KVT
Krynica Vitamin
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 24, 2026
H1 2026 report
Przychody wzrosły o 9,3% r/r do 204,3 mln PLN, a marża brutto ze sprzedaży lekko się poprawiła (17,82% wobec 17,66%) — biznes operacyjny rośnie zdrowo.
Sentiment
●●●●●●
KVT
H1 2026 report
Revenue
204.32 m PLN
— YoY
Net income
5.74 m PLN
— YoY
EBITDA
16 m PLN
— YoY
Gross margin
17.82%
— YoY
Summary
Investment thesis
- Zysk netto spadł o 20,7% r/r do 5,7 mln PLN, częściowo przez jednorazowy odpis 2,29 mln PLN po zaniechaniu wdrożenia systemu ERP.
- FCF skurczył się niemal do zera (282 tys. PLN wobec 17,0 mln PLN rok wcześniej) — gwałtowny wzrost zapasów i należności (typowy dla sezonu, ale bardzo silny) skonsumował większość gotówki operacyjnej.
- Nad Spółką ciąży nierozwiązany konflikt korporacyjny: kontrolujący akcjonariusz Zinat sp. z o.o. (93,30% głosów, kontrolowany przez Prezesa Zarządu) dąży do wycofania akcji z obrotu giełdowego wobec sprzeciwu akcjonariuszy mniejszościowych, którzy wnieśli cztery pozwy — jeden już częściowo wygrany.
- Bilans pozostaje umiarkowanie bezpieczny (dług netto/kapitał własny 0,30x), ale płynność bieżąca (1,01x) jest bardzo ciasna, a inwestycja w nowy zakład w Żłobnicy będzie wymagać dalszego finansowania.
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Financials
BETA
KVT · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 204.32 | — | — | 204.32 | — | reported | — | 1.00 |
| Gross profit | 36.4 | — | — | 36.4 | — | reported | — | 1.00 |
| EBITDA | 16 | — | — | 16 | — | derived | — | 0.85 |
| EBIT | 8.98 | — | — | 8.98 | — | reported | — | 1.00 |
| EBT | 7.02 | — | — | 7.02 | — | reported | — | 1.00 |
| Net income | 5.74 | — | — | 5.74 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.47 | — | — | 0.47 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.47 | — | — | 0.47 | — | reported | — | 1.00 |
| D&A | 7.03 | — | — | 7.03 | — | reported | — | 1.00 |
| Interest expense | 0.95 | — | — | 0.95 | — | reported | — | 1.00 |
| Income tax | 1.28 | — | — | 1.28 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 12.25 | — | — | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 12.25 | — | — | — | — | reported | — | 0.90 |
| Gross margin | 17.82% | — | — | 17.82% | — | derived | — | 0.90 |
| EBITDA margin | 7.83% | — | — | 7.83% | — | derived | — | 0.85 |
| EBIT margin | 4.39% | — | — | 4.39% | — | derived | — | 0.90 |
| EBT margin | 3.44% | — | — | 3.44% | — | derived | — | 0.90 |
| Net margin | 2.81% | — | — | 2.81% | — | derived | — | 0.90 |
| Cash | 11.27 | — | — | — | — | reported | — | 1.00 |
| Total debt | 40.97 | — | — | — | — | derived | — | 0.85 |
| Net debt | 29.7 | — | — | — | — | derived | — | 0.80 |
| Equity | 100.8 | — | — | — | — | reported | — | 1.00 |
| Total assets | 246.91 | — | — | — | — | reported | — | 1.00 |
| Current assets | 125.83 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 124.07 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 10.27 | — | — | — | — | reported | — | 1.00 |
| Inventory | 45.46 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 65.69 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 65.3 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 1.74 | — | — | — | — | reported | — | 0.95 |
| Tangible equity | 99.07 | — | — | — | — | derived | — | 0.90 |
| CFO | 8.79 | — | — | 8.79 | — | reported | — | 1.00 |
| CapEx | 8.51 | — | — | 8.51 | — | reported | — | 1.00 |
| FCF | 0.28 | — | — | 0.28 | — | derived | — | 0.90 |
| FCF conversion | 1.76% | — | — | 1.76% | — | derived | — | 0.80 |
| CFO conversion | 54.91% | — | — | 54.91% | — | derived | — | 0.80 |
| Current ratio | 1.01x | — | — | — | — | derived | — | 0.90 |
| Quick ratio | 0.65x | — | — | — | — | derived | — | 0.85 |
| Cash ratio | 0.09x | — | — | — | — | derived | — | 0.90 |
| Interest coverage | 9.45x | — | — | 9.45x | — | derived | — | 0.85 |
| Debt / equity | 0.41x | — | — | — | — | derived | — | 0.80 |
| Debt / assets | 0.17x | — | — | — | — | derived | — | 0.80 |
| Net debt / equity | 0.3x | — | — | — | — | derived | — | 0.75 |
| Revenue growth (YoY) | 9.26% | — | — | 9.26% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -8.55% | — | — | -8.55% | — | derived | — | 0.80 |
| EBIT growth (YoY) | -11.87% | — | — | -11.87% | — | derived | — | 0.90 |
| Net income growth (YoY) | -20.73% | — | — | -20.73% | — | derived | — | 0.90 |
| EPS growth (YoY) | -20.75% | — | — | -20.75% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | 0.16 pp | — | — | 0.16 pp | — | derived | — | 0.80 |
| EBITDA margin Δ (YoY) | -1.53 pp | — | — | -1.53 pp | — | derived | — | 0.80 |
| EBIT margin Δ (YoY) | -1.06 pp | — | — | -1.06 pp | — | derived | — | 0.85 |
| Net margin Δ (YoY) | -1.06 pp | — | — | -1.06 pp | — | derived | — | 0.85 |
H1 2026 · Δ YoY
Revenue
204.32
—
204.32
—
- H1 2025
- —
- YTD 2026
- 204.32
- Δ YoY
- —
Gross profit
36.4
—
36.4
—
- H1 2025
- —
- YTD 2026
- 36.4
- Δ YoY
- —
EBITDA
16
—
16
—
- H1 2025
- —
- YTD 2026
- 16
- Δ YoY
- —
EBIT
8.98
—
8.98
—
- H1 2025
- —
- YTD 2026
- 8.98
- Δ YoY
- —
EBT
7.02
—
7.02
—
- H1 2025
- —
- YTD 2026
- 7.02
- Δ YoY
- —
Net income
5.74
—
5.74
—
- H1 2025
- —
- YTD 2026
- 5.74
- Δ YoY
- —
EPS (basic)
(PLN)
0.47
—
0.47
—
- H1 2025
- —
- YTD 2026
- 0.47
- Δ YoY
- —
EPS (diluted)
(PLN)
0.47
—
0.47
—
- H1 2025
- —
- YTD 2026
- 0.47
- Δ YoY
- —
D&A
7.03
—
7.03
—
- H1 2025
- —
- YTD 2026
- 7.03
- Δ YoY
- —
Interest expense
0.95
—
0.95
—
- H1 2025
- —
- YTD 2026
- 0.95
- Δ YoY
- —
Income tax
1.28
—
1.28
—
- H1 2025
- —
- YTD 2026
- 1.28
- Δ YoY
- —
Shares (basic)
(m units)
12.25
—
12.25
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Shares (diluted)
(m units)
12.25
—
12.25
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
17.82%
—
17.82%
—
- H1 2025
- —
- YTD 2026
- 17.82%
- Δ YoY
- —
EBITDA margin
7.83%
—
7.83%
—
- H1 2025
- —
- YTD 2026
- 7.83%
- Δ YoY
- —
EBIT margin
4.39%
—
4.39%
—
- H1 2025
- —
- YTD 2026
- 4.39%
- Δ YoY
- —
EBT margin
3.44%
—
3.44%
—
- H1 2025
- —
- YTD 2026
- 3.44%
- Δ YoY
- —
Net margin
2.81%
—
2.81%
—
- H1 2025
- —
- YTD 2026
- 2.81%
- Δ YoY
- —
Cash
11.27
—
11.27
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
40.97
—
40.97
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
29.7
—
29.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
100.8
—
100.8
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
246.91
—
246.91
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
125.83
—
125.83
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
124.07
—
124.07
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
10.27
—
10.27
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
45.46
—
45.46
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
65.69
—
65.69
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
65.3
—
65.3
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
1.74
—
1.74
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
99.07
—
99.07
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
8.79
—
8.79
—
- H1 2025
- —
- YTD 2026
- 8.79
- Δ YoY
- —
CapEx
8.51
—
8.51
—
- H1 2025
- —
- YTD 2026
- 8.51
- Δ YoY
- —
FCF
0.28
—
0.28
—
- H1 2025
- —
- YTD 2026
- 0.28
- Δ YoY
- —
FCF conversion
1.76%
—
1.76%
—
- H1 2025
- —
- YTD 2026
- 1.76%
- Δ YoY
- —
CFO conversion
54.91%
—
54.91%
—
- H1 2025
- —
- YTD 2026
- 54.91%
- Δ YoY
- —
Current ratio
1.01x
—
1.01x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.65x
—
0.65x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.09x
—
0.09x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
9.45x
—
9.45x
—
- H1 2025
- —
- YTD 2026
- 9.45x
- Δ YoY
- —
Debt / equity
0.41x
—
0.41x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.17x
—
0.17x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.3x
—
0.3x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
9.26%
—
9.26%
—
- H1 2025
- —
- YTD 2026
- 9.26%
- Δ YoY
- —
EBITDA growth (YoY)
-8.55%
—
-8.55%
—
- H1 2025
- —
- YTD 2026
- -8.55%
- Δ YoY
- —
EBIT growth (YoY)
-11.87%
—
-11.87%
—
- H1 2025
- —
- YTD 2026
- -11.87%
- Δ YoY
- —
Net income growth (YoY)
-20.73%
—
-20.73%
—
- H1 2025
- —
- YTD 2026
- -20.73%
- Δ YoY
- —
EPS growth (YoY)
-20.75%
—
-20.75%
—
- H1 2025
- —
- YTD 2026
- -20.75%
- Δ YoY
- —
Gross margin Δ (YoY)
0.16 pp
—
0.16 pp
—
- H1 2025
- —
- YTD 2026
- 0.16 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-1.53 pp
—
-1.53 pp
—
- H1 2025
- —
- YTD 2026
- -1.53 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-1.06 pp
—
-1.06 pp
—
- H1 2025
- —
- YTD 2026
- -1.06 pp
- Δ YoY
- —
Net margin Δ (YoY)
-1.06 pp
—
-1.06 pp
—
- H1 2025
- —
- YTD 2026
- -1.06 pp
- Δ YoY
- —