Budimex (BDX) Q3 2025 earnings summary

Executive summary

• Revenues for Q1–Q3 2025 reached PLN 6,409 million, with net profit for shareholders at PLN 509 million, maintaining strong profitability despite lower revenues due to internal eliminations.

• The construction segment achieved an EBIT margin of 8.1%, up 0.5 p.p. year-over-year, reflecting effective cost management and process optimization.

• Backlog stands at PLN 16.2 billion as of 30 September 2025, securing revenues through 2027, with PLN 10.2 billion in contracts pending, including PLN 2.5 billion in rail projects.

• Foreign market revenue share increased, notably in the Czech Republic, Slovakia, Estonia, and Latvia, driven by new contracts and geographical diversification.

• The group was recognized as the largest CIT payer in the construction industry, paying PLN 605 million in taxes over the last three years.

Financial highlights

• EBIT margin for the group was 7.8% for Q1–Q3 2025, with net profit margin at 6.9%.

• Net cash position at the end of Q3 2025 was over PLN 1.8 billion, reflecting significant investments and major dividend payments.

• Dividend policy continues with 100% payout, totaling PLN 6,147 million over 17 years, with PLN 649 million paid in June 2025.

• Gross profit for the nine months was PLN 790.2 million, up 0.8% year-over-year.

• Basic and diluted EPS for the nine months was PLN 17.27.

Outlook and guidance

• Market outlook for 2026 is favorable for infrastructure, railway, and industrial construction, with stable trends in power grids and general construction.

• Government and EU investment programs provide a robust pipeline, with over PLN 1 trillion in planned infrastructure spending through 2040.

• The order backlog and new contract wins, including Rail Baltica, provide stable prospects for maintaining optimal backlog and operational stability through 2027.

• EU funding for infrastructure and climate projects remains at record levels, supporting future growth.