KOR KORBANK NewConnect · quarterly · publ. August 14, 2026

Q2 2026 report

KORBANK to regionalny (Dolny Śląsk, Radom, Szczecin) operator telekomunikacyjny i data center, który w II kwartale 2026 r. kontynuował silny wzrost: przychody Grupy +9,1% r/r, EBITDA +44,6% r/r, zysk netto +102,4% r/r.

Sentiment

Positive No guidance change

Website

KOR Q2 2026 report

Revenue

11,412,692 PLN

— YoY

Net income

1,531,279 PLN

— YoY

EBITDA

2,760,554 PLN

— YoY

FCF

-512,025 PLN

— YoY

Summary

Investment thesis

Wzrost jest napędzany głównie przez spółki zależne - AVIOS/Polska Telewizja Szerokopasmowa (dystrybucja TV, zysk netto x6 r/r) oraz Korbank-Media Cyfrowe (usługi B2C, zysk netto +87% r/r) - podczas gdy jednostka dominująca na poziomie jednostkowym odnotowała w II kwartale stratę netto (-30 tys. zł wobec +257 tys. zł rok wcześniej).
Bilans pozostaje bezpieczny: wskaźnik płynności bieżącej 2,84x, dług netto/kapitał własny 0,20x, kapitał własny wzrósł r/r o 25,3% dzięki zatrzymanym zyskom.
Efektywna stopa podatkowa Grupy w I półroczu wynosi ok. 8%, wyraźnie poniżej stawki 19% CIT, bez wyjaśnienia w raporcie - wymaga dopytania.
Struktura akcjonariatu jest silnie skoncentrowana (Tymoteusz Biłyk kontroluje 88,71% głosów), a ten sam akcjonariusz jest współwłaścicielem spółki zależnej Cyfroner - warto obserwować transakcje wewnątrzgrupowe.

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Financials

BETA

Q2 2026

KOR · Q2 2026

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

Revenue	11,412,692	—	—	22,581,992	—	reported	—	1.00
EBITDA	2,760,554	—	—	6,465,442	—	reported	—	1.00
EBIT	1,849,717	—	—	4,854,044	—	reported	—	1.00
EBT	1,722,016	—	—	4,618,102	—	reported	—	1.00
Net income	1,531,279	—	—	4,249,548	—	reported	—	1.00
D&A	910,837	—	—	1,611,398	—	reported	—	1.00
Interest expense	229,539	—	—	463,984	—	reported	—	1.00
Income tax	190,737	—	—	368,554	—	reported	—	1.00

EBITDA margin	24.19%	—	—	28.63%	—	derived	—	0.95
EBIT margin	16.21%	—	—	21.5%	—	derived	—	0.90
EBT margin	15.09%	—	—	20.45%	—	derived	—	0.90
Net margin	13.42%	—	—	18.82%	—	derived	—	0.90
D&A margin	7.98%	—	—	7.14%	—	derived	—	0.90

Cash	8,334,772	—	—	—	—	reported	—	1.00
Total debt	18,082,591	—	—	—	—	reported	—	0.90
Net debt	9,747,819	—	—	—	—	derived	—	0.90
Equity	49,965,365	—	—	—	—	reported	—	1.00
Total assets	76,399,154	—	—	—	—	reported	—	1.00
Working capital	14,030,848	—	—	—	—	derived	—	0.90
Current assets	21,676,355	—	—	—	—	reported	—	1.00
Current liabilities	7,645,507	—	—	—	—	reported	—	0.90
Non-current liabilities	18,788,282	—	—	—	—	reported	—	0.90
Inventory	5,893,892	—	—	—	—	reported	—	1.00
Trade receivables	6,563,753	—	—	—	—	reported	—	0.90
Trade payables	3,651,935	—	—	—	—	reported	—	0.85

CFO	1,348,635	—	—	4,666,281	—	reported	—	1.00
CapEx	1,860,660	—	—	2,685,829	—	reported	—	1.00
FCF	-512,025	—	—	1,980,452	—	derived	—	0.90
FCF conversion	-18.55%	—	—	30.64%	—	derived	—	0.85
CFO conversion	48.86%	—	—	72.17%	—	derived	—	0.85

Current ratio	2.84x	—	—	—	—	derived	—	0.90
Quick ratio	2.06x	—	—	—	—	derived	—	0.90
Cash ratio	1.09x	—	—	—	—	derived	—	0.90
Interest coverage	8.06x	—	—	10.46x	—	derived	—	0.85

Debt / equity	0.36x	—	—	—	—	derived	—	0.85
Debt / assets	0.24x	—	—	—	—	derived	—	0.85
Net debt / equity	0.2x	—	—	—	—	derived	—	0.85

Revenue growth (YoY)	9.07%	—	—	8.81%	—	derived	—	0.95
EBITDA growth (YoY)	44.61%	—	—	33.61%	—	derived	—	0.95
EBIT growth (YoY)	47.5%	—	—	32.95%	—	derived	—	0.95
Net income growth (YoY)	102.41%	—	—	57.32%	—	derived	—	0.95
EBITDA margin Δ (YoY)	5.94 pp	—	—	5.31 pp	—	derived	—	0.85
EBIT margin Δ (YoY)	4.22 pp	—	—	3.9 pp	—	derived	—	0.85
Net margin Δ (YoY)	6.19 pp	—	—	5.8 pp	—	derived	—	0.85

Q2 2026 · Δ YoY

Revenue

11,412,692 —

Q2 2025: —
YTD 2026: 22,581,992
Δ YoY: —

EBITDA

2,760,554 —

Q2 2025: —
YTD 2026: 6,465,442
Δ YoY: —

EBIT

1,849,717 —

Q2 2025: —
YTD 2026: 4,854,044
Δ YoY: —

EBT

1,722,016 —

Q2 2025: —
YTD 2026: 4,618,102
Δ YoY: —

Net income

1,531,279 —

Q2 2025: —
YTD 2026: 4,249,548
Δ YoY: —

D&A

910,837 —

Q2 2025: —
YTD 2026: 1,611,398
Δ YoY: —

Interest expense

229,539 —

Q2 2025: —
YTD 2026: 463,984
Δ YoY: —

Income tax

190,737 —

Q2 2025: —
YTD 2026: 368,554
Δ YoY: —

EBITDA margin

24.19% —

Q2 2025: —
YTD 2026: 28.63%
Δ YoY: —

EBIT margin

16.21% —

Q2 2025: —
YTD 2026: 21.5%
Δ YoY: —

EBT margin

15.09% —

Q2 2025: —
YTD 2026: 20.45%
Δ YoY: —

Net margin

13.42% —

Q2 2025: —
YTD 2026: 18.82%
Δ YoY: —

D&A margin

7.98% —

Q2 2025: —
YTD 2026: 7.14%
Δ YoY: —

Cash

8,334,772 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total debt

18,082,591 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt

9,747,819 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Equity

49,965,365 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total assets

76,399,154 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Working capital

14,030,848 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current assets

21,676,355 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

7,645,507 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

18,788,282 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Inventory

5,893,892 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

6,563,753 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

3,651,935 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

CFO

1,348,635 —

Q2 2025: —
YTD 2026: 4,666,281
Δ YoY: —

CapEx

1,860,660 —

Q2 2025: —
YTD 2026: 2,685,829
Δ YoY: —

FCF

-512,025 —

Q2 2025: —
YTD 2026: 1,980,452
Δ YoY: —

FCF conversion

-18.55% —

Q2 2025: —
YTD 2026: 30.64%
Δ YoY: —

CFO conversion

48.86% —

Q2 2025: —
YTD 2026: 72.17%
Δ YoY: —

Current ratio

2.84x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

2.06x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

1.09x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

8.06x —

Q2 2025: —
YTD 2026: 10.46x
Δ YoY: —

Debt / equity

0.36x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.24x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.2x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

9.07% —

Q2 2025: —
YTD 2026: 8.81%
Δ YoY: —

EBITDA growth (YoY)

44.61% —

Q2 2025: —
YTD 2026: 33.61%
Δ YoY: —

EBIT growth (YoY)

47.5% —

Q2 2025: —
YTD 2026: 32.95%
Δ YoY: —

Net income growth (YoY)

102.41% —

Q2 2025: —
YTD 2026: 57.32%
Δ YoY: —

EBITDA margin Δ (YoY)

5.94 pp —

Q2 2025: —
YTD 2026: 5.31 pp
Δ YoY: —

EBIT margin Δ (YoY)

4.22 pp —

Q2 2025: —
YTD 2026: 3.9 pp
Δ YoY: —

Net margin Δ (YoY)

6.19 pp —

Q2 2025: —
YTD 2026: 5.8 pp
Δ YoY: —