CST CStore NewConnect · quarterly · publ. August 11, 2026

Q2 2026 report

Producent oprogramowania B2B (platforma e-commerce, CRM, SFA, OMS) w modelu abonamentowym (SaaS), z rozpoznawalnym klientem (Lindt) pozyskanym w II kw. 2026.

Sentiment

Cautious No guidance change

Website

CST Q2 2026 report

Revenue

1,692,906 PLN

— YoY

Net income

-82,483 PLN

— YoY

EBITDA

86,143 PLN

— YoY

FCF

-2,220,443 PLN

— YoY

Summary

Investment thesis

II kw. 2026 przyniósł spadek przychodów o 27,4% r/r i kolaps EBITDA o 84,7% r/r wskutek wydłużonych procesów decyzyjnych klientów w niepewnym otoczeniu geopolitycznym.
Spółka finansuje kosztowną transformację produktową (CStore OMS, rebranding na Centoro, nowa platforma) dwoma kredytami inwestycyjnymi (3,0 mln zł i 4,1 mln zł) ze spłatą do 2035-2036 r.
Przepływy operacyjne za H1 2026 są ujemne (-520,7 tys. zł) mimo dodatniego zysku netto, a CAPEX (2,6 mln zł) jest finansowany niemal wyłącznie nowym długiem, nie gotówką z działalności.
Akcjonariat silnie skoncentrowany — Fundacja Rodzinna Paszek w organizacji kontroluje 82,62% głosów, co ogranicza rolę pozostałych akcjonariuszy w nadzorze korporacyjnym.

Read the full analysis

Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.

Financials

BETA

Q2 2026

CST · Q2 2026

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

Revenue	1,692,906	—	—	3,837,581	—	reported	—	1.00
EBITDA	86,143	—	—	368,016	—	derived	—	1.00
EBIT	-43,317	—	—	109,096	—	reported	—	1.00
Net income	-82,483	—	—	50,542	—	reported	—	1.00
EPS (basic)	-0.01	—	—	0	—	derived	—	0.60
D&A	129,460	—	—	258,920	—	reported	—	1.00
Interest expense	39,167	—	—	58,569	—	reported	—	1.00
Income tax	0	—	—	0	—	reported	—	1.00
Shares (basic) (units)	11,831,451	—	—	—	—	reported	—	0.90

EBITDA margin	5.09%	—	—	9.59%	—	reported	—	1.00
EBIT margin	-2.56%	—	—	2.84%	—	reported	—	1.00
Net margin	-4.87%	—	—	1.32%	—	reported	—	1.00

Cash	1,179,230	—	—	—	—	reported	—	1.00
Equity	13,634,358	—	—	—	—	reported	—	1.00
Total assets	17,613,660	—	—	—	—	reported	—	1.00
Current assets	2,854,769	—	—	—	—	reported	—	1.00
Current liabilities	462,169	—	—	—	—	reported	—	1.00
Non-current liabilities	3,484,694	—	—	—	—	reported	—	1.00
Inventory	0	—	—	—	—	reported	—	1.00
Trade receivables	1,667,733	—	—	—	—	reported	—	1.00
Goodwill	6,998,708	—	—	—	—	reported	—	0.90

CFO	-731,359	—	—	-520,679	—	reported	—	1.00
CapEx	1,489,083	—	—	2,603,322	—	reported	—	1.00
FCF	-2,220,443	—	—	-3,124,000	—	derived	—	0.90

Current ratio	6.18x	—	—	—	—	reported	—	1.00

Revenue growth (YoY)	-27.36%	—	—	1.38%	—	reported	—	1.00
EBITDA growth (YoY)	-84.67%	—	—	-56.32%	—	reported	—	1.00
EBIT growth (YoY)	-110.08%	—	—	-81.12%	—	reported	—	1.00
Net income growth (YoY)	-122.01%	—	—	-89.69%	—	reported	—	1.00
EBITDA margin Δ (YoY)	-19.02 pp	—	—	-12.67 pp	—	reported	—	1.00
Net margin Δ (YoY)	-20.95 pp	—	—	-11.62 pp	—	reported	—	1.00

Q2 2026 · Δ YoY

Revenue

1,692,906 —

Q2 2025: —
YTD 2026: 3,837,581
Δ YoY: —

EBITDA

86,143 —

Q2 2025: —
YTD 2026: 368,016
Δ YoY: —

EBIT

-43,317 —

Q2 2025: —
YTD 2026: 109,096
Δ YoY: —

Net income

-82,483 —

Q2 2025: —
YTD 2026: 50,542
Δ YoY: —

EPS (basic)

-0.01 —

Q2 2025: —
YTD 2026: 0
Δ YoY: —

D&A

129,460 —

Q2 2025: —
YTD 2026: 258,920
Δ YoY: —

Interest expense

39,167 —

Q2 2025: —
YTD 2026: 58,569
Δ YoY: —

Income tax

0 —

Q2 2025: —
YTD 2026: 0
Δ YoY: —

Shares (basic) (units)

11,831,451 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

EBITDA margin

5.09% —

Q2 2025: —
YTD 2026: 9.59%
Δ YoY: —

EBIT margin

-2.56% —

Q2 2025: —
YTD 2026: 2.84%
Δ YoY: —

Net margin

-4.87% —

Q2 2025: —
YTD 2026: 1.32%
Δ YoY: —

Cash

1,179,230 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Equity

13,634,358 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total assets

17,613,660 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current assets

2,854,769 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

462,169 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

3,484,694 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Inventory

0 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

1,667,733 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

6,998,708 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

CFO

-731,359 —

Q2 2025: —
YTD 2026: -520,679
Δ YoY: —

CapEx

1,489,083 —

Q2 2025: —
YTD 2026: 2,603,322
Δ YoY: —

FCF

-2,220,443 —

Q2 2025: —
YTD 2026: -3,124,000
Δ YoY: —

Current ratio

6.18x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-27.36% —

Q2 2025: —
YTD 2026: 1.38%
Δ YoY: —

EBITDA growth (YoY)

-84.67% —

Q2 2025: —
YTD 2026: -56.32%
Δ YoY: —

EBIT growth (YoY)

-110.08% —

Q2 2025: —
YTD 2026: -81.12%
Δ YoY: —

Net income growth (YoY)

-122.01% —

Q2 2025: —
YTD 2026: -89.69%
Δ YoY: —

EBITDA margin Δ (YoY)

-19.02 pp —

Q2 2025: —
YTD 2026: -12.67 pp
Δ YoY: —

Net margin Δ (YoY)

-20.95 pp —

Q2 2025: —
YTD 2026: -11.62 pp
Δ YoY: —