DBC
FIRMA OPONIARSKA DĘBICA
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 24, 2026
H1 2026 report
Dębica to spółka jednoosobowa (bez grupy kapitałowej), niemal w całości (95,3% przychodów) sprzedająca produkcję do spółek z grupy Goodyear, co czyni ją de facto captive manufacturerem, a nie w pełni niezależnym graczem rynkowym.
Sentiment
Neutral
No guidance change
DBC
H1 2026 report
Revenue
1.39 bn PLN
— YoY
Net income
57.45 m PLN
— YoY
EBITDA
119.06 m PLN
— YoY
Gross margin
4.9%
— YoY
Summary
Investment thesis
- Przychody w I półroczu 2026 r. spadły o 8,0% r/r do 1 390,3 mln zł, a marża brutto na sprzedaży skurczyła się z 6,5% do 4,9% - głównie za sprawą korekty cen w transakcjach z Goodyearem do poziomu 'umownej marży operacyjnej'.
- Bilans jest praktycznie wolny od zadłużenia odsetkowego (jedynie leasing, ok. 10,5 mln zł) przy stanie gotówki 110,1 mln zł i dodatkowo 572,0 mln zł pożyczek udzielonych podmiotom z grupy Goodyear - spółka pełni częściowo rolę wewnątrzgrupowego 'banku'.
- Zysk netto spadł o 30,4% r/r do 57,4 mln zł, mimo że operacyjny cash flow wzrósł skokowo do 129,9 mln zł (z -58,5 mln zł rok wcześniej) - głównie efekt korzystniejszego układu zmian należności i zobowiązań wobec podmiotów powiązanych, a nie poprawy rentowności.
- Spółka utrzymuje wysoką, rosnącą dywidendę (6,79 zł/akcję, +60,5% r/r) i inwestuje w rozbudowę mocy produkcyjnych (CAPEX 93,4 mln zł, znacznie powyżej amortyzacji 58,6 mln zł) - sygnał zaufania zarządu/właściciela do przyszłych wyników mimo bieżącej presji na marże.
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Financials
BETA
DBC · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,390.34 | 2,914.85 | −52.3% | 1,390.34 | −52.3% | reported | — | 1.00 |
| Gross profit | 68.1 | 160.69 | −57.6% | 68.1 | −57.6% | reported | — | 1.00 |
| EBITDA | 119.06 | 244.3 | −51.3% | 119.06 | −51.3% | derived | — | 0.70 |
| EBIT | 60.41 | 128.73 | −53.1% | 60.41 | −53.1% | reported | — | 1.00 |
| EBT | 71.92 | 156.27 | −54% | 71.92 | −54% | reported | — | 1.00 |
| Net income | 57.45 | 124.98 | −54% | 57.45 | −54% | reported | — | 1.00 |
| EPS (basic) (PLN) | 4.16 | 9.06 | — | 4.16 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 4.16 | 9.06 | — | 4.16 | — | reported | — | 1.00 |
| D&A | 58.65 | 115.57 | −49.3% | 58.65 | −49.3% | reported | — | 1.00 |
| Interest expense | 0.7 | 3.79 | −81.6% | 0.7 | −81.6% | reported | — | 1.00 |
| Income tax | 14.47 | 31.28 | −53.7% | 14.47 | −53.7% | reported | — | 1.00 |
| Shares (basic) (m units) | 13.8 | 13.8 | — | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 13.8 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 4.9% | 5.51% | −0.6 pp | 4.9% | −0.6 pp | derived | — | 1.00 |
| EBITDA margin | 8.56% | 8.38% | +0.2 pp | 8.56% | +0.2 pp | derived | — | 0.70 |
| EBIT margin | 4.35% | 4.42% | −0.1 pp | 4.35% | −0.1 pp | derived | — | 1.00 |
| EBT margin | 5.17% | — | — | 5.17% | — | derived | — | 0.90 |
| Net margin | 4.13% | 4.29% | −0.2 pp | 4.13% | −0.2 pp | derived | — | 0.90 |
| D&A margin | 4.22% | — | — | 4.22% | — | derived | — | 0.90 |
| Cash | 110.14 | 46.51 | +136.8% | — | — | reported | — | 1.00 |
| Total debt | 10.48 | 10.72 | −2.2% | — | — | reported | — | 0.60 |
| Net debt | -99.66 | -35.79 | −178.4% | — | — | derived | — | 0.60 |
| Equity | 1,397.37 | 1,433.64 | −2.5% | — | — | reported | — | 1.00 |
| Total assets | 2,520.35 | 2,316.8 | +8.8% | — | — | reported | — | 1.00 |
| Working capital | 480.2 | 556.77 | −13.8% | — | — | derived | — | 0.80 |
| Current assets | 1,463.59 | 1,285.28 | +13.9% | — | — | reported | — | 1.00 |
| Current liabilities | 983.39 | 728.51 | +35% | — | — | reported | — | 0.90 |
| Non-current liabilities | 139.6 | 6.35 | +2097.7% | — | — | derived | — | 0.50 |
| Inventory | 177.3 | 164.45 | +7.8% | — | — | reported | — | 1.00 |
| Trade receivables | 594.76 | 482.86 | +23.2% | — | — | reported | — | 1.00 |
| Trade payables | 777.9 | 645.91 | +20.4% | — | — | reported | — | 0.80 |
| Goodwill | 13.6 | 4.25 | +219.7% | — | — | reported | — | 1.00 |
| Tangible equity | 1,383.77 | — | — | — | — | derived | — | 0.90 |
| CFO | 129.86 | 85.49 | +51.9% | 129.86 | +51.9% | reported | — | 1.00 |
| CapEx | 93.43 | 147.08 | −36.5% | 93.43 | −36.5% | reported | — | 1.00 |
| FCF | 36.43 | -61.6 | +159.1% | 36.43 | +159.1% | derived | — | 0.90 |
| FCF conversion | 30.61% | — | — | 30.61% | — | derived | — | 0.60 |
| CFO conversion | 109.07% | 34.99% | +74.1 pp | 109.07% | +74.1 pp | derived | — | 0.60 |
| Dividends paid | 0 | 58.39 | −100% | 0 | −100% | reported | — | 1.00 |
| ROE | 7.17% | 8.93% | −1.8 pp | — | — | reported | — | 0.80 |
| ROA | 4.02% | 5.39% | −1.4 pp | — | — | reported | — | 0.70 |
| Current ratio | 1.49x | 1.76x | −0.28x | — | — | reported | — | 0.90 |
| Quick ratio | 1.31x | 1.54x | −0.23x | — | — | reported | — | 0.90 |
| Cash ratio | 0.11x | 0.06x | +0.05x | — | — | reported | — | 0.90 |
| Interest coverage | 86.68x | 33.98x | +52.69x | 86.68x | +52.69x | reported | — | 0.90 |
| Debt / equity | 0.01x | 0.01x | +0x | — | — | reported | — | 0.60 |
| Debt / assets | 0x | 0x | −0x | — | — | reported | — | 0.60 |
| Net debt / equity | -0.07x | -0.03x | −0.05x | — | — | reported | — | 0.60 |
| Revenue growth (YoY) | -7.97% | 15.72% | — | -7.97% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -14.11% | 59.56% | — | -14.11% | — | reported | — | 0.70 |
| EBIT growth (YoY) | -30.99% | 120.93% | — | -30.99% | — | reported | — | 1.00 |
| Net income growth (YoY) | -30.4% | 60.74% | — | -30.4% | — | reported | — | 1.00 |
| EPS growth (YoY) | -30.44% | 60.92% | — | -30.44% | — | reported | — | 1.00 |
| FCF growth (YoY) | 127.96% | — | — | 127.96% | — | reported | — | 0.80 |
| Gross margin Δ (YoY) | -1.63 pp | — | — | -1.63 pp | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | -0.61 pp | — | — | -0.61 pp | — | reported | — | 0.70 |
| EBIT margin Δ (YoY) | -1.45 pp | 0 pp | — | -1.45 pp | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -1.33 pp | 0 pp | — | -1.33 pp | — | reported | — | 1.00 |
H1 2026 · Δ YoY
Revenue
1,390.34
−52.3%
1,390.34
−52.3%
- H1 2025
- 2,914.85
- YTD 2026
- 1,390.34
- Δ YoY
- −52.3%
Gross profit
68.1
−57.6%
68.1
−57.6%
- H1 2025
- 160.69
- YTD 2026
- 68.1
- Δ YoY
- −57.6%
EBITDA
119.06
−51.3%
119.06
−51.3%
- H1 2025
- 244.3
- YTD 2026
- 119.06
- Δ YoY
- −51.3%
EBIT
60.41
−53.1%
60.41
−53.1%
- H1 2025
- 128.73
- YTD 2026
- 60.41
- Δ YoY
- −53.1%
EBT
71.92
−54%
71.92
−54%
- H1 2025
- 156.27
- YTD 2026
- 71.92
- Δ YoY
- −54%
Net income
57.45
−54%
57.45
−54%
- H1 2025
- 124.98
- YTD 2026
- 57.45
- Δ YoY
- −54%
EPS (basic)
(PLN)
4.16
—
4.16
—
- H1 2025
- 9.06
- YTD 2026
- 4.16
- Δ YoY
- —
EPS (diluted)
(PLN)
4.16
—
4.16
—
- H1 2025
- 9.06
- YTD 2026
- 4.16
- Δ YoY
- —
D&A
58.65
−49.3%
58.65
−49.3%
- H1 2025
- 115.57
- YTD 2026
- 58.65
- Δ YoY
- −49.3%
Interest expense
0.7
−81.6%
0.7
−81.6%
- H1 2025
- 3.79
- YTD 2026
- 0.7
- Δ YoY
- −81.6%
Income tax
14.47
−53.7%
14.47
−53.7%
- H1 2025
- 31.28
- YTD 2026
- 14.47
- Δ YoY
- −53.7%
Shares (basic)
(m units)
13.8
—
13.8
—
- H1 2025
- 13.8
- YTD 2026
- —
- Δ YoY
- —
Shares (diluted)
(m units)
13.8
—
13.8
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
4.9%
−0.6 pp
4.9%
−0.6 pp
- H1 2025
- 5.51%
- YTD 2026
- 4.9%
- Δ YoY
- −0.6 pp
EBITDA margin
8.56%
+0.2 pp
8.56%
+0.2 pp
- H1 2025
- 8.38%
- YTD 2026
- 8.56%
- Δ YoY
- +0.2 pp
EBIT margin
4.35%
−0.1 pp
4.35%
−0.1 pp
- H1 2025
- 4.42%
- YTD 2026
- 4.35%
- Δ YoY
- −0.1 pp
EBT margin
5.17%
—
5.17%
—
- H1 2025
- —
- YTD 2026
- 5.17%
- Δ YoY
- —
Net margin
4.13%
−0.2 pp
4.13%
−0.2 pp
- H1 2025
- 4.29%
- YTD 2026
- 4.13%
- Δ YoY
- −0.2 pp
D&A margin
4.22%
—
4.22%
—
- H1 2025
- —
- YTD 2026
- 4.22%
- Δ YoY
- —
Cash
110.14
+136.8%
110.14
+136.8%
- H1 2025
- 46.51
- YTD 2026
- —
- Δ YoY
- —
Total debt
10.48
−2.2%
10.48
−2.2%
- H1 2025
- 10.72
- YTD 2026
- —
- Δ YoY
- —
Net debt
-99.66
−178.4%
-99.66
−178.4%
- H1 2025
- -35.79
- YTD 2026
- —
- Δ YoY
- —
Equity
1,397.37
−2.5%
1,397.37
−2.5%
- H1 2025
- 1,433.64
- YTD 2026
- —
- Δ YoY
- —
Total assets
2,520.35
+8.8%
2,520.35
+8.8%
- H1 2025
- 2,316.8
- YTD 2026
- —
- Δ YoY
- —
Working capital
480.2
−13.8%
480.2
−13.8%
- H1 2025
- 556.77
- YTD 2026
- —
- Δ YoY
- —
Current assets
1,463.59
+13.9%
1,463.59
+13.9%
- H1 2025
- 1,285.28
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
983.39
+35%
983.39
+35%
- H1 2025
- 728.51
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
139.6
+2097.7%
139.6
+2097.7%
- H1 2025
- 6.35
- YTD 2026
- —
- Δ YoY
- —
Inventory
177.3
+7.8%
177.3
+7.8%
- H1 2025
- 164.45
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
594.76
+23.2%
594.76
+23.2%
- H1 2025
- 482.86
- YTD 2026
- —
- Δ YoY
- —
Trade payables
777.9
+20.4%
777.9
+20.4%
- H1 2025
- 645.91
- YTD 2026
- —
- Δ YoY
- —
Goodwill
13.6
+219.7%
13.6
+219.7%
- H1 2025
- 4.25
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
1,383.77
—
1,383.77
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
129.86
+51.9%
129.86
+51.9%
- H1 2025
- 85.49
- YTD 2026
- 129.86
- Δ YoY
- +51.9%
CapEx
93.43
−36.5%
93.43
−36.5%
- H1 2025
- 147.08
- YTD 2026
- 93.43
- Δ YoY
- −36.5%
FCF
36.43
+159.1%
36.43
+159.1%
- H1 2025
- -61.6
- YTD 2026
- 36.43
- Δ YoY
- +159.1%
FCF conversion
30.61%
—
30.61%
—
- H1 2025
- —
- YTD 2026
- 30.61%
- Δ YoY
- —
CFO conversion
109.07%
+74.1 pp
109.07%
+74.1 pp
- H1 2025
- 34.99%
- YTD 2026
- 109.07%
- Δ YoY
- +74.1 pp
Dividends paid
0
−100%
0
−100%
- H1 2025
- 58.39
- YTD 2026
- 0
- Δ YoY
- −100%
ROE
7.17%
−1.8 pp
7.17%
−1.8 pp
- H1 2025
- 8.93%
- YTD 2026
- —
- Δ YoY
- —
ROA
4.02%
−1.4 pp
4.02%
−1.4 pp
- H1 2025
- 5.39%
- YTD 2026
- —
- Δ YoY
- —
Current ratio
1.49x
−0.28x
1.49x
−0.28x
- H1 2025
- 1.76x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.31x
−0.23x
1.31x
−0.23x
- H1 2025
- 1.54x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.11x
+0.05x
0.11x
+0.05x
- H1 2025
- 0.06x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
86.68x
+52.69x
86.68x
+52.69x
- H1 2025
- 33.98x
- YTD 2026
- 86.68x
- Δ YoY
- +52.69x
Debt / equity
0.01x
+0x
0.01x
+0x
- H1 2025
- 0.01x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0x
−0x
0x
−0x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.07x
−0.05x
-0.07x
−0.05x
- H1 2025
- -0.03x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-7.97%
—
-7.97%
—
- H1 2025
- 15.72%
- YTD 2026
- -7.97%
- Δ YoY
- —
EBITDA growth (YoY)
-14.11%
—
-14.11%
—
- H1 2025
- 59.56%
- YTD 2026
- -14.11%
- Δ YoY
- —
EBIT growth (YoY)
-30.99%
—
-30.99%
—
- H1 2025
- 120.93%
- YTD 2026
- -30.99%
- Δ YoY
- —
Net income growth (YoY)
-30.4%
—
-30.4%
—
- H1 2025
- 60.74%
- YTD 2026
- -30.4%
- Δ YoY
- —
EPS growth (YoY)
-30.44%
—
-30.44%
—
- H1 2025
- 60.92%
- YTD 2026
- -30.44%
- Δ YoY
- —
FCF growth (YoY)
127.96%
—
127.96%
—
- H1 2025
- —
- YTD 2026
- 127.96%
- Δ YoY
- —
Gross margin Δ (YoY)
-1.63 pp
—
-1.63 pp
—
- H1 2025
- —
- YTD 2026
- -1.63 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-0.61 pp
—
-0.61 pp
—
- H1 2025
- —
- YTD 2026
- -0.61 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-1.45 pp
—
-1.45 pp
—
- H1 2025
- 0 pp
- YTD 2026
- -1.45 pp
- Δ YoY
- —
Net margin Δ (YoY)
-1.33 pp
—
-1.33 pp
—
- H1 2025
- 0 pp
- YTD 2026
- -1.33 pp
- Δ YoY
- —