ZE PAK is in the red. Over PLN 119 million in losses and a large drop in revenues after three quarters

In the period of 9 months of 2025, ZE PAK recorded a net loss of PLN 119.2 million of the parent company compared to PLN 139 million of net profit a year ago – the company announced in its quarterly report.

The operating loss amounted to PLN 91.2 million compared to PLN 142.2 million profit a year earlier. Sales revenues amounted to PLN 975.7 million, and a year ago they amounted to PLN 1.56 billion.

In the third quarter alone, revenues dropped to PLN 331.2 million from PLN 520.9 million a year earlier.

jd's net loss in the third quarter amounted to PLN 39.6 million compared to PLN 33.3 million profit a year earlier.

The group reported that the most advanced project currently is the construction of a CCGT gas unit with a capacity of 574 MW at the location of the former Adamów coal power plant.

As stated, the expected investment outlays necessary to complete the investment amount to approximately PLN 1,620 million as of September 30, 2025, including investment liabilities of PLN 929 million.

“The group is still working on obtaining external financing for this project. This work is still ongoing – carried out, among others, due diligence studies in important areas related to the project, a consortium of interested banks has been selected and talks are underway,” ZE PAK reported.

“The current schedule assumes completion of the process of obtaining debt financing with priority repayment from the consortium of banks (senior debt) at the turn of 2025 and 2026. In addition to senior financing, structurally subordinated financing is also expected,” it added.

The company reported that as of September 30, 2025, short-term liabilities exceed current assets by PLN 424 million, which was mainly due to the result of recognizing bridge financing in the amount of PLN 526 million as a short-term liability that finances fixed assets. Bridge financing has been extended until December 31, 2026. (PAP Business)

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