CPR Compremum Giełda Papierów Wartościowych w Warszawie · semiannual · publ. October 01, 2026

H1 2026 report

Ugoda z PKP PLK po 2,5 roku mediacji odblokowała kontrakt GSM-R i rozliczenie aktywów z umów (176,5 → 38,3 mln zł).

Sentiment

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Website

CPR H1 2026 report

Revenue

39 m PLN

— YoY

Net income

5.43 m PLN

— YoY

EBITDA

9.48 m PLN

— YoY

Gross margin

34.07%

— YoY

Summary

Investment thesis

Przychody H1 2026 wzrosły o 30,6% do 39,0 mln zł, a marża brutto ze sprzedaży z 14,8% do 34,1%.
Zysk netto 9,0 mln zł (5,4 mln zł dla akcjonariuszy jednostki dominującej) wspierają pozycje jednorazowe: 8,6 mln zł ze sprzedaży wierzytelności, 5,4 mln zł kar, 4,5 mln zł rozwiązanych rezerw.
Dług netto ok. 110 mln zł wobec kapitału własnego 57,4 mln zł i wskaźnik bieżący 0,94 utrzymują wysokie ryzyko płynności.
Biegły wydał wniosek z zastrzeżeniem w sprawie wartości firmy (26,9 mln zł), a zarząd wskazuje na znaczącą niepewność kontynuacji, jeśli plany finansowania nie dojdą do skutku.

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Financials

BETA

H1 2026

CPR · H1 2026

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

Revenue	38,997	60,518	−35.6%	38,997	−35.6%	reported	—	1.00
Gross profit	13,285	-42,891	+131%	13,285	+131%	reported	—	1.00
EBITDA	9,483	-85,633	+111.1%	9,483	+111.1%	reported	—	0.70
EBIT	8,033	-87,706	+109.2%	8,033	+109.2%	reported	—	1.00
EBT	7,644	-144,494	+105.3%	7,644	+105.3%	reported	—	1.00
Net income	5,427	-108,492	+105%	5,427	+105%	reported	—	1.00
EPS (basic) (PLN)	0.12	-3.05	—	0.12	—	reported	—	1.00
EPS (diluted) (PLN)	0.12	-3.05	—	0.12	—	reported	—	1.00
D&A	1,450	—	—	1,450	—	reported	—	1.00
Interest expense	6,085	37,258	−83.7%	6,085	−83.7%	reported	—	1.00
Income tax	-1,369	-7,662	+82.1%	-1,369	+82.1%	reported	—	1.00

Gross margin	34.07%	-70.87%	+104.9 pp	34.07%	+104.9 pp	reported	—	0.70
EBITDA margin	24.32%	-0.14%	+24.5 pp	24.32%	+24.5 pp	reported	—	0.70
EBIT margin	20.6%	-144.94%	+165.5 pp	20.6%	+165.5 pp	reported	—	0.70
Net margin	13.92%	-179.31%	+193.2 pp	13.92%	+193.2 pp	reported	—	0.70

Cash	2,748	509	+439.9%	—	—	reported	—	1.00
Total debt	113,130	162,734	−30.5%	—	—	derived	—	0.90
Net debt	110,382	162,225	−32%	—	—	derived	—	0.90
Equity	57,397	48,536	+18.3%	—	—	reported	—	1.00
Total assets	268,707	404,305	−33.5%	—	—	reported	—	1.00
Current assets	148,182	261,792	−43.4%	—	—	reported	—	1.00
Current liabilities	157,728	307,363	−48.7%	—	—	reported	—	1.00
Non-current liabilities	53,581	48,406	+10.7%	—	—	reported	—	1.00
Inventory	25,821	25,704	+0.5%	—	—	reported	—	1.00
Trade receivables	81,360	59,106	+37.7%	—	—	reported	—	1.00
Trade payables	79,053	151,418	−47.8%	—	—	reported	—	1.00
Goodwill	26,953	26,953	+0%	—	—	reported	—	1.00

CFO	52,201	-10,547	+594.9%	52,201	+594.9%	reported	—	1.00
CapEx	0	—	—	0	—	reported	—	0.80
FCF	52,201	—	—	52,201	—	derived	—	0.70
CFO conversion	550.5%	12.32%	+538.2 pp	550.5%	+538.2 pp	reported	—	0.50

Current ratio	0.94x	0.85x	+0.09x	—	—	reported	—	0.70

Debt / equity	1.97x	3.35x	−1.38x	—	—	reported	—	0.70
Debt / assets	0.42x	0.4x	+0.02x	—	—	reported	—	0.70
Net debt / equity	1.92x	3.34x	−1.42x	—	—	reported	—	0.70

Revenue growth (YoY)	30.57%	-42.03%	—	30.57%	—	reported	—	0.70
Gross margin Δ (YoY)	19.28 pp	-0.06 pp	—	19.28 pp	—	reported	—	0.70

H1 2026 · Δ YoY

Revenue

38,997 −35.6%

H1 2025: 60,518
YTD 2026: 38,997
Δ YoY: −35.6%

Gross profit

13,285 +131%

H1 2025: -42,891
YTD 2026: 13,285
Δ YoY: +131%

EBITDA

9,483 +111.1%

H1 2025: -85,633
YTD 2026: 9,483
Δ YoY: +111.1%

EBIT

8,033 +109.2%

H1 2025: -87,706
YTD 2026: 8,033
Δ YoY: +109.2%

EBT

7,644 +105.3%

H1 2025: -144,494
YTD 2026: 7,644
Δ YoY: +105.3%

Net income

5,427 +105%

H1 2025: -108,492
YTD 2026: 5,427
Δ YoY: +105%

EPS (basic) (PLN)

0.12 —

H1 2025: -3.05
YTD 2026: 0.12
Δ YoY: —

EPS (diluted) (PLN)

0.12 —

H1 2025: -3.05
YTD 2026: 0.12
Δ YoY: —

D&A

1,450 —

H1 2025: —
YTD 2026: 1,450
Δ YoY: —

Interest expense

6,085 −83.7%

H1 2025: 37,258
YTD 2026: 6,085
Δ YoY: −83.7%

Income tax

-1,369 +82.1%

H1 2025: -7,662
YTD 2026: -1,369
Δ YoY: +82.1%

Gross margin

34.07% +104.9 pp

H1 2025: -70.87%
YTD 2026: 34.07%
Δ YoY: +104.9 pp

EBITDA margin

24.32% +24.5 pp

H1 2025: -0.14%
YTD 2026: 24.32%
Δ YoY: +24.5 pp

EBIT margin

20.6% +165.5 pp

H1 2025: -144.94%
YTD 2026: 20.6%
Δ YoY: +165.5 pp

Net margin

13.92% +193.2 pp

H1 2025: -179.31%
YTD 2026: 13.92%
Δ YoY: +193.2 pp

Cash

2,748 +439.9%

H1 2025: 509
YTD 2026: —
Δ YoY: —

Total debt

113,130 −30.5%

H1 2025: 162,734
YTD 2026: —
Δ YoY: —

Net debt

110,382 −32%

H1 2025: 162,225
YTD 2026: —
Δ YoY: —

Equity

57,397 +18.3%

H1 2025: 48,536
YTD 2026: —
Δ YoY: —

Total assets

268,707 −33.5%

H1 2025: 404,305
YTD 2026: —
Δ YoY: —

Current assets

148,182 −43.4%

H1 2025: 261,792
YTD 2026: —
Δ YoY: —

Current liabilities

157,728 −48.7%

H1 2025: 307,363
YTD 2026: —
Δ YoY: —

Non-current liabilities

53,581 +10.7%

H1 2025: 48,406
YTD 2026: —
Δ YoY: —

Inventory

25,821 +0.5%

H1 2025: 25,704
YTD 2026: —
Δ YoY: —

Trade receivables

81,360 +37.7%

H1 2025: 59,106
YTD 2026: —
Δ YoY: —

Trade payables

79,053 −47.8%

H1 2025: 151,418
YTD 2026: —
Δ YoY: —

Goodwill

26,953 +0%

H1 2025: 26,953
YTD 2026: —
Δ YoY: —

CFO

52,201 +594.9%

H1 2025: -10,547
YTD 2026: 52,201
Δ YoY: +594.9%

CapEx

0 —

H1 2025: —
YTD 2026: 0
Δ YoY: —

FCF

52,201 —

H1 2025: —
YTD 2026: 52,201
Δ YoY: —

CFO conversion

550.5% +538.2 pp

H1 2025: 12.32%
YTD 2026: 550.5%
Δ YoY: +538.2 pp

Current ratio

0.94x +0.09x

H1 2025: 0.85x
YTD 2026: —
Δ YoY: —

Debt / equity

1.97x −1.38x

H1 2025: 3.35x
YTD 2026: —
Δ YoY: —

Debt / assets

0.42x +0.02x

H1 2025: 0.4x
YTD 2026: —
Δ YoY: —

Net debt / equity

1.92x −1.42x

H1 2025: 3.34x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

30.57% —

H1 2025: -42.03%
YTD 2026: 30.57%
Δ YoY: —

Gross margin Δ (YoY)

19.28 pp —

H1 2025: -0.06 pp
YTD 2026: 19.28 pp
Δ YoY: —