Budimex (BDX) Q4 2025 earnings summary

Executive summary

• Achieved strong financial results in 2025, with net sales of PLN 9.44 billion, up 3.5% year-over-year, and net profit of PLN 751 million, up 20.4% year-over-year.

• Maintained stable profitability: gross margin at 13.7% (up from 12.7%), operating margin at 9.5%, and net margin at 8.0%.

• Order book at year-end was PLN 16.2 billion, providing visibility for the next 2-3 years.

• Significant investments in innovation, equipment, and human capital, with PLN 300 million in development investments.

• Continued expansion in foreign markets and renewable energy, with over 100 GWh annual green energy capacity.

Financial highlights

• Net sales: PLN 9,438.6 million (+3.5% y/y).

• Gross profit: PLN 1,294.8 million (+11.4% y/y); gross margin: 13.7%.

• Operating profit: PLN 892.3 million (+19.9% y/y); operating margin: 9.5%.

• Net profit: PLN 750.9 million (+20.4% y/y); net margin: 8.0%.

• EBITDA: Not explicitly stated, but depreciation/amortization was PLN 192.1 million.

• Dividend paid: PLN 649.2 million.

• Cash and cash equivalents: PLN 2,899.6 million (down from PLN 3,205.4 million at end-2024).

• Capital expenditure: PLN 439.6 million.

Outlook and guidance

• Order backlog of PLN 16.2 billion secures work for the next two years.

• Capital expenditure planned for 2026: PLN 200 million, focused on machinery, IT, and renewables.

• Continued focus on margin improvement, selective bidding, and diversification into new sectors and geographies.

• Positive market outlook driven by EU funds, infrastructure investments, and energy transition.