CLC Columbus Energy Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026

H1 2026 report

Zysk netto 281,1 mln zł to efekt dekonsolidacji Grupy Ruby01A (działalność zaniechana +301,5 mln zł); działalność kontynuowana: strata netto −20,4 mln zł.

Sentiment

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Website

CLC H1 2026 report

Revenue

144.73 m PLN

— YoY

Net income

288.83 m PLN

— YoY

EBITDA

-8.54 m PLN

— YoY

FCF

-56.1 m PLN

— YoY

Summary

Investment thesis

Biegły odmówił sformułowania wniosku z przeglądu z powodu niezakończonego ponownego badania zmodyfikowanego sprawozdania za 2025 (zalecenia UKNF).
Kapitał własny z −259,5 mln zł (przekształcony 31.12.2025) wzrósł do +21,9 mln zł wyłącznie dzięki wynikowi dekonsolidacji.
Należność za ZCP 65,4 mln zł (cena 75,4 mln zł, wpłacono 10,0 mln zł) stanowi ponad 40% należności; termin przesunięty do 31.12.2026.
OCF −22,3 mln zł i CAPEX 33,8 mln zł finansowane pożyczkami Gemstone ASI; zarząd wskazuje na znaczącą niepewność co do kontynuacji działalności.

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Financials

BETA

H1 2026

CLC · H1 2026

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

Revenue	144,725	346,150	−58.2%	144,725	−58.2%	reported	—	1.00
EBITDA	-8,535	60,608	−114.1%	-8,535	−114.1%	reported	—	0.70
EBIT	-13,562	51,798	−126.2%	-13,562	−126.2%	reported	—	1.00
EBT	-19,464	42,109	−146.2%	-19,464	−146.2%	reported	—	1.00
Net income	288,826	30,954	+833.1%	288,826	+833.1%	reported	—	0.90
EPS (basic) (PLN)	4.2	—	—	4.2	—	reported	—	1.00
EPS (diluted) (PLN)	4.2	—	—	4.2	—	reported	—	1.00
D&A	5,027	8,810	−42.9%	5,027	−42.9%	reported	—	1.00
Interest expense	7,400	—	—	7,400	—	reported	—	1.00
Income tax	-932	11,154	−108.4%	-932	−108.4%	reported	—	1.00

EBITDA margin	-5.9%	17.51%	−23.4 pp	-5.9%	−23.4 pp	reported	—	0.70
EBIT margin	-9.37%	14.96%	−24.3 pp	-9.37%	−24.3 pp	reported	—	0.70
Net margin	-14.09%	8.94%	−23 pp	-14.09%	−23 pp	reported	—	0.60

Cash	3,568	9,535	−62.6%	—	—	reported	—	1.00
Total debt	93,839	—	—	—	—	derived	—	0.90
Net debt	90,271	—	—	—	—	derived	—	0.90
Equity	21,868	-78,592	+127.8%	—	—	reported	—	1.00
Total assets	267,828	615,435	−56.5%	—	—	reported	—	1.00
Current assets	202,913	155,649	+30.4%	—	—	reported	—	1.00
Current liabilities	177,648	651,832	−72.7%	—	—	reported	—	1.00
Non-current liabilities	68,312	42,195	+61.9%	—	—	reported	—	1.00
Inventory	9,748	29,880	−67.4%	—	—	reported	—	1.00
Trade receivables	158,298	76,618	+106.6%	—	—	reported	—	1.00
Trade payables	60,724	62,400	−2.7%	—	—	reported	—	1.00
Goodwill	33,741	—	—	—	—	reported	—	1.00

CFO	-22,309	—	—	-22,309	—	reported	—	1.00
CapEx	33,795	—	—	33,795	—	reported	—	1.00
FCF	-56,104	—	—	-56,104	—	derived	—	0.70

Current ratio	1.14x	1.14x	+0x	—	—	reported	—	0.70

Debt / equity	4.29x	—	—	—	—	reported	—	0.70
Debt / assets	0.35x	—	—	—	—	reported	—	0.70
Net debt / equity	4.13x	—	—	—	—	reported	—	0.70

Revenue growth (YoY)	6.36%	-13.74%	—	6.36%	—	reported	—	0.70

H1 2026 · Δ YoY

Revenue

144,725 −58.2%

H1 2025: 346,150
YTD 2026: 144,725
Δ YoY: −58.2%

EBITDA

-8,535 −114.1%

H1 2025: 60,608
YTD 2026: -8,535
Δ YoY: −114.1%

EBIT

-13,562 −126.2%

H1 2025: 51,798
YTD 2026: -13,562
Δ YoY: −126.2%

EBT

-19,464 −146.2%

H1 2025: 42,109
YTD 2026: -19,464
Δ YoY: −146.2%

Net income

288,826 +833.1%

H1 2025: 30,954
YTD 2026: 288,826
Δ YoY: +833.1%

EPS (basic) (PLN)

4.2 —

H1 2025: —
YTD 2026: 4.2
Δ YoY: —

EPS (diluted) (PLN)

4.2 —

H1 2025: —
YTD 2026: 4.2
Δ YoY: —

D&A

5,027 −42.9%

H1 2025: 8,810
YTD 2026: 5,027
Δ YoY: −42.9%

Interest expense

7,400 —

H1 2025: —
YTD 2026: 7,400
Δ YoY: —

Income tax

-932 −108.4%

H1 2025: 11,154
YTD 2026: -932
Δ YoY: −108.4%

EBITDA margin

-5.9% −23.4 pp

H1 2025: 17.51%
YTD 2026: -5.9%
Δ YoY: −23.4 pp

EBIT margin

-9.37% −24.3 pp

H1 2025: 14.96%
YTD 2026: -9.37%
Δ YoY: −24.3 pp

Net margin

-14.09% −23 pp

H1 2025: 8.94%
YTD 2026: -14.09%
Δ YoY: −23 pp

Cash

3,568 −62.6%

H1 2025: 9,535
YTD 2026: —
Δ YoY: —

Total debt

93,839 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

90,271 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

21,868 +127.8%

H1 2025: -78,592
YTD 2026: —
Δ YoY: —

Total assets

267,828 −56.5%

H1 2025: 615,435
YTD 2026: —
Δ YoY: —

Current assets

202,913 +30.4%

H1 2025: 155,649
YTD 2026: —
Δ YoY: —

Current liabilities

177,648 −72.7%

H1 2025: 651,832
YTD 2026: —
Δ YoY: —

Non-current liabilities

68,312 +61.9%

H1 2025: 42,195
YTD 2026: —
Δ YoY: —

Inventory

9,748 −67.4%

H1 2025: 29,880
YTD 2026: —
Δ YoY: —

Trade receivables

158,298 +106.6%

H1 2025: 76,618
YTD 2026: —
Δ YoY: —

Trade payables

60,724 −2.7%

H1 2025: 62,400
YTD 2026: —
Δ YoY: —

Goodwill

33,741 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-22,309 —

H1 2025: —
YTD 2026: -22,309
Δ YoY: —

CapEx

33,795 —

H1 2025: —
YTD 2026: 33,795
Δ YoY: —

FCF

-56,104 —

H1 2025: —
YTD 2026: -56,104
Δ YoY: —

Current ratio

1.14x +0x

H1 2025: 1.14x
YTD 2026: —
Δ YoY: —

Debt / equity

4.29x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.35x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

4.13x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

6.36% —

H1 2025: -13.74%
YTD 2026: 6.36%
Δ YoY: —