Budimex Sa · GPW:BDX
Budimex Sa — Investor Presentation (March 2026)
47 slides from Budimex Sa's investor presentation, March 2026
Slide 1: Investor presentation for 2025
Investor presentation for 2025 1 ZMIENIAMY DLA WAS ŚWIAT 1
Slide 2: Backlog and contracting as key KPIs
Backlog and contracting as key KPIs High backlog Record high EBIT Announcement of Rail Baltica Estonia – PLN 16.2 bn and for the construction segment dividend policy for railway contract signing PLN 5.7 bn contracts of 9.5% (+1.5 p.p. y/y) 2026-2030 in the pipeline and for the services segment of 11
Slide 3: Macroeconomic background
ZMIENIAMY DLA WAS ŚWIAT 01 MACROECONOMIC BACKGROUND 02 FINANCIAL RESULTS OF THE BUDIMEX GROUP 03 BACKLOG AND CONTRACTING Macroeconomic backround 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET AND OUTLOOK 06 ESG 3 Z M I E N I A M Y D L A3 W A Sbudimex ŚWIAT 3
Slide 4: Macroeconomic background
Macroeconomic background GDP dynamics and CPI inflation in Poland (%, y/y) According to estimates by the Central 14,4 Statistical Office (GUS), domestic inflation in December stood at 2.4%, which means that 11,4 GDP dynamics CPI inflation the inflation target of 2.5% has been achieved. According to
Slide 5: Macroeconomic background
Macroeconomic background In December, the PMI index for Poland rose PMI index to 48.5 points from 44.8 points recorded in PMI Poland PMI Eurozone base PMI June. Since the beginning of the year, the index has gradually signaled an improvement in sentiment in the industry, 50 50,7 50,7 but due to the
Slide 6: Construction and assembly production elements
Construction and assembly production elements Forecast for construction and assembly output (nominal values in PLN billion)* Expected growth in 2026: 3-5% Buildings Civil engineering Roads 161,9 157,9 164,1 140,4 108,1 108,5 117,1 Railway 102,0 87,6 86,1 86,3 74,5 84,1 70,6 52,3 54,5 55,2 61,1 37,9
Slide 7: Margins of construction companies by size
Margins of construction companies by size Margins on the market have been stabilized through the introduction of indexation mechanisms. 50-249 employees >=250 employees 11,4% 11,2% 9,8% 7,5% 7,3% 7,4% 7,4% 6,5% 7,0% 5,7% 5,6% 5,1% 5,3% 4,6% 4,1% 4,3% 4,5% 2,4% 2,4% 1,2% '17 '18 '19 '20 '21 '22 '23 '
Slide 8: Prices of selected raw materials
Prices of selected raw materials 2Q’20 = 100 High forecast Stable forecast 2Q’20 = 100 High forecast Stable forecast 180 173 310 160 260 140 136 151 210 194 120 160 131 Concrete 100 154 110 Steel 80 60 60 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 4Q26 4Q27 4Q28 4Q29 4Q30 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 4Q26 4Q27
Slide 9: Trends shaping the current market situation
Trends shaping the current market situation Macroeconomic background Inflation (PPI & CPI) = PMI + Salary dynamics = Material prices = Demographics and workforce availability - Intrest rates + EU funds + 9 Direction of change for 2026: + Positive = Stable - Negative 9
Slide 10: Financial results of the Budimex Group
ZMIENIAMY DLA WAS ŚWIAT 01 MACROECONOMIC BACKGROUND 02 FINANCIAL RESULTS OF THE BUDIMEX GROUP 03 BACKLOG AND CONTRACTING Financial results of the 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET AND OUTLOOK Budimex Group 06 ESG 10 Z M I E N I A M Y D L A3 W A Sbudimex Ś W I A T 10
Slide 11: The Budimex Group is not only Budimex SA
The Budimex Group is not only Budimex SA Construction segment Foreign markets Services segment RES Others Development azalia farma fotowoltaiczna konstalex Oddział Estonia 11
Slide 12: The Budimex Group – financial results (2015 – 2025)
The Budimex Group – financial results (2015 – 2025) Revenue (PLN bn) 9,8 9,4 8,6 9,1 8,4 7,9 7,4 7,6 6,4 5,1 5,6 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 25 EBIT (revenue %) 9,1% 9,2% 9,5% 7,6% 7,9% 8,2% 7,4% 6,5% 5,7% 5,6% 4,2% '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 Backlog (PLN bn) 17,8 16,2 1
Slide 13: Financial results for 2025 – record high EBIT in the Budimex Group
Financial results for 2025 – record high EBIT in the Budimex Group Revenue Growth of 3.5%, plus PLN 133 million EBIT Net profit (PLN bn) elimination effect (vs. PLN 58 million (PLN bn) (PLN bn) a year earlier) 9 439 9 118 8,2% 9,5% 6,8% 7,9% 892 744 748 616 '24 '25 '24 '25 '24 '25 13
Slide 14: Financial results by segment
Financial results by segment Construction segment Sales in the construction segment in 2025 Revenue (PLN m) EBIT (PLN m) amounted to PLN 8,629 million, with a record high operating margin of 9.5% 8 902 8 223 8 629 8,0% 8,0% 9,5% (compared to 8.0% in the previous year). 818 714 655 The revenues of th
Slide 15: Evolution of net cash position
Evolution of net cash position Net cash position in the Budimex Group (PLN billion) 3,83,9 3,3 3,0 3,1 3,1 2,82,8 2,7 2,9 2,8 2,7 2,6 2,6 2,3 2,4 2,1 2,2 2,0 1,9 2,0 1,7 1,8 1,7 1,8 1,9 1,61,6 1,4 1,41,4 1,1 1,2 1,2 1,0 1,2 0,50,5 0,5 0,4 0,1 12'15 12'16 12'17 12'18 12'19 12'20 12'21 12'22 12'23 12'
Slide 16: The Budimex Group is implementing a series of investments in response to market trends
The Budimex Group is implementing a series of investments in response to market trends. Capital expenditure (CAPEX) (PLN million)* 2025 2025 2024 2023 51 51 42 51 26 35 4 Σ 254 87 Σ 364 Σ 142 PLN million 95 PLN million 38 PLN million 31 78 46 45 80 Road Rail Services RES Other In recent years, the B
Slide 17: Budimex Group dividend history
Budimex Group dividend history Budimex has been regularly sharing its profits with shareholders for 17 years. Budimex is implementing its announced dividend policy for 2025-2030. ∑= 240.8 The strategy assumes a 100% dividend payout. 6 147 M = PLN/share In accordance with the dividend policy, the Man
Slide 18: Backlog and contracting
ZMIENIAMY DLA WAS ŚWIAT 01 MACROECONOMIC BACKGROUND 02 FINANCIAL RESULTS OF THE BUDIMEX GROUP 03 BACKLOG AND CONTRACTING Backlog and 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET AND OUTLOOK contracting 06 ESG Z M I E N I A M Y D L A3 W A Sbudimex Ś W I A T 18
Slide 19: Signed contracts (PLN billion)
Signed contracts (PLN billion) 12,5 0,6 1,9 9,0 8,3 0,3 7,9 0,6 7,0 0,2 2,8 1,7 0,2 6,2 1,9 0,8 2,9 0,2 0,03 2,4 1,8 2,2 2,2 0,2 0,5 0,7 0,5 0,1 0,9 0,5 6,9 0,7 1,5 4,1 0,2 2,9 3,1 3,2 2,2 '20 '21 '22 '23 '24 '25 Railway and power Industrial General construction Real Estate Road Hydrotechnical engin
Slide 20: Contracts in the pipeline with great potential
Contracts in the pipeline with great potential* Significant value of contracts in Contracts in the pipeline – Polish market (PLN billion) the waiting room 5,8 5,7 5,8 5,2 5,3 5,1 4,7 4,3 4,1 4,1 3,1 2,9 5,7 5,8 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'
Slide 21: Backlog (PLN billion)
Expected growth at the end Backlog (PLN billion) of Q1 2026 16,2 Estimated maturity of the Approximately 230 active contracts 17,8 backlog (%) 4% 2% 0,7 2,7 0,3 17% 15% 13,3 2,7 50% 13 2% 13,1 2% 0,3 2% 2% 0,2 0,3 2% 0,3 0,3 3,3 22% 19% 22% 26% 2,9 3,5 2,9 18% 3,1 2% 0,6 6% 3% 0,3 0,4 2% 32% 0,8 0,5
Slide 22: Road market
Road market S10 Sections signed by Budimex in 2025 Warzymice ringroad In 2025, Budimex signed contracts worth PLN 2.2 billion. Dobiegniew ringroad In 2025, GDDKiA opened bids for large tenders worth over PLN 100m, with a total value of approximately S11 PLN 12.6bn. Srock ringroad Backlog value: Over
Slide 23: Outlook for the road market
Outlook for the road market Value of contracts signed on the domestic road market (PLN bn)* In 2026, GDDKiA plans to spend approx. PLN 20 billion on investments. 18,7 15,9 14,6 14,4 In 2026, approx. 290 km of new roads are 13,6 planned to be put into service. 10,7 The planned value of tenders to be
Slide 24: Railway and electro energy market
Railway and electro energy market Budimex contracts Contracts pending PKP PLK has launched a series of increased investments, as announced, as part of the Second E75 Białystok – Osowiec (Rail Baltica) and Third National Reconstruction Plans (KPO). 110/220 kV station in Marszów C-E 20 Czachówek Wsch.
Slide 25: Outlook for the railway and electro energy markets
Outlook for the railway and electro energy markets Value of contracts signed on the domestic railway market (PLN bn)* Value of signed PSE contracts (PLN bn)* 14,8 13,1 13,7 10,2 9,5 7,4 >1,0 3,4 2,8 1,0 0,9 0,9 0,9 1,3 0,2 0,1 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26f '21 '22 '23 '24 '25 '26f
Slide 26: General construction division
General construction division * Production (PLN bn) Budimex contracts 2,4 2,3 2,5 2,2 2,1 2,0 Hospital in Włocławek Depot in Gdańsk 1,7 1,6 Witosa Park in Poznan 2018 2019 2020 2021 2022 2023 2024 2025 Military Hospital in Kraków Contracting (PLN bn) 2,4 2,5 Backlog value: 2,2 2,0 1,8 1,9 1,5 1,7 2,
Slide 27: Industrial construction division
Industrial construction division Contracts pending Construction of a nuclear power plant – continuation of cooperation with Bechtel, first Lwówek Gas Compression Station * bids worth approx. PLN 1 billion submitted *Contract signed in 2026 Award of a contract for the construction of the Lwówek Gas C
Slide 28: Military construction investments
Military construction investments Ministry of National Defense expenditure on construction Hierarchy of national certificates and Budimex status Part of the funds for military spending was moved from the KPO, Shield East, and SAFE. Value (bn PLN) Share in Ministry budget (%) 9,0 9,5 Restricted Confi
Slide 29: Budimex has been active on foreign markets for many years
Budimex has been active on foreign markets for many years, but recently its expansion has gained momentum. Germany Czechia and Slovakia Baltics ▪ Value of order portfolio and contracts in ▪ Value of backlog and contracts in the ▪ Railway segment, contracts signed for the pipeline: PLN 354m pipeline:
Slide 30: FBSerwis & Mostostal Kraków
ZMIENIAMY DLA WAS ŚWIAT 01 MACROECONOMIC ENVIRONMENT 02 FINANCIAL RESULTS OF THE BUDIMEX GROUP 03 ORDER BOOK AND CONTRACTS SIGNED FBSerwis 04 FBSERWIS & MOSTOSTAL KRAKÓW & Mostostal Kraków 05 MARKET AND OUTLOOK 06 ESG 25 Z M I E N I A M Y D L A3 W A Sbudimex Ś W I A T 30
Slide 31: FBSerwis – financial results
FBSerwis – financial results 18,4% % EBITDA 19,4% 16,7% 16,7% 15,1% 15,4% 903 937 921 832 169 780 Revenues (PLN million) 17,4% 139 136 144 EBITDA (PLN millio n) 610 130 118 498 86 '19 '20 '21 '22 '23 '24 FY'25 '19 '20 '21 '22 '23 '24 FY'25 12,6% % EBIT 12,2% 10,6% 10,4% 9,0% 10,0% 116 Cash position
Slide 32: New contracts and key offers in 2025 Backlog
New contracts and key offers in 2025 Backlog Signing of a contract for two tasks (Gdańsk, Człuchów) in the GDDKiA tender for year-round road maintenance in the Pomeranian region in 2025-2029, with a total value of PLN 205.6m (PLN 287.8m with the option). FBSerwis's bid was awarded the contract for y
Slide 33: 2025 summary for the FBSerwis Group
2025 summary for the FBSerwis Group 2 500 km Record EBIT Record capital Highest dividend in >6,5 million m 2 of maintained PLN 116 m expenditures history of managed facility national roads and PLN 78 m PLN 103 m space motorways TOP 3 on the market Z M I E N I A M Y D L A W A S Ś W I A T 33
Slide 34: Mostostal Kraków - Financial results
Mostostal Kraków - Financial results 805 60,0 51,0 671 50,0 Revenues (PLN million) 544 40,0 EBIT (PLN million) 488 30,0 29,2 323 20,0 13,6 10,0 9,4 0,0 2021 2022 2023 2024 2025 -1,8 -10,0 2021 2022 2023 2024 2025 PLN 662 million of contracts Contracts signed (PLN million)* awaiting signature at the
Slide 35: Key contracts in the portfolio Backlog
Key contracts in the portfolio Backlog The largest and most significant contracts signed in 2025 in terms of strategic activities in the order portfolio are: ▪ Construction of a storage tank with a capacity of 32,000m3; ▪ Construction of a multi-storey car park for the University Hospital in Kraków;
Slide 36: 2025 summary for the Mostostal Kraków Group
2025 summary for the Mostostal Kraków Group Record EBIT Record contracting Increased activity on Steel Prize 2025 – Investments related PLN 51 m PLN 856 m the German Modernization of Avicii to nuclear market and Arena in Sweden energy Budimex Bau joins the MK Group Z M I E N I A M Y D L A W A S Ś W
Slide 37: Market and Outlook
ZMIENIAMY DLA WAS ŚWIAT 01 MACROECONOMIC ENVIRONMENT 02 FINANCIAL RESULTS OF THE BUDIMEX GROUP 03 ORDER BOOK AND CONTRACTS SIGNED Market 04 FBSERWIS & MOSTOSTAL KRAKÓW and Outlook 05 MARKET AND OUTLOOK 06 ESG Z M I E N I A M Y D L A3 W A Sbudimex Ś W I A T 37
Slide 38: Summary of investment programmes
Summary of investment programmes Government National Road Construction Programme until National Railway PSE Programme Military Projects 2033 Programme until 2030 by 2036 PLN 294 billion PLN 100 billion PLN 62 billion PLN 77 billion 100 Bypasses Programme Nuclear power plants General construction CPK
Slide 39: Public tender plans for 2026
Public tender plans for 2026 Announced tenders (PLN billion) Tender plans under announced investment programs (PLN bn) 2026 Under SAFE, over PLN 9 2025 billion will be allocated to infrastructure of strategic 4,2 importance 12 10 4,8 2,4 13,3 Σ 75,7 9,5 12,3 Σ 59,9 PLN bn PLN bn 27 40* GDDKiA PKP PL
Slide 40: Trends within market segments
Trends within market segments Infrastructure construction Power grids Railway construction Residential construction Industrial construction General construction - other Trends for 2026 : Favorable Stable Unfavorable 40
Slide 41: ESG
ZMIENIAMY DLA WAS ŚWIAT 01 MACROECONOMIC ENVIRONMENT 02 FINANCIAL RESULTS OF THE BUDIMEX GROUP 03 ORDER BOOK AND CONTRACTS SIGNED ESG 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET AND OUTLOOK 06 ESG 35 Z M I E N I A M Y D L A3 W A Sbudimex Ś W I A T 41
Slide 42: Fulfillment of goals from the E area
Fulfillment of goals from the E area ▪ 100% of energy purchased on the market comes from RES - achieved ▪ Waste recovery and recycling: soil and earth processed by Budimex – 99.69% non-hazardous waste – 95.69% ▪ Fleet (heavy machinery) – 96.5% meets the highest emission standards ▪ ESG projects – co
Slide 43: Fulfillment of goals from the S area
Fulfillment of goals from the S area ▪ Implementing measures to promote diversity • Promotional and educational campaigns for employees, including Diversity Month • International internship programs - Global Mobility, Go Further i Poland Business Adventures ▪ Implementation of development programs f
Slide 44: Fulfillment of goals from the G area
Fulfillment of goals from the G area ▪ Informational campaigns on ethics • Compliance training for new employees – “Welcome to the Group”, for employees – “Contract Manager Academy” ▪ No incidents of corruption - completed ▪ Workshops on conflict of interest management • A series of episodes on the
Slide 45: Value of CIT paid in Poland by selected construction companies
Value of CIT paid in Poland for the years 2012-2024 by selected construction companies (data in millions of PLN)* 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.
Slide 46: Key figures summary
5.8 9.4 PLN billion 13.7% 17 years PLN billion Contracts awaiting Gross margin signature in Poland Dividend payouts Revenue 649 2.6 16.2 PLN million PLN billion Net cash 9.5% PLN billion Dividend paid out EBIT margin Orderbook 40 46
Slide 47: Thank you for your attention
Thank you for your attention