Budimex Sa · GPW:BDX
Budimex Sa — Investor Presentation (March 2025)
47 slides from Budimex Sa's investor presentation, March 2025
Slide 1: Investor presentation for 2024
Investor presentation for 2024 ZMIENIAMY DLA WAS ŚWIAT
Slide 2: Order backlog and contracting as key KPIs
Order backlog and contracting as key KPIs Contracting Sales Group EBIT at the end of Record backlog of 12,5 bn PLN 600 M PLN the year at 17,8 bn PLN 8,2% in 2024 (+51% y/y) on foreign markets (+36% y/y) (vs 8,0% FY’23) ZMIENIAMY DLA WAS ŚWIAT
Slide 3: Key events in 2024
Key events in 2024 II quarter ▪ Purchase of Azalia photovoltaic project - 60 MW ▪ Ferrovial listed on Nasdaq IV quarter ▪ Budimex qualified for stage II of Rail Baltica I quarter construction in ▪ Budimex promotes Estonia ▪ Signing of major to WIG20 III quarter contracts for S19, ▪ JV in the housing
Slide 4: Macroeconomic background
ZMIENIAMY DLA WAS ŚWIAT 01 MACROECONOMIC BACKROUND 02 FINANCIAL RESULTS OF BUDIMEX GROUP 03 BACKLOG & CONTRACTING Macroeconomic 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET AND OUTLOOK background 06 CSR & ESG Z M I E N I A M Y D L A3 W A Sbudimex ŚWIAT
Slide 5: Macroeconomic background
Macroeconomic background GDP dynamics and CPI inflation in Poland (%, y/y) According to the CSO's preliminary 14,4 2025 estimate, Poland's GDP in 2024 grew by 2.9% relative to 2023, which is 11,4 GDP dynamics CPI inflation lower than expected. 5,4 5,7 5,6 4,8 4,7 5,1 3,6 3,1 5,1 2,9 3,4 3,4 2,8 Dome
Slide 6: Macroeconomic background
Macroeconomic background PMI indicator for Poland In January, the PMI index increased to 50.6 points from 48.2 points recorded 57,2 at the end of the previous year. This is 52,8 51,9 53,4 52,7 the first time in nearly three years that 47,4 48,3 48,0 48,6 50,6 the index has been above the base level
Slide 7: Components of construction and assembly production
Components of construction and assembly production Construction and assembly production forecast (nominal values bn PLN)* Expected growth of 3-5% Construction of buildings Civil Engineering 162 158 140 Roads 117 102 108 108 87,6 86,1 70,6 Railway 84 75 54,5 55,2 61,1 52,3 42,3 37,9 69,7 74,3 71,8 53
Slide 8: Construction companies margin by size
Construction companies margin by size Margins in the market have been stabilised by the introduction of valorisation mechanisms 11,9% 11,2% 11,4% 10,6% 9,9% 9,8% 11,1% 9,2% 9,4% 8,7% 8,8% 9,6% 8,2% 8,3% 7,2% 7,5% 7,3% 7,4% 7,3% 7,1% 6,7% 6,5% 6,7% 6,3% 5,3% 5,6% 4,9% 5,2% 5,1% 4,1% 4,1% 4,1% 4,1% 2,
Slide 9: Construction situation at the end of 2024 - stabilization and prospect for improvement
Construction situation at the end of 2024 - stabilization and prospect for improvement Barriers to activity in the construction market XII 2024 XII 2023 XII 2022 70,6 30,4 70,2 31,4 A lack of qualified workers Employment cost 72,4 36,0 49,6 23,6 57,6 22,3 Material costs 73,5 Competition on the 25,2
Slide 10: Prices of selected raw materials
Prices of selected raw materials 212 340 220 1Q’10 = 100 2Q’20 = 100 1Q’10 = 100 2Q’20 = 100 300 200 180 260 160 149 220 140 180 157 120 Concrete 100 140 141 Steel 80 100 60 60 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q1
Slide 11: Financial results of Budimex Group
ZMIENIAMY DLA WAS ŚWIAT 01 MACROECONOMIC BACKROUND 02 FINANCIAL RESULTS OF BUDIMEX GROUP 03 BACKLOG & CONTRACTING Financial results of 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET AND OUTLOOK Budimex Group 06 CSR & ESG Z M I E N I A M Y D L A3 W A Sbudimex ŚWIAT
Slide 12: Budimex Group is not only Budimex SA
Budimex Group is not only Budimex SA Construction Foreign markets Services Renewable Energy Others Sources Development azalia farma fotowoltaiczna
Slide 13: Financial results for 2024
Financial results for 2024 Potential for single-digit revenue growth with the prospect of stable margins in 2025 Revenues Planned revenue EBIT Net profit* (MPLN growth with the (M PLN) (M PLN) prospect of stable margins in 2025 9 802 8% 8,2% 7,5% 6,8% 9 118 781 738 744 619 -7% y/y FY'23 FY'24 FY'23
Slide 14: Financial results by segments
Financial results by segments Construction segment Revenues (M PLN) EBIT (M PLN) 8 902 7 821 8 223 8% 8% The decline in revenues in the construction 6% sector is mainly due to the investment cycle of 714 655 key ordering parties, especially in rail sector. 471 2022 2023 2024 2022 2023 2024 Stable pr
Slide 15: Evolution of the net cash position
Evolution of the net cash position–preliminary results for 2024 Net cash position in Budimex Group (bn PLN) 3,8 3,9 911 mln of total 3,3 3,0 3,1 3,1 dividend 2,82,8 2,7 2,9 2,7 payment in 2,6 2,3 2,4 2024 2,1 2,2 2,0 1,9 2,0 1,7 1,8 1,7 1,5 1,6 1,6 1,4 1,4 1,41,4 1,2 1,1 1,2 1,2 1,2 1,0 0,50,5 0,5 0
Slide 16: Budimex Group dividend history
Budimex Group dividend history Budimex has regularly shared profit with shareholders for 16 years Budimex is implementing its announced dividend policy for 2022-2026. The strategy calls for 100% dividend payments ∑= 215,5 In 2021, Budimex paid a dividend from its 2020 profit and an advance dividend
Slide 17: Backlog & contracting
ZMIENIAMY DLA WAS ŚWIAT 01 MACROECONOMIC BACKROUND 02 FINANCIAL RESULTS OF BUDIMEX GROUP 03 BACKLOG & CONTRACTING Backlog 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET AND OUTLOOK & contracting 06 CSR & ESG Z M I E N I A M Y D L A3 W A Sbudimex ŚWIAT
Slide 18: Signed contracts (bn PLN)
Signed contracts (bn PLN) Backlog growth 12,5 of 51% y/y 0,6 9,0 1,9 8,3 7,9 0,3 0,6 7,0 0,2 0,2 +27% 2,8 1,7 1,9 0,8 2,9 0,2 2,4 1,8 0,2 2,2 0,5 0,7 +116% 0,5 0,9 0,5 6,9 0,7 4,1 2,9 3,1 3,2 '20 '21 '22 '23 '24 Roads Hydrotechnical Railway General construction Residential Industrial
Slide 19: Contracts pending with the greatest potential in years
Contracts pending with the greatest potential in years 13,4 13,3 Contracts pending (bn PLN) 10,1 9,5 Rail Baltica Foreign Poland 5,0 4,8 9,1 6,9 4,8 6,1 2,7 4,8 3,2 4,8 0,5 4,6 4,4 0,5 3,4 0,5 4,8 2,7 0,5 5,7 5,8 1,6 0,4 5,2 5,3 4,1 4,7 4,3 3,9 2,9 2,3 1,6 2,1 03'22 06'22 09'22 12'22 03'23 06'23 09'
Slide 20: Backlog (bn PLN)
Backlog (bn PLN) Backlog growth 220 active contracts at the end of 2024 17,8 36 % y/y Estimated backlog 2% maturity (%) 0,7 22% 2% 6% 2% 2,7 13,3 13,1 12,7 13 0,3 2% 26% 7% 14% 0,2 22% 0,3 47% 0,3 3,3 17% 0,8 1,8 15% 2,9 8% 3,5 6% 2,9 3% 0,6 7% 1,1 0,8 0,5 0,3 33% 4% 32% 18% 25% 2,2 2,4 4,0 3,3 33%
Slide 21: Road Market
Road Market Value of signed contracts in the domestic road market (bn PLN)* 18,7 Piła 15,9 S10 sections 14,6 13,6 13,6 implemented by Szczecin Budimex 10,7 7,0 7,7 5,1 4,3 Warszawa ”15 ”16 ”17 ”18 ”19 ”20 ”21 ”22 ”23 ”24 Budimex Contracting – Road segment (bn PLN) 6,2 4,6 4,1 3,4 2,9 3,1 3,2 2,4 2,5
Slide 22: Railway market
Railway market Value of signed contracts in the domestic railway market (bn PLN)* 14,8 13,1 12,8 9,5 Budimex contracts 7,4 3,4 2,8 0,2 0,9 1,3 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 PKP PLK has begun a cycle of increased investment, as Budimex Contracting – Railway segment (bn PLN) announced. PKP P
Slide 23: General construction (bn PLN)
General construction (bn PLN)* Production Contracting 2,4 2,3 2,4 2,5 2,2 2,1 2,2 2,0 2,0 1,7 1,8 1,9 1,6 1,5 2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021 2022 2023 2024 Backlog 3,6 Division prospects 3,1 2,9 2,9 2,7 2,3 Implementation of projects for the military 2 sector and Border Guard
Slide 24: Military construction investments
Military construction investments Construction investment expenditures of the Ministry of Defense Hierarchy of national certificates and status of Budimex +30 mld zł funduszy z KPO deklarowane na fundusz Bezpieczeństwa i Obronności 10,0 Value (bn PLN) Share of ministry budget (%) 6,7 Restricted Conf
Slide 25: Foreign markets - status
Foreign markets - status Rail Baltica: The value of revenues in ▪ Start of work on the implementation of the Latvian section at the end of 2024 foreign markets amounted ▪ Budimex qualified for the II stage of the tender for the construction of a section in Estonia to 600 M PLN Czechia and Slovakia:
Slide 26: FBSerwis & Mostostal Kraków
ZMIENIAMY DLA WAS ŚWIAT 01 MACROECONOMIC BACKROUND 02 FINANCIAL RESULTS OF BUDIMEX GROUP 03 BACKLOG & CONTRACTING FBSerwis 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET AND OUTLOOK & Mostostal Kraków 06 CSR & ESG Z M I E N I A M Y D L A3 W A Sbudimex ŚWIAT
Slide 27: FBSerwis – financial results
FBSerwis – financial results 9,9% 13,2% 17,4% 19,4% 16,7% 16,7% 15,1% 15,4% 903 937 780 832 139 136 144 610 130 % EBITDA 118 Revenues (M PLN) 498 EBITDA (M PLN) 86 371 261 49 26 '17 '18 '19 '20 '21 '22 '23 '24 '17 '18 '19 '20 '21 '22 '23 '24 -0,1% 3,9% 8,9% 12,2% 10,6% 10,4% 9,0% 10,0% 94 83 87 81 2
Slide 28: FBSerwis year 2024 and year 2025
Year 2024 Year 2025 Backlog Record EBITDA PBT 100m Historical 144m (15%) (11%) Maintain order backlog at ~ 1 billion, similar through 2024. Below revenues NTP 241m portfolio as of 31/12/2024 937m vs 136m in vs 84m in (cash 252m) 2023 (15%) 2023 (9%) 67,5 Key offers FM/SL Signed contracts for mainten
Slide 29: Mostostal Kraków – financial results
Mostostal Kraków – financial results 805 Cash Debt NTP 95 544 488 Revenues (M PLN) 77 Net cash (M PLN) 66 323 275 48 46 216 32 95 78 66 52 49 39 2019 2020 2021 2022 2023 2024 -7 -5 -2 2019 2020 2021 2022 2023 2024 800 711 29,2 700 600 535 531 Contracting (M PLN)* 500 401 407 14,5 400 13,6 332 9,4 EB
Slide 30: Bridge investment implementation strategy
Bridge investment implementation strategy Mostostal Kraków S.A. is expanding its steel bridge business in foreign markets. This strategy is reflected in the implementation of the Gänstorbrücke project in Ulm. Mostostal Krakow will be responsible for manufacturing, supplying and installing the 1560-t
Slide 31: Market and outlook
ZMIENIAMY DLA WAS ŚWIAT 01 MACROECONOMIC BACKROUND 02 FINANCIAL RESULTS OF BUDIMEX GROUP 03 BACKLOG & CONTRACTING Market 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET AND OUTLOOK and outlook 06 CSR & ESG Z M I E N I A M Y D L A3 W A Sbudimex ŚWIAT
Slide 32: Summary of investment programmes
Summary of investment programmes Advancement of spending Government Programme for the Construction of National National Railway Program PSE program Roads to 2033 to 2030 until 2036 294 bn PLN 100 bn PLN 62 bn PLN Programme of 100 CPK Nuclear power Bypasses by 2030 plants 28 bn PLN > 130 bn PLN ≈ 200
Slide 33: EU funding at record levels (bn EUR)
EU funding at record levels (bn EUR) Next Gen EU Connecting Europe Facility (CEF) - National Recovery and Resilience funds for all countries (bn EUR) Plan 32,3 26,2 Loans 24,2 28,8 25,3 7,6 Σ 60 Non-refundable 7,5 5,8 34,5 subsidies 10,2 4,8 4,8 24,7 23,0 REPowerEU 14,0 9,2 3,9 Green energy 4,4 4,4
Slide 34: Operational objectives for 2025-2026
Operational objectives for 2025-2026 Maintaining Further Continuing Growth in Consistent prospective general LEADERSHIP development of strategic activities construction expansion of RES foreign operations in new areas POSITION segments project portfolio and on Polish market analysis of DATA SK, CZ,
Slide 35: Planned expenditures of GDDKiA by programs
Financial results by segment Planned expenditures of the General Directorate for National Roads and Motorways according to announced programs (PLN billion) 100 bypasses PBDK 38 35 Further implementation of the largest road 34 program in the history of PBDK and 31 infrastructure support with a progra
Slide 36: Road and rail market awaiting rising volumes
Road and rail market awaiting rising volumes Value of planned expenditures in 2025-2030 (PLN billion) KPK Rail + CPK 39 Intensification of tender plans in 2025 35 in both the KPK and Rail + as well as the CPK (greenfield) programs. 15 26 14 27 In 2025, value of published tenders 19 10 6 12 20 awaiti
Slide 37: Foreign markets - prospects
Foreign markets - prospects Rail Baltica: ▪ Estonia: submitted bid for Rail Baltica Estonia tender in late February. Czechia and Slovakia ▪ Czech Republic: A promising market in terms of large-scale infrastructure projects in 2025-2027, including PPP projects. Infrastructure financing from the EU at
Slide 38: Energy segment with good prospects
Energy segment with good prospects KPEiK – new scenario PSE's capital expenditure (bn PLN) RES in the electric power industry - installed capacity (GW) 2023 2030 2040 Accumulated Average annual 54,9 1,4 1,5 1,6 4,6 25,8 19 2,0 10,1 12 29,0 46,2 1,5 0,6 0,7 7,7 10,2 5,9 1,1 17,9 1,2 3,1 3,4 1 2005-20
Slide 39: Activity of Development
Activity of Development WITOSA PARK NEW PROJECT ▪ JV investment by Budimex SA and Apricot Capital Group (75/25) ▪ In February 2025, Budimex acquired a consisting of a joint residential project in Poznan at Piątkowska Street plot of land in the Zegrze district of Poznan. ▪ The Project will consist of
Slide 40: Investments in Renewable Energy Sources (RES)
Investments in Renewable Energy Sources (RES) Magnolia project (2 turbines up to 7 MW): Kamelia project (21 MW): ▪ in September 2023 the first kWh was produced ▪ Advanced construction work ▪ current production > 23GWh ▪ Planned completion of construction in H1’25 (extension) ▪ selling energy in a PP
Slide 41: Budimex Mobility charging stations
14 6 3 2 7 30 13 Total 1 32 9 5 = 7 2 184 POWER TO POWER ABOVE 22 kW 30 kW 1 6 10 standard fast ▪ Budimex Mobility owns > 180 charging stations in 2024. Running stations divided into voivodeships ▪ By the end of 2026 > 400 stations in major urban centers.
Slide 42: CSR & ESG
ZMIENIAMY DLA WAS ŚWIAT 01 MACROECONOMIC BACKROUND 02 FINANCIAL RESULTS OF BUDIMEX GROUP 03 BACKLOG & CONTRACTING 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET AND OUTLOOK CSR & ESG 06 CSR & ESG Z M I E N I A M Y D L A3 W A Sbudimex ŚWIAT
Slide 43: Achievement of ESG goals from area E
Achievement of ESG goals from area E ▪ 100% of the energy obtained from the market comes from RES o Recovery and recycling of soil and earth waste processed by Budimex was realized at 99.71% and non-hazardous waste at 99.54% ▪ Green Fleet Campaign - 92% of the fleet meets the highest emission standa
Slide 44: Implementation of ESG goals from the area S
Implementation of ESG goals from the area S TRAINING AND DEVELOPMENT ▪ Promoting diversity • Women in Construction Week - 589 people • Diversity month - 2196 people • „KobieTY Inspirują” Conference - 358 people ▪ Foreign internship programs– 11 people (Canada, UK, France, Spain) ▪ Scholarship and su
Slide 45: Implementation of ESG goals from the S area
Implementation of ESG goals from the S area HSE and WELLBEING ▪ Safety Week 532 activities on 210 contracts and in offices - 12,337 people ▪ 424 contract safety reviews ▪ 599 Budimex SA senior management safety visits to contracts ▪ Foundations of Health - 2,500 people, at 8 survey locations ▪ Home
Slide 46: Achievement of ESG goals from area G
Achievement of ESG goals from area G ▪ Business Partner Code • standards for responsible supply chain management, • environmental and social standards ▪ “Conflict of interest - Budimex Group manual” Conflict of interest and procedures trainings ▪ Implementation of compliance strategy for Budimex Gro
Slide 47: Key figures summary
6,9 9,1 bn PLN 12,8% 16 years bn PLN Contracts pending Gross margin Of divident payment Revenues 1,8GW 3,1 17,8 bn PLN Net cash 8,2% bn PLN RES projects in the development phase EBIT margin Backlog