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
Neutral
No guidance change
CPS
H1 2026 report
Revenue
7.33 bn PLN
— YoY
Net income
327.8 m PLN
— YoY
EBITDA
1.71 bn 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 | 14,323.6 | −74.2% | 7,329.7 | −48.8% | reported | — | 1.00 |
| EBITDA | 863.1 | 3,016.5 | −71.4% | 1,710.1 | −43.3% | reported | — | 1.00 |
| EBIT | 443.1 | -1,416.6 | +131.3% | 868.7 | +161.3% | reported | — | 1.00 |
| EBT | 389.6 | -2,438.1 | +116% | 389.6 | +116% | reported | — | 1.00 |
| Net income | 199.9 | -2,602.6 | +107.7% | 327.8 | +112.6% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.56 | -4.73 | — | 0.56 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.56 | -4.73 | — | 0.56 | — | reported | — | 1.00 |
| D&A | 841.4 | — | — | 841.4 | — | reported | — | 1.00 |
| Interest expense | 523.2 | 1,021.5 | −48.8% | 523.2 | −48.8% | reported | — | 1.00 |
| Income tax | 83.5 | 164.5 | −49.2% | 83.5 | −49.2% | reported | — | 1.00 |
| Shares (basic) (m units) | 639.55 | — | — | — | — | reported | — | 1.00 |
| EBITDA margin | 23.3% | 21.06% | +2.2 pp | 23.3% | +2.2 pp | derived | — | 1.00 |
| EBIT margin | 11.85% | -9.89% | +21.7 pp | 11.85% | +21.7 pp | derived | — | 1.00 |
| Net margin | 4.47% | -18.17% | +22.6 pp | 4.47% | +22.6 pp | derived | — | 1.00 |
| Cash | 2,680.8 | 3,183.2 | −15.8% | — | — | reported | — | 1.00 |
| Total debt | 14,953.6 | 15,216.7 | −1.7% | — | — | reported | — | 1.00 |
| Net debt | 12,272.8 | 12,033.5 | +2% | — | — | reported | — | 1.00 |
| Equity | 14,732.6 | 14,406.6 | +2.3% | — | — | reported | — | 1.00 |
| Total assets | 34,622.7 | 35,269.1 | −1.8% | — | — | reported | — | 1.00 |
| Current assets | 8,159.8 | 8,466.5 | −3.6% | — | — | reported | — | 1.00 |
| Current liabilities | 5,360.1 | 6,018.9 | −10.9% | — | — | reported | — | 1.00 |
| Non-current liabilities | 14,530 | 14,843.6 | −2.1% | — | — | reported | — | 1.00 |
| Inventory | 1,033.4 | 936.5 | +10.3% | — | — | reported | — | 1.00 |
| Trade receivables | 2,908.9 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 2,796.4 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 15,754.6 | 15,932.5 | −1.1% | — | — | reported | — | 0.90 |
| CFO | 1,553.1 | 3,139.8 | −50.5% | 1,553.1 | −50.5% | reported | — | 1.00 |
| CapEx | 525.6 | 1,613.1 | −67.4% | 525.6 | −67.4% | reported | — | 1.00 |
| FCF | 1,027.5 | 1,526.7 | −32.7% | 1,027.5 | −32.7% | derived | — | 1.00 |
| FCF conversion | 60.1% | 50.61% | +9.5 pp | 60.1% | +9.5 pp | derived | — | 1.00 |
| CFO conversion | 90.8% | 104.09% | −13.3 pp | 90.8% | −13.3 pp | derived | — | 1.00 |
| Current ratio | 1.52x | 1.41x | +0.11x | — | — | derived | — | 1.00 |
| Quick ratio | 1.33x | 1.25x | +0.08x | — | — | derived | — | 1.00 |
| Cash ratio | 0.5x | 0.53x | −0.03x | — | — | derived | — | 1.00 |
| Interest coverage | 1.66x | -1.39x | +3.05x | 1.66x | +3.05x | derived | — | 0.90 |
| Net debt / EBITDA | 4.06x | 3.99x | +0.07x | — | — | derived | — | 1.00 |
| Debt / equity | 1.01x | 1.06x | −0.05x | — | — | derived | — | 1.00 |
| Debt / assets | 0.43x | 0.43x | +0x | — | — | derived | — | 1.00 |
| Net debt / equity | 0.83x | 0.84x | −0.01x | — | — | derived | — | 1.00 |
| Revenue growth (YoY) | 2.94% | 0.4% | — | 2.94% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | 5.95% | -12.25% | — | 5.95% | — | derived | — | 1.00 |
| EBIT growth (YoY) | 9.33% | -180.21% | — | 9.33% | — | derived | — | 1.00 |
| Net income growth (YoY) | 67.7% | -434.81% | — | 67.7% | — | derived | — | 1.00 |
| EPS growth (YoY) | 55.6% | -435.46% | — | 55.6% | — | derived | — | 1.00 |
| FCF growth (YoY) | 77.5% | — | — | 77.5% | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | 0.6 pp | -3.04 pp | — | 0.6 pp | — | derived | — | 1.00 |
| EBIT margin Δ (YoY) | 0.69 pp | -22.27 pp | — | 0.69 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 1.72 pp | -23.62 pp | — | 1.72 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
3,694.7
−74.2%
3,694.7
−74.2%
- H1 2025
- 14,323.6
- YTD 2026
- 7,329.7
- Δ YoY
- −48.8%
EBITDA
863.1
−71.4%
863.1
−71.4%
- H1 2025
- 3,016.5
- YTD 2026
- 1,710.1
- Δ YoY
- −43.3%
EBIT
443.1
+131.3%
443.1
+131.3%
- H1 2025
- -1,416.6
- YTD 2026
- 868.7
- Δ YoY
- +161.3%
EBT
389.6
+116%
389.6
+116%
- H1 2025
- -2,438.1
- YTD 2026
- 389.6
- Δ YoY
- +116%
Net income
199.9
+107.7%
199.9
+107.7%
- H1 2025
- -2,602.6
- YTD 2026
- 327.8
- Δ YoY
- +112.6%
EPS (basic)
(PLN)
0.56
—
0.56
—
- H1 2025
- -4.73
- YTD 2026
- 0.56
- Δ YoY
- —
EPS (diluted)
(PLN)
0.56
—
0.56
—
- H1 2025
- -4.73
- YTD 2026
- 0.56
- Δ YoY
- —
D&A
841.4
—
841.4
—
- H1 2025
- —
- YTD 2026
- 841.4
- Δ YoY
- —
Interest expense
523.2
−48.8%
523.2
−48.8%
- H1 2025
- 1,021.5
- YTD 2026
- 523.2
- Δ YoY
- −48.8%
Income tax
83.5
−49.2%
83.5
−49.2%
- H1 2025
- 164.5
- YTD 2026
- 83.5
- Δ YoY
- −49.2%
Shares (basic)
(m units)
639.55
—
639.55
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
23.3%
+2.2 pp
23.3%
+2.2 pp
- H1 2025
- 21.06%
- YTD 2026
- 23.3%
- Δ YoY
- +2.2 pp
EBIT margin
11.85%
+21.7 pp
11.85%
+21.7 pp
- H1 2025
- -9.89%
- YTD 2026
- 11.85%
- Δ YoY
- +21.7 pp
Net margin
4.47%
+22.6 pp
4.47%
+22.6 pp
- H1 2025
- -18.17%
- YTD 2026
- 4.47%
- Δ YoY
- +22.6 pp
Cash
2,680.8
−15.8%
2,680.8
−15.8%
- H1 2025
- 3,183.2
- YTD 2026
- —
- Δ YoY
- —
Total debt
14,953.6
−1.7%
14,953.6
−1.7%
- H1 2025
- 15,216.7
- YTD 2026
- —
- Δ YoY
- —
Net debt
12,272.8
+2%
12,272.8
+2%
- H1 2025
- 12,033.5
- YTD 2026
- —
- Δ YoY
- —
Equity
14,732.6
+2.3%
14,732.6
+2.3%
- H1 2025
- 14,406.6
- YTD 2026
- —
- Δ YoY
- —
Total assets
34,622.7
−1.8%
34,622.7
−1.8%
- H1 2025
- 35,269.1
- YTD 2026
- —
- Δ YoY
- —
Current assets
8,159.8
−3.6%
8,159.8
−3.6%
- H1 2025
- 8,466.5
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
5,360.1
−10.9%
5,360.1
−10.9%
- H1 2025
- 6,018.9
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
14,530
−2.1%
14,530
−2.1%
- H1 2025
- 14,843.6
- YTD 2026
- —
- Δ YoY
- —
Inventory
1,033.4
+10.3%
1,033.4
+10.3%
- H1 2025
- 936.5
- 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
−1.1%
15,754.6
−1.1%
- H1 2025
- 15,932.5
- YTD 2026
- —
- Δ YoY
- —
CFO
1,553.1
−50.5%
1,553.1
−50.5%
- H1 2025
- 3,139.8
- YTD 2026
- 1,553.1
- Δ YoY
- −50.5%
CapEx
525.6
−67.4%
525.6
−67.4%
- H1 2025
- 1,613.1
- YTD 2026
- 525.6
- Δ YoY
- −67.4%
FCF
1,027.5
−32.7%
1,027.5
−32.7%
- H1 2025
- 1,526.7
- YTD 2026
- 1,027.5
- Δ YoY
- −32.7%
FCF conversion
60.1%
+9.5 pp
60.1%
+9.5 pp
- H1 2025
- 50.61%
- YTD 2026
- 60.1%
- Δ YoY
- +9.5 pp
CFO conversion
90.8%
−13.3 pp
90.8%
−13.3 pp
- H1 2025
- 104.09%
- YTD 2026
- 90.8%
- Δ YoY
- −13.3 pp
Current ratio
1.52x
+0.11x
1.52x
+0.11x
- H1 2025
- 1.41x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.33x
+0.08x
1.33x
+0.08x
- H1 2025
- 1.25x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.5x
−0.03x
0.5x
−0.03x
- H1 2025
- 0.53x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
1.66x
+3.05x
1.66x
+3.05x
- H1 2025
- -1.39x
- YTD 2026
- 1.66x
- Δ YoY
- +3.05x
Net debt / EBITDA
4.06x
+0.07x
4.06x
+0.07x
- H1 2025
- 3.99x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
1.01x
−0.05x
1.01x
−0.05x
- H1 2025
- 1.06x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.43x
+0x
0.43x
+0x
- H1 2025
- 0.43x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.83x
−0.01x
0.83x
−0.01x
- H1 2025
- 0.84x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
2.94%
—
2.94%
—
- H1 2025
- 0.4%
- YTD 2026
- 2.94%
- Δ YoY
- —
EBITDA growth (YoY)
5.95%
—
5.95%
—
- H1 2025
- -12.25%
- YTD 2026
- 5.95%
- Δ YoY
- —
EBIT growth (YoY)
9.33%
—
9.33%
—
- H1 2025
- -180.21%
- YTD 2026
- 9.33%
- Δ YoY
- —
Net income growth (YoY)
67.7%
—
67.7%
—
- H1 2025
- -434.81%
- YTD 2026
- 67.7%
- Δ YoY
- —
EPS growth (YoY)
55.6%
—
55.6%
—
- H1 2025
- -435.46%
- 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
- -3.04 pp
- YTD 2026
- 0.6 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
0.69 pp
—
0.69 pp
—
- H1 2025
- -22.27 pp
- YTD 2026
- 0.69 pp
- Δ YoY
- —
Net margin Δ (YoY)
1.72 pp
—
1.72 pp
—
- H1 2025
- -23.62 pp
- YTD 2026
- 1.72 pp
- Δ YoY
- —