OTM
Zakłady Przemysłu Cukierniczego „Otmuchów”
Giełda Papierów Wartościowych w Warszawie · polroczny · publ. September 28, 2026
H1 2026 report
Grupa notuje spadek sprzedaży (-3,2% r/r) i głębszy spadek marży brutto (-4,7 p.p.) w segmencie żelkowym, co Zarząd tłumaczy przesunięciem miksu w stronę wolumenu kosztem marży, bez podania konkretnych liczb wolumenowych.
Sentiment
●●●●●●
OTM
H1 2026 report
Revenue
115.24 m PLN
— YoY
Net income
4.28 m PLN
— YoY
EBITDA
12.13 m PLN
— YoY
Gross margin
24.61%
— YoY
Summary
Investment thesis
- Dźwignia operacyjna uderzyła mocno w wynik: EBIT -59,6% i EBITDA -37,3% przy spadku przychodów o tylko 3,2%.
- Grupa złamała kowenanty wobec trzech banków (ING, Millennium, Erste) w I półroczu 2026 - fakt ujawniony wyłącznie w nocie sprawozdania finansowego, nie w Sprawozdaniu Zarządu.
- Po dniu bilansowym doszło do nabycia akcji spółki zależnej od głównego akcjonariusza (Tornellon), ogłoszenia planu połączenia spółek oraz dwóch niewyjaśnionych zmian w Zarządzie.
- Ekspozycja handlowa i pożyczkowa na grupę głównego akcjonariusza (Kervan) rośnie i sięga ok. 20% przychodów Grupy.
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
OTM · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 115,244 | — | — | 115,244 | — | reported | — | 1.00 |
|
Revenue
Słodycze
|
107,244 | — | — | 107,244 | — | reported | Słodycze | 1.00 |
|
Revenue
Towary
|
3,550 | — | — | 3,550 | — | reported | Towary | 1.00 |
|
Revenue
Pozostałe
|
4,450 | — | — | 4,450 | — | reported | Pozostałe | 1.00 |
| Gross profit | 28,362 | — | — | 28,362 | — | reported | — | 1.00 |
|
Gross profit
Słodycze
|
29,197 | — | — | 29,197 | — | reported | Słodycze | 1.00 |
|
Gross profit
Towary
|
1,004 | — | — | 1,004 | — | reported | Towary | 1.00 |
|
Gross profit
Pozostałe
|
-1,839 | — | — | -1,839 | — | reported | Pozostałe | 1.00 |
| EBITDA | 12,127 | — | — | 12,127 | — | reported | — | 0.90 |
| EBIT | 5,733 | — | — | 5,733 | — | reported | — | 1.00 |
| Net income | 4,277 | — | — | 4,277 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.14 | — | — | 0.14 | — | reported | — | 1.00 |
| D&A | 6,394 | — | — | 6,394 | — | reported | — | 1.00 |
| Interest expense | 500 | — | — | 500 | — | reported | — | 1.00 |
| Income tax | 1,327 | — | — | 1,327 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 30.32 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 24.61% | — | — | 24.61% | — | derived | — | 0.90 |
| EBITDA margin | 10.52% | — | — | 10.52% | — | derived | — | 0.90 |
| EBIT margin | 4.97% | — | — | 4.97% | — | derived | — | 0.90 |
| Net margin | 3.71% | — | — | 3.71% | — | derived | — | 0.85 |
| Cash | 8,711 | — | — | — | — | reported | — | 1.00 |
| Total debt | 25,229 | — | — | — | — | reported | — | 0.85 |
| Net debt | 16,518 | — | — | — | — | derived | — | 0.85 |
| Equity | 148,069 | — | — | — | — | reported | — | 1.00 |
| Total assets | 208,669 | — | — | — | — | reported | — | 1.00 |
| Working capital | 19,906 | — | — | — | — | derived | — | 1.00 |
| Current assets | 71,606 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 51,700 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 8,900 | — | — | — | — | reported | — | 1.00 |
| Inventory | 30,508 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 26,771 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 20,573 | — | — | — | — | reported | — | 1.00 |
| CFO | -3,399 | — | — | -3,399 | — | reported | — | 1.00 |
| CapEx | 2,454 | — | — | 2,454 | — | reported | — | 1.00 |
| FCF | -5,853 | — | — | -5,853 | — | derived | — | 0.95 |
| FCF conversion | -48.26% | — | — | -48.26% | — | derived | — | 0.85 |
| CFO conversion | -28.03% | — | — | -28.03% | — | derived | — | 0.85 |
| Current ratio | 1.39x | — | — | — | — | derived | — | 1.00 |
| Debt / equity | 0.17x | — | — | — | — | derived | — | 0.85 |
| Debt / assets | 0.12x | — | — | — | — | derived | — | 0.85 |
| Net debt / equity | 0.11x | — | — | — | — | derived | — | 0.85 |
| Revenue growth (YoY) | -3.18% | — | — | -3.18% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | -37.34% | — | — | -37.34% | — | derived | — | 0.90 |
| EBIT growth (YoY) | -59.55% | — | — | -59.55% | — | derived | — | 0.90 |
| Net income growth (YoY) | -13.28% | — | — | -13.28% | — | derived | — | 0.80 |
| EPS growth (YoY) | -26.32% | — | — | -26.32% | — | derived | — | 0.90 |
| FCF growth (YoY) | -29.26% | — | — | -29.26% | — | derived | — | 0.80 |
| Gross margin Δ (YoY) | -4.74 pp | — | — | -4.74 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -5.74 pp | — | — | -5.74 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | -6.94 pp | — | — | -6.94 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -0.43 pp | — | — | -0.43 pp | — | derived | — | 0.80 |
H1 2026 · Δ YoY
Revenue
115,244
—
115,244
—
- H1 2025
- —
- YTD 2026
- 115,244
- Δ YoY
- —
Revenue
Słodycze
107,244
—
Słodycze
107,244
—
- H1 2025
- —
- YTD 2026
- 107,244
- Δ YoY
- —
Revenue
Towary
3,550
—
Towary
3,550
—
- H1 2025
- —
- YTD 2026
- 3,550
- Δ YoY
- —
Revenue
Pozostałe
4,450
—
Pozostałe
4,450
—
- H1 2025
- —
- YTD 2026
- 4,450
- Δ YoY
- —
Gross profit
28,362
—
28,362
—
- H1 2025
- —
- YTD 2026
- 28,362
- Δ YoY
- —
Gross profit
Słodycze
29,197
—
Słodycze
29,197
—
- H1 2025
- —
- YTD 2026
- 29,197
- Δ YoY
- —
Gross profit
Towary
1,004
—
Towary
1,004
—
- H1 2025
- —
- YTD 2026
- 1,004
- Δ YoY
- —
Gross profit
Pozostałe
-1,839
—
Pozostałe
-1,839
—
- H1 2025
- —
- YTD 2026
- -1,839
- Δ YoY
- —
EBITDA
12,127
—
12,127
—
- H1 2025
- —
- YTD 2026
- 12,127
- Δ YoY
- —
EBIT
5,733
—
5,733
—
- H1 2025
- —
- YTD 2026
- 5,733
- Δ YoY
- —
Net income
4,277
—
4,277
—
- H1 2025
- —
- YTD 2026
- 4,277
- Δ YoY
- —
EPS (basic)
(PLN)
0.14
—
0.14
—
- H1 2025
- —
- YTD 2026
- 0.14
- Δ YoY
- —
D&A
6,394
—
6,394
—
- H1 2025
- —
- YTD 2026
- 6,394
- Δ YoY
- —
Interest expense
500
—
500
—
- H1 2025
- —
- YTD 2026
- 500
- Δ YoY
- —
Income tax
1,327
—
1,327
—
- H1 2025
- —
- YTD 2026
- 1,327
- Δ YoY
- —
Shares (basic)
(m units)
30.32
—
30.32
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
24.61%
—
24.61%
—
- H1 2025
- —
- YTD 2026
- 24.61%
- Δ YoY
- —
EBITDA margin
10.52%
—
10.52%
—
- H1 2025
- —
- YTD 2026
- 10.52%
- Δ YoY
- —
EBIT margin
4.97%
—
4.97%
—
- H1 2025
- —
- YTD 2026
- 4.97%
- Δ YoY
- —
Net margin
3.71%
—
3.71%
—
- H1 2025
- —
- YTD 2026
- 3.71%
- Δ YoY
- —
Cash
8,711
—
8,711
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
25,229
—
25,229
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
16,518
—
16,518
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
148,069
—
148,069
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
208,669
—
208,669
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
19,906
—
19,906
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
71,606
—
71,606
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
51,700
—
51,700
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
8,900
—
8,900
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
30,508
—
30,508
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
26,771
—
26,771
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
20,573
—
20,573
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-3,399
—
-3,399
—
- H1 2025
- —
- YTD 2026
- -3,399
- Δ YoY
- —
CapEx
2,454
—
2,454
—
- H1 2025
- —
- YTD 2026
- 2,454
- Δ YoY
- —
FCF
-5,853
—
-5,853
—
- H1 2025
- —
- YTD 2026
- -5,853
- Δ YoY
- —
FCF conversion
-48.26%
—
-48.26%
—
- H1 2025
- —
- YTD 2026
- -48.26%
- Δ YoY
- —
CFO conversion
-28.03%
—
-28.03%
—
- H1 2025
- —
- YTD 2026
- -28.03%
- Δ YoY
- —
Current ratio
1.39x
—
1.39x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.17x
—
0.17x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.12x
—
0.12x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.11x
—
0.11x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-3.18%
—
-3.18%
—
- H1 2025
- —
- YTD 2026
- -3.18%
- Δ YoY
- —
EBITDA growth (YoY)
-37.34%
—
-37.34%
—
- H1 2025
- —
- YTD 2026
- -37.34%
- Δ YoY
- —
EBIT growth (YoY)
-59.55%
—
-59.55%
—
- H1 2025
- —
- YTD 2026
- -59.55%
- Δ YoY
- —
Net income growth (YoY)
-13.28%
—
-13.28%
—
- H1 2025
- —
- YTD 2026
- -13.28%
- Δ YoY
- —
EPS growth (YoY)
-26.32%
—
-26.32%
—
- H1 2025
- —
- YTD 2026
- -26.32%
- Δ YoY
- —
FCF growth (YoY)
-29.26%
—
-29.26%
—
- H1 2025
- —
- YTD 2026
- -29.26%
- Δ YoY
- —
Gross margin Δ (YoY)
-4.74 pp
—
-4.74 pp
—
- H1 2025
- —
- YTD 2026
- -4.74 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-5.74 pp
—
-5.74 pp
—
- H1 2025
- —
- YTD 2026
- -5.74 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-6.94 pp
—
-6.94 pp
—
- H1 2025
- —
- YTD 2026
- -6.94 pp
- Δ YoY
- —
Net margin Δ (YoY)
-0.43 pp
—
-0.43 pp
—
- H1 2025
- —
- YTD 2026
- -0.43 pp
- Δ YoY
- —