Pkp Cargo (PKP) Q4 2025 earnings summary

Executive summary

• 2025 marked a return to profitability for the group, with a net profit of 39.4 mln PLN, reversing the previous year's loss, and a significant improvement in EBIT to 173.3 mln PLN at group level and 260.8 mln PLN at standalone level.

• The year was characterized by ongoing restructuring, including workforce reductions, asset sales, and organizational changes, all under the regime of court-sanctioned restructuring proceedings.

• The group maintained its leading position in the Polish rail freight market, though market share declined slightly amid a challenging macroeconomic and competitive environment.

Financial highlights

• Consolidated revenue for 2025 was 3,875.0 mln PLN, down from 4,519.3 mln PLN in 2024, reflecting lower freight volumes and rates.

• Group EBITDA margin improved to 10.6% (up from 6.6% in 2024), and net margin reached 1.0% (from -53.4% in 2024).

• Net cash from operating activities was 282.2 mln PLN, with negative cash flows from investing (-215.6 mln PLN) and financing (-227.3 mln PLN) activities.

• Standalone company revenue was 2,779.5 mln PLN, with net profit of 73.7 mln PLN and EBITDA margin of 9.5%.

• Significant reduction in employment: group headcount fell by 1,776 to 12,958, with 450 employees affected by group layoffs.

Outlook and guidance

• The restructuring plan, approved in March 2026, targets long-term financial stability, cost optimization, and a shift toward higher-margin intermodal and specialist freight segments.

• The group expects continued pressure from macroeconomic and geopolitical factors, but aims for gradual recovery in freight volumes and further improvement in profitability.

• No dividend was paid for 2025; 2025 profit is proposed to be allocated to reserves.