The Polish national rail freight operator PKP Cargo achieved positive financial results in 2025. It started restructuring proceedings in 2024, which have evidently translated into tangible improvements in last year’s financial report.
The PKP Cargo Group achieved a net financial result of 39.4 million Polish złoty (9.2 million euros). The PKP Cargo company (separately from the group) generated a net profit of 73.7 million Polish złoty (17 million euros).
For the operator, this means “a significant improvement compared to 2024”. Both the Group and the company recorded a net loss during that year. PKP Cargo attributed the vast majority of those losses to impairment writeoffs.
PKP Cargo started restructuring proceedings in the summer of 2024. A newly appointed management board found the company in terrible financial condition with a budget hole of over a billion euros. It decided that radical measures were the best way forward. The financial results of 2025 indicate that the freight operator has indeed managed to find a more financially sustainable way of working through the restructuring proceedings.
Adverse conditions
“The financial results achieved were generated amidst persistent macroeconomic and geopolitical uncertainty and structural challenges in the rail freight market”, comments PKP Cargo. “Limited demand for transport, the situation in European industry, and the effects of the armed conflict in Ukraine had a direct impact on the PKP Cargo Group’s transport volumes and revenue levels.”
“Despite these conditions, the effects of consistently implemented restructuring activities are visible in the financial results, in particular the improvement of fixed cost control and the gradual stabilisation of operating areas.”