Mostostal Warszawa under pressure. Losses and provisions for penalties are borne by the company
In the light of preliminary financial data for 2025, Mostostal Warszawa recorded significant losses, which resulted in negative equity as at the balance sheet date and has identified a significant threat or doubts regarding the continued operation of his group – the company announced.
“In connection with the above, the premise referred to in Article 397 of the Commercial Companies Code has been updated. In this context, the management board convened an extraordinary general meeting to adopt a resolution on the further existence of the company, of which the company informed […] March 30, 2026, fulfilling its obligation specified in Art. 397 of the Commercial Companies Code. Then, after considering the request of the majority shareholder of the company, the extraordinary general meeting was canceled in order to familiarize the shareholders with information from the management board estimating the expected capital needs of the company and regarding the planned sources of financing these needs, as well as to enable the shareholders to comprehensively analyze the materials and financial reports that will be submitted by the company before such a general meeting, about which the issuer informed […] April 10, 2026,” the announcement said.
The Management Board assured that it is taking actions to ensure adequate financing and improve the liquidity situation. In his opinion, the company's liquidity projection indicates: increased need for cash to finance current operations and meet liabilities as they fall due.
“The assumption of continuation of the company's and group's operations is significantly dependent on the implementation of financing activities, including: in particular on potential support from shareholders. Due to the existence of significant uncertainty as to the possibility of further operation of the company, the management board is taking actions to ensure appropriate financing and improve the liquidity situation of the company,” we read further.
These issues are also subject to analysis as part of the ongoing audit of the company's financial statements for the financial year ended December 31, 2025, the report said.
The main shareholder of the company is Acciona Construccion Polonia (62.1 percent of shares), which a few days ago requested the management board to provide additional information about the company's estimated capital needs.
Provisions for penalties reduce capital
Mostostal Warszawa is active in all basic sectors of the construction industry, and the scope of services includes general contracting of investments and the implementation of turnkey projects for domestic and foreign partners. The company is one of the oldest on the WSE, having debuted in 1993.
At the beginning of April, it was widely reported that Mostostal Warszawa withdrew from the contract for the construction of the Podkarpackie section of the S19 Domaradz–Iskrzynia (Krosno) expressway. The General Directorate for National Roads and Motorways (GDDKiA) announced legal action, but the construction company already has a dispute with other ordering parties, which is costly for it.
At the end of March, it published preliminary financial data for 2025. According to them, it recorded PLN 45 million of consolidated net loss attributable to the shareholders of the parent company in 2025. The total consolidated net loss amounted to PLN 44 million, with PLN 1,363 million of consolidated sales revenues. The standalone net loss amounted to PLN 47 million in this period.
The company stated then that the loss was the result of the creation of provisions in the amount of PLN 49.4 million in the financial statements for 2025 for contractual penalties charged by the ordering party – PGE Energia Odnawialna – for the implementation of the modernization of the technological part of ESP Porąbka-Żar as a general contractor.
“The creation of reserves resulted in a reduction of the company's financial result for 2025 and, consequently, reduced the company's equity below the sum of supplementary and reserve capitals and 1/3 of the share capital at the end of 2025. […] These reserves correspond to the amount of penalties, in accordance with the percentage shares in the construction consortium, and their creation does not limit the company's right to claim these amounts from the ordering party or from any other third parties participating in the contract, because the management board recognizes that the company is not responsible for their creation,” it was noted.
Mostostal Warszawa's share price on the WSE has been performing poorly recently. On Friday, it fell by almost 4% before noon. up to PLN 5.94 per unit, which gives PLN 120 million of capitalization. At that time, the WIG broad market index was balancing on the brink of yesterday's closing. Since the beginning of the year, Mostostal Warszawa's shares have decreased by 25.4%, while WIG has gained 13.4% in this period.
