2026 Q1 Budimex SA interim condensed separate financial statements

Table of contents

Interim condensed separate statement of financial position 2

Interim condensed separate income statement 4

Interim condensed separate statement of comprehensive income 4

Interim condensed separate statement of changes in equity 5

Interim condensed separate cash flow statement 7

1. General information 9

2. Principles applied for the purpose of preparation of this report 9

   1. Accounting policies and basis of preparing the interim condensed separate financial statements

      of the Company 9

   2. Changes to the principles of preparing interim condensed separate financial statements 10

   3. Going concern 11

3. Net sales of finished goods and services, selling expenses, administrative expenses and profitability 12

4. Other operating income and expenses 12

5. Finance income and finance costs 13

6. Other significant information on activity of Budimex SA in the I quarter of 2026 14

7. Revenue from sale of services, goods for resale and raw materials, by category 15

8. Related party transactions 15

9. Description of significant achievements or failures of Budimex SA in the I quarter of 2026, key events

   concerning the Company's operations and significant events after 31 March 2026 16

10. Issue, redemption and repayment of debt and equity securities 17

11. Proceedings pending as at 31 March 2026 before court, competent arbitration body or any public administration authority 17

12. Contingent assets and contingent liabilities 18

The most significant changes in the items of the interim condensed separate statement of financial position are described in note 6.

The most significant changes in the items of the interim condensed separate statement of financial position are described in note 6.

Basic and diluted earnings per share attributable to the shareholders (in PLN) 3.18 3.65

1. ‌General information

   Budimex SA (the "Company", the "Issuer") with its registered office in Warsaw, ul. Siedmiogrodzka 9, is a joint-stock company entered in the Commercial Register kept by the District Court for the capital city of Warsaw, Commercial Division XIII of the National Court Register under No. KRS 0000001764.

   Budimex SA is the parent company of the Budimex Group and serves as an advisory, management and financial centre.

   The Company has an unlimited period of operation.

   The main areas of the Company's business activities are widely understood construction and assembly services

   realised in the system of general contracting at home and abroad and a limited scope of trading and production.

   The Company is part of the Ferrovial Group with Ferrovial SE with its registered office in Amsterdam, the Netherlands, as its ultimate parent company.

2. ‌Principles applied for the purpose of preparation of this report

   1. ‌Accounting policies and basis of preparing the interim condensed separate financial statements of the Company

      These interim condensed separate financial statements were prepared in accordance with IAS 34 "Interim Financial Reporting" and appropriate accounting standards applicable for preparation of the interim financial statements adopted by the European Union issued and effective when preparing the interim financial statements applying the same principles for the current and comparable period, except for the changed presentation rules described in note

   2. Details of accounting policies adopted by the Company were described in the financial statements of the Company for the year ended 31 December 2025, published on 27 March 2026.

      As at 31 March 2026, 31 December 2025 and 31 March 2025 the Company's separate data as part of the consortia (treated as a joint operation in accordance with IFRS 11), include also participation in assets, liabilities, revenues and costs of the following joint operations:

      Name of joint operation	Share in the capital and in the number of votes
      	31 March 2026	31 December 2025	31 March 2025
      Budimex SA Cadagua SA IV s.c.	99.90%	99.90%	99.90%
      Budimex SA Cadagua SA V s.c.	99.90%	99.90%	99.90%
      Budimex Ferrovial L3 s.c.	75.00%	75.00%	-
      Budimex SA Sygnity SA sp. j.	67.00%	67.00%	67.00%
      Budimex Ferrovial L4 s.c.	65.00%	65.00%	-
      Budimex SA Tecnicas Reunidas SA Turów s.c.	50.00%	50.00%	50.00%
      Budimex - Gülermak s.c.	50.00%	50.00%	50.00%
      Budimex - Rover s.c.	50.00%	50.00%	50.00%
      Gülermak - Budimex s.c.	50.00%	50.00%	50.00%
      Budimex - Gülermak H s.c.	47.00%	47.00%	-
      E.R.B. RAIL JV PS	37.50%	37.50%	30.00%
      ARGE Brücke Oderberg	5.00%	5.00%	5.00%
      ARGE Brücke Wittstock	5.00%	5.00%	5.00%
      ARGE Oberkrämer	5.00%	5.00%	5.00%
      ARGE Campus Düppel	5.00%	5.00%	5.00%
      ARGE Wollin	5.00%	5.00%	5.00%
      ARGE Delmenhorst	5.00%	5.00%	5.00%

      Amendments to standards effective in the current period

      The Company for the first time adopted amendments to standards listed below:

      • Amendments to IFRS 9 and IFRS 7 "Amendments to the Classification and Measurement of Financial

        Instruments",

      • Amendments to IFRS 9 and IFRS 7 "Contracts Referencing Nature-dependent Electricity",

      • Annual Improvements to IFRS - Volume 11.

        The above mentioned amendments to standards did not have a significant impact on the Company's accounting policy applied so far.

        Standards that have already been published but have not yet entered into force

        When approving these interim condensed separate financial statements, the Company did not apply IFRS 18 "Principles of Presentation and Disclosure in Financial Statements" (effective for annual periods beginning on or after 1 January 2027). This standard has been published and endorsed for use in the EU, but is not yet effective.

        Standards and amendments to standards issued by IASB but not yet adopted by the EU

        The IFRSs endorsed by the EU do not differ materially from regulations adopted by the International Accounting Standards Board (IASB), except for the below Standards and amendments to Standards, which as at the date of the preparation of these interim condensed separate financial statements were not yet adopted for use:

      • IFRS 19 "Subsidiaries without public accountability: Disclosures" (effective for annual periods beginning on or after 1 January 2027),

      • IFRS 14 "Regulatory Deferral Accounts" - according to the decision of the European Union, endorsement process of the standard in its draft form will not be initiated before the publication of standard's final version (effective for annual periods beginning on or after 1 January 2016),

      • Amendments to IFRS 10 "Consolidated Financial Statements" and IAS 28 "Investments in Associates and Joint Ventures" - "Sale or Contribution of Assets between an Investor and its Associate or Joint Venture" -the work leading to the endorsement of these changes was postponed by the EU indefinitely - the date of amendments becoming effective was postponed indefinitely by the IASB,

      • Amendments to IFRS 19 "Subsidiaries without Public Accountability: Disclosures" (effective for annual

        periods beginning on or after 1 January 2027),

      • Amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates" - "Translation to a Hyperinflationary Presentation Currency" (effective for annual periods beginning on or after 1 January 2027).

        The Company has analysed the impact of IFRS 18 on its future financial statements and plans to begin work on adapting their layout to the new requirements in the second half of 2026. As IFRS 18 primarily provides for changes in presentation and disclosure, the Company does not anticipate any impact of the implementation of IFRS 18 on basic and diluted earnings per share attributable to shareholders.

        Other above mentioned standards and amendments to standards would not have any material impact on the interim condensed separate financial statements, had they been applied by the Company at the reporting date.

        1. ‌Changes to the principles of preparing interim condensed separate financial statements Changes in the presentation of the interim condensed separate income statement

           In the interim condensed separate income statement, comparative data has been adjusted - interest calculated using the effective interest rate method has been separated from financial income.

           A new reporting line, "Net profit/(loss) on impairment of receivables and retentions," has also been created. It presents the balance of items previously presented in the "Other operating income" line (Reversal of impairment losses on receivables) and in the "Other operating expenses" line (Creation of impairment losses on receivables).

           The changes are presented in the table below (items in which there was no change have been omitted):

           3-month period ended 31 March 2025
           	restated	before restatement	difference
           Net profit/ (loss) on impairment of receivables and retentions	(7,714)	-	(7,714)
           Other operating income	14,738	22,108	(7,370)
           Other operating expenses	(3,319)	(18,403)	15,084

           The reason for the above changes are the requirements of IAS 1. The main subtotals of the interim condensed separate income statement have not changed, therefore there is no impact on basic and diluted earnings per share.

           Changes in the presentation of the interim condensed separate cash flow statement

           Budimex SA has decided to discontinue the separation of restricted cash for the purposes of preparing the interim condensed separate cash flow statement and thus to discontinue the presentation of its changes within cash flows from operating activities. Consequently, cash flows from operating activities, total net cash flows, and cash and cash equivalents at the beginning and end of the reporting period have changed. This change results from adjusting to the definition of cash as described in IAS 7.

           The presentation of interest received on cash and cash equivalents has also been changed, with a separate reporting line item added within operating cash flows and the "Interest and shares in profit (dividends)" line item adjusted by the same amount. This change is a result of compliance with the disclosure requirements in IAS 7.

           As a result of these two changes, the comparative data in the interim condensed separate cash flow statement has been restated.

           The changes are presented in the table below (items in which there was no change have been omitted):

           3-month period ended 31 March 2025
           	restated	before restatement	difference
           Interest and shares in profit (dividends)	(34,842)	(2,468)	(32,374)
           Interest received on cash and cash equivalents	32,374	-	32,374
           Change in cash and cash equivalents of restricted use	-	(13,656)	13,656
           Net cash flow (used in) operating activities	(95,816)	(109,472)	13,656
           Total net cash flow	(145,622)	(159,278)	13,656
           Cash and cash equivalents - opening balance	2,769,547	2,744,337	25,210
           Cash and cash equivalents - closing balance	2,624,282	2,585,416	38,866

        2. ‌Going concern

        The financial statements of the Company were prepared on the assumption that the Company will be a going concern in the foreseeable future. As at the date of preparation of the financial statements, the Management Board of the Company is not aware of any facts or circumstances that would indicate a threat to the Company's continuing activities after the reporting date, due to an intended or compulsory withdrawal from or a significant limitation in its activities.

        Budimex SA did not execute any contracts in Ukraine, Belarus or Russia in the first quarter of 2026 and as at the date of the preparation of these interim condensed separate financial statements. Thus, the armed conflict that began on 24 February 2022 does not have a significant impact on the assumption of going concern at a similar level within 12 months after the reporting date, nor does it constitute an indication of impairment of the Company's assets.

        Due to the escalation of the armed conflict in the Middle East, the Company has assessed the potential impact of the geopolitical situation on its operations over the next 12 months. As of the date of these interim condensed separate financial statements, no significant direct impact of the conflict on current operations or the Company's ability to continue as a going concern was identified.

        The potential impact may be indirect and relate, in particular, to fluctuations in raw material prices and transportation costs. Budimex SA is implementing risk mitigation measures, including diversifying supply sources and monitoring the supplier market. In the Management Board's assessment, given the current level of conflict escalation, the risk of a significant negative impact on the Company's financial results over the next 12 months remains limited. At the same time, the Company will continue to monitor the situation on an ongoing basis and is prepared to take appropriate actions should more unfavorable scenarios materialize.

3. ‌Net sales of finished goods and services, selling expenses, administrative expenses and profitability

   Sale of construction-assembly services in Central and Eastern Europe is characterized by seasonality mainly connected with atmosphere conditions and the highest revenues are usually achieved in the second and third quarter, while the lowest - in the first quarter.

   Revenues and profitability

   3-month period ended
   	31 March 2026	31 March 2025	Change %
   Net sales of finished goods and services	1,089,324	1,358,577	(19.82%)
   Gross profit on sales	163,437	170,857	(4.34%)
   Gross profitability on sales	15.00%	12.58%	2.42 p.p.
   Operating profit	90,897	101,140	(10.13%)
   Operating profitability	8.34%	7.44%	0.90 p.p.
   Profit before tax	109,145	124,407	(12.27%)
   Profitability before tax	10.02%	9.16%	0.86 p.p.
   Net profit	81,308	93,310	(12.86%)
   Net profitability	7.46%	6.87%	0.59 p.p.

   Selling and administrative expenses

   3-month period ended
   	31 March 2026	31 March 2025	Change %
   Selling expenses	(1,508)	(1,703)	(11.45%)
   Administrative expenses	(77,856)	(71,719)	8.56%
   Total selling & administrative expenses	(79,364)	(73,422)	8.09%
   Share of selling & administrative expenses in net sales of finished goods and services	7.29%	5.40%	1.89 p.p.

4. ‌Other operating income and expenses Other operating income

   3-month period ended
   	31 March 2026	31 March 2025
   Gains on sale of non-financial non-current assets	635	65
   Penalties/ compensations awarded	10,138	7,475
   Gains on derivative financial instruments	-	6,434
   Subsidies received	12	411
   Other	630	353
   Total	11,415	14,738

   Other operating expenses

   3-month period ended
   	31 March 2026	31 March 2025
   Compensations and liquidated damages paid	(605)	(1,810)
   Donations	(587)	(595)
   Creation of provisions for litigation	(2,500)	-
   Court charges	(364)	(865)
   Loss from derivative financial instruments	(104)	-
   Other	(6)	(49)
   Total	(4,166)	(3,319)

   Net gains/ (loss) on impairment of receivables and retentions

   3-month period ended
   	31 March 2026	31 March 2025
   Reversal of impairment write-downs, of which:	1,929	7,370
   - receivables	929	3,209
   - retentions held by customers	1,000	4,161
   Recognition of impairment write-downs, of which:	(2,354)	(15,084)
   - receivables	(1,111)	(14,109)
   - retentions held by customers	(1,243)	(975)
   Total	(425)	(7,714)

   The valued derivative instruments were classified as level 2 of the fair value hierarchy. The value of these instruments as at 31 March 2026 amounted to PLN (146) thousand (as at 31 December 2025: PLN (191) thousand). The valuation techniques and input data used to measure them at fair value were presented in the Company's financial statements for the year ended 31 December 2025 and have not changed. During the 3-month periods ended 31 March 2026 and 31 March 2025, there were no transfers between Level 1 and Level 2 of the fair value measurement hierarchy and there were no transfers from/to Level 3. The fair value of other financial instruments held by the Company is close to the carrying amount.

5. ‌Finance income and finance costs Finance income

   3-month period ended
   	31 March 2026	31 March 2025
   Interest earned, including:	28,671	37,845
   - interest calculated using the effective interest rate method	25,843	37,049
   Foreign exchange gains	1,274	-
   Total	29,945	37,845

   Finance costs

   3-month period ended
   	31 March 2026	31 March 2025
   Cost of bank commissions and guarantees	(5,863)	(6,043)
   Discount of retentions for construction contracts	(4,092)	(3,408)
   Interest expense	(1,742)	(1,251)
   Foreign exchange losses	-	(3,876)
   Total	(11,697)	(14,578)

6. ‌Other significant information on activity of Budimex SA in the I quarter of 2026 Provisions for liabilities and other charges

   	31 March 2026	31 December 2025
   Provisions for litigation	50,597	48,096
   Provisions for penalties and other sanctions	240,567	253,794
   Provisions for warranty repairs	750,669	757,331
   Other provisions	5,983	5,983
   Total	1,047,816	1,065,204
   of which:
   - long-term	602,492	606,480
   - short-term	445,324	458,724

   Income tax in the profit and loss statement

   3-month period ended
   	31 March 2026	31 March 2025
   Income tax - current	(4,659)	(5,200)
   Income tax - deferred	(23,178)	(25,897)
   Income tax in the profit and loss statement	(27,837)	(31,097)

   Other information

   3-month period ended
   	31 March 2026	31 March 2025
   Value of property, plant and equipment and intangible assets purchased or started to be leased:	24,586	33,638
   - of which: plant and machinery	7,010	13,950

   As at 31 March 2026, the Company's contractual obligations regarding purchase of machinery and equipment amounted to PLN 5,808 thousand, while as of 31 December 2025, contractual investment obligations amounted to PLN 6,082 thousand and related to the purchase of machinery and means of transport.

   The largest changes in non-current assets during the first three months of 2026 were related to an increase in the balance of long-term trade and other receivables resulting from prepayments of insurance policies on newly commenced construction contracts. In turn, the decrease in the balance of other long-term financial assets resulted from the repayment of loans by subsidiaries.

   The decrease in the valuation of construction contracts on the assets side is due to the achievement of milestones on several key contracts, which resulted in the issuance of sales invoices, which in turn translated into an increase in trade receivables. Budimex SA also recorded a significant change in income tax settlements, primarily resulting from the filing of the final CIT return for 2025 and due to the change in the calculation of income tax advances - in 2026 the Company pays a fixed advance. The decrease in other current financial assets by PLN 15,681 thousand compared to 2025 is primarily due to the repayment of loans by subsidiaries.

   The decrease in the provision for construction contract losses results from the partial realization of losses on several unprofitable contracts and from the remeasurement of risk during the revision of contract budgets. In turn, the increase in deferred income results from advances received from customers.

   The "Valuation of construction contracts" item on the liabilities side and a significant part of the short-term "Deferred income" item (PLN 383,710 thousand) in the interim condensed separate statement of financial position are contract liabilities arising from contracts with customers.

   Apart from that, there were no other significant changes in the items of the interim condensed separate statement of financial position.

7. ‌Revenue from sale of services, goods for resale and raw materials, by category

   In the first quarter of 2026 and 2025 net sales of services, goods for resale and raw materials, by type of good or service, were as follows:

   Product/service type	3-month period ended
   	31 March 2026	31 March 2025
   Sales of construction and assembly services	1,071,303	1,343,034
   Sales of other services	13,164	12,430
   Sales of goods for resale and raw materials	4,857	3,113
   Total sales of finished goods, goods for resale, raw materials and services	1,089,324	1,358,577

   In the first quarter of 2026 and 2025 net sales of services, goods for resale and raw materials, by geographical area, were as follows:

   Region	3-month period ended
   	31 March 2026	31 March 2025
   Poland	992,120	1,266,812
   Germany	1,581	2,023
   Czech Republic	39,768	51,566
   Slovakia	41,244	33,853
   Latvia	13,490	4,323
   Estonia	1,121	-
   Total sales of finished goods, goods for resale, raw materials and services	1,089,324	1,358,577

   In the first quarter of 2026 and 2025 net sales of services, goods for resale and raw materials by type of construction was as follows:

   Type of construction	3-month period ended
   	31 March 2026	31 March 2025
   Land-engineering	393,760	521,548
   Railway	312,108	330,680
   General construction, of which:	365,435	490,806
   - non-residential	299,664	408,463
   - residential	65,771	82,343
   Other	18,021	15,543
   Total sales of finished goods, goods for resale, raw materials and services	1,089,324	1,358,577

8. ‌Related party transactions

   Transactions with related parties made in the first quarter of 2026 and in the first quarter of 2025 and unsettled balances of receivables and liabilities as at 31 March 2026 and 31 December 2025 are presented in the tables below.

   Receivables			Liabilities
   31 March 2026		31 December 2025	31 March 2026	31 December 2025
   Parent	-	-	(21,263)	(21,008)
   Companies related to the Parent (the Ferrovial Group)	-	1,638	(3,089)	(11,079)
   Subsidiary companies	20,956	18,217	(4,768)	(11,693)
   Jointly controlled entities	13,699	18,705	(7,743)	(7,236)
   Total	34,655	38,560	(36,863)	(51,016)

   Loans granted			Loans taken out
   	31 March 2026	31 December 2025	31 March 2026	31 December 2025
   Subsidiary companies	174,451	215,250	-	-
   Jointly controlled entities	86,647	84,189	-	-
   Total	261,098	299,439	-	-

   Sales of products and services and other operating income			Purchase of products and services and other operating expenses
   	3-month period ended 31 March		3-month period ended 31 March
   	2026	2025	2026	2025
   Companies related to the Parent (the Ferrovial Group)	-	-	(14,992)	(10,193)
   Subsidiary companies	39,142	84,202	(6,815)	(23,025)
   Jointly controlled entities	6,150	3,137	(42)	-
   Total	45,292	87,339	(21,849)	(33,218)

   Finance income			Finance costs
   	3-month period ended 31 March		3-month period ended 31 March
   	2026	2025	2026	2025
   Subsidiary companies	3,656	3,750	-	-
   Jointly controlled entities	1,197	-	-	-
   Total	4,853	3,750	-	-

   Transactions are made on an arm's length basis.

   The remuneration of the Members of the Management Board of the Company for the first 3 months of 2026 amounted to PLN 7,896 thousand (of which, PLN 5,815 thousand represented performance bonus for completed tasks from 2025, the costs of Ferrovial's share-based payments amounted to PLN 270 thousand and the costs of Budimex's share-based payments amounted to PLN 68 thousand). In the same period of 2025, the remuneration of the Members of the Management Board of the Company amounted to PLN 2,114 thousand (of which, the costs of Ferrovial's share-based payments amounted to PLN 310 thousand and the costs of Budimex's share-based payments amounted to PLN 68 thousand).

9. ‌Description of significant achievements or failures of Budimex SA in the I quarter of 2026, key events concerning the Company's operations and significant events after 31 March 2026

   In the first quarter of 2026, Budimex SA recorded a nearly 20% year-on-year decline in sales revenues, accompanied by an improvement in operating profitability of 0.9 percentage points. The decrease in revenues was recorded mainly in the general construction and road construction segments and was the result of several factors, most notably unfavourable weather conditions (a frosty and snowy winter lasting significantly longer than in the previous year). At the same time, turnover generated in foreign markets increased - primarily in Slovakia and Latvia.

   An improvement in profitability was observed in the general construction segment, driven by the completion and settlement of several demanding contracts. Additionally, profitability was supported by price stabilization and improved availability of construction materials and subcontractor services.

   The Company continues to consistently maintain a high order backlog across the rail, road, and general construction segments, ensuring the optimal use of production capacity in the quarters ahead. In the first quarter of 2026, Budimex SA acquired new contracts with a total value of over PLN 3 billion. Following 31 March 2026, contracts worth nearly PLN 400 million have been signed. In addition, the value of contracts in which the bids of the company were the lowest or were rated highest by contracting authorities (excluding contracts signed after 31 March 2026) amounts to almost PLN 7.1 billion, of which around PLN 4.9 billion relates to the Rail Baltica contract in the Latvian and Estonian markets. This provides favourable prospects for maintaining a high order backlog in the coming quarters and builds the foundations for operations in the years 2027-2028.

   Information about the most important contracts either signed by Budimex SA or those where the Budimex SA's offer received the highest evaluation, has been disclosed in the current reports published on the company's website.

   As at the end of March 2026, the net cash position of Budimex SA amounted to nearly PLN 2.6 billion and was comparable to the balance at the end of 2025, when it totaled nearly PLN 2.7 billion.

   In the first quarter of 2026 Budimex SA continued its operating activities through three foreign branches located in Slovakia (development of the D1 Bratislava-Triblavina motorway contract), in Czech Republic (development of the D35 Džbánov-Litomyšl motorway and the Kutrin polder construction) as well as in Latvia (beginning of the Rail Baltica contract). In addition consortium that includes Budimex SA has won a tender for the design and construction of the main Rail Baltica line in Estonia, on Pärnu-Latvian border section. The total value of the contract is approximately 332 million euro (around PLN 1.4 billion). Budimex SA's share in the Construction Group, which is solely responsible for carrying out the construction works, is 40%.

   On 26 March 2026, the Management Board of Budimex SA decided to recommend to the Annual General Meeting a decision to pay a dividend of PLN 32.42 gross per share. It is proposed to allocate the entire net profit for the period from 1 January 2025 to 31 December 2025, in the amount of PLN 827,686 thousand, to the dividend, and the remaining indivisible PLN 9 thousand to reserve capital. The Management Board of Budimex S.A. proposed to set the dividend date at 3 June 2026, and the dividend payment date at 10 June 2026.

   In the period from 31 March 2026 to the date of preparation of these interim separate condensed financial statements no other significant events took place.

10. ‌Issue, redemption and repayment of debt and equity securities

    In the first quarter of 2026 Budimex SA did not issue, redeem or repay debt or equity securities.

11. ‌Proceedings pending as at 31 March 2026 before court, competent arbitration body or any public administration authority

    The total value of legal proceedings pending in respect of liabilities and receivables as at 31 March 2026 was PLN 1,551,793 thousand. Excess of the value of proceedings related to proceedings against Budimex SA over the claims of the Company amounted to PLN 30,139 thousand.

    On the basis of the information at hand, the total value of legal proceedings pending in respect of liabilities of Budimex SA as at 31 March 2026 was PLN 790,966 thousand. The proceedings pending in respect of Budimex SA relate to the operating activities of the Company.

    On 17 January 2025 Budimex SA, as a member of the consortium, received a lawsuit for a total amount of PLN 1,046,115 thousand, mainly covering debit notes for contractual penalties issued by the ordering party in 2022 and 2024 in the total amount of PLN 918,372 thousand. The lawsuit includes a demand for payment of contractual penalties for the unavailability of the power unit and delay in removing defects and certain other categories of damage, as well as an order to remove the defects or possibly cover the costs of their removal.

    The lawsuit was filed by PGE Górnictwo i Energetyka Konwencjonalna SA against a consortium consisting of Mitsubishi Power Europe GmbH (technology leader), Tecnicas Reunidas SA and Budimex SA, which completed an EPC contract for the construction of a new power unit at the Turów Power Plant. The lawsuit is directed against all consortium members as joint and several debtors, with Budimex's share amounting to 23.58%. In February 2025, another lawsuit was served against the consortium members for the removal of defects or payment of PLN 200 million.

    The parties are still in the course of mediation proceedings covering the mutual claims of both parties. In December 2024, the consortium filed lawsuits against the ordering party for a total amount of PLN 627,181 thousand and EUR 16,867 thousand for additional works and damages incurred. There was an exchange of procedural documents.

    The next largest claim in terms of value is the lawsuit filed against Budimex SA and Ferrovial Agroman SA in Madrid (currently Ferrovial Construcción SA), members of the consortium related to implementation of the contract "Construction of the new premises for the Silesian Museum in Katowice" concluded on 7 June 2011, filed on 24 July 2017 by the claimant - the Silesian Museum in Katowice. The Claimant requests that the Defendants are either condemned in solidum to pay the amount of PLN 122,758 thousand plus statutory interest from the date the lawsuit was filed for improper performance of the obligation under the Contract, either alternatively the court adjudges the claim for decreasing the price by PLN 34,675 thousand as the reimbursement of part of the remuneration, which was wrongly paid in Claimant's opinion. Article 471 of the Civil Code was specified as the grounds for pursuing the main claim, and the provisions on statutory warranty were specified for the alternative claim.

    According to the Management Board of Budimex SA, the claims covered by the action are groundless. The

    irregularities which, in the opinion of the Plaintiff, constitute the factual basis for the claims - if they occurred - were not a consequence of the actions or omissions of the Defendants' consortium. Furthermore, the proper execution of the Silesian Museum facility in Katowice by the Defendants' consortium was confirmed by the Plaintiff by issuing a Takeover Certificate and a Performance Certificate for the facility. The reserves created for warranty repairs and court proceedings cover, in the Management Board's opinion, the risks related to the subject court case. The first hearing took place in March 2019, during which the court ordered the parties to pay an advance on the expert's fees. By order of August 2022, the court referred the parties to mediation, simultaneously appointing a mediator from the Arbitration Court at the General Attorney of the Treasury. Mediation was conducted from August 2022 to April 2024, but did not lead to a settlement between the parties. Due to the unsuccessful conclusion of mediation, the case returned to court proceedings. At the hearing in August 2024, the court ordered the parties' attorneys to indicate the entity to take evidence from the opinion of the scientific and research institute. In August 2025, the court selected the Military University of Technology in Warsaw as the research institute to prepare the opinion in the case, accepting the costs and deadline proposed by the WAT institute. In December 2025, an inspection of the Museum by experts from the WAT institute took place. As of 31 March 2026, the WAT institute had not yet prepared an opinion in the case.

    As at the date of this report, the final outcome of the remaining proceedings is not known. For all legal proceedings which - according to the Company - may finish in an unfavourable way, provisions were recognised in the amount that takes into account the risk estimated by the Company. The value of provisions for disputes was disclosed in note 6 (provision for litigation, provision for penalties and other sanctions and part of the provision for warranty repairs).

    The total value of legal proceedings pending in respect of claims of Budimex SA amounted to PLN 760,827 thousand as at 31 March 2026. The proceedings mainly concern the recovery of overdue receivables from contractors and additional claims for construction works performed. As at the date of this report, the final outcome of the proceedings is not known.

12. ‌Contingent assets and contingent liabilities

Contingent assets arising from guarantees and sureties represent guarantees and sureties issued by banks or other entities in favour of Budimex SA serving as security for the Company's claims against business partners in connection with executed construction contracts.

Contingent liabilities arising from guarantees and sureties comprise mainly guarantees issued by banks to business partners of the Company to secure their claims against the Company that may arise on the grounds of executed construction contracts. The banks are entitled to recourse claims against Budimex SA under these guarantees. Guarantees issued to the investors of the Company represent an alternative, to the retentions held, method of securing potential investor claims relating to construction contracts. At the same time, the risk relating to warranty repairs assessed by the Management Board of the Company as probable was appropriately reflected in the warranty repair provision, as described in note 6 to these interim condensed separate financial statements.

The promissory notes issued represent security for liabilities settlement towards strategic suppliers of Budimex SA,

while bills of exchange received and recognised under contingent receivables represent security for receivables payment due to the Company's investors/recipients.

President of the Management Board Management Board Member

Artur Popko Marcin Węgłowski

Warsaw, 6 May 2026

This is a translation of interim condensed separate financial statements originally issued in Polish. In case of any inconsistencies between the Polish and English version, the Polish version shall prevail.