ZUE Group generated PLN 148.1 million in sales revenue in the first quarter of 2026, compared with PLN 180.1 million in the same period of the previous year. Despite the decline in revenue, the Group improved its gross margin on sales, which rose to 3.1% from 3.0% a year earlier. At the level of ZUE S.A., gross margin on sales increased to 3.7%, compared with 2.4% in the first quarter of 2025.
The current order backlog of ZUE Group amounts to approximately PLN 3.7 billion net, while the value of the most advantageous bids submitted in tenders stands at around PLN 1.6 billion. The Group is working intensively to further expand its backlog and is actively participating in tenders both in Poland and abroad.
“We are satisfied with the current high level of our order backlog. Nevertheless, we are focused on expanding it further and are participating in numerous new tender procedures in both the railway and tram segments. Since the beginning of the year, we have signed new construction contracts worth approximately PLN 212 million, including contracts in Romania and Germany, several tram investments in Silesia, and a maintenance contract in Kraków. In addition, we have submitted the best bids in tenders with a total value of approximately PLN 1.6 billion. We are expanding our portfolio broadly, in line with our adopted diversification strategy,” said Wiesław Nowak, President of the Management Board of ZUE.
ZUE Group’s order backlog currently amounts to PLN 3.75 billion net. This includes contracted construction and installation works carried out by ZUE, ZUE Bahnbau, Energopol and NTB Systemy, with a total value of PLN 3.72 billion.
The Group is consistently focusing on geographical diversification, seeking to reduce its dependence on conditions in the domestic construction market. This month, the company, together with consortium partners, secured a new railway contract in Romania with a total value of approximately PLN 386 million and a three-year implementation period.
“We are actively looking for new projects abroad and submitting bids on the German and Romanian markets. Our German company, ZUE Bahnbau, is successfully carrying out its first contracts related to the modernisation of the traction network for Deutsche Bahn, one of Europe’s largest railway operators. In Romania, we are already working on projects with a total value of approximately PLN 590 million. We look with optimism at the coming quarters of 2026,” said Wiesław Nowak.
Financial Results in Detail
ZUE Group generated total revenue of PLN 148.1 million in the first quarter of 2026, compared with PLN 180.1 million in the corresponding period of the previous year. As in previous periods, construction activity remained the Group’s main source of revenue.
Due to the seasonality of construction work, the first quarter is usually the weakest quarter of the year. In addition, weather conditions during the winter of 2026 were exceptionally unfavourable, which negatively affected some construction processes and, consequently, reduced revenue year on year.
Despite lower year-on-year revenue and results, ZUE S.A. improved its gross margin on sales, which rose to 3.7% in the first quarter of 2026 from 2.4% a year earlier.
The details of the results are presented below:
| PLN thousand | ZUE Group Q1 2026 | ZUE Group Q1 2025 | ZUE S.A. Q1 2026 | ZUE S.A. Q1 2025 |
|---|---|---|---|---|
| Sales revenue | 148,133 | 180,134 | 131,865 | 162,507 |
| Gross profit on sales | 4,531 | 5,425 | 4,927 | 3,943 |
| Gross margin on sales | 3.1% | 3.0% | 3.7% | 2.4% |
| EBIT | -3,695 | -4,544 | -1,383 | -4,573 |
| EBITDA | 302 | -432 | 2,363 | -700 |
| Net result | -4,413 | -4,804 | -2,022 | -4,352 |
Market Commentary
ZUE’s main source of revenue is infrastructure construction in the railway and urban transport sectors, primarily tram projects. For this reason, the Group’s operating and financial results depend mainly on conditions in these two markets.
“2026 is shaping up favourably for the railway infrastructure sector. We are seeing a clear revival in investment activity both in Poland and in other European markets. National long-term investment programmes provide a solid foundation for further market development. These investments, supported by EU funds, are where we see the greatest potential. We are also counting on further tender procedures related to the Port Poland project, which assumes a broad expansion of the Polish railway system,” said Wiesław Nowak.
As part of the National Railway Programme, PKP PLK plans to announce more than 40 tenders in 2026, with a total value of approximately PLN 11.5 billion. PKP PLK’s investment expenditure is expected to reach around PLN 20 billion in 2026 and approximately PLN 21 billion in 2027.
A positive outlook is also emerging in the tram market. At present, 15 urban centres in Poland operate tram systems. Most of the country’s largest cities are planning new investments, including both tram routes and new depots.
Beyond its core railway and tram markets, the Group also expects increased opportunities in the local road construction segment and hopes to secure further contracts for its subsidiary Energopol, which is also active in the tender market.
