KMP
PRZEDSIĘBIORSTWO PRODUKCYJNO HANDLOWE KOMPAP
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 10, 2026
H1 2026 report
Grupa Kompap zanotowała w I półroczu 2026 spadek przychodów o 5,45% r/r (45,5 mln zł) i odwrócenie wyniku operacyjnego z zysku (504 tys. zł) w stratę (-107 tys. zł) — cała działalność core (poligrafia) osłabła r/r, nie tylko na poziomie marż, ale też skali.
Sentiment
Neutral
No guidance change
KMP
H1 2026 report
Revenue
45.55 m PLN
— YoY
Net income
-0.41 m PLN
— YoY
EBITDA
4.2 m PLN
— YoY
Gross margin
15.75%
— YoY
Summary
Investment thesis
- Wynik netto Grupy spadł do straty -408 tys. zł (z zysku +479 tys. zł rok wcześniej), mimo że jednostka dominująca (jednostkowo) pozostała rentowna (+1 610 tys. zł) — różnica wynika głównie z wyniku finansowego na poziomie jednostkowym (przychody finansowe m.in. z dywidend/pożyczek wewnątrzgrupowych), podczas gdy spółki zależne (drukarnie) najwyraźniej ciążą na wyniku skonsolidowanym.
- Bilans pozostaje bardzo konserwatywny: Grupa ma pozycję NETTO GOTÓWKOWĄ (dług netto -1,5 mln zł) po raz pierwszy od co najmniej roku, dzięki niemal zerowemu zadłużeniu bankowemu (0 tys. zł kredytów i pożyczek) i niewielkiemu leasingowi (5,6 mln zł) — niski profil ryzyka finansowego, mimo słabnącej rentowności operacyjnej.
- Zarząd nie sygnalizuje zagrożenia płynności ani nie publikuje prognoz na 2026 rok; wskazuje na sezonowość branży (II półrocze zwykle lepsze) oraz oczekiwane synergie zakupowe między trzema zależnymi drukarniami (OzGraf, BZGraf, Komunikacja Masowa) jako czynniki poprawy w kolejnych kwartałach.
- Free float i płynność akcji są niewielkie (4,68 mln akcji, wartość księgowa 14,17 zł/akcję) — spółka jest mikro-capem, wrażliwym na wahania wyniku pojedynczej drukarni w Grupie.
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Financials
BETA
KMP · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 45.55 | 101.53 | −55.1% | 45.55 | −55.1% | reported | — | 1.00 |
| Gross profit | 7.17 | 16.89 | −57.5% | 7.17 | −57.5% | reported | — | 1.00 |
| EBITDA | 4.2 | 9.84 | −57.4% | 4.2 | −57.4% | derived | — | 1.00 |
| EBIT | -0.11 | 0.96 | −111.2% | -0.11 | −111.2% | reported | — | 1.00 |
| EBT | -0.29 | 0.73 | −140.4% | -0.29 | −140.4% | reported | — | 1.00 |
| Net income | -0.41 | 0.61 | −167.1% | -0.41 | −167.1% | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.09 | 0.13 | — | -0.09 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.09 | 0.13 | — | -0.09 | — | reported | — | 1.00 |
| D&A | 4.3 | 8.88 | −51.5% | 4.3 | −51.5% | reported | — | 1.00 |
| Interest expense | 0.19 | — | — | 0.19 | — | reported | — | 0.85 |
| Income tax | -0.11 | 0.12 | −195% | -0.11 | −195% | reported | — | 1.00 |
| Shares (basic) (m units) | 4.68 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 15.75% | 16.63% | −0.9 pp | 15.75% | −0.9 pp | derived | — | 1.00 |
| EBITDA margin | 9.21% | 9.69% | −0.5 pp | 9.21% | −0.5 pp | derived | — | 1.00 |
| EBIT margin | -0.23% | 0.94% | −1.2 pp | -0.23% | −1.2 pp | derived | — | 1.00 |
| EBT margin | -0.65% | — | — | -0.65% | — | derived | — | 1.00 |
| Net margin | -0.9% | 0.6% | −1.5 pp | -0.9% | −1.5 pp | derived | — | 1.00 |
| D&A margin | 9.45% | — | — | 9.45% | — | derived | — | 0.90 |
| Cash | 7.18 | 4.7 | +52.8% | — | — | reported | — | 1.00 |
| Total debt | 5.64 | 7.29 | −22.7% | — | — | derived | — | 0.95 |
| Net debt | -1.55 | 2.59 | −159.6% | — | — | derived | — | 0.90 |
| Equity | 66.32 | 70.4 | −5.8% | — | — | reported | — | 1.00 |
| Total assets | 101.54 | 106.51 | −4.7% | — | — | reported | — | 1.00 |
| Working capital | 4.84 | — | — | — | — | derived | — | 1.00 |
| Current assets | 27.4 | 27.39 | +0% | — | — | reported | — | 1.00 |
| Current liabilities | 22.55 | 21.36 | +5.6% | — | — | reported | — | 1.00 |
| Non-current liabilities | 12.66 | 14.75 | −14.1% | — | — | reported | — | 1.00 |
| Inventory | 6.48 | 5.88 | +10.2% | — | — | reported | — | 1.00 |
| Trade receivables | 11.18 | 14.88 | −24.9% | — | — | reported | — | 0.95 |
| Trade payables | 7.46 | 9.71 | −23.2% | — | — | reported | — | 1.00 |
| Goodwill | 0 | — | — | — | — | reported | — | 1.00 |
| CFO | 4.01 | — | — | 4.01 | — | reported | — | 1.00 |
| CapEx | 0.74 | — | — | 0.74 | — | reported | — | 1.00 |
| FCF | 3.26 | — | — | 3.26 | — | derived | — | 0.95 |
| FCF conversion | 77.74% | — | — | 77.74% | — | derived | — | 0.85 |
| CFO conversion | 95.47% | — | — | 95.47% | — | derived | — | 0.90 |
| Dividends paid | 0 | 6.09 | −100% | 0 | −100% | reported | — | 1.00 |
| Current ratio | 1.21x | 1.28x | −0.07x | — | — | derived | — | 1.00 |
| Quick ratio | 0.93x | 1.01x | −0.08x | — | — | derived | — | 0.85 |
| Cash ratio | 0.32x | — | — | — | — | derived | — | 1.00 |
| Interest coverage | -0.57x | — | — | -0.57x | — | derived | — | 0.80 |
| Debt / equity | 0.08x | 0.1x | −0.02x | — | — | derived | — | 0.90 |
| Debt / assets | 0.06x | 0.07x | −0.01x | — | — | derived | — | 0.90 |
| Net debt / equity | -0.02x | 0.04x | −0.06x | — | — | derived | — | 0.75 |
| Revenue growth (YoY) | -5.45% | -6.03% | — | -5.45% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | -16.12% | -16.84% | — | -16.12% | — | derived | — | 1.00 |
| EBIT growth (YoY) | -121.23% | -70.11% | — | -121.23% | — | derived | — | 1.00 |
| Net income growth (YoY) | -185.18% | -74.28% | — | -185.18% | — | derived | — | 1.00 |
| EPS growth (YoY) | -190% | -74.51% | — | -190% | — | derived | — | 1.00 |
| Gross margin Δ (YoY) | -0.62 pp | -0.38 pp | — | -0.62 pp | — | derived | — | 1.00 |
| EBITDA margin Δ (YoY) | -1.17 pp | -1.26 pp | — | -1.17 pp | — | derived | — | 1.00 |
| EBIT margin Δ (YoY) | -1.28 pp | -2.02 pp | — | -1.28 pp | — | derived | — | 1.00 |
| Net margin Δ (YoY) | -1.89 pp | -1.59 pp | — | -1.89 pp | — | derived | — | 1.00 |
H1 2026 · Δ YoY
Revenue
45.55
−55.1%
45.55
−55.1%
- H1 2025
- 101.53
- YTD 2026
- 45.55
- Δ YoY
- −55.1%
Gross profit
7.17
−57.5%
7.17
−57.5%
- H1 2025
- 16.89
- YTD 2026
- 7.17
- Δ YoY
- −57.5%
EBITDA
4.2
−57.4%
4.2
−57.4%
- H1 2025
- 9.84
- YTD 2026
- 4.2
- Δ YoY
- −57.4%
EBIT
-0.11
−111.2%
-0.11
−111.2%
- H1 2025
- 0.96
- YTD 2026
- -0.11
- Δ YoY
- −111.2%
EBT
-0.29
−140.4%
-0.29
−140.4%
- H1 2025
- 0.73
- YTD 2026
- -0.29
- Δ YoY
- −140.4%
Net income
-0.41
−167.1%
-0.41
−167.1%
- H1 2025
- 0.61
- YTD 2026
- -0.41
- Δ YoY
- −167.1%
EPS (basic)
(PLN)
-0.09
—
-0.09
—
- H1 2025
- 0.13
- YTD 2026
- -0.09
- Δ YoY
- —
EPS (diluted)
(PLN)
-0.09
—
-0.09
—
- H1 2025
- 0.13
- YTD 2026
- -0.09
- Δ YoY
- —
D&A
4.3
−51.5%
4.3
−51.5%
- H1 2025
- 8.88
- YTD 2026
- 4.3
- Δ YoY
- −51.5%
Interest expense
0.19
—
0.19
—
- H1 2025
- —
- YTD 2026
- 0.19
- Δ YoY
- —
Income tax
-0.11
−195%
-0.11
−195%
- H1 2025
- 0.12
- YTD 2026
- -0.11
- Δ YoY
- −195%
Shares (basic)
(m units)
4.68
—
4.68
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
15.75%
−0.9 pp
15.75%
−0.9 pp
- H1 2025
- 16.63%
- YTD 2026
- 15.75%
- Δ YoY
- −0.9 pp
EBITDA margin
9.21%
−0.5 pp
9.21%
−0.5 pp
- H1 2025
- 9.69%
- YTD 2026
- 9.21%
- Δ YoY
- −0.5 pp
EBIT margin
-0.23%
−1.2 pp
-0.23%
−1.2 pp
- H1 2025
- 0.94%
- YTD 2026
- -0.23%
- Δ YoY
- −1.2 pp
EBT margin
-0.65%
—
-0.65%
—
- H1 2025
- —
- YTD 2026
- -0.65%
- Δ YoY
- —
Net margin
-0.9%
−1.5 pp
-0.9%
−1.5 pp
- H1 2025
- 0.6%
- YTD 2026
- -0.9%
- Δ YoY
- −1.5 pp
D&A margin
9.45%
—
9.45%
—
- H1 2025
- —
- YTD 2026
- 9.45%
- Δ YoY
- —
Cash
7.18
+52.8%
7.18
+52.8%
- H1 2025
- 4.7
- YTD 2026
- —
- Δ YoY
- —
Total debt
5.64
−22.7%
5.64
−22.7%
- H1 2025
- 7.29
- YTD 2026
- —
- Δ YoY
- —
Net debt
-1.55
−159.6%
-1.55
−159.6%
- H1 2025
- 2.59
- YTD 2026
- —
- Δ YoY
- —
Equity
66.32
−5.8%
66.32
−5.8%
- H1 2025
- 70.4
- YTD 2026
- —
- Δ YoY
- —
Total assets
101.54
−4.7%
101.54
−4.7%
- H1 2025
- 106.51
- YTD 2026
- —
- Δ YoY
- —
Working capital
4.84
—
4.84
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
27.4
+0%
27.4
+0%
- H1 2025
- 27.39
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
22.55
+5.6%
22.55
+5.6%
- H1 2025
- 21.36
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
12.66
−14.1%
12.66
−14.1%
- H1 2025
- 14.75
- YTD 2026
- —
- Δ YoY
- —
Inventory
6.48
+10.2%
6.48
+10.2%
- H1 2025
- 5.88
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
11.18
−24.9%
11.18
−24.9%
- H1 2025
- 14.88
- YTD 2026
- —
- Δ YoY
- —
Trade payables
7.46
−23.2%
7.46
−23.2%
- H1 2025
- 9.71
- YTD 2026
- —
- Δ YoY
- —
Goodwill
0
—
0
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
4.01
—
4.01
—
- H1 2025
- —
- YTD 2026
- 4.01
- Δ YoY
- —
CapEx
0.74
—
0.74
—
- H1 2025
- —
- YTD 2026
- 0.74
- Δ YoY
- —
FCF
3.26
—
3.26
—
- H1 2025
- —
- YTD 2026
- 3.26
- Δ YoY
- —
FCF conversion
77.74%
—
77.74%
—
- H1 2025
- —
- YTD 2026
- 77.74%
- Δ YoY
- —
CFO conversion
95.47%
—
95.47%
—
- H1 2025
- —
- YTD 2026
- 95.47%
- Δ YoY
- —
Dividends paid
0
−100%
0
−100%
- H1 2025
- 6.09
- YTD 2026
- 0
- Δ YoY
- −100%
Current ratio
1.21x
−0.07x
1.21x
−0.07x
- H1 2025
- 1.28x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.93x
−0.08x
0.93x
−0.08x
- H1 2025
- 1.01x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.32x
—
0.32x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-0.57x
—
-0.57x
—
- H1 2025
- —
- YTD 2026
- -0.57x
- Δ YoY
- —
Debt / equity
0.08x
−0.02x
0.08x
−0.02x
- H1 2025
- 0.1x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.06x
−0.01x
0.06x
−0.01x
- H1 2025
- 0.07x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.02x
−0.06x
-0.02x
−0.06x
- H1 2025
- 0.04x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-5.45%
—
-5.45%
—
- H1 2025
- -6.03%
- YTD 2026
- -5.45%
- Δ YoY
- —
EBITDA growth (YoY)
-16.12%
—
-16.12%
—
- H1 2025
- -16.84%
- YTD 2026
- -16.12%
- Δ YoY
- —
EBIT growth (YoY)
-121.23%
—
-121.23%
—
- H1 2025
- -70.11%
- YTD 2026
- -121.23%
- Δ YoY
- —
Net income growth (YoY)
-185.18%
—
-185.18%
—
- H1 2025
- -74.28%
- YTD 2026
- -185.18%
- Δ YoY
- —
EPS growth (YoY)
-190%
—
-190%
—
- H1 2025
- -74.51%
- YTD 2026
- -190%
- Δ YoY
- —
Gross margin Δ (YoY)
-0.62 pp
—
-0.62 pp
—
- H1 2025
- -0.38 pp
- YTD 2026
- -0.62 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-1.17 pp
—
-1.17 pp
—
- H1 2025
- -1.26 pp
- YTD 2026
- -1.17 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-1.28 pp
—
-1.28 pp
—
- H1 2025
- -2.02 pp
- YTD 2026
- -1.28 pp
- Δ YoY
- —
Net margin Δ (YoY)
-1.89 pp
—
-1.89 pp
—
- H1 2025
- -1.59 pp
- YTD 2026
- -1.89 pp
- Δ YoY
- —