OTM
ZAKŁADY PRZEMYSŁU CUKIERNICZEGO OTMUCHÓW
Giełda Papierów Wartościowych w Warszawie · polroczny · publ. September 28, 2026
H1 2026 report
Grupa notuje spadek sprzedaży (-3,2% r/r) i głębszy spadek marży brutto (-4,7 p.p.) w segmencie żelkowym, co Zarząd tłumaczy przesunięciem miksu w stronę wolumenu kosztem marży, bez podania konkretnych liczb wolumenowych.
Sentiment
Cautious
No guidance change
OTM
H1 2026 report
Revenue
115.24 m PLN
— YoY
Net income
4.28 m PLN
— YoY
EBITDA
12.13 m PLN
— YoY
Gross margin
24.61%
— YoY
Summary
Investment thesis
- Dźwignia operacyjna uderzyła mocno w wynik: EBIT -59,6% i EBITDA -37,3% przy spadku przychodów o tylko 3,2%.
- Grupa złamała kowenanty wobec trzech banków (ING, Millennium, Erste) w I półroczu 2026 - fakt ujawniony wyłącznie w nocie sprawozdania finansowego, nie w Sprawozdaniu Zarządu.
- Po dniu bilansowym doszło do nabycia akcji spółki zależnej od głównego akcjonariusza (Tornellon), ogłoszenia planu połączenia spółek oraz dwóch niewyjaśnionych zmian w Zarządzie.
- Ekspozycja handlowa i pożyczkowa na grupę głównego akcjonariusza (Kervan) rośnie i sięga ok. 20% przychodów Grupy.
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Financials
BETA
OTM · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 115,244 | 272,036 | −57.6% | 115,244 | −57.6% | reported | — | 1.00 |
|
Revenue
Słodycze
|
107,244 | 272,036 | −60.6% | 107,244 | −60.6% | reported | Słodycze | 1.00 |
|
Revenue
Towary
|
3,550 | 272,036 | −98.7% | 3,550 | −98.7% | reported | Towary | 1.00 |
|
Revenue
Pozostałe
|
4,450 | 272,036 | −98.4% | 4,450 | −98.4% | reported | Pozostałe | 1.00 |
| Gross profit | 28,362 | 65,759 | −56.9% | 28,362 | −56.9% | reported | — | 1.00 |
|
Gross profit
Słodycze
|
29,197 | 65,759 | −55.6% | 29,197 | −55.6% | reported | Słodycze | 1.00 |
|
Gross profit
Towary
|
1,004 | 65,759 | −98.5% | 1,004 | −98.5% | reported | Towary | 1.00 |
|
Gross profit
Pozostałe
|
-1,839 | 65,759 | −102.8% | -1,839 | −102.8% | reported | Pozostałe | 1.00 |
| EBITDA | 12,127 | 36,211 | −66.5% | 12,127 | −66.5% | reported | — | 0.90 |
| EBIT | 5,733 | 24,921 | −77% | 5,733 | −77% | reported | — | 1.00 |
| Net income | 4,277 | 13,111 | −67.4% | 4,277 | −67.4% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.14 | — | — | 0.14 | — | reported | — | 1.00 |
| D&A | 6,394 | 11,290 | −43.4% | 6,394 | −43.4% | reported | — | 1.00 |
| Interest expense | 500 | 4,991 | −90% | 500 | −90% | reported | — | 1.00 |
| Income tax | 1,327 | 4,362 | −69.6% | 1,327 | −69.6% | reported | — | 1.00 |
| Shares (basic) (m units) | 30.32 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 24.61% | 24.17% | +0.4 pp | 24.61% | +0.4 pp | derived | — | 0.90 |
| EBITDA margin | 10.52% | 13.31% | −2.8 pp | 10.52% | −2.8 pp | derived | — | 0.90 |
| EBIT margin | 4.97% | 9.16% | −4.2 pp | 4.97% | −4.2 pp | derived | — | 0.90 |
| Net margin | 3.71% | 4.82% | −1.1 pp | 3.71% | −1.1 pp | derived | — | 0.85 |
| Cash | 8,711 | 5,286 | +64.8% | — | — | reported | — | 1.00 |
| Total debt | 25,229 | 16,126 | +56.4% | — | — | reported | — | 0.85 |
| Net debt | 16,518 | 10,840 | +52.4% | — | — | derived | — | 0.85 |
| Equity | 148,069 | 144,064 | +2.8% | — | — | reported | — | 1.00 |
| Total assets | 208,669 | 225,678 | −7.5% | — | — | reported | — | 1.00 |
| Working capital | 19,906 | 12,256 | +62.4% | — | — | derived | — | 1.00 |
| Current assets | 71,606 | 83,744 | −14.5% | — | — | reported | — | 1.00 |
| Current liabilities | 51,700 | 71,488 | −27.7% | — | — | reported | — | 1.00 |
| Non-current liabilities | 8,900 | — | — | — | — | reported | — | 1.00 |
| Inventory | 30,508 | 31,164 | −2.1% | — | — | reported | — | 1.00 |
| Trade receivables | 26,771 | 41,970 | −36.2% | — | — | reported | — | 1.00 |
| Trade payables | 20,573 | 47,301 | −56.5% | — | — | reported | — | 1.00 |
| CFO | -3,399 | 22,733 | −115% | -3,399 | −115% | reported | — | 1.00 |
| CapEx | 2,454 | 14,226 | −82.7% | 2,454 | −82.7% | reported | — | 1.00 |
| FCF | -5,853 | 8,507 | −168.8% | -5,853 | −168.8% | derived | — | 0.95 |
| FCF conversion | -48.26% | 23.49% | −71.8 pp | -48.26% | −71.8 pp | derived | — | 0.85 |
| CFO conversion | -28.03% | 62.78% | −90.8 pp | -28.03% | −90.8 pp | derived | — | 0.85 |
| Current ratio | 1.39x | 1.17x | +0.22x | — | — | derived | — | 1.00 |
| Debt / equity | 0.17x | 0.11x | +0.06x | — | — | derived | — | 0.85 |
| Debt / assets | 0.12x | 0.07x | +0.05x | — | — | derived | — | 0.85 |
| Net debt / equity | 0.11x | 0.08x | +0.03x | — | — | derived | — | 0.85 |
| Revenue growth (YoY) | -3.18% | 46.41% | — | -3.18% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | -37.34% | — | — | -37.34% | — | derived | — | 0.90 |
| EBIT growth (YoY) | -59.55% | 88.88% | — | -59.55% | — | derived | — | 0.90 |
| Net income growth (YoY) | -13.28% | 40.89% | — | -13.28% | — | derived | — | 0.80 |
| EPS growth (YoY) | -26.32% | — | — | -26.32% | — | derived | — | 0.90 |
| FCF growth (YoY) | -29.26% | — | — | -29.26% | — | derived | — | 0.80 |
| Gross margin Δ (YoY) | -4.74 pp | -4.5 pp | — | -4.74 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -5.74 pp | — | — | -5.74 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | -6.94 pp | — | — | -6.94 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -0.43 pp | — | — | -0.43 pp | — | derived | — | 0.80 |
H1 2026 · Δ YoY
Revenue
115,244
−57.6%
115,244
−57.6%
- H1 2025
- 272,036
- YTD 2026
- 115,244
- Δ YoY
- −57.6%
Revenue
Słodycze
107,244
−60.6%
Słodycze
107,244
−60.6%
- H1 2025
- 272,036
- YTD 2026
- 107,244
- Δ YoY
- −60.6%
Revenue
Towary
3,550
−98.7%
Towary
3,550
−98.7%
- H1 2025
- 272,036
- YTD 2026
- 3,550
- Δ YoY
- −98.7%
Revenue
Pozostałe
4,450
−98.4%
Pozostałe
4,450
−98.4%
- H1 2025
- 272,036
- YTD 2026
- 4,450
- Δ YoY
- −98.4%
Gross profit
28,362
−56.9%
28,362
−56.9%
- H1 2025
- 65,759
- YTD 2026
- 28,362
- Δ YoY
- −56.9%
Gross profit
Słodycze
29,197
−55.6%
Słodycze
29,197
−55.6%
- H1 2025
- 65,759
- YTD 2026
- 29,197
- Δ YoY
- −55.6%
Gross profit
Towary
1,004
−98.5%
Towary
1,004
−98.5%
- H1 2025
- 65,759
- YTD 2026
- 1,004
- Δ YoY
- −98.5%
Gross profit
Pozostałe
-1,839
−102.8%
Pozostałe
-1,839
−102.8%
- H1 2025
- 65,759
- YTD 2026
- -1,839
- Δ YoY
- −102.8%
EBITDA
12,127
−66.5%
12,127
−66.5%
- H1 2025
- 36,211
- YTD 2026
- 12,127
- Δ YoY
- −66.5%
EBIT
5,733
−77%
5,733
−77%
- H1 2025
- 24,921
- YTD 2026
- 5,733
- Δ YoY
- −77%
Net income
4,277
−67.4%
4,277
−67.4%
- H1 2025
- 13,111
- YTD 2026
- 4,277
- Δ YoY
- −67.4%
EPS (basic)
(PLN)
0.14
—
0.14
—
- H1 2025
- —
- YTD 2026
- 0.14
- Δ YoY
- —
D&A
6,394
−43.4%
6,394
−43.4%
- H1 2025
- 11,290
- YTD 2026
- 6,394
- Δ YoY
- −43.4%
Interest expense
500
−90%
500
−90%
- H1 2025
- 4,991
- YTD 2026
- 500
- Δ YoY
- −90%
Income tax
1,327
−69.6%
1,327
−69.6%
- H1 2025
- 4,362
- YTD 2026
- 1,327
- Δ YoY
- −69.6%
Shares (basic)
(m units)
30.32
—
30.32
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
24.61%
+0.4 pp
24.61%
+0.4 pp
- H1 2025
- 24.17%
- YTD 2026
- 24.61%
- Δ YoY
- +0.4 pp
EBITDA margin
10.52%
−2.8 pp
10.52%
−2.8 pp
- H1 2025
- 13.31%
- YTD 2026
- 10.52%
- Δ YoY
- −2.8 pp
EBIT margin
4.97%
−4.2 pp
4.97%
−4.2 pp
- H1 2025
- 9.16%
- YTD 2026
- 4.97%
- Δ YoY
- −4.2 pp
Net margin
3.71%
−1.1 pp
3.71%
−1.1 pp
- H1 2025
- 4.82%
- YTD 2026
- 3.71%
- Δ YoY
- −1.1 pp
Cash
8,711
+64.8%
8,711
+64.8%
- H1 2025
- 5,286
- YTD 2026
- —
- Δ YoY
- —
Total debt
25,229
+56.4%
25,229
+56.4%
- H1 2025
- 16,126
- YTD 2026
- —
- Δ YoY
- —
Net debt
16,518
+52.4%
16,518
+52.4%
- H1 2025
- 10,840
- YTD 2026
- —
- Δ YoY
- —
Equity
148,069
+2.8%
148,069
+2.8%
- H1 2025
- 144,064
- YTD 2026
- —
- Δ YoY
- —
Total assets
208,669
−7.5%
208,669
−7.5%
- H1 2025
- 225,678
- YTD 2026
- —
- Δ YoY
- —
Working capital
19,906
+62.4%
19,906
+62.4%
- H1 2025
- 12,256
- YTD 2026
- —
- Δ YoY
- —
Current assets
71,606
−14.5%
71,606
−14.5%
- H1 2025
- 83,744
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
51,700
−27.7%
51,700
−27.7%
- H1 2025
- 71,488
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
8,900
—
8,900
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
30,508
−2.1%
30,508
−2.1%
- H1 2025
- 31,164
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
26,771
−36.2%
26,771
−36.2%
- H1 2025
- 41,970
- YTD 2026
- —
- Δ YoY
- —
Trade payables
20,573
−56.5%
20,573
−56.5%
- H1 2025
- 47,301
- YTD 2026
- —
- Δ YoY
- —
CFO
-3,399
−115%
-3,399
−115%
- H1 2025
- 22,733
- YTD 2026
- -3,399
- Δ YoY
- −115%
CapEx
2,454
−82.7%
2,454
−82.7%
- H1 2025
- 14,226
- YTD 2026
- 2,454
- Δ YoY
- −82.7%
FCF
-5,853
−168.8%
-5,853
−168.8%
- H1 2025
- 8,507
- YTD 2026
- -5,853
- Δ YoY
- −168.8%
FCF conversion
-48.26%
−71.8 pp
-48.26%
−71.8 pp
- H1 2025
- 23.49%
- YTD 2026
- -48.26%
- Δ YoY
- −71.8 pp
CFO conversion
-28.03%
−90.8 pp
-28.03%
−90.8 pp
- H1 2025
- 62.78%
- YTD 2026
- -28.03%
- Δ YoY
- −90.8 pp
Current ratio
1.39x
+0.22x
1.39x
+0.22x
- H1 2025
- 1.17x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.17x
+0.06x
0.17x
+0.06x
- H1 2025
- 0.11x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.12x
+0.05x
0.12x
+0.05x
- H1 2025
- 0.07x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.11x
+0.03x
0.11x
+0.03x
- H1 2025
- 0.08x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-3.18%
—
-3.18%
—
- H1 2025
- 46.41%
- YTD 2026
- -3.18%
- Δ YoY
- —
EBITDA growth (YoY)
-37.34%
—
-37.34%
—
- H1 2025
- —
- YTD 2026
- -37.34%
- Δ YoY
- —
EBIT growth (YoY)
-59.55%
—
-59.55%
—
- H1 2025
- 88.88%
- YTD 2026
- -59.55%
- Δ YoY
- —
Net income growth (YoY)
-13.28%
—
-13.28%
—
- H1 2025
- 40.89%
- YTD 2026
- -13.28%
- Δ YoY
- —
EPS growth (YoY)
-26.32%
—
-26.32%
—
- H1 2025
- —
- YTD 2026
- -26.32%
- Δ YoY
- —
FCF growth (YoY)
-29.26%
—
-29.26%
—
- H1 2025
- —
- YTD 2026
- -29.26%
- Δ YoY
- —
Gross margin Δ (YoY)
-4.74 pp
—
-4.74 pp
—
- H1 2025
- -4.5 pp
- YTD 2026
- -4.74 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-5.74 pp
—
-5.74 pp
—
- H1 2025
- —
- YTD 2026
- -5.74 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-6.94 pp
—
-6.94 pp
—
- H1 2025
- —
- YTD 2026
- -6.94 pp
- Δ YoY
- —
Net margin Δ (YoY)
-0.43 pp
—
-0.43 pp
—
- H1 2025
- —
- YTD 2026
- -0.43 pp
- Δ YoY
- —