ZUK
ZAKŁADY URZĄDZEŃ KOTŁOWYCH STĄPORKÓW
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 29, 2026
H1 2026 report
Przychody utrzymane na poziomie 24,9 mln zł (−3,8% r/r) dzięki sprzedaży krajowej (+24%) i energetyce (+133%).
Sentiment
Cautious
No guidance change
ZUK
H1 2026 report
Revenue
24.91 m PLN
— YoY
Net income
483 k PLN
— YoY
EBITDA
1.68 m PLN
— YoY
Gross margin
21.53%
— YoY
Summary
Investment thesis
- Zysk netto spadł o 65% do 483 tys. zł, bo koszty ogólnego zarządu wzrosły o 24%, a koszty finansowe o 54%, przy stabilnej marży brutto 21,5%.
- Dług krótkoterminowy wzrósł o 51% r/r, gotówka to 343 tys. zł, a obie linie kredytowe zapadają w listopadzie–grudniu 2026 r.
- Skup akcji własnych po 8,00 zł w marcu kontrastuje z wezwaniem BORO po 5,00 zł ogłoszonym we wrześniu.
- Nowe zamówienia za ok. 12,3 mln zł netto (lipiec–sierpień) dają widoczność na 2026–2027.
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Financials
BETA
ZUK · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24,911 | 52,608 | −52.6% | 24,911 | −52.6% | reported | — | 1.00 |
|
Revenue
Konstrukcje stalowe
|
14,725 | 52,608 | −72% | 14,725 | −72% | reported | Konstrukcje stalowe | 1.00 |
|
Revenue
Energetyka
|
4,163 | 52,608 | −92.1% | 4,163 | −92.1% | reported | Energetyka | 1.00 |
|
Revenue
Produkcja seryjna
|
6,023 | 52,608 | −88.6% | 6,023 | −88.6% | reported | Produkcja seryjna | 1.00 |
| Gross profit | 5,363 | 11,528 | −53.5% | 5,363 | −53.5% | reported | — | 1.00 |
| EBITDA | 1,677 | 5,357 | −68.7% | 1,677 | −68.7% | reported | — | 1.00 |
| EBIT | 933 | 3,913 | −76.2% | 933 | −76.2% | reported | — | 1.00 |
| EBT | 466 | 3,498 | −86.7% | 466 | −86.7% | reported | — | 1.00 |
| Net income | 483 | 2,857 | −83.1% | 483 | −83.1% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.07 | 0.44 | — | 0.07 | — | reported | — | 1.00 |
| D&A | 744 | 1,444 | −48.5% | 744 | −48.5% | derived | — | 0.70 |
| Interest expense | 484 | 294 | +64.6% | 484 | +64.6% | reported | — | 0.80 |
| Income tax | -17 | 641 | −102.7% | -17 | −102.7% | reported | — | 1.00 |
| Gross margin | 21.53% | 21.91% | −0.4 pp | 21.53% | −0.4 pp | derived | — | 0.70 |
| EBITDA margin | 6.73% | 10.18% | −3.4 pp | 6.73% | −3.4 pp | derived | — | 0.70 |
| EBIT margin | 3.75% | 7.44% | −3.7 pp | 3.75% | −3.7 pp | derived | — | 0.70 |
| Net margin | 1.94% | 5.43% | −3.5 pp | 1.94% | −3.5 pp | derived | — | 0.70 |
| Cash | 343 | 225 | +52.4% | — | — | reported | — | 1.00 |
| Total debt | 7,835 | 3,023 | +159.2% | — | — | reported | — | 0.80 |
| Net debt | 7,492 | 2,798 | +167.8% | — | — | derived | — | 0.70 |
| Current assets | 18,840 | 18,971 | −0.7% | — | — | reported | — | 1.00 |
| Current liabilities | 16,591 | 13,522 | +22.7% | — | — | reported | — | 1.00 |
| Inventory | 8,847 | 10,273 | −13.9% | — | — | reported | — | 1.00 |
| Trade receivables | 7,917 | 7,725 | +2.5% | — | — | reported | — | 1.00 |
| Trade payables | 6,568 | 6,242 | +5.2% | — | — | reported | — | 1.00 |
| Buybacks | 2,601.52 | — | — | 2,601.52 | — | reported | — | 1.00 |
| Current ratio | 1.14x | 1.4x | −0.26x | — | — | derived | — | 0.70 |
| Quick ratio | 0.6x | 0.64x | −0.04x | — | — | derived | — | 0.70 |
| Cash ratio | 0.02x | 0.02x | +0x | — | — | derived | — | 0.70 |
| Interest coverage | 1.93x | 13.31x | −11.38x | 1.93x | −11.38x | derived | — | 0.60 |
| Net debt / EBITDA | 1.73x | 0.52x | +1.21x | — | — | derived | — | 0.60 |
| Revenue growth (YoY) | -3.8% | 26.64% | — | -3.8% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -38.08% | 85.88% | — | -38.08% | — | derived | — | 0.70 |
| EBIT growth (YoY) | -53.44% | 161.04% | — | -53.44% | — | derived | — | 0.70 |
| Net income growth (YoY) | -65.43% | 211.56% | — | -65.43% | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | -0.47 pp | 0.94 pp | — | -0.47 pp | — | derived | — | 0.70 |
| EBITDA margin Δ (YoY) | -3.73 pp | — | — | -3.73 pp | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | -3.99 pp | 3.83 pp | — | -3.99 pp | — | derived | — | 0.70 |
| Net margin Δ (YoY) | -3.45 pp | 3.22 pp | — | -3.45 pp | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Revenue
24,911
−52.6%
24,911
−52.6%
- H1 2025
- 52,608
- YTD 2026
- 24,911
- Δ YoY
- −52.6%
Revenue
Konstrukcje stalowe
14,725
−72%
Konstrukcje stalowe
14,725
−72%
- H1 2025
- 52,608
- YTD 2026
- 14,725
- Δ YoY
- −72%
Revenue
Energetyka
4,163
−92.1%
Energetyka
4,163
−92.1%
- H1 2025
- 52,608
- YTD 2026
- 4,163
- Δ YoY
- −92.1%
Revenue
Produkcja seryjna
6,023
−88.6%
Produkcja seryjna
6,023
−88.6%
- H1 2025
- 52,608
- YTD 2026
- 6,023
- Δ YoY
- −88.6%
Gross profit
5,363
−53.5%
5,363
−53.5%
- H1 2025
- 11,528
- YTD 2026
- 5,363
- Δ YoY
- −53.5%
EBITDA
1,677
−68.7%
1,677
−68.7%
- H1 2025
- 5,357
- YTD 2026
- 1,677
- Δ YoY
- −68.7%
EBIT
933
−76.2%
933
−76.2%
- H1 2025
- 3,913
- YTD 2026
- 933
- Δ YoY
- −76.2%
EBT
466
−86.7%
466
−86.7%
- H1 2025
- 3,498
- YTD 2026
- 466
- Δ YoY
- −86.7%
Net income
483
−83.1%
483
−83.1%
- H1 2025
- 2,857
- YTD 2026
- 483
- Δ YoY
- −83.1%
EPS (basic)
(PLN)
0.07
—
0.07
—
- H1 2025
- 0.44
- YTD 2026
- 0.07
- Δ YoY
- —
D&A
744
−48.5%
744
−48.5%
- H1 2025
- 1,444
- YTD 2026
- 744
- Δ YoY
- −48.5%
Interest expense
484
+64.6%
484
+64.6%
- H1 2025
- 294
- YTD 2026
- 484
- Δ YoY
- +64.6%
Income tax
-17
−102.7%
-17
−102.7%
- H1 2025
- 641
- YTD 2026
- -17
- Δ YoY
- −102.7%
Gross margin
21.53%
−0.4 pp
21.53%
−0.4 pp
- H1 2025
- 21.91%
- YTD 2026
- 21.53%
- Δ YoY
- −0.4 pp
EBITDA margin
6.73%
−3.4 pp
6.73%
−3.4 pp
- H1 2025
- 10.18%
- YTD 2026
- 6.73%
- Δ YoY
- −3.4 pp
EBIT margin
3.75%
−3.7 pp
3.75%
−3.7 pp
- H1 2025
- 7.44%
- YTD 2026
- 3.75%
- Δ YoY
- −3.7 pp
Net margin
1.94%
−3.5 pp
1.94%
−3.5 pp
- H1 2025
- 5.43%
- YTD 2026
- 1.94%
- Δ YoY
- −3.5 pp
Cash
343
+52.4%
343
+52.4%
- H1 2025
- 225
- YTD 2026
- —
- Δ YoY
- —
Total debt
7,835
+159.2%
7,835
+159.2%
- H1 2025
- 3,023
- YTD 2026
- —
- Δ YoY
- —
Net debt
7,492
+167.8%
7,492
+167.8%
- H1 2025
- 2,798
- YTD 2026
- —
- Δ YoY
- —
Current assets
18,840
−0.7%
18,840
−0.7%
- H1 2025
- 18,971
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
16,591
+22.7%
16,591
+22.7%
- H1 2025
- 13,522
- YTD 2026
- —
- Δ YoY
- —
Inventory
8,847
−13.9%
8,847
−13.9%
- H1 2025
- 10,273
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
7,917
+2.5%
7,917
+2.5%
- H1 2025
- 7,725
- YTD 2026
- —
- Δ YoY
- —
Trade payables
6,568
+5.2%
6,568
+5.2%
- H1 2025
- 6,242
- YTD 2026
- —
- Δ YoY
- —
Buybacks
2,601.52
—
2,601.52
—
- H1 2025
- —
- YTD 2026
- 2,601.52
- Δ YoY
- —
Current ratio
1.14x
−0.26x
1.14x
−0.26x
- H1 2025
- 1.4x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.6x
−0.04x
0.6x
−0.04x
- H1 2025
- 0.64x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.02x
+0x
0.02x
+0x
- H1 2025
- 0.02x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
1.93x
−11.38x
1.93x
−11.38x
- H1 2025
- 13.31x
- YTD 2026
- 1.93x
- Δ YoY
- −11.38x
Net debt / EBITDA
1.73x
+1.21x
1.73x
+1.21x
- H1 2025
- 0.52x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-3.8%
—
-3.8%
—
- H1 2025
- 26.64%
- YTD 2026
- -3.8%
- Δ YoY
- —
EBITDA growth (YoY)
-38.08%
—
-38.08%
—
- H1 2025
- 85.88%
- YTD 2026
- -38.08%
- Δ YoY
- —
EBIT growth (YoY)
-53.44%
—
-53.44%
—
- H1 2025
- 161.04%
- YTD 2026
- -53.44%
- Δ YoY
- —
Net income growth (YoY)
-65.43%
—
-65.43%
—
- H1 2025
- 211.56%
- YTD 2026
- -65.43%
- Δ YoY
- —
Gross margin Δ (YoY)
-0.47 pp
—
-0.47 pp
—
- H1 2025
- 0.94 pp
- YTD 2026
- -0.47 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-3.73 pp
—
-3.73 pp
—
- H1 2025
- —
- YTD 2026
- -3.73 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-3.99 pp
—
-3.99 pp
—
- H1 2025
- 3.83 pp
- YTD 2026
- -3.99 pp
- Δ YoY
- —
Net margin Δ (YoY)
-3.45 pp
—
-3.45 pp
—
- H1 2025
- 3.22 pp
- YTD 2026
- -3.45 pp
- Δ YoY
- —