TRN Trans Polonia Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 29, 2026

H1 2026 report

Skokowy wzrost skali: przychody +144% r/r do 259,4 mln zł to efekt konsolidacji grupy Nijman/Zeetank (przejęcie z 30.09.2025), a nie wzrostu organicznego – porównanie z H1 2025 jest więc strukturalnie niemiarodajne.

Sentiment

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Website

TRN H1 2026 report

Revenue

259.4 m PLN

— YoY

Net income

-2.63 m PLN

— YoY

EBITDA

25.45 m PLN

— YoY

Gross margin

13.7%

— YoY

Summary

Investment thesis

Na poziomie operacyjnym grupa wyszła ze straty: EBIT 4,0 mln zł wobec -0,8 mln zł, EBITDA 25,4 mln zł (marża 9,8%), ale to ciągle tylko 1,5% marży EBIT przy koszcie odsetkowym 5,4 mln zł.
Wynik netto za półrocze jest ujemny (-2,6 mln zł) przez koszty finansowe 9,1 mln zł (odsetki 5,4 mln zł i ujemne różnice kursowe 3,4 mln zł); II kwartał dał już +1,1 mln zł zysku netto.
Bilans wzmocniony sprzedażą akcji własnych (3,6 mln akcji po 14 zł, wpływ netto 36,6 mln zł): kapitał własny 170 mln zł, gotówka 73,6 mln zł, ale dług z leasingiem to wciąż 234 mln zł (dług netto ok. 161 mln zł).
Jakość ładu korporacyjnego wymaga uwagi: 24,4 mln zł pożyczek dla Euro Investor (podmiot powiązany z prezesem) i 5,9 mln zł należności od prezesa za nieruchomość rozłożone do czerwca 2028.

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Financials

BETA

H1 2026

TRN · H1 2026

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

Revenue	135,732	221,204	−38.6%	259,404	+17.3%	reported	—	1.00
Gross profit	21,518	15,155	+42%	35,529	+134.4%	reported	—	1.00
EBITDA	25,448	21,669	+17.4%	25,448	+17.4%	reported	—	1.00
EBIT	3,386	2,906	+16.5%	4,009	+38%	reported	—	1.00
EBT	-3,586	3,988	−189.9%	-3,586	−189.9%	reported	—	1.00
Net income	1,085	2,549	−57.4%	-2,625	−203%	reported	—	1.00
EPS (basic) (PLN)	-0.14	—	—	-0.14	—	reported	—	1.00
D&A	21,440	18,764	+14.3%	21,440	+14.3%	reported	—	1.00
Interest expense	5,397	—	—	5,397	—	reported	—	1.00
Income tax	-960	-1,441	+33.4%	-960	+33.4%	reported	—	1.00

Gross margin	15.85%	6.85%	+9 pp	13.7%	+6.9 pp	derived	—	0.90
EBITDA margin	9.81%	9.8%	+0 pp	9.81%	+0 pp	derived	—	0.90
EBIT margin	2.49%	1.31%	+1.2 pp	1.55%	+0.2 pp	derived	—	0.90
Net margin	0.8%	1.15%	−0.3 pp	-1.01%	−2.2 pp	derived	—	0.90
D&A margin	8.27%	—	—	8.27%	—	derived	—	0.90

Cash	73,569	43,497	+69.1%	—	—	reported	—	1.00
Total debt	234,150	67,818	+245.3%	—	—	derived	—	0.85
Net debt	160,581	24,321	+560.3%	—	—	derived	—	0.85
Equity	169,961	141,684	+20%	—	—	reported	—	1.00
Total assets	556,959	241,643	+130.5%	—	—	reported	—	1.00
Working capital	72,417	—	—	—	—	derived	—	0.90
Current assets	222,219	89,944	+147.1%	—	—	reported	—	1.00
Current liabilities	149,802	45,731	+227.6%	—	—	reported	—	1.00
Non-current liabilities	237,196	251,889	−5.8%	—	—	reported	—	1.00
Inventory	19,036	11,013	+72.9%	—	—	reported	—	1.00
Trade receivables	96,093	76,771	+25.2%	—	—	reported	—	0.90
Trade payables	65,888	49,869	+32.1%	—	—	reported	—	0.90
Goodwill	15,853	13,800	+14.9%	—	—	reported	—	0.90
Tangible equity	154,108	—	—	—	—	derived	—	0.90

CFO	18,476	23,842	−22.5%	18,476	−22.5%	reported	—	1.00
CapEx	909	—	—	909	—	reported	—	1.00
FCF	17,567	—	—	17,567	—	derived	—	0.80
FCF conversion	69%	—	—	69%	—	derived	—	0.90
CFO conversion	72.6%	—	—	72.6%	—	derived	—	0.90
Dividends paid	0	—	—	0	—	reported	—	0.90
Net acquisitions	3,188	—	—	3,188	—	reported	—	1.00

Current ratio	1.48x	1.97x	−0.49x	—	—	derived	—	0.90
Quick ratio	1.36x	1.8x	−0.44x	—	—	derived	—	0.90
Cash ratio	0.49x	0.95x	−0.46x	—	—	derived	—	0.90
Interest coverage	0.74x	—	—	0.74x	—	derived	—	0.90

Debt / equity	1.38x	480000x	−479998.62x	—	—	derived	—	0.90
Debt / assets	0.42x	480000x	−479999.58x	—	—	derived	—	0.90
Net debt / equity	0.94x	1420000x	−1419999.06x	—	—	derived	—	0.90

Revenue growth (YoY)	143.6%	28060000%	—	143.6%	—	derived	—	0.95
EBITDA growth (YoY)	205.1%	4020000%	—	205.1%	—	derived	—	0.95
Gross margin Δ (YoY)	5.53 pp	2730000 pp	—	5.53 pp	—	derived	—	0.90
EBITDA margin Δ (YoY)	1.98 pp	-1840000 pp	—	1.98 pp	—	derived	—	0.90
EBIT margin Δ (YoY)	2.3 pp	-2000000 pp	—	2.3 pp	—	derived	—	0.90
Net margin Δ (YoY)	-0.66 pp	-1750000 pp	—	-0.66 pp	—	derived	—	0.90

H1 2026 · Δ YoY

Revenue

135,732 −38.6%

H1 2025: 221,204
YTD 2026: 259,404
Δ YoY: +17.3%

Gross profit

21,518 +42%

H1 2025: 15,155
YTD 2026: 35,529
Δ YoY: +134.4%

EBITDA

25,448 +17.4%

H1 2025: 21,669
YTD 2026: 25,448
Δ YoY: +17.4%

EBIT

3,386 +16.5%

H1 2025: 2,906
YTD 2026: 4,009
Δ YoY: +38%

EBT

-3,586 −189.9%

H1 2025: 3,988
YTD 2026: -3,586
Δ YoY: −189.9%

Net income

1,085 −57.4%

H1 2025: 2,549
YTD 2026: -2,625
Δ YoY: −203%

EPS (basic) (PLN)

-0.14 —

H1 2025: —
YTD 2026: -0.14
Δ YoY: —

D&A

21,440 +14.3%

H1 2025: 18,764
YTD 2026: 21,440
Δ YoY: +14.3%

Interest expense

5,397 —

H1 2025: —
YTD 2026: 5,397
Δ YoY: —

Income tax

-960 +33.4%

H1 2025: -1,441
YTD 2026: -960
Δ YoY: +33.4%

Gross margin

15.85% +9 pp

H1 2025: 6.85%
YTD 2026: 13.7%
Δ YoY: +6.9 pp

EBITDA margin

9.81% +0 pp

H1 2025: 9.8%
YTD 2026: 9.81%
Δ YoY: +0 pp

EBIT margin

2.49% +1.2 pp

H1 2025: 1.31%
YTD 2026: 1.55%
Δ YoY: +0.2 pp

Net margin

0.8% −0.3 pp

H1 2025: 1.15%
YTD 2026: -1.01%
Δ YoY: −2.2 pp

D&A margin

8.27% —

H1 2025: —
YTD 2026: 8.27%
Δ YoY: —

Cash

73,569 +69.1%

H1 2025: 43,497
YTD 2026: —
Δ YoY: —

Total debt

234,150 +245.3%

H1 2025: 67,818
YTD 2026: —
Δ YoY: —

Net debt

160,581 +560.3%

H1 2025: 24,321
YTD 2026: —
Δ YoY: —

Equity

169,961 +20%

H1 2025: 141,684
YTD 2026: —
Δ YoY: —

Total assets

556,959 +130.5%

H1 2025: 241,643
YTD 2026: —
Δ YoY: —

Working capital

72,417 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

222,219 +147.1%

H1 2025: 89,944
YTD 2026: —
Δ YoY: —

Current liabilities

149,802 +227.6%

H1 2025: 45,731
YTD 2026: —
Δ YoY: —

Non-current liabilities

237,196 −5.8%

H1 2025: 251,889
YTD 2026: —
Δ YoY: —

Inventory

19,036 +72.9%

H1 2025: 11,013
YTD 2026: —
Δ YoY: —

Trade receivables

96,093 +25.2%

H1 2025: 76,771
YTD 2026: —
Δ YoY: —

Trade payables

65,888 +32.1%

H1 2025: 49,869
YTD 2026: —
Δ YoY: —

Goodwill

15,853 +14.9%

H1 2025: 13,800
YTD 2026: —
Δ YoY: —

Tangible equity

154,108 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

18,476 −22.5%

H1 2025: 23,842
YTD 2026: 18,476
Δ YoY: −22.5%

CapEx

909 —

H1 2025: —
YTD 2026: 909
Δ YoY: —

FCF

17,567 —

H1 2025: —
YTD 2026: 17,567
Δ YoY: —

FCF conversion

69% —

H1 2025: —
YTD 2026: 69%
Δ YoY: —

CFO conversion

72.6% —

H1 2025: —
YTD 2026: 72.6%
Δ YoY: —

Dividends paid

0 —

H1 2025: —
YTD 2026: 0
Δ YoY: —

Net acquisitions

3,188 —

H1 2025: —
YTD 2026: 3,188
Δ YoY: —

Current ratio

1.48x −0.49x

H1 2025: 1.97x
YTD 2026: —
Δ YoY: —

Quick ratio

1.36x −0.44x

H1 2025: 1.8x
YTD 2026: —
Δ YoY: —

Cash ratio

0.49x −0.46x

H1 2025: 0.95x
YTD 2026: —
Δ YoY: —

Interest coverage

0.74x —

H1 2025: —
YTD 2026: 0.74x
Δ YoY: —

Debt / equity

1.38x −479998.62x

H1 2025: 480000x
YTD 2026: —
Δ YoY: —

Debt / assets

0.42x −479999.58x

H1 2025: 480000x
YTD 2026: —
Δ YoY: —

Net debt / equity

0.94x −1419999.06x

H1 2025: 1420000x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

143.6% —

H1 2025: 28060000%
YTD 2026: 143.6%
Δ YoY: —

EBITDA growth (YoY)

205.1% —

H1 2025: 4020000%
YTD 2026: 205.1%
Δ YoY: —

Gross margin Δ (YoY)

5.53 pp —

H1 2025: 2730000 pp
YTD 2026: 5.53 pp
Δ YoY: —

EBITDA margin Δ (YoY)

1.98 pp —

H1 2025: -1840000 pp
YTD 2026: 1.98 pp
Δ YoY: —

EBIT margin Δ (YoY)

2.3 pp —

H1 2025: -2000000 pp
YTD 2026: 2.3 pp
Δ YoY: —

Net margin Δ (YoY)

-0.66 pp —

H1 2025: -1750000 pp
YTD 2026: -0.66 pp
Δ YoY: —