PCE GRUPA AZOTY ZAKŁADY CHEMICZNE POLICE Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 10, 2026

H1 2026 report

Operacyjnie Grupa odbija: EBITDA wzrosła o 121,7% r/r do 59,8 mln zł, głównie dzięki Segmentowi Nawozy (EBITDA +62,7 mln zł, marża 5,3%).

Sentiment

Cautious No guidance change

Website

PCE H1 2026 report

Revenue

1.36 bn PLN

— YoY

Net income

-37.61 m PLN

— YoY

EBITDA

59.75 m PLN

— YoY

Gross margin

7.52%

— YoY

Summary

Investment thesis

Poprawa wyniku netto (-37,6 mln zł wobec -169,6 mln zł rok wcześniej) w około 132 mln zł wynika niemal w całości z jednorazowego odwrócenia wyceny udziałów w GA Polyolefins, nie z operacji podstawowych.
Kapitał własny Grupy pozostaje ujemny (-206,8 mln zł) i pogłębił się względem końca 2025 roku (-168,1 mln zł) — druga z rzędu okresowa sprawozdawczość z ujemnym kapitałem.
Płynność opiera się na serii krótkoterminowych Porozumień Stabilizujących z bankami (ważnych obecnie do 30 września 2026 roku) po naruszeniu kowenantu dług netto/EBITDA — ich nieprzedłużenie jest poza kontrolą spółki.
Operacyjny cash flow (+774 mln zł) jest w 78% efektem rosnącej korekty z tytułu faktoringu odwrotnego (604,6 mln zł) — bez niej przepływy z działalności operacyjnej byłyby wielokrotnie niższe.

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Financials

BETA

H1 2026

PCE · H1 2026

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

Revenue	1,361.51	2,468.88	−44.9%	1,361.51	−44.9%	reported	—	1.00
Gross profit	102.42	—	—	102.42	—	reported	—	1.00
EBITDA	59.75	-44	+235.8%	59.75	+235.8%	reported	—	1.00
EBIT	-7.76	-183.46	+95.8%	-7.76	+95.8%	reported	—	1.00
EBT	-49.36	-809.7	+93.9%	-49.36	+93.9%	reported	—	1.00
Net income	-37.61	-730.16	+94.8%	-37.61	+94.8%	reported	—	1.00
EPS (basic) (PLN)	-0.3	-5.88	—	-0.3	—	reported	—	1.00
D&A	67.51	—	—	67.51	—	reported	—	1.00
Income tax	-11.76	—	—	-11.76	—	reported	—	0.90
Shares (basic) (m units)	124.18	124.18	—	—	—	reported	—	1.00

Gross margin	7.52%	—	—	7.52%	—	derived	—	1.00
EBITDA margin	4.39%	-1.78%	+6.2 pp	4.39%	+6.2 pp	derived	—	1.00
EBIT margin	-0.57%	-7.43%	+6.9 pp	-0.57%	+6.9 pp	derived	—	1.00
Net margin	-2.76%	-29.58%	+26.8 pp	-2.76%	+26.8 pp	derived	—	1.00

Cash	164.19	135.91	+20.8%	—	—	reported	—	1.00
Total debt	691.06	—	—	—	—	reported	—	0.70
Net debt	526.87	—	—	—	—	derived	—	0.70
Equity	-206.77	-168.14	−23%	—	—	reported	—	1.00
Total assets	2,799.73	2,631.39	+6.4%	—	—	reported	—	1.00
Current assets	1,162.02	986.14	+17.8%	—	—	reported	—	1.00
Current liabilities	2,477.93	2,297.78	+7.8%	—	—	reported	—	1.00
Non-current liabilities	528.57	501.75	+5.3%	—	—	reported	—	1.00
Inventory	306.8	—	—	—	—	reported	—	1.00
Trade receivables	460.15	—	—	—	—	reported	—	0.80
Trade payables	1,215.75	—	—	—	—	reported	—	0.80

CFO	774.17	1,124.44	−31.2%	774.17	−31.2%	reported	—	1.00
CapEx	44.18	—	—	44.18	—	reported	—	1.00
FCF	730	—	—	730	—	derived	—	0.30
FCF conversion	1221.6%	—	—	1221.6%	—	derived	—	0.20
CFO conversion	1295.6%	—	—	1295.6%	—	derived	—	0.20

Current ratio	0.47x	430x	−429.53x	—	—	derived	—	1.00
Quick ratio	0.35x	—	—	—	—	derived	—	1.00
Cash ratio	0.07x	60x	−59.93x	—	—	derived	—	1.00

Debt / equity	-3.34x	—	—	—	—	derived	—	0.50
Debt / assets	0.25x	—	—	—	—	derived	—	0.80
Net debt / equity	-2.55x	—	—	—	—	derived	—	0.50

Revenue growth (YoY)	1.18%	-0.62%	—	1.18%	—	derived	—	1.00
EBITDA growth (YoY)	121.72%	—	—	121.72%	—	derived	—	1.00
EBIT growth (YoY)	81.85%	-218.6%	—	81.85%	—	derived	—	1.00
Net income growth (YoY)	77.83%	-846.28%	—	77.83%	—	derived	—	1.00
EPS growth (YoY)	78.1%	-848.39%	—	78.1%	—	derived	—	0.90
Gross margin Δ (YoY)	2.03 pp	—	—	2.03 pp	—	derived	—	1.00
EBITDA margin Δ (YoY)	2.39 pp	—	—	2.39 pp	—	derived	—	1.00
EBIT margin Δ (YoY)	2.61 pp	-5110 pp	—	2.61 pp	—	derived	—	1.00
Net margin Δ (YoY)	9.85 pp	-26470 pp	—	9.85 pp	—	derived	—	1.00

H1 2026 · Δ YoY

Revenue

1,361.51 −44.9%

H1 2025: 2,468.88
YTD 2026: 1,361.51
Δ YoY: −44.9%

Gross profit

102.42 —

H1 2025: —
YTD 2026: 102.42
Δ YoY: —

EBITDA

59.75 +235.8%

H1 2025: -44
YTD 2026: 59.75
Δ YoY: +235.8%

EBIT

-7.76 +95.8%

H1 2025: -183.46
YTD 2026: -7.76
Δ YoY: +95.8%

EBT

-49.36 +93.9%

H1 2025: -809.7
YTD 2026: -49.36
Δ YoY: +93.9%

Net income

-37.61 +94.8%

H1 2025: -730.16
YTD 2026: -37.61
Δ YoY: +94.8%

EPS (basic) (PLN)

-0.3 —

H1 2025: -5.88
YTD 2026: -0.3
Δ YoY: —

D&A

67.51 —

H1 2025: —
YTD 2026: 67.51
Δ YoY: —

Income tax

-11.76 —

H1 2025: —
YTD 2026: -11.76
Δ YoY: —

Shares (basic) (m units)

124.18 —

H1 2025: 124.18
YTD 2026: —
Δ YoY: —

Gross margin

7.52% —

H1 2025: —
YTD 2026: 7.52%
Δ YoY: —

EBITDA margin

4.39% +6.2 pp

H1 2025: -1.78%
YTD 2026: 4.39%
Δ YoY: +6.2 pp

EBIT margin

-0.57% +6.9 pp

H1 2025: -7.43%
YTD 2026: -0.57%
Δ YoY: +6.9 pp

Net margin

-2.76% +26.8 pp

H1 2025: -29.58%
YTD 2026: -2.76%
Δ YoY: +26.8 pp

Cash

164.19 +20.8%

H1 2025: 135.91
YTD 2026: —
Δ YoY: —

Total debt

691.06 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

526.87 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

-206.77 −23%

H1 2025: -168.14
YTD 2026: —
Δ YoY: —

Total assets

2,799.73 +6.4%

H1 2025: 2,631.39
YTD 2026: —
Δ YoY: —

Current assets

1,162.02 +17.8%

H1 2025: 986.14
YTD 2026: —
Δ YoY: —

Current liabilities

2,477.93 +7.8%

H1 2025: 2,297.78
YTD 2026: —
Δ YoY: —

Non-current liabilities

528.57 +5.3%

H1 2025: 501.75
YTD 2026: —
Δ YoY: —

Inventory

306.8 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

460.15 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

1,215.75 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

774.17 −31.2%

H1 2025: 1,124.44
YTD 2026: 774.17
Δ YoY: −31.2%

CapEx

44.18 —

H1 2025: —
YTD 2026: 44.18
Δ YoY: —

FCF

730 —

H1 2025: —
YTD 2026: 730
Δ YoY: —

FCF conversion

1221.6% —

H1 2025: —
YTD 2026: 1221.6%
Δ YoY: —

CFO conversion

1295.6% —

H1 2025: —
YTD 2026: 1295.6%
Δ YoY: —

Current ratio

0.47x −429.53x

H1 2025: 430x
YTD 2026: —
Δ YoY: —

Quick ratio

0.35x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.07x −59.93x

H1 2025: 60x
YTD 2026: —
Δ YoY: —

Debt / equity

-3.34x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.25x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

-2.55x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

1.18% —

H1 2025: -0.62%
YTD 2026: 1.18%
Δ YoY: —

EBITDA growth (YoY)

121.72% —

H1 2025: —
YTD 2026: 121.72%
Δ YoY: —

EBIT growth (YoY)

81.85% —

H1 2025: -218.6%
YTD 2026: 81.85%
Δ YoY: —

Net income growth (YoY)

77.83% —

H1 2025: -846.28%
YTD 2026: 77.83%
Δ YoY: —

EPS growth (YoY)

78.1% —

H1 2025: -848.39%
YTD 2026: 78.1%
Δ YoY: —

Gross margin Δ (YoY)

2.03 pp —

H1 2025: —
YTD 2026: 2.03 pp
Δ YoY: —

EBITDA margin Δ (YoY)

2.39 pp —

H1 2025: —
YTD 2026: 2.39 pp
Δ YoY: —

EBIT margin Δ (YoY)

2.61 pp —

H1 2025: -5110 pp
YTD 2026: 2.61 pp
Δ YoY: —

Net margin Δ (YoY)

9.85 pp —

H1 2025: -26470 pp
YTD 2026: 9.85 pp
Δ YoY: —