RPC
Zakłady Magnezytowe "ROPCZYCE"
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. August 13, 2026
H1 2026 report
Przychody Grupy wzrosły o 13,4% r/r do 222,3 mln zł, a zysk netto niemal pięciokrotnie (z 2,2 mln do 12,6 mln zł), głównie dzięki bardzo silnemu I kwartałowi 2026 roku.
Sentiment
Positive
No guidance change
RPC
H1 2026 report
Revenue
196.02 m PLN
— YoY
Net income
2.21 m PLN
— YoY
EBITDA
16.14 m PLN
— YoY
Gross margin
17.53%
— YoY
Summary
Investment thesis
- Poprawa rentowności widoczna na każdym poziomie RZiS: marża brutto 20,0% (+2,4pp r/r), EBITDA 10,9% (+2,7pp r/r), netto 5,7% (+4,5pp r/r) — efekt dyscypliny kosztowej przy rosnącej sprzedaży.
- Jakość zysku wysoka: OCF (35,1 mln zł) i FCF (28,1 mln zł) przewyższają zysk netto (12,6 mln zł), a wolne przepływy pokryły zarówno spłatę 28,4 mln zł kredytów, jak i wypłatę dywidendy 6,1 mln zł.
- Bilans bezpieczny — kapitał własny 409,3 mln zł, dług netto ok. 44,7 mln zł, relacja dług netto/EBITDA deklarowana przez Zarząd na poziomie 1,0x, przy jednym, skoncentrowanym segmencie działalności (wyroby ogniotrwałe, >95% przychodów).
- Nierozwiązany od 2021 roku spór o wycofanie akcji z obrotu giełdowego (porozumienie akcjonariuszy kontroluje 73,95% głosów) to trwały, niefinansowy czynnik ryzyka dla akcjonariuszy mniejszościowych, niezależny od wyników operacyjnych.
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Financials
BETA
RPC · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 90.99 | — | — | 196.02 | — | reported | — | 1.00 |
| Gross profit | 34.37 | — | — | 34.37 | — | reported | — | 1.00 |
| EBITDA | 16.14 | — | — | 16.14 | — | reported | — | 1.00 |
| EBIT | 4.13 | — | — | 7.4 | — | reported | — | 1.00 |
| EBT | 3.4 | — | — | 3.4 | — | reported | — | 1.00 |
| Net income | 2.23 | — | — | 2.21 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.4 | — | — | 0.4 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 2.25 | — | — | 2.25 | — | reported | — | 1.00 |
| D&A | 8.73 | — | — | 8.73 | — | reported | — | 1.00 |
| Interest expense | 4.49 | — | — | 4.49 | — | reported | — | 1.00 |
| Income tax | 1.19 | — | — | 1.19 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 5.57 | — | — | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 5.57 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 17.53% | — | — | 17.53% | — | reported | — | 0.95 |
| EBITDA margin | 8.23% | — | — | 8.23% | — | reported | — | 0.95 |
| EBIT margin | 3.78% | — | — | 3.78% | — | reported | — | 0.95 |
| Net margin | 1.13% | — | — | 1.13% | — | reported | — | 0.95 |
| Cash | 40.65 | — | — | — | — | reported | — | 1.00 |
| Total debt | 85.32 | — | — | — | — | reported | — | 0.90 |
| Net debt | 44.67 | — | — | — | — | derived | — | 0.90 |
| Equity | 409.34 | — | — | — | — | reported | — | 1.00 |
| Total assets | 617.64 | — | — | — | — | reported | — | 1.00 |
| Current assets | 336.47 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 154.8 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 53.51 | — | — | — | — | reported | — | 1.00 |
| Inventory | 192.5 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 103.23 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 65.04 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 7.16 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 402.17 | — | — | — | — | reported | — | 0.90 |
| CFO | 28.2 | — | — | 28.2 | — | reported | — | 1.00 |
| CapEx | 3.63 | — | — | 3.63 | — | reported | — | 1.00 |
| FCF | 24.57 | — | — | 24.57 | — | derived | — | 0.90 |
| FCF conversion | 116.22% | — | — | 116.22% | — | reported | — | 0.85 |
| CFO conversion | 145.35% | — | — | 145.35% | — | reported | — | 0.85 |
| Dividends paid | 6.13 | — | — | 6.13 | — | reported | — | 1.00 |
| Current ratio | 2.17x | — | — | — | — | reported | — | 0.95 |
| Quick ratio | 0.93x | — | — | — | — | reported | — | 0.95 |
| Cash ratio | 0.26x | — | — | — | — | reported | — | 0.95 |
| Interest coverage | 4.7x | — | — | 4.7x | — | reported | — | 0.90 |
| Debt / equity | 0.21x | — | — | — | — | reported | — | 0.90 |
| Debt / assets | 0.14x | — | — | — | — | reported | — | 0.90 |
| Net debt / equity | 0.11x | — | — | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 13.4% | — | — | 13.4% | — | reported | — | 1.00 |
| Revenue growth (QoQ) | -24.03% | — | — | — | — | reported | — | 0.85 |
| EBITDA growth (YoY) | 49.87% | — | — | 49.87% | — | reported | — | 1.00 |
| EBIT growth (YoY) | 110.59% | — | — | 110.59% | — | reported | — | 1.00 |
| Net income growth (YoY) | 468.43% | — | — | 468.43% | — | reported | — | 1.00 |
| EPS growth (YoY) | 462.5% | — | — | 462.5% | — | reported | — | 1.00 |
| Gross margin Δ (YoY) | 2.44 pp | — | — | 2.44 pp | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | 2.66 pp | — | — | 2.66 pp | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | 3.24 pp | — | — | 3.24 pp | — | reported | — | 0.90 |
| Net margin Δ (YoY) | 4.52 pp | — | — | 4.52 pp | — | reported | — | 0.90 |
H1 2026 · Δ YoY
Revenue
90.99
—
90.99
—
- H1 2025
- —
- YTD 2026
- 196.02
- Δ YoY
- —
Gross profit
34.37
—
34.37
—
- H1 2025
- —
- YTD 2026
- 34.37
- Δ YoY
- —
EBITDA
16.14
—
16.14
—
- H1 2025
- —
- YTD 2026
- 16.14
- Δ YoY
- —
EBIT
4.13
—
4.13
—
- H1 2025
- —
- YTD 2026
- 7.4
- Δ YoY
- —
EBT
3.4
—
3.4
—
- H1 2025
- —
- YTD 2026
- 3.4
- Δ YoY
- —
Net income
2.23
—
2.23
—
- H1 2025
- —
- YTD 2026
- 2.21
- Δ YoY
- —
EPS (basic)
(PLN)
0.4
—
0.4
—
- H1 2025
- —
- YTD 2026
- 0.4
- Δ YoY
- —
EPS (diluted)
(PLN)
2.25
—
2.25
—
- H1 2025
- —
- YTD 2026
- 2.25
- Δ YoY
- —
D&A
8.73
—
8.73
—
- H1 2025
- —
- YTD 2026
- 8.73
- Δ YoY
- —
Interest expense
4.49
—
4.49
—
- H1 2025
- —
- YTD 2026
- 4.49
- Δ YoY
- —
Income tax
1.19
—
1.19
—
- H1 2025
- —
- YTD 2026
- 1.19
- Δ YoY
- —
Shares (basic)
(m units)
5.57
—
5.57
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Shares (diluted)
(m units)
5.57
—
5.57
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
17.53%
—
17.53%
—
- H1 2025
- —
- YTD 2026
- 17.53%
- Δ YoY
- —
EBITDA margin
8.23%
—
8.23%
—
- H1 2025
- —
- YTD 2026
- 8.23%
- Δ YoY
- —
EBIT margin
3.78%
—
3.78%
—
- H1 2025
- —
- YTD 2026
- 3.78%
- Δ YoY
- —
Net margin
1.13%
—
1.13%
—
- H1 2025
- —
- YTD 2026
- 1.13%
- Δ YoY
- —
Cash
40.65
—
40.65
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
85.32
—
85.32
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
44.67
—
44.67
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
409.34
—
409.34
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
617.64
—
617.64
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
336.47
—
336.47
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
154.8
—
154.8
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
53.51
—
53.51
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
192.5
—
192.5
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
103.23
—
103.23
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
65.04
—
65.04
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
7.16
—
7.16
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
402.17
—
402.17
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
28.2
—
28.2
—
- H1 2025
- —
- YTD 2026
- 28.2
- Δ YoY
- —
CapEx
3.63
—
3.63
—
- H1 2025
- —
- YTD 2026
- 3.63
- Δ YoY
- —
FCF
24.57
—
24.57
—
- H1 2025
- —
- YTD 2026
- 24.57
- Δ YoY
- —
FCF conversion
116.22%
—
116.22%
—
- H1 2025
- —
- YTD 2026
- 116.22%
- Δ YoY
- —
CFO conversion
145.35%
—
145.35%
—
- H1 2025
- —
- YTD 2026
- 145.35%
- Δ YoY
- —
Dividends paid
6.13
—
6.13
—
- H1 2025
- —
- YTD 2026
- 6.13
- Δ YoY
- —
Current ratio
2.17x
—
2.17x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.93x
—
0.93x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.26x
—
0.26x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
4.7x
—
4.7x
—
- H1 2025
- —
- YTD 2026
- 4.7x
- Δ YoY
- —
Debt / equity
0.21x
—
0.21x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.14x
—
0.14x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.11x
—
0.11x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
13.4%
—
13.4%
—
- H1 2025
- —
- YTD 2026
- 13.4%
- Δ YoY
- —
Revenue growth (QoQ)
-24.03%
—
-24.03%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA growth (YoY)
49.87%
—
49.87%
—
- H1 2025
- —
- YTD 2026
- 49.87%
- Δ YoY
- —
EBIT growth (YoY)
110.59%
—
110.59%
—
- H1 2025
- —
- YTD 2026
- 110.59%
- Δ YoY
- —
Net income growth (YoY)
468.43%
—
468.43%
—
- H1 2025
- —
- YTD 2026
- 468.43%
- Δ YoY
- —
EPS growth (YoY)
462.5%
—
462.5%
—
- H1 2025
- —
- YTD 2026
- 462.5%
- Δ YoY
- —
Gross margin Δ (YoY)
2.44 pp
—
2.44 pp
—
- H1 2025
- —
- YTD 2026
- 2.44 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
2.66 pp
—
2.66 pp
—
- H1 2025
- —
- YTD 2026
- 2.66 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
3.24 pp
—
3.24 pp
—
- H1 2025
- —
- YTD 2026
- 3.24 pp
- Δ YoY
- —
Net margin Δ (YoY)
4.52 pp
—
4.52 pp
—
- H1 2025
- —
- YTD 2026
- 4.52 pp
- Δ YoY
- —