H1 2026 report
Bardzo mocne I półrocze 2026: przychody +8%, EBITDA +22%, EBIT +27%, zysk netto +33% r/r, przy rentownych wszystkich czterech segmentach operacyjnych.
Sentiment
Positive
Guidance maintained
KTY
H1 2026 report
Revenue
3,028 m PLN
— YoY
Net income
386 m PLN
— YoY
EBITDA
636 m PLN
— YoY
Net debt / EBITDA
1x
— YoY
Summary
Investment thesis
- Część poprawy marży to — jak przyznaje sam Zarząd — przejściowy efekt księgowy wyceny zapasów przy gwałtownie (+42% r/r) rosnących cenach aluminium, a nie wyłącznie poprawa efektywności operacyjnej.
- Bilans bardzo bezpieczny: dług netto/EBITDA (liczony poprawnie w ujęciu 12-miesięcznym) na poziomie 1,0x, daleko poniżej kowenantu 3,5x i celu własnego Zarządu ≤2,0x.
- Operacyjne przepływy pieniężne spadły o 11% r/r mimo wzrostu zysku netto o 33% — konsumpcja gotówki przez rosnący kapitał obrotowy (należności +43%, zapasy +22%), częściowo tłumaczona sezonowością bazy porównawczej.
- Zadeklarowana dywidenda 483 mln PLN (48,97 PLN/akcję, wypłata we wrześniu i listopadzie 2026) oraz kontynuacja dużego programu inwestycyjnego (III linia BOPP, kredyt BGK do 200 mln PLN) podniosą dług netto o szacowane ok. 150 mln PLN w II półroczu.
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Financials
BETA
KTY · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
|
Revenue
SOG
|
619 | — | — | 619 | — | reported | SOG | 1.00 |
|
Revenue
SOP
|
553 | — | — | 553 | — | reported | SOP | 1.00 |
|
Revenue
SSA
|
1,090 | — | — | 1,090 | — | reported | SSA | 1.00 |
|
Revenue
SWW
|
1,238 | — | — | 1,238 | — | reported | SWW | 1.00 |
| Revenue | 3,028 | — | — | 3,028 | — | reported | — | 1.00 |
|
EBITDA
SOG
|
193 | — | — | 193 | — | reported | SOG | 1.00 |
|
EBITDA
SOP
|
93 | — | — | 93 | — | reported | SOP | 1.00 |
| EBITDA | 636 | — | — | 636 | — | reported | — | 1.00 |
|
EBITDA
SSA
|
249 | — | — | 249 | — | reported | SSA | 1.00 |
|
EBITDA
SWW
|
127 | — | — | 127 | — | reported | SWW | 1.00 |
|
EBIT
SWW
|
76 | — | — | 76 | — | reported | SWW | 1.00 |
| EBIT | 514 | — | — | 514 | — | reported | — | 1.00 |
|
EBIT
SSA
|
224 | — | — | 224 | — | reported | SSA | 1.00 |
|
EBIT
SOP
|
71 | — | — | 71 | — | reported | SOP | 1.00 |
|
EBIT
SOG
|
172 | — | — | 172 | — | reported | SOG | 1.00 |
| EBT | 482 | — | — | 482 | — | reported | — | 1.00 |
| Net income | 386 | — | — | 386 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 39.15 | — | — | 39.15 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 39.11 | — | — | 39.11 | — | reported | — | 1.00 |
| D&A | 122 | — | — | 122 | — | reported | — | 1.00 |
| Interest expense | 30 | — | — | 30 | — | reported | — | 0.80 |
| Shares (basic) (m units) | 9.85 | — | — | 9.85 | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 9.86 | — | — | 9.86 | — | reported | — | 1.00 |
| EBITDA margin | 21% | — | — | 21% | — | reported | — | 1.00 |
| EBIT margin | 17% | — | — | 17% | — | reported | — | 1.00 |
| EBT margin | 15.92% | — | — | 15.92% | — | reported | — | 0.90 |
| Net margin | 12.75% | — | — | 12.75% | — | reported | — | 0.90 |
| D&A margin | 4.03% | — | — | 4.03% | — | reported | — | 0.90 |
| Cash | 69 | — | — | 69 | — | reported | — | 1.00 |
| Total debt | 1,194 | — | — | 1,194 | — | reported | — | 1.00 |
| Net debt | 1,125 | — | — | 1,125 | — | reported | — | 1.00 |
| Equity | 1,906 | — | — | 1,906 | — | reported | — | 1.00 |
| Total assets | 4,622 | — | — | 4,622 | — | reported | — | 1.00 |
| Working capital | 283 | — | — | 283 | — | derived | — | 0.90 |
| Current assets | 2,121 | — | — | 2,121 | — | reported | — | 1.00 |
| Current liabilities | 1,838 | — | — | 1,838 | — | reported | — | 1.00 |
| Goodwill | 203 | — | — | 203 | — | derived | — | 0.90 |
| Tangible equity | 1,703 | — | — | 1,703 | — | derived | — | 0.90 |
| CFO | 379 | — | — | 379 | — | reported | — | 1.00 |
| CapEx | 108 | — | — | 108 | — | reported | — | 0.95 |
| FCF | 271 | — | — | 271 | — | derived | — | 0.90 |
| FCF conversion | 42.61% | — | — | 42.61% | — | reported | — | 0.90 |
| CFO conversion | 59.59% | — | — | 59.59% | — | reported | — | 0.90 |
| ROE | 35% | — | — | — | — | reported | — | 1.00 |
| Current ratio | 1.2x | — | — | 1.2x | — | reported | — | 1.00 |
| Quick ratio | 0.6x | — | — | 0.6x | — | reported | — | 1.00 |
| Cash ratio | 0.04x | — | — | 0.04x | — | reported | — | 0.85 |
| Interest coverage | 17.13x | — | — | 17.13x | — | reported | — | 0.75 |
| Net debt / EBITDA | 1x | — | — | — | — | reported | — | 1.00 |
| Debt / equity | 0.63x | — | — | 0.63x | — | reported | — | 0.90 |
| Debt / assets | 0.26x | — | — | 0.26x | — | reported | — | 0.90 |
| Net debt / equity | 0.59x | — | — | 0.59x | — | reported | — | 0.90 |
| Revenue growth (YoY) | 8.3% | — | — | 8.3% | — | reported | — | 1.00 |
| Revenue growth (QoQ) | 20.38% | — | — | — | — | reported | — | 0.85 |
| EBITDA growth (YoY) | 21.61% | — | — | 21.61% | — | reported | — | 1.00 |
| EBIT growth (YoY) | 26.91% | — | — | 26.91% | — | reported | — | 1.00 |
| Net income growth (YoY) | 33.1% | — | — | 33.1% | — | reported | — | 1.00 |
| EPS growth (YoY) | 31.95% | — | — | 31.95% | — | reported | — | 1.00 |
| FCF growth (YoY) | -16.87% | — | — | -16.87% | — | reported | — | 0.85 |
| EBITDA margin Δ (YoY) | 2.3 pp | — | — | 2.3 pp | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | 2.5 pp | — | — | 2.5 pp | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 2.38 pp | — | — | 2.38 pp | — | reported | — | 0.90 |
| Market cap | 11,889.08 | — | — | 11,889.08 | — | reported | — | 0.90 |
| Enterprise value | 13,014.08 | — | — | 13,014.08 | — | reported | — | 0.85 |
| P/E | 17.88x | — | — | — | — | reported | — | 0.80 |
| EV / EBITDA | 11.48x | — | — | — | — | reported | — | 0.80 |
| P/BV | 6.24x | — | — | 6.24x | — | reported | — | 0.90 |
| P/TBV | 6.98x | — | — | 6.98x | — | reported | — | 0.85 |
| Dividend yield | 4.06% | — | — | — | — | reported | — | 0.85 |
| Earnings yield | 5.59% | — | — | — | — | reported | — | 0.75 |
H1 2026 · Δ YoY
Revenue
SOG
619
—
SOG
619
—
- H1 2025
- —
- YTD 2026
- 619
- Δ YoY
- —
Revenue
SOP
553
—
SOP
553
—
- H1 2025
- —
- YTD 2026
- 553
- Δ YoY
- —
Revenue
SSA
1,090
—
SSA
1,090
—
- H1 2025
- —
- YTD 2026
- 1,090
- Δ YoY
- —
Revenue
SWW
1,238
—
SWW
1,238
—
- H1 2025
- —
- YTD 2026
- 1,238
- Δ YoY
- —
Revenue
3,028
—
3,028
—
- H1 2025
- —
- YTD 2026
- 3,028
- Δ YoY
- —
EBITDA
SOG
193
—
SOG
193
—
- H1 2025
- —
- YTD 2026
- 193
- Δ YoY
- —
EBITDA
SOP
93
—
SOP
93
—
- H1 2025
- —
- YTD 2026
- 93
- Δ YoY
- —
EBITDA
636
—
636
—
- H1 2025
- —
- YTD 2026
- 636
- Δ YoY
- —
EBITDA
SSA
249
—
SSA
249
—
- H1 2025
- —
- YTD 2026
- 249
- Δ YoY
- —
EBITDA
SWW
127
—
SWW
127
—
- H1 2025
- —
- YTD 2026
- 127
- Δ YoY
- —
EBIT
SWW
76
—
SWW
76
—
- H1 2025
- —
- YTD 2026
- 76
- Δ YoY
- —
EBIT
514
—
514
—
- H1 2025
- —
- YTD 2026
- 514
- Δ YoY
- —
EBIT
SSA
224
—
SSA
224
—
- H1 2025
- —
- YTD 2026
- 224
- Δ YoY
- —
EBIT
SOP
71
—
SOP
71
—
- H1 2025
- —
- YTD 2026
- 71
- Δ YoY
- —
EBIT
SOG
172
—
SOG
172
—
- H1 2025
- —
- YTD 2026
- 172
- Δ YoY
- —
EBT
482
—
482
—
- H1 2025
- —
- YTD 2026
- 482
- Δ YoY
- —
Net income
386
—
386
—
- H1 2025
- —
- YTD 2026
- 386
- Δ YoY
- —
EPS (basic)
(PLN)
39.15
—
39.15
—
- H1 2025
- —
- YTD 2026
- 39.15
- Δ YoY
- —
EPS (diluted)
(PLN)
39.11
—
39.11
—
- H1 2025
- —
- YTD 2026
- 39.11
- Δ YoY
- —
D&A
122
—
122
—
- H1 2025
- —
- YTD 2026
- 122
- Δ YoY
- —
Interest expense
30
—
30
—
- H1 2025
- —
- YTD 2026
- 30
- Δ YoY
- —
Shares (basic)
(m units)
9.85
—
9.85
—
- H1 2025
- —
- YTD 2026
- 9.85
- Δ YoY
- —
Shares (diluted)
(m units)
9.86
—
9.86
—
- H1 2025
- —
- YTD 2026
- 9.86
- Δ YoY
- —
EBITDA margin
21%
—
21%
—
- H1 2025
- —
- YTD 2026
- 21%
- Δ YoY
- —
EBIT margin
17%
—
17%
—
- H1 2025
- —
- YTD 2026
- 17%
- Δ YoY
- —
EBT margin
15.92%
—
15.92%
—
- H1 2025
- —
- YTD 2026
- 15.92%
- Δ YoY
- —
Net margin
12.75%
—
12.75%
—
- H1 2025
- —
- YTD 2026
- 12.75%
- Δ YoY
- —
D&A margin
4.03%
—
4.03%
—
- H1 2025
- —
- YTD 2026
- 4.03%
- Δ YoY
- —
Cash
69
—
69
—
- H1 2025
- —
- YTD 2026
- 69
- Δ YoY
- —
Total debt
1,194
—
1,194
—
- H1 2025
- —
- YTD 2026
- 1,194
- Δ YoY
- —
Net debt
1,125
—
1,125
—
- H1 2025
- —
- YTD 2026
- 1,125
- Δ YoY
- —
Equity
1,906
—
1,906
—
- H1 2025
- —
- YTD 2026
- 1,906
- Δ YoY
- —
Total assets
4,622
—
4,622
—
- H1 2025
- —
- YTD 2026
- 4,622
- Δ YoY
- —
Working capital
283
—
283
—
- H1 2025
- —
- YTD 2026
- 283
- Δ YoY
- —
Current assets
2,121
—
2,121
—
- H1 2025
- —
- YTD 2026
- 2,121
- Δ YoY
- —
Current liabilities
1,838
—
1,838
—
- H1 2025
- —
- YTD 2026
- 1,838
- Δ YoY
- —
Goodwill
203
—
203
—
- H1 2025
- —
- YTD 2026
- 203
- Δ YoY
- —
Tangible equity
1,703
—
1,703
—
- H1 2025
- —
- YTD 2026
- 1,703
- Δ YoY
- —
CFO
379
—
379
—
- H1 2025
- —
- YTD 2026
- 379
- Δ YoY
- —
CapEx
108
—
108
—
- H1 2025
- —
- YTD 2026
- 108
- Δ YoY
- —
FCF
271
—
271
—
- H1 2025
- —
- YTD 2026
- 271
- Δ YoY
- —
FCF conversion
42.61%
—
42.61%
—
- H1 2025
- —
- YTD 2026
- 42.61%
- Δ YoY
- —
CFO conversion
59.59%
—
59.59%
—
- H1 2025
- —
- YTD 2026
- 59.59%
- Δ YoY
- —
ROE
35%
—
35%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current ratio
1.2x
—
1.2x
—
- H1 2025
- —
- YTD 2026
- 1.2x
- Δ YoY
- —
Quick ratio
0.6x
—
0.6x
—
- H1 2025
- —
- YTD 2026
- 0.6x
- Δ YoY
- —
Cash ratio
0.04x
—
0.04x
—
- H1 2025
- —
- YTD 2026
- 0.04x
- Δ YoY
- —
Interest coverage
17.13x
—
17.13x
—
- H1 2025
- —
- YTD 2026
- 17.13x
- Δ YoY
- —
Net debt / EBITDA
1x
—
1x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.63x
—
0.63x
—
- H1 2025
- —
- YTD 2026
- 0.63x
- Δ YoY
- —
Debt / assets
0.26x
—
0.26x
—
- H1 2025
- —
- YTD 2026
- 0.26x
- Δ YoY
- —
Net debt / equity
0.59x
—
0.59x
—
- H1 2025
- —
- YTD 2026
- 0.59x
- Δ YoY
- —
Revenue growth (YoY)
8.3%
—
8.3%
—
- H1 2025
- —
- YTD 2026
- 8.3%
- Δ YoY
- —
Revenue growth (QoQ)
20.38%
—
20.38%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA growth (YoY)
21.61%
—
21.61%
—
- H1 2025
- —
- YTD 2026
- 21.61%
- Δ YoY
- —
EBIT growth (YoY)
26.91%
—
26.91%
—
- H1 2025
- —
- YTD 2026
- 26.91%
- Δ YoY
- —
Net income growth (YoY)
33.1%
—
33.1%
—
- H1 2025
- —
- YTD 2026
- 33.1%
- Δ YoY
- —
EPS growth (YoY)
31.95%
—
31.95%
—
- H1 2025
- —
- YTD 2026
- 31.95%
- Δ YoY
- —
FCF growth (YoY)
-16.87%
—
-16.87%
—
- H1 2025
- —
- YTD 2026
- -16.87%
- Δ YoY
- —
EBITDA margin Δ (YoY)
2.3 pp
—
2.3 pp
—
- H1 2025
- —
- YTD 2026
- 2.3 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
2.5 pp
—
2.5 pp
—
- H1 2025
- —
- YTD 2026
- 2.5 pp
- Δ YoY
- —
Net margin Δ (YoY)
2.38 pp
—
2.38 pp
—
- H1 2025
- —
- YTD 2026
- 2.38 pp
- Δ YoY
- —
Market cap
11,889.08
—
11,889.08
—
- H1 2025
- —
- YTD 2026
- 11,889.08
- Δ YoY
- —
Enterprise value
13,014.08
—
13,014.08
—
- H1 2025
- —
- YTD 2026
- 13,014.08
- Δ YoY
- —
P/E
17.88x
—
17.88x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EV / EBITDA
11.48x
—
11.48x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
P/BV
6.24x
—
6.24x
—
- H1 2025
- —
- YTD 2026
- 6.24x
- Δ YoY
- —
P/TBV
6.98x
—
6.98x
—
- H1 2025
- —
- YTD 2026
- 6.98x
- Δ YoY
- —
Dividend yield
4.06%
—
4.06%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Earnings yield
5.59%
—
5.59%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —