Pkp Cargo (PKP) investor relations material

Executive summary

• Revenue for the first nine months of 2025 declined year-over-year, reflecting challenging market conditions and ongoing restructuring.

• Net result improved significantly, with losses narrowing to PLN 10.4 million or PLN 43.2 million, a positive change of up to PLN 786 million year-over-year.

• EBITDA rose sharply year-over-year, reaching up to PLN 281.9 million, and EBIT turned positive at up to PLN 96.1 million from a large prior-year loss.

• Ongoing restructuring included workforce reductions, asset optimization, and cost control measures.

• Significant net loss reported for the period, with negative earnings per share.

Financial highlights

• Revenue for 9 months ranged from PLN 1,986.2 million to PLN 2,764.2 million, down year-over-year.

• Net loss for 9 months improved to between PLN -10.4 million and PLN -43.2 million, from a much larger loss year-over-year.

• EBITDA for 9 months increased to between PLN 182.6 million and PLN 281.9 million, up sharply year-over-year.

• EBIT for 9 months turned positive, reaching between PLN 91 million and PLN 96.1 million.

• Cash at period end ranged from PLN 350.6 million to PLN 576 million.

Outlook and guidance

• The decline in revenues is slowing quarter-on-quarter, while cost reductions are accelerating.

• Restructuring milestones include ongoing court proceedings, creditor settlements, and a planned capital reduction to cover past losses.