Q2 2026 report
Regulowany, kapitałochłonny operator wodociągów i kanalizacji kontrolowany pośrednio przez samorząd (Gmina Miasto Ostrów Wielkopolski) — stabilny, niesezonowy model biznesowy.
Sentiment
Cautious
No guidance change
WOD
Q2 2026 report
Revenue
15.17 m PLN
— YoY
Net income
1.24 m PLN
— YoY
EBITDA
3.43 m PLN
— YoY
Net debt / EBITDA
0.47x
— YoY
Summary
Investment thesis
- EBIT rośnie solidnie (+35,5% r/r narastająco) dzięki wzrostowi przychodów (taryfy) wyprzedzającemu wzrost kosztów operacyjnych.
- Zysk netto narastająco spadł r/r (-4,7%) wyłącznie z powodu wzrostu podatku dochodowego z 0 do 589,5 tys. zł — nie z powodu słabszej działalności operacyjnej.
- Zadłużenie odsetkowe spada mimo kontynuowanych inwestycji infrastrukturalnych — dług netto/EBITDA (TTM) ok. 0,47x.
- Bardzo niska rentowność kapitału (ROE TTM ok. 0,17%) — typowa dla regulowanej infrastruktury komunalnej z ogromną bazą aktywów, nie sygnał problemu.
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Financials
BETA
WOD · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15.17 | — | — | 29.25 | — | reported | — | 1.00 |
| EBITDA | 3.43 | — | — | 6.04 | — | reported | — | 1.00 |
| EBIT | 1.36 | — | — | 1.91 | — | reported | — | 1.00 |
| EBT | 1.31 | — | — | 1.81 | — | reported | — | 1.00 |
| Net income | 1.24 | — | — | 1.22 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | — | — | — | 0.25 | — | reported | — | 1.00 |
| D&A | 2.07 | — | — | 4.13 | — | reported | — | 1.00 |
| Interest expense | 0.63 | — | — | 0.24 | — | reported | — | 1.00 |
| Income tax | — | — | — | 0 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 5.12 | — | — | — | — | reported | — | 1.00 |
| EBITDA margin | 22.6% | — | — | 20.65% | — | reported | — | 1.00 |
| EBIT margin | 8.99% | — | — | 6.52% | — | reported | — | 1.00 |
| Net margin | 8.14% | — | — | 4.18% | — | reported | — | 1.00 |
| Cash | 6.75 | — | — | — | — | reported | — | 1.00 |
| Total debt | 12.29 | — | — | — | — | reported | — | 1.00 |
| Net debt | 5.54 | — | — | — | — | reported | — | 1.00 |
| Equity | 173.17 | — | — | — | — | reported | — | 1.00 |
| Total assets | 251.72 | — | — | — | — | reported | — | 1.00 |
| Working capital | 7.13 | — | — | — | — | reported | — | 1.00 |
| Current assets | 15.93 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 8.8 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 9.83 | — | — | — | — | reported | — | 1.00 |
| Inventory | 0.89 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 4.68 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 2.13 | — | — | — | — | reported | — | 1.00 |
| CFO | 2.63 | — | — | 4.6 | — | reported | — | 1.00 |
| CapEx | 2.4 | — | — | 4.31 | — | reported | — | 1.00 |
| FCF | 0.23 | — | — | 0.29 | — | reported | — | 1.00 |
| FCF conversion | — | — | — | 4.88% | — | reported | — | 1.00 |
| CFO conversion | — | — | — | 76.24% | — | reported | — | 1.00 |
| Dividends paid | — | — | — | 0 | — | reported | — | 1.00 |
| ROE | 0.17% | — | — | — | — | reported | — | 0.70 |
| ROA | 0.12% | — | — | — | — | reported | — | 0.70 |
| ROIC | 1.6% | — | — | — | — | reported | — | 0.60 |
| ROCE | 1.46% | — | — | — | — | reported | — | 0.70 |
| Current ratio | 1.81x | — | — | — | — | reported | — | 1.00 |
| Quick ratio | 1.71x | — | — | — | — | reported | — | 1.00 |
| Cash ratio | 0.77x | — | — | — | — | reported | — | 1.00 |
| Interest coverage | — | — | — | 7.97x | — | reported | — | 0.80 |
| Net debt / EBITDA | 0.47x | — | — | — | — | reported | — | 0.80 |
| Debt / equity | 0.07x | — | — | — | — | reported | — | 1.00 |
| Debt / assets | 0.05x | — | — | — | — | reported | — | 1.00 |
| Net debt / equity | 0.03x | — | — | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | 14.63% | — | — | 12.81% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 13.41% | — | — | 9.93% | — | reported | — | 1.00 |
| EBIT growth (YoY) | 38.72% | — | — | 35.47% | — | reported | — | 1.00 |
| Net income growth (YoY) | 33.74% | — | — | -4.69% | — | reported | — | 1.00 |
| EPS growth (YoY) | — | — | — | -4.67% | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | -0.24 pp | — | — | -0.54 pp | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | 1.56 pp | — | — | 1.09 pp | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 1.16 pp | — | — | -0.77 pp | — | reported | — | 1.00 |
Q2 2026 · Δ YoY
Revenue
15.17
—
15.17
—
- Q2 2025
- —
- YTD 2026
- 29.25
- Δ YoY
- —
EBITDA
3.43
—
3.43
—
- Q2 2025
- —
- YTD 2026
- 6.04
- Δ YoY
- —
EBIT
1.36
—
1.36
—
- Q2 2025
- —
- YTD 2026
- 1.91
- Δ YoY
- —
EBT
1.31
—
1.31
—
- Q2 2025
- —
- YTD 2026
- 1.81
- Δ YoY
- —
Net income
1.24
—
1.24
—
- Q2 2025
- —
- YTD 2026
- 1.22
- Δ YoY
- —
EPS (basic)
(PLN)
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 0.25
- Δ YoY
- —
D&A
2.07
—
2.07
—
- Q2 2025
- —
- YTD 2026
- 4.13
- Δ YoY
- —
Interest expense
0.63
—
0.63
—
- Q2 2025
- —
- YTD 2026
- 0.24
- Δ YoY
- —
Income tax
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Shares (basic)
(m units)
5.12
—
5.12
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
22.6%
—
22.6%
—
- Q2 2025
- —
- YTD 2026
- 20.65%
- Δ YoY
- —
EBIT margin
8.99%
—
8.99%
—
- Q2 2025
- —
- YTD 2026
- 6.52%
- Δ YoY
- —
Net margin
8.14%
—
8.14%
—
- Q2 2025
- —
- YTD 2026
- 4.18%
- Δ YoY
- —
Cash
6.75
—
6.75
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
12.29
—
12.29
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
5.54
—
5.54
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
173.17
—
173.17
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
251.72
—
251.72
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
7.13
—
7.13
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
15.93
—
15.93
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
8.8
—
8.8
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
9.83
—
9.83
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
0.89
—
0.89
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
4.68
—
4.68
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
2.13
—
2.13
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
2.63
—
2.63
—
- Q2 2025
- —
- YTD 2026
- 4.6
- Δ YoY
- —
CapEx
2.4
—
2.4
—
- Q2 2025
- —
- YTD 2026
- 4.31
- Δ YoY
- —
FCF
0.23
—
0.23
—
- Q2 2025
- —
- YTD 2026
- 0.29
- Δ YoY
- —
FCF conversion
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 4.88%
- Δ YoY
- —
CFO conversion
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 76.24%
- Δ YoY
- —
Dividends paid
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
ROE
0.17%
—
0.17%
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROA
0.12%
—
0.12%
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROIC
1.6%
—
1.6%
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROCE
1.46%
—
1.46%
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current ratio
1.81x
—
1.81x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.71x
—
1.71x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.77x
—
0.77x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 7.97x
- Δ YoY
- —
Net debt / EBITDA
0.47x
—
0.47x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.07x
—
0.07x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.05x
—
0.05x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.03x
—
0.03x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
14.63%
—
14.63%
—
- Q2 2025
- —
- YTD 2026
- 12.81%
- Δ YoY
- —
EBITDA growth (YoY)
13.41%
—
13.41%
—
- Q2 2025
- —
- YTD 2026
- 9.93%
- Δ YoY
- —
EBIT growth (YoY)
38.72%
—
38.72%
—
- Q2 2025
- —
- YTD 2026
- 35.47%
- Δ YoY
- —
Net income growth (YoY)
33.74%
—
33.74%
—
- Q2 2025
- —
- YTD 2026
- -4.69%
- Δ YoY
- —
EPS growth (YoY)
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -4.67%
- Δ YoY
- —
EBITDA margin Δ (YoY)
-0.24 pp
—
-0.24 pp
—
- Q2 2025
- —
- YTD 2026
- -0.54 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
1.56 pp
—
1.56 pp
—
- Q2 2025
- —
- YTD 2026
- 1.09 pp
- Δ YoY
- —
Net margin Δ (YoY)
1.16 pp
—
1.16 pp
—
- Q2 2025
- —
- YTD 2026
- -0.77 pp
- Δ YoY
- —