OTS OT LOGISTICS Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 22, 2026

H1 2026 report

Strata skurczyła się wyraźnie r/r (EBIT +3,66 mln zł vs -8,05 mln zł; strata netto -11,52 mln zł vs -20,84 mln zł), głównie dzięki niższemu kosztowi własnemu sprzedaży i wzrostowi pozostałych przychodów operacyjnych.

Sentiment

Cautious No guidance change

Website

OTS H1 2026 report

Revenue

128.99 m PLN

— YoY

Net income

-11.52 m PLN

— YoY

EBITDA

26.17 m PLN

— YoY

Gross margin

8.39%

— YoY

Summary

Investment thesis

Konwersja gotówki się załamała: mimo wzrostu EBITDA o ok. 51% r/r, OCF spadł z 26,1 mln do 7,7 mln zł, bo zobowiązania handlowe zaczęły się zmniejszać zamiast rosnąć jak rok wcześniej.
Zmiana kontroli właścicielskiej: czeska DD Rail Properties a.s. przejęła 49,99% akcji za 102,4 mln zł (kwiecień 2026) i stała się głównym źródłem finansowania pomostowego grupy (dwie pożyczki po 3,6 mln EUR, 9% stałe).
Płynność jest napięta i zależna od finansowania krótkoterminowego: limit kredytowy Citi Handlowy (23 mln zł) wygasa 30.09.2026 r., wymagany był waiver kowenantu, a 11.09.2026 r. zawarto pożyczkę pomostową 5,5 mln EUR od J&T Mezzanine w oczekiwaniu na docelowe refinansowanie.
Bilans pozostaje strukturalnie słaby: kapitał własny 86,7 mln zł (spadek z 98,2 mln), zobowiązania krótkoterminowe przewyższają aktywa obrotowe, a pokrycie odsetek EBIT/koszty odsetkowe wynosi ok. 0,27x.

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Financials

BETA

H1 2026

OTS · H1 2026

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

Revenue	66,991	272,894	−75.5%	128,992	−52.7%	reported	—	1.00
Gross profit	8,188	19,642	−58.3%	10,816	−44.9%	reported	—	1.00
EBITDA	26,171	36,816	−28.9%	26,171	−28.9%	derived	—	0.90
EBIT	308	-13,051	+102.4%	3,656	+128%	reported	—	1.00
EBT	-11,480	-41,638	+72.4%	-11,480	+72.4%	reported	—	1.00
Net income	-6,252	-46,196	+86.5%	-11,519	+75.1%	reported	—	1.00
EPS (basic) (PLN)	-0.88	-3.53	—	-0.88	—	reported	—	1.00
EPS (diluted) (PLN)	-0.88	—	—	-0.88	—	reported	—	1.00
D&A	22,515	49,867	−54.8%	22,515	−54.8%	reported	—	1.00
Interest expense	13,781	—	—	13,781	—	reported	—	1.00
Income tax	-39	—	—	-39	—	reported	—	1.00
Shares (basic) (units)	13,098,780	—	—	—	—	reported	—	1.00

Gross margin	12.22%	7.2%	+5 pp	8.39%	+1.2 pp	reported	—	0.90
EBITDA margin	20.29%	13.49%	+6.8 pp	20.29%	+6.8 pp	reported	—	0.85
EBIT margin	0.46%	-4.78%	+5.2 pp	2.83%	+7.6 pp	reported	—	0.90
Net margin	-9.33%	-16.93%	+7.6 pp	-8.93%	+8 pp	reported	—	0.90

Cash	9,697	1,640	+491.3%	—	—	reported	—	1.00
Total debt	474,494	531,130	−10.7%	—	—	derived	—	0.90
Net debt	464,797	529,490	−12.2%	—	—	derived	—	0.90
Equity	86,674	98,208	−11.7%	—	—	reported	—	1.00
Total assets	638,940	710,852	−10.1%	—	—	reported	—	1.00
Current assets	52,468	52,597	−0.2%	—	—	reported	—	1.00
Current liabilities	128,001	116,913	+9.5%	—	—	reported	—	1.00
Non-current liabilities	411,901	462,296	−10.9%	—	—	reported	—	1.00
Inventory	3,048	2,681	+13.7%	—	—	reported	—	1.00
Trade receivables	39,723	—	—	—	—	reported	—	1.00
Trade payables	46,033	—	—	—	—	reported	—	1.00
Goodwill	40,840	—	—	—	—	derived	—	0.90

CFO	7,728	54,766	−85.9%	7,728	−85.9%	reported	—	1.00
CapEx	2,926	—	—	2,926	—	reported	—	1.00
FCF	4,802	—	—	4,802	—	derived	—	0.70
FCF conversion	18.35%	—	—	18.35%	—	reported	—	0.70
CFO conversion	29.53%	—	—	29.53%	—	reported	—	0.70
Dividends paid	0	—	—	0	—	reported	—	1.00

Current ratio	0.41x	0.45x	−0.04x	—	—	reported	—	0.90
Quick ratio	0.39x	0.43x	−0.04x	—	—	reported	—	0.90
Cash ratio	0.08x	0.01x	+0.07x	—	—	reported	—	0.90
Interest coverage	0.27x	—	—	—	—	reported	—	0.85

Debt / equity	5.47x	5.41x	+0.06x	—	—	reported	—	0.80
Debt / assets	0.74x	—	—	—	—	reported	—	0.80
Net debt / equity	5.36x	—	—	—	—	reported	—	0.80

Revenue growth (YoY)	-4.57%	-14.98%	—	—	—	reported	—	0.90
EBITDA growth (YoY)	50.56%	-36.71%	—	—	—	reported	—	0.80
EBIT growth (YoY)	145.44%	—	—	—	—	reported	—	0.90
Net income growth (YoY)	44.71%	—	—	—	—	reported	—	0.90
EPS growth (YoY)	44.65%	—	—	—	—	reported	—	0.90
Gross margin Δ (YoY)	5.85 pp	—	—	—	—	reported	—	0.90
EBITDA margin Δ (YoY)	7.43 pp	—	—	—	—	reported	—	0.80
EBIT margin Δ (YoY)	8.78 pp	—	—	—	—	reported	—	0.90
Net margin Δ (YoY)	6.48 pp	—	—	—	—	reported	—	0.90

H1 2026 · Δ YoY

Revenue

66,991 −75.5%

H1 2025: 272,894
YTD 2026: 128,992
Δ YoY: −52.7%

Gross profit

8,188 −58.3%

H1 2025: 19,642
YTD 2026: 10,816
Δ YoY: −44.9%

EBITDA

26,171 −28.9%

H1 2025: 36,816
YTD 2026: 26,171
Δ YoY: −28.9%

EBIT

308 +102.4%

H1 2025: -13,051
YTD 2026: 3,656
Δ YoY: +128%

EBT

-11,480 +72.4%

H1 2025: -41,638
YTD 2026: -11,480
Δ YoY: +72.4%

Net income

-6,252 +86.5%

H1 2025: -46,196
YTD 2026: -11,519
Δ YoY: +75.1%

EPS (basic) (PLN)

-0.88 —

H1 2025: -3.53
YTD 2026: -0.88
Δ YoY: —

EPS (diluted) (PLN)

-0.88 —

H1 2025: —
YTD 2026: -0.88
Δ YoY: —

D&A

22,515 −54.8%

H1 2025: 49,867
YTD 2026: 22,515
Δ YoY: −54.8%

Interest expense

13,781 —

H1 2025: —
YTD 2026: 13,781
Δ YoY: —

Income tax

-39 —

H1 2025: —
YTD 2026: -39
Δ YoY: —

Shares (basic) (units)

13,098,780 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Gross margin

12.22% +5 pp

H1 2025: 7.2%
YTD 2026: 8.39%
Δ YoY: +1.2 pp

EBITDA margin

20.29% +6.8 pp

H1 2025: 13.49%
YTD 2026: 20.29%
Δ YoY: +6.8 pp

EBIT margin

0.46% +5.2 pp

H1 2025: -4.78%
YTD 2026: 2.83%
Δ YoY: +7.6 pp

Net margin

-9.33% +7.6 pp

H1 2025: -16.93%
YTD 2026: -8.93%
Δ YoY: +8 pp

Cash

9,697 +491.3%

H1 2025: 1,640
YTD 2026: —
Δ YoY: —

Total debt

474,494 −10.7%

H1 2025: 531,130
YTD 2026: —
Δ YoY: —

Net debt

464,797 −12.2%

H1 2025: 529,490
YTD 2026: —
Δ YoY: —

Equity

86,674 −11.7%

H1 2025: 98,208
YTD 2026: —
Δ YoY: —

Total assets

638,940 −10.1%

H1 2025: 710,852
YTD 2026: —
Δ YoY: —

Current assets

52,468 −0.2%

H1 2025: 52,597
YTD 2026: —
Δ YoY: —

Current liabilities

128,001 +9.5%

H1 2025: 116,913
YTD 2026: —
Δ YoY: —

Non-current liabilities

411,901 −10.9%

H1 2025: 462,296
YTD 2026: —
Δ YoY: —

Inventory

3,048 +13.7%

H1 2025: 2,681
YTD 2026: —
Δ YoY: —

Trade receivables

39,723 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

46,033 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

40,840 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

7,728 −85.9%

H1 2025: 54,766
YTD 2026: 7,728
Δ YoY: −85.9%

CapEx

2,926 —

H1 2025: —
YTD 2026: 2,926
Δ YoY: —

FCF

4,802 —

H1 2025: —
YTD 2026: 4,802
Δ YoY: —

FCF conversion

18.35% —

H1 2025: —
YTD 2026: 18.35%
Δ YoY: —

CFO conversion

29.53% —

H1 2025: —
YTD 2026: 29.53%
Δ YoY: —

Dividends paid

0 —

H1 2025: —
YTD 2026: 0
Δ YoY: —

Current ratio

0.41x −0.04x

H1 2025: 0.45x
YTD 2026: —
Δ YoY: —

Quick ratio

0.39x −0.04x

H1 2025: 0.43x
YTD 2026: —
Δ YoY: —

Cash ratio

0.08x +0.07x

H1 2025: 0.01x
YTD 2026: —
Δ YoY: —

Interest coverage

0.27x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

5.47x +0.06x

H1 2025: 5.41x
YTD 2026: —
Δ YoY: —

Debt / assets

0.74x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

5.36x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-4.57% —

H1 2025: -14.98%
YTD 2026: —
Δ YoY: —

EBITDA growth (YoY)

50.56% —

H1 2025: -36.71%
YTD 2026: —
Δ YoY: —

EBIT growth (YoY)

145.44% —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net income growth (YoY)

44.71% —

H1 2025: —
YTD 2026: —
Δ YoY: —

EPS growth (YoY)

44.65% —

H1 2025: —
YTD 2026: —
Δ YoY: —

Gross margin Δ (YoY)

5.85 pp —

H1 2025: —
YTD 2026: —
Δ YoY: —

EBITDA margin Δ (YoY)

7.43 pp —

H1 2025: —
YTD 2026: —
Δ YoY: —

EBIT margin Δ (YoY)

8.78 pp —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net margin Δ (YoY)

6.48 pp —

H1 2025: —
YTD 2026: —
Δ YoY: —