Grupa Kety (KTY) Q2 2026 earnings summary

Executive summary

• Achieved record financial results in Q2 and H1 2026, with strong performance across all segments despite challenging macroeconomic and geopolitical conditions, including the Middle East conflict.

• High efficiency and margin improvements, especially in Architectural Systems and Extruded Products, with production capacity utilization around 90%.

• Revenue for H1 2026 reached PLN 3,028 million, up 8% year-over-year, and net profit rose 33% to PLN 386 million.

• EBITDA margin improved to 21% in H1 and 23% in Q2, reflecting operational efficiency and positive inventory effects.

• Macroeconomic and geopolitical risks persist, but Poland's construction sector shows relative resilience.

Financial highlights

• Q2 2026 sales revenue reached PLN 1,654 million, up 15% year-over-year; H1 2026 net sales were PLN 3,028 million.

• EBITDA rose by PLN 84 million to nearly PLN 380 million in Q2, and reached PLN 636 million in H1 2026, up 22% year-over-year.

• Net profit increased 42% year-over-year in Q2 to PLN 241 million, and 33% in H1 to PLN 386 million.

• Net debt decreased sequentially, with net debt to EBITDA at 1.0–1.1, reflecting strong deleveraging.

• Working capital demand increased due to raw material price movements, but was fully financed by strong EBITDA.

Outlook and guidance

• Management sustains the 2026 performance forecast, expecting to meet ambitious full-year budget with normalization of results in H2.

• Flexible Packaging Segment anticipated to return to standard budget assumptions, with quarterly EBITDA around PLN 70 million.

• Q3 sales volume expected to grow in Architectural Systems and Extruded Products, remain stable in Sun Shadings and Flexible Packaging.

• Net debt projected to rise by PLN 150 million in H2 2026 due to planned capex and dividend payments.

• Stable cash flow from operating activities anticipated.