ZEP ZE PAK Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 25, 2026

H1 2026 report

Grupa jest w trakcie kontrolowanego demontażu core biznesu węglowego — produkcja z węgla brunatnego zakończyła się w kwietniu 2026 r., a przychody spadły o 11,5% r/r do 570,3 mln zł.

Sentiment

Cautious No guidance change

Website

ZEP H1 2026 report

Revenue

570.27 m PLN

— YoY

Net income

-53.58 m PLN

— YoY

EBITDA

-55.24 m PLN

— YoY

Gross margin

5.66%

— YoY

Summary

Investment thesis

Zarząd wprost ujawnia, że na 30.06.2026 r. zobowiązania krótkoterminowe przewyższały aktywa obrotowe o 154,9 mln zł, ale ocenia założenie kontynuacji działalności jako zasadne, powołując się na pozyskane finansowanie inwestycyjne.
Strata operacyjna pogłębiła się (-67,8 mln zł wobec -56,2 mln zł r/r), ale strata netto zmniejszyła się o 32,7% dzięki niższym kosztom finansowym i wyższym przychodom finansowym.
Ogromny CAPEX (390,6 mln zł w I półroczu, głównie na blok gazowy CCGT w Turku, 2 176 mln zł skumulowanych nakładów) jest finansowany długiem — po dniu bilansowym Grupa pozyskała dodatkowe 710 mln zł (370 mln zł pożyczka od podmiotu powiązanego + 340 mln zł kredyt UniCredit na farmy wiatrowe).
Przychody z rynku mocy rosną dynamicznie (+228% r/r) i zabezpieczają część przyszłych przepływów (kontrakt na 2027 r. wart 133,04 mln zł), częściowo kompensując spadek przychodów z produkcji węglowej.

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Financials

BETA

H1 2026

ZEP · H1 2026

Metric	H1 2026	H1 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	570.27	1,237.89	−53.9%	570.27	−53.9%	reported	—	1.00
Gross profit	32.3	-134.34	+124%	32.3	+124%	reported	—	1.00
EBITDA	-55.24	-156.58	+64.7%	-55.24	+64.7%	reported	—	1.00
EBIT	-67.83	-180.72	+62.5%	-67.83	+62.5%	reported	—	1.00
EBT	-53.24	-121.81	+56.3%	-53.24	+56.3%	reported	—	1.00
Net income	-53.58	-126.05	+57.5%	-53.58	+57.5%	reported	—	1.00
EPS (basic) (PLN)	-1.05	—	—	-1.05	—	reported	—	1.00
D&A	6.36	24.15	−73.7%	6.36	−73.7%	reported	—	0.90
Income tax	0.34	4.24	−92%	0.34	−92%	reported	—	1.00

Gross margin	5.66%	-10.85%	+16.5 pp	5.66%	+16.5 pp	derived	—	0.90
EBITDA margin	-9.69%	-12.65%	+3 pp	-9.69%	+3 pp	derived	—	0.90
EBIT margin	-11.89%	-14.6%	+2.7 pp	-11.89%	+2.7 pp	derived	—	0.90
Net margin	-9.4%	-10.18%	+0.8 pp	-9.4%	+0.8 pp	derived	—	0.90

Cash	618.51	333.13	+85.7%	—	—	reported	—	1.00
Total debt	1,207.51	—	—	—	—	reported	—	1.00
Net debt	589	—	—	—	—	derived	—	0.90
Equity	1,958.25	1,931.98	+1.4%	—	—	reported	—	1.00
Total assets	4,828.08	2,834.24	+70.3%	—	—	reported	—	1.00
Current assets	995.24	607.33	+63.9%	—	—	reported	—	1.00
Current liabilities	1,150.18	709.68	+62.1%	—	—	reported	—	1.00
Non-current liabilities	1,719.65	—	—	—	—	reported	—	1.00
Inventory	4.38	5.18	−15.4%	—	—	reported	—	1.00
Trade receivables	290.87	70.56	+312.3%	—	—	reported	—	0.70
Trade payables	179.39	66.21	+170.9%	—	—	reported	—	0.70

CFO	119.82	454.23	−73.6%	119.82	−73.6%	reported	—	1.00
CapEx	390.6	29.2	+1237.7%	390.6	+1237.7%	reported	—	1.00
FCF	-270.78	425.03	−163.7%	-270.78	−163.7%	derived	—	0.90

Current ratio	0.87x	0.86x	+0.01x	—	—	derived	—	0.90
Quick ratio	0.86x	—	—	—	—	derived	—	0.90
Cash ratio	0.54x	—	—	—	—	derived	—	0.90
Interest coverage	-5.81x	—	—	-5.81x	—	derived	—	0.60

Debt / equity	0.62x	—	—	—	—	derived	—	0.90
Debt / assets	0.25x	—	—	—	—	derived	—	0.90
Net debt / equity	0.3x	—	—	—	—	derived	—	0.85

Revenue growth (YoY)	-11.51%	-41.58%	—	-11.51%	—	derived	—	0.90
EBITDA growth (YoY)	-90.5%	—	—	-90.5%	—	derived	—	0.90
EBIT growth (YoY)	-20.58%	-737%	—	-20.58%	—	derived	—	0.85
Net income growth (YoY)	32.67%	-293.35%	—	32.67%	—	derived	—	0.85
EPS growth (YoY)	33.12%	—	—	33.12%	—	derived	—	0.85
Gross margin Δ (YoY)	-1.97 pp	-16.09 pp	—	-1.97 pp	—	derived	—	0.85
EBITDA margin Δ (YoY)	-5.19 pp	—	—	-5.19 pp	—	derived	—	0.85
EBIT margin Δ (YoY)	-3.17 pp	-15.94 pp	—	-3.17 pp	—	derived	—	0.85
Net margin Δ (YoY)	2.95 pp	-13.26 pp	—	2.95 pp	—	derived	—	0.85

H1 2026 · Δ YoY

Revenue

570.27 −53.9%

H1 2025: 1,237.89
YTD 2026: 570.27
Δ YoY: −53.9%

Gross profit

32.3 +124%

H1 2025: -134.34
YTD 2026: 32.3
Δ YoY: +124%

EBITDA

-55.24 +64.7%

H1 2025: -156.58
YTD 2026: -55.24
Δ YoY: +64.7%

EBIT

-67.83 +62.5%

H1 2025: -180.72
YTD 2026: -67.83
Δ YoY: +62.5%

EBT

-53.24 +56.3%

H1 2025: -121.81
YTD 2026: -53.24
Δ YoY: +56.3%

Net income

-53.58 +57.5%

H1 2025: -126.05
YTD 2026: -53.58
Δ YoY: +57.5%

EPS (basic) (PLN)

-1.05 —

H1 2025: —
YTD 2026: -1.05
Δ YoY: —

D&A

6.36 −73.7%

H1 2025: 24.15
YTD 2026: 6.36
Δ YoY: −73.7%

Income tax

0.34 −92%

H1 2025: 4.24
YTD 2026: 0.34
Δ YoY: −92%

Gross margin

5.66% +16.5 pp

H1 2025: -10.85%
YTD 2026: 5.66%
Δ YoY: +16.5 pp

EBITDA margin

-9.69% +3 pp

H1 2025: -12.65%
YTD 2026: -9.69%
Δ YoY: +3 pp

EBIT margin

-11.89% +2.7 pp

H1 2025: -14.6%
YTD 2026: -11.89%
Δ YoY: +2.7 pp

Net margin

-9.4% +0.8 pp

H1 2025: -10.18%
YTD 2026: -9.4%
Δ YoY: +0.8 pp

Cash

618.51 +85.7%

H1 2025: 333.13
YTD 2026: —
Δ YoY: —

Total debt

1,207.51 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

589 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

1,958.25 +1.4%

H1 2025: 1,931.98
YTD 2026: —
Δ YoY: —

Total assets

4,828.08 +70.3%

H1 2025: 2,834.24
YTD 2026: —
Δ YoY: —

Current assets

995.24 +63.9%

H1 2025: 607.33
YTD 2026: —
Δ YoY: —

Current liabilities

1,150.18 +62.1%

H1 2025: 709.68
YTD 2026: —
Δ YoY: —

Non-current liabilities

1,719.65 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

4.38 −15.4%

H1 2025: 5.18
YTD 2026: —
Δ YoY: —

Trade receivables

290.87 +312.3%

H1 2025: 70.56
YTD 2026: —
Δ YoY: —

Trade payables

179.39 +170.9%

H1 2025: 66.21
YTD 2026: —
Δ YoY: —

CFO

119.82 −73.6%

H1 2025: 454.23
YTD 2026: 119.82
Δ YoY: −73.6%

CapEx

390.6 +1237.7%

H1 2025: 29.2
YTD 2026: 390.6
Δ YoY: +1237.7%

FCF

-270.78 −163.7%

H1 2025: 425.03
YTD 2026: -270.78
Δ YoY: −163.7%

Current ratio

0.87x +0.01x

H1 2025: 0.86x
YTD 2026: —
Δ YoY: —

Quick ratio

0.86x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.54x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

-5.81x —

H1 2025: —
YTD 2026: -5.81x
Δ YoY: —

Debt / equity

0.62x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.25x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.3x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-11.51% —

H1 2025: -41.58%
YTD 2026: -11.51%
Δ YoY: —

EBITDA growth (YoY)

-90.5% —

H1 2025: —
YTD 2026: -90.5%
Δ YoY: —

EBIT growth (YoY)

-20.58% —

H1 2025: -737%
YTD 2026: -20.58%
Δ YoY: —

Net income growth (YoY)

32.67% —

H1 2025: -293.35%
YTD 2026: 32.67%
Δ YoY: —

EPS growth (YoY)

33.12% —

H1 2025: —
YTD 2026: 33.12%
Δ YoY: —

Gross margin Δ (YoY)

-1.97 pp —

H1 2025: -16.09 pp
YTD 2026: -1.97 pp
Δ YoY: —

EBITDA margin Δ (YoY)

-5.19 pp —

H1 2025: —
YTD 2026: -5.19 pp
Δ YoY: —

EBIT margin Δ (YoY)

-3.17 pp —

H1 2025: -15.94 pp
YTD 2026: -3.17 pp
Δ YoY: —

Net margin Δ (YoY)

2.95 pp —

H1 2025: -13.26 pp
YTD 2026: 2.95 pp
Δ YoY: —