KCI KCI Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 28, 2026

H1 2026 report

Holding inwestycyjny z aktywami finansowymi wartymi ok. 332 mln zł (EEBM, Gremi Media, aktywa wyceniane przez wynik) i aktywami netto 4,88 zł na akcję.

Sentiment

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Website

KCI H1 2026 report

Revenue

2.46 m PLN

— YoY

Net income

-6.84 m PLN

— YoY

FCF

-5.63 m PLN

— YoY

CFO

-5.62 m PLN

— YoY

Summary

Investment thesis

Po zakończeniu wystawy „Harry Potter” przychody spadły do 2,46 mln zł (−73% r/r), a spółka zanotowała stratę netto 6,8 mln zł.
Gotówka 98 tys. zł i zadłużenie 35,9 mln zł oznaczają zależność od refinansowania; w sierpniu 2026 wyemitowano obligacje serii R (10 mln zł, 12%).
Ujemny OCF (−5,6 mln zł) jest pokrywany nowymi pożyczkami i odsetkami z udzielonych pożyczek.
Nowy projekt FilmWorld w Nieporazie to główna nadzieja na przychody operacyjne, ale nie ma jeszcze danych o jego rentowności.

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Financials

BETA

H1 2026

KCI · H1 2026

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

Revenue	1,845	16,419	−88.8%	2,461	−85%	reported	—	1.00
EBIT	-4,493	—	—	-4,493	—	derived	—	0.60
EBT	-7,756	—	—	-7,756	—	reported	—	1.00
Net income	-2,838	-5,283	+46.3%	-6,837	−29.4%	reported	—	1.00
EPS (basic) (PLN)	-0.1	-0.08	—	-0.1	—	derived	—	0.90
D&A	216	—	—	216	—	reported	—	1.00
Interest expense	2,804	5,293	−47%	2,804	−47%	reported	—	1.00
Income tax	-919	—	—	-919	—	reported	—	1.00
Shares (basic) (m units)	68.58	68.58	—	—	—	reported	—	0.95

EBIT margin	-182.57%	—	—	-182.57%	—	derived	—	0.60
Net margin	-277.82%	—	—	-277.82%	—	derived	—	0.70

Cash	98	2,271	−95.7%	—	—	reported	—	1.00
Total debt	35,940	31,320	+14.8%	—	—	reported	—	1.00
Net debt	35,842	29,049	+23.4%	—	—	derived	—	0.70
Equity	334,513	339,111	−1.4%	—	—	reported	—	1.00
Total assets	387,745	385,760	+0.5%	—	—	reported	—	1.00
Working capital	11,546	—	—	—	—	derived	—	0.70
Current assets	44,122	27,686	+59.4%	—	—	reported	—	1.00
Current liabilities	32,576	28,895	+12.7%	—	—	reported	—	1.00
Non-current liabilities	20,656	17,754	+16.3%	—	—	reported	—	1.00
Trade payables	5,127	—	—	—	—	reported	—	1.00
Goodwill	10,367	—	—	—	—	reported	—	1.00
Tangible equity	324,146	—	—	—	—	derived	—	0.70

CFO	-5,615	—	—	-5,615	—	reported	—	1.00
CapEx	17	—	—	17	—	reported	—	1.00
FCF	-5,632	—	—	-5,632	—	derived	—	0.70

Current ratio	1.35x	0.96x	+0.39x	—	—	derived	—	0.70
Quick ratio	1.35x	0.96x	+0.39x	—	—	derived	—	0.70
Cash ratio	0x	0.08x	−0.08x	—	—	derived	—	0.70
Interest coverage	-1.6x	—	—	-1.6x	—	derived	—	0.60

Debt / equity	0.11x	0.09x	+0.02x	—	—	derived	—	0.70
Debt / assets	0.09x	8.12x	−8.03x	—	—	derived	—	0.70
Net debt / equity	0.11x	0.09x	+0.02x	—	—	derived	—	0.70

Revenue growth (YoY)	-73.02%	1018.46%	—	-73.02%	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

1,845 −88.8%

H1 2025: 16,419
YTD 2026: 2,461
Δ YoY: −85%

EBIT

-4,493 —

H1 2025: —
YTD 2026: -4,493
Δ YoY: —

EBT

-7,756 —

H1 2025: —
YTD 2026: -7,756
Δ YoY: —

Net income

-2,838 +46.3%

H1 2025: -5,283
YTD 2026: -6,837
Δ YoY: −29.4%

EPS (basic) (PLN)

-0.1 —

H1 2025: -0.08
YTD 2026: -0.1
Δ YoY: —

D&A

216 —

H1 2025: —
YTD 2026: 216
Δ YoY: —

Interest expense

2,804 −47%

H1 2025: 5,293
YTD 2026: 2,804
Δ YoY: −47%

Income tax

-919 —

H1 2025: —
YTD 2026: -919
Δ YoY: —

Shares (basic) (m units)

68.58 —

H1 2025: 68.58
YTD 2026: —
Δ YoY: —

EBIT margin

-182.57% —

H1 2025: —
YTD 2026: -182.57%
Δ YoY: —

Net margin

-277.82% —

H1 2025: —
YTD 2026: -277.82%
Δ YoY: —

Cash

98 −95.7%

H1 2025: 2,271
YTD 2026: —
Δ YoY: —

Total debt

35,940 +14.8%

H1 2025: 31,320
YTD 2026: —
Δ YoY: —

Net debt

35,842 +23.4%

H1 2025: 29,049
YTD 2026: —
Δ YoY: —

Equity

334,513 −1.4%

H1 2025: 339,111
YTD 2026: —
Δ YoY: —

Total assets

387,745 +0.5%

H1 2025: 385,760
YTD 2026: —
Δ YoY: —

Working capital

11,546 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

44,122 +59.4%

H1 2025: 27,686
YTD 2026: —
Δ YoY: —

Current liabilities

32,576 +12.7%

H1 2025: 28,895
YTD 2026: —
Δ YoY: —

Non-current liabilities

20,656 +16.3%

H1 2025: 17,754
YTD 2026: —
Δ YoY: —

Trade payables

5,127 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

10,367 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity

324,146 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-5,615 —

H1 2025: —
YTD 2026: -5,615
Δ YoY: —

CapEx

17 —

H1 2025: —
YTD 2026: 17
Δ YoY: —

FCF

-5,632 —

H1 2025: —
YTD 2026: -5,632
Δ YoY: —

Current ratio

1.35x +0.39x

H1 2025: 0.96x
YTD 2026: —
Δ YoY: —

Quick ratio

1.35x +0.39x

H1 2025: 0.96x
YTD 2026: —
Δ YoY: —

Cash ratio

0x −0.08x

H1 2025: 0.08x
YTD 2026: —
Δ YoY: —

Interest coverage

-1.6x —

H1 2025: —
YTD 2026: -1.6x
Δ YoY: —

Debt / equity

0.11x +0.02x

H1 2025: 0.09x
YTD 2026: —
Δ YoY: —

Debt / assets

0.09x −8.03x

H1 2025: 8.12x
YTD 2026: —
Δ YoY: —

Net debt / equity

0.11x +0.02x

H1 2025: 0.09x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-73.02% —

H1 2025: 1018.46%
YTD 2026: -73.02%
Δ YoY: —