Trakcja (TRK) Q2 2026 earnings summary

Executive summary

• Achieved consolidated sales revenue of 891.5 mln PLN in H1 2026, a 3% decrease year-over-year due to adverse winter weather conditions.

• Net profit reached 17.3 mln PLN, reversing a net loss of 9.1 mln PLN in H1 2025, driven by improved gross margin and operational efficiency.

• EBITDA improved to 47.8 mln PLN, up by 28.6 mln PLN year-over-year.

• Order backlog as of June 30, 2026, stood at 4.8 bln PLN, up 58% year-over-year.

• Signed new contracts worth 1.1 bln PLN in H1 2026, with post-balance sheet contracts totaling 1.5 bln PLN.

Financial highlights

• Gross profit from sales increased to 60.3 mln PLN, up by 30.4 mln PLN year-over-year; gross margin rose to 6.8% from 3.2% in H1 2025.

• Operating profit reached 28.4 mln PLN, up from 1.1 mln PLN in H1 2025.

• EBITDA margin increased to 5.4% from 2.1% year-over-year.

• Net profit margin improved to 1.9% from -1.0% in H1 2025.

• Net cash outflow from operations improved to -18.5 mln PLN from -90.1 mln PLN in H1 2025.

Outlook and guidance

• Identified significant growth opportunities in railway, road, energy, and urban transport infrastructure markets, supported by large-scale government programs and EU funding.

• Strategic focus on expanding presence in high-voltage energy networks and urban transport projects.

• Management expects continued growth in the order backlog and stable financial performance, supported by a robust pipeline of infrastructure investments in Poland and the Baltics.

• Targeted revenue and margin improvements by 2030, with key risks including market competition, cost inflation, and timely execution of new contracts.