Q2 2026 report
Browar Czarnków to mały, jednostkowy emitent NewConnect z produkcją piwa regionalnego — II kwartał 2026 r. przyniósł wyraźną poprawę operacyjną: przychody +16,5% r/r, marża brutto na sprzedaży wzrosła z ok. 1,7% do 17,5% r/r, strata netto węższa o 24,2% r/r.
Sentiment
Cautious
No guidance change
BRO
Q2 2026 report
Revenue
2.27 m PLN
— YoY
Net income
-0.67 m PLN
— YoY
EBITDA
-0.42 m PLN
— YoY
Gross margin
17.53%
— YoY
Summary
Investment thesis
- Poprawa jest realna, ale zaczyna się z bardzo niskiego pułapu — spółka wciąż generuje stratę na każdym poziomie rachunku wyników i ujemne przepływy operacyjne w każdym z prezentowanych okresów.
- Bilans jest w złym stanie: kapitał własny wynosi -13,69 mln zł i pogłębia się r/r, a suma bilansowa jest finansowana niemal wyłącznie zobowiązaniami.
- Zdarzenie po dniu bilansowym — utrata własności zakładu produkcyjnego wskutek niespłaconej pożyczki zabezpieczonej przewłaszczeniem — to twardy sygnał napiętej płynności, mimo że operacyjnie spółka nadal produkuje w tym samym miejscu, teraz na zasadzie dzierżawy.
- Nowa umowa licencyjna na kluczowe marki daje pewność prawną co do dalszej sprzedaży, ale kosztem stałej opłaty 3,15% przychodów netto przez 5 lat, co ogranicza przestrzeń do poprawy marż w kolejnych okresach.
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Financials
BETA
BRO · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.27 | — | — | 3.19 | — | reported | — | 1.00 |
| Gross profit | 0.4 | — | — | 0.49 | — | reported | — | 1.00 |
| EBITDA | -0.42 | — | — | -0.67 | — | derived | — | 0.90 |
| EBIT | -0.6 | — | — | -1.04 | — | reported | — | 1.00 |
| EBT | -0.67 | — | — | -1.15 | — | reported | — | 1.00 |
| Net income | -0.67 | — | — | -1.15 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.01 | — | — | -0.01 | — | derived | — | 0.60 |
| D&A | 0.18 | — | — | 0.37 | — | reported | — | 1.00 |
| Interest expense | 0.07 | — | — | 0.11 | — | reported | — | 1.00 |
| Income tax | 0 | — | — | 0 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 114.77 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 17.53% | — | — | 15.22% | — | derived | — | 0.90 |
| EBITDA margin | -18.36% | — | — | -21% | — | derived | — | 0.90 |
| EBIT margin | -26.42% | — | — | -32.63% | — | derived | — | 0.90 |
| Net margin | -29.71% | — | — | -36.18% | — | derived | — | 0.90 |
| Cash | 0.02 | — | — | — | — | reported | — | 1.00 |
| Total debt | 7.77 | — | — | — | — | reported | — | 1.00 |
| Net debt | 7.74 | — | — | — | — | derived | — | 1.00 |
| Equity | -13.69 | — | — | — | — | reported | — | 1.00 |
| Total assets | 26.17 | — | — | — | — | reported | — | 1.00 |
| Working capital | -24.4 | — | — | — | — | derived | — | 0.90 |
| Current assets | 13.9 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 38.3 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 1.27 | — | — | — | — | reported | — | 1.00 |
| Inventory | 2.45 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 10.49 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 8 | — | — | — | — | reported | — | 1.00 |
| CFO | -0.85 | — | — | -1.49 | — | reported | — | 1.00 |
| CapEx | 0 | — | — | 0 | — | reported | — | 1.00 |
| FCF | -0.85 | — | — | -1.49 | — | derived | — | 1.00 |
| Current ratio | 0.36x | — | — | — | — | derived | — | 0.90 |
| Quick ratio | 0.3x | — | — | — | — | derived | — | 0.90 |
| Cash ratio | 0x | — | — | — | — | derived | — | 0.90 |
| Interest coverage | -8.02x | — | — | -9.19x | — | derived | — | 0.90 |
| Debt / equity | -0.57x | — | — | — | — | derived | — | 0.50 |
| Debt / assets | 0.3x | — | — | — | — | derived | — | 0.90 |
| Net debt / equity | -0.57x | — | — | — | — | derived | — | 0.50 |
| Revenue growth (YoY) | 16.46% | — | — | -6.25% | — | derived | — | 0.90 |
| Revenue growth (QoQ) | 147.08% | — | — | — | — | derived | — | 0.70 |
| EBITDA growth (YoY) | 21.11% | — | — | 27.72% | — | derived | — | 0.85 |
| EBIT growth (YoY) | 26.66% | — | — | 23.51% | — | derived | — | 0.90 |
| Net income growth (YoY) | 24.21% | — | — | 18.3% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | 15.84 pp | — | — | 13.83 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | 8.74 pp | — | — | 6.24 pp | — | derived | — | 0.85 |
| Net margin Δ (YoY) | 15.95 pp | — | — | 5.34 pp | — | derived | — | 0.90 |
Q2 2026 · Δ YoY
Revenue
2.27
—
2.27
—
- Q2 2025
- —
- YTD 2026
- 3.19
- Δ YoY
- —
Gross profit
0.4
—
0.4
—
- Q2 2025
- —
- YTD 2026
- 0.49
- Δ YoY
- —
EBITDA
-0.42
—
-0.42
—
- Q2 2025
- —
- YTD 2026
- -0.67
- Δ YoY
- —
EBIT
-0.6
—
-0.6
—
- Q2 2025
- —
- YTD 2026
- -1.04
- Δ YoY
- —
EBT
-0.67
—
-0.67
—
- Q2 2025
- —
- YTD 2026
- -1.15
- Δ YoY
- —
Net income
-0.67
—
-0.67
—
- Q2 2025
- —
- YTD 2026
- -1.15
- Δ YoY
- —
EPS (basic)
(PLN)
-0.01
—
-0.01
—
- Q2 2025
- —
- YTD 2026
- -0.01
- Δ YoY
- —
D&A
0.18
—
0.18
—
- Q2 2025
- —
- YTD 2026
- 0.37
- Δ YoY
- —
Interest expense
0.07
—
0.07
—
- Q2 2025
- —
- YTD 2026
- 0.11
- Δ YoY
- —
Income tax
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Shares (basic)
(m units)
114.77
—
114.77
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
17.53%
—
17.53%
—
- Q2 2025
- —
- YTD 2026
- 15.22%
- Δ YoY
- —
EBITDA margin
-18.36%
—
-18.36%
—
- Q2 2025
- —
- YTD 2026
- -21%
- Δ YoY
- —
EBIT margin
-26.42%
—
-26.42%
—
- Q2 2025
- —
- YTD 2026
- -32.63%
- Δ YoY
- —
Net margin
-29.71%
—
-29.71%
—
- Q2 2025
- —
- YTD 2026
- -36.18%
- Δ YoY
- —
Cash
0.02
—
0.02
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
7.77
—
7.77
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
7.74
—
7.74
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
-13.69
—
-13.69
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
26.17
—
26.17
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
-24.4
—
-24.4
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
13.9
—
13.9
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
38.3
—
38.3
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
1.27
—
1.27
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
2.45
—
2.45
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
10.49
—
10.49
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
8
—
8
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-0.85
—
-0.85
—
- Q2 2025
- —
- YTD 2026
- -1.49
- Δ YoY
- —
CapEx
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
FCF
-0.85
—
-0.85
—
- Q2 2025
- —
- YTD 2026
- -1.49
- Δ YoY
- —
Current ratio
0.36x
—
0.36x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.3x
—
0.3x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0x
—
0x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-8.02x
—
-8.02x
—
- Q2 2025
- —
- YTD 2026
- -9.19x
- Δ YoY
- —
Debt / equity
-0.57x
—
-0.57x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.3x
—
0.3x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.57x
—
-0.57x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
16.46%
—
16.46%
—
- Q2 2025
- —
- YTD 2026
- -6.25%
- Δ YoY
- —
Revenue growth (QoQ)
147.08%
—
147.08%
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA growth (YoY)
21.11%
—
21.11%
—
- Q2 2025
- —
- YTD 2026
- 27.72%
- Δ YoY
- —
EBIT growth (YoY)
26.66%
—
26.66%
—
- Q2 2025
- —
- YTD 2026
- 23.51%
- Δ YoY
- —
Net income growth (YoY)
24.21%
—
24.21%
—
- Q2 2025
- —
- YTD 2026
- 18.3%
- Δ YoY
- —
Gross margin Δ (YoY)
15.84 pp
—
15.84 pp
—
- Q2 2025
- —
- YTD 2026
- 13.83 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
8.74 pp
—
8.74 pp
—
- Q2 2025
- —
- YTD 2026
- 6.24 pp
- Δ YoY
- —
Net margin Δ (YoY)
15.95 pp
—
15.95 pp
—
- Q2 2025
- —
- YTD 2026
- 5.34 pp
- Δ YoY
- —