Trakcja (TRK) Q1 2025 earnings summary

Executive summary

• Trakcja Group specializes in infrastructure construction in Poland and the Baltics, focusing on rail, road, energy, and environmental projects.

• Q1 2025 revenue was 301.9 million PLN, down 2–2.3% year-over-year, mainly due to lower sales in some subsidiaries.

• The group reported a consolidated net loss of 10 million PLN in Q1 2025, an improvement from a 13 million PLN loss in Q1 2024.

• The order backlog as of March 31, 2025, was 3,225 million PLN, ensuring full production capacity for the next year.

• Significant contracts signed in Q1 2025 totaled 373 million PLN, with a major post-balance sheet contract for AB Kauno Tiltai worth 19,333 thousand EUR.

Financial highlights

• Consolidated revenue for Q1 2025 was 301.9 million PLN, down 2–2.3% year-over-year.

• Gross loss from sales was 0.9 million PLN (margin -0.3%), down from a gross profit and margin of 1.3% in Q1 2024.

• Operating loss increased to 14 million PLN, and EBITDA was -5 million PLN, with EBITDA margin at -1.7%.

• Net loss improved to 10 million PLN from 13 million PLN in Q1 2024.

• Total assets: 1,527 million PLN, down 8% from year-end 2024.

Outlook and guidance

• The order backlog secures full production capacity for the next year.

• The new 2025–2030 strategy targets over 4 billion PLN in revenue and a 7.1% EBITDA margin by 2030.

• Future results depend on contract wins, infrastructure spending, competition, and macroeconomic conditions.

• Internal focus: cost estimation, contract acquisition, workforce quality, and liquidity management.

• Significant public investment programs in rail and road infrastructure are planned through 2030.