CZT CZERWONA TOREBKA Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026

H1 2026 report

Przychody I półrocza 2026 wzrosły o 121% do 37,5 mln zł (II kwartał: 28,0 mln zł), ale rosną kosztem marży brutto, która spadła z 27,0% do 23,5% (w II kwartale do 18,9%).

Sentiment

Neutral No guidance change

Website

CZT H1 2026 report

Revenue

37.51 m PLN

— YoY

Net income

-326 k PLN

— YoY

EBITDA

860 k PLN

— YoY

Gross margin

23.45%

— YoY

Summary

Investment thesis

Zysk netto Grupy 226 tys. zł powstał dzięki podatkowi odroczonemu i udziałom niekontrolującym — zysk przed opodatkowaniem to −396 tys. zł, a akcjonariuszom jednostki dominującej przypada strata 326 tys. zł.
Bilans opiera się na zapasach 207,9 mln zł (70% aktywów) finansowanych depozytami klientów 120,5 mln zł; gotówka 41,6 mln zł pokrywa tylko 0,24 zobowiązań krótkoterminowych.
Przepływy operacyjne (2,5 mln zł) i inwestycyjne (7,3 mln zł) wspiera przyrost depozytów oraz wyprzedaż nieruchomości inwestycyjnych; weksle (26,1 mln zł) kosztują ok. 16% rocznie.
Własność skupiona (rodzina Świtalskich ok. 91%, free float 8,84%), liczne transakcje z podmiotami powiązanymi i brak prognoz z powodu reorganizacji Grupy podnoszą ryzyko korporacyjne.

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Financials

BETA

H1 2026

CZT · H1 2026

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

Revenue	28,004	36,045	−22.3%	37,513	+4.1%	reported	—	1.00
Gross profit	5,302	10,579	−49.9%	8,797	−16.8%	reported	—	1.00
EBITDA	860	-12,998	+106.6%	860	+106.6%	reported	—	1.00
EBIT	-77	-13,317	+99.4%	719	+105.4%	reported	—	1.00
EBT	-247	-20,052	+98.8%	-396	+98%	reported	—	1.00
Net income	-547	-15,015	+96.4%	-326	+97.8%	reported	—	1.00
D&A	141	—	—	141	—	reported	—	1.00
Interest expense	2,976	8,684	−65.7%	2,976	−65.7%	reported	—	1.00
Income tax	-622	-3,041	+79.5%	-622	+79.5%	reported	—	1.00
Shares (basic) (m units)	75.03	—	—	—	—	reported	—	0.90

Gross margin	18.93%	29.35%	−10.4 pp	23.45%	−5.9 pp	derived	—	0.90
EBITDA margin	2.29%	-36.06%	+38.4 pp	2.29%	+38.4 pp	derived	—	0.90
EBIT margin	-0.27%	-36.95%	+36.7 pp	1.92%	+38.9 pp	derived	—	0.90
EBT margin	-1.06%	-55.63%	+54.6 pp	-1.06%	+54.6 pp	derived	—	0.90
Net margin	-1.95%	-41.66%	+39.7 pp	-0.87%	+40.8 pp	derived	—	0.90
D&A margin	0.38%	—	—	0.38%	—	derived	—	0.90

Cash	41,641	38,702	+7.6%	—	—	reported	—	1.00
Total debt	37,915	43,000	−11.8%	—	—	adjusted	—	0.80
Net debt	-3,726	4,298	−186.7%	—	—	derived	—	0.70
Equity	89,342	89,100	+0.3%	—	—	reported	—	1.00
Total assets	297,468	297,249	+0.1%	—	—	reported	—	1.00
Working capital	91,684	—	—	—	—	derived	—	0.90
Current assets	261,875	250,841	+4.4%	—	—	reported	—	1.00
Current liabilities	170,191	160,650	+5.9%	—	—	reported	—	1.00
Non-current liabilities	37,935	47,499	−20.1%	—	—	reported	—	1.00
Inventory	207,898	199,451	+4.2%	—	—	reported	—	1.00
Trade receivables	1,837	7,893	−76.7%	—	—	reported	—	1.00
Trade payables	12,741	—	—	—	—	reported	—	1.00

CFO	2,486	-9,896	+125.1%	2,486	+125.1%	reported	—	1.00
CapEx	394	—	—	394	—	reported	—	1.00
FCF	2,092	—	—	2,092	—	derived	—	0.90

Current ratio	1.54x	1.56x	−0.02x	—	—	derived	—	0.95
Quick ratio	0.32x	0.32x	+0x	—	—	derived	—	0.95
Cash ratio	0.24x	0.24x	+0x	—	—	derived	—	0.95
Interest coverage	0.24x	—	—	0.24x	—	derived	—	0.80

Debt / equity	0.42x	0.48x	−0.06x	—	—	derived	—	0.80
Debt / assets	0.13x	0.14x	−0.01x	—	—	derived	—	0.80
Net debt / equity	-0.04x	0.05x	−0.09x	—	—	derived	—	0.70

Revenue growth (YoY)	217.98%	814.2%	—	121.42%	—	derived	—	0.95
Revenue growth (QoQ)	194.5%	—	—	—	—	derived	—	0.90
EBITDA growth (YoY)	180.83%	—	—	180.83%	—	derived	—	0.80
EBIT growth (YoY)	158.93%	37.94%	—	158.93%	—	derived	—	0.80
Net income growth (YoY)	94.53%	-17.02%	—	94.53%	—	derived	—	0.80
Gross margin Δ (YoY)	-3.57 pp	—	—	-3.57 pp	—	derived	—	0.95
EBITDA margin Δ (YoY)	8.57 pp	—	—	8.57 pp	—	derived	—	0.90
EBIT margin Δ (YoY)	9.12 pp	—	—	9.12 pp	—	derived	—	0.90
Net margin Δ (YoY)	34.29 pp	—	—	34.29 pp	—	derived	—	0.85

H1 2026 · Δ YoY

Revenue

28,004 −22.3%

H1 2025: 36,045
YTD 2026: 37,513
Δ YoY: +4.1%

Gross profit

5,302 −49.9%

H1 2025: 10,579
YTD 2026: 8,797
Δ YoY: −16.8%

EBITDA

860 +106.6%

H1 2025: -12,998
YTD 2026: 860
Δ YoY: +106.6%

EBIT

-77 +99.4%

H1 2025: -13,317
YTD 2026: 719
Δ YoY: +105.4%

EBT

-247 +98.8%

H1 2025: -20,052
YTD 2026: -396
Δ YoY: +98%

Net income

-547 +96.4%

H1 2025: -15,015
YTD 2026: -326
Δ YoY: +97.8%

D&A

141 —

H1 2025: —
YTD 2026: 141
Δ YoY: —

Interest expense

2,976 −65.7%

H1 2025: 8,684
YTD 2026: 2,976
Δ YoY: −65.7%

Income tax

-622 +79.5%

H1 2025: -3,041
YTD 2026: -622
Δ YoY: +79.5%

Shares (basic) (m units)

75.03 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Gross margin

18.93% −10.4 pp

H1 2025: 29.35%
YTD 2026: 23.45%
Δ YoY: −5.9 pp

EBITDA margin

2.29% +38.4 pp

H1 2025: -36.06%
YTD 2026: 2.29%
Δ YoY: +38.4 pp

EBIT margin

-0.27% +36.7 pp

H1 2025: -36.95%
YTD 2026: 1.92%
Δ YoY: +38.9 pp

EBT margin

-1.06% +54.6 pp

H1 2025: -55.63%
YTD 2026: -1.06%
Δ YoY: +54.6 pp

Net margin

-1.95% +39.7 pp

H1 2025: -41.66%
YTD 2026: -0.87%
Δ YoY: +40.8 pp

D&A margin

0.38% —

H1 2025: —
YTD 2026: 0.38%
Δ YoY: —

Cash

41,641 +7.6%

H1 2025: 38,702
YTD 2026: —
Δ YoY: —

Total debt

37,915 −11.8%

H1 2025: 43,000
YTD 2026: —
Δ YoY: —

Net debt

-3,726 −186.7%

H1 2025: 4,298
YTD 2026: —
Δ YoY: —

Equity

89,342 +0.3%

H1 2025: 89,100
YTD 2026: —
Δ YoY: —

Total assets

297,468 +0.1%

H1 2025: 297,249
YTD 2026: —
Δ YoY: —

Working capital

91,684 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

261,875 +4.4%

H1 2025: 250,841
YTD 2026: —
Δ YoY: —

Current liabilities

170,191 +5.9%

H1 2025: 160,650
YTD 2026: —
Δ YoY: —

Non-current liabilities

37,935 −20.1%

H1 2025: 47,499
YTD 2026: —
Δ YoY: —

Inventory

207,898 +4.2%

H1 2025: 199,451
YTD 2026: —
Δ YoY: —

Trade receivables

1,837 −76.7%

H1 2025: 7,893
YTD 2026: —
Δ YoY: —

Trade payables

12,741 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

2,486 +125.1%

H1 2025: -9,896
YTD 2026: 2,486
Δ YoY: +125.1%

CapEx

394 —

H1 2025: —
YTD 2026: 394
Δ YoY: —

FCF

2,092 —

H1 2025: —
YTD 2026: 2,092
Δ YoY: —

Current ratio

1.54x −0.02x

H1 2025: 1.56x
YTD 2026: —
Δ YoY: —

Quick ratio

0.32x +0x

H1 2025: 0.32x
YTD 2026: —
Δ YoY: —

Cash ratio

0.24x +0x

H1 2025: 0.24x
YTD 2026: —
Δ YoY: —

Interest coverage

0.24x —

H1 2025: —
YTD 2026: 0.24x
Δ YoY: —

Debt / equity

0.42x −0.06x

H1 2025: 0.48x
YTD 2026: —
Δ YoY: —

Debt / assets

0.13x −0.01x

H1 2025: 0.14x
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.04x −0.09x

H1 2025: 0.05x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

217.98% —

H1 2025: 814.2%
YTD 2026: 121.42%
Δ YoY: —

Revenue growth (QoQ)

194.5% —

H1 2025: —
YTD 2026: —
Δ YoY: —

EBITDA growth (YoY)

180.83% —

H1 2025: —
YTD 2026: 180.83%
Δ YoY: —

EBIT growth (YoY)

158.93% —

H1 2025: 37.94%
YTD 2026: 158.93%
Δ YoY: —

Net income growth (YoY)

94.53% —

H1 2025: -17.02%
YTD 2026: 94.53%
Δ YoY: —

Gross margin Δ (YoY)

-3.57 pp —

H1 2025: —
YTD 2026: -3.57 pp
Δ YoY: —

EBITDA margin Δ (YoY)

8.57 pp —

H1 2025: —
YTD 2026: 8.57 pp
Δ YoY: —

EBIT margin Δ (YoY)

9.12 pp —

H1 2025: —
YTD 2026: 9.12 pp
Δ YoY: —

Net margin Δ (YoY)

34.29 pp —

H1 2025: —
YTD 2026: 34.29 pp
Δ YoY: —