LKD Lokum Deweloper Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 23, 2026

H1 2026 report

Naglowkowy spadek zysku netto o 57% r/r to w calosci efekt statystyczny: H1 2025 zawieral jednorazowy zysk 47,3 mln zl ze sprzedazy gruntu w Krakowie (nota 20), a H1 2026 nie ma porownywalnego zdarzenia.

Sentiment

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Website

LKD H1 2026 report

Revenue

34.15 m PLN

— YoY

Net income

34.42 m PLN

— YoY

EBITDA

46.02 m PLN

— YoY

Gross margin

38.96%

— YoY

Summary

Investment thesis

Po oczyszczeniu z tego zdarzenia rdzen dzialalnosci deweloperskiej poprawil sie r/r z ok. -2,2 mln zl EBIT do ok. +20,2 mln zl EBIT - odwrotny sygnal niz sugeruje naglowek.
Bilans bardzo bezpieczny: wskaznik dzwigni finansowej do kowenantow obligacji = 0,2, dlug netto/kapital wlasny = 0,30x, brak kredytow bankowych.
Przeplywy operacyjne odwrocily sie z -59,8 mln zl do +50,9 mln zl r/r - typowy dla dewelopera efekt wahadla zapasow zwiazany z harmonogramem budowy i odbiorow, nie sygnal jakosciowy.
Wysoka koncentracja wlascicielska (71,4% glosow u jednego akcjonariusza powiazanego z zarzadem, kolejne 17,1% u fundacji rodzinnej prezesa) to strukturalne ryzyko ladu korporacyjnego niezalezne od wynikow operacyjnych.

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Financials

BETA

H1 2026

LKD · H1 2026

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

Revenue	34.15	—	—	34.15	—	reported	—	1.00
Gross profit	13.3	—	—	13.3	—	reported	—	1.00
EBITDA	46.02	—	—	46.02	—	derived	—	0.90
EBIT	45.14	—	—	45.14	—	reported	—	1.00
EBT	42.71	—	—	42.71	—	reported	—	1.00
Net income	34.42	—	—	34.42	—	reported	—	1.00
EPS (basic) (PLN)	1.91	—	—	1.91	—	reported	—	1.00
EPS (diluted) (PLN)	0.82	—	—	0.82	—	reported	—	1.00
D&A	0.88	—	—	0.88	—	reported	—	1.00
Interest expense	5.4	—	—	5.4	—	reported	—	1.00
Income tax	8.39	—	—	8.39	—	reported	—	1.00
Shares (basic) (m units)	18	—	—	—	—	reported	—	0.95

Gross margin	38.96%	—	—	38.96%	—	derived	—	0.95
EBITDA margin	134.75%	—	—	134.75%	—	derived	—	0.70
EBIT margin	132.16%	—	—	132.16%	—	derived	—	0.70
EBT margin	125.06%	—	—	125.06%	—	derived	—	0.70
Net margin	100.8%	—	—	100.8%	—	derived	—	0.70

Cash	17.55	—	—	—	—	reported	—	1.00
Total debt	197.69	—	—	—	—	derived	—	0.90
Net debt	180.14	—	—	—	—	derived	—	0.90
Equity	556.36	—	—	—	—	reported	—	1.00
Total assets	838.01	—	—	—	—	reported	—	1.00
Working capital	673.44	—	—	—	—	derived	—	0.90
Current assets	771.84	—	—	—	—	reported	—	1.00
Current liabilities	98.4	—	—	—	—	reported	—	1.00
Non-current liabilities	168.58	—	—	—	—	reported	—	1.00
Inventory	687.77	—	—	—	—	reported	—	1.00
Trade receivables	21.42	—	—	—	—	reported	—	0.85
Trade payables	19.93	—	—	—	—	reported	—	0.85

CFO	-59.85	—	—	-59.85	—	reported	—	1.00
CapEx	0.55	—	—	0.55	—	reported	—	1.00
FCF	-60.4	—	—	-60.4	—	derived	—	0.90
Dividends paid	13.39	—	—	13.39	—	reported	—	1.00

ROE	6.15%	—	—	—	—	derived	—	0.60

Current ratio	7.84x	—	—	—	—	derived	—	0.85
Quick ratio	1x	—	—	—	—	derived	—	0.90
Cash ratio	0.27x	—	—	—	—	derived	—	0.90
Interest coverage	4.08x	—	—	4.08x	—	derived	—	0.80

Debt / equity	0.35x	—	—	—	—	derived	—	0.85
Debt / assets	0.24x	—	—	—	—	derived	—	0.85
Net debt / equity	0.3x	—	—	—	—	derived	—	0.85

Revenue growth (YoY)	176.13%	—	—	176.13%	—	derived	—	0.90
EBITDA growth (YoY)	-47.19%	—	—	-47.19%	—	derived	—	0.70
EBIT growth (YoY)	-47.79%	—	—	-47.79%	—	derived	—	0.70
Net income growth (YoY)	-56.89%	—	—	-56.89%	—	derived	—	0.70
EPS growth (YoY)	-57.07%	—	—	-57.07%	—	derived	—	0.85
Gross margin Δ (YoY)	-1.34 pp	—	—	-1.34 pp	—	derived	—	0.90
Net margin Δ (YoY)	-85.06 pp	—	—	-85.06 pp	—	derived	—	0.60

H1 2026 · Δ YoY

Revenue

34.15 —

H1 2025: —
YTD 2026: 34.15
Δ YoY: —

Gross profit

13.3 —

H1 2025: —
YTD 2026: 13.3
Δ YoY: —

EBITDA

46.02 —

H1 2025: —
YTD 2026: 46.02
Δ YoY: —

EBIT

45.14 —

H1 2025: —
YTD 2026: 45.14
Δ YoY: —

EBT

42.71 —

H1 2025: —
YTD 2026: 42.71
Δ YoY: —

Net income

34.42 —

H1 2025: —
YTD 2026: 34.42
Δ YoY: —

EPS (basic) (PLN)

1.91 —

H1 2025: —
YTD 2026: 1.91
Δ YoY: —

EPS (diluted) (PLN)

0.82 —

H1 2025: —
YTD 2026: 0.82
Δ YoY: —

D&A

0.88 —

H1 2025: —
YTD 2026: 0.88
Δ YoY: —

Interest expense

5.4 —

H1 2025: —
YTD 2026: 5.4
Δ YoY: —

Income tax

8.39 —

H1 2025: —
YTD 2026: 8.39
Δ YoY: —

Shares (basic) (m units)

18 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Gross margin

38.96% —

H1 2025: —
YTD 2026: 38.96%
Δ YoY: —

EBITDA margin

134.75% —

H1 2025: —
YTD 2026: 134.75%
Δ YoY: —

EBIT margin

132.16% —

H1 2025: —
YTD 2026: 132.16%
Δ YoY: —

EBT margin

125.06% —

H1 2025: —
YTD 2026: 125.06%
Δ YoY: —

Net margin

100.8% —

H1 2025: —
YTD 2026: 100.8%
Δ YoY: —

Cash

17.55 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

197.69 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

180.14 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

556.36 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total assets

838.01 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Working capital

673.44 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

771.84 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

98.4 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

168.58 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

687.77 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

21.42 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

19.93 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-59.85 —

H1 2025: —
YTD 2026: -59.85
Δ YoY: —

CapEx

0.55 —

H1 2025: —
YTD 2026: 0.55
Δ YoY: —

FCF

-60.4 —

H1 2025: —
YTD 2026: -60.4
Δ YoY: —

Dividends paid

13.39 —

H1 2025: —
YTD 2026: 13.39
Δ YoY: —

ROE

6.15% —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current ratio

7.84x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

1x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.27x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

4.08x —

H1 2025: —
YTD 2026: 4.08x
Δ YoY: —

Debt / equity

0.35x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.24x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.3x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

176.13% —

H1 2025: —
YTD 2026: 176.13%
Δ YoY: —

EBITDA growth (YoY)

-47.19% —

H1 2025: —
YTD 2026: -47.19%
Δ YoY: —

EBIT growth (YoY)

-47.79% —

H1 2025: —
YTD 2026: -47.79%
Δ YoY: —

Net income growth (YoY)

-56.89% —

H1 2025: —
YTD 2026: -56.89%
Δ YoY: —

EPS growth (YoY)

-57.07% —

H1 2025: —
YTD 2026: -57.07%
Δ YoY: —

Gross margin Δ (YoY)

-1.34 pp —

H1 2025: —
YTD 2026: -1.34 pp
Δ YoY: —

Net margin Δ (YoY)

-85.06 pp —

H1 2025: —
YTD 2026: -85.06 pp
Δ YoY: —