H1 2026 report
Dojrzały, zdywersyfikowany operator telekomunikacyjno-medialny z rosnącym ARPU (+6,0% r/r) ale kurczącą się bazą klientów kontraktowych i przedpłaconych - wzrost przychodów jest coraz bardziej cenowy, nie wolumenowy.
Sentiment
●●●●●●
CPS
H1 2026 report
Revenue
7,329.7 m PLN
— YoY
Net income
327.8 m PLN
— YoY
EBITDA
1,710.1 m PLN
— YoY
Net debt / EBITDA
4.06x
— YoY
Summary
Investment thesis
- Jakość zysku wyraźnie się poprawia: FCF/EBITDA skoczyło do 60,1% z 35,9% rok wcześniej, głównie dzięki zakończeniu głównej fazy inwestycji w OZE (capex -40,9% r/r).
- Dźwignia finansowa pozostaje wysoka (dług netto/EBITDA LTM 4,06x) - powyżej progu ostrzegawczego, choć trend jest spadkowy i potwierdzony przez oba ratingi BB/stabilna (S&P, Fitch).
- Zysk netto rośnie szybciej niż wynik operacyjny (+67,7% vs +9,3% EBIT) głównie dzięki niższym kosztom finansowym i braku powtórki jednorazowej straty na akcjach Asseco Poland z 2025 roku - jakość poprawy jest niższa niż sugeruje nagłówkowa liczba.
- Wieloletni spór sukcesyjny wokół kontrolującego akcjonariusza (TiVi Foundation, 60,47% kapitału) formalnie zakończony w lipcu 2026, co usuwa istotne źródło niepewności co do ładu korporacyjnego.
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Financials
BETA
CPS · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,694.7 | — | — | 7,329.7 | — | reported | — | 1.00 |
| EBITDA | 863.1 | — | — | 1,710.1 | — | reported | — | 1.00 |
| EBIT | 443.1 | — | — | 868.7 | — | reported | — | 1.00 |
| EBT | 389.6 | — | — | 389.6 | — | reported | — | 1.00 |
| Net income | 199.9 | — | — | 327.8 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.56 | — | — | 0.56 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.56 | — | — | 0.56 | — | reported | — | 1.00 |
| D&A | 841.4 | — | — | 841.4 | — | reported | — | 1.00 |
| Interest expense | 523.2 | — | — | 523.2 | — | reported | — | 1.00 |
| Income tax | 83.5 | — | — | 83.5 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 639.55 | — | — | — | — | reported | — | 1.00 |
| EBITDA margin | 23.3% | — | — | 23.3% | — | derived | — | 1.00 |
| EBIT margin | 11.85% | — | — | 11.85% | — | derived | — | 1.00 |
| Net margin | 4.47% | — | — | 4.47% | — | derived | — | 1.00 |
| Cash | 2,680.8 | — | — | — | — | reported | — | 1.00 |
| Total debt | 14,953.6 | — | — | — | — | reported | — | 1.00 |
| Net debt | 12,272.8 | — | — | — | — | reported | — | 1.00 |
| Equity | 14,732.6 | — | — | — | — | reported | — | 1.00 |
| Total assets | 34,622.7 | — | — | — | — | reported | — | 1.00 |
| Current assets | 8,159.8 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 5,360.1 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 14,530 | — | — | — | — | reported | — | 1.00 |
| Inventory | 1,033.4 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 2,908.9 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 2,796.4 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 15,754.6 | — | — | — | — | reported | — | 0.90 |
| CFO | 1,553.1 | — | — | 1,553.1 | — | reported | — | 1.00 |
| CapEx | 525.6 | — | — | 525.6 | — | reported | — | 1.00 |
| FCF | 1,027.5 | — | — | 1,027.5 | — | derived | — | 1.00 |
| FCF conversion | 60.1% | — | — | 60.1% | — | derived | — | 1.00 |
| CFO conversion | 90.8% | — | — | 90.8% | — | derived | — | 1.00 |
| Current ratio | 1.52x | — | — | — | — | derived | — | 1.00 |
| Quick ratio | 1.33x | — | — | — | — | derived | — | 1.00 |
| Cash ratio | 0.5x | — | — | — | — | derived | — | 1.00 |
| Interest coverage | 1.66x | — | — | 1.66x | — | derived | — | 0.90 |
| Net debt / EBITDA | 4.06x | — | — | — | — | derived | — | 1.00 |
| Debt / equity | 1.01x | — | — | — | — | derived | — | 1.00 |
| Debt / assets | 0.43x | — | — | — | — | derived | — | 1.00 |
| Net debt / equity | 0.83x | — | — | — | — | derived | — | 1.00 |
| Revenue growth (YoY) | 2.94% | — | — | 2.94% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | 5.95% | — | — | 5.95% | — | derived | — | 1.00 |
| EBIT growth (YoY) | 9.33% | — | — | 9.33% | — | derived | — | 1.00 |
| Net income growth (YoY) | 67.7% | — | — | 67.7% | — | derived | — | 1.00 |
| EPS growth (YoY) | 55.6% | — | — | 55.6% | — | derived | — | 1.00 |
| FCF growth (YoY) | 77.5% | — | — | 77.5% | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | 0.6 pp | — | — | 0.6 pp | — | derived | — | 1.00 |
| EBIT margin Δ (YoY) | 0.69 pp | — | — | 0.69 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 1.72 pp | — | — | 1.72 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
3,694.7
—
3,694.7
—
- H1 2025
- —
- YTD 2026
- 7,329.7
- Δ YoY
- —
EBITDA
863.1
—
863.1
—
- H1 2025
- —
- YTD 2026
- 1,710.1
- Δ YoY
- —
EBIT
443.1
—
443.1
—
- H1 2025
- —
- YTD 2026
- 868.7
- Δ YoY
- —
EBT
389.6
—
389.6
—
- H1 2025
- —
- YTD 2026
- 389.6
- Δ YoY
- —
Net income
199.9
—
199.9
—
- H1 2025
- —
- YTD 2026
- 327.8
- Δ YoY
- —
EPS (basic)
(PLN)
0.56
—
0.56
—
- H1 2025
- —
- YTD 2026
- 0.56
- Δ YoY
- —
EPS (diluted)
(PLN)
0.56
—
0.56
—
- H1 2025
- —
- YTD 2026
- 0.56
- Δ YoY
- —
D&A
841.4
—
841.4
—
- H1 2025
- —
- YTD 2026
- 841.4
- Δ YoY
- —
Interest expense
523.2
—
523.2
—
- H1 2025
- —
- YTD 2026
- 523.2
- Δ YoY
- —
Income tax
83.5
—
83.5
—
- H1 2025
- —
- YTD 2026
- 83.5
- Δ YoY
- —
Shares (basic)
(m units)
639.55
—
639.55
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
23.3%
—
23.3%
—
- H1 2025
- —
- YTD 2026
- 23.3%
- Δ YoY
- —
EBIT margin
11.85%
—
11.85%
—
- H1 2025
- —
- YTD 2026
- 11.85%
- Δ YoY
- —
Net margin
4.47%
—
4.47%
—
- H1 2025
- —
- YTD 2026
- 4.47%
- Δ YoY
- —
Cash
2,680.8
—
2,680.8
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
14,953.6
—
14,953.6
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
12,272.8
—
12,272.8
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
14,732.6
—
14,732.6
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
34,622.7
—
34,622.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
8,159.8
—
8,159.8
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
5,360.1
—
5,360.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
14,530
—
14,530
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
1,033.4
—
1,033.4
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
2,908.9
—
2,908.9
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
2,796.4
—
2,796.4
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
15,754.6
—
15,754.6
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
1,553.1
—
1,553.1
—
- H1 2025
- —
- YTD 2026
- 1,553.1
- Δ YoY
- —
CapEx
525.6
—
525.6
—
- H1 2025
- —
- YTD 2026
- 525.6
- Δ YoY
- —
FCF
1,027.5
—
1,027.5
—
- H1 2025
- —
- YTD 2026
- 1,027.5
- Δ YoY
- —
FCF conversion
60.1%
—
60.1%
—
- H1 2025
- —
- YTD 2026
- 60.1%
- Δ YoY
- —
CFO conversion
90.8%
—
90.8%
—
- H1 2025
- —
- YTD 2026
- 90.8%
- Δ YoY
- —
Current ratio
1.52x
—
1.52x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.33x
—
1.33x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.5x
—
0.5x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
1.66x
—
1.66x
—
- H1 2025
- —
- YTD 2026
- 1.66x
- Δ YoY
- —
Net debt / EBITDA
4.06x
—
4.06x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
1.01x
—
1.01x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.43x
—
0.43x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.83x
—
0.83x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
2.94%
—
2.94%
—
- H1 2025
- —
- YTD 2026
- 2.94%
- Δ YoY
- —
EBITDA growth (YoY)
5.95%
—
5.95%
—
- H1 2025
- —
- YTD 2026
- 5.95%
- Δ YoY
- —
EBIT growth (YoY)
9.33%
—
9.33%
—
- H1 2025
- —
- YTD 2026
- 9.33%
- Δ YoY
- —
Net income growth (YoY)
67.7%
—
67.7%
—
- H1 2025
- —
- YTD 2026
- 67.7%
- Δ YoY
- —
EPS growth (YoY)
55.6%
—
55.6%
—
- H1 2025
- —
- YTD 2026
- 55.6%
- Δ YoY
- —
FCF growth (YoY)
77.5%
—
77.5%
—
- H1 2025
- —
- YTD 2026
- 77.5%
- Δ YoY
- —
EBITDA margin Δ (YoY)
0.6 pp
—
0.6 pp
—
- H1 2025
- —
- YTD 2026
- 0.6 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
0.69 pp
—
0.69 pp
—
- H1 2025
- —
- YTD 2026
- 0.69 pp
- Δ YoY
- —
Net margin Δ (YoY)
1.72 pp
—
1.72 pp
—
- H1 2025
- —
- YTD 2026
- 1.72 pp
- Δ YoY
- —