Budimex Sa · GPW:BDX
Budimex Sa — Q3 2025 Earnings Presentation
44 slides from Budimex Sa's earnings presentation, October 2025
Slide 1: The conference starts at 10:00 a.m.
The conference starts at 10:00 a.m.
Slide 2: Investor presentation Q3 2025
Investor presentation Q3 2025
Slide 3: Investor presentation Q3 2025
Investor presentation Q3 2025 ZMIENIAMY DLA WAS ŚWIAT
Slide 4: Backlog and signed contracts as main KPIs
Backlog and signed contracts as main KPIs Award for the largest CIT High value of contracts pending EBIT margin increase payer in the construction PLN 10.2 bn in the construction segment up to industry (PLN 605 million in (+2 bn q/q on the Polish market), incl. 8.1% (+0.5 p.p. y/y) taxes paid by the
Slide 5: Macroeconomic environment
ZMIENIAMY DLA WAS ŚWIAT 01 MACROECONOMIC ENVIRONMENT 02 BUDIMEX GROUP FINANCIAL RESULTS 03 BACKLOG AND CONTRACTS SIGNED Macroeconomic 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET OUTLOOK environment 06 ESG Z M I E N I A M Y D L A3 W A Sbudimex ŚWIAT
Slide 6: Macroeconomic environment
Macroeconomic environment GDP dynamic and CPI inflation in Poland (%, y/y) According to estimates by the Central Statistical Office (GUS), domestic inflation 14,4 in September amounted to 2.9%. According to July forecasts by the National Bank of Poland 11,4 GDP dynamics CPI inflation (NBP), inflatio
Slide 7: Macroeconomic environment
Macroeconomic environment PMI Index In September, the PMI index for Poland rose PMI Poland PMI eurozone to 48 points from 44.8 points recorded in June. Since the beginning of the year, the 50,6 50,7 index has gradually signalled an 50 49,8 improvement in sentiment in the industry, but 49,2 48,2 47,3
Slide 8: Elements of construction and assembly output
Elements of construction and assembly output Building and construction output forecast (nominal values in PLN bn)* Buildings Civil engineering Roads 161,9 157,9 140,4 108,1 108,5 117,1 105,7 108,3 Railway 102,0 87,6 86,1 74,5 84,1 70,6 52,3 54,5 55,2 61,1 54,0 54,9 37,9 42,3 Buildings 53,6 53,3 56,0
Slide 9: Margins of construction companies by size
Margins of construction companies by size Market margins have been stabilised by the introduction of indexation mechanisms 10-49 employees 50-249 employees >=250 employees 11,9% 11,2% 11,4% 10,6% 11,1% 9,9% 9,6% 10,4% 9,2% 9,8% 8,7% 8,8% 8,2% 7,7% 7,5% 7,3% 7,4% 7,4% 6,9% 6,7% 6,5% 6,7% 5,6% 5,2% 5,
Slide 10: Prices of selected raw materials
Prices of selected raw materials 1Q’10 = 100 2Q’20 = 100 1Q’10 = 100 2Q’20 = 100 Chart Title 250 350 300 200 196 250 150 200 138 149 150 100 Concrete 100 134 Steel 50 50 0 0 3Q10 3Q11 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 3Q18 3Q19 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25 3Q10 3Q11 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 3Q18 3
Slide 11: Trends affecting the current market situation
Trends affecting the current market situation Macroeconomical environment Budget deficit Inflation (PPI & CPI PMI Remuneration dynamics Material prices Demography and workforce availability Interest rates EU Funds Trends for 2026: Favourable Stable Unfavourable
Slide 12: Financial results of the Budimex Group
ZMIENIAMY DLA WAS ŚWIAT 01 MACROECONOMICAL ENVIRONMENT 02 BUDIMEX GROUP FINANCIAL RESULTS 03 ORDERBOOK AND CONTRACTS SIGNED Financial results of the 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET OUTLOOK Budimex Group 06 ESG Z M I E N I A M Y D L A3 W A Sbudimex ŚWIAT
Slide 13: Financial results for Q1-Q3 2025
Financial results for Q1-Q32025 Revenues Lower revenues result from (PLN M) eliminations within the Group, which in Q1-Q3'25 amounted to PLN 113 EBIT Net profit* million (PLN M) (PLN M) 6 510 6 409 7,8% 7,9% 6,9% 6,9% 508 509 447 441 Q1-Q3'24 Q1-Q3'25 Q1-Q3'24 Q1-Q3'25 Q1-Q3'24 Q1-Q3'25 * Net profit
Slide 14: Financial results by segment
Financial results by segment Construction segment Revenue (PLN M) EBIT (PLN M) Sales of the construction segment of the Budimex Group in the first three quarters of 7,6% 8,1% 2025 amounted to PLN 5,852 million, while 6 346 5 875 5 852 7,2% improving operating results. 422 446 476 The operating profi
Slide 15: Evolution of the net cash position
Evolution of the net cash position Net cash position in the Budimex Group (PLN bn) 3,83,9 3,3 3,1 3,1 3,0 2,82,82,7 2,9 2,8 2,7 2,6 2,4 2,3 2,2 2,1 2,0 1,9 2,0 1,8 1,7 1,81,9 1,7 1,61,6 1,5 1,4 1,41,4 1,4 1,4 1,2 1,2 1,2 1,2 1,1 1,0 0,8 0,50,5 0,5 0,4 0,1 09'14 09'15 09'16 09'17 09'18 09'19 09'20 09
Slide 16: Capital expenditures – fixed assets in Budimex Group
Capital expenditures – fixed assets in Budimex Group Value of CAPEX (PLN M)* 2025 2023 Q1-Q3 2025 26 28 35 48 4 Σ 142 Σ 228 58 PLN M 40 PLN M 31 46 54 Road segment Rail segment Services segment RES Other CAPEX In recent years, the Budimex Group has increased capital expenditures in order to increase
Slide 17: Dividend history of the Budimex Group
Dividend history of the Budimex Group Budimex has been regularly sharing profits with shareholders for 17 years ∑= 240,8 Budimex is implementing the announced 6 147 MLN = PLN/share dividend policy for 2022-2026. The strategy assumes 100% dividend payment PLN/share 31,6 23,5 18,0 35,7 25,4 911 5,8 6,
Slide 18: Orderbook and contracts signed
ZMIENIAMY DLA WAS ŚWIAT 01 MACROECONOMICAL ENVIRONMENT 02 BUDIMEX GROUP FINANCIAL RESULTS 03 BACKLOG AND CONTRACTS SIGNED Orderbook and 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET OUTLOOK contracts signed 06 ESG Z M I E N I A M Y D L A3 W A Sbudimex ŚWIAT
Slide 19: Contracts signed (PLN bn)
Contracts signed (PLN bn) 12,5 0,6 9,0 1,9 8,3 0,3 8,2 7,9 0,6 7,0 2,8 0,2 1,7 0,2 0,6 1,9 1,4 0,8 2,9 0,2 0,3 2,4 1,8 0,2 2,2 1,5 3,9 0,5 0,7 0,5 0,9 0,5 6,9 0,7 1,3 4,4 0,5 0,2 4,1 2,9 3,1 3,2 1,8 '20 '21 '22 '23 '24 Q1-Q3 24 Q1-Q3 25 Roads Hydrotechnical Railway and Industrial General Constructio
Slide 20: Contracts pending with high potential
Contracts pending with high potential Significant value of contracts Contracts pending (PLN bn) pending 5,7 5,8 5,1 5,2 5,3 4,7 4,3 4,1 4,1 3,1 2,9 5,7 5,8 2,3 5,2 5,3 5,1 4,7 2,1 4,1 4,3 4,1 2,9 3,1 2,3 2,1 09'22 12'22 03'23 06'23 09'23 12'23 03'24 06'24 09'24 12'24 03'25 06'25 09'25 Effectiveness
Slide 21: Backlog (PLN bn)
Expected growth at the end Backlog (PLN bn) of 2025 16,2 Estimated maturity of the Aprox. 220 active contracts 17,8 backlog (%) 4% 2% 0,7 2,7 0,4 15% 44% 15% 13 13,3 13,1 2% 0,3 2,4 2% 2% 1% 0,2 0,3 2% 0,1 0,3 3,3 22% 16% 22% 26% 3,0 2,9 3,5 2,9 18% 2% 0,6 0,4 6% 3% 0,3 3% 27% 0,8 0,5 3% 2,2 17% 2,4
Slide 22: Road market
Road market The value of contracts signed on the domestic road market (PLN bn)* In the third quarter of 2025, Budimex 18,7 signed a contract for the construction 15,9 of the Warzymice and Przecław bypass 14,6 13,6 14,4 along DK13 worth PLN 349 million and 10,7 11,5 smaller road contracts. 7,0 7,7 5,
Slide 23: Railway market
Railway market Value of contracts signed on the domestic railway market (PLN bn)* Budimex signed a contract for the 14,8 development of LK 622 Szczyrzyc- 13,1 12,8 Tymbark worth PLN 705 million and 11,6 was rated the highest for the LK 622 9,5 Podłęże - Gdów (PLN 1.8 billion). 7,4 4,4 During the thr
Slide 24: General construction (PLN bn)
General construction (PLN bn)* Production Contracts signed 2,4 2,5 2,4 2,3 2,2 2,2 2,1 2,0 2,0 1,8 1,9 1,7 1,6 1,7 1,5 1,6 1,3 1,2 2018 2019 2020 2021 2022 2023 2024 Q1-Q3'24 Q1-Q3'25 2018 2019 2020 2021 2022 2023 2024 Q1-Q3'24 Q1-Q3'25 Backlog 3,6 3,3 3,1 2,9 2,9 2,7 2,3 2,4 2,0 2018 2019 2020 2021
Slide 25: Power grid market
Power grid market The value of PSE's announced and planned contracts (PLN million)* PSE significantly increased the value of contracts announced. 1 755 The tender plan for the next four quarters exceeds PLN 4 billion. Among the largest planned tenders are the 400 kV Gdańsk 1 225 Błonia-Olsztyn Mątki
Slide 26: Industrial construction
Industrial construction Status 2026+ outlook Nuclear (Bechtel) – ISO+ Road Infrastructure Energy, Environment, and Oil & Gas Projects Implementation Certification to MOLF Selection of the bid for the construction of the Estimated expenditures on conventional energy Lwówek Gas Compressor Station wort
Slide 27: FBSerwis & Mostostal Kraków
ZMIENIAMY DLA WAS ŚWIAT 01 MACROECONOMICAL ENVIRONMENT 02 BUDIMEX GROUP FINANCIAL RESULTS 03 ORDERBOOK AND CONTRACTS SIGNED FBSerwis 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET OUTLOOK & Mostostal Kraków 06 ESG Z M I E N I A M Y D L A3 W A Sbudimex ŚWIAT
Slide 28: FBSerwis – financial results
FBSerwis – financial results % EBITDA 19,4% 16,7% 16,7% 15,1% 15,4% 15,9% 16,5% 903 937 780 832 17,4% 139 136 144 675 655 130 610 118 108 107 Revenue (M PLN) 498 EBITDA (M PLN) 86 '19 '20 '21 '22 '23 '24 09'24 09'25 '19 '20 '21 '22 '23 '24 09'24 09'25 % EBIT 12,2% 10,6% 10,4% 9,0% 10,0% 10,3% 10,7%
Slide 29: New contracts and key tenders
New contracts and key tenders Backlog A contract was signed with the General Directorate for National Roads and Motorways for year-round road maintenance covering two tasks in the Pomeranian region in the years 2024-2028, with a total net value of PLN 205.6 million (PLN 287.8 million with optional s
Slide 30: Opening of a new biological waste treatment plant in Tarnów
Opening of a new biological waste treatment plant in Tarnów • The value of the investment is about PLN 25 million. • Hermetic process- The most important change is the elimination of the two-stage waste stabilization process. The entire process of biological waste treatment is carried out in one sta
Slide 31: Mostostal Kraków – financial results
Mostostal Kraków – financial results 805 Cash Debt NTP 610 95 544 77 488 463 73 Revenue (PLN M) 66 Net cash (PLN M) 48 323 46 95 78 73 66 52 49 -5 -2 0 2021 2022 2023 2024 Q1-Q3'24 Q1-Q3'25 2020 2021 2022 2023 2024 09'2025 699 m PLN in pending room 711 38,4 by the end of Q3’25 37,2 Contracts signed
Slide 32: Foreign expansion and development
Foreign expansion and development Q3 2025 Developing competence in foreign markets Mostostal Kraków, in line with its strategic plan, is intensifying its activities on foreign markets. We are focusing on the German market, where we are developing the operational capabilities of our subsidiary and br
Slide 33: Market outlook
ZMIENIAMY DLA WAS ŚWIAT 01 MACROECONOMICAL ENVIRONMENT 02 FINANCIAL RESULTS OF THE BUDIMEX GROUP 03 BACKLOG AND CONTRACTS SIGNED Market outlook 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET OUTLOOK 06 ESG Z M I E N I A M Y D L A3 W A Sbudimex ŚWIAT
Slide 34: Summary of investment programmes
Summary of investment programmes Expenditure progress Government National Road National Railway PSE programme Construction Programme until Programme until 2030 until 2036 2033 PLN 294 bn PLN 100 bn PLN 62 bn 100 Bypasses Programme CPK Nuclear power plants until 2030 PLN 28 bn > PLN 130 bn ≈ PLN 200
Slide 35: Trends within market segments
Trends within market segments Infrastructure construction Power grids Railway construction Residential construction Industrial construction General construction - other Trends for 2026: Favourable Stable Unfavourable
Slide 36: EU funding at record levels (EUR bn)
EU funding at record levels (EUR bn) 1 European Funds for Infrastructure, 2 National Recovery Plan 3 Connecting Europe Facility (CEF) - Climate, Environment (FEnIKS) resources for all countries (EUR bn) Loans Non-refundable 26,2 28,8 24,2 grants 32,3 25,3 Σ 60 7,6 7,5 34,5 Loans - bridge 5,8 financi
Slide 37: ESG
ZMIENIAMY DLA WAS ŚWIAT 01 MACROECONOMICAL ENVIRONMENT 02 FINANCIAL RESULTS OF THE BUDIMEX GROUP 03 BACKLOG AND CONTRACTS SIGNED ESG 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET OUTLOOK 06 ESG Z M I E N I A M Y D L A3 W A Sbudimex ŚWIAT
Slide 38: Achieving ESG goals in the E area 3Q2025
Achieving ESG goals in the E area 3Q2025 ▪ Target: 100% of energy purchased on the market comes from renewable energy sources - 23,158 MWh purchased ▪ Waste recovery and recycling: soil and earth processed by Budimex - 75%* non-hazardous waste - 48%* ▪ Fleet (heavy machinery) – 95% meets the highest
Slide 39: Achieving ESG goals in the S area 3Q2025
Achieving ESG goals in the S area 3Q2025 ▪ Diversity support: Scholarships and internships for students from Ukraine – 32 students Foreign internship programs - Global Mobility and Go Further Poland Business Adventures program in cooperation with PAIH - 1 intern from Greece Support for the education
Slide 40: Achieving ESG goals in the G area 3Q2025
Achieving ESG goals in the G area 3Q2025 ▪ Compliance training for: Newly hired employees – “Welcome to the Group” Employees – “Contract Manager Academy” Members of the Compliance Committee ▪ Compliance Week – 22-26.09.2025 ▪ Regular workshops on conflict of interest management ▪ Annual Audit Plan:
Slide 41: Value of CIT paid in Poland for the years 2012-2024
Value of CIT paid in Poland for the years 2012-2024 by selected construction companies (data in PLN m)* 1 1 585 2 598 3 210 174 170 157 135 131 123 115 Grupa Budimex Grupa Strabag Intercor Sp. z Torpol S.A. Goldbeck Sp z Porr S.A. Kajima Poland Skanska S.A. Erbud S.A. AMW Sinevia o.o. o.o. Sp. z o.o
Slide 42: Key figures summary
PLN 5,1 PLN 6,4 bn 12,3% 17 years Contracts pending in Gross margin Poland Dividend payout Revenues PLN 649 M 1,9 bn 16,2 PLN Net cash 7,9% PLN bn Dividend payout EBIT margin Backlog
Slide 43: Q & A session
Q & A session
Slide 44: Thank you for your attention
Thank you for your attention