Grupa Kety (KTY) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 13% YoY to PLN 1,635m; EBITDA increased 12% to PLN 331m and net profit attributable to parent shareholders rose 18% to PLN 208m.

• Results held up amid subdued markets and raw-material volatility; regulatory preparations advanced for the conditional METRA acquisition.

Financial highlights

• Q3 operating profit was PLN 270m (+15% YoY), profit before tax PLN 254m (+18%), and EBITDA margin 20.2% versus 20.4%.

• Q1–Q3 revenue totaled PLN 4,663m (+10% YoY), EBITDA PLN 967m (+18%), operating profit PLN 784m (+23%), and net profit PLN 594m (+27%).

• 9M operating costs increased PLN 272m YoY, mainly from materials and energy (+PLN 252m), employee benefits (+PLN 43m) and third-party services (+PLN 26m).

• 9M operating cash flow was PLN 604m versus PLN 678m; investing outflow was PLN 178m and financing outflow PLN 416m.

Outlook and guidance

• Q4 sales volumes are expected to remain broadly stable YoY, with demand near Q3 levels and no significant shifts anticipated across segments.

• FY EBITDA is projected ~5% above the previously communicated threshold; management said full-year results should exceed forecasts by several percent.

• Construction demand is expected near Q3 levels; sun-shading demand typically falls 30–40% in Q4, while packaging demand may rise several percentage points ahead of Christmas, subject to consumer sentiment.

• 2027 energy costs could be ~15% higher than 2026 at current prices; electricity hedging is nearing 50% and gas hedging exceeds 60%.