ATA ATC Cargo NewConnect · quarterly · publ. August 14, 2026

Q2 2026 report

Spółka zwiększa wolumen kontenerowy (TEU) i przychody, ale marża oraz zysk netto wyraźnie się kurczą rok do roku.

Sentiment

Neutral No guidance change

Website

ATA Q2 2026 report

Revenue

94 m PLN

— YoY

Net income

2.82 m PLN

— YoY

EBITDA

3.46 m PLN

— YoY

Gross margin

17.63%

— YoY

Summary

Investment thesis

Rentowność obciążona kosztami konsolidacji powierzchni magazynowych w segmencie logistyki kontraktowej — to inwestycja w rozwój, nie jednorazowy wypadek przy pracy.
Przepływy operacyjne w II kwartale i narastająco są głęboko ujemne, głównie przez silny wzrost należności krótkoterminowych (+27,5 mln zł narastająco) — sygnał do obserwacji cyklu rozliczeń z klientami.
Bilans pozostaje bezpieczny: kapitał własny 67,3 mln zł przy sumie bilansowej 129,9 mln zł, płynność bieżąca ok. 1,9x, brak jawnie ujawnionego zadłużenia bankowego.
Mimo słabszego kwartału Spółka wypłaciła dywidendę z zysku za 2025 rok (0,34 zł/akcję, łącznie 2,25 mln zł) — polityka kapitałowa zarządu pozostaje niezmieniona.

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Financials

BETA

Q2 2026

ATA · Q2 2026

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

Revenue standalone	94	—	—	212.96	—	reported	standalone	1.00
Gross profit standalone	16.57	—	—	34.82	—	reported	standalone	1.00
EBITDA standalone	3.46	—	—	8.68	—	derived	standalone	0.85
EBIT standalone	2.94	—	—	7.68	—	reported	standalone	1.00
EBT standalone	3.32	—	—	7.8	—	reported	standalone	1.00
Net income standalone	2.82	—	—	6.35	—	reported	standalone	1.00
D&A standalone	0.53	—	—	1.01	—	reported	standalone	1.00
Interest expense standalone	0.08	—	—	0.17	—	reported	standalone	1.00
Income tax standalone	-0.06	—	—	0.19	—	reported	standalone	1.00

Gross margin standalone	17.63%	—	—	16.35%	—	derived	standalone	0.95
EBITDA margin standalone	3.68%	—	—	4.08%	—	derived	standalone	0.85
EBIT margin standalone	3.12%	—	—	3.61%	—	derived	standalone	0.95
Net margin standalone	3%	—	—	2.98%	—	derived	standalone	0.95

Cash standalone	32.32	—	—	—	—	reported	standalone	1.00
Equity standalone	67.84	—	—	—	—	reported	standalone	1.00
Total assets standalone	115.13	—	—	—	—	reported	standalone	1.00
Working capital standalone	50.41	—	—	—	—	derived	standalone	0.95
Current assets standalone	93.45	—	—	—	—	reported	standalone	1.00
Current liabilities standalone	43.04	—	—	—	—	reported	standalone	1.00
Non-current liabilities standalone	1.24	—	—	—	—	reported	standalone	1.00
Inventory standalone	5.11	—	—	—	—	reported	standalone	1.00
Trade receivables standalone	46.35	—	—	—	—	reported	standalone	1.00
Trade payables standalone	42.09	—	—	—	—	reported	standalone	0.70
Goodwill standalone	0	—	—	—	—	reported	standalone	1.00

CFO standalone	10.35	—	—	9.03	—	reported	standalone	1.00
CapEx standalone	0.37	—	—	0.42	—	reported	standalone	1.00
FCF standalone	9.98	—	—	8.61	—	derived	standalone	0.90
CFO conversion standalone	-924.9%	—	—	-767.68%	—	derived	standalone	0.60

ROE standalone	3.03%	—	—	—	—	derived	standalone	0.65
ROA standalone	1.67%	—	—	—	—	derived	standalone	0.65

Current ratio standalone	1.92x	—	—	—	—	derived	standalone	0.95
Quick ratio standalone	1.82x	—	—	—	—	derived	standalone	0.95
Cash ratio standalone	0.43x	—	—	—	—	derived	standalone	0.95
Interest coverage standalone	—	—	—	4.95x	—	derived	standalone	0.85

Revenue growth (YoY) standalone	12.09%	—	—	-3.17%	—	derived	standalone	0.95
EBITDA growth (YoY) standalone	-75.11%	—	—	-76.86%	—	derived	standalone	0.85
EBIT growth (YoY) standalone	-91.07%	—	—	-88.9%	—	derived	standalone	0.95
Net income growth (YoY) standalone	-75.24%	—	—	-72.88%	—	derived	standalone	0.95
FCF growth (YoY) standalone	-180.64%	—	—	-286.63%	—	derived	standalone	0.85
Gross margin Δ (YoY) standalone	-3.85 pp	—	—	-2.06 pp	—	derived	standalone	0.90
EBITDA margin Δ (YoY) standalone	-2.86 pp	—	—	-3.11 pp	—	derived	standalone	0.80
EBIT margin Δ (YoY) standalone	-2.87 pp	—	—	-3.2 pp	—	derived	standalone	0.90
Net margin Δ (YoY) standalone	-2.34 pp	—	—	-2.15 pp	—	derived	standalone	0.90

Q2 2026 · Δ YoY

Revenue

standalone

94 —

Q2 2025: —
YTD 2026: 212.96
Δ YoY: —

Gross profit

standalone

16.57 —

Q2 2025: —
YTD 2026: 34.82
Δ YoY: —

EBITDA

standalone

3.46 —

Q2 2025: —
YTD 2026: 8.68
Δ YoY: —

EBIT

standalone

2.94 —

Q2 2025: —
YTD 2026: 7.68
Δ YoY: —

EBT

standalone

3.32 —

Q2 2025: —
YTD 2026: 7.8
Δ YoY: —

Net income

standalone

2.82 —

Q2 2025: —
YTD 2026: 6.35
Δ YoY: —

D&A

standalone

0.53 —

Q2 2025: —
YTD 2026: 1.01
Δ YoY: —

Interest expense

standalone

0.08 —

Q2 2025: —
YTD 2026: 0.17
Δ YoY: —

Income tax

standalone

-0.06 —

Q2 2025: —
YTD 2026: 0.19
Δ YoY: —

Gross margin

standalone

17.63% —

Q2 2025: —
YTD 2026: 16.35%
Δ YoY: —

EBITDA margin

standalone

3.68% —

Q2 2025: —
YTD 2026: 4.08%
Δ YoY: —

EBIT margin

standalone

3.12% —

Q2 2025: —
YTD 2026: 3.61%
Δ YoY: —

Net margin

standalone

3% —

Q2 2025: —
YTD 2026: 2.98%
Δ YoY: —

Cash

standalone

32.32 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Equity

standalone

67.84 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total assets

standalone

115.13 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Working capital

standalone

50.41 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current assets

standalone

93.45 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

standalone

43.04 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

standalone

1.24 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Inventory

standalone

5.11 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

standalone

46.35 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

standalone

42.09 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

standalone

0 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

CFO

standalone

10.35 —

Q2 2025: —
YTD 2026: 9.03
Δ YoY: —

CapEx

standalone

0.37 —

Q2 2025: —
YTD 2026: 0.42
Δ YoY: —

FCF

standalone

9.98 —

Q2 2025: —
YTD 2026: 8.61
Δ YoY: —

CFO conversion

standalone

-924.9% —

Q2 2025: —
YTD 2026: -767.68%
Δ YoY: —

ROE

standalone

3.03% —

Q2 2025: —
YTD 2026: —
Δ YoY: —

ROA

standalone

1.67% —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current ratio

standalone

1.92x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

standalone

1.82x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

standalone

0.43x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

standalone

— —

Q2 2025: —
YTD 2026: 4.95x
Δ YoY: —

Revenue growth (YoY)

standalone

12.09% —

Q2 2025: —
YTD 2026: -3.17%
Δ YoY: —

EBITDA growth (YoY)

standalone

-75.11% —

Q2 2025: —
YTD 2026: -76.86%
Δ YoY: —

EBIT growth (YoY)

standalone

-91.07% —

Q2 2025: —
YTD 2026: -88.9%
Δ YoY: —

Net income growth (YoY)

standalone

-75.24% —

Q2 2025: —
YTD 2026: -72.88%
Δ YoY: —

FCF growth (YoY)

standalone

-180.64% —

Q2 2025: —
YTD 2026: -286.63%
Δ YoY: —

Gross margin Δ (YoY)

standalone

-3.85 pp —

Q2 2025: —
YTD 2026: -2.06 pp
Δ YoY: —

EBITDA margin Δ (YoY)

standalone

-2.86 pp —

Q2 2025: —
YTD 2026: -3.11 pp
Δ YoY: —

EBIT margin Δ (YoY)

standalone

-2.87 pp —

Q2 2025: —
YTD 2026: -3.2 pp
Δ YoY: —

Net margin Δ (YoY)

standalone

-2.34 pp —

Q2 2025: —
YTD 2026: -2.15 pp
Δ YoY: —