ORL ORZEŁ NewConnect · quarterly · publ. August 14, 2026

Q2 2026 report

Producent granulatu gumowego z recyklingu opon na NewConnect, mocno zależny od cykliczności cen surowca i produktów wtórnych

Sentiment

Neutral No guidance change

Website

ORL Q2 2026 report

Revenue

5.97 m PLN

— YoY

Net income

0.05 m PLN

— YoY

Gross margin

26.88%

— YoY

Summary

Investment thesis

Q2 2026 przyniósł wyraźne odbicie marży brutto (19%→27%) i przychodów (+20% r/r) po słabym I kwartale
Narastająco H1 2026 wciąż strata netto (-646 tys. zł) — poprawa jeszcze nie zrekompensowała słabego początku roku
Płynność bieżąca poniżej 1x i dług netto ok. 1,6x kapitałów własnych ograniczają margines bezpieczeństwa
Nowy projekt R&D nad materiałem TPE (dofinansowanie EFRR) to potencjalny nowy strumień przychodów od 2027 r.

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Financials

BETA

Q2 2026

ORL · Q2 2026

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

Revenue	5.97	—	—	9.37	—	reported	—	1.00
Gross profit	1.61	—	—	2.29	—	reported	—	1.00
EBITDA	—	—	—	1.7	—	derived	—	0.80
EBIT	0.34	—	—	-0.1	—	reported	—	1.00
EBT	0.06	—	—	-0.63	—	reported	—	1.00
Net income	0.05	—	—	-0.65	—	reported	—	1.00
EPS (basic) (PLN)	—	—	—	-0.06	—	reported	—	1.00
D&A	—	—	—	1.81	—	reported	—	1.00
Interest expense	—	—	—	0.53	—	reported	—	1.00
Income tax	—	—	—	0.02	—	reported	—	1.00

Gross margin	26.88%	—	—	24.4%	—	derived	—	0.95
EBITDA margin	—	—	—	18.18%	—	derived	—	0.80
EBIT margin	5.62%	—	—	-1.1%	—	derived	—	0.95
Net margin	0.77%	—	—	-6.89%	—	derived	—	0.95

Cash	1.6	—	—	—	—	reported	—	1.00
Total debt	21.15	—	—	—	—	reported	—	0.90
Net debt	19.55	—	—	—	—	derived	—	0.90
Equity	11.87	—	—	—	—	reported	—	1.00
Total assets	47.61	—	—	—	—	reported	—	1.00
Current assets	8.7	—	—	—	—	reported	—	1.00
Current liabilities	11.01	—	—	—	—	reported	—	1.00
Non-current liabilities	13.08	—	—	—	—	reported	—	1.00
Inventory	2.12	—	—	—	—	reported	—	1.00
Trade receivables	2.7	—	—	—	—	reported	—	1.00
Trade payables	1.01	—	—	—	—	reported	—	1.00
Goodwill	0.14	—	—	—	—	reported	—	0.90

CFO	—	—	—	0.53	—	reported	—	1.00
CapEx	—	—	—	1.21	—	reported	—	1.00
FCF	—	—	—	-0.68	—	derived	—	0.90
CFO conversion	—	—	—	30.98%	—	derived	—	0.75

Current ratio	0.79x	—	—	—	—	derived	—	0.95
Quick ratio	0.6x	—	—	—	—	derived	—	0.95
Cash ratio	0.15x	—	—	—	—	derived	—	0.95
Interest coverage	—	—	—	-0.2x	—	derived	—	0.80

Debt / equity	1.78x	—	—	—	—	derived	—	0.90
Debt / assets	0.44x	—	—	—	—	derived	—	0.90
Net debt / equity	1.65x	—	—	—	—	derived	—	0.90

Revenue growth (YoY)	20.33%	—	—	8.87%	—	derived	—	0.95
EBIT growth (YoY)	-75.25%	—	—	-108.38%	—	derived	—	0.90
Net income growth (YoY)	-95.43%	—	—	-218.55%	—	derived	—	0.90
Gross margin Δ (YoY)	7.83 pp	—	—	3 pp	—	derived	—	0.90
EBIT margin Δ (YoY)	-21.68 pp	—	—	-15.36 pp	—	derived	—	0.90
Net margin Δ (YoY)	-19.57 pp	—	—	-13.22 pp	—	derived	—	0.90

Q2 2026 · Δ YoY

Revenue

5.97 —

Q2 2025: —
YTD 2026: 9.37
Δ YoY: —

Gross profit

1.61 —

Q2 2025: —
YTD 2026: 2.29
Δ YoY: —

EBITDA

— —

Q2 2025: —
YTD 2026: 1.7
Δ YoY: —

EBIT

0.34 —

Q2 2025: —
YTD 2026: -0.1
Δ YoY: —

EBT

0.06 —

Q2 2025: —
YTD 2026: -0.63
Δ YoY: —

Net income

0.05 —

Q2 2025: —
YTD 2026: -0.65
Δ YoY: —

EPS (basic) (PLN)

— —

Q2 2025: —
YTD 2026: -0.06
Δ YoY: —

D&A

— —

Q2 2025: —
YTD 2026: 1.81
Δ YoY: —

Interest expense

— —

Q2 2025: —
YTD 2026: 0.53
Δ YoY: —

Income tax

— —

Q2 2025: —
YTD 2026: 0.02
Δ YoY: —

Gross margin

26.88% —

Q2 2025: —
YTD 2026: 24.4%
Δ YoY: —

EBITDA margin

— —

Q2 2025: —
YTD 2026: 18.18%
Δ YoY: —

EBIT margin

5.62% —

Q2 2025: —
YTD 2026: -1.1%
Δ YoY: —

Net margin

0.77% —

Q2 2025: —
YTD 2026: -6.89%
Δ YoY: —

Cash

1.6 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total debt

21.15 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt

19.55 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Equity

11.87 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total assets

47.61 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current assets

8.7 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

11.01 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

13.08 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Inventory

2.12 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

2.7 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

1.01 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

0.14 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

CFO

— —

Q2 2025: —
YTD 2026: 0.53
Δ YoY: —

CapEx

— —

Q2 2025: —
YTD 2026: 1.21
Δ YoY: —

FCF

— —

Q2 2025: —
YTD 2026: -0.68
Δ YoY: —

CFO conversion

— —

Q2 2025: —
YTD 2026: 30.98%
Δ YoY: —

Current ratio

0.79x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

0.6x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.15x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

— —

Q2 2025: —
YTD 2026: -0.2x
Δ YoY: —

Debt / equity

1.78x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.44x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

1.65x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

20.33% —

Q2 2025: —
YTD 2026: 8.87%
Δ YoY: —

EBIT growth (YoY)

-75.25% —

Q2 2025: —
YTD 2026: -108.38%
Δ YoY: —

Net income growth (YoY)

-95.43% —

Q2 2025: —
YTD 2026: -218.55%
Δ YoY: —

Gross margin Δ (YoY)

7.83 pp —

Q2 2025: —
YTD 2026: 3 pp
Δ YoY: —

EBIT margin Δ (YoY)

-21.68 pp —

Q2 2025: —
YTD 2026: -15.36 pp
Δ YoY: —

Net margin Δ (YoY)

-19.57 pp —

Q2 2025: —
YTD 2026: -13.22 pp
Δ YoY: —