H1 2026 report
Wyraźny zwrot operacyjny: przychody +14%, zysk brutto na sprzedaży +25%, EBIT z 2,9 do 14,2 mln zł, EBITDA +61%; zysk netto 6,1 mln zł wobec straty 3,5 mln zł rok wcześniej.
Sentiment
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KGL
H1 2026 report
Revenue
296.34 m PLN
— YoY
Net income
6.1 m PLN
— YoY
EBITDA
28.19 m PLN
— YoY
Gross margin
17.31%
— YoY
Summary
Investment thesis
- Poprawa wynika z dźwigni operacyjnej (koszty sprzedaży i zarządu −4,5%, spadek wynagrodzeń) i wyższej marży brutto (17,3% vs 15,8%), ale niemal cały zysk netto powstał w II kwartale.
- Bilans pozostaje słabym punktem: dług odsetkowy razem z leasingiem 118,8 mln zł, dług netto/EBITDA 3,5x (2,0x wg definicji kowenantowej), płynność bieżąca 0,89 i ujemny kapitał obrotowy.
- Przepływ operacyjny 21,7 mln zł jest silny, lecz w dużej mierze zasilony wzrostem zobowiązań handlowych (+14,2 mln zł) i jednorazowym zwrotem podatku, przy rosnących zapasach (+18%).
- Struktura akcjonariatu jest skrajnie skoncentrowana (free float ok. 4,5%), a publikacja nowej strategii została przesunięta bez terminu z powodu pozwoleń i zmian prawnych.
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Financials
BETA
KGL · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 158,059 | 527,724 | −70% | 296,341 | −43.8% | reported | — | 1.00 |
| Gross profit | 51,284 | 70,020 | −26.8% | 51,284 | −26.8% | reported | — | 1.00 |
| EBITDA | 32,855 | 22,201 | +48% | 28,192 | +27% | derived | — | 0.70 |
| EBIT | 9,878 | — | — | 14,221 | — | reported | — | 1.00 |
| EBT | 6,913 | -20,693 | +133.4% | 6,913 | +133.4% | reported | — | 1.00 |
| Net income | 5,991 | -18,388 | +132.6% | 6,098 | +133.2% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.86 | -2.61 | — | 0.86 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.86 | — | — | 0.86 | — | reported | — | 1.00 |
| D&A | 13,971 | — | — | 13,971 | — | reported | — | 1.00 |
| Interest expense | 5,938 | — | — | 5,938 | — | reported | — | 0.80 |
| Income tax | 815 | -2,305 | +135.4% | 815 | +135.4% | reported | — | 1.00 |
| Shares (basic) (m units) | 7.05 | 7.05 | — | 7.05 | — | reported | — | 1.00 |
| Gross margin | 17.31% | 13.27% | +4 pp | 17.31% | +4 pp | derived | — | 0.70 |
| EBITDA margin | 9.51% | 4.21% | +5.3 pp | 9.51% | +5.3 pp | derived | — | 0.70 |
| EBIT margin | 4.8% | — | — | 4.8% | — | derived | — | 0.70 |
| Net margin | 2.06% | -3.48% | +5.5 pp | 2.06% | +5.5 pp | derived | — | 0.70 |
| Cash | 3,732 | 6,000 | −37.8% | — | — | reported | — | 1.00 |
| Total debt | 118,814 | — | — | — | — | reported | — | 0.95 |
| Net debt | 115,082 | — | — | — | — | derived | — | 0.90 |
| Equity | 108,425 | 102,327 | +6% | — | — | reported | — | 1.00 |
| Total assets | 334,248 | 328,344 | +1.8% | — | — | reported | — | 1.00 |
| Working capital | -18,393 | -30,164 | +39% | — | — | derived | — | 0.70 |
| Current assets | 143,583 | 125,978 | +14% | — | — | reported | — | 1.00 |
| Current liabilities | 161,976 | 156,142 | +3.7% | — | — | reported | — | 1.00 |
| Non-current liabilities | 56,593 | 60,317 | −6.2% | — | — | reported | — | 1.00 |
| Inventory | 102,384 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 30,456 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 79,082 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 10,842 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 97,583 | — | — | — | — | derived | — | 0.70 |
| CFO | 21,703 | 32,899 | −34% | 21,703 | −34% | reported | — | 1.00 |
| CapEx | 3,262 | — | — | 3,262 | — | reported | — | 1.00 |
| FCF | 18,441 | — | — | 18,441 | — | derived | — | 0.70 |
| FCF conversion | 65.41% | — | — | 65.41% | — | derived | — | 0.70 |
| CFO conversion | 76.98% | — | — | 76.98% | — | derived | — | 0.70 |
| Current ratio | 0.89x | 0.81x | +0.08x | — | — | derived | — | 0.70 |
| Quick ratio | 0.25x | — | — | — | — | derived | — | 0.70 |
| Cash ratio | 0.02x | — | — | — | — | derived | — | 0.70 |
| Interest coverage | 2.39x | — | — | 2.39x | — | derived | — | 0.70 |
| Net debt / EBITDA | 3.5x | 5.7x | −2.2x | — | — | derived | — | 0.90 |
| Debt / equity | 1.1x | — | — | — | — | derived | — | 0.70 |
| Debt / assets | 0.36x | — | — | — | — | derived | — | 0.70 |
| Net debt / equity | 1.06x | — | — | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 14.29% | -0.72% | — | 14.29% | — | derived | — | 0.70 |
| EBITDA growth (YoY) | 60.75% | -41.63% | — | 60.75% | — | derived | — | 0.70 |
| EBIT growth (YoY) | 390.72% | — | — | 390.72% | — | derived | — | 0.70 |
| Net income growth (YoY) | 274.48% | -384.9% | — | 274.48% | — | derived | — | 0.70 |
| EPS growth (YoY) | 272% | -383.3% | — | 272% | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | 1.49 pp | -1.08 pp | — | 1.49 pp | — | derived | — | 0.70 |
| EBITDA margin Δ (YoY) | 2.75 pp | -2.95 pp | — | 2.75 pp | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | 3.68 pp | — | — | 3.68 pp | — | derived | — | 0.70 |
| Net margin Δ (YoY) | 3.41 pp | -2.77 pp | — | 3.41 pp | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Revenue
158,059
−70%
158,059
−70%
- H1 2025
- 527,724
- YTD 2026
- 296,341
- Δ YoY
- −43.8%
Gross profit
51,284
−26.8%
51,284
−26.8%
- H1 2025
- 70,020
- YTD 2026
- 51,284
- Δ YoY
- −26.8%
EBITDA
32,855
+48%
32,855
+48%
- H1 2025
- 22,201
- YTD 2026
- 28,192
- Δ YoY
- +27%
EBIT
9,878
—
9,878
—
- H1 2025
- —
- YTD 2026
- 14,221
- Δ YoY
- —
EBT
6,913
+133.4%
6,913
+133.4%
- H1 2025
- -20,693
- YTD 2026
- 6,913
- Δ YoY
- +133.4%
Net income
5,991
+132.6%
5,991
+132.6%
- H1 2025
- -18,388
- YTD 2026
- 6,098
- Δ YoY
- +133.2%
EPS (basic)
(PLN)
0.86
—
0.86
—
- H1 2025
- -2.61
- YTD 2026
- 0.86
- Δ YoY
- —
EPS (diluted)
(PLN)
0.86
—
0.86
—
- H1 2025
- —
- YTD 2026
- 0.86
- Δ YoY
- —
D&A
13,971
—
13,971
—
- H1 2025
- —
- YTD 2026
- 13,971
- Δ YoY
- —
Interest expense
5,938
—
5,938
—
- H1 2025
- —
- YTD 2026
- 5,938
- Δ YoY
- —
Income tax
815
+135.4%
815
+135.4%
- H1 2025
- -2,305
- YTD 2026
- 815
- Δ YoY
- +135.4%
Shares (basic)
(m units)
7.05
—
7.05
—
- H1 2025
- 7.05
- YTD 2026
- 7.05
- Δ YoY
- —
Gross margin
17.31%
+4 pp
17.31%
+4 pp
- H1 2025
- 13.27%
- YTD 2026
- 17.31%
- Δ YoY
- +4 pp
EBITDA margin
9.51%
+5.3 pp
9.51%
+5.3 pp
- H1 2025
- 4.21%
- YTD 2026
- 9.51%
- Δ YoY
- +5.3 pp
EBIT margin
4.8%
—
4.8%
—
- H1 2025
- —
- YTD 2026
- 4.8%
- Δ YoY
- —
Net margin
2.06%
+5.5 pp
2.06%
+5.5 pp
- H1 2025
- -3.48%
- YTD 2026
- 2.06%
- Δ YoY
- +5.5 pp
Cash
3,732
−37.8%
3,732
−37.8%
- H1 2025
- 6,000
- YTD 2026
- —
- Δ YoY
- —
Total debt
118,814
—
118,814
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
115,082
—
115,082
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
108,425
+6%
108,425
+6%
- H1 2025
- 102,327
- YTD 2026
- —
- Δ YoY
- —
Total assets
334,248
+1.8%
334,248
+1.8%
- H1 2025
- 328,344
- YTD 2026
- —
- Δ YoY
- —
Working capital
-18,393
+39%
-18,393
+39%
- H1 2025
- -30,164
- YTD 2026
- —
- Δ YoY
- —
Current assets
143,583
+14%
143,583
+14%
- H1 2025
- 125,978
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
161,976
+3.7%
161,976
+3.7%
- H1 2025
- 156,142
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
56,593
−6.2%
56,593
−6.2%
- H1 2025
- 60,317
- YTD 2026
- —
- Δ YoY
- —
Inventory
102,384
—
102,384
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
30,456
—
30,456
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
79,082
—
79,082
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
10,842
—
10,842
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
97,583
—
97,583
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
21,703
−34%
21,703
−34%
- H1 2025
- 32,899
- YTD 2026
- 21,703
- Δ YoY
- −34%
CapEx
3,262
—
3,262
—
- H1 2025
- —
- YTD 2026
- 3,262
- Δ YoY
- —
FCF
18,441
—
18,441
—
- H1 2025
- —
- YTD 2026
- 18,441
- Δ YoY
- —
FCF conversion
65.41%
—
65.41%
—
- H1 2025
- —
- YTD 2026
- 65.41%
- Δ YoY
- —
CFO conversion
76.98%
—
76.98%
—
- H1 2025
- —
- YTD 2026
- 76.98%
- Δ YoY
- —
Current ratio
0.89x
+0.08x
0.89x
+0.08x
- H1 2025
- 0.81x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.25x
—
0.25x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.02x
—
0.02x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
2.39x
—
2.39x
—
- H1 2025
- —
- YTD 2026
- 2.39x
- Δ YoY
- —
Net debt / EBITDA
3.5x
−2.2x
3.5x
−2.2x
- H1 2025
- 5.7x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
1.1x
—
1.1x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.36x
—
0.36x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
1.06x
—
1.06x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
14.29%
—
14.29%
—
- H1 2025
- -0.72%
- YTD 2026
- 14.29%
- Δ YoY
- —
EBITDA growth (YoY)
60.75%
—
60.75%
—
- H1 2025
- -41.63%
- YTD 2026
- 60.75%
- Δ YoY
- —
EBIT growth (YoY)
390.72%
—
390.72%
—
- H1 2025
- —
- YTD 2026
- 390.72%
- Δ YoY
- —
Net income growth (YoY)
274.48%
—
274.48%
—
- H1 2025
- -384.9%
- YTD 2026
- 274.48%
- Δ YoY
- —
EPS growth (YoY)
272%
—
272%
—
- H1 2025
- -383.3%
- YTD 2026
- 272%
- Δ YoY
- —
Gross margin Δ (YoY)
1.49 pp
—
1.49 pp
—
- H1 2025
- -1.08 pp
- YTD 2026
- 1.49 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
2.75 pp
—
2.75 pp
—
- H1 2025
- -2.95 pp
- YTD 2026
- 2.75 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
3.68 pp
—
3.68 pp
—
- H1 2025
- —
- YTD 2026
- 3.68 pp
- Δ YoY
- —
Net margin Δ (YoY)
3.41 pp
—
3.41 pp
—
- H1 2025
- -2.77 pp
- YTD 2026
- 3.41 pp
- Δ YoY
- —