Comments on results of Stalexport Autostrady Group in 2026Q1

In 2026Q1 Group’s total operating revenue amounted to PLN 148,044 thousand and increased by 4.6% compared to 2025Q1 (PLN 141,597 thousand), mainly due to increase of toll revenue on the toll section of A4 Katowice-Kraków motorway (increase by PLN 6,454 thousand), more information about which can be found in detailed report here. In 2026Q1 Group also achieved slightly lower (decreased by PLN 7 thousand) other operating income.

Total operating costs (before depreciation) in 2026Q1 in the amount of PLN 45,598 thousand increased by 20.2%, compared to 2025Q1 (PLN 37,950 thousand). This is a result of lower costs of accrual of provision for motorway resurfacing (decrease by PLN 4,982 thousand), motorway renovation and maintenance services (decrease by PLN 875 thousand) and on the other hand an increase in employee benefit expenses (increase by PLN 13,097 thousand, mainly as a consequence of recognition of termination benefits), costs of energy and materials consumption (increase by PLN 103 thousand) and also other operating costs (increase by PLN 305 thousand).

As a result of the above, earnings before interest, taxes, depreciation and amortization (EBITDA) in 2026Q1 amounted to PLN 102,446 thousand, compared to PLN 103,647 thousand in the first quarter of the previous year.

Depreciation and amortisation costs in 2026Q1 (PLN 24,594 thousand) are slightly lower (by 5.8%) compared to costs in 2025Q1 (PLN 26,121 thousand). In consequence the results from operating activities (EBIT) in 2026Q1 amounted to PLN 77,852 thousand and was slightly higher (increased by 0.4%) than that achieved in 2025Q1(PLN 77,526 thousand).

The Group recorded a balance in financial activities in 2026Q1 in the amount of PLN 5,146 thousand, which was lower compared to the balance achieved in 2025Q1 (PLN 6,140 thousand). This result is mainly the effect of lower interest income on cash and cash equivalents (including non-current) by PLN 3,938 thousand, higher income from other interest by PLN 399 thousand, lower costs of discounting provisions (decrease by PLN 2,382 thousand) and lower interest expense on liabilities measured at amortised cost (decrease by PLN 240 thousand). Additionally, the share of profit/(loss) of equity accounted investments in 2026Q1 amounted to PLN 24 thousand (increase by PLN 31 thousand). As a result of the above, profit before income tax in 2026Q1 amounted to PLN 83,022 thousand and was lower (decreased by 0.8%) than the one achieved in 2025Q1 (PLN 83,659 thousand).

As a result of activities in 2026Q1 the Group achieved net profit at the level of PLN 65,645 thousand, which is at a lower level (decreased by 2.7%), when compared with the net profit in 2025Q1 (PLN 67,462 thousand).

Condensed separate and consolidated interim financial statements of Stalexport Autostrady for 2026Q1 can be found here.