H1 2026 report
Grupa utrzymuje wzrost przychodów (+3,6% r/r) i wyraźną poprawę marży brutto (26,8% vs 23,8%), co świadczy o skutecznym zarządzaniu kosztem surowca mimo cyklicznej presji na rynku trzody chlewnej.
Sentiment
Neutral
No guidance change
TAR
H1 2026 report
Revenue
1.1 bn PLN
— YoY
Net income
60.97 m PLN
— YoY
EBITDA
140.81 m PLN
— YoY
Gross margin
26.78%
— YoY
Summary
Investment thesis
- Mimo lepszej marży brutto, EBIT spadł o 13,3% r/r — koszty sprzedaży (+22%) i koszty zarządu (+46%) rosną znacznie szybciej niż przychody, co zjada operacyjną dźwignię.
- Dług netto/EBITDA wzrósł do 3,92x (z 3,64x na koniec 2025), zbliżając się do poziomu uznawanego w analizie fundamentalnej za czerwoną strefę (>4x) — finansowanie dużego programu inwestycyjnego zwiększa ryzyko bilansowe.
- Jakość zysku jest mocną stroną raportu — operacyjne przepływy pieniężne podwoiły się r/r (152,5 mln zł vs 74,9 mln zł), znacząco przewyższając zysk netto (108% konwersji CFO/EBITDA).
- Nowa, długoterminowa umowa finansowania na 1,612 mld zł (konsorcjum PKO BP, BNP Paribas, Bank Millennium) refinansuje zadłużenie i spłaca faktoring, ale spółka jednocześnie wypłaciła 37,4 mln zł dywidendy przy ujemnym FCF.
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Financials
BETA
TAR · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,101,544 | 2,243,190 | −50.9% | 1,101,544 | −50.9% | reported | — | 1.00 |
| Gross profit | 295,000 | 561,610 | −47.5% | 295,000 | −47.5% | reported | — | 1.00 |
| EBITDA | 140,807 | 279,192 | −49.6% | 140,807 | −49.6% | reported | — | 0.95 |
| EBIT | 80,184 | 185,070 | −56.7% | 80,184 | −56.7% | reported | — | 1.00 |
| EBT | 48,084 | 109,272 | −56% | 48,084 | −56% | reported | — | 1.00 |
| Net income | 60,972 | 124,870 | −51.2% | 60,972 | −51.2% | reported | — | 1.00 |
| EPS (basic) (PLN) | 5.37 | 11.08 | — | 5.37 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 5.37 | — | — | 5.37 | — | reported | — | 1.00 |
| D&A | 60,623 | — | — | 60,623 | — | reported | — | 1.00 |
| Interest expense | 40,232 | — | — | 40,232 | — | reported | — | 0.60 |
| Income tax | -12,753 | -15,598 | +18.2% | -12,753 | +18.2% | reported | — | 0.95 |
| Shares (basic) (m units) | 11.35 | 11.35 | — | — | — | reported | — | 1.00 |
| Gross margin | 26.78% | 25.04% | +1.7 pp | 26.78% | +1.7 pp | derived | — | 0.95 |
| EBITDA margin | 12.78% | 12.45% | +0.3 pp | 12.78% | +0.3 pp | derived | — | 0.95 |
| EBIT margin | 7.28% | 8.25% | −1 pp | 7.28% | −1 pp | derived | — | 0.95 |
| EBT margin | 4.37% | — | — | 4.37% | — | derived | — | 0.95 |
| Net margin | 5.54% | 5.57% | −0 pp | 5.54% | −0 pp | derived | — | 0.90 |
| D&A margin | 5.5% | — | — | 5.5% | — | derived | — | 0.90 |
| Cash | 69,984 | 42,732 | +63.8% | — | — | reported | — | 1.00 |
| Total debt | 1,192,580 | — | — | — | — | reported | — | 0.90 |
| Net debt | 1,122,596 | 1,016,541 | +10.4% | — | — | derived | — | 0.90 |
| Equity | 752,947 | 723,791 | +4% | — | — | reported | — | 1.00 |
| Total assets | 2,319,199 | 2,119,447 | +9.4% | — | — | reported | — | 1.00 |
| Working capital | -369,296 | -385,363 | +4.2% | — | — | derived | — | 0.90 |
| Current assets | 397,395 | 368,900 | +7.7% | — | — | reported | — | 1.00 |
| Current liabilities | 766,691 | 754,263 | +1.6% | — | — | reported | — | 1.00 |
| Non-current liabilities | 799,561 | 641,393 | +24.7% | — | — | reported | — | 1.00 |
| Inventory | 160,296 | 161,129 | −0.5% | — | — | reported | — | 1.00 |
| Trade receivables | 98,131 | 157,039 | −37.5% | — | — | reported | — | 0.90 |
| Trade payables | 230,605 | 236,923 | −2.7% | — | — | reported | — | 0.90 |
| CFO | 152,527 | 296,261 | −48.5% | 152,527 | −48.5% | reported | — | 1.00 |
| CapEx | 174,119 | 365,108 | −52.3% | 174,119 | −52.3% | reported | — | 1.00 |
| FCF | -21,592 | -68,847 | +68.6% | -21,592 | +68.6% | derived | — | 0.95 |
| FCF conversion | -15.33% | -24.66% | +9.3 pp | -15.33% | +9.3 pp | derived | — | 0.90 |
| CFO conversion | 108.32% | 106.11% | +2.2 pp | 108.32% | +2.2 pp | derived | — | 0.90 |
| Dividends paid | 37,445 | 29,502.03 | +26.9% | 37,445 | +26.9% | reported | — | 1.00 |
| Current ratio | 0.52x | 0.49x | +0.03x | — | — | derived | — | 0.95 |
| Quick ratio | 0.31x | 0.28x | +0.03x | — | — | derived | — | 0.95 |
| Cash ratio | 0.09x | 0.06x | +0.03x | — | — | derived | — | 0.90 |
| Interest coverage | 1.99x | — | — | 1.99x | — | derived | — | 0.60 |
| Net debt / EBITDA | 3.92x | 3.64x | +0.28x | — | — | reported | — | 0.85 |
| Debt / equity | 1.58x | 1.46x | +0.12x | — | — | derived | — | 0.85 |
| Debt / assets | 0.51x | 0.5x | +0.01x | — | — | derived | — | 0.85 |
| Net debt / equity | 1.49x | 1.4x | +0.09x | — | — | derived | — | 0.85 |
| Revenue growth (YoY) | 3.55% | 8.49% | — | 3.55% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 5.45% | 9.39% | — | 5.45% | — | derived | — | 0.90 |
| EBIT growth (YoY) | -13.25% | 2.24% | — | -13.25% | — | derived | — | 0.95 |
| Net income growth (YoY) | -9.52% | 4.23% | — | -9.52% | — | derived | — | 0.95 |
| EPS growth (YoY) | -9.6% | 4.93% | — | -9.6% | — | derived | — | 0.95 |
| FCF growth (YoY) | 78.06% | — | — | 78.06% | — | derived | — | 0.85 |
| Gross margin Δ (YoY) | 3.02 pp | -1.1 pp | — | 3.02 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | 0.23 pp | 0.1 pp | — | 0.23 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | -1.41 pp | — | — | -1.41 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -0.8 pp | -0.2 pp | — | -0.8 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
1,101,544
−50.9%
1,101,544
−50.9%
- H1 2025
- 2,243,190
- YTD 2026
- 1,101,544
- Δ YoY
- −50.9%
Gross profit
295,000
−47.5%
295,000
−47.5%
- H1 2025
- 561,610
- YTD 2026
- 295,000
- Δ YoY
- −47.5%
EBITDA
140,807
−49.6%
140,807
−49.6%
- H1 2025
- 279,192
- YTD 2026
- 140,807
- Δ YoY
- −49.6%
EBIT
80,184
−56.7%
80,184
−56.7%
- H1 2025
- 185,070
- YTD 2026
- 80,184
- Δ YoY
- −56.7%
EBT
48,084
−56%
48,084
−56%
- H1 2025
- 109,272
- YTD 2026
- 48,084
- Δ YoY
- −56%
Net income
60,972
−51.2%
60,972
−51.2%
- H1 2025
- 124,870
- YTD 2026
- 60,972
- Δ YoY
- −51.2%
EPS (basic)
(PLN)
5.37
—
5.37
—
- H1 2025
- 11.08
- YTD 2026
- 5.37
- Δ YoY
- —
EPS (diluted)
(PLN)
5.37
—
5.37
—
- H1 2025
- —
- YTD 2026
- 5.37
- Δ YoY
- —
D&A
60,623
—
60,623
—
- H1 2025
- —
- YTD 2026
- 60,623
- Δ YoY
- —
Interest expense
40,232
—
40,232
—
- H1 2025
- —
- YTD 2026
- 40,232
- Δ YoY
- —
Income tax
-12,753
+18.2%
-12,753
+18.2%
- H1 2025
- -15,598
- YTD 2026
- -12,753
- Δ YoY
- +18.2%
Shares (basic)
(m units)
11.35
—
11.35
—
- H1 2025
- 11.35
- YTD 2026
- —
- Δ YoY
- —
Gross margin
26.78%
+1.7 pp
26.78%
+1.7 pp
- H1 2025
- 25.04%
- YTD 2026
- 26.78%
- Δ YoY
- +1.7 pp
EBITDA margin
12.78%
+0.3 pp
12.78%
+0.3 pp
- H1 2025
- 12.45%
- YTD 2026
- 12.78%
- Δ YoY
- +0.3 pp
EBIT margin
7.28%
−1 pp
7.28%
−1 pp
- H1 2025
- 8.25%
- YTD 2026
- 7.28%
- Δ YoY
- −1 pp
EBT margin
4.37%
—
4.37%
—
- H1 2025
- —
- YTD 2026
- 4.37%
- Δ YoY
- —
Net margin
5.54%
−0 pp
5.54%
−0 pp
- H1 2025
- 5.57%
- YTD 2026
- 5.54%
- Δ YoY
- −0 pp
D&A margin
5.5%
—
5.5%
—
- H1 2025
- —
- YTD 2026
- 5.5%
- Δ YoY
- —
Cash
69,984
+63.8%
69,984
+63.8%
- H1 2025
- 42,732
- YTD 2026
- —
- Δ YoY
- —
Total debt
1,192,580
—
1,192,580
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
1,122,596
+10.4%
1,122,596
+10.4%
- H1 2025
- 1,016,541
- YTD 2026
- —
- Δ YoY
- —
Equity
752,947
+4%
752,947
+4%
- H1 2025
- 723,791
- YTD 2026
- —
- Δ YoY
- —
Total assets
2,319,199
+9.4%
2,319,199
+9.4%
- H1 2025
- 2,119,447
- YTD 2026
- —
- Δ YoY
- —
Working capital
-369,296
+4.2%
-369,296
+4.2%
- H1 2025
- -385,363
- YTD 2026
- —
- Δ YoY
- —
Current assets
397,395
+7.7%
397,395
+7.7%
- H1 2025
- 368,900
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
766,691
+1.6%
766,691
+1.6%
- H1 2025
- 754,263
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
799,561
+24.7%
799,561
+24.7%
- H1 2025
- 641,393
- YTD 2026
- —
- Δ YoY
- —
Inventory
160,296
−0.5%
160,296
−0.5%
- H1 2025
- 161,129
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
98,131
−37.5%
98,131
−37.5%
- H1 2025
- 157,039
- YTD 2026
- —
- Δ YoY
- —
Trade payables
230,605
−2.7%
230,605
−2.7%
- H1 2025
- 236,923
- YTD 2026
- —
- Δ YoY
- —
CFO
152,527
−48.5%
152,527
−48.5%
- H1 2025
- 296,261
- YTD 2026
- 152,527
- Δ YoY
- −48.5%
CapEx
174,119
−52.3%
174,119
−52.3%
- H1 2025
- 365,108
- YTD 2026
- 174,119
- Δ YoY
- −52.3%
FCF
-21,592
+68.6%
-21,592
+68.6%
- H1 2025
- -68,847
- YTD 2026
- -21,592
- Δ YoY
- +68.6%
FCF conversion
-15.33%
+9.3 pp
-15.33%
+9.3 pp
- H1 2025
- -24.66%
- YTD 2026
- -15.33%
- Δ YoY
- +9.3 pp
CFO conversion
108.32%
+2.2 pp
108.32%
+2.2 pp
- H1 2025
- 106.11%
- YTD 2026
- 108.32%
- Δ YoY
- +2.2 pp
Dividends paid
37,445
+26.9%
37,445
+26.9%
- H1 2025
- 29,502.03
- YTD 2026
- 37,445
- Δ YoY
- +26.9%
Current ratio
0.52x
+0.03x
0.52x
+0.03x
- H1 2025
- 0.49x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.31x
+0.03x
0.31x
+0.03x
- H1 2025
- 0.28x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.09x
+0.03x
0.09x
+0.03x
- H1 2025
- 0.06x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
1.99x
—
1.99x
—
- H1 2025
- —
- YTD 2026
- 1.99x
- Δ YoY
- —
Net debt / EBITDA
3.92x
+0.28x
3.92x
+0.28x
- H1 2025
- 3.64x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
1.58x
+0.12x
1.58x
+0.12x
- H1 2025
- 1.46x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.51x
+0.01x
0.51x
+0.01x
- H1 2025
- 0.5x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
1.49x
+0.09x
1.49x
+0.09x
- H1 2025
- 1.4x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
3.55%
—
3.55%
—
- H1 2025
- 8.49%
- YTD 2026
- 3.55%
- Δ YoY
- —
EBITDA growth (YoY)
5.45%
—
5.45%
—
- H1 2025
- 9.39%
- YTD 2026
- 5.45%
- Δ YoY
- —
EBIT growth (YoY)
-13.25%
—
-13.25%
—
- H1 2025
- 2.24%
- YTD 2026
- -13.25%
- Δ YoY
- —
Net income growth (YoY)
-9.52%
—
-9.52%
—
- H1 2025
- 4.23%
- YTD 2026
- -9.52%
- Δ YoY
- —
EPS growth (YoY)
-9.6%
—
-9.6%
—
- H1 2025
- 4.93%
- YTD 2026
- -9.6%
- Δ YoY
- —
FCF growth (YoY)
78.06%
—
78.06%
—
- H1 2025
- —
- YTD 2026
- 78.06%
- Δ YoY
- —
Gross margin Δ (YoY)
3.02 pp
—
3.02 pp
—
- H1 2025
- -1.1 pp
- YTD 2026
- 3.02 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
0.23 pp
—
0.23 pp
—
- H1 2025
- 0.1 pp
- YTD 2026
- 0.23 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-1.41 pp
—
-1.41 pp
—
- H1 2025
- —
- YTD 2026
- -1.41 pp
- Δ YoY
- —
Net margin Δ (YoY)
-0.8 pp
—
-0.8 pp
—
- H1 2025
- -0.2 pp
- YTD 2026
- -0.8 pp
- Δ YoY
- —