Comments on results of Stalexport Autostrady Group in 2025Q1*

In 2025Q1 Group’s total operating revenue amounted to PLN 141,597 thousand and increased by 10.2% compared to 2024Q1 (PLN 128,538 thousand), mainly due to increase of toll revenue on the toll section of A4 Katowice-Kraków motorway (increase by PLN 13,067 thousand), more information about which can be found in detailed report here. In 2025Q1 Group also achieved slightly lower (decreased by PLN 8 thousand) other income . 

Total operating costs (before depreciation) in 2025Q1 in the amount of PLN 37,950 thousand increased by 1.9%, compared to 2024Q1 (PLN 37,235 thousand). This is a result of lower costs of energy and materials consumption (decrease by PLN 64 thousand) and accrual of provision for motorway resurfacing (decrease by PLN 5,349 thousand) and on the other hand an increase in motorway renovation and maintenance services (increase by PLN 3,214 thousand), employee benefit expenses (by PLN 1,398 thousand) and also other operating costs (increase by PLN 1,516 thousand). 

As a result of the above, Earnings before interest, taxes, depreciation and amortization (EBITDA) in 2025Q1 amounted to PLN 103,647 thousand, compared to PLN 91,303 thousand in the first quarter of the previous year. 

Depreciation and amortisation costs in 2025Q1 (PLN 26,121 thousand) are slightly higher (by 1.6%) compared to costs in 2024Q1 (PLN 25,721 thousand). In consequence the results from operating activities (EBIT) in 2025Q1 amounted to PLN 77,526 thousand and were higher (increased by 18.2%) than those achieved in 2024Q1 (PLN 65,582 thousand). 

The Group recorded a balance in financial activities in 2025Q1 in the amount of PLN 6,140 thousand, which was higher compared to the balance achieved in 2024Q1 (PLN 4,094 thousand). This result is mainly the effect of lower interest income on cash and cash equivalents (including non-current) by PLN 2,832 thousand, higher income from other interest by PLN 928 thousand, lower costs of discounting provisions (decrease by PLN 3,444 thousand) and lower interest expense on liabilities measured at amortised cost (decrease by PLN 512 thousand). Additionally, the share of losses of equity accounted investments in 2025Q1 amounted to PLN 7 thousand. As a result of the above, profit before income tax in 2025Q1 amounted to PLN 83,659 thousand and was higher (increased by 20.1%) than the one achieved in 2024Q1 (PLN 69,683 thousand). 

As a result of activities in 2025Q1 the Group achieved net profit at the level of PLN 67,462 thousand, which is at a higher level (increased by 14%), when compared with the net profit in 2024Q1 (PLN 59,177 thousand). 

Condensed separate and consolidated interim financial statements of Stalexport Autostrady for 2025Q1 can be found here. 

* In 2025 the Group changed the presentation of operating revenue and expenses - see note 5 to the condensed consolidated interim financial statements.