MCR MCR Giełda Papierów Wartościowych w Warszawie · annual · publ. July 20, 2026

FY 2026 report

mcr sprzedała ok. 2/3 dotychczasowego biznesu (wentylacja pożarowa, oddymianie grawitacyjne) do Grupy Kingspan za maks. 420 mln zł, z czego 330 mln zł już otrzymano.

Sentiment

Neutral No guidance change

Website

MCR FY 2026 report

Revenue

181.16 m PLN

— YoY

Net income

221.67 m PLN

— YoY

Gross margin

17.4%

— YoY

CFO

34.93 m PLN

— YoY

Summary

Investment thesis

Środki z transakcji trafiły głównie do akcjonariuszy: skup 6,28 mln akcji własnych za 135 mln zł oraz spłata zadłużenia na ok. 90 mln zł.
Kontynuowana działalność (bez sprzedanego segmentu) jest głęboko deficytowa: EBIT -16,1 mln zł, strata netto -10,0 mln zł, mimo wzrostu przychodów o 10,7% r/r.
Bilans po transakcji jest bardzo bezpieczny: kapitał własny 288,0 mln zł, stopa zadłużenia spadła z 46% do 25%, płynność bieżąca wzrosła do 4,30x.
Do 90 mln zł ceny sprzedaży jest odroczone i uzależnione od progu EBITDA sprzedanego biznesu za 12 miesięcy do 31.03.2026 — rozliczenie spodziewane we wrześniu 2026.

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Financials

BETA

FY 2026

MCR · FY 2026

Metric	FY 2026	FY 2025	Δ YoY	Value type	Segment	Conf.

Revenue jednostkowe (mcr S.A.)	23.02	—	—	reported	jednostkowe (mcr S.A.)	1.00
Revenue	181.16	—	—	reported	—	1.00
Gross profit	31.52	—	—	reported	—	1.00
EBIT jednostkowe (mcr S.A.)	-24.58	—	—	reported	jednostkowe (mcr S.A.)	1.00
EBIT	-16.06	—	—	reported	—	1.00
EBT jednostkowe (mcr S.A.)	284.27	—	—	reported	jednostkowe (mcr S.A.)	1.00
EBT	-12.74	—	—	reported	—	1.00
Net income jednostkowe (mcr S.A.)	225.09	—	—	reported	jednostkowe (mcr S.A.)	1.00
Net income	221.67	—	—	reported	—	1.00
EPS (basic) (PLN)	24.58	—	—	reported	—	1.00
Income tax	-2.71	—	—	reported	—	1.00
Shares (basic) (m units)	9.02	—	—	reported	—	0.60

Gross margin	17.4%	—	—	reported	—	1.00
EBIT margin	-106.8%	—	—	reported	—	1.00
EBT margin	-7%	—	—	reported	—	1.00
Net margin	-5.5%	—	—	derived	—	1.00

Cash jednostkowe (mcr S.A.)	40.95	—	—	reported	jednostkowe (mcr S.A.)	1.00
Total debt	33.4	—	—	reported	—	0.70
Equity jednostkowe (mcr S.A.)	219.66	—	—	reported	jednostkowe (mcr S.A.)	1.00
Equity	287.99	—	—	reported	—	1.00
Total assets jednostkowe (mcr S.A.)	264.07	—	—	reported	jednostkowe (mcr S.A.)	1.00
Total assets	382.71	—	—	reported	—	1.00
Working capital	181.65	—	—	derived	—	1.00
Current assets jednostkowe (mcr S.A.)	159.11	—	—	reported	jednostkowe (mcr S.A.)	1.00
Current assets	236.66	—	—	reported	—	1.00
Current liabilities jednostkowe (mcr S.A.)	24.61	—	—	reported	jednostkowe (mcr S.A.)	1.00
Current liabilities	55.01	—	—	reported	—	1.00
Non-current liabilities	39.71	—	—	reported	—	1.00
Goodwill	22.34	—	—	reported	—	0.90

CFO jednostkowe (mcr S.A.)	-110.85	—	—	reported	jednostkowe (mcr S.A.)	1.00
CFO	34.93	—	—	reported	—	1.00
Dividends paid jednostkowe (mcr S.A.)	27.23	—	—	reported	jednostkowe (mcr S.A.)	1.00
Buybacks jednostkowe (mcr S.A.)	135	—	—	reported	jednostkowe (mcr S.A.)	1.00
Buybacks	135	—	—	reported	—	0.60

ROE	88.9%	—	—	reported	—	0.50

Current ratio	4.3x	—	—	reported	—	1.00

Debt / equity	0.12x	—	—	derived	—	0.60
Debt / assets	0.09x	—	—	derived	—	0.60

Revenue growth (YoY)	19.7%	—	—	reported	—	1.00
EBIT growth (YoY)	-2758.5%	—	—	reported	—	0.70
Net income growth (YoY)	1242.9%	—	—	reported	—	0.70
EPS growth (YoY)	2241%	—	—	derived	—	0.50
Gross margin Δ (YoY)	-1.7 pp	—	—	reported	—	1.00
EBIT margin Δ (YoY)	-8.6 pp	—	—	derived	—	1.00
Net margin Δ (YoY)	-7.4 pp	—	—	derived	—	1.00

FY 2026 · Δ YoY

Revenue

jednostkowe (mcr S.A.)

23.02 —

FY 2025: —

Revenue

181.16 —

FY 2025: —

Gross profit

31.52 —

FY 2025: —

EBIT

jednostkowe (mcr S.A.)

-24.58 —

FY 2025: —

EBIT

-16.06 —

FY 2025: —

EBT

jednostkowe (mcr S.A.)

284.27 —

FY 2025: —

EBT

-12.74 —

FY 2025: —

Net income

jednostkowe (mcr S.A.)

225.09 —

FY 2025: —

Net income

221.67 —

FY 2025: —

EPS (basic) (PLN)

24.58 —

FY 2025: —

Income tax

-2.71 —

FY 2025: —

Shares (basic) (m units)

9.02 —

FY 2025: —

Gross margin

17.4% —

FY 2025: —

EBIT margin

-106.8% —

FY 2025: —

EBT margin

-7% —

FY 2025: —

Net margin

-5.5% —

FY 2025: —

Cash

jednostkowe (mcr S.A.)

40.95 —

FY 2025: —

Total debt

33.4 —

FY 2025: —

Equity

jednostkowe (mcr S.A.)

219.66 —

FY 2025: —

Equity

287.99 —

FY 2025: —

Total assets

jednostkowe (mcr S.A.)

264.07 —

FY 2025: —

Total assets

382.71 —

FY 2025: —

Working capital

181.65 —

FY 2025: —

Current assets

jednostkowe (mcr S.A.)

159.11 —

FY 2025: —

Current assets

236.66 —

FY 2025: —

Current liabilities

jednostkowe (mcr S.A.)

24.61 —

FY 2025: —

Current liabilities

55.01 —

FY 2025: —

Non-current liabilities

39.71 —

FY 2025: —

Goodwill

22.34 —

FY 2025: —

CFO

jednostkowe (mcr S.A.)

-110.85 —

FY 2025: —

CFO

34.93 —

FY 2025: —

Dividends paid

jednostkowe (mcr S.A.)

27.23 —

FY 2025: —

Buybacks

jednostkowe (mcr S.A.)

135 —

FY 2025: —

Buybacks

135 —

FY 2025: —

ROE

88.9% —

FY 2025: —

Current ratio

4.3x —

FY 2025: —

Debt / equity

0.12x —

FY 2025: —

Debt / assets

0.09x —

FY 2025: —

Revenue growth (YoY)

19.7% —

FY 2025: —

EBIT growth (YoY)

-2758.5% —

FY 2025: —

Net income growth (YoY)

1242.9% —

FY 2025: —

EPS growth (YoY)

2241% —

FY 2025: —

Gross margin Δ (YoY)

-1.7 pp —

FY 2025: —

EBIT margin Δ (YoY)

-8.6 pp —

FY 2025: —

Net margin Δ (YoY)

-7.4 pp —

FY 2025: —