H1 2026 report
Operacyjna poprawa jest realna: EBITDA z -78,8 mln zł do +610,3 mln zł r/r, marża brutto ze sprzedaży wzrosła z 5,5% do 14,8%.
Sentiment
Cautious
Guidance maintained
ATT
H1 2026 report
Revenue
7.07 bn PLN
— YoY
Net income
-593.86 m PLN
— YoY
EBITDA
610.25 m PLN
— YoY
Gross margin
14.8%
— YoY
Summary
Investment thesis
- Bilans jest w stanie kryzysowym: kapitał własny grupy jest ujemny (-501,0 mln zł), a zobowiązania przewyższają aktywa (wskaźnik ogólnego zadłużenia 102,5%).
- Losy spółki są silnie związane z zamknięciem transakcji sprzedaży Grupy Azoty POLYOLEFINS do Orlen S.A. oraz z przedłużaniem Porozumienia Stabilizującego z 13 instytucjami finansującymi (obecnie do 30.09.2026).
- Wysoka zależność od reverse factoringu (spłata 2,9 mld zł w I półroczu 2026) sprawia, że raportowany OCF (+3,4 mld zł) nie odzwierciedla organicznej konwersji gotówki.
- Planowana emisja akcji (szacunkowo 500-600 mln zł, uchwała WZ z 13.03.2026) ma poprawić płynność i kapitał własny, ale cena emisyjna i termin nie są jeszcze ustalone.
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Financials
BETA
ATT · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,073,206 | 2,179,513 | +224.5% | 7,073,206 | +224.5% | reported | — | 1.00 |
| Gross profit | 1,046,912 | 117,907 | +787.9% | 1,046,912 | +787.9% | reported | — | 1.00 |
| EBITDA | 610,253 | -158,569 | +484.9% | 610,253 | +484.9% | reported | — | 1.00 |
| EBIT | 157,518 | -313,459 | +150.3% | 157,518 | +150.3% | reported | — | 1.00 |
| EBT | -576,541 | -391,165 | −47.4% | -576,541 | −47.4% | reported | — | 1.00 |
| Net income | -593,860 | -386,709 | −53.6% | -593,860 | −53.6% | reported | — | 1.00 |
| EPS (basic) (PLN) | -5 | -3.9 | — | -5 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -5 | — | — | -5 | — | reported | — | 1.00 |
| D&A | 446,931 | 154,890 | +188.5% | 446,931 | +188.5% | reported | — | 1.00 |
| Interest expense | 428,866 | — | — | 428,866 | — | derived | — | 0.70 |
| Income tax | 17,319 | -2,360 | +833.9% | 17,319 | +833.9% | reported | — | 1.00 |
| Shares (basic) (m units) | 99.2 | 99.2 | — | — | — | reported | — | 1.00 |
| Gross margin | 14.8% | 5.41% | +9.4 pp | 14.8% | +9.4 pp | reported | — | 1.00 |
| EBITDA margin | 8.63% | -7.28% | +15.9 pp | 8.63% | +15.9 pp | reported | — | 1.00 |
| EBIT margin | 2.23% | -14.38% | +16.6 pp | 2.23% | +16.6 pp | reported | — | 1.00 |
| EBT margin | -8.15% | — | — | -8.15% | — | reported | — | 1.00 |
| Net margin | -8.39% | -17.74% | +9.3 pp | -8.39% | +9.3 pp | reported | — | 1.00 |
| D&A margin | 6.32% | 7.59% | −1.3 pp | 6.32% | −1.3 pp | reported | — | 1.00 |
| Cash | 440,226 | 1,242,391 | −64.6% | — | — | reported | — | 1.00 |
| Total debt | 8,519,438 | 4,713,356 | +80.8% | — | — | reported | — | 0.75 |
| Net debt | 8,079,212 | 3,796,240 | +112.8% | — | — | derived | — | 0.75 |
| Equity | -500,981 | 3,525,768 | −114.2% | — | — | reported | — | 1.00 |
| Total assets | 19,676,629 | 9,839,038 | +100% | — | — | reported | — | 1.00 |
| Working capital | -11,442,098 | -4,467,720 | −156.1% | — | — | derived | — | 1.00 |
| Current assets | 6,546,901 | 2,412,680 | +171.4% | — | — | reported | — | 1.00 |
| Current liabilities | 17,988,999 | 5,961,350 | +201.8% | — | — | reported | — | 1.00 |
| Non-current liabilities | 2,188,611 | 351,920 | +521.9% | — | — | reported | — | 1.00 |
| Inventory | 2,000,917 | 260,818 | +667.2% | — | — | reported | — | 1.00 |
| Trade receivables | 3,056,486 | 238,898 | +1179.4% | — | — | reported | — | 1.00 |
| Trade payables | 6,008,035 | 861,688 | +597.2% | — | — | reported | — | 0.90 |
| Goodwill | 1,124,335 | — | — | — | — | reported | — | 0.95 |
| Tangible equity | -1,625,316 | — | — | — | — | derived | — | 0.90 |
| CFO | 3,418,147 | 1,388,478 | +146.2% | 3,418,147 | +146.2% | reported | — | 1.00 |
| CapEx | 210,721 | 208,954 | +0.8% | 210,721 | +0.8% | reported | — | 1.00 |
| FCF | 3,207,426 | 1,179,524 | +171.9% | 3,207,426 | +171.9% | derived | — | 0.40 |
| FCF conversion | 525.7% | — | — | 525.7% | — | reported | — | 0.20 |
| CFO conversion | 560.2% | — | — | 560.2% | — | reported | — | 0.20 |
| Current ratio | 0.36x | 0.28x | +0.08x | — | — | reported | — | 1.00 |
| Quick ratio | 0.25x | 0.24x | +0.01x | — | — | reported | — | 1.00 |
| Cash ratio | 0.02x | 0.16x | −0.14x | — | — | reported | — | 1.00 |
| Interest coverage | 0.37x | -1.33x | +1.7x | 0.37x | +1.7x | reported | — | 0.70 |
| Debt / assets | 0.43x | 0.52x | −0.09x | — | — | reported | — | 0.75 |
| Revenue growth (YoY) | -0.94% | -4.56% | — | -0.94% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 874.2% | -60.08% | — | 874.2% | — | reported | — | 1.00 |
| EBIT growth (YoY) | 124.6% | -31.37% | — | 124.6% | — | reported | — | 1.00 |
| Net income growth (YoY) | 32.34% | -158.86% | — | 32.34% | — | reported | — | 1.00 |
| EPS growth (YoY) | 38.27% | -158.72% | — | 38.27% | — | reported | — | 1.00 |
| Gross margin Δ (YoY) | 9.26 pp | — | — | 9.26 pp | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 9.73 pp | — | — | 9.73 pp | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | 11.19 pp | — | — | 11.19 pp | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 3.9 pp | — | — | 3.9 pp | — | reported | — | 1.00 |
H1 2026 · Δ YoY
Revenue
7,073,206
+224.5%
7,073,206
+224.5%
- H1 2025
- 2,179,513
- YTD 2026
- 7,073,206
- Δ YoY
- +224.5%
Gross profit
1,046,912
+787.9%
1,046,912
+787.9%
- H1 2025
- 117,907
- YTD 2026
- 1,046,912
- Δ YoY
- +787.9%
EBITDA
610,253
+484.9%
610,253
+484.9%
- H1 2025
- -158,569
- YTD 2026
- 610,253
- Δ YoY
- +484.9%
EBIT
157,518
+150.3%
157,518
+150.3%
- H1 2025
- -313,459
- YTD 2026
- 157,518
- Δ YoY
- +150.3%
EBT
-576,541
−47.4%
-576,541
−47.4%
- H1 2025
- -391,165
- YTD 2026
- -576,541
- Δ YoY
- −47.4%
Net income
-593,860
−53.6%
-593,860
−53.6%
- H1 2025
- -386,709
- YTD 2026
- -593,860
- Δ YoY
- −53.6%
EPS (basic)
(PLN)
-5
—
-5
—
- H1 2025
- -3.9
- YTD 2026
- -5
- Δ YoY
- —
EPS (diluted)
(PLN)
-5
—
-5
—
- H1 2025
- —
- YTD 2026
- -5
- Δ YoY
- —
D&A
446,931
+188.5%
446,931
+188.5%
- H1 2025
- 154,890
- YTD 2026
- 446,931
- Δ YoY
- +188.5%
Interest expense
428,866
—
428,866
—
- H1 2025
- —
- YTD 2026
- 428,866
- Δ YoY
- —
Income tax
17,319
+833.9%
17,319
+833.9%
- H1 2025
- -2,360
- YTD 2026
- 17,319
- Δ YoY
- +833.9%
Shares (basic)
(m units)
99.2
—
99.2
—
- H1 2025
- 99.2
- YTD 2026
- —
- Δ YoY
- —
Gross margin
14.8%
+9.4 pp
14.8%
+9.4 pp
- H1 2025
- 5.41%
- YTD 2026
- 14.8%
- Δ YoY
- +9.4 pp
EBITDA margin
8.63%
+15.9 pp
8.63%
+15.9 pp
- H1 2025
- -7.28%
- YTD 2026
- 8.63%
- Δ YoY
- +15.9 pp
EBIT margin
2.23%
+16.6 pp
2.23%
+16.6 pp
- H1 2025
- -14.38%
- YTD 2026
- 2.23%
- Δ YoY
- +16.6 pp
EBT margin
-8.15%
—
-8.15%
—
- H1 2025
- —
- YTD 2026
- -8.15%
- Δ YoY
- —
Net margin
-8.39%
+9.3 pp
-8.39%
+9.3 pp
- H1 2025
- -17.74%
- YTD 2026
- -8.39%
- Δ YoY
- +9.3 pp
D&A margin
6.32%
−1.3 pp
6.32%
−1.3 pp
- H1 2025
- 7.59%
- YTD 2026
- 6.32%
- Δ YoY
- −1.3 pp
Cash
440,226
−64.6%
440,226
−64.6%
- H1 2025
- 1,242,391
- YTD 2026
- —
- Δ YoY
- —
Total debt
8,519,438
+80.8%
8,519,438
+80.8%
- H1 2025
- 4,713,356
- YTD 2026
- —
- Δ YoY
- —
Net debt
8,079,212
+112.8%
8,079,212
+112.8%
- H1 2025
- 3,796,240
- YTD 2026
- —
- Δ YoY
- —
Equity
-500,981
−114.2%
-500,981
−114.2%
- H1 2025
- 3,525,768
- YTD 2026
- —
- Δ YoY
- —
Total assets
19,676,629
+100%
19,676,629
+100%
- H1 2025
- 9,839,038
- YTD 2026
- —
- Δ YoY
- —
Working capital
-11,442,098
−156.1%
-11,442,098
−156.1%
- H1 2025
- -4,467,720
- YTD 2026
- —
- Δ YoY
- —
Current assets
6,546,901
+171.4%
6,546,901
+171.4%
- H1 2025
- 2,412,680
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
17,988,999
+201.8%
17,988,999
+201.8%
- H1 2025
- 5,961,350
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
2,188,611
+521.9%
2,188,611
+521.9%
- H1 2025
- 351,920
- YTD 2026
- —
- Δ YoY
- —
Inventory
2,000,917
+667.2%
2,000,917
+667.2%
- H1 2025
- 260,818
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
3,056,486
+1179.4%
3,056,486
+1179.4%
- H1 2025
- 238,898
- YTD 2026
- —
- Δ YoY
- —
Trade payables
6,008,035
+597.2%
6,008,035
+597.2%
- H1 2025
- 861,688
- YTD 2026
- —
- Δ YoY
- —
Goodwill
1,124,335
—
1,124,335
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
-1,625,316
—
-1,625,316
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
3,418,147
+146.2%
3,418,147
+146.2%
- H1 2025
- 1,388,478
- YTD 2026
- 3,418,147
- Δ YoY
- +146.2%
CapEx
210,721
+0.8%
210,721
+0.8%
- H1 2025
- 208,954
- YTD 2026
- 210,721
- Δ YoY
- +0.8%
FCF
3,207,426
+171.9%
3,207,426
+171.9%
- H1 2025
- 1,179,524
- YTD 2026
- 3,207,426
- Δ YoY
- +171.9%
FCF conversion
525.7%
—
525.7%
—
- H1 2025
- —
- YTD 2026
- 525.7%
- Δ YoY
- —
CFO conversion
560.2%
—
560.2%
—
- H1 2025
- —
- YTD 2026
- 560.2%
- Δ YoY
- —
Current ratio
0.36x
+0.08x
0.36x
+0.08x
- H1 2025
- 0.28x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.25x
+0.01x
0.25x
+0.01x
- H1 2025
- 0.24x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.02x
−0.14x
0.02x
−0.14x
- H1 2025
- 0.16x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
0.37x
+1.7x
0.37x
+1.7x
- H1 2025
- -1.33x
- YTD 2026
- 0.37x
- Δ YoY
- +1.7x
Debt / assets
0.43x
−0.09x
0.43x
−0.09x
- H1 2025
- 0.52x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-0.94%
—
-0.94%
—
- H1 2025
- -4.56%
- YTD 2026
- -0.94%
- Δ YoY
- —
EBITDA growth (YoY)
874.2%
—
874.2%
—
- H1 2025
- -60.08%
- YTD 2026
- 874.2%
- Δ YoY
- —
EBIT growth (YoY)
124.6%
—
124.6%
—
- H1 2025
- -31.37%
- YTD 2026
- 124.6%
- Δ YoY
- —
Net income growth (YoY)
32.34%
—
32.34%
—
- H1 2025
- -158.86%
- YTD 2026
- 32.34%
- Δ YoY
- —
EPS growth (YoY)
38.27%
—
38.27%
—
- H1 2025
- -158.72%
- YTD 2026
- 38.27%
- Δ YoY
- —
Gross margin Δ (YoY)
9.26 pp
—
9.26 pp
—
- H1 2025
- —
- YTD 2026
- 9.26 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
9.73 pp
—
9.73 pp
—
- H1 2025
- —
- YTD 2026
- 9.73 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
11.19 pp
—
11.19 pp
—
- H1 2025
- —
- YTD 2026
- 11.19 pp
- Δ YoY
- —
Net margin Δ (YoY)
3.9 pp
—
3.9 pp
—
- H1 2025
- —
- YTD 2026
- 3.9 pp
- Δ YoY
- —