Q2 2026 report
Telestrada to polski operator telekomunikacyjny (MVNO lajt mobile, usługi inteligentne dla biznesu, telefonia przedpłacona dla zakładów karnych) z przychodami +11,2% r/r w II kw. 2026 i marżą brutto ze sprzedaży ok. 61%.
Sentiment
Neutral
No guidance change
TLS
Q2 2026 report
Revenue
15,548,578 PLN
— YoY
Net income
2,684,893 PLN
— YoY
EBITDA
2,429,553 PLN
— YoY
Gross margin
61.02%
— YoY
Summary
Investment thesis
- Wynik operacyjny spadł r/r (−7,7%) i k/k (−31,2%), bo koszty sprzedaży (+22% r/r) i zarządu (+31% r/r) rosły szybciej niż przychody; zysk netto trzyma się dzięki wyższej wycenie portfela akcji (ok. 1,0 mln zł).
- Bilans jest bezpieczny (dług netto ok. 0,6 mln zł przy kapitale własnym 38,7 mln zł), ale gotówka spadła do 1,05 mln zł, a środki w budowie (drugi budynek biurowy) urosły do 17,4 mln zł.
- Przepływy operacyjne narastająco są ujemne (−1,1 mln zł) mimo zysku netto 5,1 mln zł – jakość zysku jest niska, a należności z tytułu dostaw i usług rosną znacznie szybciej niż sprzedaż.
- Akcjonariat skoncentrowany: prezes Jacek Lichota z podmiotami zależnymi kontroluje ok. 61,9% głosów (uprzywilejowane akcje serii A), co jest głównym ryzykiem korporacyjnym.
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Financials
BETA
TLS · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15,548,578 | — | — | 30,562,598 | — | reported | — | 1.00 |
| Gross profit | 9,487,526 | — | — | 18,841,346 | — | reported | — | 1.00 |
| EBITDA | 2,429,553 | — | — | — | — | derived | — | 0.70 |
| EBIT | 2,209,488 | — | — | 5,422,706 | — | reported | — | 1.00 |
| EBT | 3,199,719 | — | — | 6,252,996 | — | reported | — | 1.00 |
| Net income | 2,684,893 | — | — | 5,074,099 | — | reported | — | 1.00 |
| EPS (basic) | 1.32 | — | — | 2.5 | — | reported | — | 1.00 |
| D&A | 220,065 | — | — | — | — | reported | — | 1.00 |
| Interest expense | 42,531 | — | — | 79,164 | — | reported | — | 1.00 |
| Income tax | 514,826 | — | — | 1,178,897 | — | reported | — | 1.00 |
| Shares (basic) | 2,029,000 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 61.02% | — | — | 61.65% | — | derived | — | 0.70 |
| EBITDA margin | 15.63% | — | — | — | — | derived | — | 0.70 |
| EBIT margin | 14.21% | — | — | 17.74% | — | derived | — | 0.70 |
| Net margin | 17.27% | — | — | 16.6% | — | derived | — | 0.70 |
| Cash | 1,052,068 | — | — | — | — | reported | — | 1.00 |
| Total debt | 1,638,918 | — | — | — | — | reported | — | 0.80 |
| Net debt | 586,850 | — | — | — | — | derived | — | 0.70 |
| Equity | 38,729,664 | — | — | — | — | reported | — | 1.00 |
| Total assets | 46,446,997 | — | — | — | — | reported | — | 1.00 |
| Working capital | 2,814,637 | — | — | — | — | derived | — | 0.70 |
| Current assets | 10,353,846 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 7,539,209 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 171,124 | — | — | — | — | reported | — | 1.00 |
| Inventory | 204,329 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 2,892,547 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 4,963,166 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 2,003,064 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 36,726,600 | — | — | — | — | derived | — | 0.95 |
| CFO | 803,285 | — | — | -1,115,685 | — | derived | — | 0.70 |
| CapEx | — | — | — | 4,341,076 | — | reported | — | 0.60 |
| FCF | — | — | — | -5,456,761 | — | derived | — | 0.60 |
| Current ratio | 1.37x | — | — | — | — | derived | — | 0.70 |
| Quick ratio | 1.35x | — | — | — | — | derived | — | 0.70 |
| Cash ratio | 0.14x | — | — | — | — | derived | — | 0.70 |
| Debt / equity | 0.04x | — | — | — | — | derived | — | 0.70 |
| Debt / assets | 0.04x | — | — | — | — | derived | — | 0.90 |
| Net debt / equity | 0.02x | — | — | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 11.23% | — | — | 10.95% | — | derived | — | 0.70 |
| Revenue growth (QoQ) | 3.56% | — | — | — | — | derived | — | 0.70 |
| EBIT growth (YoY) | -7.7% | — | — | 13.73% | — | derived | — | 0.70 |
| Net income growth (YoY) | -2.3% | — | — | 1.65% | — | derived | — | 0.70 |
| EPS growth (YoY) | -2.22% | — | — | 1.63% | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | 2.09 pp | — | — | 2.14 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | -2.91 pp | — | — | 0.44 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -2.39 pp | — | — | -1.52 pp | — | derived | — | 0.90 |
Q2 2026 · Δ YoY
Revenue
15,548,578
—
15,548,578
—
- Q2 2025
- —
- YTD 2026
- 30,562,598
- Δ YoY
- —
Gross profit
9,487,526
—
9,487,526
—
- Q2 2025
- —
- YTD 2026
- 18,841,346
- Δ YoY
- —
EBITDA
2,429,553
—
2,429,553
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBIT
2,209,488
—
2,209,488
—
- Q2 2025
- —
- YTD 2026
- 5,422,706
- Δ YoY
- —
EBT
3,199,719
—
3,199,719
—
- Q2 2025
- —
- YTD 2026
- 6,252,996
- Δ YoY
- —
Net income
2,684,893
—
2,684,893
—
- Q2 2025
- —
- YTD 2026
- 5,074,099
- Δ YoY
- —
EPS (basic)
1.32
—
1.32
—
- Q2 2025
- —
- YTD 2026
- 2.5
- Δ YoY
- —
D&A
220,065
—
220,065
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest expense
42,531
—
42,531
—
- Q2 2025
- —
- YTD 2026
- 79,164
- Δ YoY
- —
Income tax
514,826
—
514,826
—
- Q2 2025
- —
- YTD 2026
- 1,178,897
- Δ YoY
- —
Shares (basic)
2,029,000
—
2,029,000
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
61.02%
—
61.02%
—
- Q2 2025
- —
- YTD 2026
- 61.65%
- Δ YoY
- —
EBITDA margin
15.63%
—
15.63%
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBIT margin
14.21%
—
14.21%
—
- Q2 2025
- —
- YTD 2026
- 17.74%
- Δ YoY
- —
Net margin
17.27%
—
17.27%
—
- Q2 2025
- —
- YTD 2026
- 16.6%
- Δ YoY
- —
Cash
1,052,068
—
1,052,068
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
1,638,918
—
1,638,918
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
586,850
—
586,850
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
38,729,664
—
38,729,664
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
46,446,997
—
46,446,997
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
2,814,637
—
2,814,637
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
10,353,846
—
10,353,846
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
7,539,209
—
7,539,209
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
171,124
—
171,124
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
204,329
—
204,329
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
2,892,547
—
2,892,547
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
4,963,166
—
4,963,166
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
2,003,064
—
2,003,064
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
36,726,600
—
36,726,600
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
803,285
—
803,285
—
- Q2 2025
- —
- YTD 2026
- -1,115,685
- Δ YoY
- —
CapEx
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 4,341,076
- Δ YoY
- —
FCF
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -5,456,761
- Δ YoY
- —
Current ratio
1.37x
—
1.37x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.35x
—
1.35x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.14x
—
0.14x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.04x
—
0.04x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.04x
—
0.04x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.02x
—
0.02x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
11.23%
—
11.23%
—
- Q2 2025
- —
- YTD 2026
- 10.95%
- Δ YoY
- —
Revenue growth (QoQ)
3.56%
—
3.56%
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBIT growth (YoY)
-7.7%
—
-7.7%
—
- Q2 2025
- —
- YTD 2026
- 13.73%
- Δ YoY
- —
Net income growth (YoY)
-2.3%
—
-2.3%
—
- Q2 2025
- —
- YTD 2026
- 1.65%
- Δ YoY
- —
EPS growth (YoY)
-2.22%
—
-2.22%
—
- Q2 2025
- —
- YTD 2026
- 1.63%
- Δ YoY
- —
Gross margin Δ (YoY)
2.09 pp
—
2.09 pp
—
- Q2 2025
- —
- YTD 2026
- 2.14 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-2.91 pp
—
-2.91 pp
—
- Q2 2025
- —
- YTD 2026
- 0.44 pp
- Δ YoY
- —
Net margin Δ (YoY)
-2.39 pp
—
-2.39 pp
—
- Q2 2025
- —
- YTD 2026
- -1.52 pp
- Δ YoY
- —