KPL
Kino Polska TV
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 17, 2026
H1 2026 report
Płaskie przychody (-0,7% r/r), ale rosnący zysk netto (+4,3% r/r) dzięki dyscyplinie kosztowej po zejściu Zoom TV z DVB-T — dźwignia operacyjna działa na korzyść marż, nie wzrostu.
Sentiment
●●●●●●
KPL
H1 2026 report
Revenue
161.47 m PLN
— YoY
Net income
39.01 m PLN
— YoY
EBITDA
88.12 m PLN
— YoY
FCF
24.04 m PLN
— YoY
Summary
Investment thesis
- 37% aktywów Grupy (190,4 mln zł) ulokowane w cash poolingu z podmiotem kontrolowanym przez większościowego akcjonariusza (SPI International BV, 66% głosów) — kluczowe ryzyko koncentracji i ładu korporacyjnego.
- Bardzo dobra konwersja zysku na gotówkę: OCF +67% r/r, FCF/EBITDA ok. 53%, dług netto ujemny (pozycja gotówkowa netto).
- Regularna, przewidywalna polityka dywidendowa (1,18 zł/akcję z zysku 2025 r., wypłacona sierpień 2026) przy niemal zerowym zadłużeniu odsetkowym.
- Segment Stopklatka i sprzedaż praw licencyjnych pod presją (spadająca oglądalność, spadek przychodów z licencji o 65,8% r/r) — do obserwacji, czy to trwały trend czy przejściowe wahnięcie.
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Financials
BETA
KPL · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 161.47 | — | — | 161.47 | — | reported | — | 1.00 |
| EBITDA | 88.12 | — | — | 88.12 | — | reported | — | 1.00 |
| EBIT | 48.55 | — | — | 48.55 | — | reported | — | 1.00 |
| EBT | 49.99 | — | — | 49.99 | — | reported | — | 1.00 |
| Net income | 39.01 | — | — | 39.01 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.97 | — | — | 1.97 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 2.05 | — | — | 2.05 | — | reported | — | 1.00 |
| D&A | 35.92 | — | — | 35.92 | — | reported | — | 1.00 |
| Income tax | 10.99 | — | — | 10.99 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 19.82 | — | — | — | — | reported | — | 1.00 |
| EBITDA margin | 54.57% | — | — | 54.57% | — | derived | — | 0.95 |
| EBIT margin | 30.07% | — | — | 30.07% | — | derived | — | 0.95 |
| EBT margin | 30.96% | — | — | 30.96% | — | derived | — | 0.90 |
| Net margin | 24.16% | — | — | 24.16% | — | derived | — | 0.95 |
| D&A margin | 22.25% | — | — | 22.25% | — | derived | — | 0.90 |
| Cash | 19.9 | — | — | — | — | reported | — | 1.00 |
| Total debt | 23.99 | — | — | — | — | reported | — | 0.90 |
| Net debt | 4.1 | — | — | — | — | derived | — | 0.90 |
| Equity | 359.41 | — | — | — | — | reported | — | 1.00 |
| Total assets | 458.21 | — | — | — | — | reported | — | 1.00 |
| Working capital | 215.6 | — | — | — | — | derived | — | 0.90 |
| Current assets | 291.05 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 75.44 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 23.35 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 107.86 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 56.47 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 76.72 | — | — | — | — | reported | — | 0.90 |
| Tangible equity | 282.7 | — | — | — | — | derived | — | 0.90 |
| CFO | 28.58 | — | — | 28.58 | — | reported | — | 1.00 |
| CapEx | 4.55 | — | — | 4.55 | — | reported | — | 1.00 |
| FCF | 24.04 | — | — | 24.04 | — | derived | — | 0.90 |
| FCF conversion | 27.28% | — | — | 27.28% | — | derived | — | 0.90 |
| CFO conversion | 32.44% | — | — | 32.44% | — | derived | — | 0.90 |
| Current ratio | 3.86x | — | — | — | — | derived | — | 0.90 |
| Quick ratio | 2.98x | — | — | — | — | derived | — | 0.85 |
| Cash ratio | 0.26x | — | — | — | — | derived | — | 0.90 |
| Debt / equity | 0.07x | — | — | — | — | derived | — | 0.85 |
| Debt / assets | 0.05x | — | — | — | — | derived | — | 0.85 |
| Net debt / equity | 0.01x | — | — | — | — | derived | — | 0.85 |
| Revenue growth (YoY) | -0.67% | — | — | -0.67% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | -4.02% | — | — | -4.02% | — | derived | — | 0.95 |
| EBIT growth (YoY) | 3.4% | — | — | 3.4% | — | derived | — | 0.95 |
| Net income growth (YoY) | 4.28% | — | — | 4.28% | — | derived | — | 0.95 |
| EPS growth (YoY) | 4.06% | — | — | 4.06% | — | derived | — | 0.95 |
| EBITDA margin Δ (YoY) | -1.84 pp | — | — | -1.84 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 1.23 pp | — | — | 1.23 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 1.2 pp | — | — | 1.2 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
161.47
—
161.47
—
- H1 2025
- —
- YTD 2026
- 161.47
- Δ YoY
- —
EBITDA
88.12
—
88.12
—
- H1 2025
- —
- YTD 2026
- 88.12
- Δ YoY
- —
EBIT
48.55
—
48.55
—
- H1 2025
- —
- YTD 2026
- 48.55
- Δ YoY
- —
EBT
49.99
—
49.99
—
- H1 2025
- —
- YTD 2026
- 49.99
- Δ YoY
- —
Net income
39.01
—
39.01
—
- H1 2025
- —
- YTD 2026
- 39.01
- Δ YoY
- —
EPS (basic)
(PLN)
1.97
—
1.97
—
- H1 2025
- —
- YTD 2026
- 1.97
- Δ YoY
- —
EPS (diluted)
(PLN)
2.05
—
2.05
—
- H1 2025
- —
- YTD 2026
- 2.05
- Δ YoY
- —
D&A
35.92
—
35.92
—
- H1 2025
- —
- YTD 2026
- 35.92
- Δ YoY
- —
Income tax
10.99
—
10.99
—
- H1 2025
- —
- YTD 2026
- 10.99
- Δ YoY
- —
Shares (basic)
(m units)
19.82
—
19.82
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
54.57%
—
54.57%
—
- H1 2025
- —
- YTD 2026
- 54.57%
- Δ YoY
- —
EBIT margin
30.07%
—
30.07%
—
- H1 2025
- —
- YTD 2026
- 30.07%
- Δ YoY
- —
EBT margin
30.96%
—
30.96%
—
- H1 2025
- —
- YTD 2026
- 30.96%
- Δ YoY
- —
Net margin
24.16%
—
24.16%
—
- H1 2025
- —
- YTD 2026
- 24.16%
- Δ YoY
- —
D&A margin
22.25%
—
22.25%
—
- H1 2025
- —
- YTD 2026
- 22.25%
- Δ YoY
- —
Cash
19.9
—
19.9
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
23.99
—
23.99
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
4.1
—
4.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
359.41
—
359.41
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
458.21
—
458.21
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
215.6
—
215.6
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
291.05
—
291.05
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
75.44
—
75.44
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
23.35
—
23.35
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
107.86
—
107.86
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
56.47
—
56.47
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
76.72
—
76.72
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
282.7
—
282.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
28.58
—
28.58
—
- H1 2025
- —
- YTD 2026
- 28.58
- Δ YoY
- —
CapEx
4.55
—
4.55
—
- H1 2025
- —
- YTD 2026
- 4.55
- Δ YoY
- —
FCF
24.04
—
24.04
—
- H1 2025
- —
- YTD 2026
- 24.04
- Δ YoY
- —
FCF conversion
27.28%
—
27.28%
—
- H1 2025
- —
- YTD 2026
- 27.28%
- Δ YoY
- —
CFO conversion
32.44%
—
32.44%
—
- H1 2025
- —
- YTD 2026
- 32.44%
- Δ YoY
- —
Current ratio
3.86x
—
3.86x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
2.98x
—
2.98x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.26x
—
0.26x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.07x
—
0.07x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.05x
—
0.05x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.01x
—
0.01x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-0.67%
—
-0.67%
—
- H1 2025
- —
- YTD 2026
- -0.67%
- Δ YoY
- —
EBITDA growth (YoY)
-4.02%
—
-4.02%
—
- H1 2025
- —
- YTD 2026
- -4.02%
- Δ YoY
- —
EBIT growth (YoY)
3.4%
—
3.4%
—
- H1 2025
- —
- YTD 2026
- 3.4%
- Δ YoY
- —
Net income growth (YoY)
4.28%
—
4.28%
—
- H1 2025
- —
- YTD 2026
- 4.28%
- Δ YoY
- —
EPS growth (YoY)
4.06%
—
4.06%
—
- H1 2025
- —
- YTD 2026
- 4.06%
- Δ YoY
- —
EBITDA margin Δ (YoY)
-1.84 pp
—
-1.84 pp
—
- H1 2025
- —
- YTD 2026
- -1.84 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
1.23 pp
—
1.23 pp
—
- H1 2025
- —
- YTD 2026
- 1.23 pp
- Δ YoY
- —
Net margin Δ (YoY)
1.2 pp
—
1.2 pp
—
- H1 2025
- —
- YTD 2026
- 1.2 pp
- Δ YoY
- —