Comments on results of Stalexport Autostrady Group in 2025H1*

In 2025H1 Group’s total operating revenue amounted to PLN 306,852 thousand and increased by 10.8% compared to 2024H1 (PLN 277,030 thousand), mainly due to increase of toll revenue on the toll section of A4 Katowice-Kraków motorway (increase by PLN 29,603 thousand), more information about which can be found in detailed report here. In 2025H1 Group also achieved slightly higher (increased by PLN 219 thousand) other income .

 Total operating costs (before depreciation) in 2025H1 in the amount of PLN 197,077 thousand increased by 31.7%, compared to 2024H1 (PLN 149,596 thousand). This is a result of lower costs of energy and materials consumption (decrease by PLN 80 thousand), other operating costs (decrease by PLN 663 thousand) and accrual of provision for motorway resurfacing (decrease by PLN 10,919 thousand) and on the other hand an increase in Payments to State Treasury (increase by PLN 43,560 thousand), motorway renovation and maintenance services (increase by PLN 11,038 thousand) and also employee benefit expenses (by PLN 4,545 thousand).

 As a result of the above, earnings before interest, taxes, depreciation and amortization (EBITDA) in 2025H1 amounted to PLN 109,775 thousand, compared to PLN 127,434 thousand in the same period of the previous year.

 Depreciation and amortisation costs in 2025H1 (PLN 52,387 thousand) are slightly higher (by 2.6%) compared to costs in 2024H1 (PLN 51,056 thousand). In consequence the results from operating activities (EBIT) in 2025H1 amounted to PLN 57,388 thousand and were lower (decreased by 24.9%) than those achieved in 2024H1 (PLN 76,378 thousand).

 The Group recorded a balance in financial activities in 2025H1 in the amount of PLN 11,134 thousand, which was higher compared to the balance achieved in 2024H1 (PLN 7,411 thousand). This result is mainly the effect of lower interest income on cash and cash equivalents (including non-current) by PLN 5,461 thousand, higher income from other interest by PLN 1,768 thousand, lower costs of discounting provisions (decrease by PLN 6,817 thousand) and lower interest expense on liabilities measured at amortised cost (decrease by PLN 520 thousand). Additionally, the share of losses of equity accounted investments in 2025H1 amounted to PLN 38 thousand (decrease by PLN 9 thousand). As a result of the above, profit before income tax in 2025H1 amounted to PLN 68,560 thousand and was lower (decreased by 18.2%) than the one achieved in 2024H1 (PLN 83,836 thousand).

 As a result of activities in 2025H1 the Group achieved net profit at the level of PLN 51,902 thousand, which is at a lower level (decreased by 15.8%), when compared with the net profit in 2024H1 (PLN 61,609 thousand).

 In 2025H1, 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 129,638 thousand (PLN 91,647 thousand in the first half of 2024). The share of the above amount in Toll revenues in 2025H1 was 43% (in 2024H1 the share amounted to 34%).

 Condensed separate and consolidated interim financial statements of Stalexport Autostrady for 2025H1 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.