Restructuring Pays Off: PKP Cargo Reports Positive Results for 2025

PKP Cargo has reported a return to profit following a year of restructuring under court supervision. The results point to a significant shift after heavy losses recorded in 2024.

At the end of April, the capital group PKP Cargo S.A., currently undergoing restructuring under the supervision of a Polish court, announced its financial results for the past year.

In 2025, the group achieved a positive net financial result of EUR 9.3 million (PLN 39.4 million), while the company itself reported a net profit of EUR 17.3 million (PLN 73.7 million). This represents a significant improvement compared to 2024, when the entire group recorded a net loss.

For the full year 2025, operating profit (EBIT) reached EUR 40.7 million (PLN 173.3 million) for the group and EUR 61.3 million (PLN 260.8 million) for PKP Cargo S.A. In the same period of 2024, EBIT stood at –EUR 632.2 million (–PLN 2,691.4 million) for the group and –EUR 606.6 million (–PLN 2,582.8 million) for the company.

According to the company’s press release, the scale of improvement confirms a major shift in trend and the first structural effects of corrective measures implemented as part of the ongoing restructuring process.

The financial results were achieved under conditions of ongoing macroeconomic and geopolitical uncertainty, and challenges affecting the rail freight market. Limited demand for transport services, the situation in the European industry, and the consequences of the Russian full-scale war in Ukraine had a direct impact on transport volumes and, consequently, on the group’s revenues.

Despite these factors, the results show the effects of consistently implemented restructuring measures, particularly improved control of fixed costs and gradual stabilisation of all operational activities.

First Full Year Under Restructuring Proceedings

The year 2025 marked the first full year of operation for PKP Cargo S.A. under restructuring proceedings in accordance with Polish restructuring law.

During this period, the company’s management board and the restructuring administrator focused on stabilising operations, improving short-term financial liquidity, and preparing and implementing restructuring measures aimed at achieving long-term efficiency improvements for both the company and the entire capital group.

"In 2025, the company implemented optimisation measures covering organisational structure, employment levels, asset management, and key operational processes. Within the group, we placed particular emphasis on rationalising fixed costs, organising the asset portfolio, and focusing our activities on segments with the highest market potential. These steps were carried out while maintaining continuity of key contracts and preserving operational capacity, which is reflected in the financial results for 2025," said Zbigniew Prus, Chairman of the Management Board of PKP Cargo S.A. in restructuring.

Restructuring Plan and Next Steps

The year 2025 was also a period of intensive work on the restructuring plan, aimed at restoring the long-term competitiveness of PKP Cargo S.A. and the entire capital group in the rail freight market.

The principles of the restructuring plan include short-term measures focused on improving liquidity and operational efficiency, as well as medium- and long-term initiatives aimed at restoring market position and adapting the group’s business model to changing market conditions.

The restructuring plan was approved by the court on 18 March 2026. Negotiations are currently underway regarding the final version of agreements with creditors, which PKP Cargo intends to complete within the coming months.