Trakcja (TRK) Q2 2025 earnings summary

Executive summary

• Operates in infrastructure and general construction, focusing on railways, roads, bridges, and energy projects in Poland, Lithuania, Latvia, and Sweden.

• Revenue increased by 21% year-over-year to 919,592 thousand PLN, driven by higher sales in both the parent and Kauno Tiltai Group.

• Net loss for the period was 9,147 thousand PLN, an improvement of 1,715 thousand PLN compared to the same period last year.

• The Group signed new contracts worth 742 million PLN in H1 2025, with an order backlog of 3,040 million PLN as of June 30, 2025.

• Strategic plan for 2025–2030 targets over 4 billion PLN in revenue and EBITDA margin of 7.1%.

Financial highlights

• H1 2025 consolidated sales reached PLN 919.6 million, up by PLN 162.2 million year-over-year.

• Gross profit from sales was PLN 29.8 million, with a gross margin of 3.2%, down 0.7 p.p. year-over-year.

• EBITDA was PLN 19.2 million (margin 2.1%), slightly lower than H1 2024.

• Operating profit was 1,090 thousand PLN, a decrease from 2,428 thousand PLN in H1 2024.

• Net cash outflow from operations was 90,097 thousand PLN; total cash decreased by 138,589 thousand PLN to 204,498 thousand PLN.

Outlook and guidance

• The construction market grew 2.9% year-over-year in H1 2025, with strong growth in specialist construction works (+12%).

• Large-scale public investment programs in rail and road infrastructure are planned through 2030, supporting future demand.

• The Group expects continued strong demand in rail and road infrastructure, supported by national and EU programs.

• Strategic focus is on margin improvement, cost control, and asset divestments.

• The Group is actively seeking refinancing for debt maturing by year-end 2025.