KLK Kolejkowo NewConnect · quarterly · publ. August 11, 2026

Q2 2026 report

Operator sieci parków miniatur (Wrocław, Gliwice, Warszawa) i modelarni w Jeleniej Górze, z modelem biznesowym opartym na sprzedaży biletów, gadżetów i gastronomii.

Sentiment

Positive Guidance maintained

Website

KLK Q2 2026 report

Revenue

4,718,822 PLN

— YoY

Net income

752,339 PLN

— YoY

EBITDA

1,473,693 PLN

— YoY

FCF

-490,907 PLN

— YoY

Summary

Investment thesis

II kwartał 2026 r. przyniósł spadek wyników r/r (przychody -20,8%, EBITDA -31,6%, zysk netto -42,5%) tłumaczony efektem bardzo wysokiej bazy z 2025 r. (otwarcie Kolejkowo Warszawa) oraz czasowym zamknięciem wystawy w Gliwicach.
Narastająco za I półrocze 2026 r. dynamika pozostaje dodatnia (przychody +1,9%, EBITDA +8,7% r/r), co wskazuje na brak strukturalnego pogorszenia biznesu.
Udany proces przyspieszonej budowy księgi popytu (ABB) w czerwcu 2026 r. przyniósł blisko 9 mln PLN nowego kapitału, istotnie wzmacniając bilans (kapitał własny +86% r/r) i finansując dalszą ekspansję (Gdańsk, rozbudowa Warszawy).
Zarząd podtrzymał prognozę finansową na 2026 r. i ZWZ uchwaliło rekordową dywidendę 1,25 PLN/akcję (+125% r/r), sygnalizując pewność co do dalszej ścieżki wyników.

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Financials

BETA

Q2 2026

KLK · Q2 2026

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

Revenue	4,718,822	—	—	10,891,391	—	reported	—	1.00
EBITDA	1,473,693	—	—	3,869,295	—	reported	—	1.00
EBIT	837,143	—	—	2,583,037	—	reported	—	1.00
EBT	778,043	—	—	2,453,050	—	reported	—	1.00
Net income	752,339	—	—	2,045,443	—	reported	—	1.00
D&A	636,550	—	—	1,286,258	—	reported	—	1.00
Interest expense	69,682	—	—	150,391	—	reported	—	1.00
Income tax	25,704	—	—	407,607	—	reported	—	1.00

EBITDA margin	31.23%	—	—	35.53%	—	derived	—	0.90
EBIT margin	17.74%	—	—	23.72%	—	derived	—	0.90
EBT margin	16.49%	—	—	22.52%	—	derived	—	0.90
Net margin	15.94%	—	—	18.78%	—	derived	—	0.90
D&A margin	13.49%	—	—	11.81%	—	derived	—	0.90

Cash	11,258,724	—	—	—	—	reported	—	0.95
Equity	28,005,511	—	—	—	—	reported	—	1.00
Total assets	37,217,278	—	—	—	—	reported	—	1.00
Current assets	12,712,223	—	—	—	—	reported	—	1.00
Current liabilities	3,879,577	—	—	—	—	reported	—	0.75
Non-current liabilities	3,014,440	—	—	—	—	reported	—	0.75
Inventory	1,204,968	—	—	—	—	reported	—	1.00
Trade receivables	201,670	—	—	—	—	reported	—	0.90
Goodwill	54,760	—	—	—	—	reported	—	1.00

CFO	744,131	—	—	2,598,131	—	reported	—	1.00
CapEx	1,235,038	—	—	2,071,065	—	reported	—	0.95
FCF	-490,907	—	—	527,066	—	derived	—	0.90
Dividends paid	0	—	—	—	—	reported	—	1.00

Current ratio	3.28x	—	—	—	—	derived	—	0.80
Quick ratio	2.97x	—	—	—	—	derived	—	0.80
Cash ratio	2.9x	—	—	—	—	derived	—	0.80

Revenue growth (YoY)	-20.84%	—	—	1.88%	—	derived	—	0.95
EBITDA growth (YoY)	-31.61%	—	—	8.69%	—	derived	—	0.95
EBIT growth (YoY)	-49.77%	—	—	-5.75%	—	derived	—	0.90
Net income growth (YoY)	-42.53%	—	—	-2.92%	—	derived	—	0.90
EBITDA margin Δ (YoY)	-4.92 pp	—	—	2.23 pp	—	derived	—	0.85
EBIT margin Δ (YoY)	-10.22 pp	—	—	-1.92 pp	—	derived	—	0.85
Net margin Δ (YoY)	-6.02 pp	—	—	-0.93 pp	—	derived	—	0.85

Q2 2026 · Δ YoY

Revenue

4,718,822 —

Q2 2025: —
YTD 2026: 10,891,391
Δ YoY: —

EBITDA

1,473,693 —

Q2 2025: —
YTD 2026: 3,869,295
Δ YoY: —

EBIT

837,143 —

Q2 2025: —
YTD 2026: 2,583,037
Δ YoY: —

EBT

778,043 —

Q2 2025: —
YTD 2026: 2,453,050
Δ YoY: —

Net income

752,339 —

Q2 2025: —
YTD 2026: 2,045,443
Δ YoY: —

D&A

636,550 —

Q2 2025: —
YTD 2026: 1,286,258
Δ YoY: —

Interest expense

69,682 —

Q2 2025: —
YTD 2026: 150,391
Δ YoY: —

Income tax

25,704 —

Q2 2025: —
YTD 2026: 407,607
Δ YoY: —

EBITDA margin

31.23% —

Q2 2025: —
YTD 2026: 35.53%
Δ YoY: —

EBIT margin

17.74% —

Q2 2025: —
YTD 2026: 23.72%
Δ YoY: —

EBT margin

16.49% —

Q2 2025: —
YTD 2026: 22.52%
Δ YoY: —

Net margin

15.94% —

Q2 2025: —
YTD 2026: 18.78%
Δ YoY: —

D&A margin

13.49% —

Q2 2025: —
YTD 2026: 11.81%
Δ YoY: —

Cash

11,258,724 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Equity

28,005,511 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total assets

37,217,278 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current assets

12,712,223 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

3,879,577 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

3,014,440 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Inventory

1,204,968 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

201,670 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

54,760 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

CFO

744,131 —

Q2 2025: —
YTD 2026: 2,598,131
Δ YoY: —

CapEx

1,235,038 —

Q2 2025: —
YTD 2026: 2,071,065
Δ YoY: —

FCF

-490,907 —

Q2 2025: —
YTD 2026: 527,066
Δ YoY: —

Dividends paid

0 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current ratio

3.28x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

2.97x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

2.9x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-20.84% —

Q2 2025: —
YTD 2026: 1.88%
Δ YoY: —

EBITDA growth (YoY)

-31.61% —

Q2 2025: —
YTD 2026: 8.69%
Δ YoY: —

EBIT growth (YoY)

-49.77% —

Q2 2025: —
YTD 2026: -5.75%
Δ YoY: —

Net income growth (YoY)

-42.53% —

Q2 2025: —
YTD 2026: -2.92%
Δ YoY: —

EBITDA margin Δ (YoY)

-4.92 pp —

Q2 2025: —
YTD 2026: 2.23 pp
Δ YoY: —

EBIT margin Δ (YoY)

-10.22 pp —

Q2 2025: —
YTD 2026: -1.92 pp
Δ YoY: —

Net margin Δ (YoY)

-6.02 pp —

Q2 2025: —
YTD 2026: -0.93 pp
Δ YoY: —