H1 2026 report
GK ECB to mała spółka handlowa (13 etatów), której wynik niemal w całości zależy od jednego kontrahenta - w I półroczu 2026 r. 95,1% przychodów pochodziło ze sprzedaży węgla do V-Project S.A., co biegły rewident uznał za na tyle istotne, by zamieścić w raporcie z przeglądu odrębne objaśnienie ze zwróceniem uwagi.
Sentiment
No guidance change
ECB
H1 2026 report
Revenue
50.33 m PLN
— YoY
Net income
4 m PLN
— YoY
EBITDA
5.96 m PLN
— YoY
FCF
3.48 m PLN
— YoY
Summary
Investment thesis
- Zysk netto wzrósł o 129% r/r do 4,0 mln zł, głównie dzięki wyższej rentowności sprzedaży węgla i spadkowi efektywnej stopy podatkowej z 22% do nominalnych 19%, ale przepływy operacyjne wzrosły zaledwie o 4,4% r/r - różnicę tłumaczy wyższy zapłacony podatek i niekorzystne zmiany kapitału obrotowego.
- Bilans jest praktycznie wolny od długu odsetkowego - jedynym zobowiązaniem finansowym jest leasing (3,0 mln zł) przy 11,1 mln zł gotówki, co daje ujemny dług netto (pozycję gotówkową netto ok. -8,1 mln zł).
- Segment 'energetyka' (AI Data Center, BESS, kogeneracja ECBCE) pozostaje na etapie przygotowawczym i formalno-administracyjnym i wciąż nie generuje przychodów - to opcje na przyszłość finansowane głównie kosztami przygotowawczymi, a nie obecne źródło wyniku.
- Umowa z V-Project S.A. przedłużona w kwietniu 2026 r. do końca 2029 r. (szacunkowa wartość pozostałych dostaw ok. 323 mln zł netto) daje widoczność przychodów na kilka lat, ale zamiast redukować zależność od jednego odbiorcy - utrwala ją.
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Financials
BETA
ECB · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 50,331 | 87,169 | −42.3% | 50,331 | −42.3% | reported | — | 1.00 |
| EBITDA | 5,957 | 7,047 | −15.5% | 5,957 | −15.5% | derived | — | 0.95 |
| EBIT | 4,962 | 5,231 | −5.1% | 4,962 | −5.1% | reported | — | 1.00 |
| EBT | 4,970 | 5,160 | −3.7% | 4,970 | −3.7% | reported | — | 1.00 |
| Net income | 4,002 | 4,060 | −1.4% | 4,002 | −1.4% | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.27 | — | — | 1.27 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 1.27 | — | — | 1.27 | — | reported | — | 1.00 |
| D&A | 995 | 1,816 | −45.2% | 995 | −45.2% | reported | — | 1.00 |
| Interest expense | 104 | — | — | 104 | — | reported | — | 0.60 |
| Income tax | 968 | 1,100 | −12% | 968 | −12% | reported | — | 1.00 |
| Shares (basic) (units) | 3,149,200 | — | — | — | — | reported | — | 1.00 |
| EBITDA margin | 11.84% | 8.08% | +3.8 pp | 11.84% | +3.8 pp | derived | — | 0.95 |
| EBIT margin | 9.86% | 6% | +3.9 pp | 9.86% | +3.9 pp | derived | — | 1.00 |
| Net margin | 7.95% | 4.66% | +3.3 pp | 7.95% | +3.3 pp | derived | — | 1.00 |
| Cash | 11,079 | 7,891 | +40.4% | — | — | reported | — | 1.00 |
| Total debt | 3,018 | — | — | — | — | reported | — | 1.00 |
| Net debt | -8,061 | — | — | — | — | derived | — | 0.95 |
| Equity | 23,976 | 22,493 | +6.6% | — | — | reported | — | 1.00 |
| Total assets | 34,567 | 31,552 | +9.6% | — | — | reported | — | 1.00 |
| Working capital | 11,641 | — | — | — | — | derived | — | 1.00 |
| Current assets | 19,841 | 15,649 | +26.8% | — | — | reported | — | 1.00 |
| Current liabilities | 8,200 | 6,141 | +33.5% | — | — | reported | — | 1.00 |
| Non-current liabilities | 2,391 | 2,918 | −18.1% | — | — | reported | — | 1.00 |
| Inventory | 727 | 158 | +360.1% | — | — | reported | — | 1.00 |
| Trade receivables | 7,340 | 7,600 | −3.4% | — | — | reported | — | 0.90 |
| Trade payables | 1,640 | — | — | — | — | reported | — | 0.90 |
| CFO | 3,551 | — | — | 3,551 | — | reported | — | 1.00 |
| CapEx | 71 | — | — | 71 | — | reported | — | 1.00 |
| FCF | 3,480 | — | — | 3,480 | — | derived | — | 0.95 |
| FCF conversion | 58.42% | — | — | 58.42% | — | derived | — | 0.90 |
| CFO conversion | 59.61% | — | — | 59.61% | — | derived | — | 0.90 |
| Dividends paid | 0 | 2,425 | −100% | 0 | −100% | reported | — | 1.00 |
| Current ratio | 2.42x | 2.55x | −0.13x | — | — | derived | — | 1.00 |
| Quick ratio | 2.33x | 2.52x | −0.19x | — | — | derived | — | 1.00 |
| Cash ratio | 1.35x | 1.28x | +0.07x | — | — | derived | — | 1.00 |
| Interest coverage | 47.71x | — | — | 47.71x | — | derived | — | 0.60 |
| Debt / equity | 0.13x | — | — | — | — | derived | — | 0.95 |
| Debt / assets | 0.09x | — | — | — | — | derived | — | 0.95 |
| Net debt / equity | -0.34x | — | — | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 2.85% | -17.17% | — | 2.85% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | 85.38% | — | — | 85.38% | — | derived | — | 0.90 |
| EBIT growth (YoY) | 115.69% | -91.32% | — | 115.69% | — | derived | — | 1.00 |
| Net income growth (YoY) | 129.47% | -99.36% | — | 129.47% | — | derived | — | 1.00 |
| EPS growth (YoY) | 130.91% | — | — | 130.91% | — | derived | — | 1.00 |
| FCF growth (YoY) | 12.4% | — | — | 12.4% | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | 5.27 pp | — | — | 5.27 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 5.16 pp | — | — | 5.16 pp | — | derived | — | 0.95 |
| Net margin Δ (YoY) | 4.39 pp | — | — | 4.39 pp | — | derived | — | 0.95 |
H1 2026 · Δ YoY
Revenue
50,331
−42.3%
50,331
−42.3%
- H1 2025
- 87,169
- YTD 2026
- 50,331
- Δ YoY
- −42.3%
EBITDA
5,957
−15.5%
5,957
−15.5%
- H1 2025
- 7,047
- YTD 2026
- 5,957
- Δ YoY
- −15.5%
EBIT
4,962
−5.1%
4,962
−5.1%
- H1 2025
- 5,231
- YTD 2026
- 4,962
- Δ YoY
- −5.1%
EBT
4,970
−3.7%
4,970
−3.7%
- H1 2025
- 5,160
- YTD 2026
- 4,970
- Δ YoY
- −3.7%
Net income
4,002
−1.4%
4,002
−1.4%
- H1 2025
- 4,060
- YTD 2026
- 4,002
- Δ YoY
- −1.4%
EPS (basic)
(PLN)
1.27
—
1.27
—
- H1 2025
- —
- YTD 2026
- 1.27
- Δ YoY
- —
EPS (diluted)
(PLN)
1.27
—
1.27
—
- H1 2025
- —
- YTD 2026
- 1.27
- Δ YoY
- —
D&A
995
−45.2%
995
−45.2%
- H1 2025
- 1,816
- YTD 2026
- 995
- Δ YoY
- −45.2%
Interest expense
104
—
104
—
- H1 2025
- —
- YTD 2026
- 104
- Δ YoY
- —
Income tax
968
−12%
968
−12%
- H1 2025
- 1,100
- YTD 2026
- 968
- Δ YoY
- −12%
Shares (basic)
(units)
3,149,200
—
3,149,200
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
11.84%
+3.8 pp
11.84%
+3.8 pp
- H1 2025
- 8.08%
- YTD 2026
- 11.84%
- Δ YoY
- +3.8 pp
EBIT margin
9.86%
+3.9 pp
9.86%
+3.9 pp
- H1 2025
- 6%
- YTD 2026
- 9.86%
- Δ YoY
- +3.9 pp
Net margin
7.95%
+3.3 pp
7.95%
+3.3 pp
- H1 2025
- 4.66%
- YTD 2026
- 7.95%
- Δ YoY
- +3.3 pp
Cash
11,079
+40.4%
11,079
+40.4%
- H1 2025
- 7,891
- YTD 2026
- —
- Δ YoY
- —
Total debt
3,018
—
3,018
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-8,061
—
-8,061
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
23,976
+6.6%
23,976
+6.6%
- H1 2025
- 22,493
- YTD 2026
- —
- Δ YoY
- —
Total assets
34,567
+9.6%
34,567
+9.6%
- H1 2025
- 31,552
- YTD 2026
- —
- Δ YoY
- —
Working capital
11,641
—
11,641
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
19,841
+26.8%
19,841
+26.8%
- H1 2025
- 15,649
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
8,200
+33.5%
8,200
+33.5%
- H1 2025
- 6,141
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
2,391
−18.1%
2,391
−18.1%
- H1 2025
- 2,918
- YTD 2026
- —
- Δ YoY
- —
Inventory
727
+360.1%
727
+360.1%
- H1 2025
- 158
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
7,340
−3.4%
7,340
−3.4%
- H1 2025
- 7,600
- YTD 2026
- —
- Δ YoY
- —
Trade payables
1,640
—
1,640
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
3,551
—
3,551
—
- H1 2025
- —
- YTD 2026
- 3,551
- Δ YoY
- —
CapEx
71
—
71
—
- H1 2025
- —
- YTD 2026
- 71
- Δ YoY
- —
FCF
3,480
—
3,480
—
- H1 2025
- —
- YTD 2026
- 3,480
- Δ YoY
- —
FCF conversion
58.42%
—
58.42%
—
- H1 2025
- —
- YTD 2026
- 58.42%
- Δ YoY
- —
CFO conversion
59.61%
—
59.61%
—
- H1 2025
- —
- YTD 2026
- 59.61%
- Δ YoY
- —
Dividends paid
0
−100%
0
−100%
- H1 2025
- 2,425
- YTD 2026
- 0
- Δ YoY
- −100%
Current ratio
2.42x
−0.13x
2.42x
−0.13x
- H1 2025
- 2.55x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
2.33x
−0.19x
2.33x
−0.19x
- H1 2025
- 2.52x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
1.35x
+0.07x
1.35x
+0.07x
- H1 2025
- 1.28x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
47.71x
—
47.71x
—
- H1 2025
- —
- YTD 2026
- 47.71x
- Δ YoY
- —
Debt / equity
0.13x
—
0.13x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.09x
—
0.09x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.34x
—
-0.34x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
2.85%
—
2.85%
—
- H1 2025
- -17.17%
- YTD 2026
- 2.85%
- Δ YoY
- —
EBITDA growth (YoY)
85.38%
—
85.38%
—
- H1 2025
- —
- YTD 2026
- 85.38%
- Δ YoY
- —
EBIT growth (YoY)
115.69%
—
115.69%
—
- H1 2025
- -91.32%
- YTD 2026
- 115.69%
- Δ YoY
- —
Net income growth (YoY)
129.47%
—
129.47%
—
- H1 2025
- -99.36%
- YTD 2026
- 129.47%
- Δ YoY
- —
EPS growth (YoY)
130.91%
—
130.91%
—
- H1 2025
- —
- YTD 2026
- 130.91%
- Δ YoY
- —
FCF growth (YoY)
12.4%
—
12.4%
—
- H1 2025
- —
- YTD 2026
- 12.4%
- Δ YoY
- —
EBITDA margin Δ (YoY)
5.27 pp
—
5.27 pp
—
- H1 2025
- —
- YTD 2026
- 5.27 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
5.16 pp
—
5.16 pp
—
- H1 2025
- —
- YTD 2026
- 5.16 pp
- Δ YoY
- —
Net margin Δ (YoY)
4.39 pp
—
4.39 pp
—
- H1 2025
- —
- YTD 2026
- 4.39 pp
- Δ YoY
- —