H1 2026 report
Spółka złożyła 7 września 2026 wniosek o ogłoszenie upadłości; sąd nie wydał jeszcze rozstrzygnięcia na dzień publikacji raportu.
Sentiment
Negative
No guidance change
KCH
H1 2026 report
Revenue
9.59 m PLN
— YoY
Net income
-3.77 m PLN
— YoY
EBITDA
-1.32 m PLN
— YoY
Gross margin
18.3%
— YoY
Summary
Investment thesis
- Kapitał własny jest głęboko ujemny (-77 395 tys. zł), głównie z powodu 76 mln zł rezerwy na sporne zobowiązania podatkowe VAT za lata 2013-2015 (kapitał 43 157 tys. zł + odsetki 32 849 tys. zł).
- Przychody spadły o 34% r/r, a rdzeń działalności handlowej (sprzedaż hurtowa) generuje stratę na sprzedaży -2 828 tys. zł — poprawa wyniku operacyjnego pochodzi z rozwiązania odpisów, nie z biznesu.
- Marcowy układ częściowy z wierzycielami (redukcja 40% zobowiązań) został prawomocnie zatwierdzony, ale jego realizacja jeszcze się nie rozpoczęła, a mimo to zarząd uznał sytuację za na tyle poważną, by wnosić o upadłość.
- Suma aktywów skurczyła się w ciągu roku z 12 330 do 4 126 tys. zł, m.in. po sprzedaży jedynej istotnej nieruchomości inwestycyjnej do w pełni zależnej spółki KCH Properties.
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Financials
BETA
KCH · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9,588 | 25,088 | −61.8% | 9,588 | −61.8% | reported | — | 1.00 |
| Gross profit | 1,754 | 3,084 | −43.1% | 1,754 | −43.1% | reported | — | 1.00 |
| EBITDA | -1,318 | -5,260 | +74.9% | -1,318 | +74.9% | reported | — | 0.90 |
| EBIT | -1,618 | -6,238 | +74.1% | -1,618 | +74.1% | reported | — | 1.00 |
| EBT | -3,965 | -12,208 | +67.5% | -3,965 | +67.5% | reported | — | 1.00 |
| Net income | -3,766 | -12,129 | +69% | -3,766 | +69% | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.42 | -1.35 | — | -0.42 | — | reported | — | 1.00 |
| D&A | 300 | 978 | −69.3% | 300 | −69.3% | reported | — | 1.00 |
| Interest expense | 2,318 | 5,951 | −61% | 2,318 | −61% | reported | — | 1.00 |
| Income tax | -200 | -79 | −153.2% | -200 | −153.2% | reported | — | 1.00 |
| Shares (basic) (m units) | 9 | 9 | — | — | — | reported | — | 1.00 |
| Gross margin | 18.3% | 12.29% | +6 pp | 18.3% | +6 pp | reported | — | 1.00 |
| EBITDA margin | -13.75% | -20.97% | +7.2 pp | -13.75% | +7.2 pp | reported | — | 0.90 |
| EBIT margin | -16.88% | -24.86% | +8 pp | -16.88% | +8 pp | reported | — | 1.00 |
| Net margin | -39.28% | -48.35% | +9.1 pp | -39.28% | +9.1 pp | reported | — | 1.00 |
| Cash | 62 | 447 | −86.1% | — | — | reported | — | 1.00 |
| Total debt | 530 | 968 | −45.2% | — | — | reported | — | 0.90 |
| Net debt | 468 | 521 | −10.2% | — | — | derived | — | 0.90 |
| Equity | -77,395 | -73,567 | −5.2% | — | — | reported | — | 1.00 |
| Total assets | 4,126 | 6,305 | −34.6% | — | — | reported | — | 1.00 |
| Current assets | 3,440 | 3,709 | −7.3% | — | — | reported | — | 1.00 |
| Current liabilities | 80,891 | 4,982 | +1523.7% | — | — | reported | — | 0.90 |
| Non-current liabilities | 630 | — | — | — | — | reported | — | 0.80 |
| Inventory | 480 | 1,079 | −55.5% | — | — | reported | — | 1.00 |
| Trade receivables | 2,205 | 1,232 | +79% | — | — | reported | — | 0.90 |
| Trade payables | 3,304 | 3,506 | −5.8% | — | — | reported | — | 1.00 |
| Goodwill | 29 | 88 | −67% | — | — | reported | — | 1.00 |
| Tangible equity | -77,424 | -73,655 | −5.1% | — | — | reported | — | 0.90 |
| CFO | -1,706 | -1,402 | −21.7% | -1,706 | −21.7% | reported | — | 1.00 |
| CapEx | 3 | 23 | −87% | 3 | −87% | reported | — | 1.00 |
| FCF | -1,709 | -1,425 | −19.9% | -1,709 | −19.9% | reported | — | 0.90 |
| Current ratio | 0.04x | 0.74x | −0.7x | — | — | reported | — | 0.80 |
| Quick ratio | 0.04x | 0.53x | −0.49x | — | — | reported | — | 0.80 |
| Cash ratio | 0x | 0.09x | −0.09x | — | — | reported | — | 0.80 |
| Interest coverage | -0.7x | -1.05x | +0.35x | -0.7x | +0.35x | reported | — | 0.70 |
| Debt / assets | 0.13x | 0.15x | −0.02x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | -34.23% | -43.75% | — | -34.23% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 40.01% | — | — | 40.01% | — | reported | — | 0.80 |
| EBIT growth (YoY) | 40.67% | 9.66% | — | 40.67% | — | reported | — | 0.90 |
| Net income growth (YoY) | 35.51% | 10.11% | — | 35.51% | — | reported | — | 1.00 |
| EPS growth (YoY) | 35.38% | — | — | 35.38% | — | reported | — | 1.00 |
H1 2026 · Δ YoY
Revenue
9,588
−61.8%
9,588
−61.8%
- H1 2025
- 25,088
- YTD 2026
- 9,588
- Δ YoY
- −61.8%
Gross profit
1,754
−43.1%
1,754
−43.1%
- H1 2025
- 3,084
- YTD 2026
- 1,754
- Δ YoY
- −43.1%
EBITDA
-1,318
+74.9%
-1,318
+74.9%
- H1 2025
- -5,260
- YTD 2026
- -1,318
- Δ YoY
- +74.9%
EBIT
-1,618
+74.1%
-1,618
+74.1%
- H1 2025
- -6,238
- YTD 2026
- -1,618
- Δ YoY
- +74.1%
EBT
-3,965
+67.5%
-3,965
+67.5%
- H1 2025
- -12,208
- YTD 2026
- -3,965
- Δ YoY
- +67.5%
Net income
-3,766
+69%
-3,766
+69%
- H1 2025
- -12,129
- YTD 2026
- -3,766
- Δ YoY
- +69%
EPS (basic)
(PLN)
-0.42
—
-0.42
—
- H1 2025
- -1.35
- YTD 2026
- -0.42
- Δ YoY
- —
D&A
300
−69.3%
300
−69.3%
- H1 2025
- 978
- YTD 2026
- 300
- Δ YoY
- −69.3%
Interest expense
2,318
−61%
2,318
−61%
- H1 2025
- 5,951
- YTD 2026
- 2,318
- Δ YoY
- −61%
Income tax
-200
−153.2%
-200
−153.2%
- H1 2025
- -79
- YTD 2026
- -200
- Δ YoY
- −153.2%
Shares (basic)
(m units)
9
—
9
—
- H1 2025
- 9
- YTD 2026
- —
- Δ YoY
- —
Gross margin
18.3%
+6 pp
18.3%
+6 pp
- H1 2025
- 12.29%
- YTD 2026
- 18.3%
- Δ YoY
- +6 pp
EBITDA margin
-13.75%
+7.2 pp
-13.75%
+7.2 pp
- H1 2025
- -20.97%
- YTD 2026
- -13.75%
- Δ YoY
- +7.2 pp
EBIT margin
-16.88%
+8 pp
-16.88%
+8 pp
- H1 2025
- -24.86%
- YTD 2026
- -16.88%
- Δ YoY
- +8 pp
Net margin
-39.28%
+9.1 pp
-39.28%
+9.1 pp
- H1 2025
- -48.35%
- YTD 2026
- -39.28%
- Δ YoY
- +9.1 pp
Cash
62
−86.1%
62
−86.1%
- H1 2025
- 447
- YTD 2026
- —
- Δ YoY
- —
Total debt
530
−45.2%
530
−45.2%
- H1 2025
- 968
- YTD 2026
- —
- Δ YoY
- —
Net debt
468
−10.2%
468
−10.2%
- H1 2025
- 521
- YTD 2026
- —
- Δ YoY
- —
Equity
-77,395
−5.2%
-77,395
−5.2%
- H1 2025
- -73,567
- YTD 2026
- —
- Δ YoY
- —
Total assets
4,126
−34.6%
4,126
−34.6%
- H1 2025
- 6,305
- YTD 2026
- —
- Δ YoY
- —
Current assets
3,440
−7.3%
3,440
−7.3%
- H1 2025
- 3,709
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
80,891
+1523.7%
80,891
+1523.7%
- H1 2025
- 4,982
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
630
—
630
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
480
−55.5%
480
−55.5%
- H1 2025
- 1,079
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
2,205
+79%
2,205
+79%
- H1 2025
- 1,232
- YTD 2026
- —
- Δ YoY
- —
Trade payables
3,304
−5.8%
3,304
−5.8%
- H1 2025
- 3,506
- YTD 2026
- —
- Δ YoY
- —
Goodwill
29
−67%
29
−67%
- H1 2025
- 88
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
-77,424
−5.1%
-77,424
−5.1%
- H1 2025
- -73,655
- YTD 2026
- —
- Δ YoY
- —
CFO
-1,706
−21.7%
-1,706
−21.7%
- H1 2025
- -1,402
- YTD 2026
- -1,706
- Δ YoY
- −21.7%
CapEx
3
−87%
3
−87%
- H1 2025
- 23
- YTD 2026
- 3
- Δ YoY
- −87%
FCF
-1,709
−19.9%
-1,709
−19.9%
- H1 2025
- -1,425
- YTD 2026
- -1,709
- Δ YoY
- −19.9%
Current ratio
0.04x
−0.7x
0.04x
−0.7x
- H1 2025
- 0.74x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.04x
−0.49x
0.04x
−0.49x
- H1 2025
- 0.53x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0x
−0.09x
0x
−0.09x
- H1 2025
- 0.09x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-0.7x
+0.35x
-0.7x
+0.35x
- H1 2025
- -1.05x
- YTD 2026
- -0.7x
- Δ YoY
- +0.35x
Debt / assets
0.13x
−0.02x
0.13x
−0.02x
- H1 2025
- 0.15x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-34.23%
—
-34.23%
—
- H1 2025
- -43.75%
- YTD 2026
- -34.23%
- Δ YoY
- —
EBITDA growth (YoY)
40.01%
—
40.01%
—
- H1 2025
- —
- YTD 2026
- 40.01%
- Δ YoY
- —
EBIT growth (YoY)
40.67%
—
40.67%
—
- H1 2025
- 9.66%
- YTD 2026
- 40.67%
- Δ YoY
- —
Net income growth (YoY)
35.51%
—
35.51%
—
- H1 2025
- 10.11%
- YTD 2026
- 35.51%
- Δ YoY
- —
EPS growth (YoY)
35.38%
—
35.38%
—
- H1 2025
- —
- YTD 2026
- 35.38%
- Δ YoY
- —