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Pkp Cargo (PKP) investor relations material
Pkp Cargo Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net loss for H1 2025 narrowed significantly to PLN 17.9 million from PLN 453.1 million year-over-year, reflecting the impact of restructuring and optimization measures.
Revenue from customer contracts fell 20.8% year-over-year to PLN 1,821.2 million.
The group is undergoing a formal restructuring process initiated in July 2024, with a focus on rail freight, intermodal, forwarding, terminal, and rolling stock services.
Financial highlights
EBITDA for H1 2025 was PLN 237.0 million, up from PLN 114.6 million year-over-year.
Operating costs (excluding depreciation and amortization) decreased 18.1% year-over-year to PLN 1,710.3 million.
Capital expenditures (CAPEX) for H1 2025 totaled PLN 172.3 million, down 60.5% from H1 2024.
Cash and equivalents at June 30, 2025, were PLN 482.5 million, down from PLN 589.1 million at year-end 2024.
Cash flow from operations was PLN 145.5 million, down from PLN 501.7 million in H1 2024.
Outlook and guidance
The restructuring plan targets EBITDA exceeding PLN 1 billion by 2031, with a shift in revenue structure toward intermodal transport and away from hard coal.
The plan includes cost optimization, asset sales, and a focus on higher-margin intermodal and specialist transport segments.
Employee benefit costs are expected to decrease from 45% to 31% of total costs by 2031.
Management expects sufficient liquidity for at least 12 months, assuming successful execution of the restructuring plan.
Next milestone: approval of the Restructuring Plan by the Creditor's Council on November 15, 2025.
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