Budimex (BDX) Q1 2025 earnings summary

Executive summary

• Sales revenue for Q1 2025 remained stable at PLN 1,642 million, with a slight decrease of 0.17% year-over-year, reflecting stable performance despite market seasonality.

• Net profit for Q1 2025 was PLN 110.4 million, down 9.2% from Q1 2024, with net profitability at 6.72%.

• The order portfolio at 31 March 2025 stood at PLN 17.5 billion, with new contracts signed in Q1 exceeding PLN 1 billion.

• Cash position decreased by over PLN 250 million since year-end 2024, mainly due to tax payments and investments in green energy and equipment.

Financial highlights

• Gross profit on sales was PLN 193.2 million (11.77% margin), slightly down from PLN 196.3 million (11.93%) in Q1 2024.

• Operating profit reached PLN 110.9 million (6.75% margin), compared to PLN 115.0 million (6.99%) a year earlier.

• Basic and diluted EPS was PLN 4.48, down from PLN 4.67 in Q1 2024.

• Net cash from operating activities was negative at PLN -215.7 million, compared to positive PLN 186.4 million in Q1 2024.

• Total assets at 31 March 2025 were PLN 7,702.5 million, with equity of PLN 1,396.4 million.

Outlook and guidance

• The Group expects stable order portfolio levels, supported by contracts in Poland and abroad, especially in the Rail Baltica project.

• Ongoing monitoring of contract budgets and cost estimates is emphasized due to market volatility.