Budimex Sa · GPW:BDX
Budimex Sa — H1 2026 Earnings Presentation
36 slides from Budimex Sa's earnings presentation, Jul 1, 2026
Slide 1: Summary of financial results for the first half of 2026
Summary of financial results for the first half of 2026 Summary of financial results for the first half of 2026
Slide 2: Key achievements in H1 2026
Key achievements in H1 2026 Key achievements in H1 2026 8% PLN 828m PLN 260m PLN 2,300 m The amount of the dividend Revenue growth in paid for the 18th The value of the contract The value of the contract the first half of 2026 consecutive year (PLN 32.42 signed for the construction signed for the co
Slide 3: Macroeconomic environment
MACROECONOMIC 01 ENVIRONMENT FINANCIAL RESULTS 02 BUDIMEX GROUP MACROECONOMIC ENVIRONMENT ORDERBOOK AND 03 CONTRACTS SIGNED 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET AND OUTLOOK 06 ESG www.budimex.pl Expressway S6 – section Luzino–Szemud 3
Slide 4: Macroeconomic environment
Macroeconomic environment Macroeconomic environment GDP dynamics and inflation CPI in Poland (%, y/y) Inflation GDP 14.4 11.4 4.8 5.7 5.1 3.4 3.6 3.6 3.7 3.0 5.1 2.9 2.8 0.1 3.6 2.9 2.7 2.3 2.2 - 2.5 2019 2020 2021 2022 2023 2024 2025 2026F 2027F 2028F Inflation (%, y/y), reference rate in Poland (%
Slide 5: Macroeconomic environment
Macroeconomic environment Macroeconomic environment PMI Index Poland Eurozone Base 52.2 51.6 51.6 51.4 50.6 50.7 50.7 50.8 50.0 50.2 49.8 50.0 49,7 48.8 49.5 49.5 S48.8 48.7 48.6 49.0 49.0 49.4 48.8 49.1 48.8 48.7 48.8 49.4 48.2 48.5 48.0 47.0 47.1 47.1 46.6 45.9 46.1 45.2 44.8 12’24 01’25 02’25 03’
Slide 6: Macroeconomic environment
Macroeconomic environment Macroeconomic environment Growth rate of construction and installation (%, y/y, fixed prices) H1 2026: -2.9% y/y -12.9% -13.7% 0.6% 4.5% 3.9% 5.2% 18.7% 10.8% 4.0% 5.2% 4.6% 5.8% 1.3% 0.7% -0.2% -1.8% -2.9% -5.7% -7.7% -11.8% -11.7% -12.2% -16.7% -18.3% 01’26 02’26 03’26 04
Slide 7: Installation and construction elements
Installation and construction elements Installation and construction elements Forecast for installation and construction segments (nominal values PLN bn)* Buildings Expected Roads Civil engineering production increase in 2026: 3-5% Railway Buildings 162 158 164 140 117 74 72 78 108 108 102 70 84 56
Slide 8: Construction companies' margins by size
Construction companies’ margins by size Construction companies’ margins by size A decline of profitability of construction companies from 2024 onwards 10-49 employees 50-249 employees more than 250 employees 11.9% 11.2% 11.4% 10.6% 10.4% 11.1% 9.9% 9.8% 9.2% 8.7% 8.8% 9.6% 8.2% 7.9% 7.5% 7.3% 7.4% 7
Slide 9: Prices of selected materials
Prices of selected materials Prices of selected materials High forecast Low forecast 200 188 260 180 149 173 220 Concrete 160 192 Steel 140 180 153 120 170 140 100 100 80 60 60 Q2’20 Q2’21 Q2’22 Q2’23 Q2’24 Q2’25 Q2’26 Q2’27 Q2’28 Q2’29 Q2’30 Q2’20 Q2’21 Q2’22 Q2’23 Q2’24 Q2’25 Q2’26 Q2’27 Q2’28 Q2’
Slide 10: Trends shaping current market situation
Trends shaping current market situation Trends shaping current market situation Macroeconomic environment Prices of Inflation materials (PPI & CPI) Demographics and workforce supply PMI Interest rates Salary dinamics EU funds 2026 change towards: Improvement Stabile Unfavourable Centrum Komunikacyjn
Slide 11: Financial results Budimex Group
MACROECONOMIC 01 ENVIRONMENT FINANTIAL RESULTS FINANTIAL RESULTS 02 BUDIMEX GROUP BUDIMEX GROUP ORDERBOOK AND 03 CONTRACTS SIGNED 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET AND OUTLOOK 06 ESG www.budimex.pl Droga ekspresowa S6 – odcinek Luzino–Szemud 11
Slide 12: Budimex Group not just Budimex SA
Budimex Group not just Budimex SA Budimex Group not just Budimex SA Construction Foreign Services Renewables ZE Other Pozostałe segment markets nergia bxf energia Bau mobility magnolia nolia kolejnictwo circular construction atrowa Parking Wrocław kamelia elia budownictwo woltaiczna Development Oddz
Slide 13: Financial results for the first half of 2026
Finantial results for the first half of 2026 Finantial results for the first half of 2026 Revenue EBIT Net profit (PLN m) (PLN m) (PLN m) +8.0% 4263 3947 302 309 270 250 H1’25 H1’26 H1’25 H1’26 H1’25 H1’26 Modernisation of railway junction Stacja Port Gdynia – Gdynia 1313
Slide 14: Evolution of the net cash position
Evolution of the Evolution of the net cash position Net cash position in Budimex Group (PLN bn) 3,8 3,9 3,3 2,8 3,0 3,1 3,1 2,8 2,7 2,9 2,8 2,7 2,6 2,6 2,5 2,3 2,4 2,1 2,2 1,9 2,0 1,8 1,7 1,8 1,9 1,61,6 1,4 1,4 1,4 1,1 1,2 1,2 1,2 1,2 1,0 0,50,5 0,5 0,4 0,1 Q2’16 Q2’17 Q2’18 Q2’19 Q2’20 Q2’21 Q2’22
Slide 15: Financial results by segments
Finantial results by segments* Finantial results by segments* Construction segment Revenue (PLNm) EBIT (PLNm) +4,7% 3 590 3 590 3 759 257 286 257 H1’24 H1’25 H1’26 H1’24 H1’25 H1’26 Services segment** Revenue (PLNm) EBIT (PLNm) +15,7% 463 514 444 46 52 38 H1’24 H1’25 H1’26 H1’24 H1’25 H1’26 * Segmen
Slide 16: Dividend history of Budimex Group
Dividend history of Budimex Group Dividend history of Budimex Group Budimex has paid divident for 18th year in a row = 6975 m 273,2 PLN /share Budimex is implementing its announced dividend policy for the years 2025–2030. On 10 June 2026, a dividend of PLN 828 The strategy provides for a million wa
Slide 17: Orderbook and contracts signed
MACROECONOMIC 01 ENVIRONMENT FINANTIAL 02 ORDERBOOK AND RESULTS OF BUDIMEX GROUP CONTRACTS SIGNED ORDERBOOK AND 03 CONTRACTS SIGNED 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET AND OUTLOOK 06 ESG www.budimex.pl Expressway S6 – section Luzino–Szemud 17
Slide 18: Contracts signed (PLN billion)
Contracts signed (PLN billion) Contracts signed (PLN billion) 12,5 0,6 1,9 Roads 7,9 8,3 0,3 Hydraulic 0,2 2,8 6,2 0,2 1,9 Railway and power 2,9 4,9 energy 0,2 2,2 2,2 Industrial 0,2 0,9 0,7 2,5 0,1 0,5 0,9 0,5 6,9 1,5 General construction 0,2 2,5 1,0 3,1 3,2 0,1 0,1 2,2 Residential 1,3 1,1 -0,1 ’22
Slide 19: Contracts awaiting signature with high potential
Contracts awaiting signature with high potential Contracts awaiting signature with high potential 5,7 5,8 5,8 Contracts awaiting 5,2 5,3 signature (PLN bn) 5,1 4,7 4,3 4,1 4,1 3,9 3,4 3,1 2,9 2,5 2,3 2,1 1,6 03’22 06’22 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 12
Slide 20: Backlog (PLN billion)
Backlog (PLN billion) Backlog (PLN billion) Approximately 230 active contracts 17,8 17,9 Estimated maturity of 4% 16,2 the orderbook (%) 0,1 0,4% 0,7 2% 44% 15% 2,8 Road 13,3 13,1 2,7 0,3 17% 15% 2% 0,7 2% 2% 0,3 2,7 2% 4% Hydrotechnical 0,2 0,3 18% 0,3 26% 22% 3,3 4,7 19% 26% 3,5 2,9 3% 3,1 Railway
Slide 21: Road market
Road market Road market Value of contracts signed on the domestic road market (PLN billion)* 18,7 15,9 14,6 13,6 14,4 10,7 7,0 7,7 8,0 5,1 4,3 4,7 2,3 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1’25 H1’26 Execution of the GDDKiA tender plan (PLN billion)* Tender plan Contracts announced
Slide 22: The railway market and Port Polska
The railway market and Port Polska The railway market and Port Polska Port Polska/CPK In June 2026, Budimex signed a contract for Value of contracts signed on the domestic railway market (PLN billion)* the construction of foundations for a passenger 14,8 terminal worth approx. PLN 146 million. The 1
Slide 23: Nuclear energy
Nuclear energy Construction of the first Polish nuclear power plant ▪ Budimex is among 11 companies that have signed a memorandum of cooperation with Bechtel, and Mostostal Kraków is among the 7 companies implementing the Westinghouse NQA-1 (Nuclear Quality Assurance) prequalification process. ▪ Cur
Slide 24: Budimex Group on foreign markets
Budimex Group on foreign markets Budimex Group on foreign markets The Budimex Group’s order book Germany Orderbook (PLN million) on foreign markets is worth 892 approximately PLN 1,5 billion • Bridge and road works, use of steel structures of Mostostal Kraków, development of the railway area. 502 45
Slide 25: FBSerwis & Mostostal Kraków
MACROECONOMIC 01 ENVIRONMENT FINANCIAL RESULTS FBSERWIS & 02 OF THE BUDIMEX GROUP MOSTOSTAL ORDERBOOK KRAKÓW 03 AND CONTRACTS SIGNED 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET OUTLOOK 06 ESG www.budimex.pl Droga ekspresowa S6 – odcinek Luzino–Szemud 25
Slide 26: FBSerwis – financial results
FBSerwis – financial results FBSerwis – financial results Revenues (PLN million) EBITDA (PLN million) 16,7% 16,7% 15,1% 15,4% 18,4% 17,7% 15,9% 903 937 921 780 832 169 130 139 136 144 435 489 77 78 2021 2022 2023 2024 2025 H1’25 H1’26 2021 2022 2023 2024 2025 H1’25 H1’26 EBIT (PLN million) Net cash
Slide 27: FBSerwis – key bids, new contracts and orderbook
FBSerwis – key bids, new contracts and orderbook FBSerwis – key bids, new contracts and orderbook Orderbook (PLN million) GDDKiA market status – signed contracts and contracts awaiting signature* CSigned contracts Best bids 1.positions Signied contracts for the management of mixed municipal waste: •
Slide 28: Mostostal Kraków – financial results
Mostostal Kraków – financial results Mostostal Kraków – financial results Revenues 805 EBIT (PLN million) (PLN million) 51 671 544 488 29 323 363 296 18 14 9 7 -2 2021 2022 2023 2024 2025 H1’25 H1’26 2021 2022 2023 2024 2025 H1’25 H1’26 Contracts signed (PLN million)* Net cash (NTP) (PLN million) 85
Slide 29: Mostostal Kraków – German market and contracts
Mostostal Kraków – German market and contracts Business development on the German market Contracts signed In the first half of 2026, the Mostostal Kraków Group MOSTOSTAL KRAKÓW signed contracts with a total value of PLN 790 million. Established presence Another PLN 926 million remains to be decided
Slide 30: Market outlook
MACROECONOMIC 01 ENVIRONMENT FINANCIAL 02 RESULTS OF THE MARKET BUDIMEX GROUP OUTLOOK 03 ORDERBOOK AND CONTRACTS SIGNED 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET OUTLOOK 06 ESG www.budimex.pl Droga ekspresowa S6 – odcinek Luzino–Szemud 30
Slide 31: Summary of investment programmes
Summary of investment programmes Summary of investment programmes Government National National Railway PSE Programme Military projects Roads Construction Programme until 2030 until 2036 PLN 77 billion Programme up to 2033 PLN 100 billion PLN 62 billion PLN 294 billion 100 CPK/Port Polska Nuclear pow
Slide 32: ESG
MACROECONOMIC 01 ENVIRONMENT FINANCIAL 02 RESULTS OF THE ESG BUDIMEX GROUP ORDERBOOK 03 AND CONTRACTS SIGNED 04 FBSERWIS & MOSTOSTAL KRAKÓW 05 MARKET OUTLOOK 06 ESG www.budimex.pl Droga ekspresowa S6 – odcinek Luzino–Szemud 32
Slide 33: ESG in the Budimex Group
ESG in the Budimex Group ESG in the Budimex Group Goals achieved: E G 100% of the energy for Waste recovery Investments in low- Implementation of training in Implementation of the own needs comes from and recycling: emission heavy machinery the field of Compliance and Internal Audit Plan: from the R
Slide 34: ESG w Grupie Budimex
ESG w Grupie Budimex ESG w Grupie Budimex Zrealizowane cele: S Przeprowadzenie Realizacja programów Wsparcie edukacji Realizacja działań podnoszących kulturę bezpieczeństwa działań wspierających rozwojowych dla dzieci i młodzieży – 130 i wellbeingu: różnorodność - Miesiąc pracowników wydarzeń dla st
Slide 35: Key figures: 18 years of dividends, PLN 17.9 billion orderbook
14.2% gross margin 14.2% 18 years PLN 4.3 billion PLN 3.4 billion gross margin of dividend payouts revenues contracts awaiting signature PLN 1.5 billion 7.2% PLN 17.9billion PLN 828 milion orderbook abroad EBIT margin orderbook dividend paid out 35
Slide 36: Thank you for your attention
Thank you for your attention Thank you for your attention