Q2 2026 report
Lider rynku granulatów gumowych z recyklingu opon w Europie Środkowo-Wschodniej, z modelem biznesowym opartym na czterech uzupełniających się liniach przychodów (przerób opon, usługi odzysku, zbiórka, transport).
Sentiment
Cautious
No guidance change
GRC
Q2 2026 report
Revenue
38.08 m PLN
— YoY
Net income
3.37 m PLN
— YoY
EBITDA
7.98 m PLN
— YoY
FCF
5.89 m PLN
— YoY
Summary
Investment thesis
- II kwartał 2026 przyniósł spadek wszystkich poziomów rentowności r/r (EBIT -19,6%, EBITDA -12,1%, zysk netto -26,1%) przy praktycznie płaskich przychodach (-1,9%), co wskazuje na presję kosztową i cenową, nie na problem ze sprzedażą.
- Konwersja zysku na gotówkę pogorszyła się wyraźnie narastająco (CFO/EBITDA spadło z 86% do 42% r/r), głównie z powodu wysokiej bazy porównawczej w 2025 r. (jednorazowo duży wzrost zobowiązań krótkoterminowych), a nie z powodu pogorszenia jakości operacyjnej.
- CAPEX skurczył się o ponad 86% r/r narastająco po sfinalizowaniu akwizycji litewskiej spółki APG w 2025 r., co pozwoliło FCF wrócić na plus (+1,9 mln zł narastająco vs -11,3 mln zł rok wcześniej).
- Zadłużenie finansowe pozostaje umiarkowane (dług netto/kapitał własny ok. 1,05x), ale wskaźnik płynności bieżącej poniżej 1,0 (0,98x) oraz rosnący udział faktoringu w finansowaniu krótkoterminowym (+12% r/r) zasługują na obserwację.
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
GRC · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 38,083.42 | — | — | 70,502.89 | — | reported | — | 1.00 |
| EBITDA | 7,983.46 | — | — | 11,948.27 | — | reported | — | 1.00 |
| EBIT | 5,490.28 | — | — | 7,004.82 | — | reported | — | 1.00 |
| EBT | 3,597.61 | — | — | 3,145.58 | — | reported | — | 1.00 |
| Net income | 3,372.76 | — | — | 2,695.89 | — | reported | — | 1.00 |
| D&A | 2,493.18 | — | — | 4,943.45 | — | reported | — | 1.00 |
| Interest expense | 1,258.83 | — | — | 2,309.36 | — | reported | — | 1.00 |
| Income tax | 224.84 | — | — | 449.69 | — | reported | — | 1.00 |
| EBITDA margin | 20.96% | — | — | 16.95% | — | derived | — | 1.00 |
| EBIT margin | 14.41% | — | — | 9.94% | — | derived | — | 1.00 |
| EBT margin | 9.45% | — | — | 4.46% | — | derived | — | 1.00 |
| Net margin | 8.86% | — | — | 3.82% | — | derived | — | 1.00 |
| D&A margin | 6.55% | — | — | 7.01% | — | derived | — | 0.90 |
| Cash | 6,166.54 | — | — | — | — | reported | — | 1.00 |
| Total debt | 91,938.04 | — | — | — | — | derived | — | 0.85 |
| Net debt | 85,771.5 | — | — | — | — | derived | — | 0.85 |
| Equity | 81,707.89 | — | — | — | — | reported | — | 1.00 |
| Total assets | 237,937.99 | — | — | — | — | reported | — | 1.00 |
| Working capital | -914.22 | — | — | — | — | derived | — | 1.00 |
| Current assets | 46,402.31 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 47,316.52 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 73,250.62 | — | — | — | — | reported | — | 1.00 |
| Inventory | 4,342.13 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 34,270.31 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 14,671.72 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 12,426.54 | — | — | — | — | derived | — | 0.90 |
| Tangible equity | 69,281.35 | — | — | — | — | derived | — | 0.90 |
| CFO | 8,557.07 | — | — | 4,996.91 | — | reported | — | 1.00 |
| CapEx | 2,665.85 | — | — | 3,063.97 | — | reported | — | 1.00 |
| FCF | 5,891.21 | — | — | 1,932.94 | — | derived | — | 1.00 |
| FCF conversion | 73.79% | — | — | 16.17% | — | derived | — | 0.90 |
| CFO conversion | 107.19% | — | — | 41.83% | — | derived | — | 0.90 |
| Current ratio | 0.98x | — | — | — | — | derived | — | 1.00 |
| Quick ratio | 0.89x | — | — | — | — | derived | — | 0.90 |
| Cash ratio | 0.13x | — | — | — | — | derived | — | 0.90 |
| Interest coverage | 4.36x | — | — | 3.03x | — | derived | — | 0.90 |
| Debt / equity | 1.13x | — | — | — | — | derived | — | 0.85 |
| Debt / assets | 0.39x | — | — | — | — | derived | — | 0.85 |
| Net debt / equity | 1.05x | — | — | — | — | derived | — | 0.85 |
| Revenue growth (YoY) | -1.94% | — | — | 0.12% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | -12.1% | — | — | -7.86% | — | derived | — | 1.00 |
| EBIT growth (YoY) | -19.61% | — | — | -17.3% | — | derived | — | 1.00 |
| Net income growth (YoY) | -26.06% | — | — | -44.99% | — | derived | — | 1.00 |
| EBITDA margin Δ (YoY) | -2.42 pp | — | — | -1.47 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -2.88 pp | — | — | -3.14 pp | — | derived | — | 0.90 |
Q2 2026 · Δ YoY
Revenue
38,083.42
—
38,083.42
—
- Q2 2025
- —
- YTD 2026
- 70,502.89
- Δ YoY
- —
EBITDA
7,983.46
—
7,983.46
—
- Q2 2025
- —
- YTD 2026
- 11,948.27
- Δ YoY
- —
EBIT
5,490.28
—
5,490.28
—
- Q2 2025
- —
- YTD 2026
- 7,004.82
- Δ YoY
- —
EBT
3,597.61
—
3,597.61
—
- Q2 2025
- —
- YTD 2026
- 3,145.58
- Δ YoY
- —
Net income
3,372.76
—
3,372.76
—
- Q2 2025
- —
- YTD 2026
- 2,695.89
- Δ YoY
- —
D&A
2,493.18
—
2,493.18
—
- Q2 2025
- —
- YTD 2026
- 4,943.45
- Δ YoY
- —
Interest expense
1,258.83
—
1,258.83
—
- Q2 2025
- —
- YTD 2026
- 2,309.36
- Δ YoY
- —
Income tax
224.84
—
224.84
—
- Q2 2025
- —
- YTD 2026
- 449.69
- Δ YoY
- —
EBITDA margin
20.96%
—
20.96%
—
- Q2 2025
- —
- YTD 2026
- 16.95%
- Δ YoY
- —
EBIT margin
14.41%
—
14.41%
—
- Q2 2025
- —
- YTD 2026
- 9.94%
- Δ YoY
- —
EBT margin
9.45%
—
9.45%
—
- Q2 2025
- —
- YTD 2026
- 4.46%
- Δ YoY
- —
Net margin
8.86%
—
8.86%
—
- Q2 2025
- —
- YTD 2026
- 3.82%
- Δ YoY
- —
D&A margin
6.55%
—
6.55%
—
- Q2 2025
- —
- YTD 2026
- 7.01%
- Δ YoY
- —
Cash
6,166.54
—
6,166.54
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
91,938.04
—
91,938.04
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
85,771.5
—
85,771.5
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
81,707.89
—
81,707.89
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
237,937.99
—
237,937.99
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
-914.22
—
-914.22
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
46,402.31
—
46,402.31
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
47,316.52
—
47,316.52
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
73,250.62
—
73,250.62
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
4,342.13
—
4,342.13
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
34,270.31
—
34,270.31
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
14,671.72
—
14,671.72
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
12,426.54
—
12,426.54
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
69,281.35
—
69,281.35
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
8,557.07
—
8,557.07
—
- Q2 2025
- —
- YTD 2026
- 4,996.91
- Δ YoY
- —
CapEx
2,665.85
—
2,665.85
—
- Q2 2025
- —
- YTD 2026
- 3,063.97
- Δ YoY
- —
FCF
5,891.21
—
5,891.21
—
- Q2 2025
- —
- YTD 2026
- 1,932.94
- Δ YoY
- —
FCF conversion
73.79%
—
73.79%
—
- Q2 2025
- —
- YTD 2026
- 16.17%
- Δ YoY
- —
CFO conversion
107.19%
—
107.19%
—
- Q2 2025
- —
- YTD 2026
- 41.83%
- Δ YoY
- —
Current ratio
0.98x
—
0.98x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.89x
—
0.89x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.13x
—
0.13x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
4.36x
—
4.36x
—
- Q2 2025
- —
- YTD 2026
- 3.03x
- Δ YoY
- —
Debt / equity
1.13x
—
1.13x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.39x
—
0.39x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
1.05x
—
1.05x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-1.94%
—
-1.94%
—
- Q2 2025
- —
- YTD 2026
- 0.12%
- Δ YoY
- —
EBITDA growth (YoY)
-12.1%
—
-12.1%
—
- Q2 2025
- —
- YTD 2026
- -7.86%
- Δ YoY
- —
EBIT growth (YoY)
-19.61%
—
-19.61%
—
- Q2 2025
- —
- YTD 2026
- -17.3%
- Δ YoY
- —
Net income growth (YoY)
-26.06%
—
-26.06%
—
- Q2 2025
- —
- YTD 2026
- -44.99%
- Δ YoY
- —
EBITDA margin Δ (YoY)
-2.42 pp
—
-2.42 pp
—
- Q2 2025
- —
- YTD 2026
- -1.47 pp
- Δ YoY
- —
Net margin Δ (YoY)
-2.88 pp
—
-2.88 pp
—
- Q2 2025
- —
- YTD 2026
- -3.14 pp
- Δ YoY
- —