PCO PEPCO GROUP N.V. Giełda Papierów Wartościowych w Warszawie · semiannual · publ. May 21, 2026

H1 2026 report

Pepco wyraźnie poprawia rentowność po wyjściu z FMCG: marża brutto 49,7% (+250 pb), EBITDA skorygowana 516 mln € (+17,5%).

Sentiment

Positive Guidance maintained

Website

PCO H1 2026 report

Revenue

2.47 bn EUR

— YoY

Net income

172.06 m EUR

— YoY

EBITDA

501 m EUR

— YoY

Gross margin

49.62%

— YoY

Summary

Investment thesis

Gotówka potwierdza wyniki: OCF z działalności kontynuowanej 404 mln € (+64%), FCF po odsetkach 156 mln €, dług netto bez MSSF 16 tylko 139 mln € (0,2x).
Strategia wzrostu w Europie Zachodniej przyspiesza: LFL +13,5% bez FMCG, co najmniej 600 nowych sklepów w latach FY27–FY30.
Nowa polityka kapitałowa: skup do 400 mln € w FY26 oraz wypłata nadwyżki wolnej gotówki od FY27, payout dywidendy do 40% zysku skorygowanego.
Jakość wzrostu zysku jest częściowo księgowa (zmiana szacunków amortyzacji +21 mln € PBT, jednorazowe odszkodowanie 12 mln €) przy niezbadanym raporcie.

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Financials

BETA

H1 2026

PCO · H1 2026

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

Revenue	2,470.34	—	—	2,470.34	—	reported	—	1.00
Revenue Pepco	2,301	—	—	2,301	—	reported	Pepco	1.00
Revenue Dealz	170	—	—	170	—	reported	Dealz	1.00
Gross profit	1,225.81	—	—	1,225.81	—	reported	—	1.00
EBITDA	501	—	—	501	—	reported	—	1.00
EBITDA Pepco	505	—	—	505	—	adjusted	Pepco	1.00
EBITDA Dealz	2	—	—	2	—	adjusted	Dealz	1.00
EBIT	295.41	—	—	295.41	—	reported	—	1.00
EBT	236.96	—	—	236.96	—	reported	—	1.00
Net income	172.06	—	—	172.06	—	reported	—	0.90
EPS (basic) (EUR)	0.31	—	—	0.31	—	reported	—	1.00
EPS (diluted) (EUR)	0.31	—	—	0.31	—	reported	—	1.00
D&A	196	—	—	196	—	adjusted	—	0.90
Interest expense	58.45	—	—	58.45	—	reported	—	0.90
Income tax	64.9	—	—	64.9	—	reported	—	1.00
Shares (basic) (m units)	559	—	—	559	—	reported	—	1.00

Gross margin	49.62%	—	—	49.62%	—	derived	—	0.70
EBITDA margin	20.89%	—	—	20.89%	—	derived	—	0.70
EBIT margin	11.96%	—	—	11.96%	—	derived	—	0.70
Net margin	6.97%	—	—	6.97%	—	derived	—	0.70

Cash	463.62	—	—	—	—	reported	—	1.00
Total debt	601.96	—	—	—	—	reported	—	0.90
Net debt	139	—	—	—	—	reported	—	1.00
Equity	201.75	—	—	—	—	reported	—	1.00
Total assets	3,509.41	—	—	—	—	reported	—	1.00
Current assets	1,332.51	—	—	—	—	reported	—	1.00
Current liabilities	1,304.45	—	—	—	—	reported	—	1.00
Non-current liabilities	2,003.2	—	—	—	—	reported	—	1.00
Inventory	759.82	—	—	—	—	reported	—	1.00
Trade receivables	58.1	—	—	—	—	reported	—	0.90
Trade payables	840.5	—	—	—	—	reported	—	0.90
Goodwill	20.97	—	—	—	—	reported	—	1.00

CFO	404	—	—	404	—	reported	—	1.00
CapEx	48.03	—	—	48.03	—	reported	—	1.00
FCF	156	—	—	156	—	adjusted	—	0.90
CFO conversion	80.64%	—	—	80.64%	—	derived	—	0.70
Dividends paid	0	—	—	0	—	reported	—	0.90
Buybacks	114.91	—	—	114.91	—	reported	—	1.00

Current ratio	1.02x	—	—	—	—	derived	—	0.70
Quick ratio	0.44x	—	—	—	—	derived	—	0.70
Cash ratio	0.36x	—	—	—	—	derived	—	0.70
Interest coverage	5.05x	—	—	5.05x	—	derived	—	0.70

Net debt / EBITDA	0.2x	—	—	—	—	derived	—	1.00
Debt / equity	2.98x	—	—	—	—	derived	—	0.70
Debt / assets	0.17x	—	—	—	—	derived	—	0.70
Net debt / equity	0.69x	—	—	—	—	derived	—	0.70

Revenue growth (YoY)	4.97%	—	—	4.97%	—	derived	—	1.00
EBITDA growth (YoY)	17.54%	—	—	17.54%	—	derived	—	1.00
EBIT growth (YoY)	48.51%	—	—	48.51%	—	derived	—	0.70
Net income growth (YoY)	43.83%	—	—	43.83%	—	derived	—	0.70
EPS growth (YoY)	48.08%	—	—	48.08%	—	derived	—	1.00
Gross margin Δ (YoY)	2.47 pp	—	—	2.47 pp	—	derived	—	0.70
EBITDA margin Δ (YoY)	2.3 pp	—	—	2.3 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

2,470.34 —

H1 2025: —
YTD 2026: 2,470.34
Δ YoY: —

Revenue

Pepco

2,301 —

H1 2025: —
YTD 2026: 2,301
Δ YoY: —

Revenue

Dealz

170 —

H1 2025: —
YTD 2026: 170
Δ YoY: —

Gross profit

1,225.81 —

H1 2025: —
YTD 2026: 1,225.81
Δ YoY: —

EBITDA

501 —

H1 2025: —
YTD 2026: 501
Δ YoY: —

EBITDA

Pepco

505 —

H1 2025: —
YTD 2026: 505
Δ YoY: —

EBITDA

Dealz

2 —

H1 2025: —
YTD 2026: 2
Δ YoY: —

EBIT

295.41 —

H1 2025: —
YTD 2026: 295.41
Δ YoY: —

EBT

236.96 —

H1 2025: —
YTD 2026: 236.96
Δ YoY: —

Net income

172.06 —

H1 2025: —
YTD 2026: 172.06
Δ YoY: —

EPS (basic) (EUR)

0.31 —

H1 2025: —
YTD 2026: 0.31
Δ YoY: —

EPS (diluted) (EUR)

0.31 —

H1 2025: —
YTD 2026: 0.31
Δ YoY: —

D&A

196 —

H1 2025: —
YTD 2026: 196
Δ YoY: —

Interest expense

58.45 —

H1 2025: —
YTD 2026: 58.45
Δ YoY: —

Income tax

64.9 —

H1 2025: —
YTD 2026: 64.9
Δ YoY: —

Shares (basic) (m units)

559 —

H1 2025: —
YTD 2026: 559
Δ YoY: —

Gross margin

49.62% —

H1 2025: —
YTD 2026: 49.62%
Δ YoY: —

EBITDA margin

20.89% —

H1 2025: —
YTD 2026: 20.89%
Δ YoY: —

EBIT margin

11.96% —

H1 2025: —
YTD 2026: 11.96%
Δ YoY: —

Net margin

6.97% —

H1 2025: —
YTD 2026: 6.97%
Δ YoY: —

Cash

463.62 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

601.96 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

139 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

201.75 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total assets

3,509.41 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

1,332.51 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

1,304.45 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

2,003.2 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

759.82 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

58.1 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

840.5 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

20.97 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

404 —

H1 2025: —
YTD 2026: 404
Δ YoY: —

CapEx

48.03 —

H1 2025: —
YTD 2026: 48.03
Δ YoY: —

FCF

156 —

H1 2025: —
YTD 2026: 156
Δ YoY: —

CFO conversion

80.64% —

H1 2025: —
YTD 2026: 80.64%
Δ YoY: —

Dividends paid

0 —

H1 2025: —
YTD 2026: 0
Δ YoY: —

Buybacks

114.91 —

H1 2025: —
YTD 2026: 114.91
Δ YoY: —

Current ratio

1.02x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

0.44x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.36x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

5.05x —

H1 2025: —
YTD 2026: 5.05x
Δ YoY: —

Net debt / EBITDA

0.2x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

2.98x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.17x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.69x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

4.97% —

H1 2025: —
YTD 2026: 4.97%
Δ YoY: —

EBITDA growth (YoY)

17.54% —

H1 2025: —
YTD 2026: 17.54%
Δ YoY: —

EBIT growth (YoY)

48.51% —

H1 2025: —
YTD 2026: 48.51%
Δ YoY: —

Net income growth (YoY)

43.83% —

H1 2025: —
YTD 2026: 43.83%
Δ YoY: —

EPS growth (YoY)

48.08% —

H1 2025: —
YTD 2026: 48.08%
Δ YoY: —

Gross margin Δ (YoY)

2.47 pp —

H1 2025: —
YTD 2026: 2.47 pp
Δ YoY: —

EBITDA margin Δ (YoY)

2.3 pp —

H1 2025: —
YTD 2026: 2.3 pp
Δ YoY: —