Comments on results of Stalexport Autostrady Group in 2025*

In 2025 Group’s total operating revenue amounted to PLN 640,964 thousand and increased by 9.3% compared to 2024 (PLN 586,278 thousand), mainly due to increase of toll revenue on the toll section of A4 Katowice-Kraków motorway (increase by PLN 55,407 thousand), more information about which can be found in detailed report here. In 2025 Group also achieved slightly lower (decreased by PLN 721 thousand) other operating income .

Total operating costs (before depreciation) in 2025 in the amount of PLN 436,330 thousand increased by 39.1%, compared to 2024 (PLN 313,629 thousand). This is a result of lower costs of accrual of provision for motorway resurfacing (decrease by PLN 15,272 thousand) and on the other hand an increase in costs of energy and materials consumption (increase by PLN 172 thousand), Payments to State Treasury (increase by PLN 100,218 thousand), motorway renovation and maintenance services (increase by PLN 31,904 thousand), employee benefit expenses (increase by PLN 2,869 thousand) and also other operating costs (increase by PLN 2,810 thousand).

As a result of the above, earnings before interest, taxes, depreciation and amortization (EBITDA) in 2025 amounted to PLN 204,634 thousand, compared to PLN 272,649 thousand in previous year.

Depreciation and amortisation costs in 2025 (PLN 99,156 thousand) are slightly lower (by 2.2%) compared to costs in 2024 (PLN 101,380 thousand). In consequence the results from operating activities (EBIT) in 2025 amounted to PLN 105,478 thousand and was lower (decreased by 38.4%) than that achieved in 2024 (PLN 171,269 thousand).

The Group recorded a balance in financial activities in 2025 in the amount of PLN 21,832 thousand, which was higher compared to the balance achieved in 2024 (PLN 17,952 thousand). This result is mainly the effect of lower interest income on cash and cash equivalents (including non-current) by PLN 9,654 thousand, higher income from other interest by PLN 3,072 thousand, lower costs of discounting provisions (decrease by PLN 10,231 thousand) and lower interest expense on liabilities measured at amortised cost (decrease by PLN 283 thousand). Additionally, the share of losses of equity accounted investments in 2025 amounted to PLN 57 thousand (decrease by PLN 10 thousand). As a result of the above, profit before income tax in 2025 amounted to PLN 127,367 thousand and was lower (decreased by 32.7%) than the one achieved in 2024 (PLN 189,288 thousand).

As a result of activities in 2025 the Group achieved net profit at the level of PLN 94,722 thousand, which is at a lower level (decreased by 32.2%), when compared with the net profit in 2024 (PLN 139,703 thousand).

In 2025, Payments to the State Treasury and Income tax, i.e. items of the consolidated statement of comprehensive income, the beneficiary of which is entirely the State Treasury, in total amounted to PLN 259,370 thousand (PLN 176,092 thousand in 2024). The share of the above amount in Toll revenues in 2025 was 41% (in 2024 the share amounted to 31%).

Consolidated financial statements of Stalexport Autostrady Group as at the day and for the year ended 31 December 2025 can be found here.

* In 2025 the Group changed the presentation of operating revenue and expenses - see note 4 to the condensed consolidated interim financial statements.