Q2 2026 report
Producent kosmetyków i wyrobów toaletowych z Łodzi notowany na NewConnect, z konsekwentnie rosnącą marżą brutto (65,7% → 71,4% r/r w Q2), ale bez segmentacji ani noty o podmiotach powiązanych w raportowaniu wg ustawy o rachunkowości.
Sentiment
Neutral
No guidance change
BGD
Q2 2026 report
Revenue
30,805,629 PLN
— YoY
Net income
1,369,203 PLN
— YoY
EBITDA
3,940,907 PLN
— YoY
Gross margin
71.39%
— YoY
Summary
Investment thesis
- Przychody narastająco za I półrocze 2026 spadły o 4,8% r/r, mimo że sam Q2 wzrósł o 5,3% r/r — wskazuje to na wyraźnie słabszy I kwartał 2026.
- Poprawa marży brutto nie przekłada się na dół rachunku wyników: EBIT i zysk netto w Q2 skurczyły się zarówno r/r, jak i względem I kwartału 2026, głównie przez rosnące koszty sprzedaży i jednorazowy skok pozostałych kosztów operacyjnych.
- Przepływy operacyjne poprawiły się wyraźnie r/r (2,64 mln zł vs 0,27 mln zł), ale FCF pozostaje blisko zera/ujemny, a wzrost gotówki w bilansie napędza głównie nowe zadłużenie (+4,37 mln zł kredytów YTD), nie organiczna generacja gotówki.
- Koncentracja akcjonariatu jest bardzo wysoka (94,1% w rękach trzech podmiotów, free float ok. 5,9%) — istotne ryzyko ładu korporacyjnego przy jednoczesnym braku noty o transakcjach z podmiotami powiązanymi.
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Financials
BETA
BGD · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 30,805,629 | — | — | 59,108,028 | — | reported | — | 1.00 |
| Gross profit | 21,991,655 | — | — | 41,009,717 | — | reported | — | 1.00 |
| EBITDA | 3,940,907 | — | — | 10,006,222 | — | derived | — | 0.90 |
| EBIT | 2,639,075 | — | — | 7,389,968 | — | reported | — | 1.00 |
| EBT | 2,043,587 | — | — | 5,860,541 | — | reported | — | 1.00 |
| Net income | 1,369,203 | — | — | 3,926,562 | — | reported | — | 1.00 |
| D&A | 1,301,832 | — | — | 2,616,253 | — | reported | — | 1.00 |
| Interest expense | 500,109 | — | — | 948,936 | — | reported | — | 1.00 |
| Income tax | 674,384 | — | — | 1,933,979 | — | reported | — | 1.00 |
| Gross margin | 71.39% | — | — | 69.38% | — | derived | — | 0.95 |
| EBITDA margin | 12.79% | — | — | 16.93% | — | derived | — | 0.90 |
| EBIT margin | 8.57% | — | — | 12.5% | — | derived | — | 0.95 |
| Net margin | 4.45% | — | — | 6.64% | — | derived | — | 0.95 |
| Cash | 10,292,857 | — | — | — | — | reported | — | 1.00 |
| Total debt | 25,902,172 | — | — | — | — | reported | — | 0.65 |
| Net debt | 15,609,315 | — | — | — | — | derived | — | 0.65 |
| Equity | 47,713,612 | — | — | — | — | reported | — | 1.00 |
| Total assets | 97,145,304 | — | — | — | — | reported | — | 1.00 |
| Working capital | 34,335,547 | — | — | — | — | derived | — | 0.85 |
| Current assets | 57,257,815 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 22,922,268 | — | — | — | — | reported | — | 0.85 |
| Non-current liabilities | 26,509,424 | — | — | — | — | reported | — | 0.90 |
| Inventory | 23,440,325 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 18,723,116 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 12,333,176 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 1,796,917 | — | — | — | — | reported | — | 0.90 |
| Tangible equity | 45,916,695 | — | — | — | — | derived | — | 0.85 |
| CFO | 2,187,032 | — | — | 2,644,847 | — | reported | — | 1.00 |
| CapEx | 1,957,524 | — | — | 2,680,473 | — | reported | — | 1.00 |
| FCF | 229,508 | — | — | -35,626 | — | derived | — | 0.90 |
| FCF conversion | 5.82% | — | — | -0.36% | — | derived | — | 0.85 |
| CFO conversion | 55.5% | — | — | 26.43% | — | derived | — | 0.85 |
| Current ratio | 2.5x | — | — | — | — | derived | — | 0.85 |
| Quick ratio | 1.48x | — | — | — | — | derived | — | 0.85 |
| Cash ratio | 0.45x | — | — | — | — | derived | — | 0.85 |
| Interest coverage | — | — | — | 7.79x | — | derived | — | 0.90 |
| Debt / equity | 0.54x | — | — | — | — | derived | — | 0.60 |
| Debt / assets | 0.27x | — | — | — | — | derived | — | 0.60 |
| Net debt / equity | 0.33x | — | — | — | — | derived | — | 0.60 |
| Revenue growth (YoY) | 5.29% | — | — | -4.83% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | -1.71% | — | — | 4.54% | — | derived | — | 0.85 |
| EBIT growth (YoY) | -11% | — | — | -0.8% | — | derived | — | 0.95 |
| Net income growth (YoY) | -4.26% | — | — | 4.91% | — | derived | — | 0.95 |
| Gross margin Δ (YoY) | 5.66 pp | — | — | 4.89 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -0.91 pp | — | — | 1.52 pp | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | -1.57 pp | — | — | 0.51 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -0.44 pp | — | — | 0.61 pp | — | derived | — | 0.90 |
Q2 2026 · Δ YoY
Revenue
30,805,629
—
30,805,629
—
- Q2 2025
- —
- YTD 2026
- 59,108,028
- Δ YoY
- —
Gross profit
21,991,655
—
21,991,655
—
- Q2 2025
- —
- YTD 2026
- 41,009,717
- Δ YoY
- —
EBITDA
3,940,907
—
3,940,907
—
- Q2 2025
- —
- YTD 2026
- 10,006,222
- Δ YoY
- —
EBIT
2,639,075
—
2,639,075
—
- Q2 2025
- —
- YTD 2026
- 7,389,968
- Δ YoY
- —
EBT
2,043,587
—
2,043,587
—
- Q2 2025
- —
- YTD 2026
- 5,860,541
- Δ YoY
- —
Net income
1,369,203
—
1,369,203
—
- Q2 2025
- —
- YTD 2026
- 3,926,562
- Δ YoY
- —
D&A
1,301,832
—
1,301,832
—
- Q2 2025
- —
- YTD 2026
- 2,616,253
- Δ YoY
- —
Interest expense
500,109
—
500,109
—
- Q2 2025
- —
- YTD 2026
- 948,936
- Δ YoY
- —
Income tax
674,384
—
674,384
—
- Q2 2025
- —
- YTD 2026
- 1,933,979
- Δ YoY
- —
Gross margin
71.39%
—
71.39%
—
- Q2 2025
- —
- YTD 2026
- 69.38%
- Δ YoY
- —
EBITDA margin
12.79%
—
12.79%
—
- Q2 2025
- —
- YTD 2026
- 16.93%
- Δ YoY
- —
EBIT margin
8.57%
—
8.57%
—
- Q2 2025
- —
- YTD 2026
- 12.5%
- Δ YoY
- —
Net margin
4.45%
—
4.45%
—
- Q2 2025
- —
- YTD 2026
- 6.64%
- Δ YoY
- —
Cash
10,292,857
—
10,292,857
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
25,902,172
—
25,902,172
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
15,609,315
—
15,609,315
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
47,713,612
—
47,713,612
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
97,145,304
—
97,145,304
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
34,335,547
—
34,335,547
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
57,257,815
—
57,257,815
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
22,922,268
—
22,922,268
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
26,509,424
—
26,509,424
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
23,440,325
—
23,440,325
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
18,723,116
—
18,723,116
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
12,333,176
—
12,333,176
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
1,796,917
—
1,796,917
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
45,916,695
—
45,916,695
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
2,187,032
—
2,187,032
—
- Q2 2025
- —
- YTD 2026
- 2,644,847
- Δ YoY
- —
CapEx
1,957,524
—
1,957,524
—
- Q2 2025
- —
- YTD 2026
- 2,680,473
- Δ YoY
- —
FCF
229,508
—
229,508
—
- Q2 2025
- —
- YTD 2026
- -35,626
- Δ YoY
- —
FCF conversion
5.82%
—
5.82%
—
- Q2 2025
- —
- YTD 2026
- -0.36%
- Δ YoY
- —
CFO conversion
55.5%
—
55.5%
—
- Q2 2025
- —
- YTD 2026
- 26.43%
- Δ YoY
- —
Current ratio
2.5x
—
2.5x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.48x
—
1.48x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.45x
—
0.45x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 7.79x
- Δ YoY
- —
Debt / equity
0.54x
—
0.54x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.27x
—
0.27x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.33x
—
0.33x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
5.29%
—
5.29%
—
- Q2 2025
- —
- YTD 2026
- -4.83%
- Δ YoY
- —
EBITDA growth (YoY)
-1.71%
—
-1.71%
—
- Q2 2025
- —
- YTD 2026
- 4.54%
- Δ YoY
- —
EBIT growth (YoY)
-11%
—
-11%
—
- Q2 2025
- —
- YTD 2026
- -0.8%
- Δ YoY
- —
Net income growth (YoY)
-4.26%
—
-4.26%
—
- Q2 2025
- —
- YTD 2026
- 4.91%
- Δ YoY
- —
Gross margin Δ (YoY)
5.66 pp
—
5.66 pp
—
- Q2 2025
- —
- YTD 2026
- 4.89 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-0.91 pp
—
-0.91 pp
—
- Q2 2025
- —
- YTD 2026
- 1.52 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-1.57 pp
—
-1.57 pp
—
- Q2 2025
- —
- YTD 2026
- 0.51 pp
- Δ YoY
- —
Net margin Δ (YoY)
-0.44 pp
—
-0.44 pp
—
- Q2 2025
- —
- YTD 2026
- 0.61 pp
- Δ YoY
- —