H1 2026 report
GKB to zdywersyfikowana grupa przemysłowa (Metale 53,4% przychodów, Motoryzacja 26,1%, Energia 12,6%, Gospodarka Cyrkularna 8,0%, Chemia 3,5%), kontrolowana w 65,35% głosów przez Romana Karkosika (bezpośrednio i przez RKK Investments oraz akcje własne Boryszew S.A.), z przychodami 2 577,4 mln zł i EBITDA 161,9 mln zł w 1H 2026 (+33,6% r/r).
Sentiment
Positive
No guidance change
BRS
H1 2026 report
Revenue
2.58 bn PLN
— YoY
Net income
28.77 m PLN
— YoY
EBITDA
161.91 m PLN
— YoY
Gross margin
9.3%
— YoY
Summary
Investment thesis
- Poprawa rentowności grupy napędzana głównie Segmentem Metale (EBITDA +35,9 mln zł r/r dzięki wysokim notowaniom miedzi/aluminium/cynku i inwestycjom rozwojowym w NPA Skawina oraz efektom restrukturyzacji w Grupie Alchemia), przy jednoczesnym pogorszeniu w Motoryzacji (-12,6 mln zł, presja kosztowa) i Energii (-10,1 mln zł, utrata części odbiorców).
- Zadłużenie netto grupy wzrosło do 804,5 mln zł (dług netto/EBITDA 2,8x, z 2,7x na koniec 2025 r.), a trzy spółki-córki w Segmencie Metale (ZM Silesia, Huta Bankowa, Walcownia Metali Dziedzice) złamały kowenanty finansowe w umowach kredytowych - na razie bez zapowiadanych konsekwencji.
- Ujemny OCF (-53,4 mln zł w 1H 2026 wobec +95,7 mln zł rok wcześniej) wynika głównie ze wzrostu zapasów i należności napędzanego wyższymi cenami metali (efekt kapitału obrotowego), nie z pogorszenia rentowności operacyjnej - EBITDA i EBIT wyraźnie się poprawiły.
- Zarząd zdecydował zatrzymać cały zysk netto Boryszew S.A. za 2025 r. (125,6 mln zł) na kapitale zapasowym zamiast wypłaty dywidendy, uzasadniając to nakładami inwestycyjnymi w Gospodarce Cyrkularnej (ITPOK - termiczne przekształcanie odpadów) oraz rozwojem nowej linii produkcji specjalnej na potrzeby wojskowe (spółka celowa Hornet - Polskie Drony).
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
BRS · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,302,694 | 4,836,500 | −73.1% | 2,577,369 | −46.7% | reported | — | 1.00 |
| Gross profit | 239,778 | 399,700 | −40% | 239,778 | −40% | reported | — | 1.00 |
| EBITDA | 161,907 | 251,900 | −35.7% | 161,907 | −35.7% | reported | — | 1.00 |
| EBIT | 45,351 | 100,900 | −55.1% | 87,750 | −13% | reported | — | 1.00 |
| EBT | 43,757 | 43,400 | +0.8% | 43,757 | +0.8% | reported | — | 1.00 |
| Net income | 14,349 | 35,000 | −59% | 28,773 | −17.8% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.14 | — | — | 0.14 | — | reported | — | 1.00 |
| D&A | 74,157 | 151,000 | −50.9% | 74,157 | −50.9% | reported | — | 1.00 |
| Interest expense | 43,175 | — | — | 43,175 | — | derived | — | 0.90 |
| Income tax | 10,900 | — | — | 10,900 | — | reported | — | 1.00 |
| Shares (basic) (units) | 202,000,000 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 9.3% | 8.26% | +1 pp | 9.3% | +1 pp | reported | — | 0.90 |
| EBITDA margin | 6.28% | 5.21% | +1.1 pp | 6.28% | +1.1 pp | reported | — | 0.90 |
| EBIT margin | 3.4% | 2.09% | +1.3 pp | 3.4% | +1.3 pp | reported | — | 0.90 |
| Net margin | 1.12% | 0.72% | +0.4 pp | 1.12% | +0.4 pp | reported | — | 0.90 |
| Cash | 139,431 | 159,100 | −12.4% | — | — | reported | — | 1.00 |
| Total debt | 1,120,238 | 860,200 | +30.2% | — | — | derived | — | 0.90 |
| Net debt | 804,500 | 701,100 | +14.7% | — | — | reported | — | 1.00 |
| Equity | 1,511,060 | 1,457,000 | +3.7% | — | — | reported | — | 1.00 |
| Total assets | 3,720,492 | 3,430,600 | +8.5% | — | — | reported | — | 1.00 |
| Current assets | 1,882,495 | 1,540,200 | +22.2% | — | — | reported | — | 1.00 |
| Current liabilities | 1,745,726 | 1,488,600 | +17.3% | — | — | reported | — | 1.00 |
| Non-current liabilities | 463,706 | 485,000 | −4.4% | — | — | reported | — | 1.00 |
| Inventory | 849,153 | 745,200 | +13.9% | — | — | reported | — | 1.00 |
| Trade receivables | 822,300 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 868,845 | — | — | — | — | reported | — | 0.90 |
| Goodwill | 39,632 | — | — | — | — | derived | — | 0.95 |
| CFO | -53,427 | 209,400 | −125.5% | -53,427 | −125.5% | reported | — | 1.00 |
| CapEx | 45,809 | 101,600 | −54.9% | 45,809 | −54.9% | reported | — | 1.00 |
| FCF | -99,236 | 107,800 | −192.1% | -99,236 | −192.1% | derived | — | 0.90 |
| FCF conversion | -61.29% | — | — | -61.29% | — | reported | — | 0.80 |
| CFO conversion | -33% | 83.1% | −116.1 pp | -33% | −116.1 pp | reported | — | 0.80 |
| Dividends paid | 8,006 | 71,821.7 | −88.9% | 8,006 | −88.9% | reported | — | 0.90 |
| Current ratio | 1.08x | 1.03x | +0.05x | — | — | reported | — | 0.90 |
| Quick ratio | 0.59x | 0.53x | +0.06x | — | — | reported | — | 0.90 |
| Cash ratio | 0.08x | 0.11x | −0.03x | — | — | reported | — | 0.90 |
| Net debt / EBITDA | 2.8x | 2.78x | +0.02x | — | — | reported | — | 0.90 |
| Debt / equity | 0.74x | 0.59x | +0.15x | — | — | reported | — | 0.85 |
| Debt / assets | 0.3x | 0.25x | +0.05x | — | — | reported | — | 0.85 |
| Net debt / equity | 0.53x | 0.48x | +0.05x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 0.31% | -5.46% | — | 0.31% | — | reported | — | 0.90 |
| Revenue growth (QoQ) | 2.2% | — | — | — | — | reported | — | 0.70 |
| EBITDA growth (YoY) | 33.64% | -25.3% | — | 33.64% | — | reported | — | 0.90 |
| EBIT growth (YoY) | 91.6% | -43.47% | — | 91.6% | — | reported | — | 0.90 |
| Net income growth (YoY) | 217.65% | -71.03% | — | 217.65% | — | reported | — | 0.90 |
| EPS growth (YoY) | 217.65% | — | — | 217.65% | — | reported | — | 0.85 |
| FCF growth (YoY) | -305.08% | — | — | -305.08% | — | reported | — | 0.70 |
| Gross margin Δ (YoY) | 0.79 pp | 0 pp | — | 0.79 pp | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | 1.56 pp | 0 pp | — | 1.56 pp | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | 1.62 pp | 0 pp | — | 1.62 pp | — | reported | — | 0.90 |
| Net margin Δ (YoY) | 0.77 pp | 0 pp | — | 0.77 pp | — | reported | — | 0.90 |
H1 2026 · Δ YoY
Revenue
1,302,694
−73.1%
1,302,694
−73.1%
- H1 2025
- 4,836,500
- YTD 2026
- 2,577,369
- Δ YoY
- −46.7%
Gross profit
239,778
−40%
239,778
−40%
- H1 2025
- 399,700
- YTD 2026
- 239,778
- Δ YoY
- −40%
EBITDA
161,907
−35.7%
161,907
−35.7%
- H1 2025
- 251,900
- YTD 2026
- 161,907
- Δ YoY
- −35.7%
EBIT
45,351
−55.1%
45,351
−55.1%
- H1 2025
- 100,900
- YTD 2026
- 87,750
- Δ YoY
- −13%
EBT
43,757
+0.8%
43,757
+0.8%
- H1 2025
- 43,400
- YTD 2026
- 43,757
- Δ YoY
- +0.8%
Net income
14,349
−59%
14,349
−59%
- H1 2025
- 35,000
- YTD 2026
- 28,773
- Δ YoY
- −17.8%
EPS (basic)
(PLN)
0.14
—
0.14
—
- H1 2025
- —
- YTD 2026
- 0.14
- Δ YoY
- —
D&A
74,157
−50.9%
74,157
−50.9%
- H1 2025
- 151,000
- YTD 2026
- 74,157
- Δ YoY
- −50.9%
Interest expense
43,175
—
43,175
—
- H1 2025
- —
- YTD 2026
- 43,175
- Δ YoY
- —
Income tax
10,900
—
10,900
—
- H1 2025
- —
- YTD 2026
- 10,900
- Δ YoY
- —
Shares (basic)
(units)
202,000,000
—
202,000,000
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
9.3%
+1 pp
9.3%
+1 pp
- H1 2025
- 8.26%
- YTD 2026
- 9.3%
- Δ YoY
- +1 pp
EBITDA margin
6.28%
+1.1 pp
6.28%
+1.1 pp
- H1 2025
- 5.21%
- YTD 2026
- 6.28%
- Δ YoY
- +1.1 pp
EBIT margin
3.4%
+1.3 pp
3.4%
+1.3 pp
- H1 2025
- 2.09%
- YTD 2026
- 3.4%
- Δ YoY
- +1.3 pp
Net margin
1.12%
+0.4 pp
1.12%
+0.4 pp
- H1 2025
- 0.72%
- YTD 2026
- 1.12%
- Δ YoY
- +0.4 pp
Cash
139,431
−12.4%
139,431
−12.4%
- H1 2025
- 159,100
- YTD 2026
- —
- Δ YoY
- —
Total debt
1,120,238
+30.2%
1,120,238
+30.2%
- H1 2025
- 860,200
- YTD 2026
- —
- Δ YoY
- —
Net debt
804,500
+14.7%
804,500
+14.7%
- H1 2025
- 701,100
- YTD 2026
- —
- Δ YoY
- —
Equity
1,511,060
+3.7%
1,511,060
+3.7%
- H1 2025
- 1,457,000
- YTD 2026
- —
- Δ YoY
- —
Total assets
3,720,492
+8.5%
3,720,492
+8.5%
- H1 2025
- 3,430,600
- YTD 2026
- —
- Δ YoY
- —
Current assets
1,882,495
+22.2%
1,882,495
+22.2%
- H1 2025
- 1,540,200
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
1,745,726
+17.3%
1,745,726
+17.3%
- H1 2025
- 1,488,600
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
463,706
−4.4%
463,706
−4.4%
- H1 2025
- 485,000
- YTD 2026
- —
- Δ YoY
- —
Inventory
849,153
+13.9%
849,153
+13.9%
- H1 2025
- 745,200
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
822,300
—
822,300
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
868,845
—
868,845
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
39,632
—
39,632
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-53,427
−125.5%
-53,427
−125.5%
- H1 2025
- 209,400
- YTD 2026
- -53,427
- Δ YoY
- −125.5%
CapEx
45,809
−54.9%
45,809
−54.9%
- H1 2025
- 101,600
- YTD 2026
- 45,809
- Δ YoY
- −54.9%
FCF
-99,236
−192.1%
-99,236
−192.1%
- H1 2025
- 107,800
- YTD 2026
- -99,236
- Δ YoY
- −192.1%
FCF conversion
-61.29%
—
-61.29%
—
- H1 2025
- —
- YTD 2026
- -61.29%
- Δ YoY
- —
CFO conversion
-33%
−116.1 pp
-33%
−116.1 pp
- H1 2025
- 83.1%
- YTD 2026
- -33%
- Δ YoY
- −116.1 pp
Dividends paid
8,006
−88.9%
8,006
−88.9%
- H1 2025
- 71,821.7
- YTD 2026
- 8,006
- Δ YoY
- −88.9%
Current ratio
1.08x
+0.05x
1.08x
+0.05x
- H1 2025
- 1.03x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.59x
+0.06x
0.59x
+0.06x
- H1 2025
- 0.53x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.08x
−0.03x
0.08x
−0.03x
- H1 2025
- 0.11x
- YTD 2026
- —
- Δ YoY
- —
Net debt / EBITDA
2.8x
+0.02x
2.8x
+0.02x
- H1 2025
- 2.78x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.74x
+0.15x
0.74x
+0.15x
- H1 2025
- 0.59x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.3x
+0.05x
0.3x
+0.05x
- H1 2025
- 0.25x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.53x
+0.05x
0.53x
+0.05x
- H1 2025
- 0.48x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
0.31%
—
0.31%
—
- H1 2025
- -5.46%
- YTD 2026
- 0.31%
- Δ YoY
- —
Revenue growth (QoQ)
2.2%
—
2.2%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA growth (YoY)
33.64%
—
33.64%
—
- H1 2025
- -25.3%
- YTD 2026
- 33.64%
- Δ YoY
- —
EBIT growth (YoY)
91.6%
—
91.6%
—
- H1 2025
- -43.47%
- YTD 2026
- 91.6%
- Δ YoY
- —
Net income growth (YoY)
217.65%
—
217.65%
—
- H1 2025
- -71.03%
- YTD 2026
- 217.65%
- Δ YoY
- —
EPS growth (YoY)
217.65%
—
217.65%
—
- H1 2025
- —
- YTD 2026
- 217.65%
- Δ YoY
- —
FCF growth (YoY)
-305.08%
—
-305.08%
—
- H1 2025
- —
- YTD 2026
- -305.08%
- Δ YoY
- —
Gross margin Δ (YoY)
0.79 pp
—
0.79 pp
—
- H1 2025
- 0 pp
- YTD 2026
- 0.79 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
1.56 pp
—
1.56 pp
—
- H1 2025
- 0 pp
- YTD 2026
- 1.56 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
1.62 pp
—
1.62 pp
—
- H1 2025
- 0 pp
- YTD 2026
- 1.62 pp
- Δ YoY
- —
Net margin Δ (YoY)
0.77 pp
—
0.77 pp
—
- H1 2025
- 0 pp
- YTD 2026
- 0.77 pp
- Δ YoY
- —