CPD CPD Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026

H1 2026 report

Spółka-wydmuszka: przychody 136 tys. zł w półroczu wobec kosztów operacyjnych 1 672 tys. zł, wynik operacyjny −1,5 mln zł.

Sentiment

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Website

CPD H1 2026 report

Revenue

136 k PLN

— YoY

Net income

-14.66 m PLN

— YoY

FCF

-1.38 m PLN

— YoY

CFO

-1.38 m PLN

— YoY

Summary

Investment thesis

Strata netto −14,7 mln zł to głównie odpis 12,2 mln zł na udziałach w amerykańskich spółkach kupionych za akcje serii D (11,99 mln zł).
Istotna niepewność co do kontynuacji działalności — gotówka 55 tys. zł, płynność bieżąca 0,2x, finansowanie zależy od głównego akcjonariusza.
Kapitał własny 21,3 mln zł opiera się na nieruchomościach w Częstochowie (23,1 mln zł) wycenianych na podstawie operatów z kwietnia 2025.
Spór z J. Tadlą (29,49% akcji) oraz T. Górskim i nieterminowe sprawozdanie roczne za 2025 to główne ryzyka korporacyjne.

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Financials

BETA

H1 2026

CPD · H1 2026

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

Revenue	68	91	−25.3%	136	+49.5%	reported	—	1.00
EBIT	-792	4,569	−117.3%	-1,536	−133.6%	reported	—	1.00
EBT	-1,555	4,530	−134.3%	-14,550	−421.2%	reported	—	1.00
Net income	-1,555	3,409	−145.6%	-14,663	−530.1%	reported	—	1.00
EPS (basic) (PLN)	-1.13	—	—	-1.13	—	reported	—	1.00
EPS (diluted) (PLN)	-1.13	—	—	-1.13	—	reported	—	1.00
D&A	27	—	—	27	—	reported	—	1.00
Interest expense	67	47	+42.6%	67	+42.6%	reported	—	1.00
Income tax	112	-1,121	+110%	112	+110%	reported	—	1.00
Shares (basic) (k units)	12,676	—	—	—	—	reported	—	1.00

Cash	55	1,270	−95.7%	—	—	reported	—	1.00
Total debt	964	558	+72.8%	—	—	adjusted	—	0.90
Net debt	909	-712	+227.7%	—	—	derived	—	0.70
Equity	21,269	23,624	−10%	—	—	reported	—	1.00
Total assets	24,415	25,768	−5.3%	—	—	reported	—	1.00
Working capital	-1,360	1,004	−235.5%	—	—	derived	—	0.70
Current assets	340	2,032	−83.3%	—	—	reported	—	1.00
Current liabilities	1,700	1,028	+65.4%	—	—	reported	—	1.00
Non-current liabilities	1,446	1,116	+29.6%	—	—	reported	—	1.00
Trade receivables	78	762	−89.8%	—	—	reported	—	1.00
Trade payables	352	470	−25.1%	—	—	reported	—	1.00
Goodwill	611	—	—	—	—	reported	—	1.00
Tangible equity	20,658	—	—	—	—	derived	—	0.70

CFO	-497	—	—	-1,382	—	reported	—	1.00
FCF	-1,382	—	—	-1,382	—	derived	—	0.70

Current ratio	0.2x	1.98x	−1.78x	—	—	derived	—	0.70
Cash ratio	0.03x	1.24x	−1.21x	—	—	derived	—	0.70

Debt / equity	0.05x	0.02x	+0.03x	—	—	derived	—	0.70
Debt / assets	0.04x	0.02x	+0.02x	—	—	derived	—	0.70
Net debt / equity	0.04x	-0.03x	+0.07x	—	—	derived	—	0.70

EBIT growth (YoY)	-219.3%	—	—	-219.3%	—	derived	—	0.70
Net income growth (YoY)	-2792.3%	—	—	-2792.3%	—	derived	—	0.70
EPS growth (YoY)	-927.3%	—	—	-927.3%	—	derived	—	0.60

H1 2026 · Δ YoY

Revenue

68 −25.3%

H1 2025: 91
YTD 2026: 136
Δ YoY: +49.5%

EBIT

-792 −117.3%

H1 2025: 4,569
YTD 2026: -1,536
Δ YoY: −133.6%

EBT

-1,555 −134.3%

H1 2025: 4,530
YTD 2026: -14,550
Δ YoY: −421.2%

Net income

-1,555 −145.6%

H1 2025: 3,409
YTD 2026: -14,663
Δ YoY: −530.1%

EPS (basic) (PLN)

-1.13 —

H1 2025: —
YTD 2026: -1.13
Δ YoY: —

EPS (diluted) (PLN)

-1.13 —

H1 2025: —
YTD 2026: -1.13
Δ YoY: —

D&A

27 —

H1 2025: —
YTD 2026: 27
Δ YoY: —

Interest expense

67 +42.6%

H1 2025: 47
YTD 2026: 67
Δ YoY: +42.6%

Income tax

112 +110%

H1 2025: -1,121
YTD 2026: 112
Δ YoY: +110%

Shares (basic) (k units)

12,676 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash

55 −95.7%

H1 2025: 1,270
YTD 2026: —
Δ YoY: —

Total debt

964 +72.8%

H1 2025: 558
YTD 2026: —
Δ YoY: —

Net debt

909 +227.7%

H1 2025: -712
YTD 2026: —
Δ YoY: —

Equity

21,269 −10%

H1 2025: 23,624
YTD 2026: —
Δ YoY: —

Total assets

24,415 −5.3%

H1 2025: 25,768
YTD 2026: —
Δ YoY: —

Working capital

-1,360 −235.5%

H1 2025: 1,004
YTD 2026: —
Δ YoY: —

Current assets

340 −83.3%

H1 2025: 2,032
YTD 2026: —
Δ YoY: —

Current liabilities

1,700 +65.4%

H1 2025: 1,028
YTD 2026: —
Δ YoY: —

Non-current liabilities

1,446 +29.6%

H1 2025: 1,116
YTD 2026: —
Δ YoY: —

Trade receivables

78 −89.8%

H1 2025: 762
YTD 2026: —
Δ YoY: —

Trade payables

352 −25.1%

H1 2025: 470
YTD 2026: —
Δ YoY: —

Goodwill

611 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity

20,658 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-497 —

H1 2025: —
YTD 2026: -1,382
Δ YoY: —

FCF

-1,382 —

H1 2025: —
YTD 2026: -1,382
Δ YoY: —

Current ratio

0.2x −1.78x

H1 2025: 1.98x
YTD 2026: —
Δ YoY: —

Cash ratio

0.03x −1.21x

H1 2025: 1.24x
YTD 2026: —
Δ YoY: —

Debt / equity

0.05x +0.03x

H1 2025: 0.02x
YTD 2026: —
Δ YoY: —

Debt / assets

0.04x +0.02x

H1 2025: 0.02x
YTD 2026: —
Δ YoY: —

Net debt / equity

0.04x +0.07x

H1 2025: -0.03x
YTD 2026: —
Δ YoY: —

EBIT growth (YoY)

-219.3% —

H1 2025: —
YTD 2026: -219.3%
Δ YoY: —

Net income growth (YoY)

-2792.3% —

H1 2025: —
YTD 2026: -2792.3%
Δ YoY: —

EPS growth (YoY)

-927.3% —

H1 2025: —
YTD 2026: -927.3%
Δ YoY: —