Trakcja strengthens the financial foundations for further growth
After several months of intensive talks with financial institutions, conducted since May this year, Trakcja S.A. has concludedbank financing agreements with a total value of PLN 300 million. Together with insurance guarantee lines worth PLN 733 million, this provides the Company with more than PLN 1 billion of financing and guarantee limits for the delivery of contracts. The scale of the agreements strengthens Trakcja’s financial stability and creates a solid basis for delivering its order book and for further growth. “It was a difficult period that required great discipline, commitment and consistency from us in implementing the adopted plan,” emphasises Stefan Bekir Assanowicz, President of Trakcja S.A.
For the past seven years, Trakcja’s operations were supported by financing provided by mBank S.A., Credit Agricole Bank Polska S.A., Bank Gospodarstwa Krajowego and Agencja Rozwoju Przemysłu S.A., as well as by guarantee lines from established insurance companies operating on the Polish market. In recent years this financing was extended and adjusted through successive annexes, and the Company met the obligations agreed with the financial institutions. Companies of the PKP Polskie Linie Kolejowe Group also contributed to financing Trakcja’s day-to-day operations. Without their support, achieving this result would have been considerably more difficult.
A clear improvement in the results for 2025 was of key importance for finalising the new financing agreements, confirming the effectiveness of the changes implemented in the Company and strengthening its credibility in the eyes of financial institutions.
The new agreements are valid until the end of 2028. They provide Trakcja with stable financial backing for delivering its growing order book, increase its ability to take part in further tenders and allow the Company’s further development to be planned with greater predictability.
Financing matched to the scale of operations
Trakcja S.A. has signed agreements with Bank Pekao S.A., Bank Millennium S.A. and PKO Bank Polski S.A. The financing, with a total value of PLN 300 million, comprises a PLN 130 million bank loan and a PLN 170 million advance payment guarantee line. It is complemented by continued bilateral guarantee lines made available by insurers on common terms agreed both between the individual insurance companies and with the other financial institutions. The total limit of guarantee lines made available by insurance companies will amount to PLN 733 million.
The loan increases the security of ongoing contract delivery and provides additional liquidity support during periods of the highest capital commitment. The bank and insurance guarantee lines make it possible to issue the guarantees required for delivering large infrastructure investments, including advance payment guarantees.
The longer financing horizon reflects the specific nature of the contracts delivered by Trakcja, which often take several years to complete. It allows better planning of purchases, cooperation with subcontractors, work schedules and payments. It also increases the Company’s flexibility when deciding whether to take part in further tenders.
“The agreements we have signed conclude an important stage in strengthening Trakcja and confirm the confidence of financial institutions in the direction of the changes and in the results of the work of the entire organisation. Financing until the end of 2028 gives us stability and greater predictability. It allows us to deliver our growing order book safely and to take part responsibly in further tender procedures,” says Stefan Bekir Assanowicz, President of the Management Board and Chief Executive Officer of Trakcja S.A.
Strong improvement in results in the first half of 2026
The new financing agreements were signed during a period of very clear improvement in results.
The Trakcja Group ended the first half of 2026 with significantly better results than in the same period of 2025. EBITDA rose by 149% – from PLN 19.2 million to PLN 47.8 million. The net result improved by PLN 26.5 million: from a loss of PLN 9.1 million to a profit of PLN 17.3 million.
The Group’s gross profit on sales increased from PLN 29.8 million to PLN 60.3 million, and the margin rose from 3.2% to 6.8%. Such a significant improvement was achieved despite a 3% decline in the Group’s revenue – from PLN 919.6 million to PLN 891.5 million. This confirms the higher profitability of the contracts being delivered and more effective cost management.
Trakcja S.A. recorded an even stronger improvement. The Company’s revenue rose by 14% year on year, from PLN 577 million to PLN 655.8 million. EBITDA increased by 173% – from PLN 17.3 million to PLN 47.2 million, while net profit grew from PLN 4.6 million to PLN 33.9 million.
The improvement stems above all from the higher profitability of the contracts being delivered, better control of costs and risks, more efficient use of own resources and a selective approach to winning new orders.
“The clear improvement in results is the effect of the consistent work of the entire team – both the employees delivering contracts in Poland and Lithuania and the people supporting the Group’s operations. Thanks to their commitment, we have improved profitability, increased the efficiency of project delivery and strengthened control of costs and risks. Good results, stable financing and a large order book create solid foundations for Trakcja’s further development,” emphasises Stefan Bekir Assanowicz.
A large order book secures the outlook for the coming years
As at 30 June 2026, the Trakcja Group’s order book amounted to PLN 4.81 billion net, and that of Trakcja S.A. alone to PLN 2.56 billion net. Including Trakcja’s expected shares in two large railway contracts signed in July this year – Czachówek Wschodni–Pilawa and Skierniewice–Czachówek Wschodni – the Group’s order book amounted to approximately PLN 6.23 billion net. This value also includes optional scopes and contingent amounts.
The large order book and the financing secured until the end of 2028 allow Trakcja to plan its operations steadily in the coming years. The Company can plan the use of resources, purchases and cooperation with subcontractors in advance, while actively taking part in tender procedures for further large infrastructure investments.
Trakcja’s very good results please me doubly: the development of a subsidiary is a goal in itself, and when it is also achieved with our support, the resulting synergy confirms that consistently building the PLK SA Group is the right approach – comments Piotr Wyborski, President of the Management Board of Polskie Linie Kolejowe S.A.
Key contracts signed in 2026
In the first half of the year, the Group signed contracts worth PLN 1.10 billion net. After 30 June, the Group concluded further contracts worth PLN 1.51 billion net.
The most important of these include:
Line C-E 20 Skierniewice – Czachówek Wschodni – a contract with a maximum value of PLN 1.20 billion; Trakcja’s expected share is 75%.
Line C-E 20 Czachówek Wschodni–Pilawa – a project that also includes a bridge over the Vistula, with a maximum value of PLN 1.05 billion; Trakcja’s expected share is 50%.
A1 and A5 roads in Lithuania – five AB Kauno Tiltai contracts with a total value of approximately PLN 376.2 million net.
Rūdninkai training ground in Lithuania – design and construction of railway infrastructure worth PLN 105.3 million net.
Railway line no. 137 Katowice–Legnica – repair of the track and engineering structures worth up to PLN 102.2 million.
110 kV power line in the Krosno area – a contract worth PLN 50 million net.
Selected Group projects
Rail Baltica – construction of a new railway embankment on the Ramygala–Berčiūnai section in Lithuania.
Railway line no. 93 – works on the Zabrzeg–Zebrzydowice section, including traffic control and telecommunications systems.
Railway line no. 7 – works on the Warszawa Wawer–Otwock section.
Szczecin Metropolitan Railway – modernisation of line no. 406 on the Szczecin Główny–Police section.
Gliwice Łabędy station – reconstruction of the railway infrastructure as part of the E30 line project.
Energy in Lithuania – works at the 330 kV switchyard of the Kruonis hydroelectric power plant.
