H1 2026 report
Franczyzobiorca Burger Kinga i Popeyes'a w PL/CZ/RO, tuż po IPO na GPW (maj 2026, 433 mln PLN netto pozyskane)
Sentiment
●●●●●●
REX
H1 2026 report
Revenue
391.39 m PLN
— YoY
Net income
-55.66 m PLN
— YoY
EBITDA
28.12 m PLN
— YoY
Gross margin
1.64%
— YoY
Summary
Investment thesis
- Przychody +61,4% r/r, liczba restauracji własnych +60,2% r/r (159 -> 181) — wzrost skali na wszystkich trzech rynkach
- EBITDA +438% r/r do 28,1 mln PLN (marża 7,2%, +5,0 p.p.), ale strata netto pogłębiła się do -55,7 mln PLN przez rosnącą amortyzację leasingu i koszty finansowe
- Kapitał z IPO (458 mln PLN gotówki) finansuje agresywny CAPEX (102 mln PLN w H1) — FCF ujemny (-67 mln PLN), spółka nie jest jeszcze samofinansująca się operacyjnie
- Koncentracja akcjonariatu (Rex Invest CEE ok. 66% głosów, free float ok. 23,6%) i świeży status spółki publicznej — brak jeszcze historii publicznych deklaracji do zweryfikowania
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
REX · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 209.5 | — | — | 391.39 | — | reported | — | 1.00 |
| Gross profit | 6.4 | — | — | 6.4 | — | reported | — | 1.00 |
| EBITDA | 28.12 | — | — | 28.12 | — | reported | — | 1.00 |
| EBIT | -28.8 | — | — | -28.8 | — | reported | — | 1.00 |
| EBT | -53.31 | — | — | -53.31 | — | reported | — | 1.00 |
| Net income | -55.66 | — | — | -55.66 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.76 | — | — | -0.76 | — | reported | — | 1.00 |
| D&A | 56.68 | — | — | 56.68 | — | reported | — | 1.00 |
| Interest expense | 26.55 | — | — | 26.55 | — | reported | — | 0.90 |
| Income tax | -2.35 | — | — | -2.35 | — | reported | — | 1.00 |
| Gross margin | 1.64% | — | — | 1.64% | — | reported | — | 1.00 |
| EBITDA margin | 7.19% | — | — | 7.19% | — | reported | — | 1.00 |
| EBIT margin | -7.36% | — | — | -7.36% | — | reported | — | 1.00 |
| EBT margin | -13.62% | — | — | -13.62% | — | reported | — | 1.00 |
| Net margin | -14.22% | — | — | -14.22% | — | reported | — | 1.00 |
| D&A margin | 14.48% | — | — | 14.48% | — | reported | — | 1.00 |
| Cash | 458.25 | — | — | — | — | reported | — | 1.00 |
| Total debt | 627.07 | — | — | — | — | derived | — | 0.90 |
| Net debt | 168.82 | — | — | — | — | reported | — | 0.90 |
| Equity | 846.1 | — | — | — | — | reported | — | 1.00 |
| Total assets | 1,609.59 | — | — | — | — | reported | — | 1.00 |
| Working capital | 303.1 | — | — | — | — | reported | — | 1.00 |
| Current assets | 511.79 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 208.69 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 554.81 | — | — | — | — | reported | — | 1.00 |
| Inventory | 9.74 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 33.6 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 32.63 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 38.64 | — | — | — | — | reported | — | 0.90 |
| Tangible equity | 807.45 | — | — | — | — | reported | — | 0.90 |
| CFO | 34.87 | — | — | 34.87 | — | reported | — | 1.00 |
| CapEx | 102.07 | — | — | 102.07 | — | reported | — | 1.00 |
| FCF | -67.19 | — | — | -67.19 | — | derived | — | 0.90 |
| FCF conversion | -238.9% | — | — | -238.9% | — | reported | — | 0.80 |
| CFO conversion | 124% | — | — | 124% | — | reported | — | 1.00 |
| Dividends paid | 0 | — | — | 0 | — | reported | — | 0.80 |
| Current ratio | 2.45x | — | — | — | — | reported | — | 1.00 |
| Quick ratio | 2.41x | — | — | — | — | reported | — | 1.00 |
| Cash ratio | 2.2x | — | — | — | — | reported | — | 1.00 |
| Debt / equity | 0.74x | — | — | — | — | reported | — | 0.90 |
| Debt / assets | 0.39x | — | — | — | — | reported | — | 0.90 |
| Net debt / equity | 0.2x | — | — | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 61.4% | — | — | 61.4% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 438% | — | — | 438% | — | reported | — | 1.00 |
| EBIT growth (YoY) | -7.87% | — | — | -7.87% | — | reported | — | 1.00 |
| Net income growth (YoY) | -102.95% | — | — | -102.95% | — | reported | — | 1.00 |
| EPS growth (YoY) | -76.7% | — | — | -76.7% | — | reported | — | 1.00 |
| Gross margin Δ (YoY) | 1.98 pp | — | — | — | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 5.03 pp | — | — | — | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | 3.65 pp | — | — | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -2.91 pp | — | — | — | — | reported | — | 1.00 |
H1 2026 · Δ YoY
Revenue
209.5
—
209.5
—
- H1 2025
- —
- YTD 2026
- 391.39
- Δ YoY
- —
Gross profit
6.4
—
6.4
—
- H1 2025
- —
- YTD 2026
- 6.4
- Δ YoY
- —
EBITDA
28.12
—
28.12
—
- H1 2025
- —
- YTD 2026
- 28.12
- Δ YoY
- —
EBIT
-28.8
—
-28.8
—
- H1 2025
- —
- YTD 2026
- -28.8
- Δ YoY
- —
EBT
-53.31
—
-53.31
—
- H1 2025
- —
- YTD 2026
- -53.31
- Δ YoY
- —
Net income
-55.66
—
-55.66
—
- H1 2025
- —
- YTD 2026
- -55.66
- Δ YoY
- —
EPS (basic)
(PLN)
-0.76
—
-0.76
—
- H1 2025
- —
- YTD 2026
- -0.76
- Δ YoY
- —
D&A
56.68
—
56.68
—
- H1 2025
- —
- YTD 2026
- 56.68
- Δ YoY
- —
Interest expense
26.55
—
26.55
—
- H1 2025
- —
- YTD 2026
- 26.55
- Δ YoY
- —
Income tax
-2.35
—
-2.35
—
- H1 2025
- —
- YTD 2026
- -2.35
- Δ YoY
- —
Gross margin
1.64%
—
1.64%
—
- H1 2025
- —
- YTD 2026
- 1.64%
- Δ YoY
- —
EBITDA margin
7.19%
—
7.19%
—
- H1 2025
- —
- YTD 2026
- 7.19%
- Δ YoY
- —
EBIT margin
-7.36%
—
-7.36%
—
- H1 2025
- —
- YTD 2026
- -7.36%
- Δ YoY
- —
EBT margin
-13.62%
—
-13.62%
—
- H1 2025
- —
- YTD 2026
- -13.62%
- Δ YoY
- —
Net margin
-14.22%
—
-14.22%
—
- H1 2025
- —
- YTD 2026
- -14.22%
- Δ YoY
- —
D&A margin
14.48%
—
14.48%
—
- H1 2025
- —
- YTD 2026
- 14.48%
- Δ YoY
- —
Cash
458.25
—
458.25
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
627.07
—
627.07
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
168.82
—
168.82
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
846.1
—
846.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
1,609.59
—
1,609.59
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
303.1
—
303.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
511.79
—
511.79
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
208.69
—
208.69
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
554.81
—
554.81
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
9.74
—
9.74
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
33.6
—
33.6
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
32.63
—
32.63
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
38.64
—
38.64
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
807.45
—
807.45
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
34.87
—
34.87
—
- H1 2025
- —
- YTD 2026
- 34.87
- Δ YoY
- —
CapEx
102.07
—
102.07
—
- H1 2025
- —
- YTD 2026
- 102.07
- Δ YoY
- —
FCF
-67.19
—
-67.19
—
- H1 2025
- —
- YTD 2026
- -67.19
- Δ YoY
- —
FCF conversion
-238.9%
—
-238.9%
—
- H1 2025
- —
- YTD 2026
- -238.9%
- Δ YoY
- —
CFO conversion
124%
—
124%
—
- H1 2025
- —
- YTD 2026
- 124%
- Δ YoY
- —
Dividends paid
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Current ratio
2.45x
—
2.45x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
2.41x
—
2.41x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
2.2x
—
2.2x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.74x
—
0.74x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.39x
—
0.39x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.2x
—
0.2x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
61.4%
—
61.4%
—
- H1 2025
- —
- YTD 2026
- 61.4%
- Δ YoY
- —
EBITDA growth (YoY)
438%
—
438%
—
- H1 2025
- —
- YTD 2026
- 438%
- Δ YoY
- —
EBIT growth (YoY)
-7.87%
—
-7.87%
—
- H1 2025
- —
- YTD 2026
- -7.87%
- Δ YoY
- —
Net income growth (YoY)
-102.95%
—
-102.95%
—
- H1 2025
- —
- YTD 2026
- -102.95%
- Δ YoY
- —
EPS growth (YoY)
-76.7%
—
-76.7%
—
- H1 2025
- —
- YTD 2026
- -76.7%
- Δ YoY
- —
Gross margin Δ (YoY)
1.98 pp
—
1.98 pp
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin Δ (YoY)
5.03 pp
—
5.03 pp
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBIT margin Δ (YoY)
3.65 pp
—
3.65 pp
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net margin Δ (YoY)
-2.91 pp
—
-2.91 pp
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —