KPL KINO POLSKA TV Giełda Papierów Wartościowych w Warszawie · Quarterly · publ. May 28, 2026

Q1 2026 report

Grupa medialna o wysokich i rosnących marżach (EBITDA ok. 56%) i modelu asset-light (CAPEX poniżej 0,5% przychodów w kwartale).

Sentiment

Neutral No guidance change

Website

KPL Q1 2026 report

Revenue

78.89 m PLN

— YoY

Net income

20.09 m PLN

— YoY

EBITDA

43.88 m PLN

— YoY

Net debt / EBITDA

-0.12x

— YoY

Summary

Investment thesis

Bilans praktycznie bez długu netto (dług netto/skorygowana EBITDA TTM ok. -0,12x) i bardzo wysoka płynność bieżąca (ok. 3,9x).
Umiarkowany wzrost przychodów (+3,0% r/r), ale szybszy wzrost zysku operacyjnego (+8,0%) i netto (+5,5%) dzięki dyscyplinie kosztowej, m.in. spadkowi kosztów usług emisji i strukturalnej poprawie rentowności segmentu Zoom TV.
Segment międzynarodowy FilmBox nadal rośnie (+5,4% r/r, 31% przychodów grupy) i pozostaje głównym źródłem wyniku segmentowego.
Istotna koncentracja właścicielska (SPI International B.V. / grupa Canal+ z 66% głosów) i rosnąca skala pożyczek udzielonych temu akcjonariuszowi w ramach cash poolingu (36% aktywów grupy) to kluczowe ryzyko ładu korporacyjnego do monitorowania.

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Financials

BETA

Q1 2026

KPL · Q1 2026

Metric	Q1 2026	Q1 2025	Δ YoY	Value type	Segment	Conf.

Revenue	78.89	—	—	reported	—	1.00
EBITDA	43.88	—	—	adjusted	—	0.90
EBIT	25.74	—	—	reported	—	1.00
EBT	26.77	—	—	reported	—	1.00
Net income	20.09	—	—	reported	—	1.00
EPS (basic) (PLN)	1.01	—	—	reported	—	1.00
EPS (diluted) (PLN)	1.01	—	—	reported	—	1.00
D&A	16.91	—	—	reported	—	1.00
Interest expense	0.08	—	—	reported	—	0.90
Shares (basic) (m units)	19.82	—	—	reported	—	1.00
Shares (diluted) (m units)	19.82	—	—	reported	—	1.00

EBITDA margin	55.62%	—	—	reported	—	0.90
EBIT margin	32.62%	—	—	reported	—	0.95
EBT margin	33.93%	—	—	reported	—	0.95
Net margin	25.47%	—	—	reported	—	0.95
D&A margin	21.43%	—	—	reported	—	0.90

Cash	31.63	—	—	reported	—	1.00
Total debt	10.85	—	—	reported	—	0.95
Net debt	-20.78	—	—	reported	—	0.90
Equity	382.27	—	—	reported	—	1.00
Total assets	486.01	—	—	reported	—	1.00
Working capital	234.64	—	—	reported	—	0.95
Current assets	315.74	—	—	reported	—	1.00
Current liabilities	81.09	—	—	reported	—	1.00
Goodwill	75.49	—	—	reported	—	0.85
Tangible equity	306.78	—	—	reported	—	0.80

CFO	31.09	—	—	reported	—	1.00
CapEx	0.34	—	—	reported	—	1.00
FCF	30.74	—	—	reported	—	0.90
FCF conversion	70.06%	—	—	reported	—	0.85
CFO conversion	70.84%	—	—	reported	—	0.85

Current ratio	3.89x	—	—	reported	—	0.95
Quick ratio	3.89x	—	—	reported	—	0.90
Cash ratio	0.39x	—	—	reported	—	0.95
Interest coverage	343.17x	—	—	reported	—	0.50

Net debt / EBITDA	-0.12x	—	—	reported	—	0.80
Debt / equity	0.03x	—	—	reported	—	0.90
Debt / assets	0.02x	—	—	reported	—	0.90
Net debt / equity	-0.05x	—	—	reported	—	0.90

Revenue growth (YoY)	2.99%	—	—	reported	—	0.95
EBITDA growth (YoY)	3.92%	—	—	reported	—	0.90
EBIT growth (YoY)	8.01%	—	—	reported	—	0.95
Net income growth (YoY)	5.51%	—	—	reported	—	0.95
EPS growth (YoY)	5.21%	—	—	reported	—	0.90
EBITDA margin Δ (YoY)	0.5 pp	—	—	reported	—	0.85
EBIT margin Δ (YoY)	1.51 pp	—	—	reported	—	0.90
Net margin Δ (YoY)	0.61 pp	—	—	reported	—	0.90

Q1 2026 · Δ YoY

Revenue

78.89 —

Q1 2025: —

EBITDA

43.88 —

Q1 2025: —

EBIT

25.74 —

Q1 2025: —

EBT

26.77 —

Q1 2025: —

Net income

20.09 —

Q1 2025: —

EPS (basic) (PLN)

1.01 —

Q1 2025: —

EPS (diluted) (PLN)

1.01 —

Q1 2025: —

D&A

16.91 —

Q1 2025: —

Interest expense

0.08 —

Q1 2025: —

Shares (basic) (m units)

19.82 —

Q1 2025: —

Shares (diluted) (m units)

19.82 —

Q1 2025: —

EBITDA margin

55.62% —

Q1 2025: —

EBIT margin

32.62% —

Q1 2025: —

EBT margin

33.93% —

Q1 2025: —

Net margin

25.47% —

Q1 2025: —

D&A margin

21.43% —

Q1 2025: —

Cash

31.63 —

Q1 2025: —

Total debt

10.85 —

Q1 2025: —

Net debt

-20.78 —

Q1 2025: —

Equity

382.27 —

Q1 2025: —

Total assets

486.01 —

Q1 2025: —

Working capital

234.64 —

Q1 2025: —

Current assets

315.74 —

Q1 2025: —

Current liabilities

81.09 —

Q1 2025: —

Goodwill

75.49 —

Q1 2025: —

Tangible equity

306.78 —

Q1 2025: —

CFO

31.09 —

Q1 2025: —

CapEx

0.34 —

Q1 2025: —

FCF

30.74 —

Q1 2025: —

FCF conversion

70.06% —

Q1 2025: —

CFO conversion

70.84% —

Q1 2025: —

Current ratio

3.89x —

Q1 2025: —

Quick ratio

3.89x —

Q1 2025: —

Cash ratio

0.39x —

Q1 2025: —

Interest coverage

343.17x —

Q1 2025: —

Net debt / EBITDA

-0.12x —

Q1 2025: —

Debt / equity

0.03x —

Q1 2025: —

Debt / assets

0.02x —

Q1 2025: —

Net debt / equity

-0.05x —

Q1 2025: —

Revenue growth (YoY)

2.99% —

Q1 2025: —

EBITDA growth (YoY)

3.92% —

Q1 2025: —

EBIT growth (YoY)

8.01% —

Q1 2025: —

Net income growth (YoY)

5.51% —

Q1 2025: —

EPS growth (YoY)

5.21% —

Q1 2025: —

EBITDA margin Δ (YoY)

0.5 pp —

Q1 2025: —

EBIT margin Δ (YoY)

1.51 pp —

Q1 2025: —

Net margin Δ (YoY)

0.61 pp —

Q1 2025: —