PBX
Poznańska Korporacja Budowlana Pekabex
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026
H1 2026 report
Przychody płaskie (+0,5% r/r) przy spadku marży brutto z 6,6% do 5,1% i stracie operacyjnej −12,5 mln zł.
Sentiment
●●●●●●
PBX
H1 2026 report
Revenue
917.68 m PLN
— YoY
Net income
-14.35 m PLN
— YoY
EBITDA
5.08 m PLN
— YoY
Gross margin
5.07%
— YoY
Summary
Investment thesis
- Operacyjny przepływ pieniężny −149,3 mln zł, finansowany kredytami (dług netto 393 mln zł).
- Naruszone dwa kowenanty bankowe; waivery uzyskane po dniu bilansowym.
- Backlog 2,37 mld zł (+36% r/r), ale zawiera planowane przychody deweloperskie i listy intencyjne.
- II kwartał lepszy od I, lecz nadal ujemny na poziomie EBIT.
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Financials
BETA
PBX · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 917.68 | — | — | 917.68 | — | reported | — | 1.00 |
| Gross profit | 46.56 | — | — | 46.56 | — | reported | — | 1.00 |
| EBITDA | 5.08 | — | — | 5.08 | — | adjusted | — | 1.00 |
| EBIT | -12.52 | — | — | -12.52 | — | reported | — | 1.00 |
| EBT | -19.52 | — | — | -19.52 | — | reported | — | 1.00 |
| Net income | -14.35 | — | — | -14.35 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.58 | — | — | -0.58 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.58 | — | — | -0.58 | — | reported | — | 1.00 |
| D&A | 17.6 | — | — | 17.6 | — | derived | — | 0.70 |
| Interest expense | 10.63 | — | — | 10.63 | — | reported | — | 1.00 |
| Income tax | -4.17 | — | — | -4.17 | — | reported | — | 1.00 |
| Gross margin | 5.07% | — | — | 5.07% | — | reported | — | 0.70 |
| EBITDA margin | 0.55% | — | — | 0.55% | — | reported | — | 0.70 |
| EBIT margin | -1.36% | — | — | -1.36% | — | reported | — | 0.70 |
| EBT margin | -2.13% | — | — | -2.13% | — | reported | — | 0.70 |
| Net margin | -1.56% | — | — | -1.56% | — | reported | — | 0.70 |
| D&A margin | 1.92% | — | — | 1.92% | — | reported | — | 0.70 |
| Cash | 124.44 | — | — | — | — | reported | — | 1.00 |
| Total debt | 517.51 | — | — | — | — | derived | — | 0.90 |
| Net debt | 393.07 | — | — | — | — | reported | — | 1.00 |
| Equity | 485.21 | — | — | — | — | reported | — | 1.00 |
| Total assets | 1,811.86 | — | — | — | — | reported | — | 1.00 |
| Working capital | 97.37 | — | — | — | — | reported | — | 0.70 |
| Current assets | 1,272.07 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 1,174.7 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 151.96 | — | — | — | — | reported | — | 1.00 |
| Inventory | 464.51 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 482.79 | — | — | — | — | reported | — | 0.90 |
| Trade payables | 649.11 | — | — | — | — | reported | — | 0.90 |
| Goodwill | 36.55 | — | — | — | — | derived | — | 1.00 |
| Tangible equity | 448.66 | — | — | — | — | reported | — | 0.70 |
| CFO | -149.33 | — | — | -149.33 | — | reported | — | 1.00 |
| CapEx | 7.39 | — | — | 7.39 | — | derived | — | 1.00 |
| FCF | -156.72 | — | — | -156.72 | — | derived | — | 0.90 |
| Buybacks | 4.78 | — | — | 4.78 | — | reported | — | 1.00 |
| Current ratio | 1.08x | — | — | — | — | reported | — | 0.70 |
| Quick ratio | 0.69x | — | — | — | — | reported | — | 0.70 |
| Cash ratio | 0.11x | — | — | — | — | reported | — | 0.70 |
| Interest coverage | -1.18x | — | — | -1.18x | — | reported | — | 0.70 |
| Debt / equity | 1.07x | — | — | — | — | reported | — | 0.70 |
| Debt / assets | 0.29x | — | — | — | — | reported | — | 0.70 |
| Net debt / equity | 0.81x | — | — | — | — | reported | — | 0.70 |
| Revenue growth (YoY) | 0.47% | — | — | 0.47% | — | reported | — | 0.70 |
| EBITDA growth (YoY) | -78.85% | — | — | -78.85% | — | reported | — | 0.70 |
| EBIT growth (YoY) | -237.9% | — | — | -237.9% | — | reported | — | 0.70 |
| Net income growth (YoY) | -667% | — | — | -667% | — | reported | — | 0.70 |
| EPS growth (YoY) | -680% | — | — | -680% | — | reported | — | 0.70 |
| Gross margin Δ (YoY) | -1.56 pp | — | — | -1.56 pp | — | reported | — | 0.70 |
| EBITDA margin Δ (YoY) | -2.08 pp | — | — | -2.08 pp | — | reported | — | 0.70 |
| EBIT margin Δ (YoY) | -2.36 pp | — | — | -2.36 pp | — | reported | — | 0.70 |
| Net margin Δ (YoY) | -1.84 pp | — | — | -1.84 pp | — | reported | — | 0.70 |
H1 2026 · Δ YoY
Revenue
917.68
—
917.68
—
- H1 2025
- —
- YTD 2026
- 917.68
- Δ YoY
- —
Gross profit
46.56
—
46.56
—
- H1 2025
- —
- YTD 2026
- 46.56
- Δ YoY
- —
EBITDA
5.08
—
5.08
—
- H1 2025
- —
- YTD 2026
- 5.08
- Δ YoY
- —
EBIT
-12.52
—
-12.52
—
- H1 2025
- —
- YTD 2026
- -12.52
- Δ YoY
- —
EBT
-19.52
—
-19.52
—
- H1 2025
- —
- YTD 2026
- -19.52
- Δ YoY
- —
Net income
-14.35
—
-14.35
—
- H1 2025
- —
- YTD 2026
- -14.35
- Δ YoY
- —
EPS (basic)
(PLN)
-0.58
—
-0.58
—
- H1 2025
- —
- YTD 2026
- -0.58
- Δ YoY
- —
EPS (diluted)
(PLN)
-0.58
—
-0.58
—
- H1 2025
- —
- YTD 2026
- -0.58
- Δ YoY
- —
D&A
17.6
—
17.6
—
- H1 2025
- —
- YTD 2026
- 17.6
- Δ YoY
- —
Interest expense
10.63
—
10.63
—
- H1 2025
- —
- YTD 2026
- 10.63
- Δ YoY
- —
Income tax
-4.17
—
-4.17
—
- H1 2025
- —
- YTD 2026
- -4.17
- Δ YoY
- —
Gross margin
5.07%
—
5.07%
—
- H1 2025
- —
- YTD 2026
- 5.07%
- Δ YoY
- —
EBITDA margin
0.55%
—
0.55%
—
- H1 2025
- —
- YTD 2026
- 0.55%
- Δ YoY
- —
EBIT margin
-1.36%
—
-1.36%
—
- H1 2025
- —
- YTD 2026
- -1.36%
- Δ YoY
- —
EBT margin
-2.13%
—
-2.13%
—
- H1 2025
- —
- YTD 2026
- -2.13%
- Δ YoY
- —
Net margin
-1.56%
—
-1.56%
—
- H1 2025
- —
- YTD 2026
- -1.56%
- Δ YoY
- —
D&A margin
1.92%
—
1.92%
—
- H1 2025
- —
- YTD 2026
- 1.92%
- Δ YoY
- —
Cash
124.44
—
124.44
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
517.51
—
517.51
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
393.07
—
393.07
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
485.21
—
485.21
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
1,811.86
—
1,811.86
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
97.37
—
97.37
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
1,272.07
—
1,272.07
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
1,174.7
—
1,174.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
151.96
—
151.96
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
464.51
—
464.51
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
482.79
—
482.79
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
649.11
—
649.11
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
36.55
—
36.55
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
448.66
—
448.66
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-149.33
—
-149.33
—
- H1 2025
- —
- YTD 2026
- -149.33
- Δ YoY
- —
CapEx
7.39
—
7.39
—
- H1 2025
- —
- YTD 2026
- 7.39
- Δ YoY
- —
FCF
-156.72
—
-156.72
—
- H1 2025
- —
- YTD 2026
- -156.72
- Δ YoY
- —
Buybacks
4.78
—
4.78
—
- H1 2025
- —
- YTD 2026
- 4.78
- Δ YoY
- —
Current ratio
1.08x
—
1.08x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.69x
—
0.69x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.11x
—
0.11x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-1.18x
—
-1.18x
—
- H1 2025
- —
- YTD 2026
- -1.18x
- Δ YoY
- —
Debt / equity
1.07x
—
1.07x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.29x
—
0.29x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.81x
—
0.81x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
0.47%
—
0.47%
—
- H1 2025
- —
- YTD 2026
- 0.47%
- Δ YoY
- —
EBITDA growth (YoY)
-78.85%
—
-78.85%
—
- H1 2025
- —
- YTD 2026
- -78.85%
- Δ YoY
- —
EBIT growth (YoY)
-237.9%
—
-237.9%
—
- H1 2025
- —
- YTD 2026
- -237.9%
- Δ YoY
- —
Net income growth (YoY)
-667%
—
-667%
—
- H1 2025
- —
- YTD 2026
- -667%
- Δ YoY
- —
EPS growth (YoY)
-680%
—
-680%
—
- H1 2025
- —
- YTD 2026
- -680%
- Δ YoY
- —
Gross margin Δ (YoY)
-1.56 pp
—
-1.56 pp
—
- H1 2025
- —
- YTD 2026
- -1.56 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-2.08 pp
—
-2.08 pp
—
- H1 2025
- —
- YTD 2026
- -2.08 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-2.36 pp
—
-2.36 pp
—
- H1 2025
- —
- YTD 2026
- -2.36 pp
- Δ YoY
- —
Net margin Δ (YoY)
-1.84 pp
—
-1.84 pp
—
- H1 2025
- —
- YTD 2026
- -1.84 pp
- Δ YoY
- —