Trakcja (TRK) Q2 2026 earnings summary

Executive summary

• Achieved net profit of 17,340 thousand PLN in H1 2026, a turnaround from a net loss of 9,147 thousand PLN in H1 2025, driven by improved gross margin and operational efficiency.

• Revenue decreased by 3% year-over-year to 891,533 thousand PLN, but gross profit margin rose to 6.8% from 3.2% in H1 2025.

• Signed new contracts worth 1,095 million PLN in H1 2026, with post-balance sheet contracts totaling 1,508 million PLN; order backlog reached 4,810 million PLN, up 58% year-over-year.

Financial highlights

• EBITDA for H1 2026 was 47,834 thousand PLN, up from 19,200 thousand PLN in H1 2025; EBITDA margin increased to 5.4%.

• Operating profit reached 28,398 thousand PLN, a significant increase from 1,090 thousand PLN in H1 2025.

• Net cash outflow from operations improved to -18,542 thousand PLN from -90,097 thousand PLN in H1 2025.

• Cash and equivalents at period end were 212,356 thousand PLN, down from 322,938 thousand PLN at year-end 2025.

• Total assets decreased by 5% to 1,684,926 thousand PLN; equity increased by 5% to 482,071 thousand PLN.

Outlook and guidance

• Management expects continued growth in the order backlog and stable financial performance, supported by a robust pipeline of infrastructure investments in Poland and the Baltics.

• Strategic focus remains on increasing market share in railway, road, and energy infrastructure, with targeted revenue and margin improvements by 2030.

• Key risks include market competition, cost inflation, and timely execution of new contracts.