Q2 2026 report
„AQUA” S.A. to regulowany, jednostkowy operator wodno-kanalizacyjny w Bielsku-Białej z ustabilizowanym wzrostem przychodów (+5,2% r/r narastająco) i wyraźną poprawą rentowności operacyjnej.
Sentiment
Neutral
No guidance change
AQU
Q2 2026 report
Revenue
53.04 m PLN
— YoY
Net income
2.75 m PLN
— YoY
EBITDA
10.73 m PLN
— YoY
FCF
3.38 m PLN
— YoY
Summary
Investment thesis
- Zysk operacyjny narastająco wzrósł o 36% r/r (do 6,48 mln zł), a marża EBITDA poprawiła się do ok. 22,2% z 21,9% rok wcześniej.
- Przepływy operacyjne (19,72 mln zł YTD) bez trudu pokrywają zysk netto (5,13 mln zł) - jakość zysku wysoka, typowa dla infrastruktury z dużą amortyzacją.
- Spółka realizuje wieloletni program inwestycyjny 2026-2030 współfinansowany z UE (FENX), co ogranicza wolne przepływy pieniężne w krótkim terminie, ale buduje bazę aktywów regulowanych.
- Struktura akcjonariatu (Gmina Bielsko-Biała 51,1%, Veolia 33,3%) daje stabilność właścicielską, ale ogranicza płynność free float i niesie potencjalne ryzyko transakcji z podmiotami powiązanymi.
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
AQU · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 53.04 | — | — | 104.37 | — | reported | — | 1.00 |
| EBITDA | 10.73 | — | — | 23.13 | — | reported | — | 1.00 |
| EBIT | 2.38 | — | — | 6.48 | — | reported | — | 1.00 |
| EBT | 2.67 | — | — | 6.95 | — | reported | — | 1.00 |
| Net income | 2.75 | — | — | 5.13 | — | reported | — | 1.00 |
| EPS (basic) | — | — | — | 0.4 | — | reported | — | 0.80 |
| D&A | 8.35 | — | — | 16.65 | — | reported | — | 1.00 |
| Interest expense | 0.63 | — | — | 0.82 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 12.99 | — | — | — | — | reported | — | 1.00 |
| EBITDA margin | 20.23% | — | — | 22.16% | — | reported | — | 1.00 |
| EBIT margin | 4.49% | — | — | 6.21% | — | reported | — | 1.00 |
| Net margin | 5.18% | — | — | 4.92% | — | reported | — | 1.00 |
| Cash | 29.15 | — | — | — | — | reported | — | 1.00 |
| Equity | 407.21 | — | — | — | — | reported | — | 1.00 |
| Total assets | 569.86 | — | — | — | — | reported | — | 1.00 |
| Working capital | 71.7 | — | — | — | — | reported | — | 1.00 |
| Current assets | 108.82 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 37.12 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 0 | — | — | — | — | reported | — | 1.00 |
| CFO | 11.72 | — | — | 19.72 | — | reported | — | 1.00 |
| CapEx | 8.34 | — | — | 17.56 | — | reported | — | 1.00 |
| FCF | 3.38 | — | — | 2.16 | — | reported | — | 1.00 |
| FCF conversion | — | — | — | 9.34% | — | reported | — | 1.00 |
| CFO conversion | — | — | — | 85.27% | — | reported | — | 1.00 |
| ROE | 2.68% | — | — | — | — | reported | — | 0.60 |
| Revenue growth (YoY) | — | — | — | 5.16% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | — | — | — | 6.45% | — | reported | — | 1.00 |
| EBIT growth (YoY) | — | — | — | 36.22% | — | reported | — | 1.00 |
| Net income growth (YoY) | — | — | — | 17.95% | — | reported | — | 1.00 |
| FCF growth (YoY) | — | — | — | 118.02% | — | reported | — | 0.80 |
| EBITDA margin Δ (YoY) | — | — | — | 0.27 pp | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | — | — | — | 1.41 pp | — | reported | — | 1.00 |
| Net margin Δ (YoY) | — | — | — | 0.53 pp | — | reported | — | 1.00 |
Q2 2026 · Δ YoY
Revenue
53.04
—
53.04
—
- Q2 2025
- —
- YTD 2026
- 104.37
- Δ YoY
- —
EBITDA
10.73
—
10.73
—
- Q2 2025
- —
- YTD 2026
- 23.13
- Δ YoY
- —
EBIT
2.38
—
2.38
—
- Q2 2025
- —
- YTD 2026
- 6.48
- Δ YoY
- —
EBT
2.67
—
2.67
—
- Q2 2025
- —
- YTD 2026
- 6.95
- Δ YoY
- —
Net income
2.75
—
2.75
—
- Q2 2025
- —
- YTD 2026
- 5.13
- Δ YoY
- —
EPS (basic)
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 0.4
- Δ YoY
- —
D&A
8.35
—
8.35
—
- Q2 2025
- —
- YTD 2026
- 16.65
- Δ YoY
- —
Interest expense
0.63
—
0.63
—
- Q2 2025
- —
- YTD 2026
- 0.82
- Δ YoY
- —
Shares (basic)
(m units)
12.99
—
12.99
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
20.23%
—
20.23%
—
- Q2 2025
- —
- YTD 2026
- 22.16%
- Δ YoY
- —
EBIT margin
4.49%
—
4.49%
—
- Q2 2025
- —
- YTD 2026
- 6.21%
- Δ YoY
- —
Net margin
5.18%
—
5.18%
—
- Q2 2025
- —
- YTD 2026
- 4.92%
- Δ YoY
- —
Cash
29.15
—
29.15
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
407.21
—
407.21
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
569.86
—
569.86
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
71.7
—
71.7
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
108.82
—
108.82
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
37.12
—
37.12
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
0
—
0
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
11.72
—
11.72
—
- Q2 2025
- —
- YTD 2026
- 19.72
- Δ YoY
- —
CapEx
8.34
—
8.34
—
- Q2 2025
- —
- YTD 2026
- 17.56
- Δ YoY
- —
FCF
3.38
—
3.38
—
- Q2 2025
- —
- YTD 2026
- 2.16
- Δ YoY
- —
FCF conversion
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 9.34%
- Δ YoY
- —
CFO conversion
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 85.27%
- Δ YoY
- —
ROE
2.68%
—
2.68%
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 5.16%
- Δ YoY
- —
EBITDA growth (YoY)
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 6.45%
- Δ YoY
- —
EBIT growth (YoY)
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 36.22%
- Δ YoY
- —
Net income growth (YoY)
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 17.95%
- Δ YoY
- —
FCF growth (YoY)
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 118.02%
- Δ YoY
- —
EBITDA margin Δ (YoY)
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 0.27 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 1.41 pp
- Δ YoY
- —
Net margin Δ (YoY)
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 0.53 pp
- Δ YoY
- —