Budimex (BDX) Q1 2026 earnings summary

Executive summary

• Backlog reached PLN 18.8 billion, ensuring revenue coverage through 2027, with a strong EBIT margin of 7.0% (+0.2 p.p. y/y).

• Q1 2026 Group revenue was PLN 1,497 million, down 8.9% year-over-year, mainly due to adverse weather and project scheduling.

• Net profit for Q1 2026 was PLN 98 million, up from PLN 86 million y/y, though another source reports PLN 87.2 million, a 21% decrease y/y.

• Board recommended an 18th consecutive dividend, PLN 828 million (PLN 32.42/share), with over PLN 6 billion paid since 2009.

• Operating profitability improved to 6.95% from 6.75% y/y.

Financial highlights

• Gross profit on sales increased to PLN 207.4 million (13.86% margin) from PLN 193.2 million (11.77%) y/y.

• Net cash position exceeded PLN 2.5 billion at quarter-end.

• Total assets at 31 March 2026 were PLN 8,064.7 million, with equity of PLN 1,480.0 million.

• Net cash used in operating activities was PLN -23.5 million, a significant improvement from PLN -204.8 million in Q1 2025.

• Dividend payout recommended: PLN 828 million for 2026.

Outlook and guidance

• Backlog structure stable, with infrastructure and railway contracts comprising about 75% of value.

• Contracts signed in Q1 2026 totaled nearly PLN 3.6 billion, with an additional PLN 400 million signed after quarter-end.

• Over PLN 7.1 billion in contracts are pending, including a major Rail Baltica contract in Latvia and Estonia.

• Construction and assembly output forecasted to grow 3-5% in 2026.

• Large government and infrastructure investment programs totaling over PLN 1.5 trillion through 2040.