Comments on results of Stalexport Autostrady Group in 2026Q1-Q3

In 2026Q1-Q3 Group’s total operating revenue amounted to PLN 515,517 thousand and increased by 6.9% compared to 2025Q1-Q3 (PLN 482,187 thousand), mainly due to increase of toll revenue on the toll section of A4 Katowice-Kraków motorway (increase by PLN 30,070 thousand), more information about which can be found in detailed report here. In 2026Q1-Q3 Group also achieved higher (increased by PLN 3,260 thousand) other operating income, mainly due to reversal of impairment losses on trade and other receivables.

Total operating costs (before depreciation) in 2026Q1-Q3 in the amount of PLN 232,677 thousand decreased by 11.8%, compared to 2025Q1-Q3 (PLN 263,664 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 14,240 thousand), motorway renovation and maintenance services (decrease by PLN 19,406 thousand) and other operating costs (decrease by PLN 666 thousand) and on the other hand an increase in employee benefit expenses (increase by PLN 10,697 thousand, mainly due to the recognition of a liability for benefits related to the termination of employment as a result of the planned termination of operations of some of the Group's companies after the expiry of the Concession Agreement) and also costs of energy and materials consumption (increase by PLN 212 thousand).

As a result of the above, earnings before interest, taxes, depreciation and amortization (EBITDA) in 2026Q1-Q3 amounted to PLN 282,840 thousand, compared to PLN 218,523 thousand in the same period of the previous year.

Depreciation and amortisation costs in 2026Q1-Q3 (PLN 74,496 thousand) are slightly lower (by 2.3%) compared to costs in 2025Q1-Q3 (PLN 76,274 thousand). In consequence the results from operating activities (EBIT) in 2026Q1-Q3 amounted to PLN 208,344 thousand and was higher (increased by 46.5%) than that achieved in 2025Q1-Q3 (PLN 142,249 thousand).

The Group recorded a balance in financial activities in 2026Q1-Q3 in the amount of PLN 15,142 thousand, which was lower compared to the balance achieved in 2025Q1-Q3 (PLN 17,195 thousand). This result is mainly the effect of lower interest income on cash and cash equivalents (including non-current) by PLN 8,121 thousand, lower income from other interest by PLN 986 thousand, lower costs of discounting provisions (decrease by PLN 6,023 thousand) and lower interest expense on liabilities measured at amortised cost (decrease by PLN 1,023 thousand). Additionally, the share of profit of equity accounted investments in 2026Q1-Q3 amounted to PLN 68 thousand (decrease by PLN 2 thousand). As a result of the above, profit before income tax in 2026Q1-Q3 amounted to PLN 223,554 thousand and was higher (increased by 40.1%) than the one achieved in 2025Q1-Q3 (PLN 159,514 thousand).

As a result of activities in 2026Q1-Q3 the Group achieved net profit at the level of PLN 174,824 thousand, which is at a higher level (increased by 39%), when compared with the net profit in 2025Q1-Q3 (PLN 125,783 thousand).

In 2026Q1-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 154,126 thousand (PLN 146,711 thousand in 2025Q1-Q3). The share of the above amount in Toll revenues in 2026Q1-Q3 was 31% (in 2025Q1-Q3 the share also amounted to 31%).

Consolidated quarterly report of Stalexport Autostrady for III quarters 2026 can be found here.