PKP Cargo is a Polish rail freight operator and the parent company of the PKP Cargo Group, which holds rail freight licences in nine EU countries. Since July 2024 the company has been in court-supervised restructuring proceedings.
PKP Cargo was established in October 2001 in the restructuring of the Polish state railways and has been listed on the Warsaw Stock Exchange since 30 October 2013. PKP S.A., the holding company of the PKP group, holds 33.01% of the shares. The group consists of the parent company and about 20 subsidiaries, including the Czech operator PKP Cargo International, formerly AWT.
In 2025 PKP Cargo held 26.57% of the Polish rail freight market by mass and 26.36% by transport work. The group carried 65.7 million tonnes and performed 16.64 billion tonne-km in 2025, down from 70.8 million tonnes in 2024.
Restructuring proceedings
The District Court for the capital city of Warsaw opened sanacja restructuring proceedings on 25 July 2024 at the company’s own request. The proceedings protect the company from enforcement by creditors while it restructures.
By 31 October 2024 PKP Cargo had reduced its workforce by 3,665, including 2,515 dismissals, and a further 450 employees were dismissed in 2025. The company had 8,415 employees at the end of 2025, and the group had 12,958.
The supervising judge approved the restructuring plan on 18 March 2026. The plan runs to 2031 and includes merging the subsidiary PKP Cargotabor into the parent company and selling non-operational rolling stock and stakes in some subsidiaries.
Arrangement with creditors
Amended arrangement proposals filed on 15 September 2026 divide creditors into six groups, with repayment ranging from 5% to 100% of principal. State-controlled railway creditors are offered conversion of half their claims into new shares. Creditor claims total about PLN 2.95bn.
On 29 September 2026 the court withdrew the company’s right to manage itself during the proceedings, and the court-appointed administrator Paweł Głodek took over running the business. The management board under CEO Zbigniew Prus resigned on 1 October 2026, and Monika Starecka became acting CEO from 2 October.
Creditors have not yet voted on the arrangement, which requires court approval to take effect. The group returned to a net profit of PLN 39.4m in 2025 after a net loss of PLN 2.41bn in 2024, of which PLN 2.10bn came from impairment charges.