APL LC (dawniej AMPLI ) Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026

H1 2026 report

Mała hurtownia elektryczna (import z Chin, marka LCTEC) po zakończeniu układu z wierzycielami rośnie: przychody +17,3% r/r do 7,5 mln zł, zysk netto 585 tys. zł wobec 251 tys. zł.

Sentiment

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Website

APL H1 2026 report

Revenue

7.54 m PLN

— YoY

Net income

585 k PLN

— YoY

EBITDA

823 k PLN

— YoY

Gross margin

38.6%

— YoY

Summary

Investment thesis

Zysk wynika z wyższej marży brutto (38,6% wobec 36,4%) i kosztów ogólnych rosnących wolniej niż sprzedaż, ale operacyjnie firma wciąż zamraża gotówkę w zapasach (9,0 mln zł, ok. 355 dni kosztu własnego).
Bilans jest bezpieczny w liczbach (kapitał własny 9,98 mln zł, aktywa obrotowe 5,7x zobowiązań krótkoterminowych), lecz płynność opiera się na podmiotach powiązanych: zobowiązania wobec nich wzrosły o ok. 0,5 mln zł w pół roku, a po dniu bilansowym doszła pożyczka ING na 2,15 mln zł.
Struktura właścicielska i zależności biznesowe (zakupy ok. 3,7 mln zł od LC Sp. z o.o., najem od podmiotów prezesów) dają wysokie ryzyko korporacyjne – dwaj główni akcjonariusze sprawują zarząd i mają 67% głosów.
Sam zarząd zapowiada presję na marże w II poł. 2026 (miedź +40% r/r, konkurencja), więc obecny poziom rentowności może nie być powtarzalny.

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Financials

BETA

H1 2026

APL · H1 2026

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

Revenue	3,861	14,193	−72.8%	7,538	−46.9%	reported	—	1.00
Gross profit	2,910	5,242	−44.5%	2,910	−44.5%	reported	—	1.00
EBITDA	823	1,506	−45.4%	823	−45.4%	derived	—	0.90
EBIT	324	1,425	−77.3%	763	−46.5%	reported	—	1.00
EBT	732	1,292	−43.3%	732	−43.3%	reported	—	1.00
Net income	254	1,049	−75.8%	585	−44.2%	reported	—	1.00
EPS (basic) (PLN)	0.18	0.32	—	0.18	—	reported	—	1.00
D&A	60	81	−25.9%	60	−25.9%	reported	—	1.00
Interest expense	59	140	−57.9%	59	−57.9%	reported	—	1.00
Income tax	147	243	−39.5%	147	−39.5%	reported	—	1.00
Shares (basic) (m PLN)	3.28	3.28	—	3.28	—	reported	—	1.00

Gross margin	38.6%	36.93%	+1.7 pp	38.6%	+1.7 pp	derived	—	0.70
EBITDA margin	10.92%	10.61%	+0.3 pp	10.92%	+0.3 pp	derived	—	0.70
EBIT margin	10.12%	10.04%	+0.1 pp	10.12%	+0.1 pp	derived	—	0.70
Net margin	7.76%	7.39%	+0.4 pp	7.76%	+0.4 pp	derived	—	0.70

Cash	328	234	+40.2%	—	—	reported	—	1.00
Total debt	1,385	1,670	−17.1%	—	—	reported	—	0.60
Net debt	1,057	1,436	−26.4%	—	—	derived	—	0.60
Equity	9,982	9,397	+6.2%	—	—	reported	—	1.00
Total assets	12,614	11,579	+8.9%	—	—	reported	—	1.00
Current assets	12,184	11,114	+9.6%	—	—	reported	—	1.00
Current liabilities	2,139	1,443	+48.2%	—	—	reported	—	1.00
Non-current liabilities	439	643	−31.7%	—	—	reported	—	1.00
Inventory	9,013	8,266	+9%	—	—	reported	—	1.00
Trade receivables	2,781	2,586	+7.5%	—	—	reported	—	1.00
Trade payables	782	910	−14.1%	—	—	reported	—	1.00
Goodwill	25	—	—	—	—	reported	—	1.00

CFO	324	-725	+144.7%	324	+144.7%	reported	—	1.00
CapEx	47	17	+176.5%	47	+176.5%	reported	—	1.00
FCF	277	-742	+137.3%	277	+137.3%	derived	—	0.90
FCF conversion	33.7%	-49.27%	+83 pp	33.7%	+83 pp	derived	—	0.70
CFO conversion	39.4%	-48.14%	+87.5 pp	39.4%	+87.5 pp	derived	—	0.70

ROE	14.9%	11.16%	+3.7 pp	—	—	derived	—	0.60

Current ratio	5.7x	7700x	−7694.3x	—	—	derived	—	0.70
Quick ratio	1.48x	1950x	−1948.52x	—	—	derived	—	0.70
Cash ratio	0.15x	160x	−159.85x	—	—	derived	—	0.70
Interest coverage	12.93x	10.18x	+2.75x	12.93x	+2.75x	derived	—	0.70

Debt / equity	0.14x	0.18x	−0.04x	—	—	derived	—	0.60
Debt / assets	0.11x	140x	−139.89x	—	—	derived	—	0.60
Net debt / equity	0.11x	0.15x	−0.04x	—	—	derived	—	0.60

Revenue growth (YoY)	12.17%	46.09%	—	17.32%	—	derived	—	0.70
EBITDA growth (YoY)	72.18%	-0.4%	—	72.18%	—	derived	—	0.70
EBIT growth (YoY)	75.4%	-1.59%	—	75.4%	—	derived	—	0.70
Net income growth (YoY)	133.07%	-9.18%	—	133.07%	—	derived	—	0.70
EPS growth (YoY)	133.07%	-8.57%	—	133.07%	—	derived	—	0.70
Gross margin Δ (YoY)	2.18 pp	3.91 pp	—	2.18 pp	—	derived	—	0.70
EBITDA margin Δ (YoY)	3.48 pp	-4.95 pp	—	3.48 pp	—	derived	—	0.70
EBIT margin Δ (YoY)	3.35 pp	-4.86 pp	—	3.35 pp	—	derived	—	0.70
Net margin Δ (YoY)	3.85 pp	-4.5 pp	—	3.85 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

3,861 −72.8%

H1 2025: 14,193
YTD 2026: 7,538
Δ YoY: −46.9%

Gross profit

2,910 −44.5%

H1 2025: 5,242
YTD 2026: 2,910
Δ YoY: −44.5%

EBITDA

823 −45.4%

H1 2025: 1,506
YTD 2026: 823
Δ YoY: −45.4%

EBIT

324 −77.3%

H1 2025: 1,425
YTD 2026: 763
Δ YoY: −46.5%

EBT

732 −43.3%

H1 2025: 1,292
YTD 2026: 732
Δ YoY: −43.3%

Net income

254 −75.8%

H1 2025: 1,049
YTD 2026: 585
Δ YoY: −44.2%

EPS (basic) (PLN)

0.18 —

H1 2025: 0.32
YTD 2026: 0.18
Δ YoY: —

D&A

60 −25.9%

H1 2025: 81
YTD 2026: 60
Δ YoY: −25.9%

Interest expense

59 −57.9%

H1 2025: 140
YTD 2026: 59
Δ YoY: −57.9%

Income tax

147 −39.5%

H1 2025: 243
YTD 2026: 147
Δ YoY: −39.5%

Shares (basic) (m PLN)

3.28 —

H1 2025: 3.28
YTD 2026: 3.28
Δ YoY: —

Gross margin

38.6% +1.7 pp

H1 2025: 36.93%
YTD 2026: 38.6%
Δ YoY: +1.7 pp

EBITDA margin

10.92% +0.3 pp

H1 2025: 10.61%
YTD 2026: 10.92%
Δ YoY: +0.3 pp

EBIT margin

10.12% +0.1 pp

H1 2025: 10.04%
YTD 2026: 10.12%
Δ YoY: +0.1 pp

Net margin

7.76% +0.4 pp

H1 2025: 7.39%
YTD 2026: 7.76%
Δ YoY: +0.4 pp

Cash

328 +40.2%

H1 2025: 234
YTD 2026: —
Δ YoY: —

Total debt

1,385 −17.1%

H1 2025: 1,670
YTD 2026: —
Δ YoY: —

Net debt

1,057 −26.4%

H1 2025: 1,436
YTD 2026: —
Δ YoY: —

Equity

9,982 +6.2%

H1 2025: 9,397
YTD 2026: —
Δ YoY: —

Total assets

12,614 +8.9%

H1 2025: 11,579
YTD 2026: —
Δ YoY: —

Current assets

12,184 +9.6%

H1 2025: 11,114
YTD 2026: —
Δ YoY: —

Current liabilities

2,139 +48.2%

H1 2025: 1,443
YTD 2026: —
Δ YoY: —

Non-current liabilities

439 −31.7%

H1 2025: 643
YTD 2026: —
Δ YoY: —

Inventory

9,013 +9%

H1 2025: 8,266
YTD 2026: —
Δ YoY: —

Trade receivables

2,781 +7.5%

H1 2025: 2,586
YTD 2026: —
Δ YoY: —

Trade payables

782 −14.1%

H1 2025: 910
YTD 2026: —
Δ YoY: —

Goodwill

25 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

324 +144.7%

H1 2025: -725
YTD 2026: 324
Δ YoY: +144.7%

CapEx

47 +176.5%

H1 2025: 17
YTD 2026: 47
Δ YoY: +176.5%

FCF

277 +137.3%

H1 2025: -742
YTD 2026: 277
Δ YoY: +137.3%

FCF conversion

33.7% +83 pp

H1 2025: -49.27%
YTD 2026: 33.7%
Δ YoY: +83 pp

CFO conversion

39.4% +87.5 pp

H1 2025: -48.14%
YTD 2026: 39.4%
Δ YoY: +87.5 pp

ROE

14.9% +3.7 pp

H1 2025: 11.16%
YTD 2026: —
Δ YoY: —

Current ratio

5.7x −7694.3x

H1 2025: 7700x
YTD 2026: —
Δ YoY: —

Quick ratio

1.48x −1948.52x

H1 2025: 1950x
YTD 2026: —
Δ YoY: —

Cash ratio

0.15x −159.85x

H1 2025: 160x
YTD 2026: —
Δ YoY: —

Interest coverage

12.93x +2.75x

H1 2025: 10.18x
YTD 2026: 12.93x
Δ YoY: +2.75x

Debt / equity

0.14x −0.04x

H1 2025: 0.18x
YTD 2026: —
Δ YoY: —

Debt / assets

0.11x −139.89x

H1 2025: 140x
YTD 2026: —
Δ YoY: —

Net debt / equity

0.11x −0.04x

H1 2025: 0.15x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

12.17% —

H1 2025: 46.09%
YTD 2026: 17.32%
Δ YoY: —

EBITDA growth (YoY)

72.18% —

H1 2025: -0.4%
YTD 2026: 72.18%
Δ YoY: —

EBIT growth (YoY)

75.4% —

H1 2025: -1.59%
YTD 2026: 75.4%
Δ YoY: —

Net income growth (YoY)

133.07% —

H1 2025: -9.18%
YTD 2026: 133.07%
Δ YoY: —

EPS growth (YoY)

133.07% —

H1 2025: -8.57%
YTD 2026: 133.07%
Δ YoY: —

Gross margin Δ (YoY)

2.18 pp —

H1 2025: 3.91 pp
YTD 2026: 2.18 pp
Δ YoY: —

EBITDA margin Δ (YoY)

3.48 pp —

H1 2025: -4.95 pp
YTD 2026: 3.48 pp
Δ YoY: —

EBIT margin Δ (YoY)

3.35 pp —

H1 2025: -4.86 pp
YTD 2026: 3.35 pp
Δ YoY: —

Net margin Δ (YoY)

3.85 pp —

H1 2025: -4.5 pp
YTD 2026: 3.85 pp
Δ YoY: —