From Operator to Observer? PKP Cargo Exits Key Wide-Gauge Hubs

PKP Cargo is cashing out of two strategic wide-gauge terminals, and Warsaw is ready to buy. A EUR 9 million deal could reshape Poland’s freight corridor—and the stakes go far beyond rail.

Polish freight rail operator PKP Cargo has confirmed the sale of its shares in two major transshipment terminals—Sławków and Medyka—for a total of PLN 38.4 million (approx. EUR 9 million). The transaction, announced to the Warsaw Stock Exchange, marks a crucial step in PKP Cargo’s broader restructuring strategy, aimed at streamlining the group’s capital structure and focusing resources on current operational needs.

The sale includes a 50% stake in Terminale Przeładunkowe Sławków-Medyka Sp. z o.o. and a 9.316% stake in Euroterminal Sławków Sp. z o.o., both of which are closely integrated functionally, commercially, and in terms of ownership. According to PKP Cargo, the deal aligns with its commitment to "optimising the group’s structure and resources" and simplifying its setup to enable more effective handling of complex transport projects.

State Agency in Talks to Acquire Strategic Terminals

The buyer in negotiations is Poland’s Industrial Development Agency (ARP)—a government entity responsible for managing state holdings in key sectors. While the transfer of shares from PKP Cargo would maintain state involvement, it also opens potential pathways for future privatisation, depending on political will and market dynamics.

Terminale Sławków-Medyka, established in 2005, plays a crucial role in wide-gauge rail freight operations, linking eastern and western Europe via broad-gauge infrastructure. Its location at Medyka, near Przemyśl, and Sławków, in the Silesian Voivodeship, represents the entry and exit points for wide-gauge rail into Poland, enabling direct logistical access to the region from former Soviet territories.

Euroterminal Sławków, which has been in operation since 2010, functions as an essential node in this network, with its proximity to the north–south and east–west pan-European transport corridors enhancing its logistical value.

Privatisation Unlikely—But Possible in the Long Term

Previous political discussions in Poland have emphasised the importance of maintaining state control over strategic rail terminals, with the most likely end owner being PKP PLK, the national rail infrastructure manager. However, ARP retains the legal authority to partially or fully privatise the terminals, subject to government approval.

Given the current political climate, full privatisation appears unlikely in the short term, though analysts suggest future ownership models could include public-private partnerships or conditional investment schemes. The decision to offload shares in the two terminal companies underscores PKP Cargo’s efforts to regain financial stability and streamline operations. As part of this approach, the company is expected to continue reviewing its asset portfolio, especially in non-core or joint-venture holdings.

Sources: PKP Cargo, NaKolei