Pkp Cargo (PKP) Q1 2025 earnings summary

Executive summary

• Report covers Q1 2025, during which the group operated under restructuring following remedial proceedings initiated in July 2024 due to financial distress and covenant breaches.

• Core business is rail freight transport, with additional logistics, intermodal, and repair services; the group comprises the parent and 20 subsidiaries.

• Restructuring actions include workforce reduction, asset divestment, cost optimization, and a new sales strategy focused on higher-margin segments.

Financial highlights

• Revenue for Q1 2025 was PLN 927.9 million, down from PLN 1,180.7 million year-over-year.

• EBITDA was PLN 74.8 million, a decrease from PLN 122.4 million in Q1 2024.

• Net loss for Q1 2025 was PLN 48.6 million, compared to a net loss of PLN 118.1 million in Q1 2024.

• Total assets as of 31 March 2025 were PLN 6,334.5 million, with equity at PLN 696.9 million.

• Cash and cash equivalents at period end were PLN 556.4 million.

Outlook and guidance

• Management expects sufficient liquidity to cover current liabilities over the next 12 months, assuming continued restructuring and asset sales.

• The restructuring plan is due by 30 June 2025; future performance depends on creditor agreement and successful execution of restructuring measures.