Trakcja, the railway construction company controlled by PKP Polskie Linie Kolejowe, has repaid the last zloty of its restructuring debt and secured new financing and guarantees worth more than PLN 1 bn. The company says it is entering a new era, with a growing order book and much better results.
Bank agreements account for PLN 300 m of that sum – a PLN 130 m loan and a PLN 170 m line for advance payment refund guarantees. Insurance guarantee lines add another PLN 733 m. The deals signed with Bank Pekao, Bank Millennium and PKO BP run until the end of 2028.
Before PKP PLK entered the shareholder structure in 2022, Trakcja was burdened with liquidity problems, high debt and low margins on some contracts; restructuring financing agreements with banks and other institutions date back to 2019. Between 2022 and 2025 the company stabilised, helped by two PKP PLK recapitalisations of PLN 200 m and then PLN 100 m, by PLN 100 m of cash pooling inside its group of subsidiaries and by settlements of legacy contracts. In 2026 it shifts to financing on market terms.
– We are entering a new era. Trakcja’s market situation has improved. We have a growing order book, and at the same time the profitability of the contracts we execute is rising. The new financial tools give us a very solid basis for further strengthening our market position and for the development of Trakcja and the whole group – said Stefan Bekir Assanowicz, president of Trakcja, at a Thursday (1 October) meeting with journalists.
Assanowicz said the restructuring worked because the company was optimised in every area, including staffing and production assets. Contracts financed from the KPO fund also helped, as their delivery required huge involvement, three-shift work and fewer days off. The revival on the rail construction market supports the business as well.
Order book close to PLN 6.23 bn
At the end of June 2026 the group’s order book was worth PLN 4.81 bn net, with Trakcja SA alone holding PLN 2.56 bn net. Adding the company’s assumed shares in two large rail contracts signed in July – Czachówek Wschodni-Pilawa and Skierniewice-Czachówek Wschodni – the group portfolio reaches about PLN 6.23 bn net, a figure that includes optional scopes and conditional amounts.
In the first half of 2026 the group signed deals worth around PLN 2.5 bn. Rail investment contracts were worth PLN 1.486 bn, almost 60% of the total. Road and bridge contracts reached PLN 520 m, and energy contracts PLN 300 m.
– For a very long time the situation on the rail market was weak, and then it clearly improved all of a sudden. Today that market is worth PLN 19-20 bn a year – said Stefan Bekir Assanowicz, noting that competition for contracts remains fierce even though the price war is less severe than not long ago.
The market’s problem, he noted, is that rail investments cluster in individual regions, lately in the north, so contractors lacking work in their own area bid for the same tenders – a single procedure can draw 15-17 offers.
– If the investments were spread more evenly, the situation would look better. The costs of mobilisation and organisation for a company from the south that has to move resources to the north are different from those of a company from the north operating on the spot. We would probably then have a different distribution of the number of participants in tenders – noted Assanowicz.
He added that the whole industry would be in a better mood if rail investment spending were predictable over three or four years. A stronger Railway Fund is meant to deliver that, although its launch appears to have been delayed.
Margins up, and a turn towards roads
First-half 2026 group EBITDA rose 149%, from PLN 19.2 m to PLN 47.8 m, and the net result improved by PLN 26.5 m – from a PLN 9.1 m loss to a PLN 17.3 m profit. Gross profit on sales grew from PLN 29.8 m to PLN 60.3 m, with the margin up from 3.2% to 6.8%, despite revenue falling 3%, from PLN 919.6 m to PLN 891.5 m.
Trakcja SA posted a 14% revenue increase, from PLN 577 m to PLN 655.8 m, EBITDA up 173%, from PLN 17.3 m to PLN 47.2 m, and net profit rising from PLN 4.6 m to PLN 33.9 m. The company credits higher contract profitability, better cost and risk control, more efficient use of its own resources and selective bidding.
Trakcja stays a railway contractor active in Poland and Lithuania, but wants to expand in road infrastructure – the opposite of what many peers are doing out of fear that road spending will shrink.
– We specialise, among other things, in urban construction, including tram lines. We deliver contracts in Łódź and we keep developing our portfolio there. We also have tram contracts in Bydgoszcz and Toruń. Those are markets we are keenly interested in. At the same time we take part in tenders. We are preparing bids for the General Directorate for National Roads and Motorways. We hope to sign one such contract with GDDKiA in the coming weeks – said Bartłomiej Cygan of the Trakcja management board.
Cygan said the expected GDDKiA contract concerns the Sztum bypass, where Trakcja ranks first after a series of appeals and is ready to start. The company is also eyeing Port Polska contracts, although their scale will depend on financing options; recent signals on that front are worrying.
In 2025 Trakcja launched a five-year CAPEX programme and invested heavily in new-generation equipment to raise its capacity and competitiveness. The process continues this year and next, and its shares have recently traded around PLN 3.50, compared with PLN 1.63 in December 2024.
Źródło: WNP.PL, Fot. Materiały prasowe / Grupa Trakcja
