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

H1 2026 report

Zysk netto 522 mln zł to efekt jednorazowy: 663 mln zł zysku z utraty kontroli nad PG Silesia; bez niego zysk operacyjny wynosi ok. −125 mln zł.

Sentiment

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Website

BMC H1 2026 report

Revenue

51.99 m PLN

— YoY

Net income

524.02 m PLN

— YoY

EBITDA

553.17 m PLN

— YoY

Gross margin

-141.52%

— YoY

Summary

Investment thesis

Przychody spadły o 74% do 52 mln zł, strata brutto na sprzedaży −73,6 mln zł.
Kapitał własny ujemny (−45,5 mln zł), wskaźnik bieżący 0,36x, gotówka 1,7 mln zł.
Biegły wydał wniosek z zastrzeżeniem (test utraty wartości ≥160 mln zł, wynik na utracie kontroli, inwestycje w RPA).
Zarząd ujawnia istotną niepewność co do kontynuacji działalności; wynik zależy od rozruchu KWK Silesia i losów PG Silesia.

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Financials

BETA

H1 2026

BMC · H1 2026

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

Revenue	51,986	328,845	−84.2%	51,986	−84.2%	reported	—	1.00
Gross profit	-73,571	—	—	-73,571	—	reported	—	1.00
EBITDA	553,166	-457,420	+220.9%	553,166	+220.9%	reported	—	0.50
EBIT	538,471	-112,471	+578.8%	538,471	+578.8%	reported	—	0.80
EBT	520,486	-155,030	+435.7%	520,486	+435.7%	reported	—	1.00
Net income	524,020	-1,154,830	+145.4%	524,020	+145.4%	reported	—	1.00
EPS (basic) (PLN)	34.81	—	—	34.81	—	reported	—	0.70
D&A	14,695	—	—	14,695	—	reported	—	1.00
Income tax	-1,644	—	—	-1,644	—	reported	—	1.00
Shares (basic) (m units)	15	—	—	—	—	reported	—	1.00

Gross margin	-141.52%	4.4%	−145.9 pp	-141.52%	−145.9 pp	reported	—	0.70

Cash	1,716	—	—	—	—	reported	—	1.00
Total debt	90,907	—	—	—	—	derived	—	0.90
Net debt	89,191	—	—	—	—	reported	—	0.70
Equity	-45,498	-419,600	+89.2%	—	—	reported	—	1.00
Total assets	174,284	422,090	−58.7%	—	—	reported	—	1.00
Working capital	-76,456	—	—	—	—	reported	—	0.70
Current assets	43,858	—	—	—	—	reported	—	1.00
Current liabilities	120,314	—	—	—	—	reported	—	1.00
Non-current liabilities	99,468	—	—	—	—	reported	—	1.00
Inventory	8,056	—	—	—	—	reported	—	1.00
Trade receivables	25,728	—	—	—	—	reported	—	1.00
Trade payables	39,526	—	—	—	—	reported	—	1.00
Goodwill	6,088	—	—	—	—	derived	—	1.00

CFO	-23,636	—	—	-23,636	—	reported	—	1.00
CapEx	606	—	—	606	—	reported	—	1.00
FCF	-24,242	—	—	-24,242	—	reported	—	0.70

Current ratio	0.36x	0x	+0.36x	—	—	reported	—	0.70
Cash ratio	0.01x	—	—	—	—	reported	—	0.70

Debt / equity	-2x	—	—	—	—	reported	—	0.70
Debt / assets	0.52x	2.56x	−2.04x	—	—	reported	—	0.70
Net debt / equity	-1.96x	—	—	—	—	reported	—	0.70

Revenue growth (YoY)	-73.83%	-22.86%	—	-73.83%	—	reported	—	0.70

H1 2026 · Δ YoY

Revenue

51,986 −84.2%

H1 2025: 328,845
YTD 2026: 51,986
Δ YoY: −84.2%

Gross profit

-73,571 —

H1 2025: —
YTD 2026: -73,571
Δ YoY: —

EBITDA

553,166 +220.9%

H1 2025: -457,420
YTD 2026: 553,166
Δ YoY: +220.9%

EBIT

538,471 +578.8%

H1 2025: -112,471
YTD 2026: 538,471
Δ YoY: +578.8%

EBT

520,486 +435.7%

H1 2025: -155,030
YTD 2026: 520,486
Δ YoY: +435.7%

Net income

524,020 +145.4%

H1 2025: -1,154,830
YTD 2026: 524,020
Δ YoY: +145.4%

EPS (basic) (PLN)

34.81 —

H1 2025: —
YTD 2026: 34.81
Δ YoY: —

D&A

14,695 —

H1 2025: —
YTD 2026: 14,695
Δ YoY: —

Income tax

-1,644 —

H1 2025: —
YTD 2026: -1,644
Δ YoY: —

Shares (basic) (m units)

15 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Gross margin

-141.52% −145.9 pp

H1 2025: 4.4%
YTD 2026: -141.52%
Δ YoY: −145.9 pp

Cash

1,716 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

90,907 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

89,191 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

-45,498 +89.2%

H1 2025: -419,600
YTD 2026: —
Δ YoY: —

Total assets

174,284 −58.7%

H1 2025: 422,090
YTD 2026: —
Δ YoY: —

Working capital

-76,456 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

43,858 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

120,314 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

99,468 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

8,056 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

25,728 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

39,526 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

6,088 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-23,636 —

H1 2025: —
YTD 2026: -23,636
Δ YoY: —

CapEx

606 —

H1 2025: —
YTD 2026: 606
Δ YoY: —

FCF

-24,242 —

H1 2025: —
YTD 2026: -24,242
Δ YoY: —

Current ratio

0.36x +0.36x

H1 2025: 0x
YTD 2026: —
Δ YoY: —

Cash ratio

0.01x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

-2x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.52x −2.04x

H1 2025: 2.56x
YTD 2026: —
Δ YoY: —

Net debt / equity

-1.96x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-73.83% —

H1 2025: -22.86%
YTD 2026: -73.83%
Δ YoY: —