The management of Janów Podlaski Horse Stud has announced a notable improvement in its financial results, reversing a long-term trend of economic decline. Despite this progress, the company continues to report losses. The financial crisis at the stud began nearly a decade ago, leading to a strategy of diversifying income sources, including cattle farming.
The net loss for the stud decreased by 3.04 million PLN compared to the previous year, marking a reduction of 75.65%. After experiencing the most significant financial downturn in its history last year, the stud has initiated a recovery process that, although ongoing, has already yielded measurable and substantial improvements.
Financial Results from 2016 to 2023
The management’s comments come in response to a report from “Rzeczpospolita” highlighting that the financial results of the horse studs over the last two years were worse than during the eight years of Law and Justice (PiS) governance. While the results for 2024 were reportedly the poorest, the management insists that the financial downturn began years prior, as losses and liquidity issues had started to accumulate.
According to the management of Janów Podlaski Horse Stud, it is inaccurate to claim that the entire period from 2016 to 2023, under PiS rule, was financially superior to the recent two years. The years 2016 to 2020 were marked by severe financial deterioration, and while 2021 and 2022 showed positive results, these were insufficient to return to the 2015 level.
Moreover, the 2025 performance is projected to exceed that of 2024 by over three million PLN. Claims suggesting that the magnitude of losses in 2024 and 2025 signifies a previously better financial condition stem from selective data presentation rather than a comprehensive analysis of the company’s economic situation.
Beginning of the Crisis and Decline in Profits
The last year in which Janów Podlaski reported significant profits was 2015, with a net gain of 3.2 million PLN. In 2016, earnings dropped nearly to zero, marking the onset of a financial crisis according to the management. The downturn intensified from 2017 to 2020, with losses ranging from 1.25 million to 3.53 million PLN. The peak of this decline occurred in 2024 when losses reached 4.02 million PLN.
Over the past decade, the Janów stud has only reported positive financial results in 2021 and 2022. The management noted that the positive result in 2021 was significantly influenced by a compensation payment exceeding 1.372 million PLN for the death of the mare Pinga, which had been leased to the USA. Excluding this compensation, the real loss would have been approximately 1.17 million PLN.
Loans to Cover Obligations
Financial difficulties escalated as the company began taking loans to cover ongoing obligations. In 2019, the bank account reflected a loan of 950,000 PLN, followed by one million PLN in 2020, another million in 2021, and 1.5 million PLN in 2022. In 2023, the company took out yet another loan intended for consolidating previous debts and financing ongoing operations.
As of April 1, 2025, under the current management, the total amount of loans outstanding was 2.455 million PLN, with over 568,000 PLN required in repayments and interest due for 2025 alone.
The company’s management emphasizes that the stud is in the midst of a recovery process and acknowledges that long-standing issues cannot be resolved overnight.
Losses in Janów Podlaski and Michałów
Recent media reports have highlighted losses in both Janów Podlaski and Michałów studs. Janów Podlaski concluded 2024 with losses amounting to four million PLN, while Michałów reported losses of 3.9 million PLN. The following year showed some improvement, yet the results remained negative. The National Support Centre for Agriculture (KOWR) indicated that losses in these studs decreased in 2025 compared to 2024.
In the first half of 2026, losses stood at six million PLN for Janów Podlaski and 2.9 million PLN for Michałów. KOWR clarified that quarterly financial results do not accurately reflect the complete financial picture.
Cattle Breeding as a Revenue Source
Due to the high costs associated with horse breeding, both studs are also engaged in dairy cattle farming, which has become a significant source of income. By the end of 2025, Janów Podlaski had 379 horses and 658 cattle, while Michałów maintained 325 horses and 700 cattle.
This year, at the Pride of Poland and Summer Sale auctions in Janów Podlaski, a total of 16 and 19 horses were sold, respectively, from the studs in Janów Podlaski, Michałów, Białka, and private farms, generating a total revenue of 5.88 million PLN.
