.90
Quick ratio	0.54x	—	—	—	—	derived	—	0.90
Cash ratio	0.03x	—	—	—	—	derived	—	0.90
Interest coverage	11.42x	—	—	10.36x	—	derived	—	0.70

Debt / equity	0.65x	—	—	—	—	derived	—	0.90
Debt / assets	0.26x	—	—	—	—	derived	—	0.90
Net debt / equity	0.62x	—	—	—	—	derived	—	0.90

Revenue growth (YoY)	4.23%	—	—	7.03%	—	derived	—	0.90
EBITDA growth (YoY)	2.01%	—	—	4.27%	—	derived	—	0.70
EBIT growth (YoY)	-4.12%	—	—	-2.32%	—	derived	—	0.70
Net income growth (YoY)	-10.09%	—	—	1.02%	—	derived	—	0.70
EBITDA margin Δ (YoY)	-0.3 pp	—	—	-0.35 pp	—	derived	—	0.70
EBIT margin Δ (YoY)	-0.87 pp	—	—	-0.89 pp	—	derived	—	0.70
Net margin Δ (YoY)	-1.14 pp	—	—	-0.38 pp	—	derived	—	0.70

Q2 2026 · Δ YoY

Revenue

43.35 —

Q2 2025: —
YTD 2026: 82.52
Δ YoY: —

EBITDA

6.02 —

Q2 2025: —
YTD 2026: 11.01
Δ YoY: —

EBIT

4.71 —

Q2 2025: —
YTD 2026: 8.41
Δ YoY: —

EBT

4.4 —

Q2 2025: —
YTD 2026: 6.98
Δ YoY: —

Net income

3.6 —

Q2 2025: —
YTD 2026: 5.49
Δ YoY: —

D&A

1.32 —

Q2 2025: —
YTD 2026: 2.6
Δ YoY: —

Interest expense

0.47 —

Q2 2025: —
YTD 2026: 1
Δ YoY: —

Income tax

0.93 —

Q2 2025: —
YTD 2026: 1.49
Δ YoY: —

EBITDA margin

13.9% —

Q2 2025: —
YTD 2026: 13.34%
Δ YoY: —

EBIT margin

10.86% —

Q2 2025: —
YTD 2026: 10.19%
Δ YoY: —

Net margin

8.3% —

Q2 2025: —
YTD 2026: 6.66%
Δ YoY: —

Cash

0.94 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total debt

20.79 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt

19.86 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Equity

32.22 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total assets

81.01 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current assets

31.12 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

33.17 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

11.07 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Inventory

13.05 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

10.41 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

13.21 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

0.5 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity

31.72 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

CFO

3.55 —

Q2 2025: —
YTD 2026: 5.53
Δ YoY: —

CapEx

1.21 —

Q2 2025: —
YTD 2026: 3.83
Δ YoY: —

FCF

2.34 —

Q2 2025: —
YTD 2026: 1.7
Δ YoY: —

FCF conversion

38.87% —

Q2 2025: —
YTD 2026: 15.41%
Δ YoY: —

CFO conversion

58.98% —

Q2 2025: —
YTD 2026: 50.21%
Δ YoY: —

Current ratio

0.94x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

0.54x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.03x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

11.42x —

Q2 2025: —
YTD 2026: 10.36x
Δ YoY: —

Debt / equity

0.65x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.26x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.62x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

4.23% —

Q2 2025: —
YTD 2026: 7.03%
Δ YoY: —

EBITDA growth (YoY)

2.01% —

Q2 2025: —
YTD 2026: 4.27%
Δ YoY: —

EBIT growth (YoY)

-4.12% —

Q2 2025: —
YTD 2026: -2.32%
Δ YoY: —

Net income growth (YoY)

-10.09% —

Q2 2025: —
YTD 2026: 1.02%
Δ YoY: —

EBITDA margin Δ (YoY)

-0.3 pp —

Q2 2025: —
YTD 2026: -0.35 pp
Δ YoY: —

EBIT margin Δ (YoY)

-0.87 pp —

Q2 2025: —
YTD 2026: -0.89 pp
Δ YoY: —

Net margin Δ (YoY)

-1.14 pp —

Q2 2025: —
YTD 2026: -0.38 pp
Δ YoY: —