BAC B-Act NewConnect · Quarterly · publ. August 11, 2026

Q2 2026 report

Spadek przychodów i wyniku I półrocza 2026 r. (-50% r/r, strata netto -680 tys. PLN) to w dużej mierze efekt wysokiej bazy porównawczej z 2025 r. i harmonogramu wieloletnich kontraktów, nie strukturalnego pogorszenia biznesu.

Sentiment

Neutral No guidance change

Website

BAC Q2 2026 report

Revenue

5,902,671 PLN

— YoY

Net income

175,228 PLN

— YoY

EBITDA

331,394 PLN

— YoY

FCF

529,911 PLN

— YoY

Summary

Investment thesis

Sam II kwartał 2026 r. wrócił do dodatniej rentowności na każdym poziomie (sprzedaż, EBIT, netto) po stracie w I kwartale 2026 r.
W II kwartale 2026 r. spółka pozyskała jako lider konsorcjum kilka dużych, wieloletnich kontraktów infrastrukturalnych (energetyka PV, obronność, drogi ekspresowe, porty) — ich wpływ na przychody ujawni się dopiero w kolejnych okresach.
Bilans pozostaje bardzo solidny: dług netto ok. 0,31 mln PLN, current ratio 3,43x — spółka ma zapas płynności na finansowanie rosnącego kapitału obrotowego pod nowe projekty.
Ryzykiem do obserwacji jest silna koncentracja właścicielska (prezes kontroluje 69,46% kapitału / 72,88% głosów) oraz głęboko ujemny operacyjny cash flow narastająco, napędzany trzykrotnym wzrostem produkcji w toku.

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Financials

BETA

Q2 2026

BAC · Q2 2026

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

Revenue	5,902,671	—	—	9,738,240	—	reported	—	1.00
EBITDA	331,394	—	—	-353,935	—	reported	—	0.90
EBIT	198,341	—	—	-620,054	—	reported	—	1.00
EBT	175,228	—	—	-680,401	—	reported	—	1.00
Net income	175,228	—	—	-680,401	—	reported	—	1.00
EPS (basic)	0.02	—	—	-0.07	—	reported	—	0.50
D&A	133,053	—	—	266,119	—	reported	—	1.00
Interest expense	43,771	—	—	91,151	—	reported	—	1.00
Income tax	0	—	—	0	—	reported	—	1.00
Shares (basic) (units)	9,792,500	—	—	—	—	reported	—	0.60

EBITDA margin	5.61%	—	—	-3.63%	—	reported	—	0.90
EBIT margin	3.36%	—	—	-6.37%	—	reported	—	0.90
Net margin	2.97%	—	—	-6.99%	—	reported	—	0.90

Cash	1,836,847	—	—	—	—	reported	—	1.00
Total debt	2,145,560	—	—	—	—	derived	—	0.90
Net debt	308,713	—	—	—	—	reported	—	0.85
Equity	8,851,404	—	—	—	—	reported	—	1.00
Total assets	13,849,274	—	—	—	—	reported	—	1.00
Working capital	6,882,739	—	—	—	—	reported	—	0.85
Current assets	9,713,373	—	—	—	—	reported	—	1.00
Current liabilities	2,830,633	—	—	—	—	reported	—	0.90
Non-current liabilities	1,625,780	—	—	—	—	reported	—	0.90
Inventory	1,902,766	—	—	—	—	reported	—	1.00
Trade receivables	3,508,613	—	—	—	—	reported	—	1.00
Trade payables	1,522,341	—	—	—	—	reported	—	1.00
Goodwill	252	—	—	—	—	reported	—	0.90
Tangible equity	8,851,152	—	—	—	—	reported	—	0.85

CFO	530,579	—	—	-2,871,186	—	reported	—	1.00
CapEx	667	—	—	56,556	—	reported	—	0.60
FCF	529,911	—	—	-2,927,743	—	reported	—	0.70
FCF conversion	159.89%	—	—	—	—	reported	—	0.70
CFO conversion	160.09%	—	—	—	—	reported	—	0.70
Dividends paid	881,325	—	—	881,325	—	reported	—	1.00

Current ratio	3.43x	—	—	—	—	reported	—	0.90
Quick ratio	2.76x	—	—	—	—	reported	—	0.90
Cash ratio	0.65x	—	—	—	—	reported	—	0.90
Interest coverage	4.53x	—	—	-6.8x	—	reported	—	0.85

Debt / equity	0.24x	—	—	—	—	reported	—	0.85
Debt / assets	0.15x	—	—	—	—	reported	—	0.85
Net debt / equity	0.03x	—	—	—	—	reported	—	0.85

Revenue growth (YoY)	-49.13%	—	—	-50.41%	—	reported	—	1.00
EBITDA growth (YoY)	-85.67%	—	—	-120.89%	—	reported	—	0.90
EBIT growth (YoY)	-90.89%	—	—	-133.94%	—	reported	—	0.95
Net income growth (YoY)	-90.06%	—	—	-149.41%	—	reported	—	0.95
EPS growth (YoY)	-90.06%	—	—	-149.41%	—	reported	—	0.50
EBITDA margin Δ (YoY)	-14.32 pp	—	—	-14.18 pp	—	reported	—	0.90
EBIT margin Δ (YoY)	-15.39 pp	—	—	-15.67 pp	—	reported	—	0.90
Net margin Δ (YoY)	-12.23 pp	—	—	-14 pp	—	reported	—	0.90

Q2 2026 · Δ YoY

Revenue

5,902,671 —

Q2 2025: —
YTD 2026: 9,738,240
Δ YoY: —

EBITDA

331,394 —

Q2 2025: —
YTD 2026: -353,935
Δ YoY: —

EBIT

198,341 —

Q2 2025: —
YTD 2026: -620,054
Δ YoY: —

EBT

175,228 —

Q2 2025: —
YTD 2026: -680,401
Δ YoY: —

Net income

175,228 —

Q2 2025: —
YTD 2026: -680,401
Δ YoY: —

EPS (basic)

0.02 —

Q2 2025: —
YTD 2026: -0.07
Δ YoY: —

D&A

133,053 —

Q2 2025: —
YTD 2026: 266,119
Δ YoY: —

Interest expense

43,771 —

Q2 2025: —
YTD 2026: 91,151
Δ YoY: —

Income tax

0 —

Q2 2025: —
YTD 2026: 0
Δ YoY: —

Shares (basic) (units)

9,792,500 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

EBITDA margin

5.61% —

Q2 2025: —
YTD 2026: -3.63%
Δ YoY: —

EBIT margin

3.36% —

Q2 2025: —
YTD 2026: -6.37%
Δ YoY: —

Net margin

2.97% —

Q2 2025: —
YTD 2026: -6.99%
Δ YoY: —

Cash

1,836,847 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total debt

2,145,560 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt

308,713 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Equity

8,851,404 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total assets

13,849,274 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Working capital

6,882,739 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current assets

9,713,373 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

2,830,633 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

1,625,780 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Inventory

1,902,766 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

3,508,613 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

1,522,341 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

252 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity

8,851,152 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

CFO

530,579 —

Q2 2025: —
YTD 2026: -2,871,186
Δ YoY: —

CapEx

667 —

Q2 2025: —
YTD 2026: 56,556
Δ YoY: —

FCF

529,911 —

Q2 2025: —
YTD 2026: -2,927,743
Δ YoY: —

FCF conversion

159.89% —

Q2 2025: —
YTD 2026: —
Δ YoY: —

CFO conversion

160.09% —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Dividends paid

881,325 —

Q2 2025: —
YTD 2026: 881,325
Δ YoY: —

Current ratio

3.43x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

2.76x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.65x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

4.53x —

Q2 2025: —
YTD 2026: -6.8x
Δ YoY: —

Debt / equity

0.24x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.15x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.03x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-49.13% —

Q2 2025: —
YTD 2026: -50.41%
Δ YoY: —

EBITDA growth (YoY)

-85.67% —

Q2 2025: —
YTD 2026: -120.89%
Δ YoY: —

EBIT growth (YoY)

-90.89% —

Q2 2025: —
YTD 2026: -133.94%
Δ YoY: —

Net income growth (YoY)

-90.06% —

Q2 2025: —
YTD 2026: -149.41%
Δ YoY: —

EPS growth (YoY)

-90.06% —

Q2 2025: —
YTD 2026: -149.41%
Δ YoY: —

EBITDA margin Δ (YoY)

-14.32 pp —

Q2 2025: —
YTD 2026: -14.18 pp
Δ YoY: —

EBIT margin Δ (YoY)

-15.39 pp —

Q2 2025: —
YTD 2026: -15.67 pp
Δ YoY: —

Net margin Δ (YoY)

-12.23 pp —

Q2 2025: —
YTD 2026: -14 pp
Δ YoY: —