Comments on results of Stalexport Autostrady Group in 2026H1

In 2026H1 Group’s total operating revenue amounted to PLN 325,053 thousand and increased by 5.9% compared to 2025H1 (PLN 306,852 thousand), mainly due to increase of toll revenue on the toll section of A4 Katowice-Kraków motorway (increase by PLN 15,071 thousand), more information about which can be found in detailed report here. In 2026H1 Group also achieved higher (increased by PLN 3,130 thousand) other operating income, mainly due to reversal of impairment losses on trade and other receivables.

Total operating costs (before depreciation) in 2026H1 in the amount of PLN 195,797 thousand decreased by 0.6%, compared to 2025H1 (PLN 197,077 thousand). This is a result of lower costs of payments to State Treasury (decrease by PLN 7,584 thousand), accrual of provision for motorway resurfacing (decrease by PLN 2,144 thousand) and motorway renovation and maintenance services (decrease by PLN 2,432 thousand) and on the other hand an increase in employee benefit expenses (increase by PLN 10,433 thousand, mainly as a consequence of recognition of termination benefits), costs of energy and materials consumption (increase by PLN 76 thousand) and also other operating costs (increase by PLN 371 thousand).

As a result of the above, earnings before interest, taxes, depreciation and amortization (EBITDA) in 2026H1 amounted to PLN 129,256 thousand, compared to PLN 109,775 thousand in the same period of the previous year.

Depreciation and amortisation costs in 2026H1 (PLN 48,976 thousand) are slightly lower (by 6.5%) compared to costs in 2025H1 (PLN 52,387 thousand). In consequence the results from operating activities (EBIT) in 2026H1 amounted to PLN 80,280 thousand and was higher (increased by 39.9%) than that achieved in 2025H1 (PLN 57,388 thousand).

The Group recorded a balance in financial activities in 2026H1 in the amount of PLN 10,202 thousand, which was lower compared to the balance achieved in 2025H1 (PLN 11,134 thousand). This result is mainly the effect of lower interest income on cash and cash equivalents (including non-current) by PLN 5,280 thousand, lower income from other interest by PLN 725 thousand, lower costs of discounting provisions (decrease by PLN 4,380 thousand) and lower interest expense on liabilities measured at amortised cost (decrease by PLN 688 thousand). Additionally, the share of profit of equity accounted investments in 2026H1 amounted to PLN 84 thousand (increase by PLN 46 thousand). As a result of the above, profit before income tax in 2026H1 amounted to PLN 90,566 thousand and was higher (increased by 32.1%) than the one achieved in 2025H1 (PLN 68,560 thousand).

As a result of activities in 2026H1 the Group achieved net profit at the level of PLN 66,935 thousand, which is at a higher level (increased by 29%), when compared with the net profit in 2025H1 (PLN 51,902 thousand).

In 2026H1, 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 129,027 thousand (PLN 129,638 thousand in the first half of 2025). The share of the above amount in Toll revenues in 2026H1 was 41% (in 2025H1 the share amounted to 43%).

Condensed separate and consolidated interim financial statements of Stalexport Autostrady for 2026H1 can be found here.