Pkp Cargo (PKP) investor relations material

Executive summary

• Revenue for the six months ended June 30, 2026, was PLN 1,840.3 million, up slightly year-over-year from PLN 1,821.2 million, with net profit at PLN 163.6 million compared to a net loss of PLN 17.9 million in the prior year period.

• The group is undergoing significant restructuring, including a court-sanctioned recovery process, asset sales, and operational optimization, following a period of financial distress and breach of loan covenants.

• A restructuring plan was approved in March 2026, focusing on liquidity stabilization, cost reduction, and a shift toward higher-margin intermodal and specialized transport segments.

Financial highlights

• EBITDA for H1 2026 reached PLN 226.7 million, up from PLN 75.1 million in H1 2025.

• Operating profit (EBIT) was PLN 226.7 million, compared to PLN 75.1 million a year earlier.

• Net profit attributable to shareholders was PLN 163.6 million, reversing a net loss of PLN 17.9 million in H1 2025.

• Cash flow from operations was PLN 235.9 million, with net cash outflows from investing and financing activities.

• Total assets as of June 30, 2026, were PLN 6,336.3 million, with equity at PLN 901.5 million.

Outlook and guidance

• The restructuring plan aims for financial stabilization, improved liquidity, and a strategic focus on intermodal and specialized freight, with continued asset sales and cost optimization.

• Planned capital increases and new share issues are intended to support liquidity and creditor settlements.

• The company expects to maintain sufficient liquidity for at least the next 12 months, assuming successful execution of planned asset sales and operational improvements.