Trakcja (TRK) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached 324.9 million PLN, up 8% year-over-year, with gross profit from sales at 11.9 million PLN, a significant improvement from the prior year.

• Net loss for Q1 2026 was 7.1 million PLN, reduced from a 10 million PLN loss in Q1 2025.

• EBITDA for Q1 2026 was 4.9 million PLN, up by 9.9 million PLN year-over-year, with an EBITDA margin of 1.5%.

• Order backlog as of March 31, 2026, stood at 4,479 million PLN, with new contracts signed in Q1 totaling 349 million PLN.

• No dividend declared or paid in Q1 2026.

Financial highlights

• Gross margin from sales improved to 3.7% in Q1 2026 from -0.3% in Q1 2025.

• Operating loss narrowed to 4.0 million PLN from 14.0 million PLN year-over-year.

• Net cash flow was positive 20.6 million PLN, compared to negative 20.5 million PLN year-over-year.

• Group's total assets as of March 31, 2026, were 1,602.1 million PLN, down 10% from year-end 2025.

• Equity at quarter-end was 456.8 million PLN, a slight decrease from December 2025.

Outlook and guidance

• The company is positioned to benefit from increased public investment in railway, road, and energy infrastructure, with significant government programs ongoing through 2030.

• Strategic focus on expanding into the energy transmission and distribution market, targeting projects in the 50–200 million PLN range initially.

• Key external factors for future results include ability to win new contracts, public infrastructure spending, competition, and macroeconomic conditions.

• Internal factors include project cost control, contract win rate, workforce availability, and compliance with financing covenants.

• No financial forecasts for 2026 were published.