CPR COMPREMUM Giełda Papierów Wartościowych w Warszawie · semiannual · publ. October 06, 2026

H1 2026 report

Półroczny zysk netto 9,0 mln zł (5,4 mln zł dla akcjonariuszy jednostki dominującej) wobec straty 16,6 mln zł rok wcześniej — poprawa w dużej mierze z jednorazowych zdarzeń, nie z organicznej rentowności.

Sentiment

Cautious No guidance change

Website

CPR H1 2026 report

Revenue

39 m PLN

— YoY

Net income

5.43 m PLN

— YoY

EBITDA

9.48 m PLN

— YoY

Gross margin

34.07%

— YoY

Summary

Investment thesis

Ugoda z PKP PLK rozliczyła ok. 138 mln zł aktywów z tytułu umów i uwolniła gotówkę: zobowiązania krótkoterminowe spadły z 307 do 158 mln zł, suma bilansowa z 404 do 269 mln zł.
Biegły rewident wydał wniosek z zastrzeżeniem (jednostkowe i skonsolidowane) — brak aktualnego testu utraty wartości firmy Agnes (14,8 mln zł) i Cornetto Baltic (12,1 mln zł).
Zadłużenie odsetkowe ok. 113 mln zł przy kapitale własnym 57 mln zł i gotówce 2,7 mln zł; wskaźnik bieżącej płynności 0,94.
Otwarty spór z PKP Intercity: pozew na 92,5 mln zł o odszkodowanie i kary umowne, brak rezerwy wskazanej w raporcie.

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Financials

BETA

H1 2026

CPR · H1 2026

Metric	H1 2026	H1 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	38,997	60,518	−35.6%	38,997	−35.6%	reported	—	1.00
Gross profit	13,285	-42,891	+131%	13,285	+131%	reported	—	1.00
EBITDA	9,483	-85,633	+111.1%	9,483	+111.1%	reported	—	0.70
EBIT	8,033	-87,706	+109.2%	8,033	+109.2%	reported	—	1.00
EBT	7,644	-144,494	+105.3%	7,644	+105.3%	reported	—	1.00
Net income	5,427	-108,492	+105%	5,427	+105%	reported	—	1.00
EPS (basic) (PLN)	0.12	-3.05	—	0.12	—	reported	—	1.00
EPS (diluted) (PLN)	0.12	-3.05	—	0.12	—	reported	—	1.00
D&A	1,450	—	—	1,450	—	reported	—	1.00
Interest expense	6,085	37,258	−83.7%	6,085	−83.7%	reported	—	1.00
Income tax	-1,369	-7,662	+82.1%	-1,369	+82.1%	reported	—	1.00
Shares (basic) (m units)	44.84	44.84	—	—	—	reported	—	1.00

Gross margin	34.07%	-70.87%	+104.9 pp	34.07%	+104.9 pp	reported	—	0.70
EBITDA margin	24.32%	-141.5%	+165.8 pp	24.32%	+165.8 pp	reported	—	0.70
EBIT margin	20.6%	-144.94%	+165.5 pp	20.6%	+165.5 pp	reported	—	0.70
EBT margin	19.6%	-238.77%	+258.4 pp	19.6%	+258.4 pp	derived	—	0.90
Net margin	13.92%	-179.31%	+193.2 pp	13.92%	+193.2 pp	reported	—	0.70
D&A margin	3.72%	—	—	3.72%	—	derived	—	0.90

Cash	2,748	509	+439.9%	—	—	reported	—	1.00
Total debt	113,130	162,734	−30.5%	—	—	derived	—	0.90
Net debt	110,382	162,225	−32%	—	—	derived	—	0.80
Equity	57,397	48,536	+18.3%	—	—	reported	—	1.00
Total assets	268,707	404,305	−33.5%	—	—	reported	—	1.00
Working capital	-9,546	-45,571	+79.1%	—	—	derived	—	0.90
Current assets	148,182	261,792	−43.4%	—	—	reported	—	1.00
Current liabilities	157,728	307,363	−48.7%	—	—	reported	—	1.00
Non-current liabilities	53,581	48,406	+10.7%	—	—	reported	—	1.00
Inventory	25,821	25,704	+0.5%	—	—	reported	—	1.00
Trade receivables	81,360	59,106	+37.7%	—	—	reported	—	0.80
Trade payables	79,053	151,418	−47.8%	—	—	reported	—	0.80
Goodwill	26,953	26,953	+0%	—	—	reported	—	1.00
Tangible equity	30,444	21,583	+41.1%	—	—	derived	—	0.90

CFO	52,201	-10,547	+594.9%	52,201	+594.9%	reported	—	1.00
CapEx	0	—	—	0	—	reported	—	1.00
FCF	52,201	—	—	52,201	—	derived	—	0.80
CFO conversion	550.5%	12.32%	+538.2 pp	550.5%	+538.2 pp	reported	—	0.50

Current ratio	0.94x	0.85x	+0.09x	—	—	reported	—	0.70
Quick ratio	0.78x	0.77x	+0.01x	—	—	derived	—	0.90
Cash ratio	0.02x	0x	+0.02x	—	—	derived	—	0.90
Interest coverage	1.32x	-2.35x	+3.67x	1.32x	+3.67x	derived	—	0.70

Debt / equity	1.97x	3.35x	−1.38x	—	—	reported	—	0.70
Debt / assets	0.42x	0.4x	+0.02x	—	—	reported	—	0.70
Net debt / equity	1.92x	3.34x	−1.42x	—	—	reported	—	0.70

Revenue growth (YoY)	30.57%	-42.03%	—	30.57%	—	reported	—	0.70
EBIT growth (YoY)	845.06%	-48.15%	—	845.06%	—	derived	—	0.90
Net income growth (YoY)	133.45%	-53.57%	—	133.45%	—	derived	—	0.70
Gross margin Δ (YoY)	19.28 pp	-0.06 pp	—	19.28 pp	—	reported	—	0.70
EBIT margin Δ (YoY)	17.75 pp	-88.24 pp	—	17.75 pp	—	derived	—	0.80

H1 2026 · Δ YoY

Revenue

38,997 −35.6%

H1 2025: 60,518
YTD 2026: 38,997
Δ YoY: −35.6%

Gross profit

13,285 +131%

H1 2025: -42,891
YTD 2026: 13,285
Δ YoY: +131%

EBITDA

9,483 +111.1%

H1 2025: -85,633
YTD 2026: 9,483
Δ YoY: +111.1%

EBIT

8,033 +109.2%

H1 2025: -87,706
YTD 2026: 8,033
Δ YoY: +109.2%

EBT

7,644 +105.3%

H1 2025: -144,494
YTD 2026: 7,644
Δ YoY: +105.3%

Net income

5,427 +105%

H1 2025: -108,492
YTD 2026: 5,427
Δ YoY: +105%

EPS (basic) (PLN)

0.12 —

H1 2025: -3.05
YTD 2026: 0.12
Δ YoY: —

EPS (diluted) (PLN)

0.12 —

H1 2025: -3.05
YTD 2026: 0.12
Δ YoY: —

D&A

1,450 —

H1 2025: —
YTD 2026: 1,450
Δ YoY: —

Interest expense

6,085 −83.7%

H1 2025: 37,258
YTD 2026: 6,085
Δ YoY: −83.7%

Income tax

-1,369 +82.1%

H1 2025: -7,662
YTD 2026: -1,369
Δ YoY: +82.1%

Shares (basic) (m units)

44.84 —

H1 2025: 44.84
YTD 2026: —
Δ YoY: —

Gross margin

34.07% +104.9 pp

H1 2025: -70.87%
YTD 2026: 34.07%
Δ YoY: +104.9 pp

EBITDA margin

24.32% +165.8 pp

H1 2025: -141.5%
YTD 2026: 24.32%
Δ YoY: +165.8 pp

EBIT margin

20.6% +165.5 pp

H1 2025: -144.94%
YTD 2026: 20.6%
Δ YoY: +165.5 pp

EBT margin

19.6% +258.4 pp

H1 2025: -238.77%
YTD 2026: 19.6%
Δ YoY: +258.4 pp

Net margin

13.92% +193.2 pp

H1 2025: -179.31%
YTD 2026: 13.92%
Δ YoY: +193.2 pp

D&A margin

3.72% —

H1 2025: —
YTD 2026: 3.72%
Δ YoY: —

Cash

2,748 +439.9%

H1 2025: 509
YTD 2026: —
Δ YoY: —

Total debt

113,130 −30.5%

H1 2025: 162,734
YTD 2026: —
Δ YoY: —

Net debt

110,382 −32%

H1 2025: 162,225
YTD 2026: —
Δ YoY: —

Equity

57,397 +18.3%

H1 2025: 48,536
YTD 2026: —
Δ YoY: —

Total assets

268,707 −33.5%

H1 2025: 404,305
YTD 2026: —
Δ YoY: —

Working capital

-9,546 +79.1%

H1 2025: -45,571
YTD 2026: —
Δ YoY: —

Current assets

148,182 −43.4%

H1 2025: 261,792
YTD 2026: —
Δ YoY: —

Current liabilities

157,728 −48.7%

H1 2025: 307,363
YTD 2026: —
Δ YoY: —

Non-current liabilities

53,581 +10.7%

H1 2025: 48,406
YTD 2026: —
Δ YoY: —

Inventory

25,821 +0.5%

H1 2025: 25,704
YTD 2026: —
Δ YoY: —

Trade receivables

81,360 +37.7%

H1 2025: 59,106
YTD 2026: —
Δ YoY: —

Trade payables

79,053 −47.8%

H1 2025: 151,418
YTD 2026: —
Δ YoY: —

Goodwill

26,953 +0%

H1 2025: 26,953
YTD 2026: —
Δ YoY: —

Tangible equity

30,444 +41.1%

H1 2025: 21,583
YTD 2026: —
Δ YoY: —

CFO

52,201 +594.9%

H1 2025: -10,547
YTD 2026: 52,201
Δ YoY: +594.9%

CapEx

0 —

H1 2025: —
YTD 2026: 0
Δ YoY: —

FCF

52,201 —

H1 2025: —
YTD 2026: 52,201
Δ YoY: —

CFO conversion

550.5% +538.2 pp

H1 2025: 12.32%
YTD 2026: 550.5%
Δ YoY: +538.2 pp

Current ratio

0.94x +0.09x

H1 2025: 0.85x
YTD 2026: —
Δ YoY: —

Quick ratio

0.78x +0.01x

H1 2025: 0.77x
YTD 2026: —
Δ YoY: —

Cash ratio

0.02x +0.02x

H1 2025: 0x
YTD 2026: —
Δ YoY: —

Interest coverage

1.32x +3.67x

H1 2025: -2.35x
YTD 2026: 1.32x
Δ YoY: +3.67x

Debt / equity

1.97x −1.38x

H1 2025: 3.35x
YTD 2026: —
Δ YoY: —

Debt / assets

0.42x +0.02x

H1 2025: 0.4x
YTD 2026: —
Δ YoY: —

Net debt / equity

1.92x −1.42x

H1 2025: 3.34x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

30.57% —

H1 2025: -42.03%
YTD 2026: 30.57%
Δ YoY: —

EBIT growth (YoY)

845.06% —

H1 2025: -48.15%
YTD 2026: 845.06%
Δ YoY: —

Net income growth (YoY)

133.45% —

H1 2025: -53.57%
YTD 2026: 133.45%
Δ YoY: —

Gross margin Δ (YoY)

19.28 pp —

H1 2025: -0.06 pp
YTD 2026: 19.28 pp
Δ YoY: —

EBIT margin Δ (YoY)

17.75 pp —

H1 2025: -88.24 pp
YTD 2026: 17.75 pp
Δ YoY: —