KRK Krka, d. d., Novo mesto Giełda Papierów Wartościowych w Warszawie · semiannual · publ. July 23, 2026

H1 2026 report

Grupa farmaceutyczna o rekordowej sprzedaży w H1 2026 (1 119,3 mln EUR, +7% r/r) i silnej poprawie marż operacyjnych (EBIT +20% r/r, marża EBIT 27,6%).

Sentiment

Positive Guidance maintained

Website

KRK H1 2026 report

Revenue

1.12 bn EUR

— YoY

Net income

260.26 m EUR

— YoY

EBITDA

357.45 m EUR

— YoY

Gross margin

60.96%

— YoY

Summary

Investment thesis

Bilans praktycznie bez dźwigni finansowej — zadłużenie odsetkowe to jedynie leasing (18,4 mln EUR) wobec 388 mln EUR gotówki i 342 mln EUR inwestycji bieżących.
Jakość zysku pogarsza się: OCF spadł o 11% r/r mimo wzrostu zysku netto o 5%, głównie przez rosnące należności handlowe (+13% r/r, szybciej niż sprzedaż).
27-letnia nieprzerwana passa podwyżek dywidendy (9,10 EUR/akcję za 2025 r.) oraz nowy trzyletni program skupu akcji własnych zatwierdzony przez WZA.
Kluczowe ryzyko koncentracji: 22% sprzedaży produktowej z Rosji, waluta (rubel) trudna do pełnego zabezpieczenia z powodu sankcji i płytkości rynku instrumentów pochodnych.

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

H1 2026

KRK · H1 2026

Metric	H1 2026	H1 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	1,119.35	—	—	1,119.35	—	reported	—	1.00
Gross profit	682.26	—	—	682.26	—	reported	—	1.00
EBITDA	357.45	—	—	357.45	—	reported	—	1.00
EBIT	309.23	—	—	309.23	—	reported	—	1.00
EBT	319.95	—	—	319.95	—	reported	—	1.00
Net income	260.26	—	—	260.26	—	reported	—	1.00
EPS (basic) (EUR)	8.59	—	—	8.59	—	reported	—	1.00
EPS (diluted) (EUR)	8.59	—	—	8.59	—	reported	—	1.00
D&A	48.23	—	—	48.23	—	reported	—	1.00
Interest expense	0.4	—	—	0.4	—	reported	—	1.00
Income tax	59.78	—	—	59.78	—	reported	—	1.00

Gross margin	60.96%	—	—	60.96%	—	derived	—	0.95
EBITDA margin	31.93%	—	—	31.93%	—	derived	—	0.95
EBIT margin	27.62%	—	—	27.62%	—	derived	—	0.95
EBT margin	28.58%	—	—	28.58%	—	derived	—	0.95
Net margin	23.24%	—	—	23.24%	—	derived	—	0.90
D&A margin	4.31%	—	—	4.31%	—	derived	—	0.90

Cash	388.09	—	—	—	—	reported	—	1.00
Total debt	18.43	—	—	—	—	reported	—	0.80
Net debt	-369.66	—	—	—	—	derived	—	0.90
Equity	2,629.21	—	—	—	—	reported	—	1.00
Total assets	3,328.74	—	—	—	—	reported	—	1.00
Working capital	1,711.13	—	—	—	—	derived	—	0.90
Current assets	2,243.68	—	—	—	—	reported	—	1.00
Current liabilities	532.54	—	—	—	—	reported	—	1.00
Non-current liabilities	166.98	—	—	—	—	reported	—	1.00
Inventory	630.65	—	—	—	—	reported	—	1.00
Trade receivables	690.49	—	—	—	—	reported	—	1.00
Trade payables	150.67	—	—	—	—	reported	—	1.00
Goodwill	114.55	—	—	—	—	reported	—	1.00
Tangible equity	2,514.66	—	—	—	—	derived	—	0.85

CFO	225.4	—	—	225.4	—	reported	—	1.00
CapEx	57.4	—	—	57.4	—	reported	—	1.00
FCF	168	—	—	168	—	derived	—	0.90
FCF conversion	47%	—	—	47%	—	derived	—	0.85
CFO conversion	63.05%	—	—	63.05%	—	derived	—	0.85
Buybacks	19.01	—	—	19.01	—	reported	—	1.00

Current ratio	4.21x	—	—	—	—	derived	—	0.90
Quick ratio	3.03x	—	—	—	—	derived	—	0.90
Cash ratio	0.73x	—	—	—	—	derived	—	0.90
Interest coverage	782.85x	—	—	—	—	derived	—	0.90

Debt / equity	0.01x	—	—	—	—	derived	—	0.90
Debt / assets	0.01x	—	—	—	—	derived	—	0.90
Net debt / equity	-0.14x	—	—	—	—	derived	—	0.90

Revenue growth (YoY)	6.75%	—	—	6.75%	—	derived	—	0.95
EBITDA growth (YoY)	17.88%	—	—	17.88%	—	derived	—	0.95
EBIT growth (YoY)	20.34%	—	—	20.34%	—	derived	—	0.95
Net income growth (YoY)	5.87%	—	—	5.87%	—	derived	—	0.90
EPS growth (YoY)	6.84%	—	—	6.84%	—	derived	—	0.95
FCF growth (YoY)	-18.73%	—	—	-18.73%	—	derived	—	0.85
Gross margin Δ (YoY)	3.03 pp	—	—	3.03 pp	—	derived	—	0.90
EBITDA margin Δ (YoY)	3.01 pp	—	—	3.01 pp	—	derived	—	0.90
EBIT margin Δ (YoY)	3.11 pp	—	—	3.11 pp	—	derived	—	0.90
Net margin Δ (YoY)	-0.29 pp	—	—	-0.29 pp	—	derived	—	0.85

Market cap	8,214.76	—	—	—	—	reported	—	1.00
P/E	14.58x	—	—	—	—	derived	—	0.90
P/BV	3.12x	—	—	—	—	derived	—	0.90

H1 2026 · Δ YoY

Revenue

1,119.35 —

H1 2025: —
YTD 2026: 1,119.35
Δ YoY: —

Gross profit

682.26 —

H1 2025: —
YTD 2026: 682.26
Δ YoY: —

EBITDA

357.45 —

H1 2025: —
YTD 2026: 357.45
Δ YoY: —

EBIT

309.23 —

H1 2025: —
YTD 2026: 309.23
Δ YoY: —

EBT

319.95 —

H1 2025: —
YTD 2026: 319.95
Δ YoY: —

Net income

260.26 —

H1 2025: —
YTD 2026: 260.26
Δ YoY: —

EPS (basic) (EUR)

8.59 —

H1 2025: —
YTD 2026: 8.59
Δ YoY: —

EPS (diluted) (EUR)

8.59 —

H1 2025: —
YTD 2026: 8.59
Δ YoY: —

D&A

48.23 —

H1 2025: —
YTD 2026: 48.23
Δ YoY: —

Interest expense

0.4 —

H1 2025: —
YTD 2026: 0.4
Δ YoY: —

Income tax

59.78 —

H1 2025: —
YTD 2026: 59.78
Δ YoY: —

Gross margin

60.96% —

H1 2025: —
YTD 2026: 60.96%
Δ YoY: —

EBITDA margin

31.93% —

H1 2025: —
YTD 2026: 31.93%
Δ YoY: —

EBIT margin

27.62% —

H1 2025: —
YTD 2026: 27.62%
Δ YoY: —

EBT margin

28.58% —

H1 2025: —
YTD 2026: 28.58%
Δ YoY: —

Net margin

23.24% —

H1 2025: —
YTD 2026: 23.24%
Δ YoY: —

D&A margin

4.31% —

H1 2025: —
YTD 2026: 4.31%
Δ YoY: —

Cash

388.09 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

18.43 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

-369.66 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

2,629.21 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total assets

3,328.74 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Working capital

1,711.13 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

2,243.68 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

532.54 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

166.98 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

630.65 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

690.49 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

150.67 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

114.55 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity

2,514.66 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

225.4 —

H1 2025: —
YTD 2026: 225.4
Δ YoY: —

CapEx

57.4 —

H1 2025: —
YTD 2026: 57.4
Δ YoY: —

FCF

168 —

H1 2025: —
YTD 2026: 168
Δ YoY: —

FCF conversion

47% —

H1 2025: —
YTD 2026: 47%
Δ YoY: —

CFO conversion

63.05% —

H1 2025: —
YTD 2026: 63.05%
Δ YoY: —

Buybacks

19.01 —

H1 2025: —
YTD 2026: 19.01
Δ YoY: —

Current ratio

4.21x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

3.03x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.73x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

782.85x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

0.01x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.01x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.14x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

6.75% —

H1 2025: —
YTD 2026: 6.75%
Δ YoY: —

EBITDA growth (YoY)

17.88% —

H1 2025: —
YTD 2026: 17.88%
Δ YoY: —

EBIT growth (YoY)

20.34% —

H1 2025: —
YTD 2026: 20.34%
Δ YoY: —

Net income growth (YoY)

5.87% —

H1 2025: —
YTD 2026: 5.87%
Δ YoY: —

EPS growth (YoY)

6.84% —

H1 2025: —
YTD 2026: 6.84%
Δ YoY: —

FCF growth (YoY)

-18.73% —

H1 2025: —
YTD 2026: -18.73%
Δ YoY: —

Gross margin Δ (YoY)

3.03 pp —

H1 2025: —
YTD 2026: 3.03 pp
Δ YoY: —

EBITDA margin Δ (YoY)

3.01 pp —

H1 2025: —
YTD 2026: 3.01 pp
Δ YoY: —

EBIT margin Δ (YoY)

3.11 pp —

H1 2025: —
YTD 2026: 3.11 pp
Δ YoY: —

Net margin Δ (YoY)

-0.29 pp —

H1 2025: —
YTD 2026: -0.29 pp
Δ YoY: —

Market cap

8,214.76 —

H1 2025: —
YTD 2026: —
Δ YoY: —

P/E

14.58x —

H1 2025: —
YTD 2026: —
Δ YoY: —

P/BV

3.12x —

H1 2025: —
YTD 2026: —
Δ YoY: —