Comments on results of Stalexport Autostrady Group in 2025Q1-Q3*

In 2025Q1-Q3 Group’s total operating revenue amounted to PLN 482,187 thousand and increased by 9.7% compared to 2024Q1-Q3 (PLN 439,442 thousand), mainly due to increase of toll revenue on the toll section of A4 Katowice-Kraków motorway (increase by PLN 42,468 thousand), more information about which can be found in detailed report here. In 2025Q1-Q3 Group also achieved slightly higher (increased by PLN 277 thousand) other operating income .

Total operating costs (before depreciation) in 2025Q1-Q3 in the amount of PLN 263,664 thousand increased by 36.5%, compared to 2024Q1-Q3 (PLN 193,224 thousand). This is a result of lower costs of energy and materials consumption (decrease by PLN 142 thousand), accrual of provision for motorway resurfacing (decrease by PLN 10,810 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 31,549 thousand), employee benefit expenses (increase by PLN 5,630 thousand) and also other operating costs (increase by PLN 653 thousand).

As a result of the above, earnings before interest, taxes, depreciation and amortization (EBITDA) in 2025Q1-Q3 amounted to PLN 218,523 thousand, compared to PLN 246,218 thousand in the same period of the previous year.

Depreciation and amortisation costs in 2025Q1-Q3 (PLN 76,274 thousand) are slightly higher (by 0.2%) compared to costs in 2024Q1-Q3 (PLN 76,129 thousand). In consequence the results from operating activities (EBIT) in 2025Q1-Q3 amounted to PLN 142,249 thousand and was lower (decreased by 16.4%) than that achieved in 2024Q1-Q3 (PLN 170,089 thousand).

The Group recorded a balance in financial activities in 2025Q1-Q3 in the amount of PLN 17,195 thousand, which was higher compared to the balance achieved in 2024Q1-Q3 (PLN 12,532 thousand). This result is mainly the effect of lower interest income on cash and cash equivalents (including non-current) by PLN 6,816 thousand, higher income from other interest by PLN 2,480 thousand, lower costs of discounting provisions (decrease by PLN 8,377 thousand) and lower interest expense on liabilities measured at amortised cost (decrease by PLN 644 thousand). Additionally, the share of losses of equity accounted investments in 2025Q1-Q3 amounted to PLN 70 thousand (decrease by PLN 8 thousand). As a result of the above, profit before income tax in 2025Q1-Q3 amounted to PLN 159,514 thousand and was lower (decreased by 12.7%) than the one achieved in 2024Q1-Q3 (PLN 182,699 thousand).

As a result of activities in 2025Q1-Q3 the Group achieved net profit at the level of PLN 125,783 thousand, which is at a lower level (decreased by 11.3%), when compared with the net profit in 2024Q1-Q3 (PLN 141,758 thousand).

In 2025Q1-Q3, 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 146,711 thousand (PLN 110,361 thousand in 2024Q1-Q3). The share of the above amount in Toll revenues in 2025Q1-Q3 was 31% (in 2024Q1-Q3 the share amounted to 26%).

Consolidated quarterly report of Stalexport Autostrady for III quarter 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.